Allied World Assurance 8-K Allied World Reports 10.8% Growth In Diluted Book Value Per Share

Exhibit 99.3

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
U.S. Government Securities
912796BJ7	UNITED STATES TREASURY		0.00	5/29/2014		100,000		99,960
912796BX6	UNITED STATES TREASURY		0.00	8/21/2014		100,000		99,952
912796CB3	UNITED STATES TREASURY		0.00	9/18/2014		100,000		99,901
912796CF4	UNITED STATES TREASURY		0.00	10/16/2014		100,000		99,902
912796DA4	UNITED STATES TREASURY		0.00	6/5/2014		100,000		99,956
912810DP0	UNITED STATES TREASURY		11.25	2/15/2015		1,300,000		1,460,537
912810EZ7	UNITED STATES TREASURY		6.63	2/15/2027		625,000		844,538
912828A34	UNITED STATES TREASURY		1.25	11/30/2018		500,000		489,270
912828A42	UNITED STATES TREASURY		2.00	11/30/2020		900,000		876,033
912828A59	UNITED STATES TREASURY		0.63	12/15/2016		500,000		497,950
912828A67	UNITED STATES TREASURY		0.25	12/31/2015		500,000		498,650
912828EW6	UNITED STATES TREASURY		4.50	2/15/2016		300,000		325,956
912828FY1	UNITED STATES TREASURY		4.63	11/15/2016		825,000		915,750
912828GX2	UNITED STATES TREASURY		2.63	7/15/2017		8,800,000		11,158,914
912828KN9	UNITED STATES TREASURY		1.88	4/30/2014		715,000		719,097
912828KY5	UNITED STATES TREASURY		2.63	6/30/2014		495,000		501,168
912828KZ2	UNITED STATES TREASURY		3.25	6/30/2016		500,000		533,440
912828LP3	UNITED STATES TREASURY		3.00	9/30/2016		500,000		531,460
912828MH0	UNITED STATES TREASURY		2.25	1/31/2015		1,000,000		1,022,340
912828MR8	UNITED STATES TREASURY		2.38	2/28/2015		1,080,000		1,107,130
912828MW7	UNITED STATES TREASURY		2.50	3/31/2015		1,500,000		1,542,660
912828MY3	UNITED STATES TREASURY		0.50	4/15/2015		11,380,000		12,538,022
912828MZ0	UNITED STATES TREASURY		2.50	4/30/2015		750,000		772,673
912828NA4	UNITED STATES TREASURY		3.13	4/30/2017		1,000,000		1,070,640
912828NP1	UNITED STATES TREASURY		1.75	7/31/2015		1,000,000		1,023,370
912828NV8	UNITED STATES TREASURY		1.25	8/31/2015		200,000		203,198
912828NW6	UNITED STATES TREASURY		1.88	8/31/2017		500,000		513,310
912828NZ9	UNITED STATES TREASURY		1.25	9/30/2015		1,000,000		1,015,780
912828PJ3	UNITED STATES TREASURY		1.38	11/30/2015		1,000,000		1,019,420
912828PS3	UNITED STATES TREASURY		2.00	1/31/2016		3,500,000		3,615,185
912828PT1	UNITED STATES TREASURY		2.63	1/31/2018		500,000		525,810
912828QF0	UNITED STATES TREASURY		2.00	4/30/2016		1,000,000		1,034,590
912828QH6	UNITED STATES TREASURY		1.25	2/15/2014		1,000,000		1,001,410
912828QJ2	UNITED STATES TREASURY		2.13	2/29/2016		13,375,000		13,863,455
912828QP8	UNITED STATES TREASURY		1.75	5/31/2016		500,000		514,505
912828QQ6	UNITED STATES TREASURY		2.38	5/31/2018		4,480,000		4,650,823
912828QR4	UNITED STATES TREASURY		1.50	6/30/2016		1,000,000		1,023,200
912828QT0	UNITED STATES TREASURY		2.38	6/30/2018		250,000		259,275
912828QX1	UNITED STATES TREASURY		1.50	7/31/2016		175,000		178,981
912828RE2	UNITED STATES TREASURY		1.50	8/31/2018		750,000		746,182
912828RF9	UNITED STATES TREASURY		1.00	8/31/2016		2,000,000		2,018,740
912828RG7	UNITED STATES TREASURY		0.25	9/15/2014		49,750,000		49,790,795
912828RH5	UNITED STATES TREASURY		1.38	9/30/2018		45,300,000		44,741,450
912828RJ1	UNITED STATES TREASURY		1.00	9/30/2016		100,000		100,867
912828RM4	UNITED STATES TREASURY		1.00	10/31/2016		1,950,000		1,964,859
912828RV4	UNITED STATES TREASURY		0.25	12/15/2014		30,100,000		30,124,682
912828RX0	UNITED STATES TREASURY		0.88	12/31/2016		4,806,500		4,817,315
912828RZ5	UNITED STATES TREASURY		0.25	1/15/2015		1,000,000		1,000,860
912828SC5	UNITED STATES TREASURY		0.88	1/31/2017		1,000,000		1,001,070
912828SE1	UNITED STATES TREASURY		0.25	2/15/2015		1,000,000		1,000,780
912828SJ0	UNITED STATES TREASURY		0.88	2/28/2017		1,625,000		1,624,691
912828SK7	UNITED STATES TREASURY		0.38	3/15/2015		1,000,000		1,002,030
912828SM3	UNITED STATES TREASURY		1.00	3/31/2017		1,000,000		1,002,260
912828SP6	UNITED STATES TREASURY		0.38	4/15/2015		250,000		250,568
912828SR2	UNITED STATES TREASURY		0.25	4/30/2014		34,879,000		34,895,393
912828SS0	UNITED STATES TREASURY		0.88	4/30/2017		1,000,000		997,050
912828SU5	UNITED STATES TREASURY		0.25	5/15/2015		400,000		400,252
912828SY7	UNITED STATES TREASURY		0.63	5/31/2017		1,000,000		987,030

1

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
912828SZ4	UNITED STATES TREASURY		0.38	6/15/2015		1,000,000		1,002,180
912828TA8	UNITED STATES TREASURY		0.25	6/30/2014		279,848,000		280,066,281
912828TB6	UNITED STATES TREASURY		0.75	6/30/2017		750,000		742,207
912828TD2	UNITED STATES TREASURY		0.25	7/15/2015		750,000		750,000
912828TF7	UNITED STATES TREASURY		0.13	7/31/2014		16,505,000		16,507,641
912828TG5	UNITED STATES TREASURY		0.50	7/31/2017		1,000,000		978,970
912828TM2	UNITED STATES TREASURY		0.63	8/31/2017		21,200,000		20,802,712
912828TP5	UNITED STATES TREASURY		0.25	9/15/2015		600,000		599,484
912828TS9	UNITED STATES TREASURY		0.63	9/30/2017		1,000,000		978,970
912828TT7	UNITED STATES TREASURY		0.25	10/15/2015		750,000		748,987
912828TU4	UNITED STATES TREASURY		0.25	10/31/2014		125,440,000		125,547,878
912828TW0	UNITED STATES TREASURY		0.75	10/31/2017		25,985,000		25,512,073
912828TX8	UNITED STATES TREASURY		0.38	11/15/2015		9,960,000		9,966,575
912828TZ3	UNITED STATES TREASURY		0.25	11/30/2014		49,975,000		50,021,977
912828UA6	UNITED STATES TREASURY		0.63	11/30/2017		750,000		731,310
912828UC2	UNITED STATES TREASURY		0.25	12/15/2015		500,000		498,885
912828UD0	UNITED STATES TREASURY		0.13	12/31/2014		20,040,000		20,033,788
912828UE8	UNITED STATES TREASURY		0.75	12/31/2017		750,000		733,372
912828UG3	UNITED STATES TREASURY		0.38	1/15/2016		2,585,000		2,583,966
912828UH1	UNITED STATES TREASURY		0.13	1/15/2023		24,000,000		22,943,830
912828UJ7	UNITED STATES TREASURY		0.88	1/31/2018		12,315,000		12,078,798
912828UK4	UNITED STATES TREASURY		0.25	1/31/2015		26,625,000		26,646,833
912828UM0	UNITED STATES TREASURY		0.38	2/15/2016		42,500,000		42,465,150
912828UP3	UNITED STATES TREASURY		0.25	2/28/2015		47,000,000		47,031,025
912828UR9	UNITED STATES TREASURY		0.75	2/28/2018		1,000,000		973,670
912828US7	UNITED STATES TREASURY		0.38	3/15/2016		600,000		599,088
912828UT5	UNITED STATES TREASURY		0.25	3/31/2015		23,500,000		23,511,983
912828UU2	UNITED STATES TREASURY		0.75	3/31/2018		3,350,000		3,254,726
912828UW8	UNITED STATES TREASURY		0.25	4/15/2016		12,596,000		12,529,367
912828UX6	UNITED STATES TREASURY		0.13	4/15/2018		5,130,000		5,285,791
912828UY4	UNITED STATES TREASURY		0.13	4/30/2015		600,000		599,274
912828UZ1	UNITED STATES TREASURY		0.63	4/30/2018		10,750,000		10,367,408
912828VC1	UNITED STATES TREASURY		0.25	5/15/2016		52,500,000		52,177,126
912828VD9	UNITED STATES TREASURY		0.25	5/31/2015		600,000		600,288
912828VE7	UNITED STATES TREASURY		1.00	5/31/2018		650,000		635,817
912828VG2	UNITED STATES TREASURY		0.50	6/15/2016		550,000		549,417
912828VH0	UNITED STATES TREASURY		0.38	6/30/2015		12,809,000		12,835,259
912828VK3	UNITED STATES TREASURY		1.38	6/30/2018		750,000		744,285
912828VQ0	UNITED STATES TREASURY		1.38	7/31/2018		79,500,000		78,782,910
912828VR8	UNITED STATES TREASURY		0.63	8/15/2016		500,000		500,060
912828VU1	UNITED STATES TREASURY		0.38	8/31/2015		500,000		500,780
912828VW7	UNITED STATES TREASURY		0.88	9/15/2016		1,000,000		1,005,980
912828VY3	UNITED STATES TREASURY		0.25	9/30/2015		1,000,000		999,030
912828WA4	UNITED STATES TREASURY		0.63	10/15/2016		500,000		499,095
912828WB2	UNITED STATES TREASURY		0.25	10/31/2015		50,500,000		50,428,795
912828WD8	UNITED STATES TREASURY		1.25	10/31/2018		132,600,000		129,999,715
912828WE6	UNITED STATES TREASURY		2.75	11/15/2023		26,500,000		25,921,241
						1,371,873,500		1,370,089,078
U.S. Government Agencies
313375RN9	FHLB		1.00	3/11/2016		1,050,000		1,059,523
313379DD8	FHLB		1.00	6/21/2017		250,000		249,453
3133802C0	FHLB		1.05	7/26/2017		50,000		49,539
3133802Q9	FHLB		1.65	7/18/2019		5,000,000		4,822,750
3133812C8	FHLB		1.50	5/8/2020		4,990,000		4,608,939
313383V81	FHLB		0.38	8/28/2015		350,000		350,360
313397A35	FHLMC		0.00	8/1/2014		800,000		799,411
3133EAZF8	FED FARM CR BKS		0.63	3/23/2016		100,000		99,851
3133EAZU5	FED FARM CR BKS		0.45	4/24/2015		100,000		100,004
3133XVNU1	FHLB		2.75	12/12/2014		74,500,000		76,290,235
3134G3PD6	FHLMC		0.55	2/27/2014		250,000		250,173
3134G3S50	FHLMC		0.63	11/1/2016		750,000		745,530
3134G3ZH6	FHLMC		1.00	7/25/2017		75,000		74,348
3135G0ES8	FNMA		1.38	11/15/2016		1,000,000		1,016,310
3135G0HG1	FNMA		0.38	3/16/2015		250,000		250,400
3135G0MN0	FNMA		1.13	6/28/2017		150,000		149,058

2

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3135G0NZ2	FNMA		1.13	9/12/2017		200,000		198,018
3135G0PQ0	FNMA		0.88	10/26/2017		400,000		393,784
3135G0QM8	FNMA		1.50	10/23/2019		9,925,000		9,432,423
3135G0RK1	FNMA		0.90	11/7/2017		100,000		98,135
3135G0RL9	FNMA		1.55	10/29/2019		12,625,000		12,024,302
3135G0SY0	FNMA		1.60	12/24/2020		1,505,000		1,388,438
3135G0VX8	FNMA		0.63	9/26/2016		250,000		248,730
3135G0XG3	FNMA		1.00	5/21/2018		250,000		241,710
3135G0XH1	FNMA		0.50	2/20/2016		250,000		249,950
3135G0XM0	FNMA		1.13	5/25/2018		10,745,000		10,461,547
3135G0YE7	FNMA		0.63	8/26/2016		350,000		349,419
3135G0YM9	FNMA		1.88	9/18/2018		78,000,000		78,474,242
3135G0YT4	FNMA		1.63	11/27/2018		28,450,000		28,200,210
3136G02M2	FNMA		1.18	10/30/2018		3,690,000		3,538,140
3136G0M73	FNMA		1.13	10/3/2018		8,000,000		7,767,200
3137EAAJ8	FHLMC		5.13	10/18/2016		250,000		280,140
3137EADF3	FHLMC		1.25	5/12/2017		6,000,000		6,037,500
3137EADL0	FHLMC		1.00	9/29/2017		200,000		198,118
3137EADN6	FHLMC		0.75	1/12/2018		600,000		584,136
3137EADP1	FHLMC		0.88	3/7/2018		34,500,000		33,634,394
31398A4M1	FNMA		1.63	10/26/2015		21,500,000		21,983,320
						307,455,000		306,699,739
Non U.S. Government Securities & Agencies
00254ELS9	SVENSK EXPORTKREDIT AB		1.13	4/5/2018		6,000,000		5,849,880
013051DA2	ALBERTA PROVINCE OF		2.75	12/1/2014		950,000		907,910
038461AC3	AID-EGYPT		4.45	9/15/2015		25,000,000		26,702,193
135087A38	CANADA GOVERNMENT		1.50	8/1/2015		500,000		473,729
135087A46	CANADA GOVERNMENT		1.50	9/1/2017		2,450,000		2,294,406
135087A87	CANADA GOVERNMENT		1.25	3/1/2018		1,500,000		1,380,541
135087B37	CANADA GOVERNMENT		1.25	9/1/2018		10,000,000		9,120,141
135087YS7	CANADA GOVERNMENT		3.00	6/1/2014		2,015,000		1,911,973
135087YU2	CANADA GOVERNMENT		2.00	12/1/2014		8,860,000		8,412,335
135087ZC1	CANADA GOVERNMENT		2.50	6/1/2015		2,500,000		2,401,058
135087ZF4	CANADA GOVERNMENT		3.00	12/1/2015		1,100,000		1,071,975
135087ZN7	CANADA GOVERNMENT		2.00	3/1/2014		400,000		377,102
135087ZQ0	CANADA GOVERNMENT		2.75	9/1/2016		5,450,000		5,331,613
135087ZR8	CANADA GOVERNMENT		2.25	8/1/2014		5,200,000		4,929,358
135087ZV9	CANADA GOVERNMENT		1.50	3/1/2017		4,400,000		4,157,455
135087ZX5	CANADA GOVERNMENT		1.00	2/1/2015		3,000,000		2,823,680
282645AQ3	EKSPORTFINANS A/S		5.50	5/25/2016		200,000		210,078
28264QGC2	EKSPORTFINANS A/S		5.50	6/26/2017		3,500,000		3,659,768
28264QR63	EKSPORTFINANS A/S		3.00	11/17/2014		2,000,000		2,010,902
50048MAV2	KOMMUNALBANKEN AS		1.00	3/15/2018		4,600,000		4,465,036
500769BM5	KREDITANSTALT FUER WIEDERAUFBA		4.38	2/9/2016		900,000		896,508
642866FT9	NEW BRUNSWICK PROVINCE OF		4.50	2/4/2015		900,000		878,263
683234WM6	ONTARIO PROVINCE OF		4.50	3/8/2015		900,000		880,611
68323AAW4	ONTARIO PROVINCE OF		3.15	6/2/2022		12,400,000		11,488,042
68323ABJ2	ONTARIO PROVINCE OF		0.95	5/26/2015		3,800,000		3,831,540
803854JF6	SASKATCHEWAN PROVINCE		5.25	6/3/2014		900,000		861,519
D20658P26	GERMANY (FEDERAL REPUBLIC OF)		4.00	7/4/2016		20,620,000		31,045,256
G924507Q5	UNITED KINGDOM GILT		2.75	1/22/2015		6,290,000		10,664,715
G92451GE0	UNITED KINGDOM GILT		1.75	1/22/2017		8,690,000		14,634,612
G9T44MEB4	UNITED KINGDOM GILT		1.00	9/7/2017		570,000		927,730
H7351MFG3	SWITZERLAND (CONFEDERATION OF)		4.25	6/5/2017		1,850,000		2,373,475
J1348FAB1	EKSPORTFINANS A/S		0.89	6/16/2015		100,000,000		913,906
P4R0C9EK5	MEXICAN BONOS		7.75	11/13/2042		987,558		7,713,155
P9767GWU1	MEXICAN BONOS		8.00	12/7/2023		1,900,000		16,175,358
						250,332,558		191,775,824
State and Municipal
011839BJ5	ALASKA ST HSG FIN CORP		5.00	6/1/2020		1,815,000		2,103,331
05914FMY3	BALTIMORE CNTY MD		5.00	8/1/2022		5,000,000		5,907,250
07133AHD7	BATTERY PK CITY AUTH NY REV		5.00	11/1/2023		5,000,000		5,893,200
100853SH4	BOSTON MASS		5.00	3/1/2023		5,000,000		5,923,950
116475K45	BROWNSVILLE TEX UTIL SYS REV		5.00	9/1/2022		2,250,000		2,544,593
116475L69	BROWNSVILLE TEX UTIL SYS REV		5.00	9/1/2020		1,295,000		1,488,862

3

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
13062PHG0	CALIFORNIA ST		5.25	2/1/2023		3,000,000		3,491,820
13063BFV9	CALIFORNIA ST		7.95	3/1/2020		3,250,000		3,757,065
13068LJA4	CALIFORNIA ST PUB WKS BRD LEAS		5.00	9/1/2023		3,000,000		3,328,080
15504RFG9	CENTRAL PUGET SOUND REGIONAL T		5.00	11/1/2022		2,500,000		2,836,875
199492DH9	COLUMBUS OHIO		5.00	7/1/2023		5,000,000		5,825,850
20772JPU0	CONNECTICUT (STATE OF)		5.00	8/15/2022		5,100,000		5,929,923
249183WP5	DENVER COLO CITY & CNTY		5.00	12/1/2022		4,880,000		5,567,055
29270CWX9	ENERGY NORTHWEST WASH ELEC REV		5.00	7/1/2021		2,500,000		2,835,425
29270CXR1	ENERGY NORTHWEST WASH ELEC REV		5.00	7/1/2021		2,000,000		2,337,140
34153PS90	FLORIDA ST BRD ED		5.00	6/1/2022		5,000,000		5,775,100
419791S58	HAWAII ST- REF-EF		5.00	11/1/2022		5,000,000		5,774,850
4521518V8	ILLINOIS ST		4.42	1/1/2015		10,998,000		11,328,270
49151E5P4	KENTUCKY ST PRP & BLDG COM		5.00	8/1/2020		5,000,000		5,657,650
5168234T5	LAREDO TEX		5.00	2/15/2021		1,365,000		1,581,544
54811GLN8	LOWER COLORADO RIVER AUTHORITY		5.00	5/15/2022		5,405,000		6,045,925
57582NH99	MASSACHUSETTS ST		5.50	12/1/2023		3,610,000		4,399,254
576000MH3	MASSACHUSETTS ST SCH BLDG AUTH		5.00	8/15/2022		5,000,000		5,769,200
576000MS9	MASSACHUSETTS ST SCH BLDG AUTH		5.00	8/15/2021		2,000,000		2,346,660
59447PKS9	MICHIGAN STATE FINANCE AUTHORI		5.00	10/1/2021		2,000,000		2,336,400
645918U68	NJ ST EDA PENSION		5.00	3/1/2020		2,000,000		2,294,180
645918U92	NJ ST EDA PENSION		5.00	3/1/2023		4,015,000		4,483,229
64711RKE5	NEW MEXICO FIN AUTH		5.00	6/15/2022		3,700,000		4,357,342
64966B3L5	NEW YORK N Y		0.94	1/15/2016		5,250,000		5,255,513
64966KYW7	NEW YORK NY		5.00	8/1/2023		3,885,000		4,408,931
64971M5E8	NEW YORK NY CITY TRANSITIONAL		4.08	11/1/2020		3,000,000		3,091,020
64971Q8R7	NEW YORK NY CITY TRANSITIONAL		5.00	11/1/2021		5,000,000		5,844,550
6499026P3	NEW YORK ST DORM AUTH		4.00	8/15/2021		4,490,000		4,831,285
64990ABC8	NEW YORK ST DORM AUTH		5.00	3/15/2023		5,120,000		5,948,826
64990EDE4	NEW YORK ST DORM AUTH		5.00	12/15/2022		3,000,000		3,449,220
679110EF9	OKLAHOMA ST STUDENT LN AUTH		0.67	3/29/2021		846,126		838,173
684515QW2	ORANGE CNTY FLA TOURIST DEV TA		5.00	1/1/2023		5,025,000		5,782,619
68607DQH1	OREGON ST DEPT TRANSN		5.00	11/15/2023		2,000,000		2,355,460
686507GA6	ORLANDO FLA UTILS COMMN WTR &E		5.00	10/1/2024		4,500,000		5,185,170
70914PTT9	PENNSYLVANIA ST		5.00	4/1/2023		5,000,000		5,837,650
74526QZL9	PUERTO RICO ELEC PWR AUTH		5.00	7/1/2020		2,000,000		1,511,320
759136RD8	REGIONAL TRANSN DIST COLO		5.00	11/1/2022		3,165,000		3,618,481
76541VMN4	RICHMOND VA		5.00	3/1/2023		5,000,000		5,745,800
79642BVU4	SAN ANTONIO TX		5.00	5/15/2022		1,400,000		1,596,224
815626MK9	SEDGWICK CNTY KANS UNI SCH DIS		5.00	10/1/2021		2,500,000		2,861,475
83714RBA0	SOUTH CAROLINA STUDENT LN CORP		0.33	12/2/2019		2,602,281		2,583,753
867868FN6	SUNSHINE ST GOVERNMENTAL FING		5.00	9/1/2021		2,000,000		2,249,200
882723DL0	TEXAS ST		0.57	6/1/2017		1,850,000		1,850,019
914026MM8	UNIVERSITY ALA GEN REV		5.00	7/1/2022		4,000,000		4,683,160
914119VD1	UNIVERSITY CINCINNATI OHIO		5.00	6/1/2022		1,535,000		1,767,921
91412GSB2	UNIVERSITY CALIFORNIA		1.80	7/1/2019		7,500,000		7,208,775
914233YJ4	UNIVERSITY OF CONNECTICUT		5.00	2/15/2023		3,200,000		3,646,400
927781Q56	VIRGINIA COLLEGE BLDG AUTH VA		5.00	2/1/2021		5,000,000		5,856,150
93974C8C7	WASHINGTON STATE		5.00	7/1/2023		5,000,000		5,776,650
97705L3G0	WISCONSIN ST		5.00	5/1/2021		5,000,000		5,851,200
						205,551,407		231,554,965
Agency MBS
01F030413	FNMA		3.00	6/6/2020		2,350,000		2,398,102
01F032419	FNMA		3.50	6/28/2020		1,290,000		1,349,058
01F040610	FNMA		4.00	4/16/2029		6,350,000		6,547,445
01F050619	FNMA		5.00	9/25/2027		1,080,000		1,175,006
02R022415	FHLMC GOLD		2.50	6/13/2021		500,000		495,391
21H040616	GNMA		4.00	4/21/2031		500,000		520,547
31283HVE2	FHLMC GOLD		6.00	7/18/2025		7,898		8,861
31283HWZ4	FHLMC GOLD		6.00	8/19/2025		5,434		6,096
31283K4C9	FHLMC GOLD		5.00	6/9/2017		3,228,666		3,444,008
31283KJU3	FHLMC GOLD		6.50	7/2/2014		39,403		39,947
31283KN87	FHLMC GOLD		5.00	12/8/2015		832		883
3128GNW87	FHLMC GOLD		5.00	6/30/2015		670		676
3128GNY77	FHLMC GOLD		5.00	6/30/2015		4,645		4,915
3128GP3U5	FHLMC GOLD		5.00	8/1/2015		716		751

