Allied World Assurance 8-K Allied World Reports 4.2% Growth In Diluted Book Value Per Share with Strong First Quarter 2013 Results

Exhibit 99.3

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
U.S. Government Securities
912810EZ7	UNITED STATES TREASURY		6.63	2/15/2027		625,000		945,144
912828CT5	UNITED STATES TREASURY		4.25	8/15/2014		440,000		464,424
912828EW6	UNITED STATES TREASURY		4.50	2/15/2016		300,000		335,583
912828FY1	UNITED STATES TREASURY		4.63	11/15/2016		825,000		947,207
912828GX2	UNITED STATES TREASURY		2.63	7/15/2017		8,800,000		11,766,745
912828KF6	UNITED STATES TREASURY		1.88	2/28/2014		8,050,000		8,175,339
912828KN9	UNITED STATES TREASURY		1.88	4/30/2014		715,000		728,070
912828KY5	UNITED STATES TREASURY		2.63	6/30/2014		995,000		1,025,009
912828KZ2	UNITED STATES TREASURY		3.25	6/30/2016		500,000		545,715
912828LC2	UNITED STATES TREASURY		2.63	7/31/2014		13,375,000		13,806,076
912828LP3	UNITED STATES TREASURY		3.00	9/30/2016		500,000		543,985
912828LQ1	UNITED STATES TREASURY		2.38	9/30/2014		1,000,000		1,032,310
912828LS7	UNITED STATES TREASURY		2.38	10/31/2014		2,640,000		2,729,443
912828LZ1	UNITED STATES TREASURY		2.13	11/30/2014		1,000,000		1,031,380
912828ME7	UNITED STATES TREASURY		2.63	12/31/2014		1,000,000		1,041,550
912828MH0	UNITED STATES TREASURY		2.25	1/31/2015		1,000,000		1,036,870
912828MR8	UNITED STATES TREASURY		2.38	2/28/2015		2,415,000		2,512,904
912828MY3	UNITED STATES TREASURY		0.50	4/15/2015		18,335,000		20,475,416
912828NA4	UNITED STATES TREASURY		3.13	4/30/2017		1,000,000		1,102,450
912828NG1	UNITED STATES TREASURY		2.75	5/31/2017		1,000,000		1,088,850
912828NH9	UNITED STATES TREASURY		1.13	6/15/2013		45,000,000		45,093,146
912828NP1	UNITED STATES TREASURY		1.75	7/31/2015		1,000,000		1,033,880
912828NV8	UNITED STATES TREASURY		1.25	8/31/2015		1,200,000		1,227,600
912828NW6	UNITED STATES TREASURY		1.88	8/31/2017		500,000		526,840
912828NZ9	UNITED STATES TREASURY		1.25	9/30/2015		1,000,000		1,023,560
912828PJ3	UNITED STATES TREASURY		1.38	11/30/2015		1,000,000		1,027,620
912828PQ7	UNITED STATES TREASURY		1.00	1/15/2014		11,000,000		11,073,920
912828PS3	UNITED STATES TREASURY		2.00	1/31/2016		3,500,000		3,662,540
912828PZ7	UNITED STATES TREASURY		1.25	3/15/2014		8,650,000		8,738,662
912828QE3	UNITED STATES TREASURY		0.63	4/30/2013		12,900,000		12,904,515
912828QF0	UNITED STATES TREASURY		2.00	4/30/2016		1,500,000		1,574,205
912828QH6	UNITED STATES TREASURY		1.25	2/15/2014		1,000,000		1,009,530
912828QJ2	UNITED STATES TREASURY		2.13	2/29/2016		14,975,000		15,741,870
912828QP8	UNITED STATES TREASURY		1.75	5/31/2016		500,000		521,300
912828QQ6	UNITED STATES TREASURY		2.38	5/31/2018		5,000,000		5,398,450
912828QR4	UNITED STATES TREASURY		1.50	6/30/2016		1,000,000		1,035,070
912828QX1	UNITED STATES TREASURY		1.50	7/31/2016		2,175,000		2,251,864
912828RA0	UNITED STATES TREASURY		0.38	6/30/2013		1,000,000		1,000,660
912828RB8	UNITED STATES TREASURY		0.50	8/15/2014		1,000,000		1,004,010
912828RF9	UNITED STATES TREASURY		1.00	8/31/2016		2,000,000		2,037,420
912828RG7	UNITED STATES TREASURY		0.25	9/15/2014		49,750,000		49,775,370
912828RJ1	UNITED STATES TREASURY		1.00	9/30/2016		3,000,000		3,056,130
912828RM4	UNITED STATES TREASURY		1.00	10/31/2016		2,950,000		3,004,752
912828RS1	UNITED STATES TREASURY		0.25	11/30/2013		145,195,000		145,296,637
912828RV4	UNITED STATES TREASURY		0.25	12/15/2014		30,100,000		30,111,138
912828RX0	UNITED STATES TREASURY		0.88	12/31/2016		6,006,500		6,087,408
912828RZ5	UNITED STATES TREASURY		0.25	1/15/2015		1,000,000		1,000,220
912828SB7	UNITED STATES TREASURY		0.25	1/31/2014		9,200,000		9,208,096
912828SC5	UNITED STATES TREASURY		0.88	1/31/2017		1,000,000		1,013,230
912828SE1	UNITED STATES TREASURY		0.25	2/15/2015		1,000,000		999,950
912828SJ0	UNITED STATES TREASURY		0.88	2/28/2017		2,920,000		2,957,609
912828SK7	UNITED STATES TREASURY		0.38	3/15/2015		1,000,000		1,002,420
912828SL5	UNITED STATES TREASURY		0.25	3/31/2014		18,005,000		18,019,043

1

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
912828SM3	UNITED STATES TREASURY		1.00	3/31/2017		1,000,000		1,017,460
912828SP6	UNITED STATES TREASURY		0.38	4/15/2015		250,000		250,555
912828SQ4	UNITED STATES TREASURY		0.13	4/15/2017		34,180,000		37,393,828
912828SR2	UNITED STATES TREASURY		0.25	4/30/2014		73,129,000		73,186,037
912828SS0	UNITED STATES TREASURY		0.88	4/30/2017		1,000,000		1,011,970
912828SU5	UNITED STATES TREASURY		0.25	5/15/2015		1,000,000		999,500
912828SW1	UNITED STATES TREASURY		0.25	5/31/2014		1,000,000		1,000,680
912828SY7	UNITED STATES TREASURY		0.63	5/31/2017		1,000,000		1,001,280
912828SZ4	UNITED STATES TREASURY		0.38	6/15/2015		1,000,000		1,002,080
912828TA8	UNITED STATES TREASURY		0.25	6/30/2014		280,848,000		281,050,227
912828TB6	UNITED STATES TREASURY		0.75	6/30/2017		750,000		754,268
912828TC4	UNITED STATES TREASURY		1.00	6/30/2019		22,000,000		21,915,080
912828TD2	UNITED STATES TREASURY		0.25	7/15/2015		750,000		749,378
912828TF7	UNITED STATES TREASURY		0.13	7/31/2014		28,505,000		28,473,929
912828TG5	UNITED STATES TREASURY		0.50	7/31/2017		1,000,000		994,250
912828TH3	UNITED STATES TREASURY		0.88	7/31/2019		18,500,000		18,262,646
912828TL4	UNITED STATES TREASURY		0.25	8/31/2014		750,000		750,382
912828TM2	UNITED STATES TREASURY		0.63	8/31/2017		21,200,000		21,178,165
912828TP5	UNITED STATES TREASURY		0.25	9/15/2015		600,000		599,136
912828TQ3	UNITED STATES TREASURY		0.25	9/30/2014		700,000		700,336
912828TR1	UNITED STATES TREASURY		1.00	9/30/2019		32,500,000		32,256,575
912828TS9	UNITED STATES TREASURY		0.63	9/30/2017		3,000,000		2,994,120
912828TT7	UNITED STATES TREASURY		0.25	10/15/2015		750,000		748,733
912828TU4	UNITED STATES TREASURY		0.25	10/31/2014		125,440,000		125,495,192
912828TW0	UNITED STATES TREASURY		0.75	10/31/2017		25,985,000		26,060,097
912828TX8	UNITED STATES TREASURY		0.38	11/15/2015		11,460,000		11,476,960
912828TZ3	UNITED STATES TREASURY		0.25	11/30/2014		49,975,000		49,995,486
912828UA6	UNITED STATES TREASURY		0.63	11/30/2017		1,200,000		1,196,016
912828UC2	UNITED STATES TREASURY		0.25	12/15/2015		500,000		498,925
912828UD0	UNITED STATES TREASURY		0.13	12/31/2014		20,790,000		20,754,865
912828UE8	UNITED STATES TREASURY		0.75	12/31/2017		1,000,000		1,001,420
912828UF5	UNITED STATES TREASURY		1.13	12/31/2019		185,250,000		184,597,926
912828UG3	UNITED STATES TREASURY		0.38	1/15/2016		2,585,000		2,587,662
912828UJ7	UNITED STATES TREASURY		0.88	1/31/2018		12,315,000		12,394,801
912828UK4	UNITED STATES TREASURY		0.25	1/31/2015		71,600,000		71,615,754
912828UM0	UNITED STATES TREASURY		0.38	2/15/2016		77,500,000		77,548,053
912828UN8	UNITED STATES TREASURY		2.00	2/15/2023		24,400,000		24,707,926
912828UP3	UNITED STATES TREASURY		0.25	2/28/2015		40,000,000		40,002,804
912828UR9	UNITED STATES TREASURY		0.75	2/28/2018		1,000,000		999,820
912828US7	UNITED STATES TREASURY		0.38	3/15/2016		600,000		600,330
912828UT5	UNITED STATES TREASURY		0.25	3/31/2015		500,000		500,020
						1,629,053,500		1,641,077,807
U.S. Government Agencies
3128X23A1	FHLMC		4.50	4/2/2014		250,000		260,763
31331KHW3	FED FARM CR BKS		1.63	11/19/2014		750,000		766,673
313375RN9	FEDERAL HOME LOAN BANKS		1.00	3/11/2016		1,050,000		1,065,120
3133762C8	FEDERAL HOME LOAN BANKS		0.38	11/27/2013		2,000,000		2,002,780
3133802C0	FEDERAL HOME LOAN BANKS		1.05	7/26/2017		50,000		50,000
3133802Q9	FEDERAL HOME LOAN BANKS		1.65	7/18/2013		5,000,000		5,000,700
313380AP2	FEDERAL HOME LOAN BANKS		0.40	5/14/2013		125,000		125,050
3133812C8	FEDERAL HOME LOAN BANKS		1.50	5/8/2020		4,990,000		4,952,008
313382MP5	FEDERAL HOME LOAN BANKS		0.40	5/15/2013		300,000		300,033
313397SY8	FHLMC		0.00	2/11/2014		17,700,000		17,675,140
3133EAA24	FED FARM CR BKS		0.73	7/26/2016		100,000		100,000
3133EAZF8	FED FARM CR BKS		0.63	3/23/2016		100,000		100,000

2

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description		Coupon		Maturity	Par		Market Value $
3133EAZU5	FED FARM CR BKS			0.45	4/24/2015		100,000		100,000
3133XVNU1	FEDERAL HOME LOAN BANKS			2.75	12/12/2014		74,500,000		77,595,479
3134G35G1	FHLMC			1.07	2/14/2018		250,000		249,678
3134G3PD6	FHLMC			0.55	2/27/2014		250,000		250,660
3134G3S50	FHLMC			0.63	11/1/2016		750,000		749,760
3134G3W63	FHLMC			1.03	2/28/2017		14,400,000		14,392,512
3134G3ZH6	FHLMC			1.00	7/25/2014		75,000		75,353
3135G0BR3	FNMA			0.50	8/9/2013		4,750,000		4,755,700
3135G0BY8	FNMA			0.88	8/28/2014		4,750,000		4,792,180
3135G0CL5	FNMA	��		0.20	5/17/2013		17,000,000		17,000,597
3135G0CM3	FNMA			1.25	9/28/2016		10,000,000		10,241,000
3135G0ES8	FNMA			1.38	11/15/2016		1,000,000		1,028,010
3135G0HG1	FNMA			0.38	3/16/2015		1,500,000		1,502,415
3135G0MN0	FNMA			1.13	6/28/2013		150,000		150,207
3135G0NJ8	FEDERAL NATIONAL MORTGAGE ASSO			0.60	5/22/2013		100,000		100,044
3135G0NZ2	FNMA			1.13	9/12/2013		200,000		200,352
3135G0PE7	FNMA			0.38	9/25/2013		150,000		150,135
3135G0PQ0	FNMA			0.88	10/26/2017		400,000		400,984
3135G0QM8	FNMA			1.50	10/23/2019		9,925,000		9,887,583
3135G0RK1	FNMA			0.90	11/7/2017		100,000		99,789
3135G0RL9	FNMA			1.55	10/29/2019		2,755,000		2,745,826
3135G0RX3	FANNIE MAE			0.50	11/27/2013		150,000		150,194
3135G0SY0	FNMA			1.60	12/24/2020		1,505,000		1,486,428
3135G0UQ4	FNMA			0.60	9/4/2013		250,000		250,145
3136G02M2	FNMA			1.18	10/30/2018		3,690,000		3,673,221
3136G0M73	FNMA			1.13	10/3/2014		8,000,000		8,007,309
3137EAAJ8	FHLMC			5.13	10/18/2016		250,000		289,932
3137EACW7	FHLMC			2.00	8/25/2016		40,000,000		41,977,200
3137EACX5	FHLMC AGENCY			0.38	10/30/2013		2,000,000		2,002,340
3137EADA4	FHLMC			0.63	12/29/2014		1,000,000		1,006,050
3137EADC0	FHLMC			1.00	3/8/2017		82,000,000		82,965,142
3137EADF3	FHLMC			1.25	5/12/2017		6,000,000		6,127,860
3137EADL0	FHLMC			1.00	9/29/2017		200,000		201,796
3137EADN6	FHLMC			0.75	1/12/2018		600,000		596,712
31398A4M1	FNMA			1.63	10/26/2015		21,500,000		22,176,606
31398AU34	FNMA			2.38	7/28/2015		250,000		261,678
							342,915,000		350,039,142
Non U.S. Government Securities & Agencies
00254ELS9	SVENSK EXPORTKREDIT AB			1.13	4/5/2018		6,000,000		5,965,389
013051DA2	ALBERTA PROVINCE OF			2.75	12/1/2014		950,000		960,944
038461AC3	AID-EGYPT			4.45	9/15/2015		25,000,000		27,433,770
135087A38	CANADA (GOVERNMENT OF)			1.50	8/1/2015		500,000		497,451
135087YN8	CANADA (GOVERNMENT OF)			3.50	6/1/2013		7,850,000		7,758,810
135087YS7	CANADA (GOVERNMENT OF)			3.00	6/1/2014		2,015,000		2,028,806
135087YU2	CANADA (GOVERNMENT OF)			2.00	12/1/2014		8,860,000		8,864,031
135087ZC1	CANADA (GOVERNMENT OF)			2.50	6/1/2015		2,500,000		2,539,415
135087ZF4	CANADA (GOVERNMENT OF)			3.00	12/1/2015		1,100,000		1,137,526
135087ZG2	CANADA (GOVERNMENT OF)			2.50	9/1/2013		1,700,000		1,683,397
135087ZN7	CANADA (GOVERNMENT OF)			2.00	3/1/2014		400,000		397,208
135087ZP2	CANADA (GOVERNMENT OF)			2.00	8/1/2013		1,250,000		1,234,509
135087ZQ0	CANADA (GOVERNMENT OF)			2.75	9/1/2016		5,450,000		5,646,058
135087ZR8	CANADA (GOVERNMENT OF)			2.25	8/1/2014		5,200,000		5,202,141
135087ZT4	CANADA (GOVERNMENT OF)			1.50	11/1/2013		650,000		641,601
135087ZV9	CANADA (GOVERNMENT OF)			1.50	3/1/2017		4,400,000		4,375,065
135087ZX5	CANADA (GOVERNMENT OF)			1.00	2/1/2015		3,000,000		2,953,640

3

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
282645AQ3	EKSPORTFINANS ASA		5.50	5/25/2016		200,000		208,185
28264QGC2	EKSPORTFINANS ASA		5.50	6/26/2017		3,500,000		3,647,781
28264QR63	EKSPORTFINANS A/S		3.00	11/17/2014		2,000,000		1,989,928
500769BM5	KREDITANSTALT FUER WIDERAUFBAU		4.38	2/9/2016		900,000		956,309
642866FT9	NEW BRUNSWICK PROVINCE OF		4.50	2/4/2015		900,000		939,175
683234WM6	ONTARIO PROVINCE		4.50	3/8/2015		900,000		941,387
68323AAW4	ONTARIO PROVINCE		3.15	6/2/2022		12,400,000		12,694,373
68323ABJ2	ONTARIO PROVINCE		0.95	5/26/2015		3,800,000		3,836,594
748148RK1	QUEBEC PROVINCE OF		5.25	10/1/2013		850,000		853,763
803854JF6	SASKATCHEWAN PROVINCE		5.25	6/3/2014		900,000		928,477
D20658J64	DEUTSCHE BUNDESREPUBLIK		3.50	1/4/2016		19,800,000		27,868,034
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU		2.50	5/28/2013		42,000,000		42,144,423
G924507Q5	UNITED KINGDOM GILT		2.75	1/22/2015		6,550,000		10,404,351
G92451GE0	UNITED KINGDOM GILT		1.75	1/22/2017		8,690,000		13,841,902
G9T44MEB4	UNITED KINGDOM GILT		1.00	9/7/2017		50,000		77,152
H7351MFG3	SWITZERLAND (CONFEDERATION OF)		4.25	6/5/2017		1,850,000		2,299,435
H7351PL38	SWITZERLAND (CONFEDERATION OF)		2.00	10/12/2016		1,850,000		2,091,568
H7351PL46	SWITZERLAND (CONFEDERATION OF)		2.00	11/9/2014		1,850,000		2,014,985
H7351PRV0	SWITZERLAND (CONFEDERATION OF)		3.75	6/10/2015		1,850,000		2,114,230
J1348FAB1	EKSPORTFINANS ASA		0.89	6/16/2015		100,000,000		988,773
P4R0C9EK5	MEXICAN BONOS		7.75	11/13/2042		987,558		10,108,093
Q0819ACW8	AUSTRALIA COMMONWEALTH OF		5.75	5/15/2021		26,500,000		32,371,506
S69124FF7	REPUBLIC OF SOUTH AFRICA		10.50	12/21/2026		61,910,000		8,550,784
						377,062,558		261,190,966
State and Municipal
4521518V8	ILLINOIS ST		4.42	1/1/2015		10,998,000		11,554,718
64966B3L5	NEW YORK N Y		1.00	1/15/2016		5,250,000		5,256,720
64971M5E8	NEW YORK NY CITY TRANSITIONAL		4.08	11/1/2020		3,000,000		3,373,380
74526QZL9	PUERTO RICO ELEC PWR AUTH		5.00	7/1/2020		2,000,000		2,103,560
83714RBA0	SOUTH CAROLINA STUDENT LN		0.38	12/2/2019		3,412,672		3,396,837
91412GSB2	UNIVERSITY CALIFORNIA		1.80	7/1/2019		7,500,000		7,517,175
98458PAB1	YALE UNIVERSITY		2.90	10/15/2014		600,000		622,552
						32,760,672		33,824,943
Agency MBS
01F022444	FANNIE MAE		2.50	9/23/2020		10,000,000		10,375,000
01F022642	FANNIE MAE		2.50	3/7/2030		7,000,000		6,938,750
01F030645	FANNIE MAE		3.00	11/26/2029		14,915,000		15,378,763
01F032641	FANNIE MAE		3.50	7/29/2029		17,560,000		18,539,519
01F040644	FANNIE MAE		4.00	7/16/2028		31,000,000		33,048,906
01F040651	FANNIE MAE		4.00	8/6/2028		17,000,000		18,102,344
01F042640	FANNIE MAE		4.50	4/11/2043		-3,580,000		-3,856,891
01F050643	FNMA TBA		5.00	2/24/2025		-6,000,000		-6,500,625
01F060642	FNMA TBA		6.00	6/28/2025		-5,000,000		-5,478,125
01N030646	GNMA		3.00	7/8/2030		1,000,000		1,045,078
01N042641	GNMA		4.50	10/11/2028		11,720,000		12,816,919
01N050644	GNMA TBA		5.00	10/5/2023		1,000,000		1,089,063
01N060643	GNMA TBA		6.00	4/15/2032		750,000		847,031
02R030640	FHLMC		3.00	7/8/2030		4,525,000		4,645,195
02R032646	FHLMC GOLD		3.50	11/17/2030		3,100,000		3,262,750
02R040649	FHLMC GOLD		4.00	11/11/2029		7,325,000		7,786,818
21H030641	GNMA		3.00	7/13/2030		4,900,000		5,116,289
31283HVE2	FHLMC GOLD		6.00	4/27/2025		10,714		11,857
31283HWZ4	FHLMC GOLD		6.00	5/28/2025		7,281		8,058
31283K4C9	FHLMC GOLD		5.00	2/10/2017		4,324,530		4,630,401
31283KJU3	FHLMC GOLD		6.50	2/21/2014		126,660		130,459

4

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31283KN87	FHLMC GOLD		5.00	8/3/2015		1,158		1,243
3128GNW87	FHLMC GOLD		5.00	2/24/2015		1,832		1,965
3128GNY77	FHLMC GOLD		5.00	2/23/2015		7,119		7,549
3128GP3U5	FHLMC GOLD		5.00	3/24/2015		1,270		1,362
3128GP3V3	FHLMC GOLD		5.00	3/25/2015		7,807		8,279
3128GP4U4	FHLMC GOLD		5.00	3/30/2015		2,865		3,072
3128GP7M9	FHLMC GOLD		5.00	3/24/2015		925		986
3128GPSA2	FHLMC GOLD		5.00	3/7/2015		1,192		1,279
3128GQ3Q2	FHLMC GOLD		5.00	4/11/2015		2,227		2,388
3128GQ6E6	FHLMC GOLD		5.00	4/10/2015		2,548		2,721
3128GQGA3	FHLMC GOLD		5.00	3/24/2015		2,723		2,888
3128GQJT9	FHLMC GOLD		5.00	3/26/2015		2,582		2,769
3128GQK26	FHLMC GOLD		5.00	3/24/2015		4,789		5,114
3128GQK34	FHLMC GOLD		5.00	3/25/2015		1,124		1,206
3128GQKB6	FHLMC GOLD		5.00	3/24/2015		1,302		1,396
3128GQP54	FHLMC GOLD		5.00	3/24/2015		4,370		4,687
3128GQQQ7	FHLMC GOLD		5.00	4/11/2015		3,130		3,357
3128GQQZ7	FHLMC GOLD		5.00	4/10/2015		6,199		6,620
3128GQSG7	FHLMC GOLD		5.00	4/11/2015		1,303		1,395
3128GQU58	FHLMC GOLD		5.00	4/12/2015		3,028		3,234
3128GQU90	FHLMC GOLD		5.00	4/10/2015		894		944
3128GQVB4	FHLMC GOLD		5.00	4/12/2015		1,823		1,955
3128GQW31	FHLMC GOLD		5.00	4/10/2015		4,623		4,937
3128GQW49	FHLMC GOLD		5.00	4/11/2015		6,517		6,960
3128GR3Y3	FHLMC GOLD		5.00	4/10/2015		6,036		6,447
3128GR6N4	FHLMC GOLD		5.00	5/13/2015		7,152		7,638
3128GRBH1	FHLMC GOLD		5.00	4/10/2015		1,819		1,951
3128GRFT1	FHLMC GOLD		5.00	4/27/2015		5,019		5,361
3128GRJD2	FHLMC GOLD		5.00	4/27/2015		1,580		1,688
3128GRLA5	FHLMC GOLD		5.00	4/28/2015		7,557		8,071
3128GRM71	FHLMC GOLD		5.00	4/26/2015		1,707		1,831
3128GRP94	FHLMC GOLD		5.00	4/25/2015		767		811
3128GRQA0	FHLMC GOLD		5.00	4/26/2015		2,904		3,115
3128GRSP5	FHLMC GOLD		5.00	4/26/2015		2,773		2,974
3128GRSY6	FHLMC GOLD		5.00	4/27/2015		4,134		4,416
3128GRUF4	FHLMC GOLD		5.00	4/27/2015		851		913
3128GRUT4	FHLMC GOLD		5.00	4/27/2015		4,641		4,978
3128GRWQ8	FHLMC GOLD		5.00	4/11/2015		345		370
3128GRYD5	FHLMC GOLD		5.00	5/13/2015		1,918		2,057
3128GS5Y9	FHLMC GOLD		5.00	5/12/2015		3,822		4,099
3128GSDJ3	FHLMC GOLD		5.00	5/13/2015		5,702		6,090
3128GSGB7	FHLMC GOLD		5.00	5/12/2015		5,559		5,937
3128GSGU5	FHLMC GOLD		5.00	5/13/2015		9,384		10,022
3128GSKE6	FHLMC GOLD		5.00	5/13/2015		7,112		7,595
3128GSKV8	FHLMC GOLD		5.00	5/13/2015		3,826		4,103
3128GSLX3	FHLMC GOLD		5.00	5/13/2015		1,693		1,812
3128GSLY1	FHLMC GOLD		5.00	5/12/2015		5,510		5,885
3128GSNL7	FHLMC GOLD		5.00	5/13/2015		2,383		2,556
3128GSQN0	FHLMC GOLD		5.00	5/12/2015		4,529		4,857
3128GSSN8	FHLMC GOLD		5.00	5/13/2015		8,485		9,062
3128GV2N9	FHLMC GOLD		5.00	8/18/2015		15,350		16,393
3128GV3C2	FHLMC GOLD		5.00	8/19/2015		6,587		7,035
3128GV3D0	FHLMC GOLD		5.00	8/20/2015		13,424		14,337
3128GV3Z1	FHLMC GOLD		5.00	8/20/2015		15,059		16,083
3128GV7G9	FHLMC GOLD		5.00	8/19/2015		3,256		3,494

5

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3128GVBY5	FHLMC GOLD		5.00	7/19/2015		780		833
3128GVH94	FHLMC GOLD		5.00	8/2/2015		1,819		1,952
3128GVJA9	FHLMC GOLD		5.00	8/3/2015		6,468		6,908
3128GVJB7	FHLMC GOLD		5.00	8/4/2015		4,628		4,964
3128GVJQ4	FHLMC GOLD		5.00	8/4/2015		6,993		7,469
3128GVLF5	FHLMC GOLD		5.00	8/4/2015		3,282		3,520
3128GVLH1	FHLMC GOLD		5.00	8/4/2015		4,435		4,737
3128GVLJ7	FHLMC GOLD		5.00	8/5/2015		9,226		9,853
3128GVMM9	FHLMC GOLD		5.00	7/19/2015		792		850
3128GVNL0	FHLMC GOLD		5.00	8/4/2015		4,015		4,306
3128GVNM8	FHLMC GOLD		5.00	8/5/2015		4,120		4,400
3128GVNN6	FHLMC GOLD		5.00	8/6/2015		6,249		6,784
3128GVNV8	FHLMC GOLD		5.00	8/2/2015		1,914		2,052
3128GVNX4	FHLMC GOLD		5.00	8/4/2015		33,431		35,705
3128GVPM6	FHLMC GOLD		5.00	8/5/2015		3,881		4,145
3128GVPN4	FHLMC GOLD		5.00	8/6/2015		3,049		3,270
3128GVPP9	FHLMC GOLD		5.00	8/5/2015		7,755		8,282
3128GVQH6	FHLMC GOLD		5.00	8/5/2015		8,292		8,856
3128GVRA0	FHLMC GOLD		5.00	8/6/2015		1,864		1,999
3128GVRC6	FHLMC GOLD		5.00	8/6/2015		5,523		5,898
3128GVRE2	FHLMC GOLD		5.00	8/3/2015		5,354		5,742
3128GVRS1	FHLMC GOLD		5.00	8/5/2015		2,464		2,643
3128GVRT9	FHLMC GOLD		5.00	8/6/2015		7,198		7,687
3128GVRY8	FHLMC GOLD		5.00	8/6/2015		30,827		32,923
3128GVT83	FHLMC GOLD		5.00	8/5/2015		11,581		12,369
3128GVTN0	FHLMC GOLD		5.00	8/4/2015		4,461		4,785
3128GVTW0	FHLMC GOLD		5.00	8/6/2015		7,065		7,546
3128GVUD0	FHLMC GOLD		5.00	8/5/2015		1,002		1,075
3128GVUE8	FHLMC GOLD		5.00	8/6/2015		6,420		6,856
3128GVUX6	FHLMC GOLD		5.00	8/19/2015		2,659		2,853
3128GVVE7	FHLMC GOLD		5.00	8/19/2015		15,614		16,676
3128GVVF4	FHLMC GOLD		5.00	8/20/2015		7,737		8,264
3128GVVJ6	FHLMC GOLD		5.00	8/18/2015		13,272		14,174
3128GVVY3	FHLMC GOLD		5.00	8/20/2015		6,117		6,532
3128GVW22	FHLMC GOLD		5.00	8/6/2015		2,274		2,429
3128GVW89	FHLMC GOLD		5.00	8/20/2015		3,541		3,799
3128GVZV5	FHLMC GOLD		5.00	8/20/2015		7,501		8,011
3128GW5Q7	FHLMC GOLD		5.00	9/6/2015		6,789		7,285
3128GW6G8	FHLMC GOLD		5.00	9/5/2015		3,969		4,239
3128GWAQ1	FHLMC GOLD		5.00	8/18/2015		1,641		1,760
3128GWAT5	FHLMC GOLD		5.00	8/19/2015		11,427		12,204
3128GWAU2	FHLMC GOLD		5.00	8/20/2015		13,817		14,757
3128GWB49	FHLMC GOLD		5.00	8/20/2015		1,093		1,167
3128GWB80	FHLMC GOLD		5.00	8/20/2015		7,804		8,335
3128GWBH0	FHLMC GOLD		5.00	8/19/2015		10,269		10,967
3128GWC89	FHLMC GOLD		5.00	8/22/2015		4,390		4,689
3128GWCL0	FHLMC GOLD		5.00	8/23/2015		7,553		8,067
3128GWCW6	FHLMC GOLD		5.00	8/21/2015		3,232		3,451
3128GWDP0	FHLMC GOLD		5.00	8/23/2015		5,635		6,018
3128GWEG9	FHLMC GOLD		5.00	8/23/2015		19,782		21,128
3128GWEK0	FHLMC GOLD		5.00	8/19/2015		4,840		5,194
3128GWEP9	FHLMC GOLD		5.00	8/20/2015		1,987		2,132
3128GWF86	FHLMC GOLD		5.00	8/20/2015		5,753		6,145
3128GWFN3	FHLMC GOLD		5.00	8/23/2015		4,929		5,286
3128GWHH4	FHLMC GOLD		5.00	8/20/2015		4,935		5,271

