Allied World Assurance 8-K Results of Operations and Financial Condition

Exhibit 99.3

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par			Book Value $			Fair Value $
	000780ET9	AMAC CMO_03-5 2A3		4/25/2018		1,060,430			1,030,721			1,000,410
	001330AK5	AIGMT_2007-AA ABS 2007-AA-A 144A		12/15/2011		523,000			523,000			517,770
	00206RAC6	AT&T INC CORP BND		2/5/2010		438,000			438,000			438,092
	00206RAR3	AT&T INC CORP BND		2/15/2019		22,000,000			23,841,403			23,206,035
	00209AAE6	AT&T WIRELESS SERVICES INC CORP BND		3/1/2011		13,012,000			13,400,065			13,960,449
	00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND		5/1/2012		13,425,000			14,536,441			15,194,789
	002451AA0	AXA FINANCIAL INC CORP BND		8/1/2010		10,452,000			10,613,452			10,832,523
	00279VCA1	ABBEY NATIONAL TREASURY SERVIC CORP BND 144A		11/10/2014		3,750,000			3,749,160			3,755,446
	002824AS9	ABBOTT LABORATORIES CORP BND		5/15/2011		1,200,000			1,211,738			1,273,431
	002824AU4	ABBOTT LABORATORIES SENIOR CORP BND		4/1/2019		3,000,000			2,988,033			3,143,100
	00448MAA9	ACHMEA HYPOTHEEKBANK N.V. — LT CORP BND 144A		11/3/2014		38,000,000			37,981,576			37,811,139
	008684AA0	AHMA CMO 06-6 A1A		12/25/2046		12,396,054			5,067,878			6,198,027
	01F042616	FNMA TBA MBS		2/25/2037		14,000,000			13,970,000			13,975,938
	01F050619	FNMA 30 YR		1/1/2037		(5,000,000	)		(5,219,063	)		(5,132,031	)
	01F052417	FNMA TBA 15 YR		1/21/2018		34,000,000			36,210,000			35,955,000
	01F060618	FNMA TBA 30 YR		1/1/2033		(37,000,000	)		(39,428,125	)		(39,185,313	)
	020039DB6	ALLTEL CORPORATION NT		7/1/2012		29,225,000			29,767,896			32,251,917
	021087QT1	ALPINE UTAH SCH DIST MUNI BND GO		3/15/2010		4,575,000			4,584,745			4,609,175
	021087QU8	ALPINE UTAH SCH DIST MUNI BND GO		3/15/2011		4,775,000			4,812,185			4,973,401
	02580EBS1	AMER EXPRESS BK CORP BND		4/26/2010		320,000			320,000			319,078
	02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT		4/16/2013		1,500,000			1,490,609			1,590,455
	0258M0BX6	AMERICAN EXPRESS CREDIT CO CORP BND		12/2/2010		73,000			73,000			72,729
	02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11		10/25/2046		12,171,571			5,164,445			5,987,196
	02666QXM0	AMERICAN HONDA FINANCE CORP BND 144A		12/15/2010		1,250,000			1,237,421			1,285,937
	02R042611	FHLMC GOLD TBA MBS		1/1/2040		(2,000,000	)		(2,024,688	)		(1,995,313	)
	02R050614	FHLMC GOLD TBA MBS		1/1/2035		(3,000,000	)		(3,130,938	)		(3,076,406	)
	02R060613	FHLMC TBA 30 YR		1/15/2033		(1,000,000	)		(1,068,594	)		(1,059,844	)
	031162AZ3	AMGEN INC CORP BND		2/1/2019		2,275,000			2,305,542			2,437,711
	034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A		4/8/2014		6,980,000			7,910,906			8,402,175
	035229CE1	ANHEUSER-BUSCH CORP BND		3/15/2012		1,600,000			1,583,121			1,772,427
	038461AC3	AID-EGYPT GOVT BND		9/15/2015		25,000,000			26,298,857			26,083,850
	04010HAB8	ARES CLO FUNDS ARES ABS 05-10A A2 144A		9/18/2017		9,862,007			9,238,269			8,883,499
	04010HAC6	ARES_05-10A ABS 05-10A A3 144A		9/18/2017		24,580,000			22,247,263			22,141,172
	04011XAB2	ARES ABS 06-5RA AS 144A		2/24/2018		21,390,634			19,166,059			19,268,256
	04011XAC0	ARES ABS 06-5RA A3 144A		2/24/2018		22,849,087			20,387,512			20,696,725
	04057PFH6	ARIZONA SCH FACS BRD CTFS PART MUNI BND REV		9/1/2019		1,775,000			1,693,598			1,872,394
	040654MP7	ARIZONA ST TRANSN BRD MUNI BND REV		7/1/2020		500,000			481,024			540,300
	040654NY7	ARIZONA ST TRANSN BRD MUNI BND REV		7/1/2021		1,500,000			1,421,965			1,624,620
	040688GV9	ARIZONA WTR INFRASTRUCTURE FIN MUNI BND REV		10/1/2021		1,000,000			952,327			1,101,240
	042423AA1	ARMST ABS 08-1A A 144A		8/1/2016		11,298,633			10,795,690			10,785,528
	042707AF6	ARRMF ABS 06-2A A1B 144A		9/20/2036		8,042			8,042			8,016
	04271AAA9	ARRMF ABS 07-3A A1B 144A		9/16/2036		128,064			128,064			127,424
	04271AAB7	ARRMF ABS 07-3A A2B 144A		9/16/2056		719,000			719,000			694,698
	044074BZ4	ASHEVILLE N C MUNI BND REV		8/1/2019		2,000,000			1,945,801			2,178,960
	05348EAM1	AVALONBAY COMMUNITIES INC SENIOR CORP BND		3/15/2017		1,500,000			1,511,138			1,526,264
	053611AC3	AVERY DENNISON CORP CORP BND		1/15/2013		1,500,000			1,445,459			1,516,160
	054303AS1	AVON PRODUCTS INC CORP BND		1/15/2011		1,700,000			1,682,150			1,758,910
	05522RAR9	BACCT ABS_06-A16 A16		5/15/2013		12,000,000			11,915,018			12,392,400
	05522RBA5	BANK OF AMERICA CREDIT CARD TR ABS 07-A7 A7		8/15/2012		131,000			131,000			130,777
	05522RBS6	BACCT ABS 08-A1 A1		4/15/2013		1,701,000			1,701,000			1,696,577
	055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND		4/1/2014		3,000,000			2,991,379			3,285,597
	05565QBH0	BP CAPITAL MARKETS PLC CORP BND		3/10/2015		3,000,000			3,051,760			3,090,091
	05565QBL1	BP CAPITAL MARKETS PLC CORP BND		5/8/2014		9,000,000			8,988,183			9,249,514
	058508AN2	BALL ST UNIV IND MUNI BND REV		7/1/2018		1,900,000			1,877,169			2,048,352
	059469AA4	BOAA CMO_06-7 A1		10/25/2036		274,562			272,751			273,790
	05947UDP0	BAFU CMBS_01-3 A2		4/11/2037		398,768			398,928			414,005
	05948X6X4	BANK OF AMERICA MTG SEC CMO 04-5 3A2		6/25/2019		8,060,392			8,104,001			8,100,694
	05951KAX1	BAFC CMO_06-7-T2A1		10/25/2036		664,269			599,778			596,713
	05954DAG1	BAFC CMO 07-E 4A1		7/20/2047		8,103,390			4,978,652			5,096,222
	060505CY8	BANK OF AMERICA CORP BND		2/12/2010		980,000			980,000			979,804
	060505DA9	BANK OF AMERICA CORP CORP BND		3/15/2017		28,900,000			29,031,970			28,521,841
	060505DG6	BANK OF AMERICA CORP BND		8/13/2010		3,270,000			3,270,000			3,272,681
	060505DK7	BANK OF AMERICA CORP CORP BND		9/11/2012		3,525,000			3,532,017			3,741,065
	06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT GUAR		6/15/2012		63,700,000			63,684,443			66,016,770
	06051GDX4	BANK OF AMERICA CORP BND		5/1/2018		23,170,000			21,950,213			23,643,099
	06051GDY2	BANK OF AMERICA CORP BND		5/15/2014		5,500,000			6,135,836			6,193,000
	06052DAB1	BAAT_09-1A ABS 09-1AA2144A		12/15/2011		48,000,000			47,997,650			48,246,086

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	06052FAC4	BAAT_09-2 ABS 09-2AA3 144A		9/15/2013		50,000,000		49,999,542		50,455,000
	06423AAG8	BANK ONE CO CORP BND		8/1/2010		378,000		384,078		393,438
	067316AA7	BACARDI LTD CORP BND 144A		4/1/2014		12,100,000		12,090,448		13,644,536
	06738CAF6	BARCLAYS BANK PLC CAPSEC CORP BND 144A		6/29/2049		16,777,000		12,103,564		14,931,530
	06739FFZ9	BARCLAYS BANK PLC LOCAL BND		7/10/2014		2,950,000		2,946,840		3,140,234
	06849UAB1	BARRICK (PD) AUSTRALIA FINANCE CORP BND 144A		1/15/2020		1,500,000		1,485,642		1,483,245
	071365ZL7	BATTLE CREEK MICH MUNI BND GO		5/1/2011		2,025,000		2,065,592		2,117,462
	071813AZ2	BAXTER INTERNATIONAL INC CORP BND		3/1/2014		5,400,000		5,387,083		5,601,031
	07383FXJ2	BEAR STEARNS COMMERCIAL MORTGA CMBS 03-PWR2 A4		5/11/2039		4,000,000		4,149,317		4,080,122
	07383FXN3	BSCMS SR CMBS 03-T12		8/13/2039		4,000,000		4,027,810		4,006,172
	07384MWF5	BSARM WHOLE CMO 03-5		8/25/2033		189,464		181,911		164,606
	073868AA9	BALTA_06-6 CMO 06-6 1A1		11/25/2036		20,498,556		7,813,147		9,197,944
	07388LAE0	BEAR STEARNS SENIOR CMBS 06-PW13-A4		9/11/2041		28,000,000		28,339,651		27,270,319
	073928X73	BEAR STEARNS CO INC CORP BND		8/10/2012		16,625,000		17,585,884		18,553,448
	07401AAA5	BSMF CMO_06-AR2 1A1		9/25/2046		11,069,096		5,336,515		5,951,778
	07401YAQ8	BEAR STEARNS MORTGAGE FUNDING CMO 07-AR4 2A1		6/25/2037		11,374,737		5,370,381		5,693,056
	075887AU3	BECTON DICKINSON AND COMPANY CORP BND		5/15/2019		1,625,000		1,614,928		1,668,723
	097014AK0	BOEING CAPITAL CORPORATION CORP BND		10/27/2014		250,000		249,469		248,435
	097023AV7	BOEING CO CORP BND		3/15/2014		1,500,000		1,494,332		1,612,042
	097023AY1	BOEING CO SENIOR CORP BND		2/15/2015		1,250,000		1,246,336		1,253,388
	097023AZ8	BOEING CO SENIOR CORP BND		2/15/2020		3,500,000		3,468,150		3,503,378
	10138MAH8	BOTTLING GROUP LLC CORP BND		3/15/2014		3,000,000		3,372,506		3,472,320
	10138MAK1	BOTTLING GROUP LLC CORP BND		1/15/2019		3,000,000		2,989,660		3,101,450
	108151UZ2	BRIDGEPORT CONN MUNI BND GO		7/15/2017		750,000		764,358		780,488
	12513EAG9	CD SENIOR CMBS 05-CD1		7/15/2044		25,000,000		24,919,096		24,957,138
	12566XAK4	CMA_07-A7 CMO_07-A7-IIA1		7/25/2037		8,298,536		4,885,452		4,854,644
	12572QAD7	CME GROUP INC CORP BND		2/15/2014		2,000,000		2,005,813		2,175,975
	12612AAC6	CNH_09-C ABS 09-C A3		12/16/2013		1,400,000		1,399,976		1,397,340
	126175AH1	COMM03-LB1A SENIOR CMBS 03-LB1A 144A		6/10/2010		35,604,759		116,133		227,870
	126380AB0	CSMC CMO_06-9 2A1		11/25/2036		2,390,317		1,920,357		1,888,350
	126384AJ5	CSMC WHOLE CMO 07-2 2A1		3/25/2037		1,563,550		1,400,991		1,307,284
	12638PBU2	CSMC CMO_07-3 4A5		4/25/2037		1,608,147		1,378,956		1,287,965
	126650AV2	CVS CAREMARK CORP CORP BND		9/15/2014		12,160,000		11,972,285		12,910,940
	126650BH2	CVS CAREMARK CORP CORP BND		6/1/2017		2,000,000		1,865,057		2,112,400
	12667GNS8	COUNTRYWIDE ALTERNATIVE LOAN T CMO_05-24 1A1		7/20/2035		1,112,449		472,973		490,520
	12668BPY3	CWALT CMO 06-4CB 2A4		4/25/2036		14,638,317		9,203,524		9,129,918
	126694A32	COUNTRYWIDE HOME LOANS WHOLE CMO 06-OA1		3/20/2046		2,136,556		966,022		1,042,212
	126694M96	COUNTRYWIDE HOME LOANS CMO 06-OA5 2A1		4/25/2046		7,966,708		3,424,044		4,222,355
	12669E5B8	CWHL CMO03-50 A1		11/25/2018		1,281,882		1,230,375		1,288,291
	12669EYQ3	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-37		8/25/2033		161,393		150,305		128,792
	126775RR8	CABARRUS CNTY N C MUNI BND GO		2/1/2018		500,000		499,340		582,015
	13063A4V3	STATE OF CALIFORNIA MUNI BND GO		4/1/2031		2,000,000		2,075,477		2,019,800
	13170FCV3	CALYON (NEW YORK BRANCH) CORP BND		2/22/2010		163,000		162,996		162,935
	13170FEC3	CALYON NORTH AMERICA INC CORP BND		6/11/2010		654,000		654,000		653,363
	134429AM1	CAMPBELL SOUP COMPANY CORP BND		2/15/2011		1,550,000		1,577,673		1,638,429
	134429AT6	CAMPBELL SOUP COMPANY CORP BND		2/15/2019		1,000,000		986,068		1,004,269
	135087YS7	CANADA GOVERNMENT GOVT BND		6/1/2014		2,715,000		2,626,544		2,628,676
	135087YU2	CANADA GOVERNMENT GOVT BND		12/1/2014		17,860,000		16,236,435		16,439,538
	135087YW8	CANADA GOVERNMENT GOVT BND		9/1/2011		29,740,000		27,558,246		28,228,319
	135087YX6	CANADA GOVERNMENT GOVT BND		9/1/2012		35,720,000		33,363,718		34,139,936
	135087ZA5	CANADA GOVERNMENT SENIOR CORP BND		9/10/2014		900,000		895,130		887,184
	1350Z7NC4	CANADIAN TREASURY BILL 144A		12/31/2059		8,320,000		7,707,773		7,911,432
	13974CAE8	CARAT ABS_07-2 A4A		2/18/2014		12,000,000		11,708,599		12,547,920
	14312XAC5	CARMX ABS_08-2 A3A		10/15/2012		4,000,000		3,994,839		4,176,000
	144470AR2	CARRIER CREEK MICH DRAIN DIST MUNI BND GO		6/1/2022		1,000,000		920,536		1,054,930
	14912L4F5	CATERPILLAR FINL SERV CORP BND		2/17/2014		3,300,000		3,299,685		3,658,051
	15135UAA7	CENOVUS ENERGY INC CORP BND 144A		9/15/2014		1,350,000		1,348,756		1,393,766
	15200NAA3	CNP ABS 09-1 A1		2/15/2016		2,500,000		2,499,912		2,472,500
	161045CG2	CHARLOTTE NC WTR & SWR SYS MUNI BND REV		6/1/2019		500,000		510,896		516,425
	161571AT1	CHAIT ABS 05-A8		10/15/2012		131,000		130,879		130,581
	161571BU7	CHAIT ABS 07-A4 A4		4/16/2012		504,000		504,000		503,869
	161571BW3	CHAIT ABS 07-A6 A6		4/16/2012		916,000		916,000		915,245
	161571CH5	CHAIT ABS_07-A17 A		10/15/2014		10,000,000		9,999,458		10,768,900
	161571CL6	CHAIT ABS 08-A1 A1		1/15/2012		1,308,000		1,308,000		1,308,048
	161571DP6	CHAIT ABS 09-A5 A5		6/15/2012		50,000,000		50,000,000		50,138,001
	16162WLM9	CHASE CMO 05-S2 A1		10/25/2035		16,356,170		13,667,401		14,993,701
	161630AC2	CHASE WHOLE CMO_07-A1 1A3		2/25/2037		17,186,007		17,391,475		15,872,996

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	161630AG3	CHASE CMO_07-A1-2A1		2/25/2037		29,728,367		30,210,088		26,969,723
	161630AN8	CHASE WHOLE CMO_07-A1 4A1		2/25/2037		4,589,779		4,634,568		4,025,558
	161630AQ1	CHASE CMO_07-A1 5A1		2/25/2037		3,813,162		3,749,591		3,396,544
	16208NAA3	CHAT ABS 05-2AA-1 144A		8/3/2019		29,707,265		26,727,120		26,738,707
	162419AF2	CHATTANOOGA TENN INDL DEV BRD MUNI BND REV		10/1/2011		2,000,000		2,025,895		2,070,360
	165573QR0	CHESTER CNTY PA MUNI BND GO		8/15/2022		1,000,000		952,901		1,088,320
	166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BND		3/3/2012		39,100,000		39,098,309		40,728,241
	167723CG8	CHICAGO ILL TRAN AUTH CAP GRNT MUNI BND REV		6/1/2010		2,070,000		2,082,408		2,105,894
	172311GB2	CINCINNATI OHIO MUNI BND REV		12/1/2034		1,400,000		1,444,624		1,406,412
	17275RAE2	CISCO SYSTEMS INC CORP BND		2/15/2019		3,000,000		2,994,528		3,074,667
	172967BC4	CITIGROUP INC CORP BND		1/18/2011		53,800,000		54,522,048		55,956,396
	172967CX7	CITIGROUP INC CORP BND		5/18/2010		2,200,000		2,160,984		2,197,624
	172967EG2	CITIGROUP INC CORP BND		8/13/2010		916,000		915,842		913,701
	172967EY3	CITIGROUP INC SENIOR CORP BND		8/12/2014		4,875,000		5,028,071		5,098,613
	1729733P2	CMSI CMO 05-7 3A1		10/25/2035		16,885,117		14,459,367		15,973,321
	172973L64	CMSI CMO 04-9 2A1		12/25/2019		12,646,741		12,680,266		12,061,197
	17305ECU7	CCCIT ABS_05-A7 A7		10/22/2012		500,000		506,558		513,798
	17305EDJ1	CCCIT ABS 06-A6 A6		5/24/2012		327,000		326,772		326,387
	17310MAE0	CITIGROUP SENIOR CMBS 06-C5 A4		10/15/2049		31,000,000		31,095,229		28,787,623
	17310MBQ2	CGCMT CMBS_06_C5 AMP2 144A		10/15/2049		500,000		190,681		190,570
	17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR		12/9/2011		2,200,000		2,196,424		2,263,250
	17313YAB7	CITIGROUP FUNDING INC — GTD CORP BND		5/5/2011		10,000,000		10,011,369		10,057,701
	17313YAJ0	CITIGROUP FUNDING INC — GTD SENIOR CORP BND		12/10/2012		5,000,000		5,001,530		5,039,400
	17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND		11/15/2012		59,300,000		59,205,413		59,188,514
	181059BM7	CLARK CNTY NEV SCH DIST FOR IS MUNI BND GO		6/15/2017		1,500,000		1,495,668		1,636,140
	184126UY4	CLAYTON CNTY & CLAYTON CNTY GA MUNI BND REV		5/1/2020		2,000,000		1,895,151		2,148,520
	189054AC3	CLOROX COMPANY THE CORP BND		2/1/2011		1,000,000		997,314		1,049,568
	189194CL5	CLOVERDALE IND MULTI-SCH BLDG MUNI BND REV		7/15/2019		1,365,000		1,323,184		1,471,961
	191216AK6	COCA-COLA COMPANY THE CORP BND		11/15/2017		1,125,000		1,194,133		1,219,377
	191216AL4	COCA-COLA COMPANY THE CORP BND		3/15/2014		18,825,000		18,752,471		19,443,290
	191219BU7	COCA-COLA ENTERPRISES INC. CORP BND		3/1/2012		13,700,000		13,681,439		14,135,257
	199491RW3	COLUMBUS OHIO MUNI BND GO		7/1/2012		500,000		520,882		557,390
	20030NAE1	COMCAST CORPORATION CORP BND		1/15/2014		2,000,000		2,048,536		2,139,046
	20030NAL5	COMCAST CORPORATION CORP BND		3/15/2016		7,500,000		7,928,845		8,023,936
	20046PAB4	COMM CMBS_00-C1 A2		8/15/2033		140,251		139,286		141,077
	20272BAF1	COMMONWEALTH BANK AUSTRALIA, G CORP BND 144A		6/25/2014		50,000,000		50,766,711		51,073,502
	2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND MTN 144A		10/15/2012		1,800,000		1,794,855		1,817,419
	2027A0DJ5	COMMONWEALTH BANK OF AUSTRALIA CORP BND MTN 144A		10/15/2019		30,950,000		30,782,012		30,730,352
	20774UWJ0	CONNECTICUT ST HEALTH & EDL FA MUNI BND REV		7/1/2010		1,125,000		1,135,680		1,148,276
	207758AY9	CONNECTICUT ST SPL TAX OBLIG R MUNI BND REV		7/1/2019		650,000		620,506		705,770
	20825CAR5	CONOCOPHILLIPS CORP BND		2/1/2019		1,250,000		1,335,743		1,356,471
	20825CAS3	CONOCOPHILLIPS CORP BND		2/1/2014		29,000,000		28,932,025		31,061,588
	20825CAT1	CONOCOPHILLIPS CORP BND		1/15/2015		5,000,000		4,996,385		5,313,431
	209111DJ9	CONSOLIDATED EDISON CO OF NY CORP BND		9/1/2010		1,000,000		1,009,433		1,044,263
	209111DZ3	CONSOLIDATED EDISON CO OF NY CORP BND		7/1/2012		550,000		536,876		588,725
	210518CS3	CONSUMERS ENERGY COMPANY CORP BND		9/15/2019		1,000,000		999,592		1,125,929
	2131838D1	COOK CNTY ILL MUNI BND GO		11/15/2019		1,000,000		956,239		1,078,040
	224044BF3	COX COMMUNICATIONS INC. CORP BND		6/1/2013		1,225,000		1,278,983		1,279,383
	225317AB2	CREDIT AGRICOLE SA CORP BND 144A		5/28/2010		2,191,000		2,191,000		2,190,978
	22540VGE6	CSFB SENIOR CMBS 01-CKN5-A4		9/15/2034		44,858,657		44,950,437		46,231,031
	22541NQ77	CSFB_03-AR9 WHOLE CMO 03-AR9 2A2		3/25/2033		92,659		53,293		64,870
	22541QDG4	CSFB_03-C3 CMBS_03-C3 A3		5/15/2038		516,494		507,471		517,079
	22541QUJ9	CS FIRST BOSTON MORTGAGE SECUR CMO 03-A24-IA1		10/25/2033		169,356		86,738		141,632
	22545BAA9	CSMC CMBS_06-C2 A1		3/15/2039		1,321,965		1,300,021		1,349,198
	22546QAC1	CREDIT SUISSE FIRST BOSTON CORP BND		8/13/2019		3,000,000		3,000,674		3,058,244
	22882MAA6	CRGT ABS 03-2 A		9/18/2034		71,619		71,619		56,937
	22942KCD0	CSMC CMO 06-7 10A2		8/25/2036		16,884,426		9,906,146		10,394,053
	230822PL6	CUMBERLAND VALLEY PA SCH DIST MUNI BND GO		11/15/2020		1,300,000		1,237,111		1,382,953
	231266DM6	CURATORS UNIV MO SYS FACS REV MUNI BND REV		11/1/2021		2,000,000		1,849,159		2,142,100
	232434AE0	CWALT_06-OC8 CMO 06-0C8 2A3		11/25/2036		26,000,000		3,668,031		3,996,200
	23245GAD3	CWALT_06-OC9 CMO 06-OC9-A3		12/25/2046		6,500,000		1,085,458		1,039,350
	23245QAA7	CWALT WHOLE CMO 06-0A21 A1		3/20/2047		7,596,679		3,289,056		4,026,240
	233889AE4	DCAT ABS_08-B A3A		9/10/2012		4,950,000		4,831,010		5,117,953
	235308KE2	DALLAS TEX INDPT SCH DIST MUNI BND GO		8/15/2021		1,605,000		1,520,987		1,769,480
	244199BC8	DEERE & COMPANY CORP BND		10/16/2019		15,400,000		15,317,651		15,257,660
	244217BK0	JOHN DEERE CAPITAL CORPORATION SENIOR CORP BND		1/15/2013		4,000,000		3,903,479		4,267,563
	24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND		10/17/2011		9,000,000		8,999,860		9,595,114