4

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

Cusip	Security Description		Coupon		Maturity	Par		Fair Value
3128GP3V3	FHLMC GOLD			5.00	8/1/2015		4,841		5,122
3128GP4U4	FHLMC GOLD			5.00	8/4/2015		2,334		2,383
3128GP7M9	FHLMC GOLD			5.00	8/1/2015		677		682
3128GPSA2	FHLMC GOLD			5.00	7/14/2015		972		982
3128GQ3Q2	FHLMC GOLD			5.00	8/17/2015		1,598		1,677
3128GQ6E6	FHLMC GOLD			5.00	8/16/2015		2,089		2,222
3128GQGA3	FHLMC GOLD			5.00	7/30/2015		1,984		2,110
3128GQJT9	FHLMC GOLD			5.00	8/2/2015		1,745		1,777
3128GQK26	FHLMC GOLD			5.00	8/1/2015		2,807		2,985
3128GQK34	FHLMC GOLD			5.00	8/1/2015		825		834
3128GQKB6	FHLMC GOLD			5.00	8/1/2015		849		861
3128GQP54	FHLMC GOLD	��		5.00	8/1/2015		3,180		3,266
3128GQQQ7	FHLMC GOLD			5.00	8/17/2015		2,462		2,608
3128GQQZ7	FHLMC GOLD			5.00	8/17/2015		3,232		3,437
3128GQSG7	FHLMC GOLD			5.00	8/17/2015		838		847
3128GQU58	FHLMC GOLD			5.00	8/17/2015		1,694		1,802
3128GQU90	FHLMC GOLD			5.00	8/16/2015		590		594
3128GQVB4	FHLMC GOLD			5.00	8/17/2015		1,174		1,238
3128GQW31	FHLMC GOLD			5.00	8/16/2015		3,050		3,244
3128GQW49	FHLMC GOLD			5.00	8/17/2015		4,111		4,373
3128GR3Y3	FHLMC GOLD			5.00	8/17/2015		4,709		5,009
3128GR6N4	FHLMC GOLD			5.00	9/19/2015		4,538		4,827
3128GRBH1	FHLMC GOLD			5.00	8/16/2015		1,190		1,204
3128GRFT1	FHLMC GOLD			5.00	9/3/2015		2,411		2,564
3128GRJD2	FHLMC GOLD			5.00	9/3/2015		533		567
3128GRLA5	FHLMC GOLD			5.00	9/3/2015		5,036		5,356
3128GRM71	FHLMC GOLD			5.00	9/2/2015		732		740
3128GRP94	FHLMC GOLD			5.00	9/2/2015		476		479
3128GRQA0	FHLMC GOLD			5.00	9/2/2015		2,320		2,458
3128GRSP5	FHLMC GOLD			5.00	9/2/2015		1,682		1,774
3128GRSY6	FHLMC GOLD			5.00	9/3/2015		2,560		2,723
3128GRUF4	FHLMC GOLD			5.00	9/3/2015		692		697
3128GRUT4	FHLMC GOLD			5.00	9/3/2015		3,728		3,950
3128GRWQ8	FHLMC GOLD			5.00	8/17/2015		277		278
3128GRYD5	FHLMC GOLD			5.00	9/19/2015		1,323		1,343
3128GS5Y9	FHLMC GOLD			5.00	9/18/2015		2,203		2,243
3128GSDJ3	FHLMC GOLD			5.00	9/18/2015		4,050		4,307
3128GSGB7	FHLMC GOLD			5.00	9/18/2015		3,315		3,526
3128GSGU5	FHLMC GOLD			5.00	9/18/2015		5,933		6,310
3128GSKE6	FHLMC GOLD			5.00	9/19/2015		3,952		4,203
3128GSKV8	FHLMC GOLD			5.00	9/19/2015		3,137		3,224
3128GSLX3	FHLMC GOLD			5.00	9/19/2015		1,032		1,055
3128GSLY1	FHLMC GOLD			5.00	9/18/2015		3,907		4,155
3128GSNL7	FHLMC GOLD			5.00	9/19/2015		1,502		1,526
3128GSQN0	FHLMC GOLD			5.00	9/18/2015		3,713		3,940
3128GSSN8	FHLMC GOLD			5.00	9/19/2015		6,489		6,902
3128GV2N9	FHLMC GOLD			5.00	12/23/2015		12,144		12,917
3128GV3C2	FHLMC GOLD			5.00	12/24/2015		5,145		5,472
3128GV3D0	FHLMC GOLD			5.00	12/24/2015		8,522		9,064
3128GV3Z1	FHLMC GOLD			5.00	12/25/2015		9,693		10,310
3128GV7G9	FHLMC GOLD			5.00	12/24/2015		2,689		2,854
3128GVBY5	FHLMC GOLD			5.00	11/24/2015		554		590
3128GVH94	FHLMC GOLD			5.00	12/7/2015		1,487		1,517
3128GVJA9	FHLMC GOLD			5.00	12/8/2015		4,055		4,313
3128GVJB7	FHLMC GOLD			5.00	12/9/2015		2,819		2,992
3128GVJQ4	FHLMC GOLD			5.00	12/9/2015		5,210		5,542
3128GVLF5	FHLMC GOLD			5.00	12/8/2015		2,422		2,570
3128GVLH1	FHLMC GOLD			5.00	12/8/2015		3,172		3,374
3128GVLJ7	FHLMC GOLD			5.00	12/9/2015		6,684		7,110
3128GVMM9	FHLMC GOLD			5.00	11/24/2015		666		673
3128GVNL0	FHLMC GOLD			5.00	12/9/2015		2,761		2,930
3128GVNM8	FHLMC GOLD			5.00	12/9/2015		2,705		2,877
3128GVNN6	FHLMC GOLD			5.00	12/10/2015		4,252		4,616
3128GVNV8	FHLMC GOLD			5.00	12/7/2015		1,285		1,308
3128GVNX4	FHLMC GOLD			5.00	12/8/2015		25,031		26,624

5

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3128GVPM6	FHLMC GOLD		5.00	12/9/2015		3,175		3,377
3128GVPN4	FHLMC GOLD		5.00	12/10/2015		2,180		2,313
3128GVPP9	FHLMC GOLD		5.00	12/9/2015		5,752		6,118
3128GVQH6	FHLMC GOLD		5.00	12/9/2015		6,891		7,330
3128GVRA0	FHLMC GOLD		5.00	12/10/2015		1,178		1,202
3128GVRC6	FHLMC GOLD		5.00	12/10/2015		3,647		3,879
3128GVRE2	FHLMC GOLD		5.00	12/8/2015		3,358		3,447
3128GVRS1	FHLMC GOLD		5.00	12/9/2015		1,482		1,517
3128GVRT9	FHLMC GOLD		5.00	12/10/2015		4,921		5,234
3128GVRY8	FHLMC GOLD		5.00	12/10/2015		20,937		22,269
3128GVT83	FHLMC GOLD		5.00	12/9/2015		7,646		8,133
3128GVTN0	FHLMC GOLD		5.00	12/9/2015		2,368		2,423
3128GVTW0	FHLMC GOLD		5.00	12/10/2015		4,943		5,258
3128GVUD0	FHLMC GOLD		5.00	12/9/2015		465		494
3128GVUE8	FHLMC GOLD		5.00	12/10/2015		4,854		5,164
3128GVUX6	FHLMC GOLD		5.00	12/24/2015		1,837		1,883
3128GVVE7	FHLMC GOLD		5.00	12/24/2015		11,200		11,913
3128GVVF4	FHLMC GOLD		5.00	12/25/2015		5,293		5,629
3128GVVJ6	FHLMC GOLD		5.00	12/23/2015		9,634		10,248
3128GVVY3	FHLMC GOLD		5.00	12/24/2015		4,170		4,435
3128GVW22	FHLMC GOLD		5.00	12/10/2015		1,604		1,706
3128GVW89	FHLMC GOLD		5.00	12/25/2015		2,251		2,389
3128GVZV5	FHLMC GOLD		5.00	12/25/2015		4,509		4,796
3128GW5Q7	FHLMC GOLD		5.00	1/11/2016		5,350		5,678
3128GW6G8	FHLMC GOLD		5.00	1/10/2016		3,237		3,443
3128GWAQ1	FHLMC GOLD		5.00	12/23/2015		1,318		1,344
3128GWAT5	FHLMC GOLD		5.00	12/24/2015		8,130		8,648
3128GWAU2	FHLMC GOLD		5.00	12/24/2015		10,180		10,828
3128GWB49	FHLMC GOLD		5.00	12/24/2015		730		777
3128GWB80	FHLMC GOLD		5.00	12/24/2015		6,379		6,785
3128GWBH0	FHLMC GOLD		5.00	12/24/2015		6,838		7,273
3128GWC89	FHLMC GOLD		5.00	12/26/2015		3,054		3,249
3128GWCL0	FHLMC GOLD		5.00	12/26/2015		5,508		5,859
3128GWCW6	FHLMC GOLD		5.00	12/25/2015		2,523		2,684
3128GWDP0	FHLMC GOLD		5.00	12/26/2015		3,604		3,834
3128GWEG9	FHLMC GOLD		5.00	12/26/2015		14,729		15,667
3128GWEK0	FHLMC GOLD		5.00	12/24/2015		3,922		4,162
3128GWEP9	FHLMC GOLD		5.00	12/24/2015		1,359		1,443
3128GWF86	FHLMC GOLD		5.00	12/24/2015		4,446		4,729
3128GWFN3	FHLMC GOLD		5.00	12/26/2015		3,644		3,867
3128GWHH4	FHLMC GOLD		5.00	12/25/2015		2,979		3,169
3128GWJG4	FHLMC GOLD		5.00	1/11/2016		9,179		9,763
3128GWK31	FHLMC GOLD		5.00	12/25/2015		4,115		4,377
3128GWK56	FHLMC GOLD		5.00	1/11/2016		4,914		5,227
3128GWMS4	FHLMC GOLD		5.00	1/11/2016		2,797		2,968
3128GWP85	FHLMC GOLD		5.00	1/9/2016		2,455		2,606
3128GWQ27	FHLMC GOLD		5.00	1/11/2016		6,792		7,225
3128GWQ92	FHLMC GOLD		5.00	1/10/2016		5,854		6,227
3128GWQN1	FHLMC GOLD		5.00	1/9/2016		4,816		5,123
3128GWQY7	FHLMC GOLD		5.00	1/10/2016		2,312		2,454
3128GWR42	FHLMC GOLD		5.00	1/11/2016		6,159		6,551
3128GWRF7	FHLMC GOLD		5.00	1/10/2016		3,015		3,207
3128GWV21	FHLMC GOLD		5.00	1/10/2016		5,870		6,243
3128GWVL9	FHLMC GOLD		5.00	1/9/2016		837		890
3128GWWM6	FHLMC GOLD		5.00	1/10/2016		725		771
3128GWXD5	FHLMC GOLD		5.00	1/9/2016		3,293		3,495
3128GWXW3	FHLMC GOLD		5.00	1/10/2016		5,201		5,532
3128GWYS1	FHLMC GOLD		5.00	1/11/2016		325		345
3128GWZQ4	FHLMC GOLD		5.00	1/9/2016		4,519		4,806
3128GX3H7	FHLMC GOLD		5.00	1/26/2016		5,115		5,440
3128GX5V4	FHLMC GOLD		5.00	1/24/2016		7,367		7,836
3128GXAX4	FHLMC GOLD		5.00	1/11/2016		12,516		13,312
3128GXBC9	FHLMC GOLD		5.00	1/11/2016		2,128		2,258
3128GXEA0	FHLMC GOLD		5.00	1/26/2016		4,334		4,610
3128GXEK8	FHLMC GOLD		5.00	1/25/2016		2,137		2,273

6

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3128GXFT8	FHLMC GOLD		5.00	1/27/2016		6,542		6,959
3128GXHA7	FHLMC GOLD		5.00	1/27/2016		8,111		8,627
3128GXHQ2	FHLMC GOLD		5.00	1/25/2016		8,381		8,915
3128GXN36	FHLMC GOLD		5.00	1/26/2016		7,414		7,886
3128GY2H6	FHLMC GOLD		5.00	2/26/2016		6,589		7,010
3128GYF66	FHLMC GOLD		5.00	2/12/2016		1,798		1,832
3128GYG73	FHLMC GOLD		5.00	2/11/2016		7,462		7,939
3128GYKK9	FHLMC GOLD		5.00	2/12/2016		586		624
3128GYLX0	FHLMC GOLD		5.00	2/12/2016		718		724
3128GYNT7	FHLMC GOLD		5.00	2/26/2016		900		911
3128GYQC1	FHLMC GOLD		5.00	2/28/2016		6,131		6,523
3128GYS88	FHLMC GOLD		5.00	2/26/2016		225		227
3128GYTW4	FHLMC GOLD		5.00	2/26/2016		1,112		1,127
3128GYU44	FHLMC GOLD		5.00	2/26/2016		5,162		5,492
3128GYU51	FHLMC GOLD		5.00	2/27/2016		4,774		5,079
3128GYV35	FHLMC GOLD		5.00	2/27/2016		7,710		8,203
3128GYVB7	FHLMC GOLD		5.50	3/1/2016		32,336		34,814
3128GYVZ4	FHLMC GOLD		5.00	2/26/2016		6,417		6,827
3128GYZE7	FHLMC GOLD		5.00	2/26/2016		4,581		4,873
3128H22V4	FHLMC GOLD		5.00	4/1/2016		3,234		3,441
3128H25K5	FHLMC GOLD		5.00	3/29/2016		1,579		1,607
3128H26F5	FHLMC GOLD		5.00	3/13/2016		54		58
3128H26M0	FHLMC GOLD		5.50	3/17/2016		352,044		379,022
3128H26W8	FHLMC GOLD		5.50	2/28/2016		184,964		199,138
3128H27K3	FHLMC GOLD		5.00	4/1/2016		1,369		1,393
3128H2B69	FHLMC GOLD		5.00	2/26/2016		9,676		10,295
3128H2B77	FHLMC GOLD		5.00	2/28/2016		9,262		9,854
3128H2B85	FHLMC GOLD		5.00	2/27/2016		7,196		7,656
3128H2C84	FHLMC GOLD		5.00	2/26/2016		1,201		1,225
3128H2E41	FHLMC GOLD		5.00	3/15/2016		8,201		8,725
3128H2ED1	FHLMC GOLD		5.00	2/26/2016		15,036		15,997
3128H2EG4	FHLMC GOLD		5.00	2/28/2016		9,150		9,734
3128H2LV3	FHLMC GOLD		5.00	2/26/2016		7,463		7,939
3128H2LY7	FHLMC GOLD		5.00	3/15/2016		4,951		5,267
3128H2QV8	FHLMC GOLD		5.00	3/15/2016		10,623		11,301
3128H2T86	FHLMC GOLD		5.00	3/14/2016		383		408
3128H2TF0	FHLMC GOLD		5.00	3/15/2016		9,813		10,440
3128H2TJ2	FHLMC GOLD		5.00	3/14/2016		1,935		1,977
3128H2TW3	FHLMC GOLD		5.00	3/16/2016		7,940		8,447
3128H2VW0	FHLMC GOLD		5.00	3/15/2016		11,092		11,801
3128H2YM9	FHLMC GOLD		5.00	3/16/2016		1,864		1,978
3128H2YN7	FHLMC GOLD		5.00	3/14/2016		2,805		2,977
3128H2YS6	FHLMC GOLD		5.00	3/17/2016		4,095		4,353
3128H2ZJ5	FHLMC GOLD		5.00	3/14/2016		3,060		3,247
3128H2ZT3	FHLMC GOLD		5.00	3/30/2016		3,448		3,659
3128H2ZU0	FHLMC GOLD		5.00	4/1/2016		8,015		8,528
3128H32W0	FHLMC GOLD		5.00	4/1/2016		4,198		4,465
3128H3C25	FHLMC GOLD		5.00	4/1/2016		1,190		1,212
3128H3CD1	FHLMC GOLD		5.00	4/1/2016		2,781		2,958
3128H3FG1	FHLMC GOLD		5.00	4/2/2016		5,404		5,749
3128H3MN8	FHLMC GOLD		5.00	4/2/2016		10,790		11,479
3128H3N72	FHLMC GOLD		5.00	3/30/2016		2,636		2,797
3128H3RY9	FHLMC GOLD		5.00	4/16/2016		9,816		10,443
3128H3S36	FHLMC GOLD		5.00	4/3/2016		4,344		4,621
3128H3SZ5	FHLMC GOLD		5.00	4/18/2016		5,259		5,595
3128H3V65	FHLMC GOLD		5.00	4/16/2016		2,187		2,242
3128H3WF4	FHLMC GOLD		5.00	4/2/2016		4,271		4,544
3128H3XU0	FHLMC GOLD		5.00	4/16/2016		5,308		5,643
3128H45V7	FHLMC GOLD		5.00	5/5/2016		6,753		7,185
3128H4J59	FHLMC GOLD		5.00	5/3/2016		4,587		4,881
3128H4JG5	FHLMC GOLD		5.00	4/18/2016		5,197		5,515
3128H4JT7	FHLMC GOLD		5.00	5/3/2016		10,115		10,761
3128H5JX5	FHLMC GOLD		5.00	5/20/2016		9,500		10,107
3128H5RP3	FHLMC GOLD		5.00	5/20/2016		5,106		5,428
3128H5TK2	FHLMC GOLD		5.00	5/20/2016		12,591		13,396