6

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3128GWJG4	FHLMC GOLD		5.00	9/7/2015		13,612		14,538
3128GWK31	FHLMC GOLD		5.00	8/21/2015		6,118		6,534
3128GWK56	FHLMC GOLD		5.00	9/7/2015		7,034		7,512
3128GWMS4	FHLMC GOLD		5.00	9/7/2015		3,741		4,014
3128GWP85	FHLMC GOLD		5.00	9/4/2015		3,523		3,781
3128GWQ27	FHLMC GOLD		5.00	9/7/2015		9,158		9,781
3128GWQ92	FHLMC GOLD		5.00	9/6/2015		7,281		7,776
3128GWQN1	FHLMC GOLD		5.00	9/4/2015		7,159		7,646
3128GWQY7	FHLMC GOLD		5.00	9/6/2015		3,329		3,572
3128GWR42	FHLMC GOLD		5.00	9/7/2015		9,480		10,124
3128GWRF7	FHLMC GOLD		5.00	9/5/2015		4,481		4,786
3128GWV21	FHLMC GOLD		5.00	9/5/2015		8,800		9,398
3128GWVL9	FHLMC GOLD		5.00	9/4/2015		1,141		1,219
3128GWWM6	FHLMC GOLD		5.00	9/5/2015		1,114		1,189
3128GWXD5	FHLMC GOLD		5.00	9/4/2015		4,237		4,547
3128GWXW3	FHLMC GOLD		5.00	9/5/2015		7,268		7,762
3128GWYS1	FHLMC GOLD		5.00	9/7/2015		493		527
3128GWZQ4	FHLMC GOLD		5.00	9/4/2015		5,585		5,965
3128GX3H7	FHLMC GOLD		5.00	9/21/2015		7,262		7,756
3128GX5V4	FREDDIE MAC GOLD		5.00	9/19/2015		10,184		10,877
3128GXAX4	FHLMC GOLD		5.00	9/7/2015		16,556		17,682
3128GXBC9	FHLMC GOLD		5.00	9/7/2015		3,033		3,254
3128GXEA0	FHLMC GOLD		5.00	9/21/2015		6,251		6,676
3128GXEK8	FHLMC GOLD		5.00	9/20/2015		2,790		2,980
3128GXFT8	FHLMC GOLD		5.00	9/22/2015		8,146		8,700
3128GXHA7	FHLMC GOLD		5.00	9/23/2015		12,381		13,223
3128GXHQ2	FHLMC GOLD		5.00	9/20/2015		13,270		14,173
3128GXN36	FHLMC GOLD		5.00	9/21/2015		10,196		10,889
3128GY2H6	FHLMC GOLD		5.00	10/24/2015		8,443		9,019
3128GYF66	FHLMC GOLD		5.00	10/8/2015		2,235		2,399
3128GYG73	FHLMC GOLD		5.00	10/7/2015		10,543		11,263
3128GYKK9	FHLMC GOLD		5.00	10/8/2015		863		922
3128GYLX0	FHLMC GOLD		5.00	10/8/2015		879		943
3128GYNT7	FHLMC GOLD		5.00	10/24/2015		1,061		1,139
3128GYQC1	FHLMC GOLD		5.00	10/27/2015		8,961		9,573
3128GYS88	FHLMC GOLD		5.00	10/24/2015		335		356
3128GYTW4	FHLMC GOLD		5.00	10/24/2015		1,396		1,498
3128GYU44	FHLMC GOLD		5.00	10/24/2015		6,603		7,054
3128GYU51	FHLMC GOLD		5.00	10/25/2015		7,432		7,939
3128GYV35	FHLMC GOLD		5.00	10/25/2015		11,597		12,389
3128GYVB7	FHLMC GOLD		5.50	10/28/2015		38,177		40,791
3128GYVZ4	FHLMC GOLD		5.00	10/24/2015		8,489		9,069
3128GYZE7	FHLMC GOLD		5.00	10/24/2015		5,402		5,771
3128H22V4	FHLMC GOLD		5.00	11/28/2015		4,750		5,074
3128H25K5	FHLMC GOLD		5.00	11/26/2015		1,820		1,952
3128H26F5	FHLMC GOLD		5.00	11/9/2015		127		135
3128H26M0	FHLMC GOLD		5.50	11/14/2015		555,782		593,832
3128H26W8	FHLMC GOLD		5.50	10/27/2015		244,462		261,198
3128H27K3	FHLMC GOLD		5.00	11/27/2015		1,745		1,872
3128H2B69	FHLMC GOLD		5.00	10/23/2015		12,649		13,513
3128H2B77	FHLMC GOLD		5.00	10/27/2015		12,368		13,212
3128H2B85	FHLMC GOLD		5.00	10/25/2015		9,397		10,038
3128H2C84	FHLMC GOLD		5.00	10/24/2015		1,520		1,630
3128H2E41	FHLMC GOLD		5.00	11/11/2015		14,311		15,289
3128H2ED1	FHLMC GOLD		5.00	10/24/2015		21,723		23,207

7

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3128H2EG4	FHLMC GOLD		5.00	10/27/2015		13,001		13,889
3128H2LV3	FHLMC GOLD		5.00	10/24/2015		9,949		10,628
3128H2LY7	FHLMC GOLD		5.00	11/11/2015		5,893		6,295
3128H2QV8	FHLMC GOLD		5.00	11/11/2015		13,985		14,940
3128H2T86	FHLMC GOLD		5.00	11/11/2015		1,561		1,668
3128H2TF0	FHLMC GOLD		5.00	11/11/2015		13,651		14,583
3128H2TJ2	FHLMC GOLD		5.00	11/11/2015		3,259		3,497
3128H2TW3	FHLMC GOLD		5.00	11/13/2015		10,962		11,711
3128H2VW0	FHLMC GOLD		5.00	11/11/2015		15,866		16,950
3128H2YM9	FHLMC GOLD		5.00	11/13/2015		2,627		2,818
3128H2YN7	FHLMC GOLD		5.00	11/10/2015		4,125		4,427
3128H2YS6	FHLMC GOLD		5.00	11/14/2015		5,110		5,483
3128H2ZJ5	FHLMC GOLD		5.00	11/11/2015		4,355		4,673
3128H2ZT3	FHLMC GOLD		5.00	11/27/2015		5,523		5,927
3128H2ZU0	FHLMC GOLD		5.00	11/28/2015		10,481		11,196
3128H32W0	FHLMC GOLD		5.00	11/27/2015		5,350		5,713
3128H3C25	FHLMC GOLD		5.00	11/28/2015		1,696		1,819
3128H3CD1	FHLMC GOLD		5.00	11/28/2015		3,205		3,424
3128H3FG1	FHLMC GOLD		5.00	11/30/2015		8,711		9,305
3128H3MN8	FHLMC GOLD		5.00	11/29/2015		13,086		13,980
3128H3N72	FHLMC GOLD		5.00	11/27/2015		3,538		3,796
3128H3RY9	FHLMC GOLD		5.00	12/12/2015		13,584		14,511
3128H3S36	FHLMC GOLD		5.00	11/30/2015		5,824		6,222
3128H3SZ5	FHLMC GOLD		5.00	12/15/2015		7,315		7,814
3128H3V65	FHLMC GOLD		5.00	12/13/2015		2,669		2,864
3128H3WF4	FHLMC GOLD		5.00	11/29/2015		5,857		6,257
3128H3XU0	FHLMC GOLD		5.00	12/13/2015		7,349		7,886
3128H45V7	FHLMC GOLD		5.00	1/3/2016		9,287		9,922
3128H4J59	FHLMC GOLD		5.00	12/30/2015		6,408		6,846
3128H4JG5	FHLMC GOLD		5.00	12/15/2015		7,102		7,621
3128H4JT7	FHLMC GOLD		5.00	12/30/2015		14,468		15,456
3128H5JX5	FHLMC GOLD		5.00	1/17/2016		12,070		12,895
3128H5RP3	FHLMC GOLD		5.00	1/18/2016		6,216		6,671
3128H5TK2	FHLMC GOLD		5.00	1/17/2016		16,433		17,555
3128H6BG8	FHLMC GOLD		5.00	1/19/2016		14,335		15,314
3128H6CZ5	FHLMC GOLD		5.00	1/16/2016		11,323		12,097
3128H6FR0	FHLMC GOLD		5.00	2/1/2016		10,328		11,034
3128H6FU3	FHLMC GOLD		5.00	2/2/2016		7,493		8,041
3128H6WU4	FHLMC GOLD		5.50	2/7/2016		183,083		197,703
3128H6XM1	FHLMC GOLD		5.00	2/3/2016		2,938		3,139
3128H6ZC1	FHLMC GOLD		5.50	1/20/2016		47,336		51,116
3128H77K2	FHLMC GOLD		5.50	3/15/2016		143,766		155,247
3128JLDM8	FREDDIE MAC GOLD		2.90	8/2/2024		159,778		166,352
3128JLEY1	FREDDIE MAC GOLD		2.90	8/3/2024		284,399		304,861
3128JLHB8	FREDDIE MAC GOLD		2.88	7/30/2024		58,924		62,945
3128JMW45	FREDDIE MAC GOLD		2.98	4/26/2025		67,121		70,135
3128JMY68	FREDDIE MAC GOLD		2.90	4/16/2025		87,240		94,909
3128JMZG5	FREDDIE MAC GOLD		2.91	4/17/2025		133,139		141,962
3128JNAL9	FREDDIE MAC GOLD		2.78	5/23/2025		150,608		162,051
3128JRP26	FREDDIE MAC GOLD		2.69	8/30/2024		1,637,215		1,747,820
3128K17K1	FHLMC GOLD		5.00	2/5/2027		3,166,347		3,422,885
3128K9KT0	FHLMC GOLD		5.50	5/1/2027		80,166		86,686
3128KA4Z1	FHLMC GOLD		6.00	8/24/2027		44,285		48,905
3128KALC3	FHLMC GOLD		6.00	9/2/2027		4,962		5,409
3128KE5H2	FHLMC GOLD		6.50	2/16/2028		115,339		128,320

8

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3128KJ6T4	FHLMC GOLD		6.00	2/16/2028		266,440		290,446
3128KLSB4	FHLMC GOLD		5.00	11/15/2027		692,916		743,399
3128KU3J4	FHLMC GOLD		6.00	6/29/2028		257,214		280,743
3128KULK1	FHLMC GOLD		6.00	6/30/2028		5,173		5,638
3128KVAR6	FHLMC GOLD		6.50	9/17/2028		91,005		101,658
3128KWBZ5	FHLMC GOLD		6.00	7/21/2028		9,663		10,813
3128KWFX6	FHLMC GOLD		6.00	9/1/2028		23,356		26,135
3128KWFY4	FHLMC GOLD		6.00	9/20/2028		26,992		30,204
3128KWH30	FHLMC GOLD		6.00	9/1/2028		49,739		54,209
3128KWMW0	FHLMC GOLD		6.00	10/10/2028		292,643		320,053
3128KWT29	FHLMC GOLD		6.00	9/1/2028		17,521		19,606
3128KWT78	FHLMC GOLD		6.00	9/14/2028		70,503		76,953
3128KWTK9	FHLMC GOLD		6.00	10/10/2028		26,605		29,770
3128KWTP8	FHLMC GOLD		6.00	9/20/2028		22,707		25,409
3128KWTZ6	FHLMC GOLD		6.00	8/11/2028		20,039		22,423
3128KYXE4	FHLMC GOLD		6.00	4/26/2028		15,283		17,101
3128L0SP8	FHLMC GOLD		6.00	10/4/2028		8,653		9,464
3128L0SR4	FHLMC GOLD		6.00	10/12/2028		288,375		316,197
3128L1WN6	FHLMC GOLD		5.50	9/20/2028		276,268		298,713
3128L1WP1	FHLMC GOLD		6.00	11/23/2028		55,520		60,509
3128LAFP0	FHLMC GOLD		6.00	12/6/2028		1,758,358		1,917,009
3128LXUJ7	FHLMC GOLD		6.00	1/23/2028		227,497		247,994
3128M4GD9	FHLMC GOLD		6.00	3/8/2028		73,199		79,795
3128M4XA6	FHLMC GOLD		5.50	4/15/2028		1,998,722		2,189,687
3128M4YR8	FHLMC GOLD		6.00	7/16/2028		180,591		196,821
3128M4ZG1	FHLMC GOLD		6.00	6/13/2028		2,603		2,913
3128M5GA2	FHLMC GOLD		6.00	8/30/2028		583,647		636,099
3128M5J27	FHLMC GOLD		6.00	11/8/2028		328,700		359,487
3128M5NP1	FHLMC GOLD		6.00	10/26/2028		3,942		4,296
3128M5R93	FHLMC GOLD		5.50	10/16/2028		37,826		40,899
3128M5RA0	FHLMC GOLD		6.00	11/29/2028		22,697		24,737
3128M6AV0	FHLMC GOLD		5.50	10/25/2028		84,049		90,894
3128M6SA7	FHLMC GOLD		6.00	5/24/2029		678,672		739,906
3128M6SN9	FHLMC GOLD		5.00	7/16/2027		1,811,970		1,944,990
3128M6UB2	FHLMC GOLD		6.00	3/11/2029		61,245		68,532
3128M7AZ9	FHLMC GOLD		6.00	7/29/2029		168,841		188,929
3128M7PN0	FHLMC GOLD		5.00	7/24/2029		760,517		844,694
3128M7QZ2	FHLMC GOLD		5.00	3/27/2029		1,428,799		1,533,690
3128M83K8	FHLMC GOLD		4.50	10/20/2030		17,455,097		18,648,261
3128M8AV6	FHLMC GOLD		5.50	1/13/2030		5,049,695		5,460,931
3128M8CY8	FHLMC GOLD		5.00	5/30/2030		2,672,504		2,866,417
3128M8TX2	FHLMC GOLD		6.00	11/15/2028		1,777,390		1,937,535
3128M8VG6	FHLMC GOLD		4.00	3/23/2030		4,576,925		5,002,938
3128M9CM2	FHLMC GOLD		4.00	10/30/2016		887,829		948,136
3128MCUW3	FHLMC GOLD		4.00	3/16/2020		4,948,478		5,253,630
3128MJH94	FHLMC GOLD		5.00	7/14/2028		1,125,664		1,207,341
3128MJP95	FHLMC GOLD		4.50	6/13/2030		1,506,623		1,612,027
3128MJQD5	FHLMC GOLD		4.50	6/30/2030		1,073,544		1,148,650
3128MMAC7	FHLMC GOLD		5.00	7/30/2016		363,539		389,252
3128MMM67	FHLMC GOLD		3.50	4/15/2020		572,127		603,389
3128MMNX7	FHLMC GOLD		3.50	8/20/2020		7,588,352		8,002,996
3128NCBH6	FREDDIE MAC GOLD		2.23	2/18/2025		240,424		251,170
3128P7JE4	FHLMC GOLD		5.00	10/4/2021		8,726		9,379
3128P7JH7	FHLMC GOLD		5.00	10/8/2021		168,989		181,621
3128PR7G8	FHLMC GOLD		4.00	12/19/2019		1,266,366		1,344,457

9

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3128PRVD8	FHLMC GOLD		4.00	12/2/2019		927,780		984,993
3128PRWU9	FHLMC GOLD		4.00	12/20/2019		1,030,390		1,093,930
3128PRZ85	FHLMC GOLD		4.00	12/21/2019		636,736		676,001
3128PSBA4	FHLMC GOLD		4.00	1/6/2020		1,823,789		1,936,254
3128PUGE6	FHLMC GOLD		3.50	3/25/2020		772,794		815,989
3128PUQT2	FHLMC GOLD		3.50	5/13/2020		676,755		713,734
3128PURZ7	FHLMC GOLD		3.50	5/9/2020		856,023		903,870
3128PUVC3	FHLMC GOLD		3.50	5/5/2020		725,546		765,192
3128PUVP4	FHLMC GOLD		3.50	5/9/2020		635,386		670,900
3128PUW73	FHLMC GOLD		3.50	5/23/2020		852,439		900,085
3128PUXF4	FHLMC GOLD		3.50	5/5/2020		552,423		583,300
3128PVBD1	FHLMC GOLD		4.00	6/24/2020		3,999,499		4,253,466
3128PVCG3	FHLMC GOLD		4.00	6/16/2020		3,797,654		4,038,804
3128PWV21	FHLMC GOLD		3.00	7/30/2020		4,580,517		4,799,424
3128PWWS3	FHLMC GOLD		3.00	7/17/2020		2,686,552		2,814,944
312906J50	FHLMC		8.50	5/28/2016		49,031		55,271
312929CM2	FHLMC GOLD		6.00	8/2/2029		6,896		7,716
31292K7B7	FHLMC GOLD		5.00	4/14/2030		6,581,001		7,079,343
31292KJH1	FHLMC GOLD		6.00	6/18/2028		1,236		1,383
31292LF67	FHLMC GOLD		4.00	11/3/2030		366,235		389,108
31292SAD2	FHLMC GOLD		3.50	9/16/2030		1,325,635		1,395,645
312930LH1	FHLMC GOLD		6.00	9/25/2029		12,698		14,209
312930LQ1	FHLMC GOLD		6.00	10/23/2029		30,202		33,795
312930RC6	FHLMC GOLD		6.00	8/19/2029		18,246		20,417
312930RV4	FHLMC GOLD		6.00	8/11/2029		7,513		8,407
312930TB6	FHLMC GOLD		6.00	9/8/2029		9,139		10,227
312931D62	FHLMC GOLD		4.00	11/10/2028		192,410		204,171
312931GN2	FHLMC GOLD		6.00	9/25/2029		27,038		29,764
312931TJ7	FHLMC GOLD		5.00	4/17/2029		1,686,330		1,810,836
312932CX2	FHLMC GOLD		4.50	1/3/2029		1,835,295		2,010,072
312932ZE9	FHLMC GOLD		5.00	5/9/2029		64,087		71,661
312933F41	FHLMC GOLD		4.50	2/4/2029		563,582		602,107
3129345K4	FHLMC GOLD		5.00	7/11/2029		141,217		156,847
312934CX8	FHLMC GOLD		4.00	12/2/2028		759,780		806,220
312934ML3	FHLMC GOLD		4.00	1/7/2029		24,027		25,496
312934PJ5	FHLMC GOLD		5.00	6/15/2029		76,319		85,339
312934R38	FHLMC GOLD		5.00	5/28/2029		57,238		64,002
312934SQ6	FHLMC GOLD		4.00	1/19/2029		51,613		54,767
312935AT6	FHLMC GOLD		5.00	6/28/2029		138,083		153,366
312935KY4	FHLMC GOLD		4.50	3/25/2029		200,083		214,222
312935LV9	FHLMC GOLD		4.50	4/11/2029		142,923		153,022
312935MV8	FHLMC GOLD		4.50	4/20/2029		1,382,274		1,479,950
312936LH8	FHLMC GOLD		5.00	8/17/2029		256,476		275,413
312936LM7	FHLMC GOLD		5.00	8/13/2029		417,531		463,745
3129385D1	FHLMC GOLD		5.00	9/27/2029		65,661		72,395
312938TU7	FHLMC GOLD		5.00	10/17/2029		599,652		649,533
312941TK3	FHLMC GOLD		4.00	11/16/2029		931,602		1,018,314
312942ER2	FHLMC GOLD		5.00	3/15/2030		2,281,319		2,479,642
312942F83	FHLMC GOLD		4.00	10/11/2029		1,279,423		1,398,509
312942L52	FHLMC GOLD		4.50	1/3/2030		1,238,243		1,324,555
312943EE9	FHLMC GOLD		5.00	4/28/2030		6,126,660		6,590,597
312943HT3	FHLMC GOLD		4.00	11/24/2029		12,014,180		13,031,070
312943LY7	FHLMC GOLD		4.00	11/2/2029		356,495		389,677
312943UJ0	FHLMC GOLD		4.00	7/29/2029		42,527		45,171
312943ZY2	FHLMC GOLD		4.00	1/30/2030		787,448		836,409

10

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
312944BJ9	FHLMC GOLD		4.00	10/20/2029		3,244,860		3,531,676
312944BN0	FHLMC GOLD		4.00	11/11/2029		1,864,460		2,005,955
312944PJ4	FHLMC GOLD		4.00	11/7/2029		676,695		718,770
3129455Y0	FHLMC GOLD		4.50	10/12/2026		260,892		279,144
312945NC8	FHLMC GOLD		4.00	11/28/2029		1,549,287		1,645,617
312946FN1	FHLMC GOLD		4.50	4/13/2030		1,831,685		1,959,830
312946JE7	FHLMC GOLD		4.50	10/26/2026		482,448		516,200
312946X35	FHLMC GOLD		4.50	12/4/2026		1,798,401		1,924,218
31294KDZ5	FHLMC GOLD		5.00	1/22/2015		849		900
31294KFJ9	FHLMC GOLD		5.00	2/23/2015		874		927
31294KHD0	FHLMC GOLD		5.00	4/11/2015		2,934		3,134
31294KHL2	FHLMC GOLD		5.00	4/26/2015		4,959		5,297
31294KJT3	FHLMC GOLD		5.00	5/28/2015		1,977		2,120
31294KKU8	FHLMC GOLD		5.00	8/4/2015		2,741		2,927
31294MAK7	FHLMC GOLD		4.00	1/18/2020		1,837,858		1,951,191
31294MJP7	FHLMC GOLD		3.50	8/23/2020		3,350,422		3,533,496
31294NSD2	FHLMC GOLD		2.50	2/10/2021		11,292,090		11,697,662
312962CQ4	FHLMC GOLD		5.00	2/2/2016		4,017		4,311
312962CT8	FHLMC GOLD		5.00	2/3/2016		583		626
312962KD4	FHLMC GOLD		5.50	3/9/2016		67,223		72,591
312962KT9	FHLMC GOLD		5.00	3/4/2016		8,615		9,245
312962MD2	FHLMC GOLD		5.00	3/20/2016		15,640		16,708
312962Q63	FHLMC GOLD		5.50	3/12/2016		9,772		10,553
312962UW1	FHLMC GOLD		5.50	3/26/2016		734,335		792,976
312963VY4	FHLMC GOLD		5.50	4/17/2016		191,199		206,467
312963WH0	FHLMC GOLD		5.50	4/15/2016		15,076		16,279
312963ZG9	FHLMC GOLD		5.50	3/26/2016		18,174		19,625
3129642B4	FHLMC GOLD		5.50	6/2/2016		41,381		44,784
312964KG3	FHLMC GOLD		5.00	5/12/2016		1,674		1,795
312964WX3	FHLMC GOLD		5.50	3/11/2016		280,825		303,250
312965QA7	FHLMC GOLD		5.50	3/26/2016		114,847		124,019
312966WU4	FHLMC GOLD		5.50	7/7/2016		1,009,283		1,092,286
312968QL7	FHLMC GOLD		5.50	4/13/2016		962,058		1,027,922
31296NEK9	FHLMC GOLD		5.00	5/18/2025		1,671,585		1,800,915
31296QYE4	FHLMC GOLD		6.00	11/24/2025		4,261		4,735
31296SBH8	FHLMC GOLD		6.00	11/10/2025		8,032		8,925
31297SFC4	FHLMC GOLD		5.50	11/16/2026		71,774		77,795
31297US50	FHLMC GOLD		5.50	11/29/2026		79,209		85,853
3132GDC67	FHLMC GOLD		4.00	2/10/2030		431,431		458,375
3132GDRC8	FHLMC GOLD		4.50	12/2/2026		2,696,386		2,885,026
3132GDS86	FHLMC GOLD		4.50	6/21/2030		4,389,071		4,696,133
3132GE6P0	FHLMC GOLD		5.00	11/7/2030		531,650		575,875
3132GJ3K3	FHLMC GOLD		4.00	6/23/2030		1,248,224		1,326,180
3132GLCK8	FHLMC GOLD		4.00	8/2/2030		1,086,202		1,154,039
3132GLLL6	FHLMC GOLD		4.00	7/3/2030		432,935		464,167
3132GLWW0	FHLMC GOLD		4.00	7/25/2030		456,758		485,284
3132GMHA3	FHLMC GOLD		3.50	5/24/2030		1,795,228		1,890,039
3132GRNF4	FHLMC GOLD		4.00	8/27/2030		1,780,645		1,901,598
3132GUKK9	FHLMC GOLD		3.50	8/26/2030		3,535,002		3,721,694
3132GUX90	FHLMC GOLD		3.50	9/11/2030		1,479,896		1,558,389
3132HM5D9	FHLMC GOLD		3.50	11/15/2030		1,089,933		1,147,495
3132HQEQ1	FHLMC GOLD		3.00	7/11/2030		495,630		509,114
31342A6F1	FREDDIE MAC GOLD		2.41	6/2/2024		313,512		332,605
31349UCW6	FREDDIE MAC GOLD		2.28	1/2/2025		139,766		146,999
31349UEJ3	FREDDIE MAC GOLD		2.38	2/3/2025		259,696		272,395