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	24702RAH4	DELL INC CORP BND		6/15/2012		14,600,000		14,591,808		15,047,214
	249164HG2	DENVER COLO CITY & CNTY MUNI BND GO		8/1/2021		2,000,000		1,901,446		2,186,420
	2491817F9	DENVER COLO CITY & CNTY ARPT R MUNI BND REV		11/15/2010		3,000,000		2,996,461		3,087,600
	249575AM3	DEPFA ACS BANK CORP BND 144A		6/28/2011		2,800,000		2,903,518		2,868,712
	250119BY9	DES MOINES IOWA MET WASTEWATER MUNI BND REV		6/1/2019		1,045,000		1,008,071		1,137,430
	251255C94	DETROIT MICH WTR SUPPLY SYS MUNI BND REV		7/1/2033		2,000,000		2,070,867		2,163,740
	251255ZJ7	DETROIT MICH WTR SUPPLY SYS MUNI BND REV		7/1/2022		1,000,000		1,042,440		1,010,000
	25151AAG6	DBALT CMO 06-AR3 A6		8/25/2036		32,000,000		4,565,958		3,040,000
	25152XHQ6	DEUTSCHE BANK AG SENIOR CORP BND		1/25/2010		1,112,000		1,112,000		1,112,334
	2515A0Q30	DEUTSCHE BK LDN CORP BND		8/18/2014		9,500,000		9,633,644		9,674,756
	25244SAF8	DIAGEO FINANCE BV CORP BND		1/15/2015		1,025,000		1,020,893		1,017,311
	254760C66	DISTRICT OF COLUMBIA MUNI BND GO		6/1/2010		2,945,000		2,974,689		3,001,102
	25746UBH1	DOMINION RESOURCES INC SENIOR CORP BND		8/15/2019		1,000,000		1,001,041		1,011,872
	260003AD0	DOVER CORP CORP BND		2/15/2011		1,000,000		1,009,780		1,056,640
	263534BM0	EI DUPONT DE NEMOURS & CO CORP BND		4/30/2010		1,700,000		1,697,111		1,720,877
	263534BX6	EI DUPONT DE NEMOURS & CO CORP BND		3/15/2015		2,000,000		1,996,126		2,130,568
	263534BZ1	EI DUPONT DE NEMOURS & CO CORP BND		1/15/2020		27,200,000		27,087,120		26,518,782
	264399EQ5	DUKE ENERGY CORP CORP BND		2/1/2014		11,150,000		11,132,578		12,220,726
	26441YAS6	DUKE REALTY LP CORP BND		2/15/2015		725,000		721,203		760,492
	268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		1/26/2014		19,900,000		19,834,133		21,679,651
	278058DG4	EATON CORPORATION CORP BND		3/20/2014		4,000,000		3,998,837		4,366,136
	282317HC3	EGG HARBOR TWP N J SCH DIST MUNI BND GO		7/15/2019		1,320,000		1,348,464		1,580,106
	291011AT1	EMERSON ELECTRIC CO CORP BND		5/1/2013		1,000,000		972,960		1,054,000
	291011AY0	EMERSON ELECTRIC CO CORP BND		10/15/2019		1,625,000		1,616,135		1,660,829
	29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 144A		1/15/2013		15,000,000		15,014,953		16,212,594
	29268BAE1	ENEL FINANCE INTERNATIONAL SA CORP BND 144A		10/7/2019		28,000,000		27,879,058		28,261,432
	29365KAA1	ETI ABS 09 A1		2/1/2015		1,400,000		1,399,911		1,397,200
	293791AN9	ENTERPRISE PROD OPER LP SENIOR CORP BND		10/15/2014		22,000,000		21,523,381		23,379,799
	294223LN0	EPHRATA PA AREA SCH DIST MUNI BND GO		3/1/2019		500,000		480,125		530,930
	294429AH8	EQUIFAX INC CORP BND		12/1/2014		2,000,000		2,010,832		2,013,793
	30251BAA6	FMR CORP. CORP BND 144A		11/15/2021		2,100,000		2,096,849		1,994,941
	302570AV8	FPL GROUP CAPITAL INC CORP BND		9/1/2011		1,000,000		983,722		1,066,018
	302570BD7	FPL GROUP CAPITAL INC CORP BND		3/1/2019		3,375,000		3,373,635		3,622,546
	30769PAA0	FARMER MAC AGENCY BND 144A		7/15/2011		15,900,000		15,879,677		16,879,299
	31283K2C1	FHLMC GOLD POOL # G11671		11/1/2014		7,832,207		7,711,963		8,162,473
	31283K4C9	FHLMC GOLD POOL # G11719		6/1/2020		13,465,704		13,297,853		14,205,620
	31283K6U7	FHLMC GOLD POOL # G11783		8/1/2015		3,051,644		3,004,705		3,172,491
	31283KJU3	FHLMC GOLD POOL # G11175		12/1/2014		991,849		1,001,039		1,080,503
	31283KN87	FHLMC GOLD POOL # G11315		9/1/2017		4,843		5,118		5,106
	31283KS90	FHLMC GOLD POOL # G11444		8/1/2018		23,348		24,678		24,644
	31283KSY5	FHLMC GOLD POOL # G11435		6/1/2018		11,604		12,265		12,232
	31283KT40	FHLMC GOLD POOL # G11471		11/1/2013		2,946,115		2,881,357		3,029,133
	31283KTA6	FHLMC GOLD POOL # G11445		9/1/2018		32,483		34,334		34,287
	3128E27C4	FHLMC GOLD POOL # D96291		9/1/2023		1,823,091		1,743,001		1,861,011
	3128GNW87	FHLMC GOLD POOL # E86071		11/1/2016		3,260		3,444		3,436
	3128GNY77	FHLMC GOLD POOL # E86134		11/1/2016		22,624		23,901		23,841
	3128GP3U5	FHLMC GOLD POOL # E87111		1/1/2017		6,984		7,378		7,359
	3128GP3V3	FHLMC GOLD POOL # E87112		1/1/2017		29,960		31,653		31,572
	3128GP4U4	FHLMC GOLD POOL # E87135		1/1/2017		4,858		5,132		5,119
	3128GP7M9	FHLMC GOLD POOL # E87200		1/1/2017		5,933		6,268		6,254
	3128GPSA2	FHLMC GOLD POOL # E86813		12/1/2016		5,609		5,926		5,911
	3128GPVH3	FHLMC GOLD POOL # E86916		12/1/2016		2,659		2,809		2,802
	3128GQ3Q2	FHLMC GOLD POOL # E88007		2/1/2017		10,784		11,393		11,367
	3128GQ6E6	FHLMC GOLD POOL # E88069		2/1/2017		7,162		7,566		7,549
	3128GQGA3	FHLMC GOLD POOL # E87393		1/1/2017		17,102		18,068		18,027
	3128GQJT9	FHLMC GOLD POOL # E87474		1/1/2017		10,985		11,606		11,576
	3128GQK26	FHLMC GOLD POOL # E87513		1/1/2017		13,940		14,728		14,690
	3128GQK34	FHLMC GOLD POOL # E87514		1/1/2017		3,990		4,215		4,204
	3128GQKB6	FHLMC GOLD POOL # E87490		1/1/2017		6,879		7,268		7,249
	3128GQP54	FHLMC GOLD POOL # E87644		1/1/2017		9,478		10,014		9,991
	3128GQQQ7	FHLMC GOLD POOL # E87663		2/1/2017		9,725		10,275		10,248
	3128GQQZ7	FHLMC GOLD POOL # E87672		2/1/2017		33,040		34,907		34,817
	3128GQSG7	FHLMC GOLD POOL # E87719		2/1/2017		5,175		5,468		5,455
	3128GQU58	FHLMC GOLD POOL # E87804		2/1/2017		12,841		13,567		13,532
	3128GQU90	FHLMC GOLD POOL # E87808		2/1/2017		3,362		3,552		3,544
	3128GQVB4	FHLMC GOLD POOL # E87810		2/1/2017		6,540		6,909		6,891
	3128GQW31	FHLMC GOLD POOL # E87866		2/1/2017		15,145		16,001		15,998

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128GQW49	FHLMC GOLD POOL # E87867		2/1/2017		26,701		28,211		28,146
	3128GR3Y3	FHLMC GOLD POOL # E88915		2/1/2017		21,936		23,176		23,116
	3128GR6N4	FHLMC GOLD POOL # E88977		4/1/2017		30,110		31,814		31,739
	3128GRBH1	FHLMC GOLD POOL # E88140		2/1/2017		11,348		11,989		11,962
	3128GRBJ7	FHLMC GOLD POOL # E88141		2/1/2017		3,202		3,383		3,376
	3128GRFT1	FHLMC GOLD POOL # E88278		3/1/2017		23,824		25,171		25,105
	3128GRJD2	FHLMC GOLD POOL # E88360		3/1/2017		7,213		7,621		7,601
	3128GRK81	FHLMC GOLD POOL # E88419		3/1/2017		8,414		8,890		8,869
	3128GRLA5	FHLMC GOLD POOL # E88421		3/1/2017		33,181		35,058		34,976
	3128GRM71	FHLMC GOLD POOL # E88482		3/1/2017		7,690		8,125		8,106
	3128GRP94	FHLMC GOLD POOL # E88548		3/1/2017		3,980		4,205		4,194
	3128GRQA0	FHLMC GOLD POOL # E88549		3/1/2017		8,942		9,447		9,425
	3128GRSP5	FHLMC GOLD POOL # E88626		3/1/2017		8,522		9,004		8,981
	3128GRSY6	FHLMC GOLD POOL # E88635		3/1/2017		16,171		17,085		17,046
	3128GRUF4	FHLMC GOLD POOL # E88682		3/1/2017		3,716		3,926		3,917
	3128GRUT4	FHLMC GOLD POOL # E88694		3/1/2017		9,099		9,612		9,588
	3128GRWQ8	FHLMC GOLD POOL # E88755		2/1/2017		626		661		655
	3128GRYD5	FHLMC GOLD POOL # E88808		4/1/2017		4,302		4,545		4,535
	3128GS5Y9	FHLMC GOLD POOL # E89863		4/1/2017		6,870		7,259		7,242
	3128GSDJ3	FHLMC GOLD POOL # E89105		4/1/2017		13,780		14,560		14,526
	3128GSGB7	FHLMC GOLD POOL # E89194		4/1/2017		19,081		20,160		20,113
	3128GSGU5	FHLMC GOLD POOL # E89211		4/1/2017		35,271		37,266		37,179
	3128GSKE6	FHLMC GOLD POOL # E89293		4/1/2017		42,626		45,037		44,932
	3128GSKV8	FHLMC GOLD POOL # E89308		4/1/2017		15,185		16,044		16,007
	3128GSLX3	FHLMC GOLD POOL # E89342		4/1/2017		9,601		10,144		10,120
	3128GSLY1	FHLMC GOLD POOL # E89343		4/1/2017		18,281		19,315		19,270
	3128GSNL7	FHLMC GOLD POOL # E89395		4/1/2017		9,317		9,845		9,822
	3128GSQN0	FHLMC GOLD POOL # E89461		4/1/2017		9,905		10,465		10,438
	3128GSSN8	FHLMC GOLD POOL # E89525		4/1/2017		33,122		34,997		34,914
	3128GV2N9	FHLMC GOLD POOL # E91681		10/1/2017		39,722		41,975		41,871
	3128GV3C2	FHLMC GOLD POOL # E91695		10/1/2017		20,927		22,114		22,059
	3128GV3D0	FHLMC GOLD POOL # E91696		10/1/2017		35,683		37,707		37,613
	3128GV3Z1	FHLMC GOLD POOL # E91716		10/1/2017		41,240		43,580		43,471
	3128GV7G9	FHLMC GOLD POOL # E91795		10/1/2017		10,361		10,949		10,922
	3128GVBY5	FHLMC GOLD POOL # E90955		8/1/2017		3,334		3,523		3,522
	3128GVH94	FHLMC GOLD POOL # E91156		9/1/2017		4,212		4,451		4,440
	3128GVJA9	FHLMC GOLD POOL # E91157		9/1/2017		17,865		18,878		18,831
	3128GVJB7	FHLMC GOLD POOL # E91158		9/1/2017		10,042		10,612		10,586
	3128GVJQ4	FHLMC GOLD POOL # E91171		9/1/2017		27,756		29,330		29,257
	3128GVLF5	FHLMC GOLD POOL # E91226		9/1/2017		13,406		14,166		14,127
	3128GVLH1	FHLMC GOLD POOL # E91228		9/1/2017		19,079		20,161		20,111
	3128GVLJ7	FHLMC GOLD POOL # E91229		9/1/2017		25,165		26,592		26,526
	3128GVMM9	FHLMC GOLD POOL # E91264		8/1/2017		8,002		8,456		8,435
	3128GVNL0	FHLMC GOLD POOL # E91295		9/1/2017		10,691		11,297		11,270
	3128GVNM8	FHLMC GOLD POOL # E91296		9/1/2017		15,258		16,123		16,083
	3128GVNN6	FHLMC POOL # E91297		9/1/2010		21,495		22,360		23,430
	3128GVNV8	FHLMC GOLD POOL # E91304		9/1/2017		9,408		9,942		9,917
	3128GVNX4	FHLMC GOLD POOL # E91306		9/1/2017		103,636		109,514		109,243
	3128GVPM6	FHLMC GOLD POOL # E91328		9/1/2017		9,314		9,842		9,818
	3128GVPN4	FHLMC GOLD POOL # E91329		9/1/2017		6,765		7,148		7,131
	3128GVPP9	FHLMC GOLD POOL # E91330		9/1/2017		42,894		45,328		45,214
	3128GVQH6	FHLMC GOLD POOL # E91356		9/1/2017		35,453		37,464		37,370
	3128GVRA0	FHLMC GOLD POOL # E91381		9/1/2017		10,218		10,797		10,771
	3128GVRC6	FHLMC GOLD POOL # E91383		9/1/2017		17,346		18,330		18,284
	3128GVRE2	FHLMC GOLD POOL # E91385		9/1/2017		10,971		11,593		11,564
	3128GVRS1	FHLMC GOLD POOL # E91397		9/1/2017		7,337		7,753		7,734
	3128GVRT9	FHLMC GOLD POOL # E91398		9/1/2017		17,957		18,975		18,928
	3128GVRY8	FHLMC GOLD POOL # E91403		9/1/2017		87,625		92,595		92,365
	3128GVT83	FHLMC GOLD POOL # E91475		9/1/2017		38,956		41,165		41,063
	3128GVTN0	FHLMC GOLD POOL # E91457		9/1/2017		8,540		9,024		9,002
	3128GVTW0	FHLMC GOLD POOL # E91465		9/1/2017		29,220		30,878		30,801
	3128GVUD0	FHLMC GOLD POOL # E91480		9/1/2017		4,114		4,347		4,336
	3128GVUE8	FHLMC GOLD POOL # E91481		9/1/2017		26,398		27,896		27,826
	3128GVUX6	FHLMC GOLD POOL # E91498		10/1/2017		7,513		7,939		7,919
	3128GVVE7	FHLMC GOLD POOL # E91513		10/1/2017		55,801		58,966		58,820
	3128GVVF4	FHLMC GOLD POOL # E91514		10/1/2017		24,959		26,375		26,310
	3128GVVJ6	FHLMC GOLD POOL # E91517		10/1/2017		37,560		39,691		39,592

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128GVVY3	FHLMC GOLD POOL # E91531		10/1/2017		27,594		29,160		29,149
	3128GVW22	FHLMC GOLD POOL # E91565		9/1/2017		9,096		9,612		9,588
	3128GVW89	FHLMC GOLD POOL # E91571		10/1/2017		15,455		16,332		16,291
	3128GVZV5	FHLMC GOLD POOL # E91656		10/1/2017		33,180		35,063		34,975
	3128GW5Q7	FHLMC GOLD POOL # E92655		11/1/2017		16,971		17,934		17,889
	3128GW6G8	FHLMC GOLD POOL # E92671		11/1/2017		9,776		10,330		10,305
	3128GWAQ1	FHLMC GOLD POOL # E91815		10/1/2017		7,812		8,254		8,232
	3128GWAT5	FHLMC GOLD POOL # E91818		10/1/2017		43,790		46,275		46,257
	3128GWAU2	FHLMC GOLD POOL # E91819		10/1/2017		42,256		44,653		44,542
	3128GWB49	FHLMC GOLD POOL # E91859		10/1/2017		4,869		5,146		5,133
	3128GWB80	FHLMC GOLD POOL # E91863		10/1/2017		28,024		29,613		29,540
	3128GWBH0	FHLMC GOLD POOL # E91840		10/1/2017		38,762		40,961		40,859
	3128GWC89	FHLMC GOLD POOL # E91895		10/1/2017		13,538		14,307		14,271
	3128GWCL0	FHLMC GOLD POOL # E91875		10/1/2017		23,177		24,492		24,431
	3128GWCW6	FHLMC GOLD POOL # E91885		10/1/2017		6,778		7,162		7,144
	3128GWDP0	FHLMC GOLD POOL # E91910		10/1/2017		17,901		18,917		18,870
	3128GWEG9	FHLMC GOLD POOL # E91935		10/1/2017		51,830		54,770		54,633
	3128GWEK0	FHLMC GOLD POOL # E91938		10/1/2017		13,640		14,414		14,378
	3128GWEP9	FHLMC GOLD POOL # E91942		10/1/2017		9,168		9,688		9,664
	3128GWF86	FHLMC GOLD POOL # E91991		10/1/2017		19,010		20,088		20,038
	3128GWFN3	FHLMC GOLD POOL # E91973		10/1/2017		15,229		16,093		16,053
	3128GWHH4	FHLMC GOLD POOL # E92032		10/1/2017		17,029		17,995		17,951
	3128GWJG4	FHLMC GOLD POOL # E92063		11/1/2017		41,044		43,374		43,356
	3128GWK31	FHLMC GOLD POOL # E92114		10/1/2017		24,548		25,941		25,876
	3128GWK56	FHLMC GOLD POOL # E92116		11/1/2017		23,841		25,194		25,131
	3128GWMS4	FHLMC GOLD POOL # E92169		11/1/2017		13,357		14,114		14,079
	3128GWP85	FHLMC GOLD POOL # E92247		11/1/2017		13,879		14,667		14,630
	3128GWQ27	FHLMC GOLD POOL # E92273		11/1/2017		25,630		27,085		27,017
	3128GWQ92	FHLMC GOLD POOL # E92280		11/1/2017		20,864		22,048		21,993
	3128GWQN1	FHLMC GOLD POOL # E92261		11/1/2017		20,636		21,807		21,752
	3128GWQY7	FHLMC GOLD POOL # E92271		11/1/2017		11,062		11,690		11,661
	3128GWR42	FHLMC GOLD POOL # E92307		11/1/2017		25,556		27,006		26,939
	3128GWRF7	FHLMC GOLD POOL # E92286		11/1/2017		19,190		20,280		20,271
	3128GWV21	FHLMC GOLD POOL # E92433		11/1/2017		41,077		43,409		43,299
	3128GWVL9	FHLMC GOLD POOL # E92419		11/1/2017		6,843		7,232		7,214
	3128GWWM6	FHLMC GOLD POOL # E92452		11/1/2017		5,327		5,630		5,627
	3128GWXD5	FHLMC GOLD POOL # E92476		11/1/2017		16,224		17,144		17,102
	3128GWXW3	FHLMC GOLD POOL # E92493		11/1/2017		31,939		33,753		33,739
	3128GWYS1	FHLMC GOLD POOL # E92521		11/1/2017		7,692		8,128		8,108
	3128GWZQ4	FHLMC GOLD POOL # E92551		11/1/2017		19,006		20,084		20,034
	3128GX3H7	FHLMC GOLD POOL # E93500		12/1/2017		32,047		33,867		33,853
	3128GX3X2	FHLMC GOLD POOL # E93514		12/1/2017		8,595		9,083		9,060
	3128GX5V4	FHLMC POOL # E93560		12/1/2017		38,877		41,085		41,067
	3128GX7A8	FHLMC GOLD POOL # E93589		1/1/2018		21,368		22,581		22,524
	3128GXAX4	FHLMC GOLD POOL # E92722		11/1/2017		42,483		44,894		44,781
	3128GXBC9	FHLMC GOLD POOL # E92735		11/1/2017		9,522		10,063		10,037
	3128GXD29	FHLMC GOLD POOL # E92821		12/1/2017		10,188		10,767		10,739
	3128GXEA0	FHLMC GOLD POOL # E92829		12/1/2017		22,252		23,516		23,506
	3128GXEK8	FHLMC GOLD POOL # E92838		12/1/2017		11,455		12,105		12,100
	3128GXEV4	FHLMC GOLD POOL # E92848		12/1/2017		4,021		4,250		4,239
	3128GXFT8	FHLMC GOLD POOL # E92878		12/1/2017		22,341		23,610		23,550
	3128GXGG5	FHLMC GOLD POOL # E92899		12/1/2017		6,724		7,106		7,088
	3128GXHA7	FHLMC GOLD POOL # E92925		12/1/2017		33,900		35,825		35,734
	3128GXHQ2	FHLMC GOLD POOL # E92939		12/1/2017		43,284		45,742		45,626
	3128GXM52	FHLMC GOLD POOL # E93080		12/1/2017		26,515		28,020		27,949
	3128GXM60	FHLMC POOL # E93081		12/1/2017		17,944		18,963		18,955
	3128GXMW3	FHLMC GOLD POOL # E93073		1/1/2018		4,980		5,263		5,249
	3128GXN36	FHLMC GOLD POOL # E93110		12/1/2017		43,916		46,411		46,292
	3128GXND4	FHLMC GOLD POOL # E93088		12/1/2017		20,675		21,849		21,794
	3128GXQ74	FHLMC GOLD POOL # E93178		12/1/2017		21,435		22,653		22,595
	3128GXQ82	FHLMC GOLD POOL # E93179		12/1/2017		14,891		15,736		15,696
	3128GXQ90	FHLMC GOLD POOL # E93180		12/1/2017		32,892		34,760		34,672
	3128GXRA6	FHLMC GOLD POOL # E93181		12/1/2017		19,877		21,006		20,952
	3128GXRT5	FHLMC GOLD POOL # E93198		12/1/2017		10,438		11,031		11,003
	3128GXSA5	FHLMC GOLD POOL # E93213		12/1/2017		21,618		22,845		22,787
	3128GXST4	FHLMC GOLD POOL # E93230		1/1/2018		15,074		15,931		15,924
	3128GXU53	FHLMC GOLD POOL # E93304		12/1/2017		7,890		8,338		8,317