7

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3128H6BG8	FHLMC GOLD		5.00	5/21/2016		11,185		11,900
3128H6CZ5	FHLMC GOLD		5.00	5/19/2016		7,821		8,320
3128H6FR0	FHLMC GOLD		5.00	6/4/2016		7,450		7,926
3128H6FU3	FHLMC GOLD		5.00	6/5/2016		4,873		5,181
3128H6WU4	FHLMC GOLD		5.50	6/8/2016		104,712		113,946
3128H6XM1	FHLMC GOLD		5.00	6/6/2016		2,131		2,267
3128H6ZC1	FHLMC GOLD		5.50	5/22/2016		37,620		40,938
3128H77K2	FHLMC GOLD		5.50	7/15/2016		123,409		134,292
3128JLDM8	FHLMC		2.45	9/30/2024		143,710		151,005
3128JLEY1	FHLMC		2.44	9/29/2024		221,699		237,523
3128JLHB8	FHLMC		2.38	9/22/2024		42,413		43,995
3128JMW45	FHLMC		2.53	6/15/2025		60,581		63,986
3128JMY68	FHLMC		2.53	6/15/2025		70,585		76,759
3128JMZG5	FHLMC		2.53	6/15/2025		109,449		115,087
3128JNAL9	FHLMC		2.77	9/9/2025		136,940		145,601
3128JRP26	FHLMC		2.45	11/23/2024		1,402,722		1,472,430
3128K17K1	FHLMC GOLD		5.00	4/25/2027		969,512		1,048,267
3128K9KT0	FHLMC GOLD		5.50	7/18/2027		48,445		52,921
3128KA4Z1	FHLMC GOLD		6.00	11/7/2027		37,225		41,431
3128KALC3	FHLMC GOLD		6.00	11/15/2027		3,570		3,945
3128KE5H2	FHLMC GOLD		6.50	4/23/2028		113,468		126,555
3128KLSB4	FHLMC GOLD		5.00	2/2/2028		461,574		498,771
3128KU3J4	FHLMC GOLD		6.00	9/10/2028		129,155		143,038
3128KULK1	FHLMC GOLD		6.00	9/10/2028		2,794		3,088
3128KVAR6	FHLMC GOLD		6.50	11/24/2028		62,287		69,636
3128KWBZ5	FHLMC GOLD		6.00	10/2/2028		8,203		9,281
3128KWFX6	FHLMC GOLD		6.00	11/10/2028		17,880		20,230
3128KWFY4	FHLMC GOLD		6.00	11/28/2028		17,892		20,243
3128KWH30	FHLMC GOLD		6.00	11/10/2028		27,620		30,524
3128KWMW0	FHLMC GOLD		6.00	12/17/2028		178,330		197,471
3128KWT29	FHLMC GOLD		6.00	11/10/2028		13,638		15,430
3128KWTK9	FHLMC GOLD		6.00	12/17/2028		21,253		24,045
3128KWTP8	FHLMC GOLD		6.00	11/28/2028		16,358		18,507
3128KWTZ6	FHLMC GOLD		6.00	10/21/2028		15,507		17,545
3128KYXE4	FHLMC GOLD		6.00	7/7/2028		14,078		15,928
3128L0SP8	FHLMC GOLD		6.00	12/13/2028		5,790		6,411
3128L0SR4	FHLMC GOLD		6.00	12/21/2028		171,258		190,071
3128L1WP1	FHLMC GOLD		6.00	2/1/2029		32,370		35,774
3128LAFP0	FHLMC GOLD		6.00	2/17/2029		84,559		93,471
3128LXUJ7	FHLMC GOLD		6.00	4/4/2028		130,075		143,767
3128M4GD9	FHLMC GOLD		6.00	5/18/2028		46,345		51,223
3128M4XA6	FHLMC GOLD		5.50	6/29/2028		1,370,899		1,502,329
3128M4YR8	FHLMC GOLD		6.00	9/26/2028		114,162		126,168
3128M4ZG1	FHLMC GOLD		6.00	8/24/2028		2,102		2,379
3128M5GA2	FHLMC GOLD		6.00	11/10/2028		94,941		104,926
3128M5NP1	FHLMC GOLD		6.00	1/4/2029		2,316		2,560
3128M5R93	FHLMC GOLD		5.50	12/28/2028		22,836		24,943
3128M5RA0	FHLMC GOLD		6.00	2/7/2029		12,643		13,973
3128M6AV0	FHLMC GOLD		5.50	1/7/2029		50,510		55,187
3128M6JM1	FHLMC GOLD		5.00	1/14/2029		9,476,330		10,242,180
3128M6SA7	FHLMC GOLD		6.00	8/2/2029		144,292		159,500
3128M6SN9	FHLMC GOLD		5.00	10/6/2027		1,199,487		1,296,924
3128M6UB2	FHLMC GOLD		6.00	5/19/2029		49,833		56,379
3128M7AZ9	FHLMC GOLD		6.00	10/6/2029		130,512		147,656
3128M7NR3	FHLMC GOLD		5.00	9/7/2029		1,110,044		1,199,807
3128M7PN0	FHLMC GOLD		5.00	10/8/2029		602,450		662,209
3128M7QZ2	FHLMC GOLD		5.00	6/11/2029		975,173		1,054,389
3128M83K8	FHLMC GOLD		4.50	1/6/2031		12,313,167		13,054,222
3128M8AV6	FHLMC GOLD		5.50	3/23/2030		2,907,886		3,177,173
3128M8CY8	FHLMC GOLD		5.00	8/12/2030		1,775,256		1,918,727
3128M8HQ0	FHLMC GOLD		4.00	3/18/2030		408,512		420,415
3128M8TX2	FHLMC GOLD		6.00	1/24/2029		1,087,260		1,201,701
3128M8VG6	FHLMC GOLD		4.00	6/16/2030		4,111,789		4,232,994
3128M9CM2	FHLMC GOLD		4.00	3/21/2018		771,694		794,221
3128M9H88	FHLMC GOLD		4.00	6/15/2031		661,914		681,237

8

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3128MCUW3	FHLMC GOLD		4.00	7/7/2020		3,772,563		3,984,832
3128MJH94	FHLMC GOLD		5.00	10/2/2028		745,799		806,072
3128MJP95	FHLMC GOLD		4.50	8/30/2030		1,177,118		1,248,061
3128MJQD5	FHLMC GOLD		4.50	9/18/2030		858,962		910,729
3128MJRD4	FHLMC GOLD		4.00	1/11/2031		175,902		181,037
3128MJS43	FHLMC GOLD		3.50	7/27/2031		1,756,734		1,745,818
3128MJTB6	FHLMC GOLD		3.50	10/6/2031		1,982,920		1,970,599
3128MMAC7	FHLMC GOLD		5.00	12/2/2016		266,590		284,371
3128MMM67	FHLMC GOLD		3.50	8/8/2020		465,434		485,561
3128MMNX7	FHLMC GOLD		3.50	12/12/2020		6,005,733		6,265,446
3128MMQ55	FHLMC GOLD		2.50	11/10/2021		487,673		483,678
3128NCBH6	FHLMC		2.23	6/11/2025		234,625		242,291
3128P7JE4	FHLMC GOLD		5.00	1/12/2022		5,569		6,029
3128P7JH7	FHLMC GOLD		5.00	1/18/2022		108,995		118,013
3128PR7G8	FHLMC GOLD		4.00	4/12/2020		937,340		990,081
3128PRVD8	FHLMC GOLD		4.00	3/23/2020		602,344		636,235
3128PRWU9	FHLMC GOLD		4.00	4/11/2020		759,140		801,854
3128PRZ85	FHLMC GOLD		4.00	4/12/2020		375,403		396,526
3128PSBA4	FHLMC GOLD		4.00	4/28/2020		674,662		712,623
3128PUGE6	FHLMC GOLD		3.50	7/19/2020		608,241		634,544
3128PUQT2	FHLMC GOLD		3.50	9/5/2020		644,912		672,801
3128PURZ7	FHLMC GOLD		3.50	9/2/2020		591,244		616,812
3128PUVC3	FHLMC GOLD		3.50	8/28/2020		564,811		589,236
3128PUVP4	FHLMC GOLD		3.50	9/2/2020		464,193		484,267
3128PUW73	FHLMC GOLD		3.50	9/15/2020		744,521		776,717
3128PUXF4	FHLMC GOLD		3.50	8/28/2020		445,815		465,094
3128PVBD1	FHLMC GOLD		4.00	10/13/2020		569,487		602,324
3128PVCG3	FHLMC GOLD		4.00	10/6/2020		591,480		625,586
3128PWV21	FHLMC GOLD		3.00	11/24/2020		3,838,459		3,911,620
3128PWWS3	FHLMC GOLD		3.00	11/12/2020		2,366,644		2,411,753
312906J50	FHLMC		8.50	10/26/2016		41,196		45,658
312929CM2	FHLMC GOLD		6.00	10/9/2029		5,588		6,322
31292K4D6	FHLMC GOLD		4.00	1/1/2030		763,402		785,635
31292KJH1	FHLMC GOLD		6.00	8/29/2028		1,088		1,231
31292LL60	FHLMC GOLD		3.50	11/17/2030		570,683		567,145
31292SAD2	FHLMC GOLD		3.50	12/11/2030		1,211,195		1,203,682
312930LH1	FHLMC GOLD		6.00	11/29/2029		10,846		12,270
312930LQ1	FHLMC GOLD		6.00	12/26/2029		26,049		29,471
312930RC6	FHLMC GOLD		6.00	10/26/2029		13,688		15,484
312930RV4	FHLMC GOLD		6.00	10/18/2029		7,067		7,995
312930TB6	FHLMC GOLD		6.00	11/14/2029		7,345		8,309
312931D62	FHLMC GOLD		4.00	2/2/2029		128,672		132,410
312931TJ7	FHLMC GOLD		5.00	7/2/2029		1,354,758		1,473,708
312932CX2	FHLMC GOLD		4.50	3/24/2029		1,300,603		1,381,433
312932ZE9	FHLMC GOLD		5.00	7/25/2029		54,546		60,130
312933F41	FHLMC GOLD		4.50	4/26/2029		437,539		463,558
3129345K4	FHLMC GOLD		5.00	9/26/2029		117,353		128,994
312934CX8	FHLMC GOLD		4.00	2/27/2029		638,313		656,857
312934ML3	FHLMC GOLD		4.00	4/1/2029		18,964		19,515
312934PJ5	FHLMC GOLD		5.00	9/1/2029		67,928		74,882
312934R38	FHLMC GOLD		5.00	8/15/2029		46,365		51,112
312934SQ6	FHLMC GOLD		4.00	4/13/2029		39,358		40,502
312935AT6	FHLMC GOLD		5.00	9/14/2029		117,464		129,116
312935KY4	FHLMC GOLD		4.50	6/17/2029		168,661		179,512
312935LV9	FHLMC GOLD		4.50	7/2/2029		132,208		140,714
312935MV8	FHLMC GOLD		4.50	7/10/2029		1,196,090		1,277,043
312936LH8	FHLMC GOLD		5.00	11/2/2029		216,785		237,247
312936LM7	FHLMC GOLD		5.00	10/28/2029		347,417		381,878
3129385D1	FHLMC GOLD		5.00	12/13/2029		54,356		59,433
312941TK3	FHLMC GOLD		4.00	2/6/2030		821,838		845,785
312942F83	FHLMC GOLD		4.00	1/3/2030		1,095,224		1,127,137
312942L52	FHLMC GOLD		4.50	3/21/2030		924,585		980,230
312943HT3	FHLMC GOLD		4.00	2/16/2030		10,492,369		10,798,600
312943LY7	FHLMC GOLD		4.00	1/25/2030		316,642		325,869
312943Y31	FHLMC GOLD		4.00	3/12/2030		2,078,915		2,139,591

9

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
312944BJ9	FHLMC GOLD		4.00	1/15/2030		2,888,852		2,973,037
312944BN0	FHLMC GOLD		4.00	2/5/2030		1,836,339		1,890,056
3129455Y0	FHLMC GOLD		4.50	1/10/2027		182,930		193,955
3129456C7	FHLMC GOLD		4.00	4/19/2030		977,489		1,005,970
312945CK2	FHLMC GOLD		4.00	1/29/2030		2,094,374		2,155,501
312945NC8	FHLMC GOLD		4.00	2/22/2030		719,672		740,631
312945ZD3	FHLMC GOLD		4.00	3/18/2030		246,544		253,728
312946FN1	FHLMC GOLD		4.50	7/2/2030		1,230,918		1,305,103
312946GL4	FHLMC GOLD		4.00	4/23/2030		287,329		295,701
312946JE7	FHLMC GOLD		4.50	1/24/2027		425,144		450,766
312946PD2	FHLMC GOLD		4.50	7/12/2030		3,404,372		3,609,546
312946X35	FHLMC GOLD		4.50	3/1/2027		1,588,819		1,684,574
31294KDZ5	FHLMC GOLD		5.00	5/28/2015		549		581
31294KFJ9	FHLMC GOLD		5.00	6/29/2015		544		575
31294KHD0	FHLMC GOLD		5.00	8/17/2015		2,091		2,224
31294KHL2	FHLMC GOLD		5.00	9/2/2015		3,257		3,464
31294KJT3	FHLMC GOLD		5.00	10/4/2015		1,396		1,482
31294KKU8	FHLMC GOLD		5.00	12/9/2015		1,765		1,878
31294MAK7	FHLMC GOLD		4.00	5/9/2020		425,238		449,164
31294MJP7	FHLMC GOLD		3.50	12/15/2020		2,572,768		2,684,025
31294NSD2	FHLMC GOLD		2.50	6/6/2021		10,391,972		10,306,999
312962CQ4	FHLMC GOLD		5.00	6/5/2016		3,123		3,315
312962CT8	FHLMC GOLD		5.00	6/5/2016		305		308
312962KD4	FHLMC GOLD		5.50	7/11/2016		49,652		54,030
312962KT9	FHLMC GOLD		5.00	7/7/2016		5,425		5,768
312962MD2	FHLMC GOLD		5.00	7/23/2016		11,543		12,280
312962Q63	FHLMC GOLD		5.50	7/13/2016		7,739		8,421
312962UW1	FHLMC GOLD		5.50	7/27/2016		524,027		570,238
312963VY4	FHLMC GOLD		5.50	8/17/2016		145,285		158,097
312963WH0	FHLMC GOLD		5.50	8/15/2016		13,293		14,465
312963ZG9	FHLMC GOLD		5.50	7/27/2016		15,722		17,109
3129642B4	FHLMC GOLD		5.50	10/3/2016		33,460		36,507
312964KG3	FHLMC GOLD		5.00	9/13/2016		1,488		1,510
312964WX3	FHLMC GOLD		5.50	7/12/2016		209,948		228,462
312965QA7	FHLMC GOLD		5.50	7/27/2016		95,937		104,397
312966WU4	FHLMC GOLD		5.50	11/6/2016		870,434		949,710
312968QL7	FHLMC GOLD		5.50	8/14/2016		783,834		843,901
31296NEK9	FHLMC GOLD		5.00	8/15/2025		1,067,453		1,158,440
31296QYE4	FHLMC GOLD		6.00	2/12/2026		4,186		4,714
31296SBH8	FHLMC GOLD		6.00	1/29/2026		6,119		6,892
31297SFC4	FHLMC GOLD		5.50	2/6/2027		48,196		52,777
31297US50	FHLMC GOLD		5.50	2/20/2027		59,411		65,059
3132FCBT1	FHLMC GOLD		5.00	8/14/2027		908,720		978,691
3132GDC67	FHLMC GOLD		4.00	5/3/2030		369,504		380,271
3132GDRC8	FHLMC GOLD		4.50	2/23/2027		2,222,523		2,356,470
3132GDS86	FHLMC GOLD		4.50	9/9/2030		3,329,697		3,530,371
3132GE6P0	FHLMC GOLD		5.00	1/18/2031		525,509		573,901
3132GJ3K3	FHLMC GOLD		4.00	9/15/2030		1,114,166		1,146,630
3132GJR27	FHLMC GOLD		4.00	9/17/2030		52,412		53,941
3132GLCK8	FHLMC GOLD		4.00	10/23/2030		901,051		927,305
3132GLUA0	FHLMC GOLD		4.00	11/15/2030		1,699,060		1,748,566
3132GMHA3	FHLMC GOLD		3.50	8/21/2030		1,626,930		1,616,839
3132GMJN3	FHLMC GOLD		4.00	11/12/2030		390,186		401,597
3132GRLZ2	FHLMC GOLD		4.00	12/7/2030		224,483		231,115
3132GRN80	FHLMC GOLD		4.00	11/25/2030		663,040		682,430
3132GUKK9	FHLMC GOLD		3.50	11/21/2030		3,228,389		3,208,364
3132GUX90	FHLMC GOLD		3.50	12/7/2030		1,457,725		1,448,687
3132GUZD9	FHLMC GOLD		3.50	1/26/2031		1,920,204		1,908,276
3132HM5D9	FHLMC GOLD		3.50	2/10/2031		1,053,569		1,047,034
3132HQEQ1	FHLMC GOLD		3.00	10/13/2030		474,188		450,220
3132HQFE7	FHLMC GOLD		4.00	6/19/2031		213,023		219,324
3132HQRK0	FHLMC GOLD		3.00	1/17/2031		233,771		221,955
3132J9AW8	FHLMC GOLD		4.00	10/4/2031		186,720		192,423
3132J9GA0	FHLMC GOLD		4.00	10/15/2031		86,710		89,359
3132J9JD1	FHLMC GOLD		3.00	4/12/2031		1,692,322		1,606,721

10

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3132J9NB0	FHLMC GOLD		4.00	10/8/2031		1,234,160		1,273,346
3132J9WS3	FHLMC GOLD		4.00	10/15/2031		1,704,155		1,758,264
3132JMR92	FHLMC GOLD		4.00	11/11/2031		102,505		105,636
3132JMVQ9	FHLMC GOLD		4.00	2/14/2032		2,210,920		2,281,119
3132JNND5	FHLMC GOLD		4.00	3/3/2032		1,172,986		1,210,230
3132JNNP8	FHLMC GOLD		4.00	2/16/2032		97,244		100,215
3132JPJD5	FHLMC GOLD		4.00	1/30/2032		306,207		315,559
3132JPJH6	FHLMC GOLD		4.00	1/24/2032		2,216,286		2,286,656
3132JPU26	FHLMC GOLD		3.00	6/23/2031		1,474,999		1,400,391
31342A6F1	FHLMC		2.36	9/20/2024		264,635		280,869
31349UCW6	FHLMC		2.23	4/19/2025		123,839		131,225
31349UEJ3	FHLMC		2.38	5/25/2025		214,372		226,715
31349ULB2	FHLMC		2.40	7/21/2025		224,355		237,123
31349UMF2	FHLMC		2.38	8/5/2025		337,602		355,480
313602YQ1	FANNIE MAE FNMA_89-44		9.00	4/5/2016		35,137		38,587
3136A77K2	FNMA		2.71	1/13/2016		1,181,063		1,138,340
31371LNH8	FNMA		4.00	3/10/2014		1,115		1,121
31371LZJ1	FNMA		4.00	7/27/2014		45,056		45,984
31371M5M5	FNMA		5.50	3/20/2028		92,675		101,845
31371MEP8	FNMA		5.00	1/12/2027		3,876		4,215
31371MG92	FNMA		4.00	11/29/2014		21,968		22,782
31371N4F9	FNMA		6.00	8/12/2022		161,699		180,287
31371NP25	FNMA		5.50	12/5/2028		338,193		371,579
31371NVX0	FNMA		5.00	9/17/2028		848,232		921,840
31379T6G4	FNMA		5.00	2/10/2014		28		28
3137A83K2	FHR_3820D DA		4.00	6/9/2016		17,198,649		18,361,742
3137AEH65	FHLMC_3917		0.67	3/1/2016		1,735,164		1,735,858
3137AEV77	FHLMC		2.70	3/26/2018		8,300,000		8,575,228
3137ANMN2	FHLMC MULTIFAMILY STRUCTURED P		2.22	11/19/2018		500,000		501,345
3137B4PT7	FHLMC_4246		6.50	8/6/2016		7,633,053		8,621,035
3137B4UY0	FHLMC_4248		6.50	1/30/2017		14,085,003		15,821,858
31381QFF8	FNMA		3.75	4/4/2016		8,295,220		8,959,410
31385RB58	FNMA		8.50	2/14/2024		682,296		744,994
31385XK48	FNMA		2.35	7/24/2024		152,253		160,314
31385XM87	FNMA		4.50	7/22/2025		4,906,121		5,208,133
31388XVV3	FNMA		2.21	7/25/2024		4,330,085		4,470,008
31389EVA0	FNMA		6.50	7/28/2015		445,976		475,820
31389EVB8	FNMA		6.50	7/29/2015		682,051		729,161
3138A1CT6	FNMA		4.00	3/30/2026		60,752		62,701
3138A1HR5	FNMA		4.00	2/8/2030		1,538,972		1,588,875
3138A1MA6	FNMA		4.00	4/7/2030		221,721		228,833
3138A1SU6	FNMA		4.00	3/6/2030		214,102		220,957
3138A2CK3	FNMA		4.00	7/15/2020		1,913,893		2,028,333
3138A2DD8	FNMA		4.00	2/20/2030		36,526		37,697
3138A2FJ3	FNMA		4.00	7/17/2020		99,707		105,669
3138A2PD5	FNMA		3.50	7/10/2020		1,739,096		1,819,846
3138A2ZZ5	FNMA		4.00	8/15/2030		642,658		663,271
3138A3DJ3	FNMA		4.00	9/9/2020		122,840		130,204
3138A3VB0	FNMA		4.00	3/1/2030		3,314,406		3,420,951
3138A3WC7	FNMA		4.00	4/6/2030		210,116		216,862
3138A4CC7	FNMA		4.00	8/15/2030		107,255		110,695
3138A4KH7	FNMA		4.00	3/1/2030		57,268		59,104
3138A4NR2	FNMA		4.00	3/17/2030		22,545		23,268
3138A4PA7	FNMA		4.00	4/7/2030		30,834		31,823
3138A54P4	FNMA		4.00	3/23/2030		116,861		120,609
3138A5RN4	FNMA		4.00	8/22/2020		41,248		43,721
3138A5YL0	FNMA		4.50	7/7/2030		307,544		326,381
3138A6E97	FNMA		4.00	3/25/2030		467,583		482,580
3138A6LD0	FNMA		5.00	10/12/2030		199,967		218,621
3138A6LJ7	FNMA		4.00	8/21/2020		9,831,004		10,420,341
3138A6RH5	FNMA		4.00	3/13/2030		18,393		18,982
3138A7G69	FNMA		4.00	8/20/2020		51,149		54,215
3138A7HY7	FNMA		3.50	1/2/2030		890,817		887,237
3138A7ZQ4	FNMA		4.00	5/2/2030		500,982		517,051
3138A8A48	FNMA		4.00	4/17/2030		613,735		633,421