11

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31349ULB2	FREDDIE MAC GOLD		2.40	3/29/2025		258,254		273,125
31349UMF2	FREDDIE MAC GOLD		2.38	4/14/2025		431,149		459,701
313602YQ1	FANNIE MAE FNMA_89-44		9.00	10/29/2015		46,910		53,046
3136A77K2	FNMA		2.71	5/7/2015		1,192,693		1,238,677
31371LHQ5	FANNIE MAE		4.00	8/26/2013		19,560		19,886
31371LNH8	FANNIE MAE		4.00	10/27/2013		6,760		6,835
31371LZJ1	FANNIE MAE		4.00	3/15/2014		107,978		110,063
31371M5M5	FANNIE MAE		5.50	1/6/2028		152,794		166,214
31371MEP8	FANNIE MAE		5.00	10/20/2026		5,658		6,117
31371MG92	FANNIE MAE		4.00	7/19/2014		37,330		39,445
31371N4F9	FANNIE MAE		6.00	5/10/2022		226,722		249,118
31371NP25	FANNIE MAE		5.50	9/23/2028		586,181		637,592
31379T6G4	FANNIE MAE		5.00	9/26/2013		2,352		2,400
3137A83K2	FHR_3820D DA		4.00	2/21/2015		19,269,751		21,119,250
3137AEH65	FHLMC_3917		0.70	2/28/2016		2,999,152		3,008,064
3137AEV77	FHLMC		2.70	3/25/2018		8,300,000		8,862,906
3137ANMN2	FHLMC MULTIFAMILY STRUCTURED P		2.22	11/19/2018		500,000		521,385
31381QFF8	FANNIE MAE		3.75	11/29/2015		8,384,454		9,136,732
31382NR20	FANNIE MAE		5.50	8/7/2022		367		398
31385RB58	FANNIE MAE		8.50	12/2/2023		818,781		933,240
31385XK48	FANNIE MAE		2.36	4/2/2024		196,850		208,753
31388XVV3	FANNIE MAE		2.32	4/14/2024		5,119,408		5,288,434
31389EVA0	FANNIE MAE		6.50	3/24/2015		705,247		755,901
31389EVB8	FANNIE MAE		6.50	3/24/2015		949,631		1,017,838
3138A1BA8	FANNIE MAE		4.00	12/28/2029		2,377,577		2,533,262
3138A1CT6	FANNIE MAE		4.00	12/27/2025		69,862		74,436
3138A1HR5	FANNIE MAE		4.00	11/14/2029		1,570,406		1,690,904
3138A1K59	FANNIE MAE		4.00	12/3/2029		207,799		221,324
3138A1MA6	FANNIE MAE		4.00	1/14/2030		241,749		257,579
3138A1SU6	FANNIE MAE		4.00	12/13/2029		233,134		250,439
3138A2CK3	FANNIE MAE		4.00	3/24/2020		2,651,144		2,834,104
3138A2DD8	FANNIE MAE		4.00	11/27/2029		46,125		49,128
3138A2FJ3	FANNIE MAE		4.00	3/26/2020		129,818		138,777
3138A2HF9	FANNIE MAE		4.00	1/7/2030		744,555		799,824
3138A2HG7	FANNIE MAE		4.00	12/23/2029		452,849		482,324
3138A2PD5	FANNIE MAE		3.50	3/16/2020		4,493,141		4,761,439
3138A2ZZ5	FANNIE MAE		4.00	5/25/2030		652,983		695,741
3138A3BH9	FANNIE MAE		4.00	11/27/2029		689,122		733,975
3138A3DJ3	FANNIE MAE		4.00	5/18/2020		158,916		169,970
3138A3VB0	FANNIE MAE		4.00	12/8/2029		3,682,280		4,003,948
3138A3WC7	FANNIE MAE		4.00	1/14/2030		243,410		260,469
3138A44L6	FANNIE MAE		4.50	4/29/2030		3,865,076		4,168,642
3138A4CC7	FANNIE MAE		4.00	5/24/2030		142,971		152,332
3138A4J89	FANNIE MAE		4.00	1/15/2030		781,286		832,445
3138A4KH7	FANNIE MAE		4.00	12/7/2029		58,356		62,154
3138A4NR2	FANNIE MAE		4.00	12/24/2029		26,420		28,150
3138A4PA7	FANNIE MAE		4.00	1/15/2030		35,616		37,948
3138A54P4	FANNIE MAE		4.00	12/30/2029		136,128		145,042
3138A5RN4	FANNIE MAE		4.00	5/2/2020		50,111		53,597
3138A5YL0	FANNIE MAE		4.50	4/19/2030		420,137		452,673
3138A6E97	FANNIE MAE		4.00	1/2/2030		537,843		573,061
3138A6JV3	FANNIE MAE		4.00	12/15/2029		317,898		338,714
3138A6LD0	FANNIE MAE		5.00	7/29/2030		221,957		244,365
3138A6LJ7	FANNIE MAE		4.00	4/30/2020		12,639,801		13,519,034
3138A6RH5	FANNIE MAE		4.00	12/20/2029		22,038		23,481

12

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3138A7FR4	FANNIE MAE		4.00	1/13/2030		341,414		363,770
3138A7G69	FANNIE MAE		4.00	4/29/2020		67,636		72,341
3138A7HY7	FANNIE MAE		3.50	10/4/2029		979,839		1,033,928
3138A7ZQ4	FANNIE MAE		4.00	2/9/2030		600,797		640,138
3138A8A48	FANNIE MAE		4.00	1/25/2030		732,493		780,457
3138A8E77	FANNIE MAE		4.00	1/15/2030		252,439		268,969
3138A8MD5	FANNIE MAE		4.00	1/17/2030		3,646,387		3,885,154
3138A8UL8	FANNIE MAE		4.50	5/2/2030		38,679		41,717
3138A9CZ5	FANNIE MAE		4.00	2/10/2030		3,839,978		4,134,622
3138A9N26	FANNIE MAE		4.00	1/19/2030		145,589		155,122
3138AA4M0	FANNIE MAE		4.50	5/16/2030		4,598,403		5,114,733
3138AAKX8	FANNIE MAE		4.00	3/3/2030		127,078		138,497
3138AARE3	FANNIE MAE		4.00	1/25/2030		230,666		245,771
3138AAYW5	FANNIE MAE		4.00	2/6/2030		457,714		487,686
3138AB2D0	FANNIE MAE		4.00	1/20/2030		92,108		98,139
3138ABZC6	FANNIE MAE		5.50	1/3/2031		268,755		293,166
3138ADER2	FANNIE MAE		4.00	2/22/2030		293,348		312,556
3138ADUG8	FANNIE MAE		5.00	10/9/2030		825,973		909,359
3138AEZG1	FANNIE MAE		4.00	6/3/2030		703,321		749,375
3138AFH86	FANNIE MAE		4.00	3/22/2030		436,973		465,586
3138AFKH2	FANNIE MAE		4.00	6/21/2020		65,316		69,859
3138AFRR3	FANNIE MAE		4.00	3/30/2030		131,379		139,982
3138AFXZ8	FANNIE MAE		4.00	7/5/2020		196,376		210,036
3138AG6Q6	FANNIE MAE		4.00	7/11/2020		239,592		256,259
3138AGQB7	FANNIE MAE		4.00	6/10/2020		224,820		240,459
3138AGQQ4	FANNIE MAE		4.00	7/2/2020		68,015		72,746
3138AHLW4	FANNIE MAE		4.00	8/11/2030		358,423		381,892
3138AHQC3	FANNIE MAE		4.50	10/28/2030		451,499		486,960
3138AHTD8	FANNIE MAE		5.00	10/17/2030		154,416		169,560
3138AJK50	FANNIE MAE		4.50	7/27/2030		2,660,971		2,869,966
3138AKEL9	FANNIE MAE		4.00	7/5/2020		135,963		145,421
3138AMFV2	FANNIE MAE		4.00	7/1/2030		448,417		477,780
3138AMXV2	FANNIE MAE		4.00	5/28/2030		510,621		544,056
3138ANBY8	FANNIE MAE		4.00	6/16/2030		139,340		148,464
3138ANWY5	FANNIE MAE		4.00	6/14/2030		204,980		218,402
3138ANZG1	FANNIE MAE		4.50	9/12/2030		185,970		200,576
3138AS4N9	FANNIE MAE		4.50	10/24/2030		2,257,189		2,434,471
3138AT4B3	FANNIE MAE		4.00	12/3/2030		831,880		890,181
3138AUMZ7	FANNIE MAE		4.00	8/2/2030		1,465,649		1,561,621
3138AUP84	FANNIE MAE		4.50	11/26/2030		51,146		55,163
3138AUW37	FANNIE MAE		4.00	7/10/2030		351,196		374,193
3138AVH24	FANNIE MAE		4.00	7/28/2030		162,771		173,429
3138AVWL5	FANNIE MAE		4.00	6/27/2030		140,383		149,576
3138AW3N1	FANNIE MAE		4.00	7/14/2030		50,330		53,626
3138AX5G2	FANNIE MAE		4.00	10/11/2030		207,799		222,363
3138AXHV6	FANNIE MAE		4.00	7/11/2030		114,346		121,833
3138AXRL7	FANNIE MAE		4.00	8/12/2030		656,329		699,306
3138AXST9	FANNIE MAE		4.50	10/19/2030		858,054		925,446
3138E03K3	FANNIE MAE		4.00	9/13/2030		382,097		408,876
3138E04T3	FANNIE MAE		3.50	6/21/2030		426,582		450,516
3138E2GH2	FANNIE MAE		4.00	8/22/2030		2,454,276		2,614,984
3138E47K1	FANNIE MAE		4.00	9/8/2030		296,335		315,739
3138E4AC5	FANNIE MAE		4.00	9/2/2030		281,233		299,648
3138E4EB3	FANNIE MAE		2.50	10/10/2020		975,913		1,013,013
3138E4F89	FANNIE MAE		4.00	9/10/2030		81,945		87,689

13

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3138E4UU3	FANNIE MAE		4.00	9/24/2030		972,088		1,035,741
3138E4UV1	FANNIE MAE		4.00	8/12/2030		5,358,446		5,709,320
3138E6KZ8	FANNIE MAE		4.00	9/6/2030		491,487		525,933
3138E7HR8	FANNIE MAE		2.50	10/23/2020		3,892,424		4,051,825
3138E7JB1	FANNIE MAE		2.50	10/23/2020		942,638		978,472
3138E8KX9	FANNIE MAE		2.50	10/30/2020		4,009,530		4,161,953
3138E8L75	FANNIE MAE		2.50	11/13/2020		5,227,219		5,441,281
3138EBLJ2	FANNIE MAE		4.00	1/2/2031		159,870		171,074
3138ECAA1	FANNIE MAE		2.50	11/1/2020		2,412,812		2,511,620
3138ECLK7	FANNIE MAE		4.00	1/7/2031		489,161		523,444
3138ECLU5	FANNIE MAE		4.00	1/1/2031		476,796		510,212
3138ECTY9	FANNIE MAE		2.50	10/17/2020		722,055		749,504
3138ECWS8	FANNIE MAE		2.50	10/29/2020		4,479,798		4,663,252
3138ECYM9	FANNIE MAE		2.50	10/15/2020		754,369		783,047
3138ECYV9	FANNIE MAE		2.50	10/29/2020		879,468		912,901
3138EGH72	FANNIE MAE		4.00	5/20/2020		887,742		949,007
3138EGHV9	FANNIE MAE		4.00	4/16/2020		130,390		139,389
3138EGTA2	FANNIE MAE		5.00	7/3/2028		2,541,591		2,755,611
3138EHCM2	FANNIE MAE		5.00	2/22/2028		737,547		799,654
3138EJCC0	FANNIE MAE		4.00	6/15/2030		3,325,696		3,543,465
3138EJRB6	FANNIE MAE		3.50	1/6/2031		6,003,038		6,423,757
3138EJRP5	FANNIE MAE		4.38	9/15/2017		6,357,923		7,310,881
3138EKW35	FANNIE MAE		6.00	8/8/2032		31,650,354		34,806,294
3138LQES9	FANNIE MAE		4.00	10/23/2030		763,915		817,454
3138LQSU9	FANNIE MAE		2.50	12/10/2020		6,188,766		6,424,033
3138LTLA4	FANNIE MAE		3.00	12/3/2020		1,410,015		1,483,292
3138LUZP3	FANNIE MAE		2.50	11/12/2020		1,242,335		1,291,464
3138LVEU3	FANNIE MAE		4.00	2/16/2031		724,470		782,776
3138LVJ87	FANNIE MAE		3.00	12/23/2020		2,402,688		2,527,553
3138LX5F2	FANNIE MAE		4.00	2/20/2031		209,059		223,711
3138M13D8	FANNIE MAE		3.50	12/12/2030		3,648,105		3,855,718
3138M13G1	FANNIE MAE		3.50	1/5/2031		6,863,192		7,253,776
3138M3MH4	FANNIE MAE		4.00	2/12/2031		1,327,315		1,420,339
3138M6NL7	FANNIE MAE		3.50	11/24/2030		2,899,197		3,061,860
3138M6RS8	FANNIE MAE		2.50	1/3/2021		1,950,447		2,024,593
3138M9BU4	FANNIE MAE		3.00	8/6/2030		2,373,196		2,448,436
3138MJXK0	FANNIE MAE		3.00	11/11/2030		1,466,560		1,513,056
3138NJAE8	FANNIE MAE		3.63	6/12/2017		2,230,299		2,417,993
3138NJAK4	FANNIE MAE		3.42	5/3/2017		3,003,139		3,215,043
3138WMZ20	FANNIE MAE		2.50	3/1/2028		5,200,000		5,397,679
31391YV87	FANNIE MAE		6.00	3/27/2025		2,465		2,731
31393QDY5	FHLMC		5.50	12/13/2013		1,794,318		1,849,326
31397BRY9	FHLMC_3221		5.00	10/1/2013		1,954,090		2,002,184
31400JM55	FANNIE MAE		5.50	5/4/2025		1,130		1,263
31400QJ87	FANNIE MAE		2.40	1/27/2024		19,663		21,063
31402DCV0	FANNIE MAE		5.00	12/20/2025		27,967		30,323
31402GP98	FANNIE MAE		5.00	4/28/2025		6,077		6,792
31402LQU9	FANNIE MAE		5.00	4/27/2025		44,372		48,410
31402QXK2	FANNIE MAE		8.50	7/23/2024		547,670		625,225
31402RF87	FANNIE MAE		5.00	8/18/2026		3,754,413		4,070,561
31402RSN0	FANNIE MAE		5.00	11/22/2026		2,517,648		2,721,713
31402YSV7	FANNIE MAE		2.75	6/24/2024		24,937		26,756
31403DC56	FANNIE MAE		4.50	5/25/2017		1,406,563		1,513,160
31403DC72	FANNIE MAE		4.50	5/8/2017		1,138,402		1,230,117
31403DJG5	FANNIE MAE		5.50	3/10/2026		15,935		17,468

14

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31403KDB6	FANNIE MAE		2.55	7/23/2024		10,530		10,950
31404BPJ5	FANNIE MAE		4.00	4/18/2025		338,045		360,121
31404DG28	FANNIE MAE		5.00	10/14/2025		9,420		10,213
31404MAB4	FANNIE MAE		5.50	11/23/2025		7,297		7,999
31404NBP0	FANNIE MAE		2.51	3/24/2025		103,011		109,101
31404NHA7	FANNIE MAE		5.00	11/29/2025		43,437		47,095
31404SFP5	FANNIE MAE		5.50	12/2/2025		4,602		5,143
31405NQY4	FANNIE MAE		6.00	5/23/2026		17,754		19,658
31405QNR5	FANNIE MAE		5.50	4/13/2026		694		776
31405UMM8	FANNIE MAE		2.62	1/29/2025		112,053		120,084
31405UTZ2	FANNIE MAE		2.53	2/4/2025		28,186		29,948
31406BB90	FANNIE MAE		2.49	3/4/2025		159,383		171,011
31406BEZ9	FANNIE MAE		2.52	2/20/2025		138,402		148,349
31406BJF8	FANNIE MAE		2.47	3/1/2025		153,245		163,934
31406BQQ6	FANNIE MAE		2.45	2/22/2025		212,032		227,134
31406DG67	FANNIE MAE		2.78	3/8/2025		690,914		733,272
31406EDN1	FANNIE MAE		5.00	5/3/2026		29,112		31,563
31406HLF2	FANNIE MAE		6.00	10/10/2026		131,706		144,320
31406MYP5	FANNIE MAE		2.26	3/6/2025		302,263		316,191
31406RNA9	FANNIE MAE		6.00	3/26/2027		2,792		3,059
31406TLC3	FANNIE MAE		2.69	5/26/2025		316,551		336,564
31406TWR8	FANNIE MAE		2.00	12/25/2024		844,173		880,794
31406VHE9	FANNIE MAE		2.68	6/12/2025		165,487		175,554
31406YZV5	FANNIE MAE		5.00	10/6/2026		29,762		32,175
31407CE29	FANNIE MAE		5.50	12/26/2026		735		821
31407FG53	FANNIE MAE		5.50	11/18/2026		1,530		1,710
31407FUW8	FANNIE MAE		2.35	6/17/2025		2,893,862		2,998,225
31407VS22	FANNIE MAE		5.00	11/8/2026		39,659		42,873
31407VS89	FANNIE MAE		5.00	10/27/2026		36,744		39,722
31408AG53	FANNIE MAE		6.00	6/13/2027		24,123		26,710
31408FYG8	FANNIE MAE		6.00	5/23/2027		3,450		3,771
31408GFA0	FANNIE MAE		6.00	4/15/2027		311,774		341,634
31408JD32	FANNIE MAE		5.00	3/12/2027		1,091,577		1,180,053
31409A5P0	FANNIE MAE		6.00	7/1/2027		87,895		97,321
31409AYE3	FANNIE MAE		6.00	7/19/2027		281,970		312,211
31409CRY3	FANNIE MAE		6.00	6/5/2027		195,013		215,928
31409GML7	FANNIE MAE		6.50	12/5/2027		697,342		773,727
31409JVL1	FANNIE MAE		6.00	9/19/2027		1,085,350		1,186,414
31409UB38	FANNIE MAE		6.00	7/16/2027		28,321		30,958
31409VYW7	FANNIE MAE		6.00	7/25/2027		46,685		51,692
31409WAE1	FANNIE MAE		6.00	7/18/2027		377,022		412,039
31410CJV5	FANNIE MAE		6.00	8/12/2027		17,764		19,186
31410FUS2	FANNIE MAE		5.50	12/18/2027		58,396		63,525
31410FVW2	FANNIE MAE		5.50	1/28/2028		3,821		4,156
31410GD83	FANNIE MAE		2.46	11/20/2024		57,502		61,978
31410GDF7	FANNIE MAE		1.96	4/7/2024		234,116		249,921
31410GDL4	FANNIE MAE		2.39	5/26/2025		926,222		967,215
31410GDN0	FANNIE MAE		2.34	5/17/2024		151,755		158,563
31410GDP5	FANNIE MAE		2.38	7/29/2025		2,662,838		2,807,281
31410GDY6	FANNIE MAE		2.53	6/20/2025		54,203		58,069
31410KEM2	FANNIE MAE		5.50	11/30/2028		3,386,032		3,683,008
31410KLD4	FANNIE MAE		5.50	12/2/2028		516,707		562,024
31410KMQ4	FANNIE MAE		5.50	12/19/2028		286,996		312,166
31410KNA8	FANNIE MAE		5.50	1/25/2029		117,972		128,319
31410KS47	FANNIE MAE		5.50	2/27/2027		7,241		7,938

15

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31410KX74	FANNIE MAE		5.50	9/1/2027		3,831,324		4,209,164
31410LBU5	FANNIE MAE		4.00	2/9/2020		1,431,342		1,529,238
31410LC91	FANNIE MAE		5.50	12/11/2030		2,139,576		2,327,223
31410MMX5	FANNIE MAE		6.00	8/2/2027		290,216		321,342
31410NT24	FANNIE MAE		6.00	9/30/2027		23,907		26,127
31410QR86	FANNIE MAE		5.50	12/6/2027		142,073		154,550
31410RDL0	FANNIE MAE		6.00	11/25/2027		32,433		35,453
31411A5M3	FANNIE MAE		5.50	12/24/2027		8,772,560		9,543,024
31411A7C3	FANNIE MAE		5.50	1/2/2028		2,318,271		2,521,877
31411E2F3	FANNIE MAE		5.50	1/27/2028		16,097		17,511
31411EFN2	FANNIE MAE		5.50	12/28/2027		302,130		328,665
31411KLN1	FANNIE MAE		5.50	2/25/2028		215,119		233,986
31411NUT2	FANNIE MAE		5.50	12/1/2027		274,814		298,917
31411VMN6	FANNIE MAE		5.50	1/20/2028		7,180,693		7,810,485
31412DXY9	FANNIE MAE		5.50	1/15/2028		32,483		35,336
31412ESY3	FANNIE MAE		6.00	3/10/2028		33,671		37,282
31412HXU8	FANNIE MAE		6.00	6/12/2029		204,046		222,997
31412MYZ5	FANNIE MAE		5.50	12/3/2028		249,884		271,800
31412N3V6	FANNIE MAE		4.50	12/7/2028		237,419		255,323
31412N6G6	FANNIE MAE		4.50	12/17/2028		49,373		54,879
31412NXE1	FANNIE MAE		5.00	5/20/2029		1,523,657		1,710,324
31412NZ33	FANNIE MAE		5.00	3/15/2029		52,514		59,027
31412PA50	FANNIE MAE		4.50	12/16/2028		228,500		245,731
31412PBJ9	FANNIE MAE		4.50	4/5/2019		14,840,037		15,961,763
31412PBN0	FANNIE MAE		4.00	10/6/2028		285,137		303,426
31412PP88	FANNIE MAE		5.00	4/24/2029		154,479		172,671
31412PR60	FANNIE MAE		4.50	2/3/2029		241,424		259,629
31412PRN3	FANNIE MAE		4.00	4/28/2019		2,660,672		2,842,647
31412PXF3	FANNIE MAE		4.50	2/22/2029		83,339		93,179
31412Q2V0	FANNIE MAE		4.50	8/6/2029		2,757,946		3,083,574
31412QE70	FANNIE MAE		5.00	7/14/2029		3,466,767		3,896,681
31412QKA6	FANNIE MAE		4.00	7/9/2019		38,583		41,222
31412QPQ6	FANNIE MAE		6.00	6/10/2027		1,297,023		1,421,244
31412RAP2	FANNIE MAE		4.00	6/24/2026		15,818		16,994
31412RG76	FANNIE MAE		4.00	11/9/2019		2,344,648		2,539,983
31412RGG6	FANNIE MAE		5.00	1/3/2030		328,624		369,783
31412RH42	FANNIE MAE		5.00	12/25/2029		8,689,363		9,766,931
31412RL54	FANNIE MAE		4.00	11/24/2029		2,626,348		2,797,290
31412RL62	FANNIE MAE		4.00	11/24/2029		698,725		744,203
31412RNY9	FANNIE MAE		4.00	12/23/2029		79,110		84,884
31412TM26	FANNIE MAE		5.50	12/27/2028		2,395,175		2,611,227
31412UEQ9	FANNIE MAE		4.50	4/30/2029		365,645		407,616
31412URR3	FANNIE MAE		4.00	6/1/2019		3,669,423		3,920,390
31413BTW1	FANNIE MAE		5.50	4/11/2028		1,187,617		1,291,778
31413CLH0	FANNIE MAE		6.00	6/22/2028		2,854,496		3,159,642
31413HKW7	FANNIE MAE		6.00	8/18/2028		12,256		13,395
31413NY66	FANNIE MAE		6.00	9/14/2028		1,015,084		1,115,666
31413R2P0	FANNIE MAE		6.00	11/25/2028		1,536,601		1,701,402
31413TWV0	FANNIE MAE		5.50	9/15/2028		157,439		171,247
31413UKQ1	FANNIE MAE		6.50	11/13/2028		862,678		957,242
31414ANH1	FANNIE MAE		5.50	9/13/2028		296,427		322,426
31414HZ67	FANNIE MAE		5.50	8/12/2028		101,035		109,896
31414NCH5	FANNIE MAE		6.00	8/25/2029		1,369,216		1,516,066
31414NH31	FANNIE MAE		5.00	5/13/2029		1,680,542		1,888,946
31414NH49	FANNIE MAE		5.00	5/12/2029		1,770,533		1,979,031

16

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31414SX81	FANNIE MAE		5.50	12/9/2028		334,035		363,331
31415P3Y2	FANNIE MAE		5.50	12/5/2025		4,059		4,459
31415SPY2	FANNIE MAE		6.00	8/28/2029		243,026		265,598
31415SRP9	FANNIE MAE		5.50	4/11/2029		146,528		159,379
31415WA60	FANNIE MAE		4.50	1/20/2029		41,017		45,726
31415YLZ0	FANNIE MAE		4.00	6/3/2019		961,844		1,027,628
31416AQ29	FANNIE MAE		4.00	6/2/2019		191,303		204,387
31416B3Y2	FANNIE MAE		4.50	1/26/2029		339,024		364,590
31416BMK1	FANNIE MAE		5.00	7/30/2028		292,399		316,059
31416BRU4	FANNIE MAE		6.00	5/11/2028		657,959		720,975
31416BS90	FANNIE MAE		4.50	11/3/2028		934,350		1,003,585
31416BTB4	FANNIE MAE		5.00	1/7/2027		824,883		891,743
31416JZM6	FANNIE MAE		5.00	3/6/2029		1,828,233		2,029,362
31416M5A8	FANNIE MAE		5.00	3/20/2029		1,162,892		1,282,830
31416MLA0	FANNIE MAE		4.50	4/2/2029		19,318		21,472
31416MTR5	FANNIE MAE		5.00	6/8/2029		23,626		25,630
31416MVP6	FANNIE MAE		4.50	1/16/2029		57,233		63,615
31416N5T5	FANNIE MAE		4.50	2/21/2029		157,411		174,964
31416NC42	FANNIE MAE		4.50	1/21/2029		11,316,161		12,169,509
31416NRD6	FANNIE MAE		4.50	3/3/2029		16,272		18,087
31416QJZ9	FANNIE MAE		5.00	5/14/2029		75,015		84,318
31416QMS1	FANNIE MAE		4.00	5/13/2019		574,976		614,301
31416RSJ3	FANNIE MAE		4.00	1/24/2029		129,263		137,554
31416S6B2	FANNIE MAE		4.50	3/14/2029		93,641		104,697
31416SD40	FANNIE MAE		4.50	3/20/2029		82,197		91,902
31416SED9	FANNIE MAE		5.00	6/30/2029		66,068		74,266
31416SLC3	FANNIE MAE		4.50	4/2/2029		93,545		104,590
31416TAG4	FANNIE MAE		4.50	3/20/2029		132,157		147,761
31416TAL3	FANNIE MAE		5.00	6/24/2029		67,202		75,535
31416TE47	FANNIE MAE		4.50	4/10/2029		85,234		94,738
31416TEE5	FANNIE MAE		4.50	4/11/2029		119,762		133,903
31416TEF2	FANNIE MAE		4.50	4/6/2029		79,604		88,480
31416TKG3	FANNIE MAE		5.00	5/20/2029		79,379		89,228
31416WD66	FANNIE MAE		5.00	1/26/2030		565,121		635,901
31416WE57	FANNIE MAE		5.00	1/17/2030		8,659,503		9,733,368
31416WFG2	FANNIE MAE		4.00	11/25/2019		14,807		15,829
31416XJ92	FANNIE MAE		4.00	12/13/2029		359,780		383,197
31416XKB5	FANNIE MAE		4.00	12/13/2029		137,439		146,384
31416XYZ7	FANNIE MAE		4.00	2/8/2030		717,039		763,991
31416Y6N3	FANNIE MAE		4.00	7/28/2030		2,310,367		2,461,651
31416YDN5	FANNIE MAE		4.00	3/6/2030		28,438		30,300
31416YLM8	FANNIE MAE		4.50	7/9/2030		1,443,608		1,556,990
31416YVF2	FANNIE MAE		4.50	8/22/2030		7,012,424		7,563,185
31417A5Q8	FANNIE MAE		4.00	10/13/2030		90,041		96,753
31417ASC4	FANNIE MAE		4.00	7/26/2030		222,926		237,523
31417ASD2	FANNIE MAE		4.00	7/26/2030		1,143,246		1,218,107
31417CVV4	FANNIE MAE		4.00	5/4/2031		297,006		317,821
31417DRG0	FANNIE MAE		3.50	1/2/2031		2,925,446		3,089,582
31417DSX2	FANNIE MAE		3.50	12/29/2030		34,497,244		36,460,480
31417J2B5	FANNIE MAE		5.00	8/14/2029		44,832		50,395
31417JSB7	FANNIE MAE		4.50	4/17/2029		27,221		30,257
31417KUM7	FANNIE MAE		4.00	1/30/2029		109,091		116,088
31417KXH5	FANNIE MAE		4.50	4/6/2029		2,675,220		2,982,295
31417LLX1	FANNIE MAE		5.00	6/26/2029		97,310		109,377
31417M2V4	FANNIE MAE		4.50	6/4/2029		54,983		61,294