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128GXWM4	FHLMC GOLD POOL # E93352		1/1/2018		10,548		11,147		11,119
	3128GXZW9	FHLMC GOLD POOL # E93457		1/1/2018		3,889		4,109		4,099
	3128GY2E3	FHLMC GOLD POOL # E94373		2/1/2018		22,117		23,375		23,307
	3128GY2H6	FHLMC GOLD POOL # E94376		2/1/2018		23,072		24,383		24,313
	3128GY3K8	FHLMC GOLD POOL # E94402		2/1/2018		8,748		9,245		9,219
	3128GY3P7	FHLMC GOLD POOL # E94406		2/1/2018		20,806		21,988		21,961
	3128GY3Q5	FHLMC GOLD POOL # E94407		2/1/2018		9,946		10,511		10,481
	3128GY3V4	FHLMC GOLD POOL # E94412		2/1/2018		16,083		16,998		16,954
	3128GY3X0	FHLMC GOLD POOL # E94414		2/1/2018		15,587		16,473		16,430
	3128GY4C5	FHLMC GOLD POOL # E94419		2/1/2018		11,594		12,253		12,222
	3128GY5H3	FHLMC GOLD POOL # E94448		2/1/2018		13,561		14,332		14,291
	3128GY7B4	FHLMC GOLD POOL # E94490		2/1/2018		11,673		12,336		12,301
	3128GY7J7	FHLMC GOLD POOL # E94497		2/1/2018		372,155		393,305		392,177
	3128GYA53	FHLMC GOLD POOL # E93628		1/1/2018		31,324		33,103		33,019
	3128GYB29	FHLMC GOLD POOL # E93657		1/1/2018		12,767		13,492		13,458
	3128GYBW3	FHLMC GOLD POOL # E93653		1/1/2018		26,823		28,346		28,274
	3128GYCK8	FHLMC GOLD POOL # E93674		1/1/2018		26,193		27,681		27,611
	3128GYE91	FHLMC GOLD POOL # E93760		1/1/2018		23,771		25,121		25,057
	3128GYEL4	FHLMC GOLD POOL # E93739		1/1/2018		10,774		11,387		11,354
	3128GYEN0	FHLMC GOLD POOL # E93741		1/1/2018		5,764		6,092		6,074
	3128GYET7	FHLMC GOLD POOL # E93746		1/1/2018		7,354		7,772		7,750
	3128GYEU4	FHLMC GOLD POOL # E93747		1/1/2018		12,609		13,326		13,288
	3128GYF66	FHLMC GOLD POOL # E93789		1/1/2018		5,683		6,006		5,989
	3128GYF90	FHLMC GOLD POOL # E93792		1/1/2018		15,728		16,621		16,578
	3128GYFH2	FHLMC GOLD POOL # E93768		1/1/2018		4,666		4,931		4,918
	3128GYFK5	FHLMC GOLD POOL # E93770		1/1/2018		948		1,002		999
	3128GYFN9	FHLMC GOLD POOL # E93773		1/1/2018		14,278		15,089		15,046
	3128GYFS8	FHLMC GOLD POOL # E93777		1/1/2018		4,603		4,864		4,850
	3128GYG73	FHLMC GOLD POOL # E93822		1/1/2018		32,961		34,833		34,735
	3128GYGA6	FHLMC GOLD POOL # E93793		1/1/2018		5,522		5,835		5,820
	3128GYGG3	FHLMC GOLD POOL # E93799		1/1/2018		8,113		8,574		8,549
	3128GYGV0	FHLMC GOLD POOL # E93812		1/1/2018		9,464		10,002		9,973
	3128GYHS6	FHLMC GOLD POOL # E93841		1/1/2018		16,569		17,510		17,465
	3128GYHT4	FHLMC GOLD POOL # E93842		1/1/2018		27,152		28,695		28,621
	3128GYKK9	FHLMC GOLD POOL # E93898		1/1/2018		3,332		3,521		3,511
	3128GYKM5	FHLMC GOLD POOL # E93900		1/1/2018		8,596		9,084		9,058
	3128GYLA0	FHLMC GOLD POOL # E93921		1/1/2018		33,961		35,890		35,798
	3128GYLX0	FHLMC GOLD POOL # E93942		1/1/2018		4,432		4,684		4,671
	3128GYLZ5	FHLMC GOLD POOL # E93944		2/1/2018		17,524		18,521		18,467
	3128GYNT7	FHLMC GOLD POOL # E94002		2/1/2018		2,579		2,726		2,718
	3128GYPS7	FHLMC GOLD POOL # E94033		2/1/2018		8,802		9,302		9,278
	3128GYQC1	FHLMC GOLD POOL # E94051		2/1/2018		23,341		24,667		24,597
	3128GYQH0	FHLMC GOLD POOL # E94056		2/1/2018		37,072		39,179		39,066
	3128GYQR8	FHLMC GOLD POOL # E94064		1/1/2018		3,562		3,764		3,755
	3128GYQV9	FHLMC GOLD POOL # E94068		1/1/2018		27,871		29,455		29,379
	3128GYQW7	FHLMC GOLD POOL # E94069		1/1/2018		26,074		27,556		27,485
	3128GYRS5	FHLMC GOLD POOL # E94097		2/1/2018		11,983		12,664		12,628
	3128GYRU0	FHLMC GOLD POOL # E94099		2/1/2018		12,120		12,809		12,772
	3128GYS39	FHLMC GOLD POOL # E94138		1/1/2018		38,432		40,615		40,500
	3128GYS88	FHLMC GOLD POOL # E94143		2/1/2018		2,453		2,592		2,585
	3128GYSH8	FHLMC GOLD POOL # E94120		1/1/2018		8,520		9,004		8,979
	3128GYSJ4	FHLMC GOLD POOL # E94121		1/1/2018		11,252		11,891		11,860
	3128GYSS4	FHLMC GOLD POOL # E94129		2/1/2018		6,115		6,463		6,444
	3128GYSY1	FHLMC GOLD POOL # E94135		1/1/2018		27,471		29,032		28,949
	3128GYT46	FHLMC GOLD POOL # E94171		2/1/2018		141,877		142,345		151,844
	3128GYTW4	FHLMC GOLD POOL # E94165		2/1/2018		3,387		3,580		3,569
	3128GYTY0	FHLMC GOLD POOL # E94167		2/1/2018		4,503		4,759		4,746
	3128GYU44	FHLMC GOLD POOL # E94203		2/1/2018		21,407		22,623		22,559
	3128GYU51	FHLMC GOLD POOL # E94204		2/1/2018		20,027		21,165		21,105
	3128GYUA0	FHLMC GOLD POOL # E94177		1/1/2018		9,632		10,179		10,153
	3128GYUR3	FHLMC GOLD POOL # E94192		2/1/2018		4,001		4,228		4,216
	3128GYV35	FHLMC GOLD POOL # E94234		2/1/2018		40,095		42,373		42,264
	3128GYVB7	FHLMC GOLD POOL # E94210		2/1/2018		74,497		74,768		79,759
	3128GYVC5	FHLMC GOLD POOL # E94211		2/1/2018		63,906		64,121		68,396
	3128GYVZ4	FHLMC GOLD POOL # E94232		2/1/2018		29,570		31,249		31,161
	3128GYW42	FHLMC GOLD POOL # E94267		2/1/2018		7,961		8,413		8,389
	3128GYXN9	FHLMC GOLD POOL # E94285		2/1/2018		141,282		141,758		151,207

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128GYYA6	FHLMC GOLD POOL # E94305		2/1/2018		4,483		4,738		4,724
	3128GYYV0	FHLMC GOLD POOL # E94324		2/1/2018		4,924		5,204		5,189
	3128GYZ64	FHLMC GOLD POOL # E94365		2/1/2018		15,904		16,808		16,760
	3128GYZE7	FHLMC GOLD POOL # E94341		2/1/2018		14,009		14,805		14,763
	3128H22V4	FHLMC GOLD POOL # E95288		4/1/2018		11,947		12,626		12,590
	3128H23F8	FHLMC GOLD POOL # E95298		3/1/2018		35,844		37,882		37,772
	3128H24B6	FHLMC GOLD POOL # E95318		4/1/2018		3,773		3,988		3,976
	3128H24C4	FHLMC GOLD POOL # E95319		4/1/2018		10,178		10,757		10,743
	3128H24E0	FHLMC GOLD POOL # E95321		3/1/2018		35,615		37,640		37,531
	3128H24F7	FHLMC GOLD POOL # E95322		3/1/2018		14,761		15,600		15,560
	3128H24M2	FHLMC GOLD POOL # E95328		3/1/2018		20,790		21,972		21,908
	3128H25H2	FHLMC GOLD POOL # E95348		4/1/2018		8,948		9,457		9,430
	3128H25K5	FHLMC GOLD POOL # E95350		4/1/2018		2,760		2,917		2,909
	3128H26F5	FHLMC GOLD POOL # E95370		3/1/2018		4,709		4,977		4,963
	3128H26M0	FHLMC GOLD POOL # E95376		3/1/2018		1,386,335		1,391,398		1,484,245
	3128H26W8	FHLMC GOLD POOL # E95385		2/1/2018		587,572		589,718		629,069
	3128H26Z1	FHLMC GOLD POOL # E95388		3/1/2018		58,046		61,347		61,169
	3128H27K3	FHLMC GOLD POOL # E95398		4/1/2018		10,304		10,890		10,862
	3128H27M9	FHLMC GOLD POOL # E95400		4/1/2018		26,256		27,749		27,676
	3128H2B44	FHLMC GOLD POOL # E94559		2/1/2018		2,322		2,454		2,447
	3128H2B69	FHLMC GOLD POOL # E94561		2/1/2018		34,232		36,177		36,074
	3128H2B77	FHLMC GOLD POOL # E94562		2/1/2018		30,918		32,675		32,582
	3128H2B85	FHLMC GOLD POOL # E94563		2/1/2018		25,990		27,466		27,396
	3128H2C84	FHLMC GOLD POOL # E94595		2/1/2018		6,969		7,365		7,344
	3128H2E41	FHLMC GOLD POOL # E94655		3/1/2018		33,600		35,511		35,408
	3128H2ED1	FHLMC GOLD POOL # E94632		2/1/2018		70,956		74,988		74,795
	3128H2EG4	FHLMC GOLD POOL # E94635		2/1/2018		42,543		44,961		44,844
	3128H2EU3	FHLMC GOLD POOL # E94647		3/1/2018		7,766		8,207		8,183
	3128H2GB3	FHLMC GOLD POOL # E94694		2/1/2018		29,720		29,819		31,808
	3128H2H30	FHLMC GOLD POOL # E94750		3/1/2018		43,584		46,062		45,929
	3128H2JA2	FHLMC GOLD POOL # E94757		3/1/2018		7,076		7,478		7,457
	3128H2JR5	FHLMC GOLD POOL # E94772		2/1/2018		27,786		29,366		29,289
	3128H2JT1	FHLMC GOLD POOL # E94774		2/1/2018		4,709		4,977		4,964
	3128H2K28	FHLMC GOLD POOL # E94813		2/1/2018		11,183		11,819		11,788
	3128H2KB8	FHLMC GOLD POOL # E94790		2/1/2018		30,123		31,835		31,753
	3128H2KH5	FHLMC GOLD POOL # E94796		3/1/2018		25,820		27,288		27,209
	3128H2KP7	FHLMC GOLD POOL # E94802		3/1/2018		9,363		9,895		9,866
	3128H2KZ5	FHLMC GOLD POOL # E94812		2/1/2018		17,302		18,285		18,238
	3128H2L27	FHLMC GOLD POOL # E94845		3/1/2018		27,093		28,635		28,559
	3128H2LC5	FHLMC GOLD POOL # E94823		3/1/2018		36,093		38,145		38,097
	3128H2LV3	FHLMC GOLD POOL # E94840		2/1/2018		35,748		37,778		37,682
	3128H2LY7	FHLMC GOLD POOL # E94843		3/1/2018		14,795		15,636		15,596
	3128H2LZ4	FHLMC GOLD POOL # E94844		3/1/2018		39,503		41,749		41,640
	3128H2M26	FHLMC GOLD POOL # E94877		3/1/2018		22,803		24,100		24,037
	3128H2MB6	FHLMC GOLD POOL # E94854		3/1/2018		35,138		37,136		37,039
	3128H2NY5	FHLMC GOLD POOL # E94907		3/1/2018		30,557		32,295		32,201
	3128H2PE7	FHLMC GOLD POOL # E94921		3/1/2018		38,258		40,434		40,328
	3128H2PG2	FHLMC GOLD POOL # E94923		3/1/2018		613,606		615,670		656,714
	3128H2PP2	FHLMC GOLD POOL # E94930		3/1/2018		28,839		30,479		30,391
	3128H2QR7	FHLMC GOLD POOL # E94964		3/1/2018		26,517		28,025		27,944
	3128H2QV8	FHLMC GOLD POOL # E94968		3/1/2018		38,676		40,873		40,769
	3128H2R21	FHLMC GOLD POOL # E95005		4/1/2018		42,362		44,771		44,654
	3128H2RJ4	FHLMC GOLD POOL # E94989		3/1/2018		94,604		99,984		99,694
	3128H2RP0	FHLMC GOLD POOL # E94994		3/1/2018		32,487		34,335		34,235
	3128H2SJ3	FHLMC GOLD POOL # E95021		3/1/2018		26,636		28,150		28,069
	3128H2SX2	FHLMC GOLD POOL # E95034		3/1/2018		10,921		11,542		11,509
	3128H2SY0	FHLMC GOLD POOL # E95035		3/1/2018		9,100		9,618		9,593
	3128H2SZ7	FHLMC GOLD POOL # E95036		3/1/2018		17,354		18,341		18,293
	3128H2T86	FHLMC GOLD POOL # E95075		3/1/2018		5,033		5,319		5,304
	3128H2TF0	FHLMC GOLD POOL # E95050		3/1/2018		35,541		37,562		37,454
	3128H2TH6	FHLMC GOLD POOL # E95052		3/1/2018		9,036		9,550		9,523
	3128H2TJ2	FHLMC GOLD POOL # E95053		3/1/2018		13,529		14,298		14,257
	3128H2TW3	FHLMC GOLD POOL # E95065		3/1/2018		32,504		34,352		34,262
	3128H2TX1	FHLMC GOLD POOL # E95066		3/1/2018		13,938		14,731		14,692
	3128H2UB7	FHLMC GOLD POOL # E95078		3/1/2018		21,677		22,910		22,843
	3128H2UK7	FHLMC GOLD POOL # E95086		3/1/2018		57,294		57,484		61,319
	3128H2VT7	FHLMC GOLD POOL # E95126		3/1/2018		4,708		4,976		4,963

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128H2VW0	FHLMC GOLD POOL # E95129		3/1/2018		47,012		49,684		49,555
	3128H2WE9	FHLMC GOLD POOL # E95145		3/1/2018		13,015		13,755		13,715
	3128H2WF6	FHLMC GOLD POOL # E95146		3/1/2018		16,085		17,000		16,951
	3128H2WM1	FHLMC GOLD POOL # E95152		3/1/2018		14,950		15,800		15,754
	3128H2WS8	FHLMC GOLD POOL # E95157		3/1/2018		23,293		24,618		24,546
	3128H2WU3	FHLMC GOLD POOL # E95159		3/1/2018		163,776		164,330		175,282
	3128H2X32	FHLMC GOLD POOL # E95198		3/1/2018		8,014		8,470		8,446
	3128H2XA6	FHLMC GOLD POOL # E95173		3/1/2018		6,291		6,648		6,631
	3128H2YM9	FHLMC GOLD POOL # E95216		3/1/2018		12,822		13,551		13,516
	3128H2YN7	FHLMC GOLD POOL # E95217		3/1/2018		14,348		15,164		15,120
	3128H2YS6	FHLMC GOLD POOL # E95221		3/1/2018		15,151		16,013		15,971
	3128H2YW7	FHLMC GOLD POOL # E95225		3/1/2018		8,593		9,082		9,055
	3128H2Z30	FHLMC GOLD POOL # E95262		3/1/2018		21,124		22,325		22,261
	3128H2ZJ5	FHLMC GOLD POOL # E95245		3/1/2018		10,434		11,028		10,996
	3128H2ZT3	FHLMC GOLD POOL # E95254		4/1/2018		17,769		18,780		18,725
	3128H2ZU0	FHLMC GOLD POOL # E95255		4/1/2018		25,508		26,959		26,880
	3128H32S9	FHLMC GOLD POOL # E96185		5/1/2018		8,340		8,814		8,788
	3128H32V2	FHLMC GOLD POOL # E96188		4/1/2018		8,581		9,069		9,045
	3128H32W0	FHLMC GOLD POOL # E96189		4/1/2018		20,328		21,483		21,427
	3128H33X7	FHLMC GOLD POOL # E96214		5/1/2018		41,235		43,581		43,465
	3128H33Z2	FHLMC GOLD POOL # E96216		5/1/2018		11,470		12,123		12,088
	3128H3AG6	FHLMC GOLD POOL # E95407		4/1/2018		39,820		42,085		41,975
	3128H3AH4	FHLMC GOLD POOL # E95408		4/1/2018		43,225		45,684		45,564
	3128H3AY7	FHLMC GOLD POOL # E95423		4/1/2018		34,432		36,389		36,294
	3128H3BD2	FHLMC GOLD POOL # E95436		4/1/2018		40,642		42,955		42,829
	3128H3BE0	FHLMC GOLD POOL # E95437		4/1/2018		42,868		45,307		45,174
	3128H3C25	FHLMC GOLD POOL # E95489		4/1/2018		7,155		7,562		7,540
	3128H3CD1	FHLMC GOLD POOL # E95468		4/1/2018		4,861		5,138		5,123
	3128H3CN9	FHLMC GOLD POOL # E95477		4/1/2018		12,348		13,050		13,012
	3128H3DJ7	FHLMC GOLD POOL # E95505		4/1/2018		26,295		27,791		27,709
	3128H3DX6	FHLMC GOLD POOL # E95518		4/1/2018		10,301		10,887		10,855
	3128H3EQ0	FHLMC GOLD POOL # E95543		4/1/2018		8,792		9,292		9,267
	3128H3EY3	FHLMC GOLD POOL # E95551		4/1/2018		8,519		9,003		8,980
	3128H3F48	FHLMC GOLD POOL # E95587		4/1/2018		29,626		31,311		31,220
	3128H3F63	FHLMC GOLD POOL # E95589		4/1/2018		22,088		23,343		23,283
	3128H3F71	FHLMC GOLD POOL # E95590		4/1/2018		16,908		17,869		17,818
	3128H3FG1	FHLMC GOLD POOL # E95567		4/1/2018		23,068		24,380		24,309
	3128H3FP1	FHLMC GOLD POOL # E95574		4/1/2018		17,337		18,324		18,270
	3128H3GB1	FHLMC GOLD POOL # E95594		4/1/2018		373,487		374,756		399,725
	3128H3GE5	FHLMC GOLD POOL # E95597		4/1/2018		14,701		15,537		15,496
	3128H3GH8	FHLMC GOLD POOL # E95600		4/1/2018		7,393		7,813		7,793
	3128H3GR6	FHLMC GOLD POOL # E95608		4/1/2018		14,085		14,885		14,843
	3128H3GY1	FHLMC GOLD POOL # E95615		4/1/2018		12,629		13,347		13,312
	3128H3H20	FHLMC GOLD POOL # E95649		4/1/2018		22,677		23,967		23,898
	3128H3H87	FHLMC GOLD POOL # E95655		4/1/2018		16,280		17,206		17,156
	3128H3HZ7	FHLMC GOLD POOL # E95648		4/1/2018		19,344		20,445		20,385
	3128H3JS1	FHLMC GOLD POOL # E95673		4/1/2018		24,101		25,472		25,398
	3128H3JT9	FHLMC GOLD POOL # E95674		4/1/2018		33,988		35,921		35,827
	3128H3K59	FHLMC GOLD POOL # E95716		5/1/2018		14,599		15,429		15,388
	3128H3KA8	FHLMC GOLD POOL # E95689		4/1/2018		18,639		19,699		19,642
	3128H3KF7	FHLMC POOL # E95694		4/1/2018		12,874		13,607		13,589
	3128H3KL4	FHLMC GOLD POOL # E95699		4/1/2018		41,200		43,543		43,487
	3128H3KN0	FHLMC GOLD POOL # E95701		4/1/2018		4,871		5,148		5,133
	3128H3L90	FHLMC GOLD POOL # E95752		5/1/2018		33,863		35,790		35,685
	3128H3LP4	FHLMC GOLD POOL # E95734		3/1/2018		30,548		32,285		32,244
	3128H3LR0	FHLMC GOLD POOL # E95736		3/1/2018		11,014		11,640		11,606
	3128H3LS8	FHLMC GOLD POOL # E95737		3/1/2018		29,956		31,660		31,577
	3128H3MG3	FHLMC GOLD POOL # E95759		4/1/2018		16,478		17,415		17,393
	3128H3ML2	FHLMC GOLD POOL # E95763		4/1/2018		7,119		7,524		7,502
	3128H3MN8	FHLMC GOLD POOL # E95765		4/1/2018		41,408		43,763		43,648
	3128H3N56	FHLMC GOLD POOL # E95812		4/1/2018		9,845		10,405		10,391
	3128H3N72	FHLMC GOLD POOL # E95814		4/1/2018		12,199		12,893		12,859
	3128H3NC1	FHLMC GOLD POOL # E95787		4/1/2018		17,065		18,036		17,983
	3128H3NR8	FHLMC GOLD POOL # E95800		4/1/2018		15,334		16,206		16,158
	3128H3NW7	FHLMC GOLD POOL # E95805		4/1/2018		6,689		7,070		7,049
	3128H3PT2	FHLMC GOLD POOL # E95834		5/1/2018		7,118		7,523		7,513
	3128H3Q87	FHLMC GOLD POOL # E95879		4/1/2018		32,896		34,766		34,666

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128H3QJ3	FHLMC GOLD POOL # E95857		4/1/2018		11,691		12,356		12,320
	3128H3QL8	FHLMC GOLD POOL # E95859		4/1/2018		151,233		151,755		161,857
	3128H3QM6	FHLMC GOLD POOL # E95860		4/1/2018		10,490		11,086		11,054
	3128H3R29	FHLMC GOLD POOL # E95905		4/1/2018		9,246		9,772		9,759
	3128H3RY9	FHLMC GOLD POOL # E95903		5/1/2018		41,574		43,939		43,810
	3128H3S36	FHLMC GOLD POOL # E95938		4/1/2018		13,520		14,289		14,252
	3128H3SB8	FHLMC GOLD POOL # E95914		5/1/2018		27,460		29,023		28,985
	3128H3SZ5	FHLMC GOLD POOL # E95936		5/1/2018		22,818		24,117		24,053
	3128H3UA7	FHLMC GOLD POOL # E95977		5/1/2018		2,817		2,977		2,969
	3128H3V65	FHLMC GOLD POOL # E96037		5/1/2018		8,070		8,529		8,506
	3128H3WF4	FHLMC GOLD POOL # E96046		4/1/2018		17,212		18,191		18,143
	3128H3XU0	FHLMC GOLD POOL # E96091		5/1/2018		16,790		17,744		17,698
	3128H3XW6	FHLMC GOLD POOL # E96093		5/1/2018		18,451		19,501		19,450
	3128H3YG0	FHLMC GOLD POOL # E96111		4/1/2018		6,347		6,709		6,689
	3128H3YJ4	FHLMC GOLD POOL # E96113		5/1/2018		14,646		15,480		15,434
	3128H45V7	FHLMC GOLD POOL # E97160		6/1/2018		25,450		26,899		26,820
	3128H4AZ2	FHLMC GOLD POOL # E96324		5/1/2018		12,044		12,729		12,712
	3128H4BS7	FHLMC GOLD POOL # E96349		5/1/2018		39,230		41,461		41,340
	3128H4CF4	FHLMC GOLD POOL # E96370		5/1/2018		8,055		8,513		8,502
	3128H4CH0	FHLMC GOLD POOL # E96372		5/1/2018		33,484		35,390		35,343
	3128H4DB2	FHLMC GOLD POOL # E96398		5/1/2018		63,343		63,559		67,793
	3128H4ES4	FHLMC GOLD POOL # E96445		6/1/2018		14,159		14,965		14,921
	3128H4HQ5	FHLMC GOLD POOL # E96539		5/1/2018		67,749		71,603		71,414
	3128H4HS1	FHLMC GOLD POOL # E96541		5/1/2018		73,213		77,379		77,174
	3128H4J59	FHLMC GOLD POOL # E96584		6/1/2018		16,177		17,098		17,048
	3128H4JG5	FHLMC GOLD POOL # E96563		5/1/2018		17,671		18,676		18,621
	3128H4JT7	FHLMC GOLD POOL # E96574		6/1/2018		36,142		38,199		38,087
	3128H4KQ1	FHLMC GOLD POOL # E96603		6/1/2018		26,242		27,735		27,653
	3128H4ST7	FHLMC GOLD POOL # E96830		6/1/2018		39,591		41,845		41,720
	3128H5JX5	FHLMC GOLD POOL # E97478		7/1/2018		29,083		30,738		30,648
	3128H5RP3	FHLMC GOLD POOL # E97694		7/1/2018		16,387		17,320		17,269
	3128H5TK2	FHLMC GOLD POOL # E97754		7/1/2018		45,615		48,212		48,069
	3128H5VJ2	FHLMC GOLD POOL # E97817		7/1/2018		39,672		39,805		42,459
	3128H62N3	FHLMC GOLD POOL # E98881		9/1/2018		31,595		33,396		33,295
	3128H6BG8	FHLMC GOLD POOL # E98139		7/1/2018		34,617		36,587		36,479
	3128H6CZ5	FHLMC GOLD POOL # E98188		7/1/2018		36,615		38,700		38,585
	3128H6FR0	FHLMC GOLD POOL # E98276		8/1/2018		24,351		25,737		25,661
	3128H6FU3	FHLMC GOLD POOL # E98279		8/1/2018		18,380		19,427		19,369
	3128H6SY1	FHLMC GOLD POOL # E98635		8/1/2018		1,781,391		1,787,412		1,906,538
	3128H6WU4	FHLMC GOLD POOL # E98759		8/1/2018		330,460		331,576		353,675
	3128H6XM1	FHLMC GOLD POOL # E98784		8/1/2018		10,486		11,083		11,050
	3128H6ZC1	FHLMC GOLD POOL # E98839		7/1/2018		145,666		146,188		155,900
	3128H77K2	FHLMC GOLD POOL # E99898		10/1/2018		223,469		224,266		239,168
	3128H7PN6	FHLMC GOLD POOL # E99429		9/1/2013		2,762,250		2,702,013		2,840,088
	3128H7QL9	FHLMC GOLD POOL # E99459		9/1/2018		1,081,620		1,085,352		1,157,607
	3128H7R95	FHLMC GOLD POOL # E99512		9/1/2018		897,656		900,829		960,719
	3128H7YH9	FHLMC GOLD POOL # E99712		10/1/2018		165,870		166,464		177,523
	3128JLDM8	FHLMC POOL # 1B1107		9/1/2033		3,297,911		3,244,035		3,408,738
	3128JLEY1	FHLMC POOL # 1B1150		9/1/2033		5,876,885		5,781,297		6,073,688
	3128JLHB8	FHLMC POOL # 1B1225		9/1/2033		209,797		206,141		219,031
	3128JM6N2	FHLMC POOL # 1B2776		2/1/2035		682,070		670,652		701,276
	3128JM7E1	FHLMC POOL # 1B2792		2/1/2035		513,999		505,502		528,899
	3128JMW45	FHLMC POOL # 1B2566		11/1/2034		253,949		250,840		262,357
	3128JMY68	FHLMC POOL # 1B2632		11/1/2034		341,814		337,517		351,217
	3128JMZG5	FHLMC POOL # 1B2642		11/1/2034		463,623		458,075		475,869
	3128JNAL9	FHLMC POOL # 1B2810		2/1/2035		528,748		519,871		537,337
	3128JRP26	FHLMC POOL # 847641		12/1/2033		2,589,394		2,568,923		2,710,936
	3128K17K1	FHLMC GOLD POOL # A41798		1/1/2036		7,728,577		7,899,840		7,940,340
	3128KA4Z1	FHLMC GOLD POOL # A49840		6/1/2036		97,729		102,622		103,896
	3128KE5H2	FHLMC GOLD POOL # A52648		9/1/2036		250,269		253,472		267,936
	3128KVAR6	FHLMC GOLD POOL # A64516		8/1/2037		264,160		267,544		282,995
	3128KWBZ5	FHLMC GOLD POOL # A65456		9/1/2037		26,119		27,122		28,030
	3128KWFX6	FHLMC GOLD POOL # A65582		9/1/2037		52,893		54,922		56,761
	3128KWFY4	FHLMC GOLD POOL # A65583		9/1/2037		68,599		71,232		73,616
	3128KWGT4	FHLMC GOLD POOL # A65610		9/1/2037		66,977		70,222		71,342
	3128KWT29	FHLMC GOLD POOL # A65969		9/1/2037		37,612		39,055		40,362
	3128KWTK9	FHLMC GOLD POOL # A65954		9/1/2037		60,814		63,146		65,261