11

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3138A8MD5	FNMA		4.00	4/10/2030		3,126,990		3,227,287
3138A9N26	FNMA		4.00	4/12/2030		106,998		110,430
3138AA4M0	FNMA		4.50	8/3/2030		4,231,795		4,501,147
3138AAKX8	FNMA		4.00	5/25/2030		125,199		129,217
3138AALE9	FNMA		4.50	8/23/2030		12,802		13,587
3138AAYW5	FNMA		4.00	4/28/2030		392,027		404,601
3138AB2D0	FNMA		4.00	4/12/2030		85,640		88,387
3138ADUG8	FNMA		5.00	12/22/2030		577,306		631,159
3138AET45	FNMA		4.50	9/4/2030		1,797,629		1,907,914
3138AEZG1	FNMA		4.00	8/23/2030		589,783		608,701
3138AFKH2	FNMA		4.00	10/12/2020		49,128		52,074
3138AFRR3	FNMA		4.00	6/21/2030		109,632		113,148
3138AFXZ8	FNMA		4.00	10/24/2020		162,493		172,234
3138AG6Q6	FNMA		4.00	11/1/2020		177,342		187,974
3138AGQB7	FNMA		4.00	9/30/2020		182,648		193,598
3138AGQQ4	FNMA		4.00	10/21/2020		41,624		44,119
3138AHTD8	FNMA		5.00	12/30/2030		130,839		142,940
3138AJK50	FNMA		4.50	10/14/2030		1,954,791		2,074,718
3138AJNH1	FNMA		4.50	10/12/2030		2,707,108		2,873,190
3138AJWD0	FNMA		4.50	10/30/2030		974,137		1,033,901
3138AKEL9	FNMA		4.00	10/25/2020		125,626		133,157
3138ANBY8	FNMA		4.00	9/7/2030		115,964		119,683
3138ANWY5	FNMA		4.00	9/5/2030		165,413		170,718
3138ANZG1	FNMA		4.50	11/28/2030		167,667		177,954
3138AS4N9	FNMA		4.50	1/9/2031		2,009,354		2,132,628
3138AT4B3	FNMA		4.00	2/24/2031		760,351		784,764
3138AUMZ7	FNMA		4.00	10/23/2030		1,165,856		1,203,250
3138AUP84	FNMA		4.50	2/10/2031		44,785		47,533
3138AVH24	FNMA		4.00	10/19/2030		102,784		106,081
3138AVWL5	FNMA		4.00	9/19/2030		110,455		113,998
3138AW3N1	FNMA		4.00	10/5/2030		41,574		42,907
3138AX5G2	FNMA		4.00	1/1/2031		191,654		197,808
3138AXHV6	FNMA		4.00	10/3/2030		46,011		47,487
3138AXRL7	FNMA	��	4.00	11/3/2030		531,111		548,146
3138AXST9	FNMA		4.50	1/6/2031		688,978		731,247
3138E03K3	FNMA		4.00	12/4/2030		330,344		340,950
3138E04T3	FNMA		3.50	9/17/2030		385,579		384,026
3138E0Q93	FNMA		3.50	8/2/2030		1,577,316		1,570,973
3138E2GH2	FNMA		4.00	11/14/2030		2,068,571		2,134,920
3138E2JY2	FNMA		3.50	7/25/2030		496,470		494,471
3138E47K1	FNMA		4.00	11/29/2030		228,023		235,337
3138E4AC5	FNMA		4.00	11/23/2030		222,584		229,723
3138E4EB3	FNMA		2.50	2/7/2021		808,752		801,508
3138E4F89	FNMA		4.00	12/2/2030		70,225		72,480
3138E4UV1	FNMA		4.00	11/4/2030		4,375,367		4,515,706
3138E6KZ8	FNMA		4.00	11/28/2030		409,927		423,088
3138E7HR8	FNMA		2.50	2/19/2021		3,501,286		3,469,928
3138E7JB1	FNMA		2.50	2/20/2021		852,810		845,173
3138E8KX9	FNMA		2.50	2/26/2021		3,821,910		3,787,680
3138E8L75	FNMA		2.50	3/10/2021		4,713,726		4,671,509
3138EBLJ2	FNMA		4.00	3/21/2031		130,042		134,218
3138ECAA1	FNMA		2.50	2/27/2021		2,109,153		2,090,263
3138ECLK7	FNMA		4.00	3/26/2031		407,142		420,214
3138ECLU5	FNMA		4.00	3/20/2031		382,912		395,207
3138ECTY9	FNMA		2.50	2/13/2021		622,814		617,236
3138ECWS8	FNMA		2.50	2/25/2021		3,959,903		3,924,437
3138ECYM9	FNMA		2.50	2/10/2021		637,623		631,913
3138ECYV9	FNMA		2.50	2/25/2021		822,006		814,644
3138EE2T5	FNMA		3.50	11/10/2030		27,129		27,020
3138EGH72	FNMA		4.00	9/10/2020		668,451		708,421
3138EGHV9	FNMA		4.00	8/7/2020		97,148		102,957
3138EGTA2	FNMA		5.00	9/20/2028		368,281		401,429
3138EHCM2	FNMA		5.00	5/18/2028		516,686		563,191
3138EJCC0	FNMA		4.00	9/11/2030		2,867,179		2,959,143
3138EJEW4	FNMA		4.00	12/2/2030		615,041		634,778

12

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3138EJRB6	FNMA		3.50	3/29/2031		5,331,050		5,309,583
3138EJRP5	FNMA		4.38	1/10/2018		6,303,805		6,730,365
3138EKNF8	FNMA		3.00	2/5/2031		379,154		361,434
3138EKW35	FNMA		6.00	4/28/2031		8,906,932		9,875,447
3138ELPP2	FNMA		4.50	5/14/2031		1,726,645		1,832,575
3138ELX65	FNMA		4.50	3/12/2031		1,583,994		1,681,011
3138LQES9	FNMA		4.00	1/14/2031		729,877		753,311
3138LQSU9	FNMA		2.50	4/5/2021		5,738,380		5,686,986
3138LSR85	FNMA		3.00	12/5/2030		106,333		101,364
3138LTB98	FNMA		3.50	11/16/2030		16,114		16,050
3138LTLA4	FNMA		3.00	3/27/2021		1,112,237		1,136,048
3138LUZP3	FNMA		2.50	3/8/2021		1,081,311		1,072,259
3138LVEU3	FNMA		4.00	5/3/2031		714,414		737,559
3138LVH89	FNMA		3.00	12/4/2030		94,778		90,349
3138LVJ87	FNMA		3.00	4/17/2021		2,293,801		2,342,907
3138LX5F2	FNMA		4.00	5/16/2031		206,093		212,710
3138LXT41	FNMA		3.00	10/8/2030		53,169		50,684
3138M13D8	FNMA		3.50	3/4/2031		3,495,799		3,481,719
3138M13G1	FNMA		3.50	3/27/2031		6,383,818		6,358,105
3138M3MH4	FNMA		4.00	5/2/2031		1,051,441		1,085,200
3138M4E57	FNMA		3.50	1/9/2031		317,629		316,350
3138M5L80	FNMA		3.50	1/2/2031		438,421		436,655
3138M5LM9	FNMA		3.50	12/30/2030		187,164		186,410
3138M6RS8	FNMA		2.50	4/29/2021		1,763,627		1,747,831
3138M6V46	FNMA		3.50	3/10/2031		304,427		303,201
3138M7GY5	FNMA		3.00	10/24/2030		132,269		126,088
3138M7W27	FNMA		3.00	9/30/2030		140,074		133,433
3138M93L3	FNMA		3.00	10/6/2030		75,993		72,441
3138M9BU4	FNMA		3.00	11/6/2030		1,414,557		1,347,024
3138M9JN2	FNMA		3.50	1/10/2031		175,725		175,018
3138MBAT3	FNMA		3.00	12/29/2030		60,445		57,620
3138MC2V5	FNMA		3.00	11/19/2030		120,858		115,209
3138MCDT8	FNMA		3.50	2/1/2031		241,054		240,083
3138MCFB5	FNMA		3.00	11/14/2030		133,191		126,966
3138MCT46	FNMA		3.00	1/8/2031		60,660		57,839
3138MDWE8	FNMA		3.00	10/25/2030		63,792		60,810
3138MFNJ2	FNMA		3.00	11/3/2030		92,633		88,303
3138MFPE1	FNMA		2.50	5/30/2021		718,420		712,211
3138MFSR9	FNMA		3.50	3/30/2031		1,504,222		1,498,163
3138MFW37	FNMA		3.00	2/14/2031		172,850		164,772
3138MFW52	FNMA		3.00	1/17/2031		88,692		84,547
3138MGMC6	FNMA		3.00	12/23/2030		192,935		183,962
3138MHKF9	FNMA		3.50	4/3/2031		44,367		44,188
3138MHKP7	FNMA		3.00	12/25/2030		76,741		73,155
3138MHKQ5	FNMA		3.00	12/18/2030		131,997		125,739
3138MHXJ7	FNMA		3.00	2/3/2031		54,010		51,486
3138MJ6T1	FNMA		3.00	12/6/2030		107,849		102,808
3138MJGD5	FNMA		3.00	12/13/2030		146,889		140,024
3138MJQU6	FNMA		3.00	11/3/2030		146,506		139,659
3138MJXK0	FNMA		3.00	2/8/2031		1,358,165		1,293,324
3138MKB70	FNMA		3.00	12/22/2030		103,036		98,221
3138MKQH2	FNMA		3.00	3/14/2031		322,010		307,035
3138ML5B6	FNMA		3.00	2/11/2031		318,423		303,541
3138MLE67	FNMA		3.00	11/21/2030		448,044		427,104
3138MLMY7	FNMA		3.00	12/16/2030		55,995		53,378
3138MLTC8	FNMA		3.00	2/9/2031		269,344		256,756
3138MMAB8	FNMA		3.00	2/20/2031		296,560		282,700
3138MMCE0	FNMA		3.00	11/29/2030		61,192		58,332
3138MMJ37	FNMA		3.00	12/8/2030		103,396		98,564
3138MMKP6	FNMA		3.00	1/4/2031		54,065		51,538
3138MMNW8	FNMA		3.00	11/23/2030		248,040		236,448
3138MMY63	FNMA		3.00	10/12/2030		166,614		158,828
3138MN5G1	FNMA		3.00	12/29/2030		298,086		284,223
3138MNAT7	FNMA		3.00	12/12/2030		84,384		80,440
3138MNJQ4	FNMA		3.00	12/23/2030		76,676		73,093

13

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
3138MNQL7	FNMA		3.00	12/8/2030		566,754		539,884
3138MNQP8	FNMA		3.00	12/11/2030		445,651		424,823
3138MP2W4	FNMA		3.00	1/8/2031		59,875		57,091
3138MPBU8	FNMA		3.00	12/12/2030		129,622		123,564
3138MPDQ5	FNMA		3.00	1/19/2031		227,306		216,683
3138MPZC2	FNMA		3.00	11/27/2030		391,616		373,313
3138MQHG1	FNMA		3.00	12/18/2030		121,509		115,830
3138MQJZ7	FNMA		3.00	2/22/2031		212,840		202,893
3138MQM91	FNMA		3.00	3/5/2031		308,690		294,263
3138MQTN3	FNMA		3.00	12/13/2030		241,236		229,962
3138MQWF6	FNMA		3.00	10/23/2030		52,106		49,671
3138MR5R8	FNMA		3.00	2/2/2031		73,651		70,226
3138MRD24	FNMA		3.00	12/10/2030		65,904		62,824
3138MRRX1	FNMA		3.00	12/8/2030		208,997		199,229
3138MRTR2	FNMA		3.00	11/23/2030		67,052		63,918
3138MRUJ8	FNMA		3.00	12/8/2030		240,552		229,310
3138MRXV8	FNMA		3.00	1/13/2031		132,697		126,526
3138MTD79	FNMA		4.50	5/19/2031		405,165		431,580
3138NJAE8	FNMA		3.63	10/6/2017		2,202,618		2,269,951
3138NJAK4	FNMA		3.42	8/28/2017		2,964,707		3,076,104
3138NWVM8	FNMA		3.00	12/27/2030		50,313		47,973
3138NXFU6	FNMA		3.00	1/23/2031		443,153		422,544
3138NXRK5	FNMA		3.00	1/2/2031		117,196		111,746
3138NYDM4	FNMA		3.00	1/13/2031		80,585		76,838
3138NYEN1	FNMA		3.50	6/20/2031		286,283		285,130
3138NYHT5	FNMA		3.00	12/25/2030		92,769		88,433
3138NYQP3	FNMA		3.00	1/21/2031		68,356		65,177
3138W02A6	FNMA		3.00	1/11/2031		83,530		79,645
3138W02X6	FNMA		3.00	11/19/2030		108,314		103,277
3138W0G60	FNMA		3.00	12/30/2030		140,258		133,736
3138W0XW4	FNMA		3.00	12/6/2030		325,437		310,228
3138W0YR4	FNMA		3.00	1/10/2031		58,854		56,104
3138W17K7	FNMA		3.00	2/22/2031		34,957		33,287
3138W17M3	FNMA		3.00	3/5/2031		202,604		193,183
3138W1LY1	FNMA		3.00	1/19/2031		84,200		80,284
3138W3W90	FNMA		3.00	4/14/2031		376,807		359,284
3138W4AP6	FNMA		3.00	6/1/2031		165,741		158,033
3138W6DU7	FNMA		3.50	8/3/2031		253,087		252,066
3138W7WP5	FNMA		3.00	3/10/2031		179,372		171,031
3138W9GW4	FNMA		3.50	9/6/2031		4,707,624		4,690,093
3138W9RL6	FNMA		2.50	12/7/2021		2,424,514		2,402,767
3138WMZ20	FNMA		2.50	3/1/2028		4,713,881		4,671,600
3138WN7K9	FNMA		3.00	3/29/2031		108,170		103,140
3138WNDF3	FNMA		3.50	8/8/2031		2,859,910		2,850,152
3138WQA28	FNMA		3.00	5/3/2031		1,010,615		962,320
3138WQA36	FNMA		3.00	5/4/2031		1,731,642		1,648,890
3138WQM33	FNMA		3.00	3/7/2031		48,883		46,609
3138WQNS7	FNMA		3.50	11/12/2031		45,928		45,743
3138WQNW8	FNMA		3.50	8/3/2031		579,498		569,033
3138WQNX6	FNMA		3.50	9/12/2031		195,853		195,064
3138X0QR2	FNMA		2.50	11/7/2021		962,919		954,282
3138X1ZV1	FNMA		3.00	6/10/2031		1,232,794		1,173,881
3138X3EQ1	FNMA		3.50	9/19/2031		1,901,045		1,893,965
3138X6WT8	FNMA		2.50	12/24/2021		593,800		588,474
3138X76Z1	FNMA		2.50	12/12/2021		1,471,095		1,457,900
31391YV87	FNMA		6.00	6/19/2025		1,268		1,425
31393QDY5	FHLMC		5.50	2/23/2014		15,839		15,836
31394PP72	FHLMC_27-55		5.00	8/6/2016		2,226,053		2,349,122
31400JM55	FNMA		5.50	7/28/2025		713		796
31400QJ87	FNMA		2.41	5/22/2024		17,399		18,641
31402DCV0	FNMA		5.00	3/16/2026		19,410		21,157
31402EQ35	FNMA		4.50	5/19/2025		10,955		11,629
31402GP98	FNMA		5.00	7/25/2025		4,012		4,415
31402LQU9	FNMA		5.00	7/25/2025		28,372		30,996
31402QXK2	FNMA		8.50	10/2/2024		361,291		395,522

14

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
31402RF87	FNMA		5.00	11/11/2026		1,275,225		1,390,004
31402RSN0	FNMA		5.00	2/14/2027		735,690		799,940
31402UR87	FNMA		4.50	7/22/2025		4,694,991		4,984,006
31402YSV7	FNMA		2.63	9/30/2024		14,402		15,438
31403DC56	FNMA		4.50	9/24/2017		1,018,463		1,083,898
31403DC72	FNMA		4.50	9/7/2017		828,495		881,725
31403DJG5	FNMA		5.50	6/1/2026		11,724		12,950
31403FPC2	FNMA		4.50	7/16/2025		2,260,838		2,400,012
31403KDB6	FNMA		2.20	10/3/2024		8,297		8,542
31404BPJ5	FNMA		4.00	7/23/2025		285,054		294,051
31404DG28	FNMA		5.00	1/9/2026		6,220		6,780
31404MAB4	FNMA		5.50	2/15/2026		5,481		6,054
31404NBP0	FNMA		2.43	7/5/2025		86,655		90,626
31404NHA7	FNMA		5.00	2/25/2026		32,390		35,305
31404SFP5	FNMA		5.50	2/25/2026		3,634		4,047
31405NQY4	FNMA		6.00	8/11/2026		11,954		13,421
31405QNR5	FNMA		5.50	7/4/2026		551		614
31405UMM8	FNMA		2.19	3/24/2025		101,551		107,567
31405UTZ2	FNMA		2.11	4/1/2025		23,934		25,289
31406BB90	FNMA		2.24	5/22/2025		137,441		144,820
31406BEZ9	FNMA		2.21	5/2/2025		128,286		136,031
31406BJF8	FNMA		2.32	6/2/2025		136,662		146,252
31406BQQ6	FNMA		2.42	6/17/2025		181,640		192,599
31406DG67	FNMA		2.42	5/11/2025		555,156		579,597
31406EDN1	FNMA		5.00	7/27/2026		12,180		13,323
31406HLF2	FNMA		6.00	12/26/2026		93,765		104,210
31406MYP5	FNMA		2.24	6/27/2025		239,098		251,423
31406RNA9	FNMA		6.00	6/11/2027		2,748		3,054
31406TLC3	FNMA		2.69	9/14/2025		269,194		285,766
31406TWR8	FNMA		1.83	3/28/2025		821,692		856,229
31406VHE9	FNMA		2.47	9/3/2025		153,654		162,760
31406YZV5	FNMA		5.00	12/29/2026		22,073		24,000
31407CE29	FNMA		5.50	3/12/2027		668		743
31407FG53	FNMA		5.50	2/8/2027		1,136		1,263
31407FUW8	FNMA		2.35	10/9/2025		2,800,946		2,901,089
31407LFM4	FNMA		4.50	10/18/2026		12,067		12,808
31407RVX9	FNMA		4.50	12/29/2026		14,474		15,362
31407VS22	FNMA		5.00	1/30/2027		19,320		21,007
31408AG53	FNMA		6.00	8/27/2027		15,421		17,217
31408FYG8	FNMA		6.00	8/7/2027		2,462		2,730
31408GFA0	FNMA		6.00	6/30/2027		229,877		255,485
31408JD32	FNMA		5.00	6/1/2027		775,708		843,454
31409A5P0	FNMA		6.00	9/15/2027		61,719		68,906
31409AYE3	FNMA		6.00	10/2/2027		139,821		156,104
31409CRY3	FNMA		6.00	8/20/2027		117,073		130,707
31409GML7	FNMA		6.50	2/14/2028		421,710		468,534
31409JVL1	FNMA		6.00	12/2/2027		314,693		348,981
31409UB38	FNMA		6.00	9/29/2027		14,592		16,181
31409VYW7	FNMA		6.00	10/9/2027		33,298		37,175
31409WAE1	FNMA		6.00	10/2/2027		258,992		287,111
31410CJV5	FNMA		6.00	10/26/2027		14,216		15,872
31410FUS2	FNMA		5.50	3/2/2028		35,025		38,491
31410FVW2	FNMA		5.50	4/12/2028		2,438		2,679
31410GD83	FNMA		2.44	3/6/2025		45,258		48,778
31410GDF7	FNMA		1.79	7/10/2024		201,864		215,503
31410GDL4	FNMA		2.39	9/12/2025		757,696		790,792
31410GDN0	FNMA		2.34	9/7/2024		134,160		142,186
31410GDP5	FNMA		2.38	11/16/2025		1,734,459		1,827,298
31410GDY6	FNMA		2.26	8/28/2025		49,404		52,934
31410KDC5	FNMA		5.00	12/20/2028		22,351		24,291
31410KEM2	FNMA		5.50	2/12/2029		2,001,572		2,199,166
31410KLD4	FNMA		5.50	2/15/2029		336,382		369,631
31410KME1	FNMA		4.50	3/16/2028		1,964,261		2,085,177
31410KMQ4	FNMA		5.50	3/2/2029		172,652		189,717
31410KNA8	FNMA		5.50	4/7/2029		72,474		79,637

15

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
31410KS47	FNMA		5.50	5/16/2027		5,224		5,770
31410KU36	FNMA		5.00	3/6/2029		12,556		13,645
31410KX74	FNMA		5.50	11/18/2027		2,760,000		3,049,126
31410LBU5	FNMA		4.00	5/30/2020		1,033,364		1,095,021
31410LC91	FNMA		5.50	2/18/2031		930,129		1,022,064
31410MMX5	FNMA		6.00	10/15/2027		223,867		249,937
31410NT24	FNMA		6.00	12/13/2027		17,912		19,856
31410QR86	FNMA		5.50	2/20/2028		94,186		103,505
31410RDL0	FNMA		6.00	2/6/2028		24,277		26,922
31411A5M3	FNMA		5.50	3/7/2028		5,642,483		6,200,803
31411A7C3	FNMA		5.50	3/15/2028		1,520,158		1,670,577
31411E2F3	FNMA		5.50	4/10/2028		9,413		10,344
31411EFN2	FNMA		5.50	3/11/2028		157,180		172,733
31411KLN1	FNMA		5.50	5/8/2028		127,880		140,504
31411NUT2	FNMA		5.50	2/19/2028		137,081		150,613
31411VMN6	FNMA		5.50	4/6/2028		3,931,334		4,319,433
31412DXY9	FNMA		5.50	3/29/2028		16,560		18,199
31412ESY3	FNMA		6.00	5/20/2028		28,498		31,816
31412MYZ5	FNMA		5.50	2/16/2029		175,290		192,615
31412N3V6	FNMA		4.50	2/20/2029		185,441		196,777
31412N6G6	FNMA		4.50	3/8/2029		39,976		42,589
31412NXE1	FNMA		5.00	8/1/2029		1,268,729		1,394,544
31412NZ33	FNMA		5.00	6/1/2029		44,415		48,705
31412PA50	FNMA		4.50	3/7/2029		170,322		180,735
31412PBJ9	FNMA		4.50	7/27/2019		10,920,467		11,626,730
31412PBN0	FNMA		4.00	1/1/2029		238,615		246,253
31412PP88	FNMA		5.00	7/11/2029		124,670		137,210
31412PR60	FNMA		4.50	4/24/2029		177,485		188,335
31412PRN3	FNMA		4.00	8/21/2019		1,903,709		2,017,296
31412PXF3	FNMA		4.50	5/12/2029		70,880		75,750
31412Q2V0	FNMA		4.50	10/24/2029		2,389,181		2,553,348
31412QE70	FNMA		5.00	9/29/2029		2,967,217		3,272,151
31412QKA6	FNMA		4.00	11/1/2019		29,790		31,567
31412QPN3	FNMA		5.50	12/7/2028		397,586		436,836
31412QPQ6	FNMA		6.00	8/24/2027		427,269		474,865
31412RAP2	FNMA		4.00	9/24/2026		9,244		9,533
31412RG76	FNMA		4.00	3/1/2020		1,803,241		1,919,272
31412RGG6	FNMA		5.00	3/18/2030		299,118		328,780
31412RNY9	FNMA		4.00	3/16/2030		64,461		66,543
31412TM26	FNMA		5.50	3/10/2029		1,554,773		1,712,318
31412UEQ9	FNMA		4.50	7/20/2029		338,425		361,175
31412UH37	FNMA		5.00	6/6/2029		701,049		762,750
31412URR3	FNMA		4.00	9/24/2019		2,135,730		2,263,161
31412VHU5	FNMA		4.50	4/1/2030		11,554		12,262
31413BTW1	FNMA		5.50	6/25/2028		720,656		791,799
31413CLH0	FNMA		6.00	9/3/2028		699,508		780,882
31413HKW7	FNMA		6.00	10/27/2028		6,490		7,196
31413NY66	FNMA		6.00	11/25/2028		670,594		746,984
31413R2P0	FNMA		6.00	2/3/2029		925,861		1,033,568
31413TWV0	FNMA		5.50	11/28/2028		102,211		112,301
31414ANH1	FNMA		5.50	11/25/2028		176,165		193,556
31414GGE3	FNMA		4.50	7/25/2028		59,439		63,041
31414HZ67	FNMA		5.50	10/26/2028		58,713		64,510
31414NCH5	FNMA		6.00	10/30/2029		952,995		1,063,786
31414NH31	FNMA		5.00	7/26/2029		1,361,893		1,501,852
31414NH49	FNMA		5.00	7/25/2029		1,306,421		1,437,832
31414SL27	FNMA		5.00	11/19/2028		218,698		237,676
31414SX81	FNMA		5.50	2/22/2029		163,443		179,598
31414SZC0	FNMA		5.50	2/20/2029		262,443		288,591
31415AZ79	FNMA		5.00	12/22/2028		12,638		13,735
31415BCQ0	FNMA		5.50	4/21/2029		103,856		114,604
31415P3Y2	FNMA		5.50	2/23/2026		2,712		2,996
31415SPY2	FNMA		6.00	11/4/2029		10,359		11,485
31415SRP9	FNMA		5.50	6/23/2029		73,500		80,764
31415WA60	FNMA		4.50	4/8/2029		31,801		33,938