17

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31417M2W2	FANNIE MAE		4.50	6/5/2029		11,886		13,211
31417MFB4	FANNIE MAE		4.50	4/12/2029		171,097		190,176
31417MPN7	FANNIE MAE		5.00	8/2/2029		73,139		82,214
31417MQT3	FANNIE MAE		5.00	8/24/2029		53,558		60,203
31417MTC7	FANNIE MAE		4.50	4/29/2029		400,071		445,993
31417MVC4	FANNIE MAE		4.50	5/21/2029		367,455		409,633
31417MYL1	FANNIE MAE		4.50	6/15/2029		2,493,858		2,681,919
31417QR97	FANNIE MAE		4.00	5/4/2029		87,568		93,268
31417QS62	FANNIE MAE		4.00	7/23/2019		13,136		14,034
31417QT20	FANNIE MAE		4.00	2/18/2029		19,451		20,699
31417SYT1	FANNIE MAE		4.50	6/10/2029		75,621		84,054
31417UXN0	FANNIE MAE		4.00	10/2/2019		71,068		75,973
31417VJS3	FANNIE MAE		4.50	6/29/2029		13,011		14,462
31417VQR7	FANNIE MAE		4.00	4/24/2029		492,160		524,194
31417VQT3	FANNIE MAE		4.50	8/22/2029		1,456,297		1,623,457
31417VYY3	FANNIE MAE		4.00	10/3/2019		175,742		187,871
31417Y3H8	FANNIE MAE		4.00	7/12/2020		941,349		1,006,830
31417Y6F9	FANNIE MAE		4.00	7/28/2030		52,942		56,409
31417YF44	FANNIE MAE		4.00	2/2/2029		48,800		51,930
31417YTT4	FANNIE MAE		4.00	11/17/2029		286,392		305,032
31417YUH8	FANNIE MAE		4.00	8/29/2029		309,477		329,620
31417YVG9	FANNIE MAE		4.00	12/10/2029		278,218		296,327
31417YW37	FANNIE MAE		4.00	1/23/2030		272,568		290,416
31417YX51	FANNIE MAE		4.00	3/15/2030		356,584		379,933
31417YXX0	FANNIE MAE		4.50	3/11/2030		1,564,904		1,687,813
31418AEA2	FANNIE MAE		4.00	11/8/2030		355,239		380,135
31418AGR3	FANNIE MAE		3.50	3/5/2024		2,272,178		2,414,616
31418AKQ0	FANNIE MAE		4.00	5/7/2031		435,934		466,486
31418ALS5	FANNIE MAE		3.50	12/15/2030		2,729,888		2,883,052
31418AMX3	FANNIE MAE		3.50	9/7/2030		392,158		414,161
31418MT93	FANNIE MAE		4.50	8/25/2029		1,256,026		1,350,743
31418MUL4	FANNIE MAE		4.50	7/9/2029		598,379		665,102
31418PCP8	FANNIE MAE		5.00	4/25/2030		191,225		209,984
31418RHE4	FANNIE MAE		4.00	11/7/2019		244,523		261,398
31418SJB6	FANNIE MAE		4.00	11/7/2019		19,033		20,346
31418UCZ5	FANNIE MAE		4.00	11/24/2019		107,310		114,715
31418UVY7	FANNIE MAE		4.00	12/11/2019		209,496		223,954
31418UYE8	FANNIE MAE		4.00	11/26/2028		22,141		23,626
31418VQY1	FANNIE MAE		4.00	10/7/2029		81,434		86,734
31418W6Y1	FANNIE MAE		5.00	3/28/2030		414,204		448,995
31418W7J3	FANNIE MAE		5.00	4/3/2030		334,155		362,223
31418XF52	FANNIE MAE		4.50	1/12/2030		7,966,013		8,582,925
31419AG27	FANNIE MAE		4.00	10/9/2029		24,443		26,034
31419ANB9	FANNIE MAE		4.00	11/10/2029		133,247		141,919
31419ANK9	FANNIE MAE		5.50	12/23/2029		659,195		717,009
31419AQ83	FANNIE MAE		4.00	12/9/2029		11,169,525		11,896,517
31419BBT1	FANNIE MAE		4.00	1/12/2030		4,568,267		4,865,603
31419BW68	FANNIE MAE		4.00	10/9/2029		119,745		127,539
31419DJY8	FANNIE MAE		4.00	1/14/2020		3,335,624		3,565,821
31419DLW9	FANNIE MAE		4.00	10/21/2029		133,153		141,819
31419E6N4	FANNIE MAE		4.00	2/2/2030		1,608,693		1,714,032
31419ED71	FANNIE MAE		4.00	12/5/2029		355,580		378,724
31419EJR1	FANNIE MAE		4.00	10/28/2029		240,353		255,997
31419EK40	FANNIE MAE		4.00	12/8/2029		104,150		111,164
31419EK65	FANNIE MAE		4.00	12/3/2029		1,247,225		1,328,403

18

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
31419ESN0	FANNIE MAE		4.00	12/4/2029		1,690,630		1,800,668
31419EU80	FANNIE MAE		5.00	4/2/2030		234,186		260,224
31419EW70	FANNIE MAE		4.00	11/20/2029		200,463		213,510
31419FCP9	FANNIE MAE		4.00	7/11/2020		1,428,132		1,527,474
31419FEM4	FANNIE MAE		4.50	2/10/2030		2,978,864		3,209,557
31419FFW1	FANNIE MAE		4.00	11/20/2029		59,592		63,470
31419FSH0	FANNIE MAE		4.00	3/24/2020		51,347		54,891
31419FVA1	FANNIE MAE		4.00	11/24/2029		715,270		761,825
31419FVW3	FANNIE MAE		4.00	11/15/2029		61,443		65,442
31419G2T0	FANNIE MAE		4.00	11/7/2029		25,866		27,549
31419GB94	FANNIE MAE		4.00	11/19/2029		434,926		463,234
31419GJA3	FANNIE MAE		4.00	10/30/2029		280,590		298,853
31419GYT5	FANNIE MAE		4.00	12/22/2029		24,180,949		25,754,817
31419H6Y3	FANNIE MAE		4.00	11/4/2029		40,786		43,441
31419HBS0	FANNIE MAE		4.00	11/2/2029		123,907		131,972
31419HC67	FANNIE MAE		4.00	1/12/2030		1,705,684		1,817,374
31419HKN1	FANNIE MAE		4.00	11/1/2029		249,567		265,810
31419HVP4	FANNIE MAE		4.00	11/19/2029		165,417		176,184
31419JEA2	FANNIE MAE		4.00	11/30/2029		265,466		282,745
31419JLP1	FANNIE MAE		4.00	10/24/2029		118,498		126,211
31419JWT1	FANNIE MAE		4.00	11/6/2029		93,723		99,823
31419KR49	FANNIE MAE		4.00	11/5/2029		52,555		55,976
31419L5A7	FANNIE MAE		4.00	11/11/2029		1,003,730		1,091,411
31419LN66	FANNIE MAE		4.00	8/29/2029		60,102		64,014
31419LZ63	FANNIE MAE		4.00	11/14/2029		77,829		82,894
31419LZZ9	FANNIE MAE		4.00	10/27/2029		317,558		338,227
31421AAU7	FANNIE MAE		5.50	5/23/2029		4,573		4,746
36176ABB4	GNMA		3.50	3/11/2030		306,586		329,806
36176FUE6	GNMA		3.50	6/19/2030		111,088		119,502
36176QLG7	GNMA		2.50	1/5/2021		1,738,447		1,822,102
36176QPR9	GNMA		3.50	3/11/2030		675,666		726,840
36176R7D8	GNMA		3.50	3/11/2030		934,962		1,006,211
36176V5Q2	GNMA		3.50	7/10/2030		37,916		40,788
36176WGG0	GNMA		3.50	5/8/2030		1,284,512		1,381,800
36176XCT4	GNMA		3.50	6/19/2030		1,326,551		1,427,024
36176XEZ8	GNMA		2.50	10/10/2020		608,326		638,170
36177NXQ8	GNMA		3.50	7/10/2030		377,913		406,536
36177R5R8	GNMA		3.50	7/10/2030		1,408,585		1,515,927
36177RXF3	GNMA		3.50	5/29/2030		3,322,365		3,574,001
36177S3E7	GNMA		3.50	6/19/2030		2,042,372		2,197,061
36177X2H0	GNMA		2.50	11/14/2020		1,295,400		1,357,735
36177YR32	GNMA		2.50	12/1/2020		779,206		816,702
36178GHC1	GNMA		2.50	12/18/2020		434,537		455,447
36178NB99	GNMA		2.50	12/4/2020		9,045,046		9,480,300
36179ME48	GNMA		4.00	3/18/2031		465,339		503,722
36179MQN3	GNMA		3.00	7/17/2030		491,465		513,712
36179MQP8	GNMA		3.50	2/15/2031		972,237		1,040,349
36179MVR8	GNMA		3.00	11/23/2030		992,483		1,037,409
36202F4S2	GNMA		4.50	5/7/2031		1,739,335		1,902,517
36202FZY5	GNMA		4.00	7/25/2030		1,953,243		2,112,743
36202FZZ2	GNMA		4.50	12/1/2030		1,097,944		1,200,952
36206XC43	GNMA		7.00	5/12/2024		896		1,061
3620A9SW2	GNMA		4.50	2/9/2029		385,938		422,064
3620ARBK6	GNMA		5.50	7/22/2028		530,585		584,328
3620C04Y1	GNMA		4.50	12/19/2029		1,590,548		1,744,695

19

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
3620C1WV4	GNMA		3.50	5/29/2030		3,007,576		3,235,370
36212PPP1	GNMA		7.00	4/21/2024		8,776		10,395
36212U5G2	GNMA		7.00	5/12/2024		9,724		11,519
36213HGU7	GNMA		7.00	3/30/2024		1,595		1,890
36225DM43	GNMA		1.63	12/19/2024		9,043,946		9,383,285
36230PCQ1	GNMA		2.50	9/23/2020		1,115,719		1,170,177
36230PCY4	GNMA		3.50	2/1/2030		303,541		326,531
36230RVV5	GNMA		3.50	8/13/2029		18,963,099		20,403,463
36241KL71	GNMA		5.50	2/16/2028		111,195		121,590
36241KZ68	GNMA		5.00	3/19/2029		383,492		418,022
36241LG59	GNMA		5.50	4/9/2030		600,232		655,655
36241LY91	GNMA		3.50	3/27/2030		354,196		381,023
36296QL49	GNMA		5.00	4/11/2029		1,363,605		1,485,756
36296QRY7	GNMA		5.00	5/3/2029		1,107,567		1,206,783
36297FYL0	GNMA		4.50	2/21/2029		78,840		86,220
38374CP54	GNMA_03-75		4.50	5/27/2013		436,884		438,441
						936,265,474		1,002,047,532
Non Agency RMBS
05948X6X4	BANK OF AMERICA MTG SEC		4.75	12/4/2014		2,023,983		2,075,161
07384MWF5	BSARM		3.03	6/13/2018		69,058		95,245
12669EYQ3	COUNTRYWIDE HOME LOANS TR		3.28	1/29/2018		70,116		67,530
16162WLM9	CHASE		5.50	12/5/2017		6,851,350		7,084,967
161630AC2	CHASE		3.02	11/25/2016		8,406,019		8,408,843
161630AN8	CHASE		2.94	5/19/2017		2,319,486		2,301,666
161630AQ1	CHASE		3.00	8/10/2016		1,984,358		1,969,021
1729733P2	CMSI		5.00	9/4/2014		4,909,001		5,094,989
38741YCA5	GRANITE MASTER ISSUER PLC GRAN		0.28	3/3/2016		2,327,023		2,280,482
449670EQ7	IMC HOME EQUITY LOAN TRUST		6.84	11/13/2022		88,144		87,026
46630GAA3	JPMMT		3.05	7/8/2016		5,177,383		5,256,328
46630GAD7	JPMMT		3.02	3/27/2017		1,772,861		1,788,429
46630GAN5	JPMMT_07-A1		2.99	2/10/2017		1,231,228		1,248,607
46630GAS4	JPMMT		3.00	9/6/2017		5,393,452		5,483,118
525170BL9	LABS		5.00	12/7/2016		6,593,771		6,616,473
576433QQ2	MARM_04-8		1.84	4/8/2015		1,209,395		1,128,453
589929W53	MLMI		2.70	11/4/2019		132,926		134,786
62889EAA3	NGN_11-R3		0.60	1/26/2017		1,317,752		1,322,693
76110H2P3	RES ASSET SEC		3.14	5/16/2019		1,066,246		672,513
76110HHG7	RFMSI_03-Q16		5.00	2/28/2015		3,873,000		3,975,460
863579KY3	SARM		2.64	10/15/2020		2,302,292		1,996,304
86359BGD7	STRUCTURED ASSET SEC CORP		2.65	8/15/2018		113,816		112,235
86359BVE8	STRUCTURED ASSET SEC CORP		2.70	12/3/2017		8,378,996		8,304,071
92922F4M7	WASHINGTON MUTUAL		0.49	4/30/2020		1,018,511		944,216
92922F4P0	WAMU		0.98	6/28/2021		5,015,563		4,895,711
92922FB49	WASHINGTON MUTUAL		0.61	7/28/2018		315,659		311,987
92922FZF8	WAMU_04-A12		0.64	8/19/2018		5,862,220		5,542,788
949781AA6	WFMBS		2.61	6/2/2018		2,732,401		2,705,249
94982BAG5	WFMBS		2.70	3/7/2017		3,641,665		3,635,143
						86,197,676		85,539,493
Non Agency High Yield Mandate
02660UAE0	AHMA_06-3		1.12	10/10/2028		9,649,147		6,189,127
026930AA5	AHMA_07-2		0.33	12/5/2021		4,604,195		3,311,406
05949QAH8	BANC OF AMERICA FUNDING CORPOR		6.25	8/26/2018		1,250,000		1,249,073
05954DAG1	BAFC		3.01	10/6/2019		4,521,226		3,517,360
07384MWF5	BSARM		3.03	6/13/2018		19,212		19,085
07401YAQ8	BEAR STEARNS MORTGAGE FUNDING		0.41	7/21/2025		11,488,447		8,256,552

20

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
12513XAH5	CITIGROUP/DEUTSCHE BANK COMMER		5.39	9/1/2029		13,550,000		12,473,859
12566VAE2	CMALT_07-A4		5.75	10/1/2020		3,728,779		3,150,777
12566XAK4	CMA_07-A7		0.60	8/17/2020		5,725,574		3,761,725
12668BPY3	CWALT		5.50	7/24/2019		10,564,438		9,558,872
14986DAJ9	CITIGROUP/DEUTSCHE BANK COMMER		5.69	4/16/2020		4,250,000		3,938,220
20047EAJ1	COMMERCIAL MORTGAGE PASS-THROU		5.38	12/12/2016		12,500,000		11,587,375
22541QUJ9	CS FIRST BOSTON MORTGAGE SECUR		2.98	1/27/2020		115,727		115,164
232434AE0	CWALT_06-OC8		0.45	4/10/2028		19,487,529		5,602,704
23245GAD3	CWALT_06-OC9		0.45	5/29/2024		4,841,230		1,877,661
23332QAC7	DSLA		0.40	11/13/2017		1,367,490		1,110,173
25150UAA6	DBALT_07-OA2		0.95	6/8/2023		2,980,257		2,336,822
25151AAG6	DBALT		0.48	3/24/2021		25,675,919		11,389,016
25151TAC4	DBALT_07-BAR1		0.36	11/14/2025		11,500,000		6,486,334
361849R46	GMACC_06-C1		5.35	7/26/2029		870,000		796,971
36228CXA6	GSMS		5.64	1/25/2016		8,500,000		8,435,341
40431HAJ6	HALO		0.50	10/22/2019		4,534,711		1,429,758
456687AC6	INDX_07-FL4		0.38	3/24/2019		2,669,402		2,232,885
45668WAC1	INX		0.45	9/10/2025		5,000,000		2,388,410
46629GAJ7	JP MORGAN CHASE COMMERCIAL MOR		5.62	12/12/2019		2,721,500		2,634,385
466306AA5	JPALT_08-R2		6.00	12/8/2020		3,609,239		2,700,512
52520MBY8	LMT_05-2		0.95	12/21/2019		3,848,832		2,551,706
525221HA8	LXS		0.46	10/4/2023		3,574,159		2,442,998
52524HAJ9	LXS		0.93	3/1/2016		2,473,079		1,918,753
55027WAA0	LUM_07-2		0.43	7/26/2021		3,820,770		2,204,045
55027XAA8	LUM_06-5		0.39	11/15/2021		6,091,655		3,864,930
55312VAK4	MLCFC_06-4		5.24	11/28/2016		11,748,500		10,938,112
68383NDW0	OPTEUM MORTGAGE ACCEPT CORP		0.50	8/3/2022		7,000,000		5,107,508
74923LAB8	RALI		0.39	10/23/2024		4,508,482		3,582,584
74958XAB0	RFMSI		3.22	4/5/2019		4,306,566		3,701,429
761118QM3	RALI		1.18	2/3/2023		3,713,052		2,511,913
863579J90	SARM		2.60	9/16/2019		9,039,566		5,816,283
86359LQM4	SAMI_06-AR1		2.33	7/8/2021		3,461,733		2,526,290
92925DAB6	WAMU		0.99	11/30/2020		3,082,727		2,727,261
92977QAH1	WBCMT		5.83	7/15/2016		5,000,000		4,503,770
92978MAJ5	WBCMT_06-C28		5.63	1/16/2031		12,000,000		10,737,756
92978PAJ8	WACHOVIA BANK COMMERCIAL MORTG		5.37	6/10/2036		5,530,000		5,062,826
933635AB0	WAMU_07-OA2		2.21	8/25/2016		2,731,822		2,033,317
93936RAA2	WAL		1.02	6/1/2024		7,587,270		5,619,337
						275,242,231		194,400,383
CMBS
055236AA1	BAMLL_11-07C1		5.38	3/6/2015		6,300,000		7,010,640
05947UR83	BANK OF AMERICA CO		4.67	5/25/2015		1,000,000		1,070,430
059500AD0	BACM		5.89	12/28/2014		14,500,000		16,330,045
05950EAE8	BACM		5.92	12/11/2015		8,615,000		9,703,247
05950WAF5	BANC OF AMERICA		5.63	4/7/2015		1,000,000		1,123,820
059511AH8	BACM		5.62	5/25/2017		2,550,000		2,918,552
059512AB9	BACM_07-3		5.62	7/7/2013		60,102		60,034
059512AQ6	BANC OF AMERICA COMMERCIAL MOR		0.37	6/25/2013		60,102		60,100
05956VAC8	BAMLL_11-STRP		2.15	9/2/2013		5,833,813		5,838,457
07387BEB5	BSCMS		5.41	6/28/2015		2,500,000		2,752,625
07388LAE0	BEAR STEARNS		5.54	12/14/2015		7,500,000		8,461,575
07388NAE6	BEAR STEARNS COMMERCIAL MORTGA		5.54	4/29/2015		3,520,000		4,001,782
07388PAE1	BSCMS		5.20	10/4/2015		16,980,000		19,115,235
12513YAC4	CD_07-CD4		5.21	4/26/2013		1,124,791		1,138,670
12513YAF7	CD_07-CD4		5.32	8/13/2016		2,800,000		3,182,704

21

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
126192AE3	COMM_12-LC4		4.06	1/25/2022		1,000,000		1,083,740
12622DAA2	COMM_10-C1		3.16	2/24/2015		9,106,518		9,548,002
12622QAA3	COMM_11-THL		3.38	11/20/2014		7,398,940		7,446,811
17310MAE0	CITIGROUP		5.43	9/23/2015		2,026,000		2,283,383
190749AE1	CWCAPITAL COBALT		5.22	8/25/2015		5,000,000		5,579,650
20046GAC2	COMM_06-FL12		0.30	6/15/2013		322,509		318,181
20047QAE5	COMM		5.75	12/12/2014		4,000,000		4,498,960
20173QAE1	GCCFC		5.44	1/11/2017		5,000,000		5,699,450
225458DM7	CSFB		5.01	8/2/2014		1,000,000		1,060,330
22545DAD9	CREDIT SUISSE MORTGAGE CAPITAL		5.80	12/18/2014		5,000,000		5,595,850
22545RAB2	CSMC		0.37	1/4/2014		512,499		502,534
233050AN3	DBUBS MORTGAGE TRUST DBUBS_11-		3.74	9/27/2015		501,165		537,756
23306AAA8	DBRR_12-EZ1		0.95	1/26/2014		4,499,891		4,511,995
3136A56W1	FNMA		2.98	3/15/2017		1,700,000		1,789,677
3136A7MJ8	FNMA_12-M8		1.52	1/13/2015		2,000,000		2,035,498
3136A7MK5	FNMA_12-M8		1.80	1/8/2018		2,100,000		2,133,650
3136A9MN5	FNMA		2.30	4/24/2017		200,000		197,922
3137ARPY6	FHMS_19-K710		1.88	3/25/2019		10,700,000		10,932,490
3137ATRW4	FREDDIE MAC GOLD		2.37	4/5/2022		20,000,000		20,095,940
361849YU0	GMACC		5.45	6/10/2013		1,093,700		1,101,979
36191YAY4	GSMS_11-GC5		1.47	10/10/2014		818,361		827,191
36228CTH6	GSMS_04-GG2		5.40	4/12/2014		1,000,000		1,044,420
36228CVU4	GSMS CMO		4.75	5/16/2014		410,000		436,363
36228CZW6	GSMS		1.70	2/6/2014		5,350,000		5,361,235
36246LAC5	GS MORTGAGE SECURITIES CORPORA		5.79	9/25/2015		1,000,000		1,073,940
46625YSF1	JPMCC_05-LDP3		4.96	4/30/2013		162,563		162,783
46629GAE8	JPMCC		5.55	2/28/2015		13,900,000		15,665,717
46629PAC2	JPMCC		5.34	4/6/2015		1,900,000		2,139,305
46629PAM0	JPMCC		5.30	3/8/2015		1,550,810		1,574,057
46630EAC4	JPMCC		5.43	3/5/2015		7,334,510		8,211,424
46630JAC3	JP MORGAN CHASE COMMERCIAL MOR		5.42	2/17/2018		6,250,000		7,106,500
46635GAA8	JPMCC_2010-C2		2.75	6/20/2015		644,661		671,737
46636VAC0	JP MORGAN CHASE COMMERCIAL MOR		4.17	7/10/2021		1,000,000		1,118,030
46637WAD5	JPMCC_12-CBX		3.48	12/17/2021		1,000,000		1,061,030
46638UAC0	JP MORGAN CHASE COMMERCIAL MOR		2.83	6/30/2022		7,000,000		7,038,850
50179MAE1	LBUBS		5.37	12/19/2015		1,500,000		1,698,630
52108MAF0	LBUBS		5.20	5/1/2015		1,450,000		1,576,324
52108MFS7	LBUBS		5.66	10/28/2014		750,000		840,188
55312VAD0	MLCFC_06-4		5.17	2/28/2015		1,900,000		2,125,530
59023BAB0	MERRILL LYNCH MTG TR		5.64	8/25/2014		175,094		175,858
617458AC8	MORGAN STANLEY CAPITAL		3.88	12/30/2015		3,500,000		3,766,595
61745M5G4	MSC		4.89	6/19/2014		500,000		540,285
61745ML43	MSC		5.27	2/28/2014		4,000,000		4,176,960
61750CAF4	MSC_06-HQ9		5.73	1/14/2015		2,550,000		2,869,897
61750HAE6	MSC		5.33	3/2/2015		4,250,000		4,796,252
61750WAX1	MSC		5.33	5/4/2015		1,750,000		1,984,728
61757RAC1	MORGAN STANLEY CAPITAL I MSC_0		5.65	12/19/2014		1,579,659		1,635,958
62888XAC8	NCUA_10-C1		2.65	3/21/2015		9,627,743		10,142,153
90269CAD2	UBS-BARCLAYS COMMERCIAL MORTGA		3.53	5/25/2022		350,000		369,768
90270YBF5	UBSBCMT_13-C5		3.18	2/10/2023		500,000		512,670
92890NAU3	WFRBS_12-C10		2.88	3/6/2018		1,000,000		1,006,940
92935JBC8	WF-RBS_11-C2		4.87	12/15/2020		750,000		871,882
92936TAB8	WF-RBS COMMERCIAL MORTGAGE TRU		3.43	2/13/2018		500,000		528,850
92976BLJ9	WBCMT		0.28	3/31/2013		2,062,155		2,033,011
92976VAF5	WBCMT		5.73	4/15/2016		4,000,000		4,547,320

22

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
92977RAD8	WACHOVIA BANK COMMERCIAL MORTG		6.01	12/4/2014		4,000,000		4,552,840
BRS2PZSN1	GERMAN RESIDENTIAL ASSET NOTE		1.61	12/11/2014		3,388,350		4,355,331
						256,908,936		278,322,266
Corporate Debt Securities - Financials
001055AH5	AFLAC INCORPORATED		2.65	2/15/2017		250,000		261,701
00163MAL8	PROLOGIS LP		4.50	8/15/2017		250,000		274,894
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT		3.20	11/3/2014		34,161,000		35,649,395
02005NAB6	ALLY FINANCIAL INC		8.30	2/12/2015		3,375,000		3,737,813
025816AU3	AMER EXPRESS BK		6.80	9/1/2016		250,000		268,750
025816AW9	AMERICAN EXPRESS COMPANY		5.50	9/12/2016		4,000,000		4,556,349
0258M0DA4	AMERICAN EXPRESS CREDIT CORPOR		2.75	9/15/2015		11,500,000		12,025,160
0258M0DD8	AMERICAN EXPRESS CREDIT CORPOR		2.38	3/24/2017		500,000		520,711
0258M0DE6	AMERICAN EXPRESS CREDIT CORPOR		1.75	6/12/2015		250,000		255,182
026874CV7	AMERICAN INTERNATIONAL GROUP I		2.38	8/24/2015		2,850,000		2,918,912
02687QBC1	AMERICAN INTERNATIONAL GROUP I		5.60	10/18/2016		1,250,000		1,419,137
02687QDG0	AMERICAN INTERNATIONAL GROUP I		5.85	1/16/2018		250,000		292,717
029912BD3	AMERICAN TOWER CORPORATION		4.50	1/15/2018		250,000		274,753
046265AF1	ASTORIA FINANCIAL CORPORATION		5.00	5/19/2017		100,000		107,301
05253JAB7	AUSTRALIA & NEW ZEALAND BANKIN		0.90	2/12/2016		250,000		250,520
05348EAM1	AVALONBAY COMMUNITIES INC		5.70	3/15/2017		250,000		289,616
055299AL5	BBVA US SENIOR SA UNIPERSONAL		4.66	10/9/2015		284,000		291,247
05531FAG8	BB&T CORPORATION		3.20	2/16/2016		1,225,000		1,299,175
05531FAL7	BB&T CORPORATION		1.60	7/15/2017		9,000,000		9,073,220
05567L7E1	BNP PARIBAS SA		2.38	9/14/2017		500,000		507,868
05567LU54	BNP PARIBAS SA		3.60	2/23/2016		2,870,000		3,035,346
05571AAB1	BPCE SA		2.38	10/4/2013		5,310,000		5,329,281
05572FAA1	BNP PARIBAS COVERED BONDS SA		2.20	11/2/2015		10,400,000		10,764,728
05947KAK6	BANCO BRADESCO S.A.		2.39	5/16/2014		700,000		698,832
05956NAB8	BCO CREDITO INVS		3.00	9/13/2017		250,000		252,420
060505AU8	BANK OF AMERICA CORP		5.13	11/15/2014		100,000		106,208
060505CS1	BANK OF AMERICA CORP		5.63	10/14/2016		7,700,000		8,674,615
060505DH4	BANK OF AMERICA CORP		6.00	9/1/2017		7,775,000		9,010,548
06050TKN1	BANK OF AMERICA NA (US)		5.30	3/15/2017		250,000		280,174
06051GEA3	BANK OF AMERICA CORP		6.50	8/1/2016		6,000,000		6,906,883
06051GEB1	BANK OF AMERICA CORP		4.50	4/1/2015		400,000		424,239
06051GED7	BANK OF AMERICA CORP		3.70	9/1/2015		12,100,000		12,730,452
06051GEK1	BANK OF AMERICA CORP		3.75	7/12/2016		250,000		266,229
06366QW86	BANK OF MONTREAL		2.50	1/11/2017		500,000		521,974
06366RHA6	BANK OF MONTREAL		1.40	9/11/2017		300,000		299,951
063679JJ4	BANK OF MONTREAL		2.63	1/25/2016		6,000,000		6,335,820
063679ZT4	BANK OF MONTREAL		1.95	1/30/2017		2,600,000		2,708,030
06406HBN8	BANK OF NEW YORK MELLON CORP/T		3.10	1/15/2015		4,800,000		5,013,497
06406HBX6	BANK OF NEW YORK MELLON/THE		2.30	7/28/2016		1,500,000		1,568,315
064149A64	BANK OF NOVA SCOTIA		3.40	1/22/2015		250,000		262,124
064149C47	BANK OF NOVA SCOTIA		2.05	10/7/2015		200,000		206,235
064159AL0	BANK OF NOVA SCOTIA		1.85	1/12/2015		150,000		153,191
064159AM8	BANK OF NOVA SCOTIA		2.55	1/12/2017		250,000		261,927
064159BA3	BANK OF NOVA SCOTIA		0.75	10/9/2015		250,000		249,400
064159BE5	BANK OF NOVA SCOTIA		1.38	11/18/2017		150,000		149,463
064159BV7	BANK OF NOVA SCOTIA		0.95	3/15/2016		100,000		100,507
06415CAD1	BANK OF NOVA SCOTIA		1.05	3/20/2015		1,200,000		1,214,112
06415CAE9	BANK OF NOVA SCOTIA		1.75	3/22/2017		6,000,000		6,199,920
064255AB8	BANK OF TOKYO-MITSUBISHI UFJ L		3.85	1/22/2015		8,000,000		8,419,872
06675EAA8	BANQUE PSA FINANCE		3.38	4/4/2014		850,000		855,474
06739FFZ9	BARCLAYS BANK PLC		5.20	7/10/2014		5,200,000		5,485,056