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	3128KWTP8	FHLMC GOLD POOL # A65958		9/1/2037		52,772		54,796		56,631
	3128KWTZ6	FHLMC GOLD POOL # A65968		9/1/2037		38,971		40,466		41,821
	3128KYXE4	FHLMC GOLD POOL # A67877		4/1/2037		25,851		26,843		27,742
	3128L0RC8	FHLMC GOLD POOL # A68583		11/1/2037		51,841		54,349		55,060
	3128L53D1	FHLMC GOLD POOL # A72596		2/1/2038		1,485,424		1,557,455		1,577,669
	3128M4XA6	FHLMC GOLD POOL # G03073		7/1/2037		4,958,402		4,978,758		5,218,162
	3128M4ZG1	FHLMC GOLD POOL # G03143		7/1/2037		4,926		5,115		5,287
	3128M5GR5	FHLMC GOLD POOL # G03508		7/1/2037		2,200,129		2,306,115		2,343,506
	3128M6R83	FHLMC GOLD POOL # G04711		9/1/2038		112,663		118,121		119,570
	3128M6UB2	FHLMC GOLD POOL # G04778		7/1/2038		121,749		126,428		130,654
	3128M7AZ9	FHLMC GOLD POOL # G05124		12/1/2038		351,805		365,318		377,534
	3128M7PN0	FHLMC GOLD POOL # G05529		7/1/2039		1,520,811		1,566,407		1,561,112
	3128MMAC7	FHLMC GOLD POOL # G18002		7/1/2019		1,121,171		1,103,189		1,182,778
	3128MMLD3	FHLMC GOLD POOL # G18323		9/1/2024		4,334,169		4,437,311		4,463,062
	3128NCBF0	FHLMC POOL # 1G0038		1/1/2035		588,150		578,975		601,074
	3128NCBH6	FHLMC POOL # 1G0040		1/1/2035		876,946		861,015		889,176
	3128NCBW3	FHLMC POOL # 1G0053		2/1/2035		654,980		644,679		672,436
	3128NCDH4	FHLMC POOL # 1G0104		2/1/2035		293,573		288,680		300,000
	3128QLP54	FHLMC POOL # 1H2544		11/1/2035		20,132,599		19,749,482		20,984,984
	3128QLPD7	FHLMC POOL # 1H2520		6/1/2035		30,775,405		30,457,594		31,611,188
	3128S4E52	FHLMC POOL # 1Q0156		10/1/2035		10,209,088		10,109,749		10,686,599
	3128X9AM2	FREDDIE MAC AGENCY BND		8/24/2012		10,000,000		9,957,927		10,022,800
	3129275R3	FHLMC GOLD POOL # A81756		9/1/2038		280,998		294,643		298,223
	312929CM2	FHLMC GOLD POOL # A82776		1/1/2039		12,527		13,008		13,444
	31292KJH1	FHLMC GOLD POOL # C02964		7/1/2037		2,664		2,766		2,858
	31292KX93	FHLMC GOLD POOL # C03404		9/1/2039		5,928,019		5,983,044		5,919,127
	312930LH1	FHLMC GOLD POOL # A83928		1/1/2039		47,143		48,951		50,591
	312930LQ1	FHLMC GOLD POOL # A83935		1/1/2039		47,701		49,531		51,189
	312930RC6	FHLMC GOLD POOL # A84083		1/1/2039		31,184		32,383		33,093
	312930RV4	FHLMC GOLD POOL # A84100		1/1/2039		17,700		18,380		18,994
	312930TB6	FHLMC GOLD POOL # A84146		1/1/2039		13,785		14,314		14,628
	312930XY1	FHLMC GOLD POOL # A84295		2/1/2039		1,994,713		2,018,530		1,992,870
	312931D62	FHLMC GOLD POOL # A84625		2/1/2039		4,828,160		4,719,319		4,663,446
	312931TJ7	FHLMC GOLD POOL # A85053		3/1/2039		4,689,991		4,794,401		4,813,806
	3129326W1	FHLMC GOLD POOL # A86285		5/1/2039		41,386		42,706		42,479
	312932CX2	FHLMC GOLD POOL # A85486		4/1/2039		3,891,809		3,957,733		3,888,854
	312932XE1	FHLMC GOLD POOL # A86077		5/1/2039		42,780		44,143		43,909
	312932ZE9	FHLMC GOLD POOL # A86141		5/1/2039		106,782		110,187		109,930
	312933E83	FHLMC GOLD POOL # A86459		5/1/2039		35,744		36,883		36,688
	312933F41	FHLMC GOLD POOL # A86487		6/1/2039		5,399,031		5,386,403		5,390,933
	312933F66	FHLMC GOLD POOL # A86489		6/1/2039		40,134		41,414		41,194
	3129345K4	FHLMC GOLD POOL # A88050		8/1/2039		198,405		204,361		204,007
	312934JJ2	FHLMC GOLD POOL # A87465		7/1/2039		87,532		90,323		89,843
	312934MM1	FHLMC GOLD POOL # A87564		7/1/2039		79,125		81,649		81,214
	312934PJ5	FHLMC GOLD POOL # A87625		8/1/2039		104,153		107,475		107,224
	312934R38	FHLMC GOLD POOL # A87706		8/1/2039		88,738		91,569		91,355
	312934WP3	FHLMC GOLD POOL # A87854		8/1/2039		76,530		78,827		78,550
	312934Z47	FHLMC GOLD POOL # A87963		8/1/2039		64,103		66,148		65,795
	3129353B3	FHLMC GOLD POOL # A88894		9/1/2039		794,124		800,882		792,933
	3129356Q7	FHLMC GOLD POOL # A88979		9/1/2039		194,900		196,559		194,608
	312935AT6	FHLMC GOLD POOL # A88118		8/1/2039		220,519		227,140		226,745
	312935JT7	FHLMC GOLD POOL # A88374		9/1/2039		298,320		301,297		297,872
	312935KN8	FHLMC GOLD POOL # A88401		9/1/2039		129,236		133,116		132,648
	312935KY4	FHLMC GOLD POOL # A88411		9/1/2039		298,394		301,373		297,946
	312935LV9	FHLMC GOLD POOL # A88440		9/1/2039		198,880		200,865		198,582
	312935MQ9	FHLMC GOLD POOL # A88467		9/1/2039		993,028		1,004,363		993,826
	312935MV8	FHLMC GOLD POOL # A88472		9/1/2039		1,987,046		2,007,644		1,984,066
	312936LH8	FHLMC GOLD POOL # A89328		10/1/2039		398,615		415,262		409,138
	312936LM7	FHLMC GOLD POOL # A89332		10/1/2039		699,663		727,452		718,134
	312936LQ8	FHLMC GOLD POOL # A89335		10/1/2039		896,459		930,162		920,126
	31294KDZ5	FHLMC GOLD POOL # E01020		9/1/2016		2,691		2,843		2,836
	31294KFJ9	FHLMC GOLD POOL # E01069		11/1/2016		4,465		4,717		4,722
	31294KHD0	FHLMC GOLD POOL # E01128		2/1/2017		9,401		9,932		9,931
	31294KHL2	FHLMC GOLD POOL # E01135		3/1/2017		18,125		19,150		19,106
	31294KJT3	FHLMC GOLD POOL # E01174		5/1/2017		6,532		6,902		6,884
	31294KKU8	FHLMC GOLD POOL # E01207		9/1/2017		10,292		10,875		10,871
	31294KN43	FHLMC GOLD POOL # E01311		2/1/2018		1,803,568		1,809,679		1,930,274

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31294KNY7	FHLMC GOLD POOL # E01307		2/1/2018		96,170		101,637		101,510
	31294KP25	FHLMC GOLD POOL # E01341		3/1/2018		2,564,815		2,573,525		2,745,001
	31294KQ73	FHLMC GOLD POOL # E01378		5/1/2018		206,424		218,169		217,886
	31294KUR4	FHLMC GOLD POOL # E01492		10/1/2018		1,211,945		1,216,227		1,297,087
	31294KUT0	FHLMC GOLD POOL # E01494		9/1/2018		10,229,934		10,265,769		10,948,617
	3129624Q3	FHLMC GOLD POOL # B10831		11/1/2018		143,089		143,578		153,141
	3129624X8	FHLMC GOLD POOL # B10838		11/1/2018		10,626		11,232		11,216
	312962BY8	FHLMC GOLD POOL # B10055		10/1/2018		31,646		33,451		33,403
	312962CK7	FHLMC GOLD POOL # B10074		10/1/2018		13,406		14,170		14,127
	312962CQ4	FHLMC GOLD POOL # B10079		8/1/2018		16,085		17,000		16,955
	312962CT8	FHLMC GOLD POOL # B10082		8/1/2018		2,956		3,124		3,115
	312962DE0	FHLMC GOLD POOL # B10101		10/1/2018		14,176		14,984		14,938
	312962EY5	FHLMC GOLD POOL # B10151		10/1/2018		26,471		27,980		27,941
	312962FM0	FHLMC GOLD POOL # B10172		10/1/2018		21,583		22,813		22,744
	312962FN8	FHLMC GOLD POOL # B10173		10/1/2018		11,761		12,431		12,394
	312962FW8	FHLMC GOLD POOL # B10181		10/1/2018		34,847		36,834		36,722
	312962J53	FHLMC GOLD POOL # B10284		10/1/2018		1,294,516		1,299,170		1,385,460
	312962JW4	FHLMC GOLD POOL # B10277		11/1/2018		32,871		34,746		34,639
	312962KD4	FHLMC GOLD POOL # B10292		10/1/2018		149,302		149,827		159,791
	312962KP7	FHLMC GOLD POOL # B10302		10/1/2018		23,945		25,311		25,233
	312962KT9	FHLMC GOLD POOL # B10306		10/1/2018		21,965		23,217		23,147
	312962MD2	FHLMC GOLD POOL # B10356		11/1/2018		41,980		44,373		44,239
	312962MT7	FHLMC GOLD POOL # B10370		11/1/2018		23,793		25,148		25,073
	312962MV2	FHLMC GOLD POOL # B10372		11/1/2018		20,544		21,715		21,650
	312962NJ8	FHLMC GOLD POOL # B10393		10/1/2018		34,436		36,400		36,289
	312962Q63	FHLMC GOLD POOL # B10477		10/1/2018		24,254		24,339		25,958
	312962T86	FHLMC GOLD POOL # B10575		11/1/2018		20,978		22,175		22,107
	312962TL7	FHLMC GOLD POOL # B10555		11/1/2018		27,613		29,189		29,099
	312962UJ0	FHLMC GOLD POOL # B10585		11/1/2018		13,058		13,803		13,761
	312962UW1	FHLMC GOLD POOL # B10597		11/1/2018		2,063,968		2,071,331		2,208,968
	312962WC3	FHLMC GOLD POOL # B10643		11/1/2018		26,451		27,960		27,920
	312963BP5	FHLMC GOLD POOL # B10946		12/1/2018		122,794		123,236		131,420
	312963CK5	FHLMC GOLD POOL # B10974		11/1/2018		21,694		22,931		22,899
	312963G70	FHLMC GOLD POOL # B11122		11/1/2018		730,221		732,766		781,521
	312963L66	FHLMC GOLD POOL # B11249		12/1/2018		11,180		11,818		11,781
	312963L74	FHLMC GOLD POOL # B11250		11/1/2018		49,111		49,290		52,561
	312963LA7	FHLMC GOLD POOL # B11221		12/1/2018		17,599		18,603		18,546
	312963MS7	FHLMC GOLD POOL # B11269		12/1/2018		33,783		35,710		35,659
	312963RG8	FHLMC GOLD POOL # B11387		12/1/2018		39,636		41,898		41,837
	312963RR4	FHLMC GOLD POOL # B11396		12/1/2018		29,435		31,114		31,019
	312963UB5	FHLMC GOLD POOL # B11478		12/1/2018		17,395		18,387		18,331
	312963V40	FHLMC GOLD POOL # B11535		1/1/2019		23,190		24,514		24,478
	312963VY4	FHLMC GOLD POOL # B11531		12/1/2018		273,272		274,254		292,470
	312963WH0	FHLMC GOLD POOL # B11548		12/1/2018		31,152		31,264		33,341
	312963XT3	FHLMC GOLD POOL # B11590		12/1/2018		6,336		6,697		6,687
	312963Z53	FHLMC GOLD POOL # B11664		1/1/2019		15,887		16,794		16,742
	312963ZG9	FHLMC GOLD POOL # B11643		11/1/2018		128,063		128,503		137,060
	3129642B4	FHLMC GOLD POOL # B12570		3/1/2019		354,623		355,549		379,096
	312964AU3	FHLMC GOLD POOL # B11819		1/1/2019		12,952		13,691		13,671
	312964CQ0	FHLMC GOLD POOL # B11879		1/1/2019		12,167		12,861		12,821
	312964EJ4	FHLMC GOLD POOL # B11937		1/1/2019		13,962		14,759		14,737
	312964EK1	FHLMC GOLD POOL # B11938		1/1/2019		29,207		30,874		30,829
	312964FV6	FHLMC GOLD POOL # B11980		1/1/2019		14,185		14,994		14,964
	312964GZ6	FHLMC GOLD POOL # B12016		2/1/2019		12,307		13,010		12,955
	312964KG3	FHLMC GOLD POOL # B12095		2/1/2019		12,004		12,690		12,650
	312964QW2	FHLMC GOLD POOL # B12269		2/1/2019		477,702		479,355		511,262
	312964RW1	FHLMC GOLD POOL # B12301		2/1/2014		1,263,524		1,216,247		1,292,523
	312964WX3	FHLMC GOLD POOL # B12462		10/1/2018		621,315		623,492		664,964
	312965A71	FHLMC GOLD POOL # B12730		3/1/2014		2,323,254		2,268,623		2,376,575
	312965CF1	FHLMC GOLD POOL # B12770		1/1/2019		10,964		11,589		11,557
	312965CH7	FHLMC GOLD POOL # B12772		3/1/2014		2,432,457		2,341,181		2,488,284
	312965DX1	FHLMC GOLD POOL # B12818		3/1/2014		1,820,504		1,752,085		1,862,287
	312965DY9	FHLMC GOLD POOL # B12819		3/1/2014		2,186,361		2,134,857		2,236,541
	312965FY7	FHLMC GOLD POOL # B12883		3/1/2014		2,018,665		1,942,420		2,064,996
	312965GT7	FHLMC GOLD POOL # B12910		3/1/2014		1,477,823		1,422,054		1,511,741
	312965GU4	FHLMC GOLD POOL # B12911		3/1/2014		1,705,841		1,641,863		1,744,992
	312965HK5	FHLMC GOLD POOL # B12934		3/1/2019		31,623		33,428		33,360

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	312965MP8	FHLMC GOLD POOL # B13066		3/1/2014		7,655,799		7,475,156		7,831,507
	312965QA7	FHLMC GOLD POOL # B13149		11/1/2018		375,528		376,813		401,910
	312965WC6	FHLMC GOLD POOL # B13343		4/1/2014		1,048,103		1,008,078		1,072,158
	312965WD4	FHLMC GOLD POOL # B13344		4/1/2014		1,404,545		1,351,079		1,436,781
	312965WU6	FHLMC GOLD POOL # B13359		4/1/2014		1,224,423		1,177,912		1,252,524
	312965WV4	FHLMC GOLD POOL # B13360		4/1/2014		1,744,550		1,678,200		1,784,589
	312966WU4	FHLMC GOLD POOL # B14259		5/1/2019		1,692,776		1,697,039		1,809,596
	312967MC3	FHLMC GOLD POOL # B14855		6/1/2014		1,919,478		1,889,490		2,000,418
	312967MH2	FHLMC GOLD POOL # B14860		5/1/2014		3,538,242		3,466,810		3,619,448
	312968QL7	FHLMC GOLD POOL # B15859		12/1/2018		2,778,104		2,788,652		2,974,308
	3129696M5	FHLMC GOLD POOL # B17176		11/1/2014		4,164,658		4,086,200		4,260,242
	312969VY1	FHLMC GOLD POOL # B16931		10/1/2014		7,143,111		7,033,711		7,444,320
	3129714D3	FHLMC GOLD POOL # B18920		3/1/2015		5,536,214		5,429,247		5,659,543
	31331S4Z3	FEDERAL FARM CREDIT BANK AGENCY BND		8/8/2011		1,600,000		1,601,121		1,686,880
	31331SH97	FEDERAL FARM CREDIT BANK AGENCY BND		4/24/2012		1,000,000		1,001,278		1,062,651
	31331SP56	FFCB AGENCY BND		7/13/2012		17,475,000		17,532,100		18,647,573
	31331ST29	FEDERAL FARM CREDIT BANK AGENCY BND		4/25/2012		1,400,000		1,395,670		1,491,420
	31331VPV2	FFCB AGENCY BND		4/1/2016		2,975,000		2,958,881		3,207,348
	31331XU75	FFCB AGENCY BND		8/13/2014		5,000,000		5,016,235		5,483,000
	31331Y4P2	FFCB AGENCY BND		11/6/2017		11,435,000		11,458,465		12,173,701
	31331YEJ5	FFCB AGENCY BND		11/15/2018		28,115,000		28,686,165		29,281,773
	31335H2K8	FHLMC GOLD POOL # C90778		11/1/2023		2,972,774		2,841,923		3,034,608
	3133MB2B2	FHLB AGENCY BND		2/13/2015		1,800,000		2,035,709		2,174,220
	3133X85H1	FHLB AGENCY BND		8/10/2010		1,000,000		997,688		1,022,900
	3133XBB20	FHLB AGENCY BND		3/17/2010		250,000		250,624		252,161
	3133XBMT9	FHLB AGENCY BND		11/14/2014		43,345,000		42,891,280		46,441,999
	3133XBT39	FHLB AGENCY BND		6/8/2012		40,000,000		40,196,506		42,634,000
	3133XCZJ5	FHLB AGENCY BND		8/26/2013		1,000,000		1,002,658		1,081,100
	3133XLWM1	FHLB AGENCY BND		9/12/2014		15,415,000		15,730,419		17,010,608
	3133XUE41	FHLB AGENCY BND		8/22/2012		5,000,000		4,994,075		5,006,600
	3133XVEM9	FHLB AGENCY BND		11/21/2012		3,000,000		2,993,940		2,980,980
	3133XVNU1	FHLB AGENCY BND		12/12/2014		74,500,000		74,932,858		73,825,776
	31342A6F1	FHLMC POOL # 780870		9/1/2033		1,155,315		1,135,025		1,187,845
	31349UCW6	FHLMC POOL # 782785		10/1/2034		584,985		577,293		600,446
	31349UEJ3	FHLMC POOL # 782837		11/1/2034		993,933		979,866		1,021,492
	31349UJM1	FHLMC POOL # 782968		1/1/2035		2,674,135		2,638,141		2,728,295
	31349ULB2	FHLMC POOL # 783022		2/1/2035		1,053,682		1,040,096		1,074,577
	31349ULF3	FHLMC POOL # 783026		2/1/2035		663,735		652,506		678,619
	31349UMF2	FHLMC POOL # 783058		3/1/2035		8,503,520		8,417,283		8,649,032
	3134A35H5	FHLMC AGENCY BND		9/15/2010		721,000		731,193		753,819
	3134A4QD9	FHLMC AGENCY BND		7/15/2012		45,300,000		45,674,391		49,249,255
	31359MFG3	FNMA AGENCY BND		1/15/2010		250,000		250,226		250,550
	31371KBQ3	FNMA POOL # 253947		8/1/2031		18,187		18,860		19,875
	31371LZJ1	FNMA POOL # 255545		1/1/2015		4,026,590		3,909,038		4,077,325
	31371MFY8	FNMA POOL # 255883		8/1/2035		11,409,413		11,171,141		11,774,379
	31371QU71	FNMA POOL # 259006		3/1/2030		67,368		69,828		73,726
	31375BUQ8	FNMA POOL # 330091		2/1/2023		143,563		148,783		157,128
	31375KSE8	FNMA POOL # 337217		12/1/2024		55,259		57,697		60,871
	31376CTB0	FNMA POOL # 351646		12/1/2024		11,157		11,571		12,211
	31376KKK1	FNMA POOL # 357698		1/1/2015		1,743,189		1,710,190		1,790,430
	31377XSA6	FNMA POOL # 390313		6/1/2027		89,427		92,872		97,951
	31379T6G4	FNMA POOL # 429371		2/1/2014		42,222		41,931		43,779
	3137EAAD1	FHLMC AGENCY BND		4/18/2016		50,000,000		51,654,777		55,290,001
	3137EACC1	FHLMC AGENCY BND		6/15/2012		44,400,000		44,284,493		44,652,636
	3137EACE7	FHLMC AGENCY BND		9/21/2012		11,500,000		11,485,214		11,614,195
	31382NR20	FNMA POOL # 487505		4/1/2029		1,027		1,055		1,075
	31384VP63	FNMA POOL # 535145		2/1/2030		863,757		895,531		943,924
	31384VP97	FNMA POOL # 535148		2/1/2030		202,638		210,116		221,445
	31384VUE0	FNMA POOL # 535281		4/1/2030		1,065,589		1,104,949		1,164,489
	31384WLB4	FNMA POOL # 535922		3/1/2031		56,630		58,713		61,975
	31384WVT4	FNMA POOL # 536226		5/1/2030		41,477		43,003		45,391
	31384Y2A3	FNMA POOL # 538169		4/1/2030		67,616		70,097		73,997
	31385FVZ6	FNMA POOL # 543432		6/1/2030		140,649		145,827		153,923
	31385GZH0	FNMA POOL # 544444		9/1/2030		536		555		586
	31385QRZ7	FNMA POOL # 549604		8/1/2030		5,411		5,610		5,921
	31385RB58	FNMA POOL # 550060		4/1/2030		1,599,010		1,681,897		1,763,409
	31385VYT2	FNMA POOL # 554322		9/1/2030		71,598		74,232		78,355