16

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
31415YLZ0	FNMA		4.00	9/26/2019		689,639		730,787
31416AQ29	FNMA		4.00	9/25/2019		138,846		147,131
31416B3Y2	FNMA		4.50	4/15/2029		218,833		232,211
31416BMK1	FNMA		5.00	10/16/2028		196,254		213,356
31416BS90	FNMA		4.50	1/23/2029		606,446		643,194
31416BTB4	FNMA		5.00	3/28/2027		558,160		606,907
31416JZM6	FNMA		5.00	5/22/2029		1,438,255		1,572,729
31416LR57	FNMA		4.50	3/15/2029		70,617		74,934
31416M2H6	FNMA		4.50	4/30/2029		12,775		13,556
31416M5A8	FNMA		5.00	6/7/2029		723,866		790,295
31416MLA0	FNMA		4.50	6/17/2029		13,264		14,131
31416MTR5	FNMA		5.00	8/25/2029		17,787		19,352
31416MVP6	FNMA		4.50	4/6/2029		46,367		49,397
31416N5T5	FNMA		4.50	5/17/2029		131,828		140,444
31416NC42	FNMA		4.50	4/12/2029		7,251,057		7,694,341
31416NRD6	FNMA		4.50	5/21/2029		13,012		13,863
31416QJZ9	FNMA		5.00	7/29/2029		62,041		68,416
31416QMS1	FNMA		4.00	9/7/2019		448,020		474,752
31416RSJ3	FNMA		4.00	4/18/2029		101,348		104,591
31416S6B2	FNMA		4.50	6/5/2029		80,388		85,911
31416SD40	FNMA		4.50	6/11/2029		74,390		79,502
31416SED9	FNMA		5.00	9/15/2029		56,280		61,861
31416SLC3	FNMA		4.50	6/20/2029		76,463		81,717
31416T5T2	FNMA		4.50	6/30/2029		742,408		787,795
31416TAG4	FNMA		4.50	6/11/2029		121,067		129,386
31416TAL3	FNMA		5.00	9/9/2029		60,151		66,333
31416TE47	FNMA		4.50	6/30/2029		76,754		81,770
31416TEE5	FNMA		4.50	7/1/2029		107,525		114,913
31416TEF2	FNMA		4.50	6/26/2029		71,332		75,994
31416TKG3	FNMA		5.00	8/6/2029		74,197		81,555
31416WD66	FNMA		5.00	4/10/2030		533,122		585,990
31416WFG2	FNMA		4.00	3/17/2020		11,235		11,906
31416XKB5	FNMA		4.00	3/7/2030		114,429		118,097
31416Y3T3	FNMA		4.00	10/8/2030		1,544,249		1,594,444
31416YDN5	FNMA		4.00	5/28/2030		23,281		24,027
31416YLM8	FNMA		4.50	9/26/2030		1,076,908		1,142,977
31416YVF2	FNMA		4.50	11/8/2030		5,208,843		5,528,407
31417ARZ4	FNMA		3.50	8/3/2030		612,276		609,811
31417ASC4	FNMA		4.00	10/18/2030		184,409		190,324
31417ASD2	FNMA		4.00	10/18/2030		920,004		949,513
31417CDE2	FNMA		3.50	12/21/2030		1,431,217		1,425,454
31417CQQ1	FNMA		3.00	10/4/2030		115,659		110,176
31417CQS7	FNMA		3.00	10/8/2030		61,374		58,505
31417CS30	FNMA		3.50	2/26/2031		723,348		720,436
31417CSH9	FNMA		3.00	10/4/2030		1,935,218		1,843,469
31417CVV4	FNMA		4.00	7/19/2031		240,637		248,364
31417D2M4	FNMA		3.00	11/23/2030		35,214		33,533
31417D4F7	FNMA		3.00	11/27/2030		818,804		779,984
31417DRG0	FNMA		3.50	3/26/2031		2,583,018		2,572,617
31417ECE9	FNMA		3.00	11/27/2030		1,644,888		1,566,903
31417ECF6	FNMA		3.00	11/26/2030		1,647,863		1,569,738
31417ECT6	FNMA		3.00	12/7/2030		219,808		209,535
31417ENK3	FNMA		3.00	12/28/2030		323,385		308,272
31417ETA9	FNMA		3.00	12/25/2030		323,067		307,643
31417F3H9	FNMA		3.00	3/6/2031		912,530		868,922
31417F4R6	FNMA		3.00	3/7/2031		5,655,605		5,385,335
31417FL55	FNMA		2.50	8/2/2021		157,300		155,889
31417GF35	FNMA		3.00	4/2/2031		969,128		922,815
31417J2B5	FNMA		5.00	10/29/2029		34,948		38,413
31417JSB7	FNMA		4.50	7/6/2029		26,777		28,527
31417KUM7	FNMA		4.00	4/24/2029		87,512		90,313
31417KXH5	FNMA		4.50	6/26/2029		2,443,900		2,608,190
31417LBJ3	FNMA		4.50	7/9/2029		958,521		1,017,119
31417LLX1	FNMA		5.00	9/12/2029		84,514		93,199
31417LUG8	FNMA		4.50	2/11/2026		2,740,628		2,909,336

17

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
31417M2V4	FNMA		4.50	8/21/2029		44,157		47,126
31417M2W2	FNMA		4.50	8/22/2029		9,219		9,822
31417MFB4	FNMA		4.50	7/2/2029		153,165		163,176
31417MPN7	FNMA		5.00	10/17/2029		60,126		66,089
31417MQT3	FNMA		5.00	11/9/2029		46,403		51,005
31417MTC7	FNMA		4.50	7/19/2029		358,396		382,489
31417MVC4	FNMA		4.50	8/11/2029		316,342		337,608
31417MYL1	FNMA		4.50	9/5/2029		1,921,911		2,039,405
31417QS62	FNMA		4.00	11/16/2019		9,676		10,253
31417SYT1	FNMA		4.50	8/30/2029		65,740		70,037
31417UXN0	FNMA		4.00	1/24/2020		47,273		50,099
31417VJS3	FNMA		4.50	9/19/2029		10,960		11,676
31417VQR7	FNMA		4.00	7/18/2029		380,379		392,572
31417VQT3	FNMA		4.50	11/10/2029		1,267,020		1,352,195
31417VYY3	FNMA		4.00	1/25/2020		131,989		139,881
31417Y3H8	FNMA		4.00	11/4/2020		789,970		837,326
31417Y6F9	FNMA		4.00	10/19/2030		43,568		44,966
31417YF44	FNMA		4.00	4/27/2029		42,346		43,702
31417YXX0	FNMA		4.50	6/2/2030		1,274,081		1,352,246
31418AEA2	FNMA		4.00	1/29/2031		315,146		325,264
31418AKQ0	FNMA		4.00	7/24/2031		401,032		413,908
31418ALS5	FNMA		3.50	3/10/2031		2,575,225		2,564,855
31418AM96	FNMA		3.50	4/22/2031		2,082,294		2,073,907
31418AQ35	FNMA		3.50	7/1/2031		43,773		42,982
31418AR26	FNMA		3.50	8/1/2031		252,116		247,563
31418MFF4	FNMA		4.50	11/6/2026		2,673,996		2,838,602
31418MRL8	FNMA		5.50	7/24/2028		12,503,335		13,745,854
31418MSR4	FNMA		5.50	12/7/2029		262,931		288,919
31418MT93	FNMA		4.50	11/13/2029		1,058,054		1,122,737
31418MUL4	FNMA		4.50	9/28/2029		493,614		525,877
31418PCP8	FNMA		5.00	7/9/2030		188,878		206,228
31418QHC0	FNMA		4.50	11/30/2029		12,148		12,892
31418RHE4	FNMA		4.00	2/25/2020		168,744		178,834
31418SJB6	FNMA		4.00	2/25/2020		13,291		14,086
31418UCZ5	FNMA		4.00	3/16/2020		73,647		78,050
31418UVY7	FNMA		4.00	4/3/2020		143,685		152,277
31418UYE8	FNMA		4.00	2/20/2029		20,021		20,608
31418VQY1	FNMA		4.00	12/29/2029		67,607		69,774
31418VTJ1	FNMA		4.50	2/13/2030		3,189,585		3,384,941
31418W6Y1	FNMA		5.00	6/13/2030		329,115		358,871
31418W7J3	FNMA		5.00	6/17/2030		159,618		173,302
31418XF52	FNMA		4.50	3/30/2030		6,532,610		6,932,720
31419AG27	FNMA		4.00	1/1/2030		19,543		20,169
31419ANB9	FNMA		4.00	2/1/2030		103,325		106,637
31419ANK9	FNMA		5.50	3/2/2030		383,436		421,335
31419BW68	FNMA		4.00	1/2/2030		95,946		99,021
31419DJY8	FNMA		4.00	5/6/2020		2,403,755		2,547,487
31419DLW9	FNMA		4.00	1/13/2030		104,462		107,810
31419EK40	FNMA		4.00	2/22/2030		100,494		103,735
31419EU80	FNMA		5.00	6/17/2030		231,293		252,495
31419EW70	FNMA		4.00	2/11/2030		151,587		156,446
31419FCP9	FNMA		4.00	11/2/2020		1,032,127		1,094,000
31419FEM4	FNMA		4.50	4/28/2030		1,484,721		1,575,657
31419FFW1	FNMA		4.00	2/13/2030		50,665		52,289
31419FSH0	FNMA		4.00	7/15/2020		33,932		35,961
31419FVW3	FNMA		4.00	2/7/2030		44,734		46,168
31419G2T0	FNMA		4.00	1/30/2030		25,430		26,245
31419H6Y3	FNMA		4.00	1/28/2030		37,205		38,398
31419HBS0	FNMA		4.00	1/26/2030		101,739		105,000
31419HVP4	FNMA		4.00	2/12/2030		142,431		146,996
31419JLP1	FNMA		4.00	1/18/2030		112,332		115,933
31419KR49	FNMA		4.00	1/29/2030		47,345		48,862
31419L5A7	FNMA		4.00	2/4/2030		987,578		1,019,309
31419LZ63	FNMA		4.00	2/8/2030		72,391		74,711
36176ABB4	GNMA		3.50	6/12/2030		228,955		231,355

18

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
36176FUE6	GNMA		3.50	9/15/2030		102,551		103,626
36176MA29	GNMA		4.00	8/9/2030		288,309		300,254
36176QLG7	GNMA		2.50	5/1/2021		1,659,974		1,661,581
36176QPR9	GNMA		3.50	6/12/2030		458,006		462,809
36176R7D8	GNMA		3.50	6/12/2030		859,540		868,553
36176V5Q2	GNMA		3.50	10/5/2030		37,384		37,776
36176WGG0	GNMA		3.50	8/4/2030		1,002,591		1,013,104
36176XCT4	GNMA		3.50	9/15/2030		1,148,094		1,160,133
36176XEZ8	GNMA		2.50	2/6/2021		512,919		513,416
36177NXQ8	GNMA		3.50	10/5/2030		299,871		303,015
36177R5R8	GNMA		3.50	10/5/2030		1,272,309		1,285,650
36177RXF3	GNMA		3.50	8/25/2030		2,965,939		2,997,039
36177S3E7	GNMA		3.50	9/15/2030		1,847,520		1,866,893
36177X2H0	GNMA		2.50	3/10/2021		1,238,599		1,239,798
36177YR32	GNMA		2.50	3/27/2021		744,871		745,592
36178CHK2	GNMA		3.00	10/28/2030		4,310,876		4,172,809
36178GHC1	GNMA		2.50	4/14/2021		412,750		413,150
36178NB99	GNMA		2.50	4/4/2021		8,290,537		8,298,562
36178QYX4	GNMA		3.00	11/1/2030		180,647		174,976
36178TPE0	GNMA		4.00	8/28/2031		75,285		78,429
36179A3K0	GNMA		3.00	10/28/2030		9,329,537		9,030,734
36179ME48	GNMA		4.00	6/5/2031		383,369		399,688
36179MNG1	GNMA		3.00	9/30/2030		922,430		893,935
36179MQN3	GNMA		3.00	10/18/2030		464,837		450,478
36179MQP8	GNMA		3.50	5/7/2031		883,919		894,289
36179MVQ0	GNMA		2.50	9/1/2030		57,638		53,267
36179MVR8	GNMA		3.00	2/21/2031		942,488		913,374
36179NA99	GNMA		2.50	1/9/2031		391,296		361,324
36180MYG6	GNMA		3.00	1/5/2031		967,491		937,419
36202F4S2	GNMA		4.50	7/20/2031		796,505		852,313
36202FXC5	GNMA		4.50	12/1/2030		313,182		335,125
36202FZY5	GNMA		4.00	10/18/2030		870,225		907,330
36202FZZ2	GNMA		4.50	2/18/2031		882,957		944,823
36206XC43	GNMA		7.00	8/1/2024		865		1,005
3620A9SW2	GNMA		4.50	5/3/2029		350,864		376,863
3620ARBK6	GNMA		5.50	10/7/2028		407,220		448,819
3620ASLM9	GNMA		4.00	7/18/2030		547,839		570,537
3620C04Y1	GNMA		4.50	3/7/2030		1,142,719		1,222,711
3620C1WV4	GNMA		3.50	8/25/2030		2,780,215		2,809,368
36210B5G6	GNMA		5.00	7/18/2029		546,710		598,443
36212PPP1	GNMA		7.00	7/10/2024		8,493		9,876
36212U5G2	GNMA		7.00	8/1/2024		8,074		9,389
36213HGU7	GNMA		7.00	6/19/2024		1,551		1,804
36225DM43	GNMA		1.63	4/19/2025		8,019,565		8,364,568
36230PCQ1	GNMA		2.50	1/19/2021		1,062,820		1,063,849
36230PCY4	GNMA		3.50	5/3/2030		235,841		238,314
36230RVV5	GNMA		3.50	11/11/2029		9,415,158		9,518,367
36241KL71	GNMA		5.50	5/1/2028		85,502		94,559
36241KWJ3	GNMA		6.00	8/2/2029		538,730		604,548
36241KZ68	GNMA		5.00	6/5/2029		287,470		313,859
36241LG59	GNMA		5.50	6/18/2030		426,187		470,943
36241LY91	GNMA		3.50	6/24/2030		315,730		319,041
36291YJZ1	GNMA		6.00	12/27/2027		4,642		5,212
36296QL49	GNMA		5.00	6/26/2029		846,253		926,330
36296QRY7	GNMA		5.00	7/18/2029		334,449		366,097
36297FYL0	GNMA		4.50	5/24/2029		70,331		75,543
						697,160,030		725,515,262
Non Agency RMBS
05948X6X4	BANK OF AMERICA MTG SEC		4.75	3/17/2016		1,398,243		1,430,643
12667FFN0	CWALT_04-J4		0.74	3/23/2017		6,130,258		5,782,733
16162WLM9	CHASE		5.50	5/30/2018		5,371,007		5,428,654
161630AC2	CHASE		2.72	7/6/2018		7,276,602		7,236,821
161630AQ1	CHASE		2.72	11/29/2017		1,480,237		1,473,699
38741YCA5	GRANITE MASTER ISSUER PLC GRAN		0.25	10/4/2016		1,906,674		1,877,141
449670EQ7	IMC HOME EQUITY LOAN TRUST		6.84	2/14/2023		57,817		57,227

19

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
46630GAA3	JP MORGAN MORTGAGE TRUST JPMMT		2.77	2/27/2018		4,365,860		4,344,437
46630GAS4	JP MORGAN MORTGAGE TRUST JPMMT		2.75	12/30/2018		4,484,253		4,499,890
576433QQ2	MARM_04-8		1.67	10/29/2019		1,179,776		1,061,436
589929W53	MLMI		2.49	7/13/2020		128,723		127,817
62889EAA3	NGN_11-R3		0.59	7/30/2016		1,140,025		1,140,025
76110H2P3	RES ASSET SEC		3.05	9/28/2019		1,052,595		677,440
76110HHG7	RFMSI_03-Q16		5.00	9/21/2015		2,855,195		2,920,668
863579KY3	SARM		2.55	2/18/2020		2,133,047		1,974,233
86359BGD7	SASC_04-15		2.50	4/24/2019		92,738		92,666
92922F4P0	WAMU		0.94	3/11/2020		4,533,615		4,414,490
92922FB49	WASHINGTON MUTUAL		0.55	10/6/2018		279,746		270,239
92922FZF8	WAMU_04-A12		0.58	7/22/2018		5,081,803		4,711,421
949781AA6	WFMBS		2.61	12/29/2018		2,335,158		2,329,159
94982BAG5	WFMBS		2.64	7/15/2018		2,841,759		2,849,026
						56,125,131		54,699,864
Non Agency High Yield Mandate
02148JAF4	CWALT_06-39CB		0.76	12/3/2019		1,528,120		1,065,592
02660UAE0	AHMA_06-3		1.08	6/30/2026		9,306,565		6,551,179
07384MWF5	BSARM_04-10		2.79	7/29/2020		18,691		18,434
12667GES8	CWALT_05-9CB		6.00	12/8/2019		8,346,579		6,041,254
12668AV36	CWALT_05-73CB		5.75	5/1/2019		4,645,140		4,047,367
22541QUJ9	CS FIRST BOSTON MORTGAGE SECUR		2.79	4/15/2023		103,404		101,716
2254582H0	CSFB_05-8		7.00	7/19/2022		3,264,073		2,177,750
232434AE0	CWALT_06-OC8		0.41	6/22/2028		18,509,786		7,311,588
23245GAD3	CWALT_06-OC9		0.41	5/21/2023		4,636,136		1,893,667
25151AAG6	DBALT		0.44	4/23/2021		12,334,032		7,326,588
40431HAJ6	HALO		0.46	3/1/2020		4,142,399		1,291,729
456687AC6	INDX_07-FL4		0.34	2/19/2019		2,479,339		2,187,151
45668WAC1	INX		0.41	11/25/2024		5,000,000		2,523,550
466306AA5	JPALT_08-R2		6.00	8/2/2020		3,252,985		2,527,556
525221HA8	LXS		0.42	1/23/2024		3,363,612		2,464,973
52524HAJ9	LXS		0.89	1/10/2017		2,311,766		1,931,541
55027WAA0	LUM_07-2		0.39	4/7/2021		3,270,839		2,167,833
761118QM3	RALI		1.14	2/13/2022		3,536,539		2,470,530
863579J90	SARM		2.76	8/29/2019		8,707,186		6,313,276
86359LQM4	STRUCTURED ASSET MORTGAGE INV		2.29	6/29/2022		3,004,832		2,370,292
86359LT$4	STRUCTURED ASSET MORTGAGE INV		0.40	11/12/2021		11,994,435		9,258,265
93934FMA7	WASHINGTON MUTUAL MORTGAGE PAS		0.76	3/23/2019		4,766,596		3,375,184
93936RAA2	WAL		0.98	3/13/2024		7,091,157		5,667,423
78408XAE1	SCGT_13-SRP1		2.67	7/18/2020		1,000,000		1,000,013
12513XAH5	CITIGROUP/DEUTSCHE BANK COMMER		5.39	2/16/2016		22,050,000		19,672,856
12626BAF1	COMM_13-CR10		1.05	10/9/2018		7,615,456		451,977
14986DAJ9	CITIGROUP/DEUTSCHE BANK COMMER		5.69	6/8/2020		3,150,000		2,932,083
20047EAJ1	COMM		5.38	12/12/2016		9,685,300		9,293,152
22545LAH2	CREDIT SUISSE MORTGAGE CAPITAL		5.37	11/30/2016		16,700,000		14,812,199
36248GAG5	GSMS_13-GC16		0.15	6/11/2030		29,092,560		516,826
46625YA37	JPMCC		5.49	1/27/2016		2,700,000		2,583,012
46629GAJ7	JPMCC		5.62	8/27/2016		7,300,000		7,115,901
46629YAH2	JP MORGAN CHASE COMMERCIAL MOR		5.50	2/26/2017		18,705,154		17,599,043
55312YBD3	MERRIL LYNCH COUNTRYWIDE		0.52	12/12/2017		76,504,956		1,172,056
55312YAH5	MERRIL LYNCH COUNTRYWIDE		5.45	4/28/2031		1,700,000		1,450,819
78408XAF8	SCGT_13-SRP1		3.42	7/18/2020		8,500,000		8,500,102
90270RAC8	UBSBB_12-C4		1.88	9/13/2027		102,824,435		11,512,738
92977QAH1	WBCMT		5.83	7/30/2016		17,239,886		16,468,608
92978MAJ5	WBCMT_06-C28		5.63	10/17/2016		26,500,000		24,953,805
						476,881,958		221,119,627
CMBS
05357HAA8	AVMT_13-AVM		3.74	6/25/2023		6,200,000		6,357,350
055236AA1	BAMLL_11-07C1		5.38	6/29/2015		6,073,644		6,431,382
059500AD0	BACM		5.89	4/20/2015		14,419,145		15,686,012
05950VAE0	BACM		5.36	9/25/2016		2,400,000		2,583,792
05950WAF5	BANC OF AMERICA		5.63	3/19/2015		4,500,000		4,878,045
059511AF2	BACM_07-2		5.57	8/10/2015		1,554,281		1,690,653
059511AH8	BACM		5.63	5/10/2018		2,550,000		2,834,070
059512AB9	BACM_07-3		5.65	2/18/2014		47,246		47,199