23

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
06739FGF2	BARCLAYS BANK PLC		5.00	9/22/2016		350,000		393,145
07385TAJ5	BEAR STEARNS CO INC		5.70	11/15/2014		2,000,000		2,157,741
073902PR3	BEAR STEARNS CO INC		6.40	10/2/2017		3,000,000		3,586,590
073902RU4	BEAR STEARNS CO INC		7.25	2/1/2018		4,500,000		5,570,504
09247XAD3	BLACKROCK CREDIT (OFFSHORE)		3.50	12/10/2014		250,000		262,416
097014AN4	BOEING CAPITAL CORPORATION		2.13	7/15/2016		150,000		155,910
10778XAA4	BRFKREDIT AS		2.05	4/15/2013		29,700,000		29,713,461
125577BA3	CIT GROUP INC		5.25	4/1/2014		4,300,000		4,450,500
136069DM0	CANADIAN IMPERIAL BANK OF COMM		2.60	7/2/2015		10,500,000		10,992,555
136069EH0	CANADIAN IMPERIAL BANK OF COMM		1.50	12/12/2014		8,000,000		8,151,201
136069ET4	CANADIAN IMPERIAL BANK OF COMM		0.90	10/1/2015		300,000		300,027
136069FA4	CANADIAN IMPERIAL BANK OF COMM		1.55	12/23/2017		150,000		150,320
14040HAX3	CAPITAL ONE FIN CORP		3.15	7/15/2016		1,000,000		1,063,480
140420NB2	CAPITAL ONE BANK USA NA		3.38	2/15/2023		10,800,000		10,768,706
14042E3V0	CAPITAL ONE FIN CORP		1.50	3/22/2018		100,000		99,648
172967BW0	CITIGROUP INC		4.88	5/7/2015		500,000		532,645
172967DY4	CITIGROUP		5.50	2/15/2017		250,000		279,433
172967ES6	CITIGROUP INC		6.13	5/15/2018		7,650,000		9,095,259
172967EY3	CITIGROUP INC		6.38	8/12/2014		8,150,000		8,736,457
172967EZ0	CITIGROUP INC		5.50	10/15/2014		19,150,000		20,402,857
172967FA4	CITIGROUP INC		6.01	1/15/2015		350,000		379,077
172967FW6	CITIGROUP INC		4.45	1/10/2017		6,400,000		7,039,831
172967FY2	CITIGROUP INC		2.65	3/2/2015		5,000,000		5,132,680
172967GB1	CITIGROUP INC		2.25	8/7/2015		250,000		255,499
20035CAB6	COMERICA BANK		5.20	8/22/2017		250,000		284,556
20271RAA8	COMMONWEALTH BANK AUSTRALIA		1.95	3/16/2015		4,800,000		4,902,668
20271RAB6	COMMONWEALTH BANK AUSTRALIA		1.25	9/18/2015		250,000		252,089
20271RAC4	COMMONWEALTH BANK AUSTRALIA		1.90	9/18/2017		250,000		255,241
20272BAF1	COMMONWEALTH BANK AUSTRALIA, G		3.63	6/25/2014		40,000,000		41,595,999
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA		2.90	9/17/2014		3,500,000		3,628,450
21685WBL0	RABOBANK NEDERLAND, UTRECHT		2.13	10/13/2015		5,000,000		5,153,532
21686CAD2	RABOBANK NEDERLAND UTREC		3.38	1/19/2017		500,000		534,999
21987AAB6	CORPBANCA		3.13	1/15/2018		200,000		196,500
22546QAA5	CREDIT SUISSE GROUP		5.50	5/1/2014		6,500,000		6,829,092
22966RAA4	CUBESMART		4.80	4/15/2022		4,025,000		4,407,997
23329PAA8	DNB BANK ASA		3.20	4/3/2017		5,275,000		5,579,352
24422ERQ4	JOHN DEERE CAPITAL CORP		0.88	4/17/2015		7,000,000		7,039,578
24422ERW1	JOHN DEERE CAPITAL CORP		1.20	10/10/2017		200,000		200,231
251591AU7	DDR CORP		7.50	4/1/2017		350,000		418,377
2515A14E8	DEUTSCHE BK LDN		3.25	1/11/2016		1,250,000		1,323,091
25466AAC5	DISCOVER BANK		2.00	2/21/2018		250,000		251,117
25600WAA8	DNB BOLIGKREDITT AS		2.10	10/14/2015		1,200,000		1,242,876
25600WAB6	DNB BOLIGKREDITT AS		2.90	3/29/2016		6,200,000		6,586,880
25600WAD2	DNB BOLIGKREDITT AS		1.45	3/21/2019		900,000		903,834
26441YAM9	DUKE REALTY LP		5.95	2/15/2017		300,000		342,686
316773CK4	FIFTH THIRD BANK		3.63	1/25/2016		500,000		534,105
31737UAH1	FINANCE FOR DANISH INDUSTRY IN		2.00	6/12/2013		4,900,000		4,914,664
346232AB7	FORESTAR GROUP INC		3.75	3/1/2020		878,000		1,021,219
354613AH4	FRANKLIN RESOURCES INC		1.38	9/15/2017		3,250,000		3,257,182
36186CBX0	ALLY FINANCIAL INC		2.49	12/1/2014		195,000		195,244
36962G4C5	GENERAL ELECTRIC CAP CORP		5.90	5/13/2014		700,000		741,903
36962G5M2	GENERAL ELECTRIC CAP CORP		2.15	1/9/2015		6,725,000		6,894,455
36962G5N0	GENERAL ELECTRIC CAP CORP		2.90	1/9/2017		750,000		793,921
36962G5W0	GENERAL ELECTRIC CAP CORP		2.30	4/27/2017		5,000,000		5,176,748
36962G6K5	GENERAL ELECTRIC CAP CORP		1.60	11/20/2017		6,000,000		5,998,969

24

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
36962G6M1	GENERAL ELECTRIC CAP CORP		1.00	12/11/2015		5,725,000		5,760,597
36962G6R0	GENERAL ELECTRIC CAP CORP		1.00	1/8/2016		5,655,000		5,654,018
36962GK86	GENERAL ELECTRIC CAP CORP		4.75	9/15/2014		1,000,000		1,059,353
37247DAF3	GENWORTH FINANCIAL INC		4.95	10/1/2015		250,000		266,250
38141GEA8	GOLDMAN SACHS GROUP INC/THE		5.13	1/15/2015		200,000		213,678
38141GEE0	GOLDMAN SACHS GROUP INC/THE		5.35	1/15/2016		1,000,000		1,104,568
38141GEG5	GOLDMAN SACHS GROUP INC/THE		0.73	3/22/2016		6,050,000		5,981,151
38141GEU4	GOLDMAN SACHS GROUP INC/THE		5.63	1/15/2017		250,000		279,469
38143UAW1	GOLDMAN SACHS GROUP INC/THE		5.00	10/1/2014		200,000		211,738
38143USC6	GOLDMAN SACHS GROUP INC/THE		3.63	2/7/2016		8,500,000		9,024,940
40411EAB4	BANK OF SCOTLAND PLC		5.25	2/21/2017		23,605,000		26,839,830
40414LAB5	HCP		2.70	2/1/2014		8,875,000		9,013,805
40414LAC3	HCP		3.75	2/1/2016		500,000		534,593
40428HPG1	HSBC USA INC		2.38	2/13/2015		7,850,000		8,074,694
40429CCS9	HSBC FINANCE CORP		5.00	6/30/2015		250,000		270,147
4042Q1AE7	HSBC BANK USA		4.88	8/24/2020		3,500,000		3,917,715
40430LAA7	HSBC FINANCE CAPITAL TRUST IX		5.91	11/30/2015		200,000		201,000
416518AA6	HARTFORD FINANCIAL SERVICES GR		4.00	10/15/2017		300,000		332,041
42217KAZ9	HEALTH CARE REIT INC		2.25	3/15/2018		4,500,000		4,513,641
44106MAH5	HOSPITALITY PPTYS TRST		6.30	12/15/2015		250,000		275,685
44107TAU0	HOST HOTELS & RESORTS LP		3.75	7/15/2022		2,300,000		2,305,750
44328MAJ3	HSBC BANK PLC		2.00	1/19/2014		2,000,000		2,011,806
449786AL6	ING BANK NV		4.00	3/15/2016		5,600,000		5,985,388
449786AR3	ING BANK NV		2.00	9/25/2015		6,500,000		6,603,421
451102AH0	ICAHN ENTERPRISES LP / ICAHN E		8.00	1/15/2014		370,000		395,900
45324QAC0	ING BANK NV - (LT) GTD		3.90	3/19/2014		600,000		620,544
45685EAC0	ING US INC		2.90	2/15/2018		250,000		252,791
459745GJ8	INTERNATIONAL LEASE FINANCE CO		5.75	5/15/2016		3,000,000		3,240,000
46115HAG2	INTESA SANPAOLO SPA		3.13	1/15/2016		250,000		243,910
46115HAJ6	INTESA SANPAOLO SPA		3.88	1/16/2018		250,000		240,153
46625HHR4	JPMORGAN CHASE & CO		3.40	6/24/2015		10,000,000		10,517,476
46625HHX1	JPMORGAN CHASE & CO		3.45	3/1/2016		7,100,000		7,544,642
46625HJA9	JPMORGAN CHASE & CO		3.15	7/5/2016		1,750,000		1,852,661
47102XAF2	JANUS CAPITAL GROUP INC		6.70	6/15/2017		250,000		285,707
472319AJ1	JEFFERIES GROUP INC		3.88	11/9/2015		250,000		260,567
48126EAA5	JPMORGAN CHASE & CO		2.00	8/15/2017		9,775,000		9,958,640
49326EEC3	KEYCORP		3.75	8/13/2015		500,000		532,727
49327M2A1	KEY BANK NATIONAL ASSOCIATION		1.65	2/1/2018		7,150,000		7,221,918
49446RAH2	KIMCO REALTY CORPORATION		5.70	5/1/2017		250,000		285,525
55342UAD6	MPT OPERATING PARTNERSHIP LP		6.38	2/15/2017		5,000,000		5,362,500
55607EAL4	MACQUARIE BANK LTD - GTD		3.30	7/17/2014		2,600,000		2,699,268
564759QB7	MANUFACTURERS & TRADERS		5.63	12/1/2016		250,000		254,718
56501RAA4	MANULIFE FINANCIAL CORP		3.40	9/17/2015		400,000		418,826
59018YUW9	MERRILL LYNCH & CO INC		5.00	1/15/2015		5,150,000		5,476,652
59156RAH1	METLIFE INC		5.50	6/15/2014		400,000		423,773
60688QAA3	MIZUHO CORPORATE BANK LTD		2.55	3/17/2017		3,225,000		3,342,919
617446V71	MORGAN STANLEY		6.25	8/28/2017		10,500,000		12,205,350
61746SBR9	MORGAN STANLEY		5.38	10/15/2015		7,000,000		7,637,208
61747WAD1	MORGAN STANLEY		2.88	1/24/2014		2,500,000		2,539,650
61747YCE3	MORGAN STANLEY		6.00	4/28/2015		3,500,000		3,813,297
61747YCK9	MORGAN STANLEY		4.20	11/20/2014		1,100,000		1,148,786
61747YDD4	MORGAN STANLEY		3.80	4/29/2016		9,300,000		9,852,573
61747YDT9	MORGAN STANLEY		4.75	3/22/2017		10,000,000		11,024,096
61748AAE6	MORGAN STANLEY & CO LLC		4.75	4/1/2014		250,000		258,044
62914AAB8	NIBC BANK NV - GTD		2.80	12/2/2014		2,300,000		2,385,951

25

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
629491AB7	NYSE EURONEXT		2.00	10/5/2017		350,000		356,779
63254AAA6	NATIONAL AUSTRALIA BANK LIMITE		2.00	3/9/2015		5,000,000		5,108,741
63254AAB4	NATIONAL AUSTRALIA BANK LIMITE		2.75	3/9/2017		400,000		420,249
63254AAC2	NATIONAL AUSTRALIA BANK LIMITE		1.60	8/7/2015		300,000		304,827
63307A2A2	NATIONAL BK OF CANADA		1.50	6/26/2015		250,000		253,333
63307AAA3	NATIONAL BK OF CANADA		1.45	10/7/2017		5,000,000		4,997,009
637432HT5	NATIONAL RURAL UTILITIES COOP		5.45	4/10/2017		250,000		291,051
637432ML6	NATIONAL RURAL UTILITIES COOP		1.90	11/1/2015		7,000,000		7,215,333
638585AN9	BANK OF AMERICA CORP		7.75	8/15/2015		250,000		280,984
638612AK7	NATIONWIDE FINANCIAL SERVICES		5.38	3/25/2021		5,925,000		6,579,859
65535HAC3	NOMURA HOLDINGS INC		4.13	1/19/2016		500,000		523,813
65535HAD1	NOMURA HOLDINGS INC		2.00	9/13/2016		4,250,000		4,242,056
65557CAA1	NORDEA BANK AB		3.70	11/13/2014		3,500,000		3,651,355
6656P5AA2	NORTHERN ROCK PLC		5.63	6/22/2017		6,300,000		7,301,511
686330AG6	ORIX CORP		3.75	3/9/2017		300,000		315,435
693476AT0	PNC FUNDING CORP		5.25	11/15/2015		350,000		388,435
693476BH5	PNC FUNDING CORP		3.63	2/8/2015		1,985,000		2,089,934
69349LAC2	PNC BANKCORP INC		4.88	9/21/2017		250,000		283,999
69371RK88	PACCAR FINANCIAL CORP		0.75	8/14/2015		500,000		501,805
74432QAY1	PRUDENTIAL FINANCIAL INC		6.10	6/15/2017		100,000		117,233
74432QBL8	PRUDENTIAL FINANCIAL INC		3.88	1/14/2015		750,000		789,214
74977EPZ0	RABOBANK NEDERLAND NV		1.70	3/19/2018		9,125,000		9,119,044
756109AJ3	REALTY INCOME CORP		5.95	9/15/2016		200,000		230,912
756109AM6	REALTY INCOME CORP		2.00	12/31/2017		3,100,000		3,099,340
78008SVD5	ROYAL BANK OF CANADA		1.50	1/16/2018		250,000		251,110
78008TLB8	ROYAL BANK OF CANADA		2.30	7/20/2016		1,000,000		1,038,603
78008TXA7	ROYAL BANK OF CANADA		1.45	10/30/2014		9,900,000		10,024,900
78010XAG6	ROYAL BANK OF SCOTLAND PLC		3.95	9/21/2015		1,000,000		1,065,870
78011DAC8	ROYAL BANK OF CANADA		1.20	9/19/2017		9,500,000		9,536,670
78403DAB6	SBA TOWER TRUST		5.10	4/15/2042		5,300,000		5,982,610
78442FCJ5	SLM CORP		5.38	5/15/2014		4,000,000		4,194,000
78442FEK0	SLM CORP		6.25	1/25/2016		250,000		272,500
78442FEM6	SLM CORP		6.00	1/25/2017		250,000		271,250
78442FEN4	SLM CORP		4.63	9/25/2017		250,000		259,375
78442FEP9	SLM CORP		3.88	9/10/2015		200,000		208,000
80282KAB2	SANTANDER HOLDINGS USA INC		3.00	8/24/2015		3,940,000		4,025,637
828807BM8	SIMON PROPERTY GROUP LP		5.10	6/15/2015		900,000		984,505
828807CM7	SIMON PROPERTY GROUP LP		1.50	11/1/2017		14,000,000		13,997,367
830505AP8	SKANDINAVISKA ENSKILDA BANKEN		1.75	3/19/2018		4,385,000		4,382,141
83368RAC6	SOCIETE GENERALE		2.75	10/12/2017		350,000		359,725
84603MXU5	SOVEREIGN BANK		8.75	5/30/2018		2,475,000		2,985,823
84650WAB2	SPAREBNK 1 BOLIG		2.63	5/27/2016		200,000		210,730
84650WAD8	SPAREBNK 1 BOLIG		2.30	6/30/2017		6,500,000		6,797,245
865622AU8	SUMITOMO MITSUI BANKING CORP		1.35	7/18/2015		300,000		302,744
865622AV6	SUMITOMO MITSUI BANKING CORP		1.80	7/18/2017		250,000		253,801
865622AY0	SUMITOMO MITSUI BANKING CORP		1.50	1/18/2018		5,000,000		4,999,109
86787GAG7	SUNTRUST BANK/ATLANTA GA		5.00	9/1/2015		100,000		108,284
867914BE2	SUNTRUST BANKS INC		3.50	12/20/2016		500,000		532,927
86960BAA0	SVENSKA HANDELSBANKEN AB		3.13	7/12/2016		250,000		266,630
86960BAB8	SVENSKA HANDELSBANKEN AB		2.88	4/4/2017		5,250,000		5,550,037
86960BAC6	SVENSKA HANDELSBANKEN AB		1.63	3/21/2018		250,000		249,896
86960BAD4	SVENSKA HANDELSBANKEN AB		0.73	3/21/2016		2,500,000		2,498,525
87020LAA4	SWEDBANK HYPOTEK AB		2.95	3/28/2016		8,100,000		8,620,263
87020LAB2	SWEDBANK HYPOTEK AB		0.73	3/28/2014		6,700,000		6,670,165
87020PAA5	SWEDBANK AB		2.13	9/29/2017		5,000,000		5,088,588

26

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
87020PAC1	SWEDBANK AB		1.75	3/12/2018		8,025,000		7,993,334
875484AD9	TANGER FACTORY OUTLET CENTERS		6.15	11/15/2015		500,000		557,549
89114QAE8	TORONTO-DOMINION BANK/THE		2.38	10/19/2016		300,000		313,213
90261XBY7	UBS AG STAMFORD BRANCH		5.88	7/15/2016		185,000		206,099
90261XEM0	UBS AG		5.88	12/20/2017		291,000		345,520
90261XGD8	UBS AG STAMFORD BRANCH		4.88	8/4/2020		5,500,000		6,347,310
90331HKP7	US BANK NATIONAL ASSOCIATION		4.95	10/30/2014		250,000		266,685
90520EAC5	UNION BANK NA		3.00	6/6/2016		7,800,000		8,260,311
90520EAE1	UNION BANK NA		2.13	6/16/2017		3,400,000		3,499,844
90520GAA4	UNION BANK NA		5.95	5/11/2016		250,000		284,866
91159HHB9	US BANCORP		2.20	10/14/2016		350,000		363,553
91159HHD5	US BANCORP		1.65	4/15/2017		500,000		508,945
91529YAG1	UNUM GROUP		7.13	9/30/2016		250,000		294,402
92890MAA9	WEA FINANCE LLC		3.38	7/3/2022		4,525,000		4,602,859
92933DAA8	WEA FINANCE LLC		7.50	6/2/2014		1,580,000		1,698,178
929903DT6	WACHOVIA CORPORATION		5.75	6/15/2017		17,300,000		20,321,101
949746QU8	WELLS FARGO & COMPANY		3.68	6/15/2016		1,650,000		1,783,188
94974BFE5	WELLS FARGO & COMPANY		1.50	7/1/2015		7,570,000		7,688,526
959802AR0	WESTERN UNION CO/THE		2.88	12/10/2017		250,000		251,869
961214BH5	WESTPAC BANKING CORP		4.20	2/27/2015		600,000		639,368
961214BV4	WESTPAC BANKING CORP		2.00	8/14/2017		4,125,000		4,237,711
961214BY8	WESTPAC BANKING CORP		0.95	1/12/2016		100,000		100,037
961214BZ5	WESTPAC BANKING CORP		1.60	1/12/2018		250,000		251,335
BRSA6EXM7	DYNCORP INTERNATIONAL INC		0.00	7/7/2016		48,756		49,110
BRSBG70Y9	REALOGY GROUP LLC		0.00	10/10/2016		371,982		376,788
BRSBG72X9	REALOGY GROUP LLC		0.00	3/6/2014		4,285,000		4,340,362
BRSBK3FH4	SI ORGANIZATION INC		0.00	11/22/2016		96,890		96,486
BRSC101R2	SPRINGLEAF FINANCIAL FUNDING C		0.00	5/10/2017		1,880,000		1,889,795
BRSE46SS1	NUVEEN INVESTMENTS INC		0.00	2/28/2019		1,076,000		1,099,543
BRSE9BR07	DJO FINANCE LLC/DJO FINANCE CO		0.00	9/15/2017		2,254,053		2,286,917
BRSEFJZK0	INTERNATIONAL LEASE FINANCE CO		0.00	4/12/2016		2,065,000		2,075,325
BRSEL6TA0	EMDEON INC		0.00	4/25/2013		1,802,654		1,825,187
BRSEMA904	ON ASSIGNMENT, INC.		0.00	5/15/2019		317,718		321,022
BRSEVCW87	RPI FINANCE TRUST		0.00	5/30/2013		187,823		189,466
BRSFP5Y76	CNO FINANCIAL GROUP INC		0.00	9/29/2013		760,500		767,154
BRSFY8S44	ISTAR FINL INC.		0.00	10/16/2013		1,305,595		1,315,792
BRSG101A0	CUNNINGHAM LINDSEY GROUP INC		0.00	12/11/2013		758,100		770,897
BRSG6XW68	WINDSOR FINANCNG		0.00	11/7/2013		1,304,728		1,340,608
BRSG8Y7X3	HARBOURVEST PARTNERS LP		0.00	11/21/2017		763,768		764,723
BRSGE9A66	ALLIANT INSURANCE SERVICES INC		0.00	12/20/2013		877,800		888,044
BRSH6V6D4	OCWEN LOAN SERVICING LLC		0.00	1/28/2014		785,000		797,756
BRSH875Q7	NUVEEN INVESTMENTS INC		0.00	2/28/2014		3,540,000		3,603,862
BRSHAJ5A3	TRANS UNION LLC/ TRANS UNION F		0.00	3/2/2014		2,146,045		2,172,871
BRSHE91P2	ASURION LLC		0.00	2/21/2014		1,855,350		1,873,681
BRSHE9MU8	CENTAUR ACQUISITION LLC		0.00	2/21/2014		585,000		593,775
BRSHE9NJ2	CENTAUR ACQUISITION LLC		0.00	2/20/2014		1,195,000		1,211,431
BRSHLFL94	CONSTELLIUM HOLDCO BV		0.00	2/25/2020		1,690,000		1,719,575
BRSHQJZB1	TWIN RIVER MANAGEMENT GROUP IN		0.00	3/27/2014		1,420,000		1,430,650
BRSHTM755	MONEYGRAM INTL INC		0.00	3/26/2014		595,000		600,206
E19794CQ2	BANCO SANTANDER SA		3.50	2/6/2014		4,000,000		5,233,293
E20930AN8	BANCO ESPANOL DE CREDITO S.A.		3.50	1/27/2015		2,100,000		2,755,510
E2423AAN7	CAIXABANK SA		4.75	3/18/2015		2,100,000		2,826,937
G5577Y5Y2	LLOYDS TSB BANK PLC - LT GTD		1.50	5/2/2017		3,300,000		5,157,269
N9636WAL1	WHITE NIGHTS FINANCE BV		10.50	3/8/2014		2,400,000		2,593,944
Y4864WAG4	KOREA EXCHANGE BANK		4.88	1/14/2016		2,000,000		2,175,600

27

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
						873,531,762		923,029,458
Corporate Debt Securities - Industrials
00037BAA0	ABB FINANCE USA INC		1.63	5/8/2017		250,000		252,997
00101JAA4	ADT CORP		2.25	7/15/2017		200,000		199,967
00206RAV4	AT&T INC		2.50	8/15/2015		7,200,000		7,475,558
00206RBC5	AT&T INC		1.60	2/15/2017		6,000,000		6,060,071
00206RBM3	AT&T INC		1.40	12/1/2017		8,450,000		8,399,259
002447AA8	AWAS AVIATION CAPITAL LTD		7.00	10/18/2013		80,800		85,244
00287YAA7	ABBVIE INC		1.20	11/6/2015		500,000		503,631
00287YAB5	ABBVIE INC		1.75	11/6/2017		5,300,000		5,360,105
00724FAA9	ADOBE SYST INC		3.25	2/1/2015		200,000		208,353
00817YAK4	AETNA INC		1.75	4/15/2017		750,000		760,162
00817YAL2	AETNA INC		1.50	10/15/2017		4,000,000		4,008,224
00846UAC5	AGILENT TECH INC		6.50	11/1/2017		100,000		120,080
00846UAF8	AGILENT TECH INC		2.50	7/15/2013		7,000,000		7,038,569
009363AN2	AIRGAS INC		1.65	1/15/2018		100,000		99,937
013817AL5	ALCOA INC		5.55	2/1/2017		250,000		274,779
018490AP7	ALLERGAN INC/UNITED STATES		1.35	3/15/2018		950,000		956,664
023135AH9	AMAZON.COM INC		1.20	11/29/2017		150,000		149,231
02364WBC8	AMERICA MOVIL SA		2.38	9/8/2016		1,800,000		1,851,408
02377VAA0	AMERICAN AIRLINES 2011-2 CLASS		8.63	4/15/2023		94,013		98,479
02666QM26	AMERICAN HONDA FINANCE CORPORA		1.60	2/16/2018		2,460,000		2,481,503
031162BF6	AMGEN INC		2.30	6/15/2016		500,000		520,835
031162BQ2	AMGEN INC		2.13	5/15/2017		500,000		516,629
032511AX5	ANADARKO PETROLEUM CORP		5.95	9/15/2016		250,000		287,542
032511BH9	ANADARKO PETROLEUM CORP		6.38	9/15/2017		200,000		238,497
032654AE5	ANALOG DEVICES INC		5.00	7/1/2014		150,000		158,019
034863AA8	ANGLO AMERICAN CAPITAL PLC		9.38	4/8/2014		6,280,000		6,802,226
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE		4.13	1/15/2015		11,900,000		12,624,008
03523TBA5	ANHEUSER-BUSCH INBEV WORLDWIDE		2.88	2/15/2016		6,000,000		6,353,443
03523TBM9	ANHEUSER-BUSCH INBEV WORLDWIDE		0.80	7/15/2015		100,000		100,189
03523TBN7	ANHEUSER-BUSCH INBEV WORLDWIDE		1.38	7/15/2017		5,000,000		5,044,047
035242AC0	ANHEUSER-BUSCH INBEV FINANCE I		1.25	1/17/2018		500,000		498,753
035242AD8	ANHEUSER-BUSCH INBEV FINANCE I		0.80	1/15/2016		400,000		401,033
037411AS4	APACHE CORP		5.63	1/15/2017		5,700,000		6,630,550
03746AAC4	APACHE FIN CANADA CORP		4.38	5/15/2015		770,000		827,868
039483AY8	ARCHER-DANIELS-MIDLAND COMPANY		5.45	3/15/2018		2,884,000		3,428,548
03969AAB6	ARDAGH PACKAGING FINANCE PLC		4.88	11/15/2022		201,000		198,990
042735BB5	ARROW ELECTRONICS INC		3.00	3/1/2018		75,000		75,498
05329WAJ1	AUTONATION INC		6.75	4/15/2018		310,000		353,013
053499AG4	AVAYA INC.		7.00	4/1/2019		290,000		283,475
054303AY8	AVON PRODUCTS INC		2.38	3/15/2016		5,600,000		5,683,135
055451AG3	BHP BILLITON FINANCE (USA) LTD		5.50	4/1/2014		750,000		787,776
055451AP3	BHP BILLITON FINANCE (USA) LTD		1.63	2/24/2017		250,000		254,669
05565QBH0	BP CAPITAL MARKETS PLC		3.88	3/10/2015		6,235,000		6,606,583
05565QBY3	BP CAPITAL MARKETS PLC		1.85	5/5/2017		7,300,000		7,463,180
067901AF5	BARRICK GOLD CORP		2.90	5/30/2016		300,000		315,724
07556QBB0	BEAZER HOMES USA INC		6.63	7/15/2015		425,000		460,063
075887BB4	BECTON DICKINSON AND COMPANY		1.75	11/8/2016		500,000		510,444
079860AA0	BELLSOUTH CORPORATION		4.02	4/26/2021		5,000,000		5,007,312
097014AK0	BOEING CAPITAL CORPORATION		3.25	10/27/2014		7,000,000		7,307,124
097023BC8	BOEING CO		3.75	11/20/2016		150,000		163,813
101137AJ6	BOSTON SCIENTIFIC CORP		4.50	1/15/2015		150,000		158,468
10138MAH8	BOTTLING GROUP LLC		6.95	3/15/2014		7,000,000		7,419,639
110122AS7	BRISTOL-MYERS SQUIBB CO		0.88	8/1/2017		100,000		98,825