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31385XEW3	FNMA POOL # 555549		6/1/2018		536,606		532,542		566,269
	31385XK48	FNMA POOL # 555715		7/1/2033		315,935		311,865		323,900
	31386XQU3	FNMA POOL # 576567		2/1/2031		2,154,753		2,233,207		2,358,107
	31387EBE6	FNMA POOL # 581537		6/1/2031		54,236		56,243		59,270
	31388DTM0	FNMA POOL # 601856		1/1/2031		34,060		35,400		37,306
	31388HTX7	FNMA POOL # 605466		8/1/2031		22,916		23,770		25,043
	31388XVV3	FNMA POOL # 618128		8/1/2033		7,912,135		7,735,668		7,990,873
	31389EU78	FNMA POOL # 623506		12/1/2011		436,495		437,370		462,248
	31389EVA0	FNMA POOL # 623509		12/1/2016		2,740,499		2,761,355		2,938,363
	31389EVB8	FNMA POOL # 623510		12/1/2016		3,087,253		3,109,410		3,310,153
	31389XHM8	FNMA POOL # 638436		3/1/2012		346,261		349,610		372,227
	31391AKC2	FNMA POOL # 660991		7/1/2032		8,773		9,099		9,587
	31391PTM8	FNMA POOL # 672956		12/1/2017		20,893,028		20,903,440		22,064,740
	31391PUF1	FNMA POOL # 672982		12/1/2017		548,371		544,235		577,873
	31391YV87	FNMA POOL # 681139		1/1/2033		5,235		5,517		5,592
	31392JTP4	FNMA AGENCY CMO_03-20 HP		10/25/2016		92,203		91,736		93,752
	31393DL74	FNMA CMO AGENCY CMO_03-80 CA		4/25/2030		494,069		484,223		504,593
	31393EFX2	FNMA CMO AGENCY CMO 03-79 NL		5/25/2022		1,135,814		1,145,591		1,161,707
	31393KLM5	FHLMC AGENCY CMO 2570 CL		7/15/2017		649,527		641,373		671,037
	31393M5X5	FHLMC CMO AGENCY CMO 2580		12/15/2016		1,121,293		32,092		21,417
	31393QVD1	FHLMC AGENCY CMO 2618 NE		6/15/2013		547,180		545,098		557,193
	31393VPH8	FHLMC_2627 CMO 2628-OD		7/15/2017		31,560,900		31,104,369		32,911,707
	31394EK49	FNMA_05-58 AGENCY CMO 05-69		8/25/2035		101,033		—		4,264
	31395RAR9	FHLMC AGENCY CMO R001 AE		4/15/2015		1,089,754		1,082,606		1,121,924
	31396A7E8	FHLMC_3035 CMO AGENCY 3038 XA		9/15/2035		725,522		723,979		591,010
	31396AFE9	FHLMC_3035 AGENCY CMO 3028		12/15/2026		6,013,453		6,007,737		6,128,309
	31396KS45	FNMA_06-65 CMO AGENCY 6-81 LF1		9/25/2036		320,405		329,559		278,848
	31396NAL0	FHLMC AGENCY CMO 3138 X		4/15/2036		421,413		427,383		393,052
	31396TYH0	FHLMC AGENCY CMO 3167 X		6/15/2036		540,841		537,245		453,982
	31396VDA3	FNMA_07-41 CMO 7-27 XA		5/25/2035		286,206		283,400		272,154
	31396VV21	FNMA_07-41 AGENCY CMO 07-42 LF		5/25/2037		477,064		519,308		418,337
	31396WBP0	FNR CMO 07-56 FA		6/25/2037		15,963,883		15,320,258		15,711,654
	31396WCB0	FNMA_07-53 AGENCY CMO 07-56 GY		6/25/2037		59,245		58,263		57,758
	31396WDG8	FNMA_07-53 AGENCY CMO 07-53 UF		6/25/2037		462,454		494,341		425,736
	31397F7E6	FHLMC AGENCY CMO 3274 SX		7/15/2036		245,286		252,364		214,110
	31397FES7	FHLMC_3271 AGENCY CMO 3275 UF		2/15/2037		434,469		492,786		319,509
	31397FYK2	FHLMC AGENCY CMO 3291 XA		3/15/2037		320,442		325,952		307,143
	31397KTK7	FHR CMO 3380 FP		11/15/2036		30,124,031		29,365,062		29,883,039
	31398AYM8	FNMA AGENCY BND		8/10/2012		3,700,000		3,697,657		3,706,512
	31398AYY2	FNMA SENIOR AGENCY BND		9/16/2014		2,000,000		2,029,869		2,019,900
	31398AZF2	FNMA AGENCY BND		9/28/2012		5,000,000		4,999,543		4,977,300
	31400EGH7	FNMA POOL # 685200		3/1/2018		478,034		474,425		504,459
	31400JL98	FNMA POOL # 688952		4/1/2033		8,052,638		7,967,509		8,345,223
	31400JM55	FNMA POOL # 688980		5/1/2033		2,694		2,791		2,844
	31400QJ87	FNMA POOL # 694287		3/1/2033		40,785		40,199		41,804
	31400SA33	FNMA POOL # 695826		4/1/2018		412,739		409,613		435,554
	31400UQV9	FNMA POOL # 698068		4/1/2033		565,117		559,093		593,938
	31401A3C9	FNMA POOL # 702895		4/1/2018		550,118		545,960		580,528
	31402DGQ7	FNMA POOL # 725707		8/1/2019		1,895,776		1,881,236		1,999,501
	31402GP98	FNMA POOL # 728648		7/1/2033		8,527		8,832		8,783
	31402QXK2	FNMA POOL # 735182		2/1/2031		992,021		1,034,869		1,084,093
	31402RSS9	FNMA POOL # 735929		8/1/2032		1,470,050		1,524,742		1,610,164
	31402YSV7	FNMA POOL # 742232		9/1/2033		33,749		33,237		34,773
	31403C2L4	FNMA POOL # 745179		4/1/2019		1,914,859		1,900,225		2,020,711
	31403CWU1	FNMA POOL # 745059		9/1/2035		15,342,773		15,237,206		15,783,919
	31403DC56	FNMA POOL # 745392		12/1/2020		11,394,174		11,104,837		11,871,843
	31403DC72	FNMA POOL # 745394		11/1/2020		6,915,050		6,739,647		7,190,269
	31403DCE7	FNMA POOL # 745369		12/1/2019		1,136,088		1,127,366		1,198,248
	31403DCZ0	FNMA POOL # 745388		11/1/2018		3,814,387		3,785,357		4,025,244
	31403DJG5	FNMA POOL # 745563		8/1/2034		32,427		33,345		34,084
	31403KDB6	FNMA POOL # 750798		12/1/2033		36,206		35,664		37,577
	31403NYJ0	FNMA POOL # 754113		12/1/2033		44,082		45,727		48,173
	31403SBL9	FNMA POOL # 756143		7/1/2030		312,691		324,942		342,495
	31403VBR9	FNMA POOL # 758848		1/1/2019		560,982		556,693		591,993
	31404NBP0	FNMA POOL # 773246		2/1/2035		414,372		408,068		421,559
	31404RA98	FNMA POOL # 775932		6/1/2028		42,313		43,953		46,240
	31404RAX5	FNMA POOL # 775922		10/1/2028		177,264		183,729		193,716

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31404SFP5	FNMA POOL # 776974		4/1/2034		8,181		8,431		8,633
	31405QNR5	FNMA POOL # 796100		10/1/2034		2,182		2,244		2,302
	31405UMM8	FNMA POOL # 799664		10/1/2034		186,510		185,051		191,542
	31405UTZ2	FNMA POOL # 799868		11/1/2034		60,356		59,606		61,610
	31406BB90	FNMA POOL # 804764		1/1/2035		683,582		674,543		694,059
	31406BEZ9	FNMA POOL # 804852		12/1/2034		625,208		617,127		640,056
	31406BJF8	FNMA POOL # 804962		1/1/2035		804,718		795,285		825,178
	31406BQQ6	FNMA POOL # 805163		1/1/2035		869,986		857,672		887,842
	31406DG67	FNMA POOL # 806721		11/1/2034		1,488,323		1,472,560		1,533,997
	31406MYP5	FNMA POOL # 814418		3/1/2035		909,118		894,962		932,023
	31406PD71	FNMA POOL # 815626		5/1/2035		11,410,804		11,310,795		11,667,135
	31406QLT2	FNMA POOL # 816738		1/1/2030		1,098,425		1,138,925		1,200,373
	31406RRZ0	FNMA POOL # 817804		9/1/2036		111,981		118,004		118,935
	31406TLC3	FNMA POOL # 819423		4/1/2035		1,260,536		1,247,682		1,305,823
	31406TWR8	FNMA POOL # 819756		1/1/2035		1,442,694		1,429,525		1,466,045
	31406VHE9	FNMA POOL # 821129		5/1/2035		770,240		758,790		785,372
	31407CE29	FNMA POOL # 826453		7/1/2035		1,393		1,432		1,469
	31407FG53	FNMA POOL # 829220		8/1/2035		3,486		3,585		3,678
	31407FUW8	FNMA POOL # 829597		8/1/2035		4,917,832		4,866,609		5,092,779
	31407H3M6	FNMA POOL # 831604		6/1/2036		174,443		183,762		185,658
	31407JXG2	FNMA POOL # 832379		8/1/2035		1,995,552		1,974,653		2,059,179
	31408AG53	FNMA POOL # 845420		2/1/2036		84,994		89,561		90,458
	31408BKL1	FNMA POOL # 846399		5/1/2029		2,457,255		2,547,199		2,685,319
	31408FJR1	FNMA POOL # 849972		2/1/2029		1,909,821		1,979,888		2,087,076
	31408GFA0	FNMA POOL # 850761		12/1/2035		706,847		744,838		751,767
	31409A5P0	FNMA POOL # 865854		3/1/2036		275,366		290,165		293,068
	31409AYE3	FNMA POOL # 865709		3/1/2036		676,130		712,424		718,118
	31409C5N1	FNMA POOL # 867653		5/1/2036		131,253		138,310		139,691
	31409CRY3	FNMA POOL # 867303		2/1/2036		458,172		482,645		487,626
	31409GKJ4	FNMA POOL # 870697		8/1/2036		45,199		47,613		48,104
	31409GL46	FNMA POOL # 870747		7/1/2036		435,536		458,801		463,534
	31409GML7	FNMA POOL # 870763		7/1/2036		3,229,896		3,373,942		3,461,500
	31409GTT3	FNMA POOL # 870962		11/1/2036		1,944,156		2,048,585		2,069,137
	31409JWL0	FNMA POOL # 872851		6/1/2036		315,144		332,079		335,403
	31409TU22	FNMA POOL # 878201		9/1/2036		147,060		154,955		156,514
	31409UB38	FNMA POOL # 878558		3/1/2036		83,853		88,356		88,998
	31409VYW7	FNMA POOL # 880125		4/1/2036		120,125		126,576		127,497
	31409YCS4	FNMA POOL # 882181		8/1/2036		108,968		114,805		115,973
	31410CJV5	FNMA POOL # 885076		5/1/2036		39,173		41,282		41,606
	31410DUT5	FNMA POOL # 886294		8/1/2036		158,964		167,498		169,183
	31410DYB0	FNMA POOL # 886406		8/1/2036		1,615,528		1,702,280		1,719,382
	31410E2G2	FNMA POOL # 887375		7/1/2036		262,191		276,295		278,280
	31410EP77	FNMA POOL # 887046		8/1/2036		639,776		674,163		680,904
	31410FU60	FNMA POOL # 888105		8/1/2020		1,545,493		1,533,558		1,630,927
	31410GBJ1	FNMA POOL # 888441		5/1/2037		247,542		260,757		263,455
	31410GC84	FNMA POOL # 888495		7/1/2035		3,556,984		3,522,491		3,677,025
	31410GD83	FNMA POOL # 888527		4/1/2034		127,288		124,968		132,050
	31410GDF7	FNMA POOL # 888502		6/1/2033		442,936		437,358		456,570
	31410GDL4	FNMA POOL # 888507		2/1/2035		2,057,571		2,023,011		2,112,817
	31410GDN0	FNMA POOL # 888509		6/1/2033		258,619		253,203		266,106
	31410GDP5	FNMA POOL # 888510		6/1/2035		8,680,244		8,506,380		9,048,791
	31410GDS9	FNMA POOL # 888513		2/1/2034		390,039		384,972		402,575
	31410GDY6	FNMA POOL # 888519		1/1/2035		223,671		219,993		229,512
	31410GJ46	FNMA POOL # 888683		12/1/2019		5,456,304		5,414,370		5,748,216
	31410KDT8	FNMA POOL # 889414		11/1/2037		1,880,241		1,981,162		2,001,113
	31410KLY8	FNMA POOL # 889643		3/1/2038		853,593		899,444		908,466
	31410KNM2	FNMA POOL # 889696		6/1/2038		129,473		136,436		137,797
	31410KS47	FNMA POOL # 889839		12/1/2035		16,147		16,605		16,972
	31410KTP9	FNMA POOL # 889858		7/1/2038		58,959		61,197		62,362
	31410KX74	FNMA POOL # 890002		9/1/2036		23,204,495		23,245,220		24,399,228
	31410KXQ2	FNMA POOL # 889987		8/1/2038		400,766		416,783		423,894
	31410MMX5	FNMA POOL # 891474		4/1/2036		596,728		628,838		635,088
	31410NSR0	FNMA POOL # 892528		9/1/2036		495,922		522,580		527,803
	31410PCJ0	FNMA POOL # 892973		9/1/2036		295,955		311,764		314,980
	31410PN90	FNMA POOL # 893316		8/1/2036		250,583		263,969		266,692
	31410PXR9	FNMA POOL # 893588		9/1/2036		169,013		178,091		179,509
	31410Q4H1	FNMA POOL # 894624		11/1/2036		403,455		425,118		429,391

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31410QD40	FNMA POOL # 893923		10/1/2036		135,577		142,856		144,293
	31410QGN5	FNMA POOL # 894005		10/1/2036		552,512		582,177		588,031
	31410RHZ5	FNMA POOL # 894948		8/1/2036		208,487		219,688		221,889
	31410SX85	FNMA POOL # 896303		7/1/2036		90,638		95,515		96,266
	31410SZH3	FNMA POOL # 896344		10/1/2036		98,010		103,270		104,311
	31410TBJ3	FNMA POOL # 896541		9/1/2036		206,917		218,030		220,219
	31410VAG5	FNMA POOL # 898307		11/1/2036		223,367		235,385		237,238
	31410VR69	FNMA POOL # 898809		11/1/2036		112,243		118,273		119,459
	31410YXT6	FNMA POOL # 901690		10/1/2036		242,698		255,724		258,299
	31411A5E1	FNMA POOL # 902745		11/1/2036		1,912,660		2,015,324		2,031,436
	31411AJH9	FNMA POOL # 902164		11/1/2036		399,012		420,450		423,791
	31411ASA4	FNMA POOL # 902413		11/1/2036		1,082,435		1,140,522		1,149,654
	31411AYF6	FNMA POOL # 902610		11/1/2036		178,361		187,943		189,827
	31411AZ40	FNMA POOL # 902663		11/1/2036		588,728		620,390		626,574
	31411C5W7	FNMA POOL # 904561		11/1/2036		259,644		273,515		276,336
	31411CKK6	FNMA POOL # 903998		12/1/2036		51,712		54,489		54,886
	31411DQK8	FNMA POOL # 905058		11/1/2036		108,614		114,443		115,597
	31411EPM3	FNMA POOL # 905928		1/1/2037		70,877		74,678		75,433
	31411EYW1	FNMA POOL # 906225		1/1/2037		33,193		34,517		35,108
	31411GNS7	FNMA POOL # 907701		2/1/2037		93,399		97,128		98,789
	31411J7B6	FNMA POOL # 909990		3/1/2037		61,123		63,562		64,651
	31411JLZ7	FNMA POOL # 909444		2/1/2037		32,522		34,268		34,497
	31411JUS3	FNMA POOL # 909693		2/1/2037		88,908		93,689		94,304
	31411KDP5	FNMA POOL # 910110		3/1/2037		5,836		6,055		6,172
	31411KE82	FNMA POOL # 910159		3/1/2037		6,428		6,685		6,799
	31411NWC7	FNMA POOL # 912443		3/1/2037		43,255		44,884		45,320
	31411RFD5	FNMA POOL # 912864		2/1/2037		93,187		96,696		97,635
	31411S7J9	FNMA POOL # 914497		3/1/2037		72,199		74,934		76,366
	31411SP91	FNMA POOL # 914048		3/1/2037		80,485		84,814		85,658
	31411UZT1	FNMA POOL # 915254		4/1/2037		102,020		107,505		108,578
	31411VFE4	FNMA POOL # 915565		4/1/2037		100,037		104,030		105,810
	31411VJR1	FNMA POOL # 915672		5/1/2037		167,028		175,991		177,766
	31411WXG7	FNMA POOL # 916979		4/1/2037		80,846		84,074		85,512
	31411XU94	FNMA POOL # 917808		5/1/2037		68,350		72,020		72,477
	31412DX37	FNMA POOL # 922398		1/1/2037		25,541		26,913		27,127
	31412ESY3	FNMA POOL # 923135		1/1/2037		68,187		71,830		72,570
	31412FMY6	FNMA POOL # 923875		4/1/2037		1,912,716		2,015,400		2,028,230
	31412LBJ8	FNMA POOL # 928041		12/1/2036		161,007		167,433		170,298
	31412LDY3	FNMA POOL # 928119		3/1/2037		118,481		123,211		125,319
	31412LEH9	FNMA POOL # 928136		2/1/2037		6,636		6,901		7,019
	31412NP83	FNMA POOL # 930247		12/1/2038		724,998		752,510		766,836
	31412NR24	FNMA POOL # 930305		12/1/2038		313,711		325,620		331,814
	31412NU87	FNMA POOL # 930407		1/1/2039		139,450		146,922		147,914
	31412NUL8	FNMA POOL # 930387		1/1/2039		2,275,526		2,350,013		2,337,648
	31412NUP9	FNMA POOL # 930390		1/1/2039		2,210,071		2,282,909		2,270,848
	31412NUQ7	FNMA POOL # 930391		1/1/2039		241,458		249,362		248,050
	31412NUT1	FNMA POOL # 930394		1/1/2039		142,305		146,958		146,190
	31412NXB7	FNMA POOL # 930474		1/1/2039		1,806,733		1,865,022		1,856,238
	31412NXE1	FNMA POOL # 930477		1/1/2039		2,920,996		3,020,225		3,009,502
	31412NZ33	FNMA POOL # 930562		2/1/2039		110,834		114,383		114,196
	31412PF30	FNMA POOL # 930886		4/1/2039		204,167		215,118		216,560
	31412PP88	FNMA POOL # 931147		5/1/2039		330,829		340,955		339,861
	31412PQF1	FNMA POOL # 931154		5/1/2039		176,871		182,286		181,700
	31412PS44	FNMA POOL # 931239		5/1/2039		58,789		60,588		60,394
	31412PXF3	FNMA POOL # 931378		6/1/2039		149,409		150,539		149,274
	31412TM26	FNMA POOL # 934277		6/1/2038		8,187,666		8,435,602		8,579,855
	31412UZE3	FNMA POOL # 935541		8/1/2039		109,765		113,124		112,750
	31412X4X9	FNMA POOL # 938338		7/1/2037		303,103		319,395		322,588
	31412XNM2	FNMA POOL # 937896		7/1/2037		116,346		122,600		123,372
	31412XSX3	FNMA POOL # 938034		7/1/2037		156,573		162,473		164,047
	31412XZL1	FNMA POOL # 938247		7/1/2037		1,099,906		1,159,053		1,166,332
	31413A5E9	FNMA POOL # 940145		5/1/2037		126,816		133,636		134,514
	31413BGG0	FNMA POOL # 940399		6/1/2037		189,254		199,425		201,421
	31413BSE2	FNMA POOL # 940717		10/1/2037		552,765		582,457		588,299
	31413CLH0	FNMA POOL # 941428		7/1/2037		7,900,755		8,182,335		8,380,331
	31413D2T3	FNMA POOL # 942786		8/1/2037		1,947,959		2,052,585		2,073,184
	31413D6C6	FNMA POOL # 942867		8/1/2037		16,419		17,301		17,474

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31413DBH9	FNMA POOL # 942040		7/1/2037		738,428		778,095		783,024
	31413DHR1	FNMA POOL # 942240		7/1/2037		676,055		712,387		717,092
	31413DJ40	FNMA POOL # 942283		8/1/2037		113,347		119,435		120,633
	31413DT23	FNMA POOL # 942569		8/1/2037		401,940		423,545		427,779
	31413EBT1	FNMA POOL # 942950		9/1/2037		2,647,169		2,789,329		2,817,343
	31413ECR4	FNMA POOL # 942980		9/1/2037		150,048		158,102		159,694
	31413H2P2	FNMA POOL # 946382		9/1/2037		506,486		533,675		537,229
	31413H7A0	FNMA POOL # 946489		9/1/2037		65,931		69,472		70,169
	31413HU71	FNMA POOL # 946206		9/1/2037		392,782		413,864		418,032
	31413JCR3	FNMA POOL # 946580		9/1/2037		403,203		424,838		427,677
	31413JUX0	FNMA POOL # 947098		10/1/2037		6,154,024		6,482,583		6,549,636
	31413KHV6	FNMA POOL # 947644		10/1/2037		646,735		681,432		688,311
	31413KY70	FNMA POOL # 948134		11/1/2037		126,173		132,952		134,284
	31413LNN5	FNMA POOL # 948697		8/1/2037		3,507,727		3,628,689		3,723,904
	31413LUD9	FNMA POOL # 948880		9/1/2037		74,912		78,946		79,728
	31413NY66	FNMA POOL # 950833		11/1/2037		6,892,615		7,163,761		7,310,996
	31413R2P0	FNMA POOL # 953582		12/1/2037		8,668,704		9,136,867		9,225,973
	31413RE77	FNMA POOL # 952958		10/1/2037		257,135		270,970		273,665
	31413SA20	FNMA POOL # 953725		11/1/2037		1,013,710		1,068,164		1,078,876
	31413SCQ5	FNMA POOL # 953779		11/1/2037		406,838		428,687		432,992
	31413TUR1	FNMA POOL # 955192		11/1/2037		128,205		135,092		136,447
	31413UQX0	FNMA POOL # 955970		10/1/2037		284,924		300,278		303,241
	31413USF7	FNMA POOL # 956018		11/1/2037		682,655		704,913		723,882
	31413YLZ2	FNMA POOL # 959444		12/1/2037		306,195		322,633		325,879
	31414DT48	FNMA POOL # 963271		5/1/2038		163,007		169,193		172,413
	31414E5L4	FNMA POOL # 964451		7/1/2038		27,783		28,837		29,386
	31414EHG2	FNMA POOL # 963831		6/1/2038		15,936		16,541		16,856
	31414EMG6	FNMA POOL # 963959		7/1/2038		20,320		21,092		21,493
	31414FKA8	FNMA POOL # 964789		8/1/2038		1,350,893		1,423,398		1,437,736
	31414HFC6	FNMA POOL # 966463		1/1/2038		248,842		262,198		264,838
	31414LZL5	FNMA POOL # 969747		2/1/2038		2,217,931		2,337,212		2,351,229
	31414NCH5	FNMA POOL # 970872		12/1/2038		3,350,372		3,509,091		3,565,751
	31414NH31	FNMA POOL # 971050		2/1/2039		2,795,702		2,886,909		2,880,497
	31414NH49	FNMA POOL # 971051		2/1/2039		3,646,495		3,765,919		3,752,537
	31414NHY3	FNMA POOL # 971047		1/1/2039		1,770,010		1,838,575		1,854,793
	31414RLM5	FNMA POOL # 973832		3/1/2038		187,529		194,648		198,351
	31414XW24	FNMA POOL # 979565		10/1/2038		14,625		15,180		15,469
	31415BKW8	FNMA POOL # 981909		6/1/2038		13,718		14,239		14,510
	31415CPY7	FNMA POOL # 982939		10/1/2038		580,639		611,756		617,965
	31415MDW2	FNMA POOL # 984017		6/1/2038		27,108		28,137		28,673
	31415PKW7	FNMA POOL # 985109		7/1/2038		38,327		39,782		40,539
	31415PL30	FNMA POOL # 985146		9/1/2038		10,323		10,715		10,818
	31415PNP9	FNMA POOL # 985198		6/1/2038		446,490		470,485		473,324
	31415Q2V7	FNMA POOL # 986488		8/1/2038		363,996		383,497		387,395
	31415SPX4	FNMA POOL # 987938		12/1/2038		103,957		109,527		110,205
	31415VZW8	FNMA POOL # 990957		9/1/2023		513,261		502,161		537,450
	31415WAD5	FNMA POOL # 991104		12/1/2038		618,461		641,942		654,152
	31415WAK9	FNMA POOL # 991110		12/1/2038		687,449		724,424		731,641
	31415WBC6	FNMA POOL # 991135		10/1/2038		218,924		230,667		232,998
	31415WC27	FNMA POOL # 991189		9/1/2038		516,388		544,136		547,423
	31415YFV6	FNMA POOL # 993080		12/1/2038		185,753		192,805		196,472
	31415YG78	FNMA POOL # 993122		1/1/2039		520,599		540,363		545,535
	31415YZM4	FNMA POOL # 993648		12/1/2038		124,504		129,479		131,689
	31416A7B0	FNMA POOL # 994690		2/1/2039		90,581		93,351		93,215
	31416ARW2	FNMA POOL # 994301		1/1/2039		154,046		159,998		161,394
	31416ASV3	FNMA POOL # 994332		1/1/2039		343,867		362,322		364,534
	31416BMS4	FNMA POOL # 995069		10/1/2038		2,290,913		2,414,007		2,438,185
	31416H2S3	FNMA POOL # AA0784		4/1/2039		101,865		104,985		104,827
	31416H5E1	FNMA POOL # AA0844		12/1/2038		5,329,782		5,531,475		5,585,079
	31416H5F8	FNMA POOL # AA0845		1/1/2039		4,448,010		4,616,547		4,704,696
	31416H6M2	FNMA POOL # AA0875		1/1/2039		1,102,727		1,144,452		1,166,364
	31416HTH8	FNMA POOL # AA0551		1/1/2039		32,599		34,346		34,558
	31416J4P3	FNMA POOL # AA1729		1/1/2039		5,524,649		5,734,197		5,843,465
	31416J4Y4	FNMA POOL # AA1738		1/1/2039		842,710		887,944		893,356
	31416JH20	FNMA POOL # AA1148		1/1/2039		162,990		169,172		172,396
	31416JYD7	FNMA POOL # AA1607		1/1/2039		478,518		496,664		506,133
	31416JZM6	FNMA POOL # AA1647		2/1/2039		4,902,605		5,064,013		5,036,446