20

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

Cusip	Security Description	Coupon			Maturity	Par		Fair Value
059512AQ6	BACM_07-3		0.34		2/10/2014		47,246		47,222
07387BEB5	BSCMS		5.41		2/28/2015		2,500,000		2,652,375
07388NAE6	BEAR STEARNS COMMERCIAL MORTGA		5.54		5/9/2015		3,520,000		3,846,903
07388PAE1	BSCMS		5.20		1/15/2016		2,380,000		2,599,769
07401DAE1	BSCMS_07-PW18		5.60		1/8/2016		10,171,309		11,412,106
12513EAG9	CD_07-CD4		5.22		10/30/2014		800,000		848,208
12513YAC4	CD_07-CD4		5.21		2/11/2014		184,939		184,973
12513YAF7	CD_07-CD4		5.32		5/11/2016		2,800,000		3,066,308
12513YAG5	CD_07-CD4		5.29		7/26/2015		6,603,188		7,110,577
12527EAB4	CFCRE COMMERCIAL MORTAGE TRUST		3.76		2/15/2016		535,000		560,947
12591KAF2	COMM_13-CR12		1.44		5/26/2030		15,388,287		1,421,324
126192AE3	COMM_12-LC4		4.06		10/26/2021		1,000,000		1,012,470
12622DAA2	COMM_10-C1		3.16		12/28/2014		8,929,269		9,195,094
12624KAE6	COMM		1.94		3/25/2018		36,986,265		4,082,174
12624XAC2	COMM_13-CR6		2.62	��	8/17/2020		750,000		725,205
12626GAF0	COMM_13-LC13		4.21		3/10/2019		400,000		410,420
17310MAE0	CITIGROUP		5.43		2/17/2016		2,026,000		2,210,508
17318UAD6	CITIGROUP COMMERCIAL MORTGAGE		3.02		6/10/2022		500,000		476,995
17320DAG3	CGCMT_13-GC11		3.09		11/26/2022		8,200,000		7,736,454
17321JAJ3	CGCMT_13-GC15		1.31		9/25/2018		23,790,770		1,766,941
190749AE1	CWCAPITAL COBALT		5.22		6/11/2015		5,000,000		5,394,950
19075CAD5	CWCI		5.48		7/30/2015		3,227,765		3,560,838
19075DAF8	CWCI_07-C3		5.77		10/1/2015		4,322,506		4,769,410
20047QAE5	COMM		5.75		3/19/2015		4,000,000		4,349,640
20173QAE1	GCCFC		5.44		12/24/2016		6,000,000		6,590,640
20173WAE8	CMLT		6.01		12/30/2015		2,500,000		2,775,125
22545BAD3	CSMC_06-C2		5.67		2/16/2015		3,609,850		3,922,427
22545DAD9	CREDIT SUISSE MORTGAGE CAPITAL		5.79		2/1/2015		13,482,374		14,679,879
22545LAD1	CREDIT SUISSE MORTGAGE CAPITAL		5.31		7/12/2015		3,000,000		3,249,360
22545RAB2	CSMC		0.34		5/17/2014		480,623		477,596
22545YAE1	CSMC_07-C2		5.53		8/16/2015		4,580,112		4,944,643
22546BAF7	CSMC		5.70		4/6/2018		3,212,000		3,547,269
233050AN3	DBUBS_11-LC1		3.74		12/30/2015		1,404,291		1,475,854
23306AAA8	DBRR_12-EZ1		0.95		4/21/2014		2,260,756		2,260,869
3136A56W1	FNMA		2.98		10/8/2017		1,700,000		1,664,876
3136A7MJ8	FNMA_12-M8		1.52		8/6/2015		2,000,000		1,993,394
3136A7MK5	FNMA_12-M8		1.80		5/25/2018		2,100,000		2,060,556
3136A9MN5	FNMA		2.30		12/4/2017		200,000		183,815
3137ARPY6	FHMS_19-K710		1.88		3/25/2019		10,700,000		10,472,946
3137ATRW4	FHLMC		2.37		4/5/2022		5,000,000		4,664,950
3137AUPF0	FHLMC_K021		1.51		5/13/2018		34,804,371		3,416,397
3137B2HN3	FHLMC_13-HN		3.11		1/11/2023		16,000,000		15,580,800
36191YAY4	GSMS_11-GC5		1.47		2/19/2015		623,647		627,520
36192BAA5	GSMSCII_12-GC6		2.17		2/7/2018		14,845,433		1,771,283
36192KAW7	GNMA		2.60		7/13/2018		18,426,285		2,378,428
36197XAK0	GS MORTGAGE SECURITIES TRUST G		3.14		1/25/2023		250,000		236,483
36198EAE5	GSMS_13-GC13		4.04		8/10/2018		600,000		614,598
36228CVU4	GSMS CMO		4.75		8/12/2014		404,700		419,245
396789LL1	GCCFC		5.22		10/10/2014		2,400,000		2,530,992
46629GAE8	JPMCC		5.55		3/27/2015		13,525,288		14,691,574
46629PAC2	JPMCC		5.34		8/13/2015		1,900,000		2,079,930
46629PAD0	JPMCC_06-LDP9		5.26		7/15/2015		2,906,081		3,102,154
46630EAC4	JPMCC		5.43		6/28/2015		1,334,510		1,444,313
46630JAC3	JP MORGAN CHASE COMMERCIAL MOR		5.42		5/6/2016		6,250,000		6,856,000
46632HAD3	JPMCC		5.88		2/17/2017		2,100,000		2,350,089
46635GAA8	JPMCC_2010-C2		2.75		10/29/2015		542,020		556,150
46636VAC0	JPMCC_11-C5		4.17		3/9/2019		1,000,000		1,050,130
46637WAD5	JPMCC_12-CBX		3.48		10/16/2021		1,000,000		993,790
52108MFS7	LBUBS		5.66		1/30/2015		750,000		806,843
52108MFT5	LBUBS_06-C3		5.64		2/4/2015		4,296,653		4,654,564
55312VAD0	MLCFC_06-4		5.17		6/8/2015		1,900,000		2,059,904
617451AF6	MORGAN STANLEY CAPITAL I MSCI_		5.23		9/19/2014		291,888		307,142
617458AC8	MORGAN STANLEY CAPITAL		3.88		10/1/2015		3,500,000		3,677,450
617459AD4	MORGAN STANLEY CAPITAL I		4.66		11/15/2020		800,000		863,976
61745M5G4	MSC		4.89		10/15/2014		500,000		524,450

21

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
61745ML43	MSC		5.27	4/14/2014		1,597,910		1,618,539
61750CAF4	MSC_06-HQ9		5.73	2/21/2015		2,231,652		2,430,381
61750WAX1	MSC		5.33	5/27/2015		1,738,315		1,897,110
61761DAB8	MSBAM_12-C6		1.87	7/27/2017		550,000		549,137
61763BAV6	MSBAM_13-C13		1.26	11/28/2018		19,515,000		1,609,207
62888XAC8	NCUA_10-C1		2.65	5/1/2015		9,171,573		9,422,324
90269CAD2	UBS-BARCLAYS COMMERCIAL MORTGA		3.53	9/12/2021		350,000		345,961
90270YBF5	UBSBCMT_13-C5		3.18	9/5/2022		500,000		477,160
90349DAJ1	COMMERCIAL MORTGAGE PASS-THROU		2.17	5/10/2018		6,611,563		805,771
92890NAU3	WFRBS_12-C10		2.88	7/30/2022		1,000,000		933,880
92930RAF9	WFRBS_12-C9		2.26	6/10/2018		6,465,166		794,634
92935JBC8	WF-RBS_11-C2		4.87	12/15/2020		750,000		815,603
92936TAB8	WF-RBS COMMERCIAL MORTGAGE TRU		3.43	1/16/2022		500,000		492,210
92937EAD6	WF-RBS COMMERCIAL MORTGAGE TRU		3.04	8/15/2022		319,000		302,329
92976BDT6	WBCMT		5.42	12/29/2014		3,130,531		3,337,334
92976BLJ9	WBCMT		0.25	2/15/2014		783,673		775,756
92976VAF5	WBCMT		5.72	12/15/2015		4,000,000		4,373,480
92977RAD8	WACHOVIA BANK COMMERCIAL MORTG		6.01	3/24/2015		1,250,000		1,370,950
94988HAC5	WFCM_12-LC5		2.92	12/13/2020		325,000		306,573
						435,777,124		291,167,052
Corporate Debt Securities - Financials
00084DAG5	ABN AMRO BANK NV		2.50	10/30/2018		7,000,000		7,003,777
001055AH5	AFLAC INC		2.65	2/15/2017		250,000		257,670
00163MAL8	PROLOGIS LP		4.50	8/15/2017		250,000		266,155
002799AL8	ABBEY NATIONAL TREASURY SERVIC		3.05	8/23/2018		3,650,000		3,755,611
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT		3.20	11/3/2014		34,000,000		34,771,769
02005NAB6	ALLY FINANCIAL INC		8.30	2/12/2015		3,375,000		3,628,125
02005NAS9	ALLY FINANCIAL INC		2.75	1/30/2017		2,500,000		2,503,125
025816AU3	AMERICAN EXPRESS COMPANY		6.80	9/1/2016		250,000		266,250
025816AW9	AMERICAN EXPRESS COMPANY		5.50	9/12/2016		4,000,000		4,447,655
025816BG3	AMERICAN EXPRESS COMPANY		1.55	5/22/2018		6,650,000		6,459,678
0258M0DA4	AMERICAN EXPRESS CREDIT CORPOR		2.75	9/15/2015		11,500,000		11,891,801
0258M0DD8	AMERICAN EXPRESS CREDIT CORPOR		2.38	3/24/2017		500,000		513,140
02635PTQ6	AMERICAN GENERAL FINANCE CO		6.50	9/15/2017		4,000,000		4,265,000
02687QBC1	AMERICAN INTERNATIONAL GROUP I		5.60	10/18/2016		1,250,000		1,392,923
02687QDG0	AMERICAN INTERNATIONAL GROUP I		5.85	1/16/2018		5,250,000		6,011,698
029912BD3	AMERICAN TOWER CORPORATION		4.50	1/15/2018		250,000		268,220
046265AF1	ASTORIA FINANCIAL CORPORATION		5.00	5/19/2017		100,000		107,433
05253JAC5	AUSTRALIA & NEW ZEALAND BANKIN		1.45	5/15/2018		300,000		291,430
05348EAM1	AVALONBAY COMMUNITIES INC		5.70	3/15/2017		250,000		278,263
055299AK7	BBVA US SENIOR SA UNIPERSONAL		2.36	5/16/2014		1,500,000		1,509,450
055299AL5	BBVA US SENIOR SA UNIPERSONAL		4.66	10/9/2015		284,000		297,681
05531FAG8	BB&T CORP		3.20	2/16/2016		625,000		655,396
05531FAL7	BB&T CORP		1.60	8/15/2017		10,950,000		10,840,130
05567L7E1	BNP PARIBAS SA		2.38	9/14/2017		500,000		508,668
05567LU54	BNP PARIBAS SA		3.60	2/23/2016		1,780,000		1,871,488
05572FAA1	BNP PARIBAS COVERED BONDS SA		2.20	11/2/2015		10,400,000		10,661,559
05574LPT9	BNP PARIBAS SA		2.70	8/20/2018		2,660,000		2,690,369
05574LTX6	BNP PARIBAS SA		2.40	12/12/2018		100,000		99,825
05578BAB2	BPCE SA		2.50	12/10/2018		250,000		248,413
05947KAK6	BANCO BRADESCO S.A.		2.34	5/16/2014		1,600,000		1,601,415
060505CS1	BANK OF AMERICA CORP		5.63	10/14/2016		5,000,000		5,565,595
060505DH4	BANK OF AMERICA CORP		6.00	9/1/2017		8,775,000		9,997,127
06050TKN1	BANK OF AMERICA CORP		5.30	3/15/2017		250,000		275,586
06050TLR1	BANK OF AMERICA CORP		1.13	11/14/2016		1,500,000		1,496,172
06051GDX4	BANK OF AMERICA CORP		5.65	5/1/2018		2,750,000		3,117,144
06051GEA3	BANK OF AMERICA CORP		6.50	8/1/2016		6,200,000		6,996,768
06051GEB1	BANK OF AMERICA CORP		4.50	4/1/2015		400,000		417,517
06051GEC9	BANK OF AMERICA CORP		5.63	7/1/2020		4,500,000		5,119,674
06051GED7	BANK OF AMERICA CORP		3.70	9/1/2015		11,100,000		11,606,122
06051GEK1	BANK OF AMERICA CORP		3.75	7/12/2016		250,000		264,776
06051GET2	BANK OF AMERICA CORP		2.00	1/11/2018		2,000,000		1,987,890
06366QW86	BANK OF MONTREAL		2.50	1/11/2017		2,250,000		2,323,950
06366RHA6	BANK OF MONTREAL		1.40	9/11/2017		300,000		296,388
063679JJ4	BANK OF MONTREAL		2.63	1/25/2016		6,000,000		6,240,359

22

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
063679ZT4	BANK OF MONTREAL		1.95	1/30/2017		2,600,000		2,666,196
06406HBN8	BANK OF NEW YORK MELLON CORP/T		3.10	1/15/2015		3,000,000		3,081,168
06406HBX6	BANK OF NEW YORK MELLON CORP/T		2.30	7/28/2016		1,100,000		1,135,814
06406HCC1	BANK OF NEW YORK MELLON CORP/T		1.20	1/20/2015		3,265,000		3,288,410
064149A64	BANK OF NOVA SCOTIA TORONTO BR		3.40	1/22/2015		250,000		256,552
064149C47	BANK OF NOVA SCOTIA TORONTO BR		2.05	10/7/2015		200,000		204,782
064159AL0	BANK OF NOVA SCOTIA TORONTO BR		1.85	1/12/2015		150,000		151,480
064159AM8	BANK OF NOVA SCOTIA TORONTO BR		2.55	1/12/2017		250,000		258,443
064159BA3	BANK OF NOVA SCOTIA TORONTO BR		0.75	10/9/2015		250,000		250,722
064159BE5	BANK OF NOVA SCOTIA TORONTO BR		1.38	12/18/2017		150,000		147,076
064159BV7	BANK OF NOVA SCOTIA TORONTO BR		0.95	3/15/2016		100,000		100,184
064159CU8	BANK OF NOVA SCOTIA TORONTO BR		2.05	10/30/2018		3,500,000		3,462,113
06415CAD1	BANK OF NOVA SCOTIA TORONTO BR		1.05	3/20/2015		1,200,000		1,208,544
06415CAE9	BANK OF NOVA SCOTIA TORONTO BR		1.75	3/22/2017		6,000,000		6,113,700
064255AB8	BANK OF TOKYO-MITSUBISHI UFJ L		3.85	1/22/2015		8,000,000		8,240,608
064255AN2	BANK OF TOKYO-MITSUBISHI UFJ L		1.55	9/9/2016		4,600,000		4,628,360
064255AQ5	BANK OF TOKYO-MITSUBISHI UFJ L		2.70	9/9/2018		4,000,000		4,028,451
06675EAA8	BANQUE PSA FINANCE		3.38	4/4/2014		850,000		850,399
06739FGF2	BARCLAYS BANK PLC		5.00	9/22/2016		350,000		385,390
06739GBB4	BARCLAYS BANK PLC		3.90	4/7/2015		3,265,000		3,392,870
06741JS26	BARCLAYS BANK PLC		2.75	2/23/2015		300,000		306,803
07330NAG0	BRANCH BKG & TR CO		1.05	12/1/2016		3,000,000		2,990,070
07385TAJ5	BEAR STEARNS CO INC		5.70	11/15/2014		2,000,000		2,087,180
073902PR3	BEAR STEARNS CO INC		6.40	10/2/2017		4,500,000		5,205,586
073902RU4	BEAR STEARNS CO INC		7.25	2/1/2018		13,800,000		16,484,536
125581GE2	CIT GROUP INC		4.75	2/15/2015		600,000		619,500
125581GP7	CIT GROUP INC		4.25	8/15/2017		5,000,000		5,225,000
136069DM0	CANADIAN IMPERIAL BANK OF COMM		2.60	7/2/2015		10,500,000		10,830,330
136069ET4	CANADIAN IMPERIAL BANK OF COMM		0.90	10/1/2015		300,000		301,376
136069FA4	CANADIAN IMPERIAL BANK OF COMM		1.55	1/23/2018		150,000		146,588
14040HAX3	CAPITAL ONE FINANCIAL CORP		3.15	7/15/2016		500,000		522,187
140420NE6	CAPITAL ONE BANK USA NA		2.15	11/21/2018		1,950,000		1,933,163
14042E3V0	CAPITAL ONE FIN CORP		1.50	3/22/2018		100,000		97,238
172967BW0	CITIGROUP INC		4.88	5/7/2015		500,000		524,417
172967DY4	CITIGROUP INC		5.50	2/15/2017		250,000		275,251
172967ES6	CITIGROUP INC		6.13	5/15/2018		13,500,000		15,643,298
172967EV9	CITIGROUP INC		8.50	5/22/2019		4,000,000		5,113,250
172967EY3	CITIGROUP INC		6.38	8/12/2014		471,000		487,264
172967FA4	CITIGROUP INC		6.01	1/15/2015		350,000		368,207
172967FY2	CITIGROUP INC		2.65	3/2/2015		1,835,000		1,870,406
172967GB1	CITIGROUP INC		2.25	8/7/2015		250,000		255,204
172967HC8	CITIGROUP INC		2.50	9/26/2018		5,000,000		5,029,382
20035CAB6	COMERICA BANK		5.20	8/22/2017		250,000		276,216
20271RAA8	COMMONWEALTH BANK OF AUSTRALIA		1.95	3/16/2015		4,800,000		4,879,296
20271RAB6	COMMONWEALTH BANK OF AUSTRALIA		1.25	9/18/2015		250,000		252,484
20271RAC4	COMMONWEALTH BANK OF AUSTRALIA		1.90	9/18/2017		250,000		250,554
20272BAF1	COMMONWEALTH BANK OF AUSTRALIA		3.63	6/25/2014		40,000,000		40,599,260
21685WBL0	RABOBANK NEDERLAND NV		2.13	10/13/2015		5,000,000		5,127,304
21685WBT3	RABOBANK NEDERLAND NV		4.50	1/11/2021		5,000,000		5,306,791
21686CAD2	RABOBANK NEDERLAND NV		3.38	1/19/2017		2,200,000		2,316,606
21987AAB6	CORPBANCA		3.13	1/15/2018		200,000		190,500
22532LAK0	CREDIT AGRICOLE SA		1.10	10/3/2016		8,000,000		8,021,680
22541HCC4	CREDIT SUISSE NEW YORK NY		6.00	2/15/2018		200,000		230,319
22541LAR4	CREDIT SUISSE (USA) INC		4.88	1/15/2015		250,000		260,822
22546QAE7	CREDIT SUISSE NEW YORK NY		3.50	3/23/2015		300,000		309,852
22966RAA4	CUBESMART		4.80	4/15/2022		4,025,000		4,150,895
23329PAA8	DNB BANK ASA		3.20	4/3/2017		5,275,000		5,509,503
24422EQF9	JOHN DEERE CAPITAL CORP		5.50	4/13/2017		2,070,000		2,327,328
24422ERQ4	JOHN DEERE CAPITAL CORP		0.88	4/17/2015		4,510,000		4,530,865
24422ERW1	JOHN DEERE CAPITAL CORP		1.20	10/10/2017		200,000		197,894
24422ESF7	JOHN DEERE CAPITAL CORP		1.95	12/13/2018		200,000		199,084
25155FAA4	DEUTSCHE ANNINGTON FINANCE BV		3.20	10/2/2017		4,325,000		4,387,972
251591AU7	DDR CORP		7.50	4/1/2017		150,000		173,478
2515A14E8	DEUTSCHE BK LDN		3.25	1/11/2016		4,400,000		4,601,342
25215BAA1	DEXIA CREDIT LOCAL/NEW YORK		1.25	10/18/2016		12,475,000		12,484,108