28

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
115637AK6	BROWN-FORMAN CORPORATION		2.50	1/15/2016		500,000		523,730
120568AV2	BUNGE LIMITED FINANCE CORP		3.20	6/15/2017		300,000		309,737
124857AH6	CBS CORP		1.95	7/1/2017		200,000		203,246
1248EPAU7	CCO HOLDINGS LLC		6.50	4/30/2018		5,000,000		5,281,250
12513GAW9	CDW LLC / CDW FINANCE CORP		8.00	12/15/2014		3,000,000		3,337,500
12543DAR1	CHS/COMMUNITY HEALTH SYSTEMS I		5.13	8/15/2017		635,000		665,163
12626PAG8	CRH AMERICA INC.		6.00	9/30/2016		500,000		566,211
126408GM9	CSX CORPORATION		6.25	3/15/2018		300,000		363,752
126650BE9	CVS CAREMARK CORP		6.13	8/15/2016		250,000		291,868
126650BH2	CVS CAREMARK CORP		5.75	6/1/2017		300,000		355,259
126650BQ2	CVS PASS-THROUGH TRUST		6.94	1/10/2030		1,936,728		2,389,915
12686CAZ2	CABLEVISION SYSTEMS CORPORATIO		7.75	4/15/2018		5,000,000		5,612,500
127055AJ0	CABOT CORP		2.55	1/15/2018		150,000		152,689
127693AC3	CAESARS OPERATING ESCROW LLC/C		9.00	2/15/2018		194,000		195,940
127693AF6	CAESARS OPERATING ESCROW LLC/C		9.00	2/15/2018		293,000		295,930
127693AG4	CAESARS ENTERTAINMENT OPERATIN		9.00	2/15/2018		924,000		933,240
12800UAL4	LA CAISSE CENTRALE DESJARDINS		1.60	3/6/2017		6,000,000		6,159,240
134429AV1	CAMPBELL SOUP COMPANY		3.05	7/15/2017		200,000		212,367
14149YAG3	CARDINAL HEALTH INC		4.00	6/15/2015		400,000		425,507
141781BA1	CARGILL INC		1.90	3/1/2017		6,000,000		6,166,313
141781BB9	CARGILL INC		3.30	12/1/2021		4,000,000		4,121,859
143658AY8	CARNIVAL CORP		1.88	12/15/2017		250,000		250,126
143658AZ5	CARNIVAL CORP		1.20	2/5/2016		150,000		150,176
14912L4S7	CATERPILLAR FINANCIAL SERVICES		2.65	4/1/2016		250,000		261,735
14912L4V0	CATERPILLAR FINANCIAL SERVICES		1.38	5/20/2014		250,000		252,685
14912L5D9	CATERPILLAR FINANCIAL SERVICES		1.10	5/29/2015		250,000		252,861
14912L5E7	CATERPILLAR FINANCIAL SERVICES		1.63	6/1/2017		6,200,000		6,313,420
14912L5H0	CATERPILLAR FINANCIAL SERVICES		0.70	11/6/2015		8,000,000		8,006,920
14912L5J6	CATERPILLAR FINANCIAL SERVICES		1.25	11/6/2017		150,000		150,175
14987BAB9	CC HLD V		2.38	12/15/2017		900,000		907,083
151020AG9	CELGENE CORP		1.90	8/15/2017		300,000		304,373
159864AB3	CHARLES RIVER LABS INTL INC.		2.25	6/15/2013		6,975,000		7,019,710
166764AA8	CHEVRON CORP		1.10	11/5/2017		350,000		350,960
17275RAC6	CISCO SYSTEMS INC		5.50	2/22/2016		4,300,000		4,880,989
17275RAG7	CISCO SYSTEMS INC		2.90	11/17/2014		1,000,000		1,040,580
17275RAK8	CISCO SYSTEMS INC		3.15	3/14/2017		2,500,000		2,697,324
184502BJ0	CLEAR CHANNEL COMMUN, INC.		9.00	12/15/2019		254,000		244,475
18451QAJ7	CLEAR CHANNEL WORLDWIDE HOLDIN		6.50	11/15/2020		200,000		208,500
18451QAK4	CLEAR CHANNEL WORLDWIDE HOLDIN		6.50	11/15/2020		543,000		572,865
18538RAE3	CLEARWATER PAPER CORP		7.13	11/1/2014		3,000,000		3,262,500
191216AU4	COCA-COLA COMPANY (THE)		1.80	9/1/2016		1,500,000		1,550,645
19416QDW7	COLGATE-PALMOLIVE CO		0.60	11/15/2014		250,000		250,620
20030NAB7	COMCAST CORPORATION		6.50	1/15/2015		1,000,000		1,102,607
20030NAL5	COMCAST CORPORATION		5.90	3/15/2016		7,500,000		8,589,777
20030NAR2	COMCAST CORPORATION		5.88	2/15/2018		7,000,000		8,377,596
205363AM6	COMPUTER SCIENCES CORP		2.50	9/15/2015		111,000		113,811
205887BP6	CONAGRA FOODS INC.		1.30	1/25/2016		66,000		66,537
205887BQ4	CONAGRA FOODS INC.		1.90	1/25/2018		1,650,000		1,666,429
20825CAT1	CONOCOPHILLIPS		4.60	1/15/2015		500,000		535,378
20825TAA5	CONOCO INC		5.63	10/15/2016		250,000		288,816
20826FAB2	CONOCOPHILLIPS CO		1.05	12/15/2017		250,000		248,815
210795QD5	CONTINENTAL AIRLINES 2012-3 CL		6.13	4/29/2018		450,000		454,500
21079UAA3	CONTINENTAL AIRLINES		7.25	5/10/2021		4,382,899		5,084,163
21079VAA1	UAL_12-2A		4.75	7/12/2022		2,215,658		2,420,607
22160KAD7	COSTCO WHSLE CORP		0.65	12/7/2015		200,000		200,392

29

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
22160KAE5	COSTCO WHSLE CORP		1.13	12/15/2017		6,150,000		6,164,408
222862AH7	COVENTRY HLTH CARE INC		6.30	8/15/2014		250,000		267,488
22303QAG5	COVIDIEN INTERNATIONAL FINANCE		6.00	10/15/2017		250,000		298,774
22303QAK6	COVIDIEN INTERNATIONAL FINANCE		2.80	6/15/2015		10,800,000		11,231,043
224044BM8	COX COMMUNICATIONS INC		5.45	12/15/2014		80,000		86,493
22818VAB3	CROWN AMERICAS LLC/CROWN AMERI		6.25	2/1/2016		500,000		545,625
22822RAZ3	CROWN CASTLE TOWERS LLC		4.88	8/15/2040		5,250,000		6,012,031
233835AW7	DAIMLERCHRYSLER NA HLDG		6.50	11/15/2013		6,200,000		6,426,734
233851AT1	DAIMLER FINANCE NORTH AMERICA		1.25	1/11/2016		7,290,000		7,300,639
235851AL6	DANAHER CORPORATION		2.30	6/23/2016		200,000		209,499
237194AG0	DARDEN RESTAURANTS INC		6.20	10/15/2017		150,000		173,090
24422EQY8	JOHN DEERE CAPITAL CORP		2.95	3/9/2015		500,000		522,651
24422ERN1	JOHN DEERE CAPITAL CORP		1.40	3/15/2017		500,000		504,747
24702RAP6	DELL INC		3.10	4/1/2016		250,000		250,000
247361ZH4	DELTA AIR LINES INC		4.95	11/23/2020		130,400		142,462
24736TAA5	DELTA AIR LINES INC		7.75	6/17/2021		1,533,897		1,794,659
249030AB3	DENTSPLY INTL INC.		2.75	8/15/2016		1,475,000		1,513,008
250669AA6	DETOUR GOLD CORP		5.50	12/3/2014		1,588,000		1,617,457
25179MAM5	DEVON ENERGY CORPORATION		1.88	4/15/2017		300,000		301,997
25243YAR0	DIAGEO CAPITAL PLC		1.50	5/11/2017		3,150,000		3,189,851
25459HAV7	DIRECTV HOLDINGS LL/DIR TV FIN		3.13	2/15/2016		2,400,000		2,517,774
25459HBE4	DIRECTV HOLDINGS LLC/DIRECTV F		2.40	3/15/2017		1,200,000		1,232,754
25468PCG9	WALT DISNEY COMPANY (THE)		6.00	7/17/2017		150,000		179,324
25468PCS3	WALT DISNEY COMPANY (THE)		1.13	2/15/2017		500,000		501,158
25468PCV6	WALT DISNEY COMPANY (THE)		1.10	12/1/2017		6,100,000		6,085,133
25470XAE5	DISH DBS CORP		6.75	6/1/2021		5,000,000		5,550,000
260543CA9	DOW CHEMICAL COMPANY (THE)		5.90	2/15/2015		3,100,000		3,386,091
263534BY4	EI DU PONT DE NEMOURS & CO		3.25	1/15/2015		500,000		524,305
263534CG2	EI DU PONT DE NEMOURS & CO		1.75	3/25/2014		5,768,000		5,847,409
26875PAJ0	EOG RESOURCES INC		1.05	2/3/2014		2,700,000		2,717,577
26884TAJ1	ERAC USA FINANCE COMPANY		1.40	4/15/2016		675,000		677,883
277432AM2	EASTMAN CHEMICAL COMPANY		2.40	6/1/2017		500,000		518,029
278642AD5	EBAY INC.		0.70	7/15/2015		250,000		250,531
278642AG8	EBAY INC.		1.35	7/15/2017		3,071,000		3,094,851
278865AK6	ECOLAB INC		3.00	12/8/2016		500,000		530,932
278865AN0	ECOLAB INC		1.00	8/9/2015		250,000		250,486
285512AA7	ELECTRONIC ARTS INC		0.75	7/15/2016		2,175,000		2,106,716
291011AZ7	EMERSON ELECTRIC CO		4.13	4/15/2015		250,000		267,059
292506AA0	ENCANA CORP		5.80	5/1/2014		350,000		368,263
29264FAG1	ENDO HEALTH SOLUTIONS INC		7.00	7/15/2017		1,000,000		1,066,250
29379VAA1	ENTERPRISE PROD OPER LP		6.30	9/15/2017		300,000		361,064
29379VAX1	ENTERPRISE PROD OPER LP		1.25	8/13/2015		2,222,000		2,242,445
29977HAD2	EP ENERGY LLC/EVEREST ACQUISIT		6.88	5/1/2015		300,000		328,500
302182AF7	EXPRESS SCRIPTS, INC.		3.13	5/15/2016		2,400,000		2,539,150
30219GAC2	ARISTOTLE HOLDING INC		3.50	11/15/2016		750,000		807,740
30249UAA9	FMC TECHNOLOGIES INC		2.00	10/1/2017		1,650,000		1,666,080
314275AA6	FEDRTD RTIL HLDG		5.90	12/1/2016		300,000		348,007
319963BC7	FIRST DATA CORP		7.38	6/15/2017		5,000,000		5,325,000
319963BE3	FIRST DATA CORP		6.75	11/1/2018		610,000		637,450
337738AG3	FISERV INC		6.80	11/20/2017		50,000		60,319
337738AK4	FISERV INC		3.13	6/15/2016		6,225,000		6,549,101
345397VJ9	FORD MOTOR CREDIT COMPANY LLC		8.00	6/1/2014		250,000		269,031
345397VN0	FORD MOTOR CREDIT COMPANY LLC		7.00	4/15/2015		3,400,000		3,748,285
345397VP5	FORD MOTOR CREDIT COMPANY LLC		6.63	8/15/2017		300,000		349,538
345397WB5	FORD MOTOR CREDIT COMPANY LLC		4.21	4/15/2016		200,000		212,790

30

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
345397WC3	FORD MOTOR CREDIT COMPANY LLC		2.75	5/15/2015		250,000		255,150
345397WD1	FORD MOTOR CREDIT COMPANY LLC		3.00	6/12/2017		200,000		205,214
345397WE9	FORD MOTOR CREDIT COMPANY LLC		2.50	1/15/2016		300,000		305,221
35168XAA9	FRAC TECH SERVICES LLC		8.13	11/15/2016		417,000		437,850
35177PAS6	FRANCE TELECOM		4.38	7/8/2014		4,700,000		4,902,808
35177PAU1	FRANCE TELECOM		2.13	9/16/2015		500,000		512,441
35671DAW5	FREEPORT-MCMORAN COPPER & GOLD		2.15	3/1/2017		250,000		252,974
35671DBE4	FREEPORT-MCMORAN COPPER & GOLD		2.38	3/15/2018		200,000		200,662
35906AAB4	FRONTIER COMMUNICATIONS CORP		8.13	10/1/2018		5,000,000		5,687,500
361448AP8	GATX CORP		2.38	7/30/2018		93,000		93,556
368266AN2	GAZ CAPITAL SA		5.09	11/29/2015		2,750,000		2,935,075
369550AV0	GENERAL DYNAMICS CORP		1.00	11/15/2017		8,200,000		8,136,069
369604BE2	GENERAL ELECTRIC CO		0.85	10/9/2015		5,975,000		5,993,434
370334BF0	GENERAL MILLS INC		5.20	3/17/2015		500,000		543,271
37373UAA2	GERDAU HOLDINGS INC		7.00	1/20/2020		3,000,000		3,412,664
377372AA5	GLAXOSK CAP INC		4.38	4/15/2014		900,000		937,086
377373AC9	GLAXOSMITHKLINE CAPITAL PLC		1.50	5/8/2017		7,250,000		7,364,912
380956AC6	GOLDCORP INC.		2.13	3/15/2018		150,000		150,713
38259PAC6	GOOGLE		2.13	5/19/2016		500,000		521,467
404119BK4	HCA-THE HEALTHCARE CO		7.25	3/15/2015		8,500,000		9,403,125
404121AC9	HCA-THE HEALTHCARE CO		6.50	2/15/2020		530,000		597,575
41283LAC9	HARLEY-DAVIDSON FINANCIAL		1.15	9/15/2015		4,860,000		4,878,068
415864AK3	HARSCO CORP		2.70	10/15/2015		100,000		100,990
423012AB9	HEINEKEN N.V.		1.40	10/1/2017		1,400,000		1,395,522
428236BC6	HEWLETT-PACKARD CO		2.13	9/13/2015		300,000		303,795
428236BL6	HEWLETT-PACKARD CO		2.65	6/1/2016		400,000		407,856
428236BP7	HEWLETT-PACKARD CO		3.00	9/15/2016		5,950,000		6,136,345
428236BW2	HEWLETT-PACKARD CO		2.60	9/15/2017		250,000		252,060
437076AP7	HOME DEPOT INC		5.40	3/1/2016		500,000		566,075
438516AS5	HONEYWELL INTERNATIONAL INC		5.30	3/15/2017		150,000		174,296
448055AC7	HUSKY ENERGY INC.		6.20	9/15/2017		300,000		355,229
451055AC1	ICONIX BRAND GROUP INC		2.50	6/1/2016		2,199,000		2,428,532
451055AD9	ICONIX BRAND GROUP INC		1.50	3/15/2018		1,870,000		2,011,372
452327AC3	ILLUMINA INC		0.25	3/15/2016		2,700,000		2,602,746
453140AA3	IMPERIAL TOBACCO FIN PLC		2.05	2/11/2018		6,495,000		6,529,816
456866AS1	INGERSOLL-RAND COMPANY		4.75	5/15/2015		30,000		31,869
457187AA0	INGREDION INC		1.80	9/25/2017		1,200,000		1,201,352
458140AH3	INTEL CORP		1.95	10/1/2016		6,300,000		6,517,195
458140AL4	INTEL CORP		1.35	12/15/2017		9,775,000		9,791,076
458207AH0	INTELSAT JACKSON		8.50	11/1/2014		4,000,000		4,495,000
459200GX3	INTERNATIONAL BUSINESS MACHINE		1.95	7/22/2016		1,650,000		1,712,578
459284AA3	INTERNATIONAL CCE INC		2.13	9/15/2015		600,000		615,648
460146BU6	INTERNATIONAL PAPER COMPANY		5.30	4/1/2015		250,000		268,155
460690BH2	INTERPUBLIC GRP OF CO INC		4.00	3/15/2022		4,000,000		4,042,173
460690BJ8	INTERPUBLIC GRP OF CO INC		2.25	11/15/2017		100,000		99,547
46122EAF2	INVENTIV HEALTH INC		9.00	1/15/2017		410,000		432,550
470355AH1	JAMES RIVER COAL CO		3.13	3/15/2018		4,320,000		851,688
478160AX2	JOHNSON & JOHNSON		1.20	5/15/2014		500,000		505,058
481165AF5	JOY GLOBAL INC.		6.00	11/15/2016		150,000		169,982
494368BB8	KIMBERLY-CLARK CORPORATION		6.13	8/1/2017		250,000		301,791
50075NAX2	MONDELEZ INTERNATIONAL INC		6.75	2/19/2014		9,680,000		10,195,944
50075NBB9	MONDELEZ INTERNATIONAL INC		4.13	2/9/2016		500,000		544,965
50076QAK2	KRAFT FOODS GROUP INC		1.63	6/4/2015		500,000		508,371
501044CM1	KROGER CO (THE)		3.90	10/1/2015		300,000		321,996
502413AW7	L-3 COMMUNICATIONS HOLDINGS IN		3.00	8/1/2035		8,715,000		8,814,002

31

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
502413BB2	L-3 COMMUNICATIONS CORP		3.95	11/15/2016		250,000		269,618
50540RAK8	LABORATORY CORP OF AMER HLDGS		2.20	8/23/2017		150,000		153,010
527298AJ2	LEVEL 3 FINANCING INC		4.21	2/15/2015		270,000		270,000
532457BB3	ELI LILLY AND COMPANY		5.20	3/15/2017		250,000		289,213
532716AT4	LTD BRANDS INC		6.63	4/1/2021		410,000		463,300
539830AX7	LOCKHEED MARTIN CORPORATION		2.13	9/15/2016		150,000		155,425
544152AF8	LORILLARD TOBACCO CO		2.30	8/21/2017		150,000		151,227
548661CY1	LOWES COMPANIES INC		1.63	3/15/2017		800,000		816,098
55181WAA2	LYNX I CORP		5.38	4/15/2019		400,000		417,000
565849AJ5	MARATHON OIL CORP		0.90	11/1/2015		150,000		149,823
577081AX0	MATTEL INC		1.70	3/15/2018		100,000		100,790
58013MEB6	MCDONALDS CORP		5.80	10/15/2017		250,000		300,606
58013MEE0	MCDONALDS CORP		5.35	3/1/2018		150,000		178,025
58013MEP5	MCDONALDS CORP		0.75	5/29/2015		100,000		100,480
581557AY1	MCKESSON CORP		0.95	12/4/2015		3,500,000		3,511,422
58155QAC7	MCKESSON CORP		3.25	3/1/2016		8,000,000		8,526,527
58155QAF0	MCKESSON CORP		1.40	3/15/2018		2,300,000		2,299,584
58405UAF9	MEDCO HEALTH SOLUTIONS INC.		2.75	9/15/2015		750,000		780,895
585055AP1	MEDTRONIC INC		4.50	3/15/2014		3,970,000		4,119,381
585055AR7	MEDTRONIC INC		3.00	3/15/2015		200,000		209,332
585055AU0	MEDTRONIC INC		2.63	3/15/2016		200,000		208,629
58933YAB1	MERK & CO INC		2.25	1/15/2016		969,000		1,012,153
594918AB0	MICROSOFT CORP		2.95	6/1/2014		650,000		669,918
626717AE2	MURPHY OIL CORP		2.50	12/1/2017		100,000		100,201
629568AT3	NABORS INDUSTRIES INC		9.25	1/15/2019		5,795,000		7,455,306
63946BAA8	NBCUNIVERSAL MEDIA LLC		2.10	4/1/2014		950,000		964,700
654624AE5	NTT CORP		1.40	7/18/2017		250,000		251,001
654740AD1	NISSAN MOTOR ACCEPTANCE CORP		1.80	3/15/2018		3,955,000		3,982,411
655844BB3	NORFOLK SOUTHERN CORPORATION		5.75	1/15/2016		350,000		395,541
666807BB7	NORTHROP GRUMMAN CORP		3.70	8/1/2014		125,000		129,888
66989PAA8	NOVATEK FINANCE LIMITED		5.33	2/3/2016		4,000,000		4,296,104
670704AC9	NUVASIVE INC		2.75	7/1/2017		3,955,000		3,836,647
674599CB9	OCCIDENTAL PETROLEUM CORPORATI		1.75	2/15/2017		250,000		257,067
675757AA6	ODEBRECHT DRILL VIII/IX		6.35	6/30/2020		1,900,000		2,090,000
676253AL1	OFFSHORE GROUP INVESTMENT LTD		7.13	4/1/2021		180,000		183,667
68268NAF0	ONEOK PARTNERS LP		3.25	1/1/2016		850,000		897,748
68389XAN5	ORACLE CORPORATION		1.20	10/15/2017		3,300,000		3,302,364
68402LAC8	ORACLE CORP		5.25	1/15/2016		500,000		561,441
70336TAA2	PATRIOT COAL CORP		3.25	5/31/2013		4,565,000		479,202
709599AC8	PENSKE TRUCK LEASING COMPANY L		3.13	5/11/2015		1,825,000		1,890,004
709599AJ3	PENSKE TRUCK LEASING COMPANY L		2.50	3/15/2016		6,775,000		6,958,968
709629AA7	PENTAIR FINANCE SA		1.35	12/1/2015		150,000		150,406
713448BK3	PEPSICO INC		3.75	3/1/2014		5,910,000		6,085,632
713448CA4	PEPSICO INC		0.70	8/13/2015		500,000		500,629
713448CB2	PEPSICO INC		1.25	8/13/2017		500,000		500,980
717081DA8	PFIZER INC		5.35	3/15/2015		3,400,000		3,708,172
718172AG4	PHILIP MORRIS INTERNATIONAL IN		6.88	3/17/2014		5,655,000		6,004,388
718172AJ8	PHILIP MORRIS INTERNATIONAL IN		2.50	5/16/2016		6,000,000		6,303,444
718172AS8	PHILIP MORRIS INTERNATIONAL IN		1.13	8/21/2017		7,753,000		7,713,782
723787AE7	PIONEER NAT RES CO		5.88	7/15/2016		250,000		282,758
72447XAC1	PITNEY BOWES INC.		5.75	9/15/2017		350,000		380,660
72650RAX0	PLAINS ALL AMERICAN PIPELINE L		3.95	9/15/2015		250,000		268,816
74005PBE3	PRAXAIR INC		0.75	2/21/2016		300,000		299,946
740189AJ4	PRECISION CASTPARTS CORP		0.70	12/20/2015		100,000		100,144
740189AK1	PRECISION CASTPARTS CORP		1.25	1/15/2018		150,000		149,903

32

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
742718DQ9	PROCTER & GAMBLE COMPANY		3.15	9/1/2015		2,300,000		2,438,995
742718DS5	PROCTER & GAMBLE COMPANY		1.80	11/15/2015		1,500,000		1,546,903
74913GAT2	QWEST CORP		6.50	6/1/2017		500,000		580,723
75605EBX7	REALOGY CORP		7.63	1/15/2016		385,000		434,569
761713AE6	REYNOLDS AMERICAN INC		7.63	6/1/2016		250,000		297,979
761713AV8	REYNOLDS AMERICAN INC		1.05	10/30/2015		83,000		82,987
761735AD1	REYNOLDS GROUP ISSUER INC / RE		6.88	2/15/2016		580,000		620,600
761735AG4	REYNOLDS GROUP ISSUER INC / RE		7.88	8/15/2015		5,000,000		5,512,500
761735AP4	REYNOLDS GROUP ISSUER INC / RE		5.75	10/15/2018		1,810,000		1,841,675
767201AF3	RIO TINTO FINANCE USA LIMITED		8.95	5/1/2014		9,175,000		9,980,248
767201AJ5	RIO TINTO FINANCE (USA) LTD		1.88	11/2/2015		4,900,000		5,024,845
76720AAA4	RIO TINTO FINANCE (USA) PLC		1.13	3/20/2015		800,000		804,814
77509NAK9	ROGERS COMMUN INC.		5.50	3/15/2014		10,000,000		10,451,743
77531QAM0	ROGERS WIRELESS INC		7.50	3/15/2015		500,000		561,672
776696AD8	ROPER IND, INC.		1.85	11/15/2017		100,000		99,543
77819RAA7	ROSNEFT INTERNATIONAL FINANCE		4.20	3/6/2022		2,090,000		2,089,460
78355HJR1	RYDER SYSTEM INC.		3.50	6/1/2017		5,875,000		6,188,471
78355HJS9	RYDER SYSTEM INC		2.50	2/1/2017		350,000		355,341
78387GAL7	AT&T INC		5.63	6/15/2016		1,350,000		1,540,199
78572MAD7	SABMILLER PLC		6.50	7/1/2016		6,250,000		7,301,228
790849AE3	ST JUDE MEDICAL INC		3.75	7/15/2014		150,000		155,965
790849AH6	ST JUDE MEDICAL INC		2.50	1/15/2016		5,000,000		5,162,894
79546VAJ5	SALLY HOLDINGS LLC/SALLY CAPIT		5.75	6/1/2020		5,000,000		5,212,500
801060AA2	SANOFI AVENTIS		1.20	9/30/2014		5,000,000		5,054,669
806854AA3	SCHLUMBERGER INVESTMENT SA		1.95	9/14/2016		1,950,000		2,010,276
80685PAC2	SCHLUMBERGER NORGE AS		1.95	9/14/2016		2,700,000		2,783,459
822582AH5	SHELL INTERNATIONAL FINANCE BV		3.25	9/22/2015		1,000,000		1,063,825
843452BC6	SOUTHERN NAT GAS CO LLC		5.90	4/1/2017		250,000		289,873
84359YAB2	SOUTHERN PACIFIC RESOURCE CORP		6.00	6/30/2016		1,800,000		1,888,941
844030AH9	SOUTHERN UNION CO		3.32	11/1/2066		4,850,000		4,268,000
844741AX6	SOUTHWEST AIRLINES CO.		5.13	3/1/2017		250,000		277,256
852061AK6	SPRINT NEXTEL CORPORATION		9.00	11/15/2018		370,000		457,413
852061AQ3	SPRINT NEXTEL CORPORATION		7.00	3/1/2020		7,045,000		8,189,813
871503AG3	SYMANTEC CORP		2.75	9/15/2015		100,000		103,379
871503AJ7	SYMANTEC CORP		2.75	5/15/2017		100,000		103,198
872882AC9	TSMC GLOBAL LTD		1.63	4/3/2018		4,000,000		3,997,320
87612EAP1	TARGET CORPORATION		5.38	5/1/2017		250,000		291,428
878237AF3	TECH DATA CORP		3.75	9/21/2017		3,675,000		3,796,732
878742AX3	TECK RESOURCES LIMITED		2.50	2/1/2018		150,000		151,131
87927VAL2	TELECOM ITALIA CAPITAL		4.95	9/30/2014		750,000		777,188
87938WAJ2	TELEFONICA EMISIONES SAU		4.95	1/15/2015		12,000,000		12,539,999
87938WAN3	TELEFONICA EMISIONES SAU		3.99	2/16/2016		1,000,000		1,035,000
88033GBP4	TENET HLTHCR CORP		6.25	11/1/2018		270,000		299,700
88033GBX7	TENET HLTHCR CORP		4.50	4/1/2021		769,000		754,581
88156LAC4	TERVITA CORP		8.00	11/15/2017		481,000		497,101
88165FAC6	TEVA PHARMAC FIN		2.40	11/10/2016		600,000		627,611
882508AQ7	TEXAS INSTRUMENTS INCORPORATED		1.38	5/15/2014		200,000		202,302
882508AR5	TEXAS INSTRUMENTS INC		2.38	5/16/2016		250,000		261,682
883556AW2	THERMO FISHER SCIENTIFIC INC		2.05	2/21/2014		2,000,000		2,025,500
883556BA9	THERMO FISHER SCIENTIFIC		2.25	8/15/2016		3,850,000		3,986,259
88579YAD3	3M CO		1.38	9/29/2016		250,000		255,848
88579YAE1	3M CO		1.00	6/26/2017		300,000		300,823
88632QAA1	TIBCO SOFTWARE INC		2.25	5/1/2032		3,750,000		3,632,835
887317AC9	TIME WARNER INC		5.88	11/15/2016		250,000		290,276
887317AJ4	TIME WARNER INC		3.15	7/15/2015		250,000		263,026