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31416KA32	FNMA POOL # AA1825		1/1/2039		142,347		147,839		149,137
	31416KA73	FNMA POOL # AA1829		1/1/2039		34,259		36,105		36,315
	31416KD47	FNMA POOL # AA1922		1/1/2039		449,878		467,834		475,839
	31416KEB0	FNMA POOL # AA1929		1/1/2039		330,720		348,429		350,596
	31416KHH4	FNMA POOL # AA2031		1/1/2039		34,968		36,847		37,070
	31416KHU5	FNMA POOL # AA2042		2/1/2039		81,727		84,227		84,103
	31416LLK0	FNMA POOL # AA3029		3/1/2039		84,464		87,049		86,920
	31416M5A8	FNMA POOL # AA4440		3/1/2039		12,222,896		12,608,115		12,559,244
	31416MR48	FNMA POOL # AA4106		7/1/2039		104,371		107,569		107,210
	31416NUH3	FNMA POOL # AA5083		4/1/2039		38,646		39,827		39,769
	31416PK89	FNMA POOL # AA5718		4/1/2039		52,894		54,512		54,432
	31416PZA8	FNMA POOL # AA6136		5/1/2039		66,883		68,930		68,709
	31416PZR1	FNMA POOL # AA6151		5/1/2039		77,936		80,432		80,056
	31416QCU7	FNMA POOL # AA6382		6/1/2039		35,224		36,303		36,185
	31416QJZ9	FNMA POOL # AA6579		5/1/2039		108,937		112,426		111,900
	31416QTH8	FNMA POOL # AA6851		5/1/2039		101,136		104,376		103,887
	31416QV51	FNMA POOL # AA6935		8/1/2039		44,155		44,490		44,116
	31416QV77	FNMA POOL # AA6937		9/1/2039		92,266		95,091		94,775
	31416QVS1	FNMA POOL # AA6924		8/1/2024		7,331,256		7,462,519		7,554,134
	31416S6B2	FNMA POOL # AA8965		7/1/2039		123,828		124,764		123,716
	31416SD40	FNMA POOL # AA8222		7/1/2039		131,460		132,454		131,342
	31416SED9	FNMA POOL # AA8231		7/1/2039		101,966		105,232		104,740
	31416SEE7	FNMA POOL # AA8232		7/1/2039		105,473		108,702		108,342
	31416SFL0	FNMA POOL # AA8270		7/1/2039		66,832		67,265		66,772
	31416SLA7	FNMA POOL # AA8420		6/1/2039		71,340		71,880		71,276
	31416SLC3	FNMA POOL # AA8422		6/1/2039		146,581		147,689		146,449
	31416T7K9	FNMA POOL # AA9897		7/1/2039		69,605		70,131		69,542
	31416TAG4	FNMA POOL # AA9006		7/1/2039		110,174		111,008		110,075
	31416TAL3	FNMA POOL # AA9010		7/1/2039		104,274		107,614		107,110
	31416TAM1	FNMA POOL # AA9011		7/1/2039		83,750		86,314		86,028
	31416TE39	FNMA POOL # AA9153		8/1/2039		71,096		71,634		71,032
	31416TE47	FNMA POOL # AA9154		8/1/2039		122,903		123,700		123,001
	31416TEE5	FNMA POOL # AA9132		8/1/2039		129,193		130,170		129,077
	31416TEF2	FNMA POOL # AA9133		8/1/2039		127,246		128,070		127,346
	31416TEP0	FNMA POOL # AA9141		8/1/2039		101,956		105,222		104,730
	31416TEQ8	FNMA POOL # AA9142		8/1/2039		100,414		103,490		103,146
	31416TF46	FNMA POOL # AA9186		8/1/2039		90,462		93,233		92,923
	31416TFQ7	FNMA POOL # AA9174		8/1/2039		68,102		68,618		68,041
	31416TKG3	FNMA POOL # AA9294		6/1/2039		105,683		109,069		108,568
	31416TKJ7	FNMA POOL # AA9296		6/1/2039		118,403		122,029		121,636
	31416UDB9	FNMA POOL # AA9997		8/1/2039		33,386		34,456		34,294
	31417J2B5	FNMA POOL # AC0769		9/1/2039		68,251		70,809		70,108
	31417JSB7	FNMA POOL # AC0513		7/1/2039		38,003		38,249		37,969
	31417JYM6	FNMA POOL # AC0715		9/1/2024		8,023,838		8,167,536		8,267,772
	31417JYR5	FNMA POOL # AC0719		8/1/2039		81,539		82,155		81,465
	31417KAZ0	FNMA POOL # AC0923		7/1/2039		42,281		42,600		42,242
	31417LLG8	FNMA POOL # AC2126		8/1/2039		65,866		67,882		67,658
	31417LLX1	FNMA POOL # AC2141		7/1/2039		199,623		206,015		205,072
	31417LLY9	FNMA POOL # AC2142		7/1/2039		133,257		137,334		136,895
	31417LPJ8	FNMA POOL # AC2224		8/1/2039		41,828		43,109		42,966
	31417LX42	FNMA POOL # AC2498		8/1/2039		48,078		49,551		49,386
	31417MF81	FNMA POOL # AC2890		9/1/2039		23,505		24,345		24,144
	31417MFB4	FNMA POOL # AC2861		8/1/2039		241,110		242,672		240,893
	31417MLH4	FNMA POOL # AC3027		10/1/2039		99,347		103,456		102,049
	31417MLK7	FNMA POOL # AC3029		10/1/2039		99,689		103,616		102,400
	31417MLN1	FNMA POOL # AC3032		10/1/2039		1,194,206		1,239,295		1,226,688
	31417MPN7	FNMA POOL # AC3128		9/1/2039		113,114		117,354		116,190
	31417MQK2	FNMA POOL # AC3157		10/1/2039		79,915		82,761		82,089
	31417MQT3	FNMA POOL # AC3165		10/1/2039		77,724		80,624		79,838
	31417MSZ7	FNMA POOL # AC3235		9/1/2039		592,379		610,891		608,492
	31417MTC7	FNMA POOL # AC3246		9/1/2039		396,550		400,165		396,193
	31417MTD5	FNMA POOL # AC3247		10/1/2039		694,326		700,116		693,701
	31417MU68	FNMA POOL # AC3304		10/1/2039		693,692		715,368		712,561
	31417MVC4	FNMA POOL # AC3310		10/1/2039		298,291		301,011		298,023
	31417MVD2	FNMA POOL # AC3311		10/1/2039		696,415		702,223		695,788
	31417MVJ9	FNMA POOL # AC3316		10/1/2039		934,170		965,282		959,580
	31417MWB5	FNMA POOL # AC3341		8/1/2039		35,947		37,099		36,925

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	31417NB83	FNMA POOL # AC3662		10/1/2039		583,087		603,940		598,947
	31417NCL3	FNMA POOL # AC3674		10/1/2024		6,845,910		7,077,043		7,049,918
	31417NDN8	FNMA POOL # AC3708		11/1/2024		7,422,895		7,673,529		7,644,097
	31417NRJ2	FNMA POOL # AC4088		8/1/2039		45,768		46,114		45,727
	31417NRQ6	FNMA POOL # AC4094		8/1/2039		43,333		44,661		44,512
	31417QTZ7	FNMA POOL # AC5067		10/1/2024		7,428,617		7,672,544		7,649,990
	31421AAU7	FNMA POOL # MC0018		12/1/2038		4,790		4,972		5,019
	31428XAQ9	FEDERAL EXPRESS CORP CORP BND		1/15/2014		1,000,000		1,064,205		1,135,028
	32029GAB0	FFML ABS 07-FF2 A2A		3/25/2037		31,124		31,124		27,078
	32052DAG6	FHAMS_06-FA8 CMO 06-FA8 1A7		2/25/2037		9,751,183		7,159,771		6,968,195
	33736XAB5	FIRST UNION NAT BANK CMBS00-C1 A2		5/17/2032		171,380		170,394		171,571
	33736XAX7	FIRST UNION NAT BANK CMBS00-C2 A2		10/15/2032		359,615		361,690		367,497
	34529GAF2	FORDO_09-D ABS 09-D A3		10/15/2013		32,000,000		31,996,780		32,268,800
	34529HAC7	FORDO ABS 09-E A3		1/15/2014		2,650,000		2,649,533		2,626,714
	346604FJ5	FORSYTH CNTY GA SCH DIST MUNI BND GO		2/1/2020		1,430,000		1,371,796		1,526,840
	349545C76	FORT ZUMWALT MO SCH DIST MUNI BND GO		3/1/2020		2,245,000		2,183,192		2,475,629
	35177PAK3	FRANCE TELECOM CORP BND		3/1/2011		47,975,000		50,661,830		51,490,258
	36158YDC0	GECMC CMBS_01-3 A1		6/10/2038		106,270		103,266		108,508
	36158YEK1	GECMC CMBS_02-1A A2		12/10/2035		107,851		106,941		109,295
	36158YFT1	GECCMC_02-2 CMBS 02-2A		8/11/2036		24,929,000		24,990,765		25,881,946
	36159JBD2	GEMNT ABS 07-3 AI		6/15/2013		981,000		981,000		977,890
	361849ZS4	GMACC CMBS_03-C3 A3		4/10/2040		500,000		492,051		509,722
	361849ZT2	GMACC SENIOR CMBS 03-C3		4/10/2040		4,000,000		4,109,937		4,068,731
	36186CBF9	GMAC LLC CORP BND		12/19/2012		5,000,000		4,993,300		5,033,800
	36206XC43	GNMA POOL # 424091		5/15/2031		2,785		2,885		3,079
	3620A5MW6	GNMA POOL # 719573		9/15/2039		2,251,007		2,332,214		2,318,987
	3620A8NA7	GNMA POOL # 722285		9/15/2039		1,826,814		1,892,714		1,881,984
	3620A9SC6	GNMA POOL # 723315		9/15/2039		1,384,672		1,399,282		1,387,995
	3620A9ST9	GNMA POOL # 723330		9/15/2039		2,987,758		3,094,439		3,077,989
	3620A9SW2	GNMA POOL # 723333		9/15/2039		504,174		509,494		505,384
	3620AC3E2	GNMA POOL # 726297		9/15/2039		995,559		1,024,993		1,025,624
	3620AC3F9	GNMA POOL # 726298		9/15/2039		2,979,438		3,075,567		3,071,830
	3620AC6K5	GNMA POOL # 726374		10/15/2039		994,784		1,036,352		1,024,827
	3620AC6L3	GNMA POOL # 726375		10/15/2039		1,993,065		2,073,510		2,053,255
	3620AC6S8	GNMA POOL # 726381		10/15/2039		997,168		1,040,385		1,027,283
	3620AC6T6	GNMA POOL # 726382		10/15/2039		1,688,422		1,758,407		1,739,413
	36212PPP1	GNMA POOL # 539630		4/15/2031		11,692		12,110		12,927
	36212U5G2	GNMA POOL # 544547		5/15/2031		19,298		19,991		21,336
	36213GCV1	GNMA POOL # 553684		4/15/2031		17,161		17,774		18,973
	36213HGU7	GNMA POOL # 554711		3/15/2031		1,758		1,821		1,943
	36213LGR5	GNMA POOL # 557408		5/15/2031		8,211		8,507		9,078
	36225DM43	GNMA POOL # 081278		3/20/2035		13,505,864		12,816,788		13,512,171
	36228CVQ3	GSMS CMBS_05-GG4 A3		7/10/2039		500,000		486,561		495,722
	36241KV39	GNMA POOL # 782434		8/15/2038		12,192,611		11,417,506		12,221,873
	36241KV47	GNMA POOL # 782435		9/15/2038		8,378,064		7,845,920		8,398,172
	36241KWA2	GNMA POOL # 782441		10/15/2038		6,014,015		5,632,005		6,028,449
	36295QK82	GNMA POOL # 677219		8/15/2038		4,648,711		4,492,269		4,790,273
	36296JCV5	GNMA POOL # 692284		8/15/2039		1,990,361		2,053,930		2,050,469
	36297CTE9	GNMA POOL # 708049		9/15/2039		443,168		459,156		456,552
	36297CTF6	GNMA POOL # 708050		9/15/2039		199,646		206,849		205,675
	36297CTG4	GNMA POOL # 708051		9/15/2039		640,697		663,810		660,046
	36297FYL0	GNMA POOL # 710915		10/15/2039		99,734		100,942		99,973
	36297FYT3	GNMA POOL # 710922		10/15/2039		299,178		311,629		308,213
	36297FYU0	GNMA POOL # 710923		10/15/2039		797,942		829,880		822,040
	36297KCC3	GNMA POOL # 713867		9/15/2039		2,608,631		2,702,734		2,687,412
	363206AF0	GALE ABS 07-3A A2 144A		4/19/2021		10,000,000		8,701,341		8,897,730
	365653GZ1	GARFIELD CNTY COLO SCH DIST NO MUNI BND GO		12/1/2020		1,610,000		1,541,497		1,783,961
	36828QQE9	GE CAPITAL COMM MTG CORP SENIOR CMBS 05-C4		11/10/2045		25,000,000		25,048,784		24,414,793
	36829KAC2	GESET ABS 09-1 A3 144A		7/15/2016		4,000,000		3,999,508		3,998,400
	369550AK4	GENERAL DYNAMICS CORPORATION CORP BND		5/15/2013		1,250,000		1,190,504		1,308,269
	369604BC6	GE CAPITAL CORP CORP BND		12/6/2017		8,750,000		8,635,478		8,924,750
	36962G2H6	GE CAPITAL CORP CORP BND		3/12/2010		157,000		157,000		157,017
	36962G2J2	GE CAPITAL CORP CORP BND		3/12/2010		1,341,000		1,341,000		1,341,000
	36962G3Q5	GE CAPITAL CORP CORP BND		2/1/2011		1,105,000		1,104,141		1,105,298
	36962G4C5	GE CAPITAL CORP CORP BND		5/13/2014		2,600,000		2,597,436		2,824,071
	36962G4G6	GE CAPITAL CORP CORP BND		11/14/2014		850,000		846,712		844,699
	36962GT38	GE CAPITAL CORP CORP BND		11/15/2011		275,000		280,164		290,895

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	36962GX25	GE CAPITAL CORP SENIOR CORP BND		1/15/2010		556,000		556,004		556,000
	36962GX90	GE CAPITAL CORP CORP BND		3/12/2010		654,000		654,023		654,000
	36962GXS8	GENERAL ELEC CAP CO CORP BND		2/15/2012		55,000		53,295		58,707
	36962GYY4	GENERAL ELEC CAP CO CORP BND		6/15/2012		16,300,000		15,767,499		17,574,102
	36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND GOVT GUAR		12/9/2011		5,200,000		5,203,715		5,363,332
	36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND — GTD		6/8/2012		35,000,000		35,182,428		35,488,601
	370334BG8	GENERAL MILLS INC. SENIOR CORP BND		8/15/2013		9,075,000		9,322,349		9,757,311
	373334FN6	GEORGIA POWER COMPANY CORP BND		11/15/2012		1,250,000		1,246,552		1,351,373
	373384GS9	GEORGIA ST MUNI BND GO		7/1/2016		5,000,000		5,298,829		5,833,750
	377372AC1	GLAXOSK CAP INC CORP BND		5/15/2013		15,603,000		16,116,050		16,619,229
	38141EA25	GOLDMAN SACHS GROUP INC CORP BND		2/15/2019		4,000,000		4,153,978		4,654,270
	38141EA33	GOLDMAN SACHS GROUP INC CORP BND		5/1/2014		5,350,000		5,822,592		5,828,997
	38405JAD1	GMFM WHOLE CMO 06-1 A4 144A		11/20/2056		138,677		138,677		137,962
	38405JCD9	GMFM ABS 07-1A 2A1 144A		11/20/2056		881,859		881,859		874,531
	385244HG6	GRAND BLANC MICH CMNTY SCHS MUNI BND GO		5/1/2020		1,000,000		962,923		1,055,280
	38741QAC0	GRAN ABS 03-2 1A3		7/20/2043		114,544		114,544		100,486
	38741SAF9	GRAN ABS 04-3 2A1		9/20/2044		47,622		47,622		41,907
	38741YBJ7	GRANM WHOLE CMO 06-1A 144A		12/20/2054		422,991		293,486		368,002
	38741YCD9	GRANM ABS 06-3 A7		12/20/2054		34,663,160		24,251,208		29,976,160
	38741YDB2	GRANM ABS 06-4 A4		12/20/2054		235,710		235,710		203,659
	38741YDF3	GRANM ABS 07-1 2A1		12/20/2054		262,747		262,747		229,903
	396789EM7	GCCFC SENIOR CMBS 03-C1 144A		7/5/2035		8,733,631		37,697		71,799
	396789EQ8	GCCFC CMBS_03-C2 A2		1/5/2036		251,355		249,383		252,895
	396789FH7	GCCFC SENIOR CMBS 03-C2 144A		1/5/2036		15,295,014		72,190		128,478
	396789JS9	GCCFC CMBS_05-GG3 A3		8/10/2042		500,000		498,412		489,659
	396789LL1	GCCFC SENIOR CMBS 05-GG5		4/10/2037		37,000,000		36,896,017		35,046,770
	40411EAB4	BANK OF SCOTLAND PLC CORP BND 144A		2/21/2017		2,000,000		1,764,561		1,976,400
	4041A0CL0	BANK OF SCOTLAND CORP BND 144A		6/11/2010		1,308,000		1,308,000		1,296,751
	4041A0CN6	HBOS PLC CORP BND 144A		6/18/2010		621,000		621,000		616,715
	40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND		5/15/2011		18,000,000		18,316,767		19,089,410
	40429CFQ0	HSBC FINANCE CORP SENIOR CORP BND		6/1/2011		33,260,000		33,406,614		34,853,363
	40429CFX5	HSBC FINANCE CORP SENIOR CORP BND		3/12/2010		294,000		294,000		293,824
	40431HAJ6	HALO CMO 06-2 1A9		12/25/2036		6,419,500		1,512,292		2,350,179
	406036EP4	HALL CNTY NEB SCH DIST NO 2 GR MUNI BND GO		12/15/2019		1,080,000		1,048,148		1,158,775
	41161VAC4	HVMLT CMO_06-7 2A1A		9/19/2036		6,510,923		3,605,434		3,450,789
	41162NAC1	HVMLT 06-14-2A1A		2/19/2037		5,697,677		2,767,440		2,769,842
	4140033N1	HARRIS CNTY TEX MUNI BND GO		8/15/2011		8,140,000		7,653,557		8,051,600
	41981VBQ0	HAWAII ST HSG & CMNTY DEV CORP MUNI BND REV		1/1/2033		425,000		354,019		426,726
	425538AM7	HENNEPIN CNTY MINN FIRST LIEN MUNI BND REV		12/15/2019		1,560,000		1,538,390		1,808,430
	42809HAA5	AMERADA HESS CORPORATION CORP BND		2/15/2014		1,000,000		997,802		1,119,315
	428236AU7	HEWLETT-PACKARD COMPANY CORP BND		2/24/2012		27,550,000		27,541,111		28,912,146
	428236AX1	HEWLETT-PACKARD COMPANY CORP BND		5/27/2011		8,500,000		8,498,019		8,612,795
	428236AY9	HEWLETT-PACKARD COMPANY CORP BND		8/15/2012		750,000		749,888		763,505
	429827AB4	HEF_10-401 ABS 04-1 A2 144A		1/1/2044		2,100,000		1,729,321		1,722,000
	429827AE8	HIGHER EDUCATION FUNDING HEF0 ABS 04-1 144A		1/1/2044		2,100,000		1,725,425		1,575,000
	429827AF5	HEF_10-401 ABS 04-1 A6 144A		1/1/2044		2,100,000		1,727,844		1,722,000
	429827AJ7	HIGHER EDUCATION FUNDING HEF0 ABS 04-1 A9 144A		1/1/2044		2,100,000		1,729,833		1,575,000
	429827AK4	HIGHER EDUCATION FUNDING HEF0 SECURED ABS 04-1 144A		1/1/2044		2,300,000		1,895,993		1,886,000
	429827AN8	HEF_04-1 ABS 04-1 A13 144A		1/1/2044		2,100,000		1,726,482		1,575,000
	429827AQ1	HEF_04-1 ABS 04-1 A15 144A		1/1/2044		2,950,000		2,423,295		2,212,500
	43641NAL8	HMI ABS 07-2A 2A1		7/15/2020		1,472,000		1,472,000		1,466,848
	43812TAD6	HAROT ABS_08-1 A4		9/18/2014		6,250,000		6,005,156		6,566,500
	43812WAC1	HONDA AUTO RECIEVABLES OWNER T ABS 09-3 A3		5/15/2013		1,750,000		1,749,760		1,765,260
	438516AY2	HONEYWELL INTERNATIONAL INC CORP BND		2/15/2014		3,500,000		3,492,251		3,612,184
	438670EB3	HONOLULU HAWAII CITY & CNTY MUNI BND GO		7/1/2010		2,000,000		1,999,060		2,026,360
	440452AD2	HORMEL FOODS CORP CORP BND		6/1/2011		1,500,000		1,547,481		1,607,469
	44914PAR8	HYPOTHEKENBANK IN ESSEN AG CORP BND 144A		1/20/2012		2,500,000		2,572,868		2,649,000
	44920UAB4	HYUNDAI CAP SVC CORP BND 144A		5/5/2015		2,000,000		2,002,351		2,088,320
	449670EQ7	IMC HOME EQUITY LOAN TRUST ABS 98-3		8/20/2029		267,152		268,564		220,587
	450679BX2	ITT INDUSTRIES INC. CORP BND		5/1/2019		1,150,000		1,148,470		1,241,724
	45074GAA8	IBERDROLA FINANCE IRELAND LTD CORP BND 144A		9/11/2014		4,000,000		4,009,863		4,018,454
	45138LAK9	IDAHO POWER COMPANY CORP BND		11/15/2012		1,750,000		1,700,924		1,842,225
	452227CN9	ILLINOIS ST MUNI BND REV		6/15/2020		1,500,000		1,629,392		1,631,760
	452308AG4	ILLINOIS TOOL WORKS INC. CORP BND 144A		4/1/2019		1,000,000		1,095,049		1,117,300
	452308AH2	ILLINOIS TOOL WORKS INC. CORP BND		4/1/2014		5,000,000		5,261,381		5,458,890
	45324QAB2	ING BANK NV — (LT) GTD CORP BND 144A		2/9/2012		26,700,000		27,301,001		27,183,534
	455057ER6	INDIANA ST FIN AUTH MUNI BND REV		2/1/2019		1,000,000		1,007,893		1,154,570