23

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
25466AAC5	DISCOVER BANK/GREENWOOD DE		2.00	2/21/2018		250,000		245,230
25466AAD3	DISCOVER BANK/GREENWOOD DE		4.20	8/8/2023		4,750,000		4,684,428
25600WAA8	DNB BOLIGKREDITT AS		2.10	10/14/2015		1,200,000		1,231,212
25600WAB6	DNB BOLIGKREDITT AS		2.90	3/29/2016		6,200,000		6,482,720
25600WAD2	DNB BOLIGKREDITT AS		1.45	3/21/2018		900,000		882,351
26441YAM9	DUKE REALTY LP		5.95	2/15/2017		300,000		332,821
26884AAX1	ERP OPER LP		5.75	6/15/2017		300,000		335,066
316773CK4	FIFTH THIRD BANK		3.63	1/25/2016		500,000	��	525,035
31677QAY5	FIFTH THIRD BANK		1.15	11/18/2016		2,000,000		1,996,288
31677QAZ2	FIFTH THIRD BANK		0.75	10/18/2016		2,000,000		2,005,280
345397VC4	FORD MOTOR CREDIT COMPANY LLC		8.00	12/15/2016		5,510,000		6,521,211
345397VT7	FORD MOTOR CREDIT COMPANY LLC		5.00	5/15/2018		5,000,000		5,561,070
345397VU4	FORD MOTOR CREDIT COMPANY LLC		5.88	8/2/2021		3,000,000		3,394,755
345397WJ8	FORD MOTOR CREDIT COMPANY LLC		1.70	5/9/2016		2,800,000		2,831,384
345397WL3	FORD MOTOR CREDIT COMPANY LLC		2.88	10/1/2018		200,000		203,896
354613AH4	FRANKLIN RESOURCES INC		1.38	9/15/2017		3,250,000		3,179,177
36962G3U6	GENERAL ELECTRIC CAP CORP		5.63	5/1/2018		400,000		459,213
36962G4C5	GENERAL ELECTRIC CAP CORP		5.90	5/13/2014		700,000		713,937
36962G4D3	GENERAL ELECTRIC CAP CORP		6.00	8/7/2019		4,000,000		4,700,351
36962G5M2	GENERAL ELECTRIC CAP CORP		2.15	1/9/2015		6,725,000		6,837,590
36962G5N0	GENERAL ELECTRIC CAP CORP		2.90	1/9/2017		750,000		781,641
36962G5W0	GENERAL ELECTRIC CAP CORP		2.30	4/27/2017		5,000,000		5,119,665
36962G6K5	GENERAL ELECTRIC CAP CORP		1.60	11/20/2017		6,000,000		5,957,866
36962G6M1	GENERAL ELECTRIC CAP CORP		1.00	12/11/2015		5,725,000		5,748,607
36962G6R0	GENERAL ELECTRIC CAP CORP		1.00	1/8/2016		3,780,000		3,793,928
369668AA6	GENERAL ELECTRIC CAP CORP		3.80	6/18/2019		4,000,000		4,183,201
38141EA25	GOLDMAN SACHS GROUP INC		7.50	2/15/2019		9,000,000		10,939,007
38141GEA8	GOLDMAN SACHS GROUP INC		5.13	1/15/2015		200,000		208,684
38141GEE0	GOLDMAN SACHS GROUP INC		5.35	1/15/2016		600,000		649,169
38141GEG5	GOLDMAN SACHS GROUP INC		0.70	3/22/2016		4,150,000		4,135,765
38141GEU4	GOLDMAN SACHS GROUP INC		5.63	1/15/2017		250,000		275,517
38143USC6	GOLDMAN SACHS GROUP INC		3.63	2/7/2016		5,500,000		5,768,028
38147MAA3	GOLDMAN SACHS GROUP INC		2.90	7/19/2018		1,200,000		1,221,151
40411EAB4	BANK OF SCOTLAND PLC		5.25	2/21/2017		21,805,000		24,335,907
40414LAB5	HCP		2.70	2/1/2014		8,875,000		8,887,869
40428HPG1	HSBC BANK USA INC		2.38	2/13/2015		5,860,000		5,963,306
40428HPH9	HSBC BANK USA INC		1.63	1/16/2018		250,000		246,016
40429CFN7	HSBC FINANCE CORPORATION		5.50	1/19/2016		300,000		324,987
40429CGD8	HSBC FINANCE CORPORATION		6.68	1/15/2021		7,500,000		8,617,827
40430LAA7	HSBC FINANCE CAPITAL TRUST IX		5.91	11/30/2015		200,000		207,000
416518AA6	HARTFORD FINANCIAL SERVICES GR		4.00	10/15/2017		300,000		318,534
42217KAZ9	HEALTH CARE REIT INC		2.25	3/15/2018		3,500,000		3,460,014
44106MAH5	HOSPITALITY PROPERTIES TRUST		6.30	12/15/2015		250,000		268,486
446438RF2	HUNTINGTON NATIONAL BANK THE		1.30	11/20/2016		4,000,000		3,992,578
449786AL6	ING BANK NV		4.00	3/15/2016		5,600,000		5,925,639
449786AR3	ING BANK NV		2.00	9/25/2015		6,500,000		6,607,342
45685EAE6	ING US INC		2.90	2/15/2018		250,000		254,996
45866FAB0	INTERCONTINENTALEXCHANGE GROUP		2.50	10/15/2018		3,000,000		3,015,097
459745GJ8	INTERNATIONAL LEASE FINANCE CO		5.75	5/15/2016		3,000,000		3,213,750
46115HAG2	INTESA SANPAOLO SPA		3.13	1/15/2016		250,000		255,260
46115HAJ6	INTESA SANPAOLO SPA		3.88	1/16/2018		250,000		255,512
46625HHR4	JPMORGAN CHASE & CO		3.40	6/24/2015		10,000,000		10,384,036
46625HHX1	JPMORGAN CHASE & CO		3.45	3/1/2016		4,075,000		4,273,547
46625HJA9	JPMORGAN CHASE & CO		3.15	7/5/2016		600,000		628,618
46625HJL5	JPMORGAN CHASE & CO		1.63	5/15/2018		2,450,000		2,397,815
47102XAF2	JANUS CAPITAL GROUP INC		6.70	6/15/2017		250,000		277,215
472319AK8	JEFFERIES GROUP INC		5.13	4/13/2018		300,000		324,332
48121CYK6	JPMORGAN CHS BNK		6.00	10/1/2017		5,000,000		5,721,320
48126EAA5	JPMORGAN CHASE & CO		2.00	8/15/2017		9,775,000		9,847,397
49326EEE9	KEYCORP		2.30	12/13/2018		1,665,000		1,642,831
49327M2A1	KEY BANK NATIONAL ASSOCIATION		1.65	2/1/2018		7,150,000		7,000,559
49427RAH5	KILROY RELTY		4.80	4/15/2018		300,000		323,443
49446RAH2	KIMCO REALTY CORPORATION		5.70	5/1/2017		250,000		279,011
53944VAA7	LLOYDS TSB BANK PLC		2.30	11/27/2018		1,000,000		993,659
539473AG3	LLOYDS TSB BANK PLC		4.88	1/21/2016		150,000		161,586

24

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

Cusip		Security Description	Coupon		Maturity	Par		Fair Value
539473AQ1		LLOYDS TSB BANK PLC		4.20	3/28/2017		100,000		107,924
55342UAD6		MPT OPT PARTNER		6.38	2/15/2020		5,000,000		5,175,000
564759QB7		MANUFACTURERS AND TRADERS TRUS		5.63	12/1/2016		250,000		259,245
56501RAA4		MANULIFE FINANCIAL CORP		3.40	9/17/2015		400,000		414,953
59018YJ69		MERRILL LYNCH & CO. INC.		6.40	8/28/2017		5,000,000		5,764,999
59018YUW9		MERRILL LYNCH & CO. INC.		5.00	1/15/2015		3,250,000		3,386,919
59156RAR9		METLIFE INC		6.82	8/15/2018		300,000		358,541
60688QAA3		MIZUHO CORPORATE BANK LTD		2.55	3/17/2017		3,225,000		3,281,093
6174466Q7		MORGAN STANLEY		6.63	4/1/2018		12,650,000		14,747,777
6174467U7		MORGAN STANLEY		2.13	4/25/2018		1,500,000		1,489,391
617446V71		MORGAN STANLEY		6.25	8/28/2017		10,500,000		12,011,322
61746SBR9		MORGAN STANLEY		5.38	10/15/2015		7,000,000		7,530,367
61747YCE3		MORGAN STANLEY		6.00	4/28/2015		3,500,000		3,723,192
61747YDD4		MORGAN STANLEY		3.80	4/29/2016		6,200,000		6,551,886
61747YDT9		MORGAN STANLEY		4.75	3/22/2017		8,050,000		8,767,422
631103AE8		NASDAQ OMX GROUP INC /THE		5.25	1/16/2018		250,000		267,444
63254AAA6		NATIONAL AUSTRALIA BANK LIMITE		2.00	3/9/2015		2,845,000		2,891,564
63254AAB4		NATIONAL AUSTRALIA BANK LIMITE		2.75	3/9/2017		400,000		414,649
63254AAC2		NATIONAL AUSTRALIA BANK LIMITE		1.60	8/7/2015		300,000		304,500
63307A2A2		NATIONAL BK OF CANADA		1.50	6/26/2015		250,000		253,190
63307AAA3		NATIONAL BK OF CANADA		1.45	11/7/2017		3,075,000		3,002,796
637432HT5		NATIONAL RURAL UTILITIES COOP		5.45	4/10/2017		250,000		279,669
637432ML6		NATIONAL RURAL UTILITIES COOP		1.90	11/1/2015		4,500,000		4,582,790
638585AN9		BANK OF AMERICA CORP		7.75	8/15/2015		250,000		275,429
65535HAD1		NOMURA HOLDINGS INC		2.00	9/13/2016		1,170,000		1,174,107
65557FAF3		NORDEA BANK AB		0.70	5/13/2016		5,000,000		5,014,250
686330AG6		ORIX CORP		3.75	3/9/2017		300,000		312,001
693476AT0		PNC FUNDING CORP - GTD		5.25	11/15/2015		350,000		376,595
693476BH5		PNC FUNDING CORP - GTD		3.63	2/8/2015		1,110,000		1,144,280
693476BJ1		PNC FUNDING CORP - GTD		5.13	2/8/2020		3,000,000		3,367,747
69349LAA6		PNC BANK NA		5.25	1/15/2017		3,000,000		3,301,192
69349LAC2		PNC BANK NA		4.88	9/21/2017		250,000		274,352
69349LAP3		PNC BANK NA		1.15	10/1/2016		9,890,000		9,885,652
69371RK88		PACCAR FINANCIAL CORP		0.75	8/14/2015		300,000		300,792
74153WCB3		PRICOA GLOBAL FUND		1.15	11/25/2016		1,300,000		1,292,051
742651DS8		PRIVATE EXPORT FUNDING CORPORA		1.88	7/15/2018		100,000		100,176
74432QAY1		PRUDENTIAL FINANCIAL INC		6.10	6/15/2017		100,000		113,667
74432QBL8		PRUDENTIAL FINANCIAL INC		3.88	1/14/2015		750,000		775,444
74977EPZ0		RABOBANK NEDERLAND NV		1.70	3/19/2018		2,625,000		2,589,328
756109AJ3		REALTY INCOME CORP		5.95	9/15/2016		200,000		221,952
78008S7D2	��	ROYAL BANK OF CANADA		2.20	7/27/2018		300,000		300,808
78008SVD5		ROYAL BANK OF CANADA		1.50	1/16/2018		250,000		245,765
78008TLB8		ROYAL BANK OF CANADA		2.30	7/20/2016		600,000		619,369
78009PCC3		ROYAL BANK OF SCOTLAND PLC		4.38	3/16/2016		1,400,000		1,494,482
78010UBY2		ROYAL BANK OF CANADA		1.45	9/9/2016		4,200,000		4,242,659
78010XAG6		ROYAL BANK OF SCOTLAND PLC		3.95	9/21/2015		650,000		680,531
78011DAC8		ROYAL BANK OF CANADA		1.20	9/19/2017		9,500,000		9,413,550
78403DAB6		SBA TOWER TRUST		5.10	4/15/2042		5,300,000		5,713,029
78442FEK0		SLM CORP		6.25	1/25/2016		2,500,000		2,700,000
78469BAA3		SPENCER SPIRIT HOLDINGS INC		9.00	5/1/2016		750,000		761,250
80282KAB2		SANTANDER HOLDINGS USA INC		3.00	8/24/2015		240,000		246,183
828807BM8		SIMON PROPERTY GROUP LP		5.10	6/15/2015		400,000		424,624
828807CM7		SIMON PROPERTY GROUP LP		1.50	2/1/2018		14,000,000		13,545,706
830505AP8		SKANDINAVISKA ENSKILDA BANKEN		1.75	3/19/2018		2,665,000		2,618,228
83368RAC6		SOCIETE GENERALE		2.75	10/12/2017		350,000		359,665
84603MXU5		SOVEREIGN BANK		8.75	5/30/2018		2,475,000		2,964,208
84650WAB2		SPAREBNK 1 BOLIG		2.63	5/27/2016		200,000		208,014
84650WAD8		SPAREBNK 1 BOLIG		2.30	6/30/2017		6,500,000		6,677,385
865622AU8		SUMITOMO MITSUI BANKING CORP		1.35	7/18/2015		300,000		301,442
865622AV6		SUMITOMO MITSUI BANKING CORP		1.80	7/18/2017		250,000		247,975
865622AY0		SUMITOMO MITSUI BANKING CORP		1.50	1/18/2018		3,400,000		3,297,024
86787GAG7		SUNTRUST BANK/ATLANTA GA		5.00	9/1/2015		100,000		106,532
867914BE2		SUNTRUST BANKS INC		3.50	12/20/2016		250,000		263,593
86960BAB8		SVENSKA HANDELSBANKEN AB		2.88	4/4/2017		5,000,000		5,206,775
86960BAC6		SVENSKA HANDELSBANKEN AB		1.63	3/21/2018		250,000		246,843

25

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
86960BAD4	SVENSKA HANDELSBANKEN AB		0.70	3/21/2016		2,500,000		2,505,675
87020LAA4	SWEDBANK HYPOTEK AB		2.95	3/28/2016		8,100,000		8,483,373
87020LAB2	SWEDBANK HYPOTEK AB		0.70	3/28/2014		6,700,000		6,703,022
87020PAA5	SWEDBANK AB		2.13	9/29/2017		3,525,000		3,548,692
87020PAC1	SWEDBANK AB		1.75	3/12/2018		8,025,000		7,884,779
891145LV4	TORONTO-DOMINION BANK/THE		2.20	7/29/2015		1,250,000		1,283,325
89114QAE8	TORONTO-DOMINION BANK/THE		2.38	10/19/2016		2,050,000		2,126,721
89114QAG3	TORONTO-DOMINION BANK/THE		1.40	4/30/2018		200,000		195,144
90261XBY7	UBS AG		5.88	7/15/2016		185,000		205,256
90261XEM0	UBS AG		5.88	12/20/2017		591,000		677,051
90261XGD8	UBS AG		4.88	8/4/2020		5,500,000		6,109,996
90264AAA7	UBS PD FD TST IV		6.24	12/31/2049		250,000		265,625
90520EAC5	UNION BANK NA		3.00	6/6/2016		7,800,000		8,151,436
90520EAE1	UNION BANK NA		2.13	6/16/2017		3,400,000		3,444,002
90520GAA4	UNION BANK NA		5.95	5/11/2016		250,000		276,843
90521APH5	UNION BANK NA		1.50	8/26/2016		4,070,000		4,112,018
90521APJ1	UNION BANK NA		2.63	8/26/2018		3,000,000		3,045,121
91159HHB9	US BANCORP		2.20	10/14/2016		350,000		361,703
91159HHD5	US BANCORP		1.65	4/15/2017		500,000		503,974
91159HHF0	US BANCORP		0.73	10/15/2018		8,625,000		8,649,668
91529YAG1	UNUM GROUP		7.13	9/30/2016		250,000		283,960
92277GAA5	VENTAS REALTY LP/CAP CRP		1.55	9/26/2016		3,017,000		3,027,820
929903DT6	WACHOVIA CORP		5.75	6/15/2017		17,300,000		19,743,145
949746NX5	WELLS FARGO & COMPANY		5.63	12/11/2017		5,000,000		5,727,541
949746QU8	WELLS FARGO & COMPANY		3.68	6/15/2016		350,000		372,525
94974BEV8	WELLS FARGO & COMPANY		4.60	4/1/2021		3,150,000		3,431,673
94974BFA3	WELLS FARGO & COMPANY		1.25	2/13/2015		250,000		251,733
94974BFD7	WELLS FARGO & COMPANY		2.10	5/8/2017		250,000		255,399
94974BFE5	WELLS FARGO & COMPANY		1.50	7/1/2015		5,020,000		5,092,215
94974BFG0	WELLS FARGO & COMPANY		1.50	1/16/2018		350,000		346,090
959802AR0	WESTERN UNION CO/THE		2.88	12/10/2017		250,000		252,673
961214BH5	WESTPAC BANKING CORP		4.20	2/27/2015		600,000		622,946
961214BV4	WESTPAC BANKING CORP		2.00	8/14/2017		4,125,000		4,167,115
961214BY8	WESTPAC BANKING CORP		0.95	1/12/2016		3,000,000		3,008,099
961214BZ5	WESTPAC BANKING CORP		1.60	1/12/2018		250,000		246,741
961214CD3	WESTPAC BANKING CORP		1.05	11/25/2016		2,000,000		1,996,259
92928B9R4	WAHA AEROSPACE BV		3.93	7/28/2020		735,000		771,750
LX117777	REALOGY CORP		4.50	3/6/2014		3,089,710		3,117,712
LX118061	SI ORGANIZATION INC		5.50	11/22/2016		96,164		95,322
LX123354	DJO FINANCE LLC/DJO FINANCE CO		4.75	3/21/2014		2,088,233		2,108,244
LX126290	CUNNINGHAM LINDSEY GROUP INC		5.00	12/10/2019		752,400		751,225
LX126494	CONFIE SEGUROS HOLDING II CO		10.25	5/8/2019		250,000		251,667
LX128186	OCWEN LOAN SERVICING LLC		5.00	1/28/2014		1,776,600		1,793,033
LX128305	TRANS UNION LLC/ TRANS UNION F		4.25	3/2/2014		2,129,480		2,139,063
LX128480	ASURION LLC		4.50	5/24/2019		1,841,400		1,838,586
LX128959	CGSC OF DELAWARE HOLDINGS CORP		5.00	4/16/2020		850,725		827,330
LX128960	CGSC OF DELAWARE HOLDINGS CORP		8.25	10/16/2020		400,000		372,000
LX129005	CAPITAL AUTOMOTIVE		4.00	5/13/2014		1,490,520		1,500,302
LX129269	CAPITAL AUTOMOTIVE		6.00	4/29/2014		1,000,000		1,030,000
LX129282	NUVEEN INVESTMENTS INC		4.16	5/13/2017		466,202		463,621
LX129283	NUVEEN INVESTMENTS INC		6.50	2/28/2019		1,136,000		1,121,800
LX132571	HUB INTERNATIONAL LIMITED		4.75	3/16/2014		1,995,000		2,019,938
LX132856	SEARS ROEBUCK ACCEPTANCE CORP/		5.50	6/30/2018		480,000		482,143
LX133463	ASCENSUS INC		9.00	12/11/2020		750,000		761,250
LX133653	RPI FINANCE TRUST		3.25	5/13/2014		2,992,500		2,996,241
LX133654	RPI FINANCE TRUST		3.25	5/15/2014		185,142		185,373
LX133991	AMERICAN BEACON ADVISORS INC		4.75	11/20/2019		760,000		763,800
LX134289	WALTER INVESTMENT MANAGEMENT C		4.75	12/11/2020		2,472,272		2,482,161
G63255AA4	MUFG CAPITAL FINANCE 1 LTD		6.35	7/25/2016		350,000		375,375
G7302VAN4	QNB FINANCE LTD		1.49	10/31/2016		7,000,000		7,019,530
G7S86ZBZ9	ROYAL BANK OF SCOTLAND PLC		9.50	3/16/2017		800,000		936,000
Y4864WAG4	KOREA EXCHANGE BANK		4.88	1/14/2016		2,000,000		2,128,260
						914,550,346		958,793,938
Corporate Debt Securities - Industrials
00037BAA0	ABB FINANCE USA INC		1.63	5/8/2017		250,000		248,277

26

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
00206RAV4	AT&T INC		2.50	8/15/2015		4,725,000		4,863,030
00206RBC5	AT&T INC		1.60	2/15/2017		6,000,000		6,038,761
00206RBM3	AT&T INC		1.40	12/1/2017		8,450,000		8,310,811
002447AA8	AWAS AVIATION CAPITAL LTD		7.00	10/18/2014		20,506		21,223
00287YAG4	ABBVIE INC		1.20	11/6/2015		500,000		505,263
00287YAJ8	ABBVIE INC		1.75	11/6/2017		4,100,000		4,107,922
00289VAB9	ABENGOA FINANCE SAU		7.75	2/1/2020		1,375,000		1,419,239
00724FAA9	ADOBE SYSTEMS INC		3.25	2/1/2015		200,000		205,349
00817YAK4	AETNA INC		1.75	4/15/2017		500,000		497,271
00817YAL2	AETNA INC		1.50	11/15/2017		3,000,000		2,951,222
00846UAC5	AGILENT TECH INC		6.50	11/1/2017		100,000		116,170
009363AN2	AIRGAS INC		1.65	2/15/2018		100,000		97,697
013817AL5	ALCOA INC		5.55	2/1/2017		250,000		269,111
018490AP7	ALLERGAN INC/UNITED STATES		1.35	3/15/2018		950,000		920,047
02154CAC7	ALTICE FINANCING SA		6.50	12/15/2019		325,000		327,121
02154EAB5	ALTICE FINANCING SA		8.13	12/15/2021		675,000		687,394
02209SAD5	ALTRIA GROUP INC		9.70	11/10/2018		300,000		394,394
023135AH9	AMAZON.COM INC		1.20	11/29/2017		150,000		147,130
02364WBC8	AMERICA MOVIL SA DE CV		2.38	9/8/2016		300,000		307,977
02665WAC5	AMERICAN HONDA FINANCE CORPORA		2.13	10/10/2018		200,000		199,883
02666QD75	AMERICAN HONDA FINANCE CORPORA		7.63	10/1/2018		1,803,000		2,220,002
02666QM26	AMERICAN HONDA FINANCE CORPORA		1.60	2/16/2018		1,690,000		1,664,162
031162AX8	AMGEN INC		6.15	6/1/2018		3,500,000		4,083,957
031162BF6	AMGEN INC		2.30	6/15/2016		150,000		154,107
031162BL3	AMGEN INC		2.50	11/15/2016		3,000,000		3,108,413
031162BQ2	AMGEN INC		2.13	5/15/2017		500,000		509,114
032511AX5	ANADARKO PETROLEUM CORP		5.95	9/15/2016		2,350,000		2,620,504
032511BH9	ANADARKO PETROLEUM CORP		6.38	9/15/2017		200,000		229,260
034863AA8	ANGLO AMERICAN CAPITAL PLC		9.38	4/8/2014		6,280,000		6,418,087
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE		4.13	1/15/2015		9,055,000		9,386,422
03523TBA5	ANHEUSER-BUSCH INBEV WORLDWIDE		2.88	2/15/2016		6,000,000		6,252,945
03523TBE7	ANHEUSER-BUSCH INBEV WORLDWIDE		7.75	1/15/2019		5,000,000		6,211,975
03523TBM9	ANHEUSER-BUSCH INBEV WORLDWIDE		0.80	7/15/2015		100,000		100,328
03523TBN7	ANHEUSER-BUSCH INBEV WORLDWIDE		1.38	7/15/2017		5,000,000		4,980,637
035242AC0	ANHEUSER-BUSCH INBEV FINANCE I		1.25	1/17/2018		500,000		489,554
037411AS4	APACHE CORP		5.63	1/15/2017		5,900,000		6,590,860
037833AH3	APPLE INC		0.45	5/3/2016		9,625,000		9,565,791
037833AJ9	APPLE INC		1.00	5/3/2018		450,000		433,797
039483AY8	ARCHER-DANIELS-MIDLAND COMPANY		5.45	3/15/2018		2,884,000		3,272,383
042735BB5	ARROW ELECTRONICS INC		3.00	3/1/2018		75,000		75,768
046353AB4	ASTRAZENECA PLC		5.90	9/15/2017		300,000		342,874
053332AK8	AUTOZONE INC		5.75	1/15/2015		300,000		315,120
05351LAA5	AVANTI COMMUNICATIONS GROUP PL		10.00	10/1/2018		750,000		769,191
05367AAF0	AVIATION CAPITAL GROUP COR		3.88	9/27/2016		6,850,000		7,075,296
053773AW7	AVIS BUDGET CAR RENTAL LLC/ BU		2.99	6/1/2016		1,700,000		1,708,500
054303AU6	AVON PRODUCTS INC		5.75	3/1/2018		150,000		162,441
054303AY8	AVON PRODUCTS INC		2.38	3/15/2016		5,600,000		5,667,349
05530QAD2	BAT INTL FIN PLC		1.40	6/5/2015		3,510,000		3,540,541
055451AK4	BHP BILLITON FINANCE LTD		1.88	11/21/2016		250,000		255,524
055451AN8	BHP BILLITON FINANCE LTD		1.00	2/24/2015		300,000		301,487
055451AP3	BHP BILLITON FINANCE LTD		1.63	2/24/2017		250,000		251,819
05565QBH0	BP CAPITAL MARKETS PLC		3.88	3/10/2015		4,490,000		4,666,188
05565QBY3	BP CAPITAL MARKETS PLC		1.85	5/5/2017		7,300,000		7,384,977
05565QCE6	BP CAPITAL MARKETS PLC		1.38	5/10/2018		500,000		486,245
05565QCG1	BP CAPITAL MARKETS PLC		2.24	9/26/2018		16,000,000		16,037,933
056752AC2	BAIDU INC		3.25	8/6/2018		200,000		201,634
071813BH1	BAXTER INTERNATIONAL INC.		0.95	6/1/2016		200,000		200,641
071813BJ7	BAXTER INTERNATIONAL INC.		1.85	6/15/2018		250,000		248,538
075887BB4	BECTON DICKINSON		1.75	11/8/2016		300,000		300,533
09664PAC6	BOART LONGYEAR MANAGEMENT PTY		10.00	10/1/2018		500,000		516,250
097023BC8	BOEING CO		3.75	11/20/2016		150,000		161,013
101137AM9	BOSTON SCIENTIFIC CORP		2.65	10/1/2018		2,450,000		2,466,512
10138MAH8	BOTTLING GROUP LLC		6.95	3/15/2014		7,000,000		7,085,610
110122AS7	BRISTOL-MYERS SQUIBB CO		0.88	8/1/2017		100,000		98,214
111320AD9	BROADCOM CORP		2.38	11/1/2015		200,000		205,366