33

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
88732JAH1	TIME WARNER CABLE INC		5.85	5/1/2017		250,000		290,287
89153VAA7	TOTAL CAPITAL INTERNATIONAL SA		1.50	2/17/2017		500,000		507,690
89153VAC3	TOTAL CAPITAL INTERNATIONAL SA		1.55	6/28/2017		6,500,000		6,598,173
89153VAD1	TOTAL CAPITAL INTERNATIONAL SA		0.75	1/25/2016		4,550,000		4,555,534
89233P4B9	TOYOTA MOTOR CREDIT CORP		3.20	6/17/2015		9,409,000		9,935,595
89233P6D3	TOYOTA MOTOR CREDIT CORP		1.75	5/22/2017		1,000,000		1,022,001
89233P6J0	TOYOTA MOTOR CREDIT CORP		0.88	7/17/2015		150,000		150,917
89233P7E0	TOYOTA MOTOR CREDIT CORP		1.38	1/10/2018		200,000		200,842
89378TAB9	TRANSNET LTD		4.50	2/10/2016		5,950,000		6,233,172
893830AS8	TRANSOCEAN LTD		6.00	3/15/2018		250,000		282,650
893830BA6	TRANSOCEAN INC		5.05	12/15/2016		250,000		277,036
896522AF6	TRINITY IND, INC.		3.88	6/1/2018		2,850,000		3,441,090
900212AE1	TURLOCK CORPORATION		0.95	11/2/2015		250,000		250,534
900212AG6	TURLOCK CORPORATION		1.50	11/2/2017		250,000		250,511
90345WAD6	US AIRWAYS P-T TR		4.63	9/20/2021		1,450,000		1,515,250
904764AP2	UNILEVER CAPITAL CORP		0.85	8/2/2017		6,275,000		6,234,157
907818CV8	UNION PACIFIC CO		4.88	1/15/2015		250,000		268,073
911312AL0	UNITED PARCEL SERVICE INC		3.88	4/1/2014		350,000		361,960
911365AY0	UNITED RENTALS (N AMER), INC.		5.75	7/15/2015		145,000		157,325
913017BU2	UNITED TECH CORP		1.80	6/1/2017		15,175,000		15,635,394
913017BY4	UNITED TECH CORP		1.20	6/1/2015		250,000		253,786
91324PAL6	UNITEDHEALTH GROUP INCORPORATE		5.00	8/15/2014		450,000		477,038
91324PBY7	UNITEDHEALTH GROUP INCORPORATE		1.40	10/15/2017		2,725,000		2,741,328
91911TAF0	VALE OVERSEAS LTD		6.25	1/11/2016		600,000		668,438
91911XAS3	VALEANT PHARMACEUTICALS INTERN		7.25	7/15/2016		285,000		309,938
91913YAM2	VALERO ENERGY CORPORATION		6.13	6/15/2017		750,000		892,405
92343VAY0	VERIZON FLORIDA LLC		3.00	4/1/2016		18,600,000		19,664,837
92343VBB9	VERIZON FLORIDA LLC		1.25	11/3/2014		250,000		252,699
92343VBD5	VERIZON FLORIDA LLC		2.00	11/1/2016		250,000		256,938
92343VBF0	VERIZON FLORIDA LLC		1.10	11/1/2017		250,000		245,983
92343VBH6	VERIZON FLORIDA LLC		0.70	11/2/2015		300,000		298,269
92344SAK6	CELLCO PARTNERSHIP/VERIZON WIR		8.50	11/15/2018		9,000,000		11,924,611
92553PAE2	VIACOM INC		4.38	9/15/2014		200,000		210,337
92553PAG7	VIACOM INC		3.50	4/1/2017		250,000		268,296
92857WAP5	VODAFONE GROUP PLC		5.63	2/27/2017		10,300,000		11,921,100
92857WAT7	VODAFONE GROUP PLC		4.15	6/10/2014		500,000		520,148
92857WBE9	VODAFONE GROUP PLC		1.50	2/19/2018		3,200,000		3,187,442
928670AJ7	VOLKSWAGEN INTERNATIONAL FIN N		1.63	3/22/2015		7,500,000		7,599,356
931142CQ4	WAL-MART STORES INC		3.20	5/15/2014		1,250,000		1,290,202
931142DA8	WAL-MART STORES INC		1.63	4/15/2014		18,014,000		18,258,309
931422AJ8	WALGREEN CO		1.80	9/15/2017		250,000		253,721
94106LAX7	WASTE MANAGEMENT INC		2.60	9/1/2016		150,000		156,719
942683AG8	WATSON PHARMACEUTICALS INC.		1.88	10/1/2017		200,000		202,346
947074AJ9	WEATHERFORD INTL INC		6.35	6/15/2017		750,000		860,559
947075AD9	WEATHERFORD INTERNATIONAL LTD		6.00	3/15/2018		1,347,000		1,531,526
94770VAF9	WEBMD HEALTH CORP		2.50	1/31/2018		4,100,000		3,768,310
94770VAH5	WEBMD HEALTH CORP		2.25	3/31/2016		4,680,000		4,575,870
94973VAK3	WELLPOINT INC		5.25	1/15/2016		500,000		556,737
950840AC2	WESFARMERS LTD		1.87	3/20/2018		825,000		833,634
96950HAD2	WILLIAMS PRTNRS		7.25	2/1/2017		250,000		299,689
980888AC5	WOOLWORTHS LTD		2.55	9/22/2015		4,515,000		4,671,453
983024AJ9	WYETH		5.50	2/15/2016		1,000,000		1,135,133
98310WAH1	WYNDHAM WORLDWIDE CORP		2.95	2/1/2017		250,000		255,433
98310WAK4	WYNDHAM WORLDWIDE CORP		2.50	2/1/2018		5,150,000		5,179,496
984121BY8	XEROX CORPORATION		8.25	5/15/2014		650,000		701,325

34

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
98417EAU4	XSTRATA FINANCE (CANADA) LTD		2.45	10/25/2017		8,705,000		8,793,803
98419MAA8	XYLEM INC/NY		3.55	9/20/2016		4,475,000		4,759,568
989194AG0	ZAYO GROUP LLC/ZAYO CAPITAL IN		8.13	7/1/2015		780,000		873,600
989194AH8	ZAYO GROUP LLC/ZAYO CAPITAL IN		10.13	7/1/2016		520,000		612,300
98978VAF0	ZOETIS INC		1.88	2/1/2018		2,550,000		2,567,791
BRS3H8370	REALOGY GROUP LLC		0.00	10/10/2013		111,944		111,805
BRS3H8L05	US AIRWAYS GROUP INC		0.00	3/21/2014		1,670,786		1,668,229
BRS47V568	CENGAGE (THOMSON LEARNING) TL		0.00	7/3/2014		176,687		135,695
BRS5LHF93	ALTEGRITY INC		0.00	2/21/2015		565,000		552,288
BRS6UPUC9	COINMACH SERVICE CORP		0.00	11/14/2014		1,386,156		1,367,679
BRS6ZY780	CENGAGE LEARNING ACQUISITIONS		0.00	7/3/2014		60,150		45,739
BRS748CX8	FEDERAL MOGUL TL B		0.00	12/29/2014		2,756,532		2,575,290
BRS748CY6	FEDERAL MOGUL CORP		0.00	12/28/2015		1,164,022		1,087,487
BRS75LWJ7	CLEAR CHANNEL COMMUN, INC.		0.00	1/29/2016		1,430,672		1,267,218
BRS7BLBP9	CLEAR CHANNEL COMMUN, INC.		0.00	1/29/2016		130,000		113,239
BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING		0.00	9/6/2016		277,331		278,718
BRS9PGQM2	ARAMARK CORPORATION		0.00	7/26/2016		8,639		8,686
BRS9PGR33	ARAMARK CORPORATION		0.00	7/26/2016		131,361		132,072
BRS9SHAY8	HCA-THE HEALTHCARE CO		0.00	3/31/2017		760,000		766,224
BRSADEPT3	ALTEGRITY INC		0.00	2/21/2015		479,696		483,294
BRSADRQZ9	VODAFONE AMERICAS FINANCE 2 IN		0.00	8/11/2015		3,634,149		3,706,832
BRSAGFDE3	CHEMTURA CORPORATION		0.00	8/29/2016		675,000		682,594
BRSAUE236	DAVITA HEALTHCARE PARTNERS INC		0.00	10/20/2016		1,460,341		1,473,119
BRSAY7HF4	TRAVELPORT TL EXT		0.00	8/21/2015		375,700		373,235
BRSAZTC86	COMMUNITY HLTH SYST INC		0.00	1/25/2017		1,227,697		1,239,557
BRSB41VP0	BRESNAN HLDG		0.00	12/14/2017		2,146,136		2,159,013
BRSB93KD0	CONVATEC INC		0.00	11/6/2013		1,375,134		1,394,730
BRSB93S67	CDW CORPORATION		0.00	7/15/2017		871,932		875,202
BRSBBKBD9	UCI INTERNATIONAL TL B		0.00	7/26/2017		121,902		122,436
BRSBGXH81	DEL MONTE FOODS CO		0.00	3/8/2018		1,760,991		1,775,572
BRSBH7HM6	AVAYA INC.		0.00	10/26/2017		772,490		728,265
BRSBHFX32	AXCAN INTER HLDG		0.00	2/10/2017		3,185,743		3,208,043
BRSBHYHF2	WALTER ENERGY INC		0.00	4/2/2018		1,300,569		1,307,436
BRSBJ24Q0	WALTER ENERGY INC		0.00	4/1/2016		164,798		164,901
BRSBK2348	GYMBOREE CORP		0.00	2/23/2018		213,981		207,104
BRSBK71J6	SEAWORLD PARKS & ENTERTAINMENT		0.00	8/17/2017		1,572,663		1,578,561
BRSBLUS55	US TELEPACI		0.00	2/23/2017		1,805,269		1,797,001
BRSBLUUU7	MICHAEL FOODS, INC.		0.00	2/23/2018		360,661		365,321
BRSBMSAB5	NEXEO SOLUTIONS LLC		0.00	9/8/2017		1,666,455		1,665,422
BRSBNJXW3	UNIVR INC		0.00	6/30/2017		650,370		656,308
BRSBPT1D6	GENTEK HOLDING LLC		0.00	10/6/2015		539,076		541,097
BRSBQ1JW5	CALPINE CORP		0.00	2/15/2014		1,752,791		1,773,246
BRSBQ2FS6	SINCLAIR TELEVISION GROUP INC		0.00	10/28/2016		692,840		694,046
BRSBQNA63	NXP BV AND NXP FUNDING LLC		0.00	3/4/2014		348,223		355,042
BRSBQPW49	UNIVERSAL HEALTH SERVICES INC		0.00	11/15/2016		147,024		148,448
BRSBR2E98	JMC STEEL GROUP		0.00	4/1/2017		763,217		769,888
BRSBR4P35	JO-ANN STORES		0.00	3/16/2018		922,799		931,334
BRSBRMCQ8	WARNER CHILCOTT CORP		0.00	8/20/2013		535,042		543,180
BRSBRMD53	WARNER CHILCOTT CORP		0.00	8/20/2013		189,592		192,476
BRSBRMD95	WARNER CHILCOTT CORP		0.00	3/15/2018		421,620		428,032
BRSBRMFR3	METROPCS WIRELESS INC		0.00	3/19/2018		953,644		955,856
BRSBT2DD8	FIRST DATA CORP		0.00	3/23/2018		5,426,168		5,402,455
BRSBW6C87	AMERISTAR CASINOS, INC.		0.00	4/16/2018		540,601		544,655
BRSBWG6S8	DELTA AIR LINES INC		0.00	4/20/2017		985,241		997,803
BRSBXNF03	AMER ROCK SLT CO		0.00	4/25/2017		658,814		658,128

35

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
BRSBYALT0	EMERGENCY MEDICAL SVCS CORP		0.00	5/25/2018		1,659,757		1,675,575
BRSBZZDX4	GOLDEN LIVING		0.00	5/4/2018		227,832		220,072
BRSC095F6	IPAYMENT INC.		0.00	5/8/2017		227,359		228,023
BRSC103Q2	KAR AUCTION SERVICES INC		0.00	5/19/2017		1,761,012		1,781,370
BRSC106T3	HCA-THE HEALTHCARE CO		0.00	5/1/2018		490,000		494,101
BRSC3G4F8	NEIMAN MARCUS GROUP INC. THE		0.00	5/16/2018		1,515,000		1,527,120
BRSC5JRR9	TOYS R US DELAWR		0.00	5/25/2018		379,075		362,730
BRSC6D3K2	QUINTILES TRANSNATIONAL CORP.		0.00	6/8/2018		1,373,232		1,389,972
BRSC7W2L8	AWAS AVIATION SERVICES INC		0.00	6/10/2016		1,066,410		1,076,071
BRSC96U16	LAUREATE EDUCATION INC		0.00	6/15/2018		1,649,591		1,665,064
BRSCCYM28	DOLE FOOD CO INC.		0.00	7/9/2018		596,811		597,557
BRSCCZ003	DOLE FOOD CO INC.		0.00	7/8/2018		1,095,739		1,096,956
BRSCDGPL1	INVENTIV HEALTH INC		0.00	8/4/2016		234,898		232,549
BRSCF42A5	INVENTIV HEALTH INC		0.00	5/15/2018		711,463		703,160
BRSCH2HF0	AUTOPARTS HOLDINGS LTD		0.00	7/28/2017		1,229,716		1,244,571
BRSCHUN87	SUNCOKE ENERGY INC		0.00	7/26/2018		159,653		159,653
BRSD853C3	BOYD GAMING CORP		0.00	12/17/2015		993,750		1,004,930
BRSDKUDY5	SIX FLAGS THEME PARKS INC		0.00	12/20/2018		561,617		569,137
BRSDLMQR3	CAPITAL SAFETY GROUP LTD		0.00	1/21/2019		1,386,026		1,401,619
BRSDWEX75	GRIFOLS INC		0.00	6/1/2017		1,119,470		1,129,388
BRSDWXL27	TRONOX INC		0.00	2/8/2018		1,614,236		1,634,914
BRSDYJ7G1	HAWAIIAN TELCOM COMMUNICATIONS		0.00	3/1/2014		1,000,277		1,017,782
BRSDYRD76	EMI MUSIC PUBLISHING LTD		0.00	6/29/2018		1,203,950		1,215,689
BRSDZCRW8	SIEMENS FINANCIERINGSMAATSCHAP		1.65	8/16/2019		3,500,000		3,729,600
BRSE0V753	AMC ENTERTAINMENT INC.		0.00	2/22/2018		617,188		621,199
BRSE4TDH1	ACCO BRANDS		0.00	5/1/2019		1,252,670		1,265,986
BRSE76GJ1	WEIGHT WATCHERS INTL INC		0.00	3/15/2019		734,338		736,585
BRSE7U0Q9	COMMSCOPE INC.		0.00	1/14/2018		1,131,063		1,141,887
BRSE9A2P1	YANKEE CANDLE CO INC		0.00	4/2/2013		733,103		737,033
BRSE9C0N4	PROTECTION ONE, INC.		0.00	3/21/2019		915,752		920,908
BRSEC7EU0	PINACLE FOOD FIN		0.00	10/17/2018		1,159,386		1,170,620
BRSEE9HS6	ASCEND PERFORMANCE MATERIALS L		0.00	4/10/2018		2,382,947		2,427,628
BRSEEQB47	TOYS R US DELAWR		0.00	5/25/2018		392,038		373,090
BRSEF3LW4	GOODYEAR TIRE & RUBBER CO		0.00	4/4/2013		1,930,000		1,945,266
BRSEF7SN8	SPIRIT AROSYSTMS		0.00	4/18/2013		465,300		469,809
BRSEFGMT1	CHARTER COM OPER		0.00	4/12/2013		459,650		463,263
BRSEFJZU8	HD SUPPLY		0.00	8/16/2013		5,532,400		5,583,132
BRSEGRYL0	WENDYS INTERNATIONAL INC.		0.00	5/15/2019		2,154,175		2,174,812
BRSEGUX00	99 CENTS ONLY STORES		0.00	1/11/2019		744,586		753,364
BRSEH00P6	TELESAT CANADA		0.00	3/28/2017		1,555,313		1,511,759
BRSEH0S92	CATALINA MARKETING CORPORATION		0.00	9/29/2017		1,087,807		1,091,071
BRSEHTXV4	FREEDOM GROUP INC		0.00	4/19/2013		634,795		636,382
BRSEKNUF1	INEOS US FINANCE LLC		0.00	4/28/2013		1,128,530		1,146,260
BRSEL02X2	BAUSCH & LOMB INCORPORATED		0.00	4/20/2013		3,295,100		3,321,560
BRSELNYG4	INEOS US FINANCE LLC		0.00	5/4/2015		183,150		186,203
BRSEN9666	WABASH NATIONAL CORPORATION		0.00	4/30/2019		1,176,654		1,190,633
BRSEQCJ21	HARRAHS LAS VEGAS PROPCO LLC		0.00	2/13/2014		1,410,000		1,327,600
BRSERR4P2	HARBOR FREIGHT TOOLS USA INC T		0.00	5/9/2013		706,450		714,398
BRSES26G4	SS&C TECHNOLOGIES INC		0.00	6/7/2019		1,364,215		1,382,973
BRSES4VS6	BURLINGTON COAT FACTORY WAREHO		0.00	2/23/2017		444,201		449,682
BRSEVBUR9	GIBSON ENERGY ULC		0.00	5/24/2013		1,834,218		1,858,669
BRSEVD0Q0	SS&C TECHNOLOGIES INC		0.00	6/7/2019		141,126		143,066
BRSEZ4VS8	ZAYO GROUP LLC		0.00	7/3/2013		2,347,238		2,369,372
BRSF21G05	WOLVERINE WORLD WIDE, INC.		0.00	10/9/2019		735,146		741,579
BRSF2MUR4	AWAS AVIATION CAPITAL LTD		0.00	7/16/2018		83,276		83,589

36

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
BRSF33TK2	US RENAL CARE INC		0.00	7/3/2019		1,007,388		1,022,498
BRSF6FJZ0	CERIDIAN CORP		0.00	7/10/2013		1,978,902		2,012,820
BRSF7TBV6	WIDEOPENWEST FINANCE LLC		0.00	7/17/2013		833,700		841,904
BRSF89UY2	HOLOGIC INC.		0.00	8/1/2019		3,656,625		3,702,333
BRSF8LRV5	INTELLIGRATED INC		0.00	7/30/2018		698,250		700,868
BRSFATQG9	BOOZ ALLEN HAMILTON HOLDING CO		0.00	7/31/2019		1,601,950		1,621,974
BRSFBH0G2	BIOMET INC		0.00	8/2/2013		1,260,360		1,274,010
BRSFD9QU9	LEVEL 3 COMMUNICATIONS INC		0.00	8/1/2013		1,338,275		1,355,566
BRSFD9W24	LEVEL 3 COMMUNICATIONS INC		0.00	8/1/2013		1,100,000		1,114,025
BRSFDBBL0	PILOT TRAVEL CENTERS LLC		0.00	8/7/2019		751,225		759,443
BRSFDC881	AMERICAN CAP STRAT LTD.		0.00	8/22/2013		1,880,000		1,908,200
BRSFEPVD4	DAVITA HEALTHCARE PARTNERS INC		0.00	11/1/2019		1,680,788		1,696,284
BRSFFNE54	NAVISTAR INTERNATIONAL CORPORA		0.00	8/17/2014		420,000		424,095
BRSFGD3F5	GENPACT LTD		0.00	8/30/2019		2,119,350		2,148,491
BRSFJDVV6	CAPSUGEL HOLDINGS US INC		0.00	8/6/2013		1,632,822		1,658,343
BRSFKSBQ4	EVEREST ACQUISITION LLC		0.00	5/24/2018		2,880,000		2,913,955
BRSFKYGX1	WARNER CHILCOTT CO LLC		0.00	8/20/2013		232,908		236,450
BRSFP5V79	CNO FINANCIAL GROUP INC		0.00	9/28/2013		1,099,131		1,110,353
BRSFP6TT2	CPG INTERNATIONAL INC		0.00	9/22/2013		1,756,175		1,771,542
BRSFPRNH8	GETTY IMAGES INC.		0.00	10/18/2013		1,296,750		1,313,608
BRSFPTRK3	SAMSON RESOURCES CORP		0.00	9/25/2013		600,000		606,750
BRSFQ43Z0	FIRST DATA CORP		0.00	9/24/2018		2,305,000		2,320,052
BRSFQ6PR9	FOXCO ACQSTN SUB		0.00	9/12/2013		973,967		990,096
BRSFRQMG1	REYNOLDS GROUP HOLDINGS INC		0.00	9/28/2013		3,532,250		3,581,172
BRSFS71H3	BJS WHOLESALE CLUB, INC.		0.00	3/26/2020		510,000		526,789
BRSFTR0V8	INFOR US INC		0.00	4/5/2018		3,542,146		3,596,164
BRSFV16D6	ADVANCE PIERRE FOODS		0.00	7/10/2017		1,506,225		1,525,429
BRSFVFMJ4	INTELSAT JACKSON		0.00	4/2/2018		4,833,834		4,899,091
BRSFVG4M5	LEVEL 3 COMMUNICATIONS INC		0.00	10/4/2013		3,120,000		3,154,445
BRSFWACE6	LEAP WIRELESS INTL INC		0.00	10/11/2013		753,113		756,411
BRSFWQSC8	TRANSTAR HOLDING COMPANY		0.00	10/9/2013		1,014,900		1,025,049
BRSFX7D35	CDR DB SUB INC		0.00	10/12/2013		2,453,850		2,483,272
BRSFXK170	FMG RESOURCES (AUGUST 2006) PT		0.00	10/18/2013		3,260,233		3,297,205
BRSFXMS69	LESLIES POOLMART, INC.		0.00	10/16/2019		2,443,314		2,476,152
BRSFXW3C1	PROGRESSIVE WASTE SOLUTIONS LT		0.00	10/25/2013		892,763		903,369
BRSFXZ4E9	VANTAGE DRILLING CO		0.00	10/25/2013		2,470,823		2,486,265
BRSFYE413	EVERGREEN ACQCO 1 LP		0.00	7/10/2013		1,617,795		1,636,497
BRSFYGWB5	TRUVEN HEALTH ANALYTICS INC		0.00	6/6/2019		888,288		898,654
BRSFZ15K7	GCA SERVICES GROUP INC		0.00	11/1/2019		848,038		850,421
BRSFZ6L02	REXNORD CORP		0.00	4/5/2013		2,029,166		2,051,467
BRSFZCHP9	GRAY TELEVISION INC.		0.00	10/12/2013		1,455,586		1,471,350
BRSFZGGS5	GARDA WORLD SEC		0.00	11/14/2013		468,825		474,099
BRSG0NGV9	TEREX CORP		0.00	10/12/2013		1,556,577		1,583,817
BRSG12397	OSI RESTAURANT PARTNERS INC		0.00	10/28/2019		1,199,250		1,214,504
BRSG12QG6	WARNER MUSIC GROUP CORP		0.00	11/2/2013		755,438		766,301
BRSG1G1D9	WILSONART LLC		0.00	11/1/2013		1,860,338		1,884,987
BRSG1GA15	SPECTRUM BRANDS INC		0.00	10/18/2013		2,059,838		2,088,160
BRSG2YW45	INSIGHT GLOBAL INC		0.00	10/24/2019		812,963		814,995
BRSG4R308	DELTA 2 (LUX) SARL		0.00	4/28/2013		1,871,744		1,899,820
BRSG65QL3	CHESAPEAKE ENERGY CORP		0.00	11/10/2013		2,110,000		2,173,047
BRSG7CDT4	METALS USA HOLDING CORP		0.00	11/8/2013		937,650		939,994
BRSG7ST70	CHG HEALTHCARE SERVICES INC		0.00	11/19/2019		982,039		994,314
BRSG804U6	KINETIC CONCEPTS INC / KCI USA		0.00	5/4/2018		1,870,783		1,902,193
BRSG82NP2	CONSOLIDATED COMMUNICATIONS IN		0.00	12/31/2018		1,855,350		1,874,831
BRSG8LKZ1	ACADEMY SPORTS & OUTDOORS INC		0.00	11/7/2013		2,312,613		2,343,116

37

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
BRSG8SYA6	BASS PRO GROUP LLC		0.00	11/20/2019		1,281,788		1,293,529
BRSG8THL9	SEALED AIR CORP		0.00	10/3/2018		788,000		798,079
BRSG8U0V2	WESCO DISTRIBUTION INC		0.00	12/13/2013		1,027,425		1,038,552
BRSG8UAX7	FLEETPRIDE INC		0.00	11/19/2019		748,125		756,167
BRSG9RLL7	EQUINOX HOLD		0.00	1/31/2020		940,000		955,275
BRSG9SY49	ARDENT MEDICAL		0.00	1/2/2014		553,613		562,841
BRSGAL5R3	BLACKBOARD INC		0.00	10/4/2018		371,213		376,317
BRSGASEE7	WEB.COM GROUP INC		0.00	11/21/2013		502,198		505,965
BRSGCQN17	SEQUA CORP		0.00	12/19/2013		3,015,065		3,062,432
BRSGEARA6	PVH CORP		0.00	12/31/2019		1,420,000		1,434,058
BRSGEC9C8	PATHEON		0.00	12/14/2013		533,663		541,667
BRSGF9UP1	SUNGARD DATA SYST INC.		0.00	1/31/2020		548,625		555,027
BRSGFA782	RIVERBED TECHNOLOGY INC		0.00	12/19/2013		1,196,051		1,206,146
BRSGGZLV9	MGM RESORTS INTERNATIONAL		0.00	12/6/2013		1,431,413		1,453,599
BRSGV88K1	MEDASSETS INC		0.00	12/14/2013		492,700		498,036
BRSGVPQQ0	REDPRAIRIE CORP		0.00	12/21/2018		698,250		711,342
BRSGWBFK5	MIRROR BIDCO CORP		0.00	12/29/2013		1,172,063		1,183,783
BRSGWY6Y5	CCC INFORMATION SERVICES GROUP		0.00	12/20/2019		443,888		448,104
BRSGYQEJ4	ALCATEL-LUCENT USA INC		0.00	1/30/2015		2,189,513		2,220,888
BRSGZU497	AVAYA INC.		0.00	3/31/2018		462,842		465,448
BRSGZV4B0	CUMULUS MED INC.		0.00	12/21/2013		1,401,478		1,418,702
BRSH21DB0	NEP/NCP HOLDCO INC		0.00	12/24/2013		274,286		285,257
BRSH3M7X2	US COATINGS ACQUISITION INC /		0.00	2/1/2014		3,035,000		3,074,212
BRSH4GA51	AMERIFORGE GROUP INC		0.00	1/26/2014		778,050		788,102
BRSH4GDD1	AMERIFORGE GROUP INC		0.00	1/25/2016		390,000		397,313
BRSH4X0F3	DIGITALGLOBE INC		0.00	1/31/2014		1,070,000		1,083,707
BRSH4XBW4	ALCATEL-LUCENT USA INC		0.00	1/31/2014		850,000		861,229
BRSH583G2	TESORO CORP		0.00	1/28/2016		1,130,000		1,142,713
BRSH5BNL2	MICHAELS STORES INC		0.00	1/29/2014		2,185,000		2,205,321
BRSH62EH0	BRIGHT HORIZONS FAMILY SOLUTIO		0.00	1/31/2014		1,356,600		1,366,775
BRSH62SH5	APEX TOOL GROUP LLC		0.00	2/1/2014		1,005,000		1,017,844
BRSH9LJ56	CROSSMARK HOLDINGS INC		0.00	12/20/2019		490,000		490,000
BRSH9LVD5	SYNIVERSE HLDGS		0.00	1/30/2014		935,000		936,945
BRSH9VWL4	UNIFRAX I LLC		0.00	8/6/2013		458,850		462,778
BRSHA8HD8	VWR FUNDING INC		0.00	4/3/2017		573,563		578,581
BRSHAG9G2	SILVER II BORROWER SCA		0.00	2/14/2015		2,274,300		2,290,925
BRSHAH1M5	PHARMACEUTICAL PRODUCT DEV, IN		0.00	1/31/2014		3,288,855		3,324,474
BRSHB1YS0	RITE AID CORP		0.00	2/21/2020		695,000		702,527
BRSHB2956	RITE AID CORP		0.00	2/4/2014		520,000		538,200
BRSHB29T4	ADS WASTE HOLDINGS INC		0.00	2/9/2014		2,842,875		2,871,901
BRSHB45X5	SUPERVALU INC.		0.00	3/21/2014		1,055,000		1,072,260
BRSHB7HU1	INTERACTIVE DATA CORP		0.00	2/11/2018		1,907,627		1,927,905
BRSHBDMR9	FREESCALE SEMICONDUCTOR INC		0.00	3/1/2020		2,030,000		2,034,446
BRSHBEH02	ARRIS GROUP INC.		0.00	2/10/2020		515,000		515,644
BRSHBRX70	J CREW GROUP INC		0.00	2/5/2014		307,652		310,845
BRSHBW711	TERVITA CORP		0.00	2/8/2014		940,000		951,167
BRSHC6N35	BAKERCORP INTERNATIONAL INC		0.00	2/7/2020		675,010		678,985
BRSHC7CJ0	IMS HEALTH INCORPORATED		0.00	9/1/2017		2,255,940		2,277,935
BRSHC8K00	VIRGIN MEDIA INV		0.00	2/6/2020		1,860,000		1,851,239
BRSHC8MQ1	VIRGIN MEDIA INV		0.00	2/15/2020		1,350,000		2,050,276
BRSHCC201	SOPHIA LP		0.00	7/29/2013		1,093,356		1,108,116
BRSHCGRY1	SABRE INC		0.00	2/20/2014		653,363		661,523
BRSHCK7Y4	WEST CORP		0.00	8/8/2013		1,430,000		1,452,637
BRSHCL6M9	PARTY CITY HOLDINGS INC		0.00	8/20/2013		3,107,213		3,128,093
BRSHD4UZ0	PHARMACEUTICAL RSRCE INC		0.00	8/7/2013		3,482,522		3,514,422