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date			Par		Book Value $		Fair Value $
	455141PZ8	IN TRANS FIN AUTH MUNI BND REV		12/1/2020			2,000,000		2,006,522		2,318,320
	455280YR2	INDIANAPOLIS IND LOC PUB IMPT MUNI BND REV		2/1/2010			700,000		701,493		703,038
	45660NQ24	INDX CMO 04-AR4 1A		8/25/2034			476,762		277,189		292,357
	45668WAC1	INX CMO 07-FLX1 A-3		2/25/2037			5,000,000		446,886		661,000
	4581X0BG2	INTER AMERICAN DEV BK CORP BND EMTN		9/17/2019			3,000,000		2,995,433		2,940,000
	459200BA8	IBM CORP CORP BND		11/29/2012			20,000		19,929		21,454
	459200GN5	IBM CORP CORP BND		10/15/2013			20,810,000		22,826,395		23,605,793
	459200GR6	IBM CORP CORP BND		5/6/2013			3,900,000		3,896,976		3,861,475
	46070MAA7	IMT CMO 02-1G A2		7/7/2034			25,758		25,758		25,243
	46263RHE8	IPS MULTI-SCH BLDG CORP IND MUNI BND REV		7/15/2029			6,700,000		6,700,000		6,310,596
	46513EGV8	STATE OF ISRAEL GOVT BND		12/4/2023			13,165,000		14,046,037		13,951,346
	46623EHH5	JPMORGAN CHASE & CO CORP BND		6/22/2010			1,112,000		1,112,000		1,111,847
	46625HAJ9	JP MORGAN CHASE & CO CORP BND		2/1/2011			22,930,000		23,262,638		24,181,656
	46625HHB9	JPMORGAN CHASE & CO CORP BND		5/1/2013			26,895,000		26,880,842		28,384,173
	46625HHN3	JPMORGAN CHASE & CO CORP BND		6/1/2014			3,000,000		3,190,071		3,166,233
	46625HHP8	JPMORGAN CHASE & CO SENIOR CORP BND		1/20/2015			3,000,000		3,007,560		3,014,962
	46625YNC3	JPMCC CMBS 05_LDP2 A4		7/15/2042			30,415,000		29,533,036		29,077,214
	46625YQR7	JPMCC CMBS_05-CB12 A4		9/12/2037			500,000		469,012		482,373
	46625YSG9	JPMCC CMBS_05-LDP3 A4A		8/15/2042			400,000		373,821		379,564
	46630GAA3	JPMMT WHOLE CMO 07-A1 1A1		7/25/2035			9,632,294		9,796,273		8,595,859
	46630GAD7	JPMMT WHOLE CMO 07-A1 2A2		7/25/2035			3,671,346		3,721,539		3,319,998
	46630GAN5	JPMMT_07-A1 WHOLE CMO 07-A1 4A2		7/25/2035			2,556,864		2,615,889		2,354,573
	46630GAS4	JPMMT WHOLE CMO 07-A1 5A2		7/25/2035			10,020,331		9,922,855		8,988,237
	468312DN0	JACKSON MICH PUB SCHS MUNI BND GO		5/1/2020			1,000,000		956,830		1,055,280
	480772PN6	JORDAN UTAH SCH DIST MUNI BND GO		6/15/2010			900,000		904,042		915,354
	481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GUAR		12/1/2011			10,200,000		10,295,574		10,549,554
	482474AA1	KKR FINANCIAL CLO LTD KKR_05-1 ABS 05-1AA1 144A		4/26/2017			1,000,000		903,115		902,500
	48248CAA2	KKR FINANCIAL CLO LTD KKR_07-1 2007-1A A 144A		5/15/2021			8,901,379		8,008,550		8,011,241
	48542KHX0	KANSAS ST DEV FIN AUTH REV MUNI BND REV		11/1/2020			2,000,000		1,899,653		2,162,520
	48542KN62	KANSAS ST DEV FIN AUTH REV MUNI BND REV		4/1/2026			5,835,000		5,809,014		5,557,954
	48542KNH8	KANSAS ST DEV FIN AUTH REV MUNI BND REV		6/1/2012			500,000		513,909		547,265
	49151EXA6	KENTUCKY ST PRP & BLDG COM MUNI BND REV		10/1/2017			565,000		561,705		632,354
	493897AB8	KDRE ABS 07-1A A2 144A		12/10/2043			183,280		183,288		162,412
	49474EWA7	KING CNTY WASH MUNI BND GO		1/1/2011			3,000,000		3,016,887		3,109,530
	500635AB3	KOREA GAS CORP GOVT BND 144A		7/15/2014			675,000		669,812		730,566
	50065LAA8	KOREA NATIONAL OIL CORP CORP BND 144A		7/30/2014			1,005,000		998,897		1,062,426
	500769CD4	KFW INTERNATIONAL FINANCE INC CORP BND		5/15/2012			60,000,000		61,517,820		64,375,799
	501044CM1	KROGER CO CORP BND		10/1/2015			1,200,000		1,198,718		1,206,640
	50179MAE1	LBUBS CMBS 06_C6 A4		9/15/2039			35,000,000		34,907,680		33,363,852
	508205GV7	LAKE COOK KANE AND MCHENRY CNT MUNI BND GO		12/1/2016			2,385,000		2,421,172		2,707,357
	52108H6Y5	LBUBS CMBS 05-C5 AM		9/15/2040			550,000		485,209		450,635
	52108HMU5	LBUBS COMM MTG TR CMBS 02_C4 A5		9/15/2031			88,000,000		87,353,000		90,601,245
	52108HRB2	LBUBS CMBS_03-C3 A3		5/15/2027			638,065		597,094		636,970
	52108HUG7	LBUBS SENIOR CMBS_03-C5 XCP144A		4/15/2037			41,654,202		87,400		139,687
	52108MAF0	LBUBS CMBS_05_C7 A4		11/15/2030			1,450,000		1,225,200		1,425,224
	52205VAA3	LEASEPLAN CORPORATION NV — GTD CORP BND 144A		5/7/2012			19,200,000		19,195,905		19,656,576
	525170BL9	LABS WHOLE CMO 03-1 A1		12/25/2033			15,312,407		14,206,059		15,044,440
	52520MBY8	LMT_05-2 CMO 05-2 3A1		12/25/2035			4,110,960		2,475,600		2,498,230
	525221FY8	LXS ABS_05-10 2A1		1/25/2036			328,088		314,161		294,588
	525221HA8	LXS WHOLE CMO 06-2N		2/25/2046			5,273,398		2,215,612		2,432,243
	52524HAJ9	LXS CMO_07-4N 3A2A		3/25/2047			3,052,604		1,441,977		1,399,314
	52524PAG7	LXS_07-16N ABS 07-6 3A1		5/25/2037			14,159,494		8,557,958		8,211,091
	532457BD9	ELI LILLY AND COMPANY CORP BND		3/6/2012			15,175,000		15,163,600		15,777,004
	542388AD5	LBART_06-A 06-A_A4		5/15/2013			19,927,983		20,138,204		20,252,609
	55027XAA8	LUM06-5 WHOLE CMO 06-5 A1A		7/25/2036			8,155,674		3,844,660		3,923,695
	5525V0AU0	MARSHALL & ILSLEY BANK SENIOR CORP BND MTN		6/16/2010			221,000		221,000		217,615
	5525V0BC9	MARSHALL & ILSLEY CORPORATION CORP BND		2/12/2010	��		752,000		752,000		750,421
	55262TFJ7	MBNAS ABS 00-E A		10/15/2012			100,000		100,406		102,407
	55264TCA7	MBNAS ABS 03-A8 A8		12/17/2012			327,000		326,227		326,294
	55265K5Q8	MASTR CMO_04-1 3A1		1/25/2034			1,235,752		1,195,271		1,216,866
	55608JAB4	MACQUARIE BK LTD CORP BND 144A		8/13/2019			3,000,000		3,035,790		3,342,282
	559080AA4	MAGELLAN MIDSTREAM PARTNERS LP SENIOR CORP BND		6/1/2014			15,550,000		15,056,418		16,984,961
	565849AG1	MARATHON OIL CORP CORP BND		2/15/2014			2,000,000		2,115,754		2,208,872
	567505GY2	MARICOPA CNTY ARIZ UN HIGH SCH MUNI BND GO		7/1/2016			1,125,000		1,155,286		1,283,760
	57164TAA6	MVCOT ABS02-1A A1144A		12/20/2024			130,929		130,600		123,889
	57164XAA7	MVCOT 2009-2A ABS 2009-2A A 144A		7/20/2031			9,576,973		9,576,821		9,515,202
	574192K66	MARYLAND ST MUNI BND GO		7/15/2013			5,000,000		5,267,719		5,688,050

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	575296FP8	MASON OHIO CITY SCH DIST MUNI BND GO		12/1/2019		1,000,000		987,859		1,154,600
	575579GA9	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2015		5,000,000		5,403,456		5,878,700
	575579RS8	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2020		35,000		35,217		41,020
	575579SL2	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/2020		1,575,000		1,501,847		1,782,018
	57582NDE2	MASSACHUSETTS ST MUNI BND GO		2/1/2010		2,000,000		2,004,123		2,008,700
	57582PDK3	MASSACHUSETTS ST MUNI BND GO		11/1/2018		2,000,000		1,459,113		1,840,520
	57583PDB2	MASSACHUSETTS ST FED HWY MUNI BND REV		6/15/2011		3,250,000		3,312,263		3,413,410
	576000AK9	MASSACHUSETTS ST SCH BLDG AUTH MUNI BND REV		8/15/2010		2,000,000		2,022,209		2,058,580
	576000BE2	MASSACHUSETTS ST SCH BLDG AUTH MUNI BND REV		8/15/2022		2,000,000		1,875,207		2,167,680
	576433QQ2	MARM_04-8 WHOLE CMO 04-8		9/25/2034		1,322,777		1,273,610		944,463
	576433RP3	MARM_04-8 WHOLE CMO 04-9		11/25/2034		3,987		3,987		3,969
	57643LLC8	MABS ABS 05-AB1 A4		11/25/2035		10,000,000		3,964,359		4,428,000
	579780AD9	MCCORMICK & CO INC CORP BND		12/15/2015		1,500,000		1,452,551		1,604,550
	582839AA4	MEAD JOHNSON NUTRITION CO CORP BND 144A		11/1/2014		2,000,000		2,000,320		1,987,536
	58403GAB1	MEDL CMO 07-1G-A1		2/27/2039		498,207		498,207		478,121
	585055AP1	MEDTRONIC INC CORP BND		3/15/2014		2,750,000		2,848,415		2,929,534
	585907AM0	MELLON BANK N.A. CORP BND		12/15/2014		4,000,000		3,655,481		4,264,773
	586158KZ9	MEMPHIS TENN ELEC SYS REV MUNI BND REV		12/1/2014		2,000,000		2,023,878		2,229,400
	589331AP2	MERCK & CO INC CORP BND		6/30/2015		9,550,000		9,659,918		9,912,255
	589331AR8	MERCK & CO INC CORP BND		6/30/2011		750,000		750,286		757,000
	589929W53	MLMI WHOLE 03-A4		7/25/2033		227,419		227,479		207,315
	59018YN64	MERRILL LYNCH & CO INC CORP BND MTN		4/25/2018		20,250,000		20,334,949		21,887,155
	59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1		6/25/2037		4,698,778		2,570,176		2,537,340
	592098XJ1	METROPOLITAN GOVT NASHVILLE & MUNI BND REV		1/1/2010		2,000,000		2,000,000		2,000,000
	592179JG1	METLIFE INC SENIOR CORP BND 144A		4/10/2013		4,000,000		3,858,262		4,219,419
	594918AB0	MICROSOFT CORPORATION CORP BND		6/1/2014		40,350,000		40,315,324		40,697,838
	595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND		10/1/2014		25,800,000		25,969,318		27,212,670
	59562VAT4	MIDAMERICAN ENERGY HOLDINGS CO CORP BND		4/1/2018		2,000,000		1,853,522		2,094,438
	602248AR7	MILWAUKEE CNTY WIS ARPT REV MUNI BND REV		12/1/2017		1,675,000		1,675,733		1,705,117
	603827EJ1	MINN & ST PAUL MET ARPTS REV MUNI BND REV		1/1/2026		2,000,000		2,039,690		2,095,260
	615337AA0	MONY GRP INC. CORP BND		3/15/2010		8,000,000		8,051,175		8,099,200
	615401JW7	MOON AREA SCH DIST PA MUNI BND GO		11/15/2018		1,360,000		1,343,153		1,470,174
	617446V71	MORGAN STANLEY CORP BND MTN		8/28/2017		20,500,000		20,909,126		21,524,367
	61744YAD0	MORGAN STANLEY CORP BND MTN		12/28/2017		7,000,000		7,189,172		7,205,122
	61745M5G4	MSC CMBS_05-T19 A4A		6/12/2047		500,000		466,808		487,732
	61745M6D0	MSC CMBS_05-HQ6 A2A		8/13/2042		500,000		503,412		502,004
	61745ML27	MSC SENIOR CMBS 04-T15 A2		6/13/2041		2,087,090		2,105,640		2,104,219
	61745ML43	MSC CMBS 04-T15 A4		6/13/2041		4,000,000		4,092,717		4,006,520
	61746SBR9	MORGAN STANLEY CORP BND		10/15/2015		3,000,000		2,076,111		3,079,660
	61746SBS7	MORGAN STANLEY CORP BND		1/21/2011		20,000,000		20,169,794		20,720,491
	61747YCF0	MORGAN STANLEY CORP BND		5/13/2014		6,500,000		6,882,271		6,991,210
	61750HAE6	MSC CMBS_06-HQ10 A4		11/12/2041		2,500,000		1,994,785		2,348,527
	61757UAB6	MORGAN STANLEY CORP BND GOVT GUAR		12/1/2011		9,200,000		9,306,293		9,536,628
	61757UAH3	MORGAN STANLEY-GTD CORP BND		6/20/2012		1,250,000		1,249,611		1,260,700
	625574HL5	MULTNOMAH CNTY ORE SCH DIST NO MUNI BND GO		6/15/2018		500,000		490,667		564,390
	62914AAB8	NIBC BANK NV — GTD CORP BND 144A		12/2/2014		45,200,000		45,102,987		45,200,000
	635405AR4	NATIONAL CITY CORPORATION CORP BND		6/16/2010		500,000		468,713		498,460
	637432LT0	NATIONAL RURAL UTILITIES SECURED CORP BND		9/16/2012		1,450,000		1,448,045		1,462,514
	63866EBL3	NATIONWIDE LIFE GLOBAL FUNDING CORP BND 144A		10/2/2012		600,000		603,895		592,620
	63968AQF5	NEBRASKA PUB PWR DIST MUNI BND REV		1/1/2014		6,500,000		6,500,000		6,907,225
	64032EAA5	NELNET ABS 07-1 A1		11/27/2018		969,947		969,947		949,640
	644682UL8	NEW HAMPSHIRE ST MUNI BND GO		6/1/2017		1,730,000		1,722,802		1,979,726
	64468TRZ2	NEW HAMPSHIRE ST HSG FIN AUTH MUNI BND REV		7/1/2021		60,000		53,208		61,640
	64711NJU0	NEW MEXICO FIN AUTH REV MUNI BND REV		6/1/2029		3,790,000		3,790,000		3,650,225
	64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 144A		5/9/2013		4,000,000		3,921,706		4,216,765
	64983QWY1	NEW YORK ST DORM AUTH REVS NON MUNI BND REV		8/1/2018		2,000,000		1,979,408		2,221,280
	650013T21	NEW YORK ST TWY AUTH MUNI BND REV		4/1/2019		2,000,000		1,935,292		2,154,160
	650034X89	NEW YORK ST URBAN DEV CORP MUNI BND REV		3/15/2017		2,050,000		2,114,868		2,387,000
	652482BG4	NEWS AMERICA INC CORP BND		12/15/2014		10,000,000		9,937,150		10,745,808
	65364UAA4	NIAGARA MOHAWK POWER CORPORATI SENIOR CORP BND 144A		8/15/2019		2,000,000		2,012,241		1,975,574
	65557CAA1	NORDEA BANK AB CORP BND 144A		11/13/2014		36,250,000		36,198,745		36,103,268
	656491KZ9	NORRISTOWN PA AREA SCH DIST MUNI BND GO		9/1/2021		1,000,000		1,029,957		1,122,960
	663903CA8	NORTHEAST OHIO REGL SWR DIST W MUNI BND REV		11/15/2016		1,900,000		1,943,170		2,188,192
	665859AK0	NORTHERN TRUST COMPANY THE CORP BND		5/1/2014		1,000,000		1,021,673		1,051,356
	66989HAA6	NOVARTIS CAPITAL CORP CORP BND		2/10/2014		21,775,000		21,756,305		22,825,464
	67021CAB3	NSTAR ELEC CO CORP BND		4/15/2014		5,000,000		5,292,368		5,314,133
	674599BX2	OCCIDENTAL PETROLEUM CORP BND		6/1/2016		2,000,000		1,986,981		2,019,415

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	677520SW9	OHIO ST MUNI BND GO		11/1/2020		2,000,000		1,903,465		2,185,980
	677632HM6	OHIO ST UNIV MUNI BND REV		6/1/2011		2,000,000		2,037,475		2,122,940
	67766WGU0	OHIO ST WTR DEV AUTH MUNI BND REV		12/1/2019		1,970,000		1,974,538		2,314,080
	680616PF0	OLENTANGY LOC SCH DIST OHIO MUNI BND GO		12/1/2017		2,000,000		2,006,535		2,241,520
	681793T88	OMAHA PUB PWR DIST NEB ELEC RE MUNI BND REV		2/1/2018		2,000,000		1,968,732		2,176,620
	68389XAC9	ORACLE CORPORATION CORP BND		4/15/2018		4,000,000		3,802,749		4,301,770
	68389XAD7	ORACLE CORPORATION SENIOR CORP BND		4/15/2013		6,675,000		7,055,693		7,168,092
	68607VUM5	OREGON ST BRD HIGHER ED-SER A MUNI BND REV		4/1/2023		4,000,000		4,426,760		4,452,040
	69331CAE8	PG&E CORPORATION CORP BND		4/1/2014		10,000,000		9,953,667		10,761,614
	693476AV5	PNC FUNDING CORP CORP BND		3/10/2010		16,500,000		16,489,708		16,612,792
	69373UAB3	PACCAR INC CORP BND		2/15/2012		4,000,000		3,997,003		4,340,479
	694308GP6	PACIFIC GAS AND ELECTRIC CO SENIOR CORP BND		12/1/2013		13,000,000		12,922,849		14,454,093
	69510WAA5	PCDO ABS 05-5A A1 144A		1/26/2020		7,754,619		6,962,272		6,925,573
	695114BU1	PACIFICORP CORP BND		11/15/2011		1,000,000		1,008,997		1,094,543
	699490AA6	BANQUE NATIONALE DE PARIBAS/NY CORP BND		7/22/2013		500,000		535,030		546,008
	705220AM3	PECO ENERGY TRANS TR ABS01-A A1		12/31/2010		485,000		486,993		496,290
	70686AAB7	PENDE ABS 07-1A 3A 144A		2/12/2016		654,000		654,000		651,676
	713448BK3	PEPSICO INC SENIOR CORP BND		3/1/2014		21,350,000		21,311,706		22,106,838
	71419GAJ9	PERMM ABS 07-1 2A1		1/15/2016		981,000		981,000		980,546
	71645WAP6	PETROBRAS INTERNATIONAL FINANC CORP BND		1/20/2020		1,050,000		1,040,248		1,063,125
	717081CZ4	PFIZER INC. CORP BND		3/15/2012		23,925,000		23,900,137		25,242,186
	717081DA8	PFIZER INC. CORP BND		3/15/2015		7,750,000		8,353,694		8,449,168
	718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND		5/16/2013		25,875,000		25,971,595		27,342,694
	718814CX2	PHOENIX ARIZ MUNI BND GO		7/1/2010		1,350,000		1,375,964		1,394,807
	721799PX6	PIMA CNTY ARIZ UNI SCH DIST NO MUNI BND GO		7/1/2010		500,000		510,715		516,595
	73358WAG9	PORT AUTH NY & NJ MUNI BND REV		12/1/2019		3,500,000		3,500,000		3,600,135
	73755LAF4	POTASH CORPORATION OF SASKETCH CORP BND		5/15/2019		1,000,000		1,021,592		1,103,835
	737679CW8	POTOMAC ELECTRIC POWER COMPANY CORP BND		11/15/2013		1,200,000		1,086,755		1,266,960
	74005PAJ3	PRAXAIR INC. CORP BND		4/1/2012		1,000,000		1,013,625		1,099,381
	74005PAU8	PRAXAIR INC. SENIOR CORP BND		8/15/2019		3,000,000		2,999,535		3,001,725
	741701WX0	PRINCE GEORGES CNTY MD MUNI BND GO		7/15/2014		4,630,000		4,724,695		5,149,810
	742633PD6	PRIOR LAKE MINN INDPT SCH DIST MUNI BND GO		2/1/2020		1,195,000		1,164,566		1,268,851
	742651DE9	PRIVATE EXPORT FUNDING CORP AGENCY BND		9/15/2017		44,100,000		44,025,916		47,816,308
	742651DG4	PRIVATE EXPORT FUNDING CORP AGENCY BND		3/15/2019		20,000,000		19,902,728		19,683,400
	742718DM8	PROCTER & GAMBLE COMPANY CORP BND		2/15/2015		3,000,000		2,989,180		3,071,936
	743263AD7	PROGRESS ENERGY INC CORP BND		3/1/2011		10,700,000		10,980,334		11,313,755
	743263AM7	PROGRESS ENERGY INC. CORP BND		3/15/2014		10,000,000		10,189,261		10,849,620
	744448BU4	PUBLIC SERVICE COLORADO CORP BND		10/1/2012		8,770,000		9,480,176		10,041,485
	744448CC3	PUBLIC SERVICE COLORADO CORP BND		6/1/2019		5,000,000		5,148,680		5,201,708
	74451PAA1	PUB SERV NC INC CORP BND		2/15/2011		1,550,000		1,585,478		1,622,075
	74727PAJ0	QATAR (STATE OF) CORP BND 144A		1/20/2015		2,800,000		2,796,360		2,800,000
	74958XAB0	RFMSI CMO 07-SA2 2A1		4/25/2037		8,181,218		5,381,252		5,449,509
	75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1		2/25/2037		1,951,498		879,999		897,689
	75405UAE6	RAS LAFFAN LNG 3 SECURED CORP BND 144A		9/30/2012		825,000		824,777		852,926
	758202AE5	REED ELSEVIER CAPITAL INC CORP BND		6/15/2010		1,750,000		1,739,470		1,747,900
	758202AF2	REED ELSEVIER PLC CORP BND		1/15/2014		16,325,000		16,296,464		18,592,748
	759136LA0	REGIONAL TRANSN DIST COLO MUNI BND REV		11/1/2017		1,550,000		1,550,015		1,723,399
	75953MAD2	CENTERPOINT ENERGY TRANSITION ABS 01-1 A4		9/15/2015		7,679,577		7,971,678		8,244,333
	76110H2P3	RES ASSET SEC WHOLE CMO 05-QA3		3/25/2035		2,494,063		2,138,115		1,507,412
	76110HHG7	RFMSI_03-Q16 CMO 03-QS16A1		8/25/2018		9,597,992		9,283,661		9,070,102
	761118FG8	RALI CMO_05-QA9 CB11		8/25/2035		4,488,454		2,530,313		2,748,766
	761118QM3	RALI WHOLE CMO 05-QO5 A1		1/25/2046		485,977		218,029		254,128
	771196AN2	ROCHE HOLDINGS INC CORP BND 144A		3/1/2012		29,000,000		28,887,887		30,606,030
	771196AQ5	ROCHE HOLDINGS INC CORP BND 144A		3/1/2014		4,000,000		4,153,148		4,297,824
	774341AB7	ROCKWELL COLLINS INC. CORP BND		7/15/2019		1,625,000		1,616,704		1,694,059
	77509NAD5	ROGERS CABLE INC. CORP BND		5/1/2012		9,675,000		10,099,909		10,848,763
	78008EJT5	ROYAL BANK OF CANADA CORP BND		6/8/2010		1,701,000		1,701,000		1,701,017
	78011CAG1	ROYAL BK OF STLAND GRP PLC — (CORP BND 144A		3/30/2012		5,000,000		4,997,595		4,953,400
	780427KA7	ROYAL OAK CITY MICH SCH DIST MUNI BND GO		5/1/2019		2,000,000		1,919,078		2,138,320
	7832434J4	RUTHERFORD CNTY TENN MUNI BND GO		6/1/2018		1,430,000		1,431,567		1,602,058
	78387GAP8	AT&T INC CORP BND		9/15/2014		4,000,000		3,849,586		4,271,462
	78442GHW9	SLMA ABS_03-10A A1A 144A		12/15/2016		22,350,000		22,283,844		22,308,436
	78442GHZ2	SLMA ABS 03-10A A1D 144A		12/15/2016		5,000,000		4,942,356		4,990,702
	78442GJD9	REP FHLP ABS 03-10A A1H 144A		12/15/2016		54,650,000		54,029,179		54,548,367
	78442GQR0	SLMA ABS_05-8 A4		1/25/2028		425,000		430,608		416,304
	78443DAA0	SLMA ABS 07-A A1		9/15/2022		396,758		396,758		366,021
	78443YAA4	SLMA ABS 07-3 A1		10/27/2014		158,343		158,343		158,152

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	78443YAB2	SLMA ABS 07-3 A2		10/25/2017		916,000		916,000		902,260
	79548CAB2	SBM7 CMBS_00-C3 A2		12/18/2033		407,186		410,598		414,332
	795560AR2	SALT LAKE & SANDY UTAH MUNI BND REV		7/1/2020		1,820,000		1,726,981		1,934,696
	802072KA5	SANTA FE N M GROSS RCPTS TAX MUNI BND REV		6/1/2019		2,000,000		1,922,218		2,106,320
	806640PN2	SCHERTZ-CIBOLO-UNVL CITY TEX I MUNI BND GO		2/1/2020		2,025,000		1,926,430		2,200,365
	806860AA0	SCHLUMBERGER TECH CORP CORP BND 144A		4/15/2012		1,150,000		1,224,218		1,253,312
	809326AC5	SCOTLAND INTERNATIONAL FINANCE CORP BND 144A		8/15/2010		600,000		599,415		608,940
	822582AF9	SHELL INTL FINAN CORP BND		3/21/2014		1,000,000		1,023,187		1,042,934
	822582AG7	SHELL INTL FINAN SENIOR CORP BND		9/22/2011		1,250,000		1,249,957		1,253,319
	826502AA4	SRFC ABS_07-1A A1 144A		3/20/2019		759,860		659,427		733,873
	82651AAA5	SRFC ABS_07-2AA1 144A		9/20/2019		1,919,976		1,659,117		1,741,610
	82651CAA1	SRFC ABS 09-1A A1 144A		12/22/2025		1,750,609		1,750,460		1,818,672
	82651KAA3	SRFC ABS 09-2A 144A		8/20/2026		5,090,645		5,090,117		5,082,754
	828807BZ9	SIMON PROPERTY GROUP L.P. CORP BND		5/30/2018		4,000,000		2,696,398		3,995,331
	828807CB1	SIMON PROPERTY GROUP L.P. SENIOR CORP BND		5/15/2014		17,675,000		18,500,934		18,845,656
	832110AK6	SMITH INTERNATIONAL INC. CORP BND		3/15/2014		2,000,000		1,994,269		2,309,281
	833034AC5	SNAP-ON INCORPORATED CORP BND		8/15/2011		1,400,000		1,435,378		1,484,280
	833656AD3	SOCIETE FINANCEMENT DE L ECONO CORP BND 144A		10/29/2010		18,000,000		18,008,776		18,082,800
	833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND 144A		5/5/2014		40,000,000		40,173,727		40,809,998
	837562KS5	SOUTH DAKOTA ST UNIV MUNI BND REV		4/1/2020		1,545,000		1,457,350		1,606,275
	842434CA8	SOUTHERN CALIFORNIA GAS CO CORP BND		10/1/2012		700,000		680,275		751,103
	842587CE5	SOUTHERN COMPANY CORP BND		5/15/2014		13,675,000		13,686,599		14,092,980
	846042AA7	SOVEREIGN BANK — GTD CORP BND GOVT GUAR		1/17/2012		2,000,000		1,998,737		2,053,460
	855030AJ1	STAPLES INC. CORP BND		1/15/2014		2,000,000		2,042,022		2,430,000
	857477AE3	STATE STREET CORPORATION CORP BND		5/30/2014		1,750,000		1,748,538		1,814,653
	85771SAA4	STATOIL ASA CORP BND		4/15/2019		6,000,000		6,056,655		6,365,310
	85771SAB2	STATOIL ASA CORP BND		4/15/2014		16,000,000		15,994,071		16,610,520
	863579J90	SARM CMO SARM 05-22 1A4		12/25/2035		9,945,000		3,046,229		3,248,803
	863579KY3	SARM WHOLE CMO 05-1		2/25/2035		2,957,552		2,744,167		1,889,284
	86359A5B5	SASC CMO 03-34A 3A3		11/25/2033		417,533		306,445		342,377
	86359AH71	SASC CMO 03-24A 1A3		7/25/2033		629,287		484,575		532,125
	86359BGD7	STRUCTURED ASSET SEC CORP WHOLE CMO 04-1		2/25/2034		196,368		189,009		153,756
	86359BVE8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-6		6/25/2034		10,931,677		10,415,862		9,127,950
	86359LQM4	SAMI_06-AR1 CMO_05-AR7 4A1		3/25/2046		4,509,984		2,283,972		2,614,804
	86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1		8/25/2047		17,471,798		7,077,234		9,478,450
	864784BK8	SUFFOLK CNTY N Y WTR AUTH WTRW MUNI BND REV		6/1/2035		500,000		485,303		468,250
	86787ARV9	SUNTRUST BK ATLANTA GA CORP BND		1/29/2010		1,190,000		1,190,000		1,190,000
	86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		6/10/2014		4,000,000		3,990,213		4,141,600
	87244EAA0	TIAA GLOBAL MARKETS CORP BND 144A		1/12/2011		10,250,000		10,248,679		10,565,661
	87244EAC6	TIAA GLOBAL MARKETS CORP BND 144A		10/10/2012		3,000,000		3,168,304		3,219,050
	87938WAJ2	TLEFONICA EMISNS CORP BND		1/15/2015		37,130,000		39,635,413		39,346,656
	880557WZ2	TENNESSEE ST SCH BD AUTH MUNI BND REV		5/1/2013		400,000		403,219		406,832
	880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND		5/23/2012		22,679,000		23,419,943		25,428,602
	88283LCS3	TEXAS TRANSN COMMN ST HWY FD MUNI BND REV		4/1/2022		2,000,000		1,884,174		2,171,080
	88522AAC5	THORNBURG MORTGAGE SECURITIES CMO 06-4 A2B		7/25/2036		10,728,980		9,919,048		10,353,466
	88732JAR9	TIME WARNER CABLE INC CORP BND		4/1/2014		1,500,000		1,740,921		1,722,708
	88732JAS7	TIME WARNER CABLE INC CORP BND		4/1/2019		10,250,000		10,605,037		12,195,451
	8935268Y2	TRANSCANADA PIPELINES LIMITED CORP BND		1/15/2019		4,000,000		4,566,398		4,678,004
	893526CC5	TRANSCANADA PIPELINES LIMITED CORP BND		5/15/2012		11,675,000		12,608,819		13,278,569
	89352HAA7	TRANS-CANADA PIPELINES CORP BND		6/15/2013		1,800,000		1,580,997		1,850,231
	90331HKP7	U.S. BANK NATIONAL ASSOCIATION CORP BND		10/30/2014		2,750,000		2,775,334		2,926,796
	90345AAA0	US CENTRAL CREDIT UNION — (LT) CORP BND 144A GUAR		10/19/2011		27,200,000		27,187,178		27,173,344
	90345AAC6	US CENTRAL CREDIT UNION — (LT) CORP BND 144A		10/19/2012		15,500,000		15,490,736		15,491,010
	90466GAB8	UNICREDITO LUXEM FIN CORP BND 144A		1/13/2017		21,750,000		21,750,000		20,593,582
	904764AG2	UNILEVER CAPITAL CORP CORP BND		11/1/2010		1,500,000		1,530,168		1,579,367
	904764AJ6	UNILEVER CAPITAL CORP CORP BND		2/15/2014		28,000,000		27,969,211		28,764,606
	907818CV8	UNION PACIFIC CO CORP BND		1/15/2015		1,150,000		1,157,859		1,198,631
	911312AL0	UNITED PARCEL SERVICE INC CORP BND		4/1/2014		3,450,000		3,443,448		3,584,720
	91159HGR5	US BANCORP CORP BND		5/15/2014		3,700,000		3,745,244		3,835,789
	91160HAA5	US BANCORP — (LT) GTD CORP BND		3/13/2012		4,100,000		4,099,637		4,164,944
	912810DW5	UNITED STATES TREASURY GOVT BND		5/15/2016		310,000		368,993		383,951
	912810EZ7	UNITED STATES TREASURY GOVT BND		2/15/2027		2,475,000		3,062,343		3,089,543
	912810FS2	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2026		4,000,000		3,732,252		4,382,599
	912810FT0	UNITED STATES TREASURY GOVT BND		2/15/2036		8,000,000		7,782,604		7,884,560
	912810PS1	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2027		6,900,000		7,276,750		7,787,134
	9128275Z1	UNITED STATES TREASURY GOVT BND		2/15/2010		1,550,000		1,556,224		1,561,300
	9128277L0	UNITED STATES TREASURY GOVT BND		2/15/2012		1,155,000		1,209,648		1,243,115

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	912828AJ9	UNITED STATES TREASURY GOVT BND		8/15/2012		500,000		515,479		537,950
	912828AP5	UNITED STATES TREASURY GOVT BND		11/15/2012		2,465,000		2,618,372		2,633,434
	912828BA7	UNITED STATES TREASURY GOVT BND		5/15/2013		7,565,000		8,066,188		8,008,990
	912828BR0	UNITED STATES TREASURY GOVT BND		11/15/2013		335,000		352,650		362,045
	912828CA6	UNITED STATES TREASURY GOVT BND		2/15/2014		990,000		1,071,864		1,058,498
	912828CP3	UNITED STATES TREASURY GOVT IBND TIPS		7/15/2014		11,000,000		10,836,060		13,380,092
	912828CT5	UNITED STATES TREASURY GOVT BND		8/15/2014		16,440,000		16,057,884		17,743,855
	912828DG2	UNITED STATES TREASURY GOVT BND		1/15/2010		50,000		49,983		50,054
	912828DM9	UNITED STATES TREASURY GOVT BND		2/15/2015		6,955,000		7,594,873		7,394,069
	912828DV9	UNITED STATES TREASURY GOVT BND		5/15/2015		4,000,000		4,415,791		4,265,800
	912828EA4	UNITED STATES TREASURY GOVT IBND TIPS		7/15/2015		5,800,000		6,313,899		6,796,599
	912828EE6	UNITED STATES TREASURY GOVT BND		8/15/2015		1,000,000		1,112,682		1,070,620
	912828EM8	UNITED STATES TREASURY GOVT BND		11/15/2010		1,700,000		1,699,730		1,759,024
	912828EN6	UNITED STATES TREASURY GOVT BND		11/15/2015		250,000		292,490		270,758
	912828EW6	UNITED STATES TREASURY GOVT BND		2/15/2016		1,000,000		1,128,000		1,079,210
	912828FA3	UNITED STATES TREASURY GOVT BND		3/31/2011		1,090,000		1,142,524		1,143,029
	912828FN5	UNITED STATES TREASURY GOVT BND		7/31/2011		4,500,000		4,712,512		4,779,090
	912828FY1	UNITED STATES TREASURY GOVT BND		11/15/2016		5,235,000		5,542,560		5,665,474
	912828GA2	UNITED STATES TREASURY GOVT BND		11/30/2011		1,050,000		1,115,962		1,118,082
	912828GC8	UNITED STATES TREASURY GOVT BND		12/31/2011		500,000		525,365		534,345
	912828GM6	UNITED STATES TREASURY GOVT BND		3/31/2012		1,025,000		1,097,898		1,097,529
	912828HA1	UNITED STATES TREASURY GOVT BND		8/15/2017		9,000,000		9,519,147		9,765,179
	912828HC7	UNITED STATES TREASURY GOVT BND		8/31/2012		1,000,000		1,073,393		1,069,380
	912828HH6	UNITED STATES TREASURY GOVT BND		11/15/2017		64,200,000		64,958,338		67,289,949
	912828HN3	UNITED STATES TREASURY GOVT IBND TIPS		1/15/2018		3,000,000		3,087,789		3,170,647
	912828HT0	UNITED STATES TREASURY GOVT BND		2/28/2013		5,000,000		5,193,150		5,152,100
	912828HY9	UNITED STATES TREASURY GOVT BND		4/30/2013		1,200,000		1,258,578		1,250,028
	912828JF8	UNITED STATES TREASURY GOVT BND		7/31/2010		5,000,000		5,035,953		5,072,350
	912828JK7	UNITED STATES TREASURY GOVT BND		8/31/2013		1,525,000		1,599,171		1,584,978
	912828JQ4	UNITED STATES TREASURY GOVT BND		10/31/2013		1,500,000		1,499,420		1,536,330
	912828JX9	UNITED STATES TREASURY GOVT IBND		1/15/2019		1,000,000		1,078,193		1,068,390
	912828JZ4	UNITED STATES TREASURY GOVT BND		1/31/2014		6,000,000		5,973,838		5,887,020
	912828KN9	UNITED STATES TREASURY GOVT BND		4/30/2014		750,000		745,995		734,730
	912828KY5	UNITED STATES TREASURY GOVT BND		6/30/2014		191,995,000		193,670,525		193,458,004
	912828LJ7	UNITED STATES TREASURY GOVT BND		8/15/2019		340,000		351,288		334,285
	912828LL2	UNITED STATES TREASURY GOVT BND		8/31/2016		17,200,000		17,210,750		16,922,220
	912828LP3	UNITED STATES TREASURY GOVT BND		9/30/2016		10,000,000		10,084,822		9,816,600
	912828LQ1	UNITED STATES TREASURY GOVT BND		9/30/2014		1,700,000		1,699,954		1,685,771
	912828LZ1	UNITED STATES TREASURY GOVT BND		11/30/2014		150,000,000		148,920,535		146,454,003
	912828MA5	UNITED STATES TREASURY GOVT BND		11/30/2016		122,000,000		120,181,872		117,520,313
	912828MB3	UNITED STATES TREASURY GOVT BND		12/15/2012		62,000,000		61,133,307		60,997,462
	912828ME7	UNITED STATES TREASURY GOVT BND		12/31/2014		10,000,000		10,001,627		9,972,300
	912828ML1	UNITED STATES TREASURY GOVT BND		12/31/2011		25,000,000		24,970,185		24,929,751
	912828MM9	UNITED STATES TREASURY GOVT BND		11/30/2011		27,600,000		27,603,646		27,420,875
	912833JY7	UNITED STATES TREASURY PO		5/15/2012		600,000		543,349		582,930
	913017BC2	UNITED TECHNOLOGIES CORP CORP BND		11/15/2010		1,000,000		1,021,171		1,054,703
	914119HX3	UNIVERSITY CINCINNATI OHIO MUNI BND REV		6/1/2018		2,015,000		1,943,797		2,153,269
	914437PF9	UNIVERSITY MASS BLDGAUTH MUNI BND REV		11/1/2019		1,530,000		1,457,974		1,628,471
	915506KJ7	UPPER ARLINGTON OHIO CITY SCH MUNI BND GO		12/1/2021		1,250,000		1,179,876		1,339,325
	92343VAN4	VERIZON COMMUNICATIONS INC. SENIOR CORP BND		4/15/2013		4,000,000		3,913,913		4,326,504
	92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND		11/15/2013		4,550,000		4,875,359		5,238,024
	92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND		2/1/2012		3,750,000		3,829,323		3,997,901
	92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND		2/1/2014		6,150,000		6,117,179		6,701,114
	92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND		5/20/2011		33,275,000		33,257,037		34,323,960
	92553PAE2	VIACOM INC SENIOR CORP BND		9/15/2014		1,500,000		1,509,219		1,540,579
	927749DT5	VIRGINIA BEACH VA MUNI BND REV		10/1/2019		1,735,000		1,692,523		1,876,437
	92817LEM1	VIRGINIA ST RES AUTH CLEAN WTR MUNI BND REV		10/1/2010		2,000,000		2,031,063		2,071,900
	92817LFB4	VIRGINIA ST RES AUTH CLEAN WTR MUNI BND REV		10/1/2020		2,500,000		2,550,793		3,029,550
	92857WAP5	VODAFONE GROUP PLC CORP BND		2/27/2017		25,000,000		27,073,305		26,794,428
	92867AAD8	VALET ABS 07-1 A4		7/22/2013		126,758		126,758		126,422
	92922F4M7	WASHINGTON MUTUAL CMO 2005-AR13 A1A1		10/25/2045		1,422,472		785,785		833,995
	92922F4P0	WAMU CMO_05-AR13 A1A3		10/25/2045		7,004,830		3,786,422		4,233,019
	92922F7P7	WASHINGTON MUTUAL CMO 2005-AR17 A1A1		12/25/2045		10,078,602		5,971,150		6,349,519
	92922FB49	WASHINGTON MUTUAL CMO 04-A13-A1A		11/25/2034		468,998		255,074		319,506
	92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A		7/25/2045		6,781,209		5,172,073		4,727,884
	92922FZF8	WAMU_04-A12 CMO 2004-A12 A2A		10/25/2044		8,722,486		4,896,913		3,088,305
	92925DAB6	WAMU CMO_06-AR17 1A1A		12/25/2046		4,156,475		1,966,301		2,308,506

Allied World Assurance Company Holdings, Ltd.

Fixed Income Securities Listing as of December 31, 2009

Security ID		Description	Maturity Date		Par		Book Value $		Fair Value $
	92927BAA0	WAMU07-OA6 CMO 07-OA6 1A		7/25/2047		24,226,780		11,882,509		12,380,030
	92933WAA6	WEA FINANCE LLC/WT FINANCE AUS CORP BND 144A		9/2/2015		3,000,000		2,972,216		3,179,281
	9297664Q3	WBCMT CMBS 05_C20 A7		7/15/2042		500,000		471,456		483,050
	9297667G2	WACHOVIA BANK COMM MTG TR SENIOR CMBS 05-C21		10/15/2044		26,000,000		25,886,787		25,876,323
	92976WBE5	WACHOVIA CORPORATION CORP BND		7/26/2010		1,046,000		1,046,000		1,046,481
	92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND		5/1/2013		5,000,000		5,328,023		5,313,234
	929903DT6	WACHOVIA CORPORATION CORP BND		6/15/2017		65,300,000		68,022,065		68,141,989
	931142CN1	WAL-MART STORES INC CORP BND		2/3/2014		4,000,000		3,984,787		4,032,025
	931142CQ4	WAL-MART STORES INC CORP BND		5/15/2014		29,800,000		29,796,464		30,297,655
	93363RAA4	EAST PACES FERRY LLC CMO 06-AR13_1A		10/25/2046		9,988,726		5,205,821		5,381,926
	938234MJ7	WASHINGTON CNTY ORE MUNI BND GO		6/1/2020		1,035,000		990,080		1,139,628
	93936RAA2	WAL CMO_07-OA5 A1A		5/25/2047		9,689,293		4,709,770		4,671,208
	93974A7Q1	WASHINGTON STATE MUNI BND GO		1/1/2020		2,000,000		1,913,537		2,159,360
	940773U28	WASHOE CNTY NEV MUNI BND GO		7/1/2023		3,000,000		3,000,000		3,000,000
	949744AA4	WELLS FARGO & COMPANY — GTD CORP BND GOVT GUAR		12/9/2011		2,000,000		1,997,660		2,063,400
	949746NJ6	WELLS FARGO & COMPANY CORP BND		8/26/2011		6,000,000		6,007,043		6,330,848
	94974BBT6	WELLS FARGO & COMPANY SENIOR CORP BND		3/22/2010		1,439,000		1,439,000		1,439,000
	94974BEJ5	WELLS FARGO & COMPANY CORP BND		6/18/2010		2,119,000		2,119,000		2,118,916
	94974BEP1	WELLS FARGO & COMPANY CORP BND		1/24/2011		1,177,000		1,175,817		1,180,001
	94974BET3	WELLS FARGO & COMPANY CORP BND		10/1/2014		1,750,000		1,750,030		1,746,824
	949781AA6	WFMBS WHOLE CMO 05-AR1		2/25/2035		4,417,476		4,363,359		3,799,030
	94981QAA6	WFMBS WHOLE CMO 05-AR16		10/25/2035		696,077		569,353		649,370
	94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2		6/25/2035		6,793,508		6,878,441		6,313,207
	961214BH5	WESTPAC BANKING SENIOR CORP BND		2/27/2015		42,775,000		42,733,830		43,385,025
	967338KS2	WICHITA KANS MUNI BND REV		10/1/2010		2,000,000		2,026,929		2,060,920
	971567KU5	WILMINGTON DEL MUNI BND GO		6/1/2017		1,000,000		998,900		1,151,380
	983024AA8	WYETH CORP BND		3/15/2013		5,000,000		5,348,887		5,420,343
	98385XAT3	XTO ENERGY INC. CORP BND		12/15/2018		18,375,000		18,334,163		20,997,719
	98458PAB1	YALE UNIVERSITY MUNI BND		10/15/2014		1,400,000		1,397,209		1,391,246
	D20658NG7	DEUTSCHE BUNDESREPUBLIK GOVT BND		1/4/2010		12,280,000		15,792,179		17,618,730
	D20658YB6	GOVERNMENT OF GERMANY GOVT BND		7/4/2014		5,600,000		9,046,155		8,658,085
	D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		5/28/2013		42,000,000		42,385,782		42,288,122
	G0501WAD8	ARRAN ABS 05-B A1		12/15/2012		240,000		240,000		235,128
	G92444AB7	UK CONV GILT GOVT BND		3/7/2011		1,750,000		3,388,513		2,939,875
	G92450NU8	UNITED KINGDOM GOVT BND		9/7/2014		8,950,000		16,378,966		15,846,168
	U45818RF7	INTER-AMERICAN DEV BK SENIOR CORP BND EMTN		3/24/2015		23,000,000		19,112,887		20,664,120
	U45942EV4	INTERNATIONAL FINANCE CO SENIOR CORP BND MTN		5/20/2011		5,500,000		5,532,742		5,830,110
	V05973JU3	AFRICAN DEVELOPMENT BANK SENIOR CORP BND MTN		2/27/2014		20,000,000		16,432,356		18,289,259
	W5194CEC3	KOMMUNINVEST CORP BND		7/3/2012		50,000,000		54,528,573		54,178,002
	Y0338TDY5	ASIAN DEVELOPMENT BANK CORP BND MTN		12/10/2014		10,000,000		8,218,091		8,984,690
	Y0338TGD8	ASIAN DEVELOPMENT BANK SENIOR CORP BND MTN		5/22/2015		27,700,000		22,377,220		24,167,143
		Grand Total				7,133,352,730		6,792,563,963		6,971,394,435