38

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
BRSHD5L53	PETCO ANIMAL SUPPLIES, INC.		0.00	8/3/2013		2,278,447		2,306,654
BRSHDAGH2	SERVICEMASTER CO		0.00	1/31/2017		1,935,150		1,954,502
BRSHDDGD5	UNIVISION COMMUN INC.		0.00	2/15/2014		1,896,151		1,905,328
BRSHDUM16	AMERICAN RENAL HOLDINGS INC		0.00	8/14/2019		1,235,000		1,237,322
BRSHDW2J5	INTEGRA TELECO		0.00	2/23/2014		970,000		982,280
BRSHDW2Q9	INTEGRA TELECO		0.00	2/21/2016		510,000		522,964
BRSHE8JF7	KABEL DEUTSCHLAND VERTRIEB UND		0.00	2/6/2014		930,000		938,909
BRSHE90B4	ARAMARK CORPORATION		0.00	2/14/2014		2,845,000		2,869,865
BRSHE9156	TRANSDIGM INC		0.00	2/14/2014		379,050		383,788
BRSHE9J24	BJS WHOLESALE CLUB, INC.		0.00	2/19/2014		847,875		855,116
BRSHEMWF1	MEG ENERGY CORP		0.00	2/15/2014		1,142,110		1,152,960
BRSHFDW29	ALLIANCE LAUNDRY SYST LLC		0.00	8/16/2013		447,722		450,632
BRSHFX0T1	NEP/NCP HOLDCO INC		0.00	2/25/2014		1,376,550		1,390,316
BRSHGA5W8	IMMUCOR, INC.		0.00	8/19/2018		2,183,602		2,209,543
BRSHGQ826	STATION CASINOS LLC		0.00	3/2/2014		2,765,000		2,794,945
BRSHH3U39	IASIS HELTHCARE CORP		0.00	2/21/2014		471,761		477,460
BRSHH6H11	VALEANT PHARMACEUTICALS INTERN		0.00	12/11/2019		1,271,813		1,285,586
BRSHH6K90	VALEANT PHARMACEUTICALS INTERN		0.00	8/22/2014		1,869,178		1,889,533
BRSHJ8GU2	SUNGARD DATA SYST INC.		0.00	3/6/2020		375,000		378,398
BRSHKFUT1	TOTAL SAFETY US INC		0.00	2/20/2020		515,000		518,435
BRSHKFUZ7	TOTAL SAFETY US INC		0.00	9/11/2020		324,188		329,050
BRSHKR2U3	NIELSEN FINANCE LLC/NIELSON FI		0.00	5/2/2016		1,347,767		1,360,827
BRSHLFNZ4	ARMSTRONG WORLD INDUSTRIES INC		0.00	9/5/2013		560,000		563,802
BRSHLJUD7	AI CHEM & CY SCA		0.00	3/29/2014		735,000		743,269
BRSHM2RV7	NOVELIS INC/GA		0.00	3/10/2017		2,009,659		2,034,780
BRSHMA6X8	SALEM COMMUNS CORP		0.00	2/27/2014		815,000		824,845
BRSHN4W46	RUBY WESTERN PIPELINE HOLDINGS		0.00	3/1/2015		895,000		905,069
BRSHNCDP2	SCHAEFFLER AG		0.00	1/6/2017		1,215,000		1,228,158
BRSHP7WD7	VNGD HLTH HLD II		0.00	1/29/2016		582,884		589,686
BRSHQLXD4	SIRVA WORLDWIDE		0.00	3/19/2019		860,000		847,100
BRSHRVRB2	ROC FINANCE LLC		0.00	3/28/2019		510,000		511,913
BRSHRW151	EMG UTICA LLC		0.00	3/20/2020		890,000		893,338
BRSHSQ674	NBTY INC		0.00	3/21/2014		299,439		302,807
BRSHT6NF0	REDDY ICE		0.00	3/25/2014		1,320,000		1,323,300
BRSHTPNN1	HEINZ H. J. COMPANY		0.00	3/27/2020		5,410,000		5,455,823
BRSHUKHH0	BERLIN PACKAGING LLC		0.00	3/28/2020		290,000		292,538
L9057MAA9	TNK-BP FINANCE SA		7.50	7/18/2016		2,750,000		3,183,098
N5945LAG0	NXP BV AND NXP FUNDING LLC		0.00	12/11/2013		743,138		758,743
						1,180,222,471		1,219,359,874
Corporate Debt Securities - Utilities
010392FH6	ALABAMA POWER COMPANY		0.55	10/15/2015		78,000		77,811
025537AF8	AMERICAN ELECTRIC POWER COMPAN		1.65	11/15/2017		3,000,000		3,010,147
03040WAB1	AMERICAN WATER CAP CORP		6.09	10/15/2017		150,000		179,166
037735CQ8	APPALACHIAN POWER CO		3.40	5/24/2015		725,000		761,607
131347BP0	CALPINE CORP		7.25	10/15/2013		283,000		300,334
131347BW5	CALPINE CORP		7.50	11/1/2015		5,000,000		5,487,500
196522AK2	COLORADO INTERSTATE GAS CO LLC		6.80	11/15/2015		150,000		172,686
256882AD3	DPL INC		7.25	7/15/2021		5,000,000		5,293,750
25746UBJ7	DOMINION RESOURCES INC/VA		2.25	9/1/2015		250,000		258,803
25746UBR9	DOMINION RESOURCES INC/VA		1.40	9/15/2017		4,845,000		4,850,476
264399EQ5	DUKE ENERGY CORP		6.30	2/1/2014		4,000,000		4,184,520
26441CAE5	DUKE ENERGY CORP		3.35	4/1/2015		500,000		524,978
26441CAG0	DUKE ENERGY CORP		2.15	11/15/2016		300,000		309,679
26441CAH8	DUKE ENERGY CORP		1.63	8/15/2017		250,000		250,960
26875PAF8	EOG RESOURCES INC		2.95	6/1/2015		4,500,000		4,712,710

39

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
281020AF4	EDISON INTERNATIONAL INC		3.75	9/15/2017		250,000		271,522
283695BP8	EL PASO NATURAL GAS COMPANY		5.95	4/15/2017		150,000		172,855
29268BAE1	ENEL FINANCE INTERNATIONAL NV		5.13	10/7/2019		1,750,000		1,851,278
29269QAA5	ENERGY FUTURE INTERMEDIATE HOL		10.00	12/1/2015		2,650,000		3,001,125
29364GAG8	ENTERGY CORP		4.70	12/15/2016		250,000		272,552
29379VAS2	ENTERPRISE PROD OPER LP		3.20	2/1/2016		300,000		318,335
30161MAE3	EXELON GENERATION CO LLC		6.20	10/1/2017		300,000		351,937
337932AE7	FIRSTENERGY CORPORATION		2.75	2/15/2018		225,000		227,526
340711AQ3	FL GAS TSMN CO		7.90	5/15/2019		4,560,000		5,864,706
373334JY8	GEORGIA POWER COMPANY		0.75	8/10/2015		300,000		300,726
373334JZ5	GEORGIA POWER COMPANY		0.63	11/15/2015		300,000		299,289
494550AU0	KINDER MORGAN ENERGY PARTNERS		6.00	2/1/2017		250,000		290,697
50064YAB9	KOREA HYDRO & NUCLEAR POWER CO		3.13	9/16/2015		3,100,000		3,233,832
595620AG0	MIDAMERICAN ENERGY COMPANY		5.95	7/15/2017		200,000		238,634
636274AC6	NATIONAL GRID PLC		6.30	8/1/2016		150,000		173,553
65339KAF7	NEXTERA ENERGY CAPITAL HOLDING		1.20	6/1/2015		167,000		168,229
69353UAB7	PPL WEM HOLDINGS PLC		3.90	5/1/2016		3,575,000		3,769,804
743263AL9	PROGRESS ENERGY INC.		5.63	1/15/2016		250,000		280,936
74456QAW6	PUBLIC SERVICE ELECTRIC AND GA		2.70	5/1/2015		825,000		859,827
81013TAB7	SCOTTISH POWER PLC		5.38	3/15/2015		250,000		265,870
816851AS8	SEMPRA ENERGY		2.30	4/1/2017		300,000		311,255
893526DH3	TRANSCANADA PIPELINES LTD COUP		3.40	6/1/2015		500,000		527,352
893526DL4	TRANSCANADA PIPELINES LTD COUP		0.88	3/2/2015		7,000,000		7,017,127
89354FAE1	TRANSCAPITALINVEST LTD FOR OJS		8.70	8/7/2018		1,700,000		2,163,366
927804FM1	VIRGINIA ELECTRIC AND POWER CO		1.20	12/15/2017		150,000		150,180
976656CA4	WISCONSIN ELECTRIC POWER COMPA		6.00	4/1/2014		4,500,000		4,737,426
98389BAK6	XCEL ENERGY INC		5.61	4/1/2017		200,000		231,199
BRSCAHX41	CALPINE CORP		0.00	4/2/2018		989,924		1,001,477
BRSCJPNX1	DYNEGY POWER LLC		0.00	7/25/2013		708,293		736,624
BRSCJPNY9	DYNEGY MIDWEST GENERATION LLC		0.00	7/25/2013		1,931,071		2,008,314
BRSFVVW17	PLAINS EXPORATION & PRODUCTION		0.00	11/30/2013		2,475,000		2,477,475
BRSHLHVQ1	STAR WEST GENERATION LLC		0.00	2/20/2020		830,000		839,686
						70,117,289		74,789,843
Asset Backed Securities - Credit Cards
14041NDX6	CAPITAL ONE MULTI-ASSET EXECUT		5.75	9/15/2017		1,350,000		1,621,696
161571FJ8	CHASE ISSUANCE TRUST CHAIT_12-		0.79	6/15/2015		1,300,000		1,307,357
161571FQ2	CHASE ISSUANCE TRUST CHAIT_12-		2.16	9/15/2022		500,000		494,492
17305ECJ2	CCCIT		4.85	3/10/2015		2,000,000		2,165,837
17305ECX1	CCCIT		5.10	11/20/2015		3,000,000		3,350,881
17305EDE2	CITIBANK CREDIT CARD ISSUANCE		5.30	3/15/2016		2,000,000		2,270,832
17305EDT9	CCCIT		6.15	6/15/2037		550,000		703,427
17305EDY8	CCCIT		5.65	9/20/2017		3,000,000		3,591,858
17305EEE1	CITIBANK CREDIT CARD ISSUANCE		5.35	2/7/2018		436,000		520,474
254683AC9	DCENT_07-A1		5.65	9/15/2017		1,500,000		1,796,111
36159JDE8	GE CAPITAL CREDIT CARD MASTER		0.95	6/15/2015		275,000		277,096
36159JDH1	GEMNT_12-6		1.36	8/15/2017		900,000		907,577
70659PAD3	PENARTH MASTER ISSUER PENAR_12		0.77	3/18/2014		6,000,000		6,015,618
						22,811,000		25,023,255
Asset Backed Securities - Auto
02005ACC0	AMOT_10-3		1.44	2/16/2015		4,300,000		4,347,601
02005TAD9	ALLYA _11-1		2.23	4/30/2014		6,000,000		6,107,663
03064UAC4	AMERICREDIT AUTOMOBILE RECEIVA		1.23	7/24/2014		945,000		949,319
14313KAC2	CARMX_12-3		0.52	3/1/2015		275,000		274,864
34529RAD3	FORDO_11-B		1.35	12/15/2014		372,000		376,750
34529UAC8	FORD CREDIT AUTO OWNER TRUST F		0.84	4/30/2014		980,000		983,718

40

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
34530AAC9	FORDO_12-D		0.51	12/16/2014		2,200,000		2,197,623
43813UAD2	HONDA AUTO RECEIVABLES OWNER T		0.97	4/1/2015		500,000		503,752
44924CAA2	HCAF_10-8A		1.20	1/15/2015		1,731,866		1,735,503
65475QAD3	NISSAN AUTO RECEIVABLES OWNER		1.24	6/1/2015		1,600,000		1,624,165
80282UAC8	SANTANDER DRIVE AUTO RECEIVABL		0.83	1/17/2015		900,000		902,954
98158QAD8	WOART_12-B		0.81	3/9/2016		500,000		501,167
L2R424AA3	ECAR_12-1		1.37	12/19/2016		1,842,388		2,382,398
Z914KPDA1	ABEST_6		1.59	7/16/2013		244,967		372,602
Z9195VUA5	CAR_12-F1F		1.38	6/13/2014		3,390,084		4,410,887
						25,781,305		27,670,966
Asset Backed Securities - Student Loans
00432CAZ4	AGSL_03-1		1.70	12/6/2019		4,100,000		3,549,792
00432CBB6	AGSL_03-1		1.70	12/26/2035		3,600,000		3,117,438
00432CBP5	AGSL_03-1		1.70	6/30/2021		5,350,000		4,636,187
041150DJ9	ASLA_10-1		1.19	11/24/2019		5,437,147		5,457,318
10620NAH1	BRHEA_05-3A		0.39	2/27/2016		509,542		508,671
12556PAC1	CITEL_05-1		0.40	2/23/2017		6,200,000		6,146,723
194262CD1	COLLE_04-1		0.46	4/25/2013		144,114		144,114
19458LBA7	COELT_05-A		0.37	5/20/2014		153,967		153,733
26845BAA7	EFSV2_ 2012-1		1.08	10/29/2015		4,804,746		4,854,043
28140VAB9	EFCT_04-1		0.44	8/7/2014		2,759,297		2,749,498
36156HAY4	GCOE_06-1		0.52	5/8/2028		2,200,000		2,022,398
36156YAN1	GCO EDUCATION LOAN FUNDING TRU		0.36	10/25/2015		1,234,308		1,221,965
429827AB4	HEF_10-401		0.07	11/21/2018		2,100,000		1,883,522
429827AE8	HIGHER EDUCATION FUNDING HEF_0		0.07	8/10/2024		2,100,000		1,883,522
429827AF5	HEF_10-401		0.08	6/5/2020		2,100,000		1,883,522
429827AJ7	HIGHER EDUCATION FUNDING HEF_0		0.64	6/16/2026		2,100,000		1,883,522
429827AK4	HIGHER EDUCATION FUNDING HEF_0		0.07	5/4/2021		2,300,000		2,062,905
429827AN8	HEF_04-1		0.04	6/1/2022		2,100,000		1,883,522
429827AQ1	HEF_04-1		1.62	1/1/2044		2,950,000		2,706,513
57563NAA6	MEFA		1.25	7/9/2027		2,884,466		2,914,320
66704JAZ1	NORTHSTAR EDUCATION FINANCE IN		0.42	10/29/2013		839,746		839,637
698475AM2	PPHEA_10-2		1.44	11/25/2017		5,704,305		5,782,511
71722TAF1	PHEAA_04-1		1.75	5/20/2021		2,000,000		1,848,590
71722TAG9	PHEAA_04-1		1.70	7/27/2022		6,000,000		5,548,236
78442GHY5	SLMA		1.69	12/15/2016		600,000		600,000
78442GHZ2	SLMA		1.69	1/8/2014		3,500,000		3,500,000
78442GJA5	SLM STUDENT LOAN TR 2003-10A		1.69	1/1/2014		900,000		900,000
78442GJC1	SLMA		1.69	1/16/2014		50,000		50,000
78442GJD9	SLM STUDENT LOAN TR 2003-10A		1.60	1/9/2014		3,950,000		3,950,000
80705WAA7	SCHOL_12-B		0.60	9/5/2017		533,242		531,746
80705XAA5	SCHOL_13-A		0.85	6/5/2029		1,200,000		1,194,120
83149TAA2	SLMA_09-D		3.50	1/27/2017		7,412,899		7,085,234
83715AAK5	SOUTH CAROLINA STUDENT LN CORP		0.75	9/12/2013		2,515,622		2,518,842
86386MAY0	STUDENT LOAN CON		1.42	4/15/2022		18,505,288		19,074,882
B0A0BSZC0	SLMA_03-5		0.47	2/6/2018		1,303,878		1,634,311
U8280TAR8	SLM STUDENT LOAN TR 03-10		0.75	7/19/2021		2,670,000		3,299,976
						112,812,567		110,021,312
Asset Backed Securities - CLO
00083VAA9	ACASC_07-1		0.53	6/23/2016		6,750,000		6,548,324
00089KAB5	ACIS_13		1.16	2/13/2019		12,211,343		11,845,223
00306LAA2	ABERD_08-1A		0.95	2/11/2016		19,890,489		19,207,669
04011XAB2	ARES		0.54	12/1/2014		1,109,404		1,103,387
04011XAC0	ARES		0.54	7/7/2014		1,211,139		1,199,028
04012VAA7	ARES		0.92	9/13/2015		6,689,349		6,638,510

41

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon		Maturity	Par		Market Value $
04963VAC2	ATR_4C-DO		0.53	6/23/2015		3,110,049		3,074,355
05615MAA5	BABSN_05-3A		0.54	8/26/2015		2,705,749		2,624,576
09202XAA2	BLACK DIAMOND CLO LTD BLACK_06		0.55	12/30/2015		3,950,000		3,820,203
18971XAA2	CLYDS_05-1A		0.57	3/4/2015		2,481,617		2,470,599
26828RAA3	ECP_08-1A		1.13	1/8/2017		3,500,000		3,442,866
345447AA4	FORE_07-1A		0.55	6/21/2016		8,850,000		8,648,512
352569AB3	FCLO_5		0.54	1/1/2016		5,723,437		5,651,894
355524AB5	FRASR_06-1A		0.54	6/29/2015		3,048,877		3,025,295
363206AF0	GALE		0.54	3/12/2015		10,000,000		9,821,910
378663AA6	GLEAG_05-1A		0.57	5/15/2015		7,733,941		7,623,648
38136TAA1	GOLDS_07-5A		1.00	5/12/2016		7,550,000		7,471,231
40536TAA3	HLCLO_06-1A		0.50	3/6/2015		1,125,389		1,121,398
42822XAA3	HICDO_07-1RA		0.69	1/16/2016		11,496,786		11,229,739
482474AA1	KKR FINANCIAL CLO LTD KKR_05-1		0.57	5/11/2015		356,529		352,964
48248CAA2	KKR FINANCIAL CLO LTD KKR_07-1		0.64	3/16/2015		22,294,108		21,569,549
506828AA0	LAFC_12-1A		1.68	11/2/2015		3,896,848		3,898,529
51506JAA8	LANDM_05-1A		0.59	10/23/2014		1,367,527		1,359,491
530361AE4	LIBERTY CLO		0.55	6/23/2014		12,423,389		12,279,228
53225UAA9	LIGHT_2005-3		0.54	6/29/2015		2,321,193		2,290,131
67089NAE2	OCP_12-2A		1.11	2/2/2016		10,171,481		10,023,455
730018AA6	PLMR_10-1A		1.79	2/19/2014		303,593		303,664
87155MAA9	SYMPH_5		1.05	3/23/2017		10,000,000		9,782,580
929260AA5	WGH_06-1A		0.55	3/8/2016		3,700,000		3,641,991
97314VAA6	WIND RIVER CLO LTD WINDR_04-1A		0.61	9/26/2014		424,360		421,177
BRS6DUE27	STANFIELD VEYRON		0.52	1/22/2015		13,785,297		13,724,945
BRS89G5B9	DRYD_05-10EX		0.61	12/10/2017		1,122,249		1,416,076
G0684GAA8	AVOVA_III-X		0.58	9/30/2015		1,065,953		1,339,572
G37116AC7	GALLATIN FUNDING LTD GALL_12-1		0.00	2/15/2019		3,445,000		2,952,365
						205,815,096		201,924,084
Asset Backed Securities - Other
00104UAC2	AEPTC TEXAS CENTRAL TRANSITION		2.84	12/9/2022		700,000		726,559
00935WAA7	AIREM_06-1A		0.50	11/26/2017		1,697,496		1,592,774
15200DAD9	CENTERPOINT ENERGY TRANSITION		5.17	11/26/2015		1,000,000		1,119,301
15200NAB1	CNP		3.46	12/5/2016		1,650,000		1,798,671
15200WAC9	CENTERPOINT ENERGY TRANSITION		3.03	11/4/2022		1,100,000		1,156,638
29365KAB9	ETI		3.65	11/1/2016		1,000,000		1,090,849
34528QBK9	FORDF		0.67	1/15/2014		6,050,000		6,065,730
67103QAA5	OFSBS_13-5A		1.23	7/3/2019		9,500,000		9,390,551
Z914HKQ87	GFUND_11-1		1.96	12/9/2014		4,800,000		7,411,737
						27,497,496		30,352,810
Total Fixed income Securities						6,454,995,031		6,458,614,134
Other Invested Assets - High Yield Fund
	CRESCENT CAPITAL HIGH YIELD FUND					20,000,000		20,000,000
Equities
18802108	ALLIANT ENERGY CORP					141,400		7,095,452
24835100	AMER CMPS COMM					117,200		5,313,848
110122108	BRISTOL MYERS SQUIBB CO					160,000		6,590,400
156700106	CENTURYTEL INC					137,300		4,823,349
166764100	CHEVRONTEXACO CORP					24,700		2,934,854
173080201	CITIGROUP CAPITAL XIII					200,000		5,719,980
253868103	DIGITAL REALTY					73,750		4,934,613
351858105	FRANCO NEVADA CORP					111,700		5,098,213

42

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon	Maturity	Par		Market Value $
369550108	GENERAL DYNAMICS CORP				126,000		8,884,260
369604103	GENERAL ELEC CAP CO				375,000		8,670,000
391164100	GREAT PLAINS ENERGY INCORPORAT				347,200		8,051,568
438516106	HONEYWELL INTERNATIONAL INC				48,300		3,639,405
478160104	JOHNSON & JOHNSON				113,500		9,253,655
535678106	LINEAR TECHNOLOGY CORP				282,700		10,847,199
589433101	MEREDITH CORP				128,000		4,897,280
594918104	MICROSOFT CORP				250,000		7,152,500
646025106	NEW JERSEY RESOURCES				101,000		4,529,850
649445103	NEW YORK COMMUNITY BANCORP INC				630,000		9,040,500
651639106	NEWMONT MINING CORP HOLDING CO				171,000		7,163,190
655844108	NORFOLK SOUTHERN CORPORATION				80,000		6,166,400
718172109	PHILIP MORRIS INTERNATIONAL IN				60,000		5,562,600
718252604	PHILIPPINE LONG DISTANCE TEL C				127,500		9,044,850
723484101	PINNACLE WEST CAPITAL CORPORAT				110,000		6,367,900
729251108	PLUM CREEK TIMBER COMPANY INC.				164,400		8,581,680
754907103	RAYONIER INC.				139,725		8,337,391
771195104	ROCHE HOLDING AG				157,200		9,211,920
780287108	ROYAL GOLD INC				43,200		3,068,496
816851109	SEMPRA ENERGY				129,700		10,368,218
904784709	UNILEVER N.V.				294,500		12,074,500
929042109	VORNADO REALTY TRUST				57,800		4,834,392
962166104	WEYERHAEUSER COMPANY				207,800		6,520,764
976657106	WISCONSIN ENERGY CORPORATION				157,000		6,733,730
00208D408	ARC RESOURCES LTD				252,300		6,693,519
03836W103	PHILADELPHIA SUBURBAN CORPORAT				141,600		4,451,904
04316A108	ARTISAN PARTNERS ASSET MANAGEM				5,400		213,030
09247X101	BLACKROCK INC.				41,200		10,583,456
13643E105	CANADIAN OIL SANDS LTD				313,000		6,450,930
15189T107	CENTERPOINT ENERGY INC.				493,700		11,829,052
16941M109	CHINA MOBILE HONG KONG LIMITED				207,500		11,024,475
17275R102	CISCO SYSTEMS INC				535,000		11,186,850
25746U109	DOMINION RESOURCES INC				97,000		5,643,460
29250N105	ENBRIDGE INC				125,000		5,817,500
29274F104	ENERSIS S A ADS				343,507		6,609,075
29476L107	EQUITY RESIDENTIAL PROP TR				153,000		8,424,180
40414L109	HCP				170,000		8,476,200
49456B101	KINDER MORGAN HOLDCO LLC				157,000		6,072,760
65339F101	FPL GROUP INC.				120,000		9,321,600
65473P105	NISOURCE INC				371,200		10,891,008
66987V109	NOVARTIS AG				156,900		11,177,556
67073Y106	NV ENERGY				402,800		8,068,084
71646E100	PETROCHINA CO LTD				58,800		7,751,016
74340W103	PROLOGIS INC				200,000		7,996,000
74460D109	PUBLIC STORAGE INC				58,300		8,880,256
74965L101	RLJ LODGING TRUST				75,000		1,707,000
80105N105	SANOFI				117,700		6,012,116
85771P102	STATOIL ASA				187,000		4,603,940
92276F100	VENTAS, INC.				133,501		9,772,286
98389B100	XCEL ENERGY INC				183,300		5,444,010
BRSHQHA14	TF ADMINISTRADORA INDUSTRIAL S				1,506,900		3,359,617
G16962204	BUNGE LTD				27,500		2,873,383
H2906T109	GARMIN LTD.				191,500		6,327,160
S47324959	TELENOR ASA				48,030		1,051,596
S60735560	CHINA MOBILE				155,000		1,641,321

43

Allied World Assurance Company Holdings, AG   Securities Listing as at March 31, 2013

Cusip	Security Description	Coupon	Maturity	Par		Market Value $
S62435862	SINGAPORE AIRPORT TERMINAL SER				2,839,700		6,958,478
S63521470	FLIGHT CENTRE LTD				164,800		5,772,891
S64555303	ICL ISRAEL CHEMICALS LTD				675,000		8,729,449
S65638751	ASCENDAS REAL ESTATE INVESTMEN				2,793,000		5,853,458
S66371014	NEWCREST MINING LTD				196,000		4,097,013
S71336085	STATOIL ASA				223,000		5,398,646
SB02PY225	SINGAPORE TELECOM				3,911,000		11,317,500
SB03FYZ44	GOODMAN GROUP				582,500		2,902,824
SB04PZ723	SUNTEC REAL ESTATE INVESTMENT				2,175,000		3,155,731
SB07NL190	JAPAN LOGISTICS FD				655		7,656,297
SB08SNH35	NATIONAL GRID PLC				410,000		4,762,618
SB0D6P437	MAPLETREE LG TR				6,090,000		5,964,332
SB23WXW97	PARKWAY HOLDINGS LIMITED				1,117,000		2,277,938
SB29VF024	FRANCO NEVADA CORP				10,400		474,136
SB3Z5T149	GARMIN LTD.				108,000		3,568,320
SB61JC671	TREASURY WINE ESTATES LTD				622,450		3,692,442
SB671GT81	FIBRA UNO ADMINISTRACION SA				1,800,000		5,944,494
SB84XBP29	INFRAESTRUCTURA ENERGETICA NOV				88,900		283,433
SB98BC671	NIPPON PROLOGIS REIT INC				400		4,228,888
SBOTLGM70	GZI REAL ESTATE INVESTMENT TRU				8,513,000		4,836,278
Y71474137	TELKOM INDONESIA				5,250,000		5,942,879
Z91BQN4D8	PUT OPTION				30,000		90,000
	NEUBERGER BERMAN GREATER CHINA EQUITY FUND LTD				50,000		57,786,558
Total Equities					49,947,018		593,561,899

44