27

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
118230AL5	BUCKEYE PARTNERS		2.65	11/15/2018		250,000		246,640
120568AV2	BUNGE LIMITED FINANCE CORP		3.20	6/15/2017		300,000		308,035
124857AH6	CBS CORP		1.95	7/1/2017		200,000		200,420
12543DAR1	CHS/COMMUNITY HEALTH SYSTEMS I		5.13	8/15/2017		4,000,000		4,140,000
12626PAG8	CRH AMERICA INC.		6.00	9/30/2016		500,000		560,096
126408GM9	CSX CORPORATION		6.25	3/15/2018		300,000		347,391
126650BE9	CVS CAREMARK CORP		6.13	8/15/2016		250,000		280,817
126650BQ2	CVS CAREMARK CORP		6.94	6/25/2023		1,889,912		2,150,892
126650CA6	CVS CAREMARK CORP		1.20	12/5/2016		2,500,000		2,510,500
126650CB4	CVS CAREMARK CORP		2.25	11/5/2018		250,000		250,489
127055AJ0	CABOT CORP		2.55	1/15/2018		150,000		147,238
12800UAL4	LA CAISSE CENTRALE DESJARDINS		1.60	3/6/2017		6,000,000		6,080,520
13342BAK1	CAMERON INTERNATIONAL CORP		1.15	12/15/2016		63,000		62,990
134429AV1	CAMPBELL SOUP COMPANY		3.05	7/15/2017		200,000		208,270
136375BY7	CANADIAN NTL RAIL CO		0.44	11/6/2015		2,525,000		2,526,843
136385AK7	CANADIAN NATURAL RESOURCES LTD		5.70	5/15/2017		250,000		280,555
14149YAG3	CARDINAL HEALTH INC		4.00	6/15/2015		400,000		417,677
141781BA1	CARGILL INC		1.90	3/1/2017		6,000,000		6,076,198
141781BB9	CARGILL INC		3.30	3/1/2022		4,000,000		3,831,445
143658AY8	CARNIVAL CORP		1.88	12/15/2017		250,000		248,103
143658AZ5	CARNIVAL CORP		1.20	2/5/2016		150,000		149,585
14912L4S7	CATERPILLAR INC		2.65	4/1/2016		250,000		258,102
14912L5D9	CATERPILLAR INC		1.10	5/29/2015		250,000		251,803
14912L5E7	CATERPILLAR INC		1.63	6/1/2017		6,200,000		6,255,125
14912L5H0	CATERPILLAR INC		0.70	11/6/2015		5,550,000		5,566,719
14912L5J6	CATERPILLAR INC		1.25	11/6/2017		150,000		147,895
14912L5S6	CATERPILLAR INC		1.35	9/6/2016		350,000		353,922
14987BAD5	CC HLD V		2.38	12/15/2017		100,000		99,041
14987BAE3	CC HLD V		3.85	4/15/2023		1,000,000		932,396
151020AG9	CELGENE CORPORATION		1.90	8/15/2017		300,000		301,174
166764AA8	CHEVRON CORP		1.10	12/5/2017		350,000		341,874
166764AE0	CHEVRON CORP		1.72	6/24/2018		300,000		298,462
17275RAC6	CISCO SYSTEMS INC		5.50	2/22/2016		3,125,000		3,438,644
17275RAK8	CISCO SYSTEMS INC		3.15	3/14/2017		2,500,000		2,641,552
18538RAE3	CLEARWATER PAPER CORP		7.13	11/1/2014		3,000,000		3,225,000
18683KAF8	CLIFFS NATURAL RESOURCES INC		3.95	1/15/2018		250,000		251,969
191216AU4	COCA-COLA COMPANY (THE)		1.80	9/1/2016		1,000,000		1,025,375
191216BD1	COCA-COLA COMPANY (THE)		0.75	11/1/2016		2,000,000		1,991,308
20030NAB7	COMCAST CORP		6.50	1/15/2015		500,000		530,041
20030NAL5	COMCAST CORP		5.90	3/15/2016		7,500,000		8,296,835
20030NAR2	COMCAST CORP		5.88	2/15/2018		4,900,000		5,654,385
205363AM6	COMPUTER SCIENCES CORP		2.50	9/15/2015		111,000		113,455
205887BP6	CONAGRA FOODS INC.		1.30	1/25/2016		66,000		66,383
205887BQ4	CONAGRA FOODS INC.		1.90	1/25/2018		225,000		222,061
20825TAA5	CONOCO INC		5.63	10/15/2016		250,000		280,940
20826FAB2	CONOCOPHILLIPS CO		1.05	12/15/2017		250,000		244,866
21036PAH1	CONSTELLATION BRANDS INC		6.00	5/1/2022		4,000,000		4,250,000
21079UAA3	CONTINENTAL AIRLINES 2009 2 PA		7.25	5/10/2021		4,130,383		4,708,637
21079VAA1	UAL_12-2A		4.75	7/12/2022		2,141,028		2,269,489
22160KAD7	COSTCO WHSLE CORP		0.65	12/7/2015		200,000		200,477
22160KAE5	COSTCO WHSLE CORP		1.13	12/15/2017		6,150,000		6,029,698
22303QAG5	COVIDIEN INTERNATIONAL FINANCE		6.00	10/15/2017		250,000		285,935
22303QAK6	COVIDIEN INTERNATIONAL FINANCE		2.80	6/15/2015		10,800,000		11,111,004
224399AS4	CRANE CO.		2.75	12/15/2018		2,800,000		2,792,548
22822RAZ3	CROWN CASTLE TOWERS LLC		4.88	8/15/2040		5,250,000		5,507,880
233851AT1	DAIMLERCHRYSLER NA HLDG		1.25	1/11/2016		5,590,000		5,621,838
235851AL6	DANAHER CORPORATION		2.30	6/23/2016		200,000		204,932
237194AG0	DARDEN RESTAURANTS INC		6.20	10/15/2017		150,000		166,848
24422ERN1	JOHN DEERE CAPITAL CORP		1.40	3/15/2017		500,000		498,785
247361ZH4	DELTA AIR LINES INC		4.95	9/18/2017		116,140		125,432
24736TAA5	DELTA AIR LINES INC		7.75	6/17/2021		1,326,228		1,525,162
249030AB3	DENTSPLY INTL INC.		2.75	8/15/2016		1,475,000		1,508,975
25156PAN3	DEUTSCHE TELEKOM INTERNATIONAL		6.00	7/8/2019		4,250,000		4,920,377
25179MAJ2	DEVON ENERGY CORPORATION		2.40	6/15/2016		2,000,000		2,063,103
25179MAM5	DEVON ENERGY CORPORATION		1.88	4/15/2017		300,000		301,636

28

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
25179MAT0	DEVON ENERGY CORPORATION		2.25	12/15/2018		3,200,000		3,185,728
25243YAM1	DIAGEO CAPITAL PLC		5.75	10/23/2017		250,000		285,338
25243YAR0	DIAGEO CAPITAL PLC		1.50	5/11/2017		3,150,000		3,151,249
25243YAS8	DIAGEO CAPITAL PLC		0.63	4/29/2016		3,190,000		3,168,689
25244SAC5	DIAGEO FINANCE		5.30	10/28/2015		150,000		162,387
25459HAV7	DIRECTV HOLDINGS LLC		3.13	2/15/2016		1,840,000		1,915,734
25459HBE4	DIRECTV HOLDINGS LLC		2.40	3/15/2017		800,000		815,687
25468PCG9	WALT DISNEY COMPANY (THE)		6.00	7/17/2017		150,000		170,719
25468PCS3	WALT DISNEY COMPANY (THE)		1.13	2/15/2017		500,000		490,877
25468PCV6	WALT DISNEY COMPANY (THE)		1.10	12/1/2017		6,100,000		5,998,874
25470XAE5	DISH DBS CORP		6.75	6/1/2021		4,000,000		4,235,000
256677AB1	DOLLAR GENERAL CORP		1.88	4/15/2018		200,000		196,242
263534BY4	EI DU PONT DE NEMOURS & CO		3.25	1/15/2015		500,000		513,882
268648AP7	EMC CORP		1.88	6/1/2018		250,000		247,349
26875PAJ0	EOG RESOURCES INC		0.99	2/3/2014		2,700,000		2,701,701
26882PAX0	ERAC USA FINANCE LLC		6.20	11/1/2016		2,810,000		3,156,977
26882PBB7	ERAC USA FINANCE LLC		6.38	10/15/2017		750,000		866,523
277432AM2	EASTMAN CHEMICAL COMPANY		2.40	6/1/2017		300,000		304,064
278062AA2	EATON CORPORATION		0.95	11/2/2015		250,000		250,929
278062AB0	EATON CORPORATION		1.50	11/2/2017		250,000		246,885
278642AD5	EBAY INC.		0.70	7/15/2015		250,000		250,666
278642AG8	EBAY INC.		1.35	7/15/2017		2,900,000		2,889,261
278865AK6	ECOLAB INC		3.00	12/8/2016		500,000		524,175
291011AZ7	EMERSON ELECTRIC CO		4.13	4/15/2015		100,000		104,431
29264FAG1	ENDO HEALTH SOLUTIONS INC		7.00	7/15/2015		1,000,000		1,072,500
29379VAA1	ENTERPRISE PRODUCTS OPERATING		6.30	9/15/2017		910,000		1,051,250
29379VAR4	ENTERPRISE PRODUCTS OPERATING		3.70	6/1/2015		1,860,000		1,932,444
29379VAX1	ENTERPRISE PRODUCTS OPERATING		1.25	8/13/2015		622,000		626,427
302182AF7	ARISTOTLE HOLDING INC		3.13	5/15/2016		1,865,000		1,950,237
30219GAC2	ARISTOTLE HOLDING INC		3.50	11/15/2016		750,000		794,929
30249UAA9	FMC TECHNOLOGIES INC		2.00	10/1/2017		1,650,000		1,630,082
31620MAJ5	FIDELITY NATIONAL INFORMATION		2.00	4/15/2018		293,000		285,465
337738AG3	FISERV INC		6.80	11/20/2017		50,000		57,838
337738AK4	FISERV INC		3.13	6/15/2016		200,000		208,221
345397VN0	FORD MOTOR CREDIT COMPANY LLC		7.00	4/15/2015		3,400,000		3,658,886
345397VP5	FORD MOTOR CREDIT COMPANY LLC		6.63	8/15/2017		300,000		347,810
345397WB5	FORD MOTOR CREDIT COMPANY LLC		4.21	4/15/2016		200,000		213,227
345397WC3	FORD MOTOR CREDIT COMPANY LLC		2.75	5/15/2015		250,000		255,995
345397WD1	FORD MOTOR CREDIT COMPANY LLC		3.00	6/12/2017		200,000		208,070
35177PAU1	FRANCE TELECOM SA		2.13	9/16/2015		200,000		203,849
35671DBD6	FREEPORT-MCMORAN COPPER & GOLD		2.38	3/15/2018		9,120,000		9,115,239
35803QAA5	FRESENIUS US FINANCE II INC		5.75	2/15/2021		4,725,000		4,996,688
35906AAH1	FRONTIER COMMUNICATIONS CORP		8.50	4/15/2020		4,275,000		4,798,688
361448AP8	GATX CORP		2.38	7/30/2018		93,000		91,083
362251AA8	GRD HOLDING III CORP		10.75	6/1/2018		1,000,000		1,090,000
368266AN2	GAZ CAPITAL SA		5.09	11/29/2015		2,750,000		2,924,625
369550AV0	GENERAL DYNAMICS CORP		1.00	11/15/2017		200,000		193,984
369604BE2	GENERAL ELECTRIC CO		0.85	10/9/2015		4,675,000		4,700,865
370334BF0	GENERAL MILLS INC		5.20	3/17/2015		200,000		210,868
37476RAA5	GIBSON BRANDS INC		8.88	8/1/2017		1,000,000		1,052,500
377372AD9	GLAXOSK CAP INC		5.65	5/15/2018		350,000		402,148
377373AB1	GLAXOSMITHKLINE CAPITAL PLC		0.75	5/8/2015		250,000		250,417
377373AC9	GLAXOSMITHKLINE CAPITAL PLC		1.50	5/8/2017		7,500,000		7,502,965
378272AE8	GLENCORE FUNDING LLC		1.60	1/15/2019		2,000,000		1,961,800
380956AC6	GOLDCORP INC.		2.13	3/15/2018		150,000		146,370
381131AA9	GOLDEN NUGGET ESCROW INC		8.50	12/1/2019		500,000		505,000
404119BK4	HCE-THE HEALTHCARE COMPANY		7.25	3/15/2015		3,500,000		3,815,000
404121AC9	HCE-THE HEALTHCARE COMPANY		6.50	2/15/2020		4,000,000		4,395,000
406216BB6	HALLIBURTON COMPANY		1.00	8/1/2016		3,135,000		3,144,131
41283LAC9	HARLEY-DAVIDSON FINANCIAL		1.15	9/15/2015		3,560,000		3,562,635
415864AK3	HARSCO CORP		2.70	10/15/2015		100,000		101,511
428236AS2	HEWLETT-PACKARD CO		5.50	3/1/2018		150,000		167,774
428236BC6	HEWLETT-PACKARD CO		2.13	9/13/2015		300,000		306,103
428236BL6	HEWLETT-PACKARD CO		2.65	6/1/2016		250,000		258,271
428236BP7	HEWLETT-PACKARD CO		3.00	9/15/2016		5,950,000		6,199,285

29

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
428236BW2	HEWLETT-PACKARD CO		2.60	9/15/2017		250,000		254,989
437076AP7	HOME DEPOT INC		5.40	3/1/2016		500,000		550,261
438516AS5	HONEYWELL INTERNATIONAL INC		5.30	3/15/2017		150,000		168,837
441339AA6	HOT TOPIC, INC.		9.25	6/15/2019		1,000,000		1,040,000
44701QAZ5	HUNTSMAN INTL LLC		4.88	11/15/2020		4,000,000		3,935,000
448055AC7	HUSKY ENERGY INC.		6.20	9/15/2017		100,000		113,820
453140AA3	IMPERIAL TOBACCO FIN PLC		2.05	2/11/2018		3,170,000		3,131,963
456866AS1	INGERSOLL-RAND COMPANY		4.75	5/15/2015		30,000		31,241
458140AH3	INTEL CORP		1.95	10/1/2016		6,200,000		6,385,699
458140AL4	INTEL CORP		1.35	12/15/2017		9,625,000		9,526,640
459200GM7	INTERNATIONAL BUSINESS MACHINE		7.63	10/15/2018		200,000		248,868
459200GX3	INTERNATIONAL BUSINESS MACHINE		1.95	7/22/2016		700,000		719,882
459200HB0	INTERNATIONAL BUSINESS MACHINE		0.55	2/6/2015		150,000		150,187
459200HD6	INTERNATIONAL BUSINESS MACHINE		0.75	5/11/2015		6,700,000		6,723,975
459200HK0	INTERNATIONAL BUSINESS MACHINE		1.25	2/8/2018		300,000		294,463
460146CA9	INTERNATIONAL PAPER COMPANY		7.95	6/15/2018		300,000		366,575
460690BJ8	INTERPUBLIC GRP OF CO INC		2.25	11/15/2017		100,000		99,126
478160BF0	JOHNSON & JOHNSON		0.70	11/28/2016		190,000		189,478
478160BG8	JOHNSON & JOHNSON		1.65	12/5/2018		200,000		198,238
478366AZ0	JOHNSON CONTROLS INC.		2.60	12/1/2016		200,000		207,325
481165AF5	JOY GLOBAL INC.		6.00	11/15/2016		150,000		163,910
487836BE7	KELLOGG COMPANY		3.25	5/21/2018		250,000		261,587
487836BH0	KELLOGG COMPANY		1.75	5/17/2017		150,000		151,043
494368BB8	KIMBERLY-CLARK CORPORATION		6.13	8/1/2017		250,000		290,305
494550BG0	KINDER MORGAN ENERGY PARTNERS		3.50	3/1/2016		5,955,000		6,244,951
500472AB1	ROYAL PHILIPS ELECTRONICS N.V.		5.75	3/11/2018		200,000		228,830
50075NAV6	MONDELEZ INTERNATIONAL INC		6.13	8/23/2018		185,000		216,105
50075NAX2	MONDELEZ INTERNATIONAL INC		6.75	2/19/2014		9,680,000		9,752,116
50075NBB9	MONDELEZ INTERNATIONAL INC		4.13	2/9/2016		300,000		319,057
50076QAK2	KRAFT FOODS GROUP INC		1.63	6/4/2015		500,000		506,575
50076QAX4	KRAFT FOODS GROUP INC		6.13	8/23/2018		5,000,000		5,816,706
501044CM1	KROGER CO (THE)		3.90	10/1/2015		300,000		316,743
501044CW9	KROGER CO (THE)		2.30	12/15/2018		3,000,000		2,991,786
502413BB2	L-3 COMMUNICATIONS CORP		3.95	11/15/2016		250,000		265,948
50540RAK8	LABORATORY CORP OF AMER HLDGS		2.20	8/23/2017		150,000		149,645
532457BB3	ELI LILLY AND COMPANY		5.20	3/15/2017		250,000		280,194
532716AU1	LTD BRANDS INC		5.63	2/15/2022		4,725,000		4,831,313
539830AX7	LOCKHEED MARTIN CORPORATION		2.13	9/15/2016		150,000		154,226
544152AF8	LORILLARD TOBACCO CO		2.30	8/21/2017		150,000		150,584
548661CY1	LOWE’S COS INC		1.63	3/15/2017		300,000		302,762
552081AG6	LYONDELLBASELL INDUSTRIES NV		5.00	1/15/2019		4,000,000		4,438,432
565849AJ5	MARATHON OIL CORP		0.90	11/1/2015		150,000		150,311
577081AX0	MATTEL INC		1.70	3/15/2018		100,000		97,852
58013MEB6	MCDONALDS CORP		5.80	10/15/2017		100,000		115,627
58013MEE0	MCDONALDS CORP		5.35	3/1/2018		150,000		171,036
58013MEP5	MCDONALDS CORP		0.75	5/29/2015		100,000		100,287
581557AY1	MCKESSON CORP		0.95	12/4/2015		2,100,000		2,100,563
58155QAC7	MCKESSON CORP		3.25	3/1/2016		8,000,000		8,364,434
58155QAF0	MCKESSON CORP		1.40	3/15/2018		2,300,000		2,223,056
58405UAF9	MEDCO HEALTH SOLUTIONS INC		2.75	9/15/2015		250,000		257,697
585055AR7	MEDTRONIC INC		3.00	3/15/2015		200,000		205,791
585055AU0	MEDTRONIC INC		2.63	3/15/2016		200,000		208,161
585055BA3	MEDTRONIC INC		1.38	4/1/2018		1,400,000		1,371,933
586053AA8	MEMORIAL RESOURCE DEVELOPMENT		10.00	12/15/2018		450,000		447,750
58933YAB1	MERCK & CO INC		2.25	1/15/2016		400,000		411,084
58933YAD7	MERCK & CO INC		0.70	5/18/2016		150,000		149,768
58933YAG0	MERCK & CO INC		1.30	5/18/2018		150,000		146,310
594064AA5	MICHAEL BAKER INTERNATIONAL LL		8.25	10/15/2017		1,000,000		1,020,000
594918AG9	MICROSOFT CORP		1.63	9/25/2015		300,000		305,839
594918AP9	MICROSOFT CORP		0.88	11/15/2017		200,000		195,776
626717AE2	MURPHY OIL CORP		2.50	12/1/2017		100,000		100,977
628530AZ0	MYLAN INC/PA		1.80	6/24/2016		2,455,000		2,489,947
628530BA4	MYLAN INC/PA		2.60	6/24/2018		1,350,000		1,359,243
652482BG4	NEWS AMERICA HOLDINGS		5.30	12/15/2014		2,325,000		2,425,852
654624AE5	NTT CORP		1.40	7/18/2017		250,000		247,107

30

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
654740AF6	NISSAN MOTOR ACCEPTANCE CORP		2.65	9/26/2018		4,550,000		4,562,464
655844BB3	NORFOLK SOUTHERN CORPORATION		5.75	1/15/2016		350,000		382,979
66989HAC2	NOVARTIS CAPITAL CORP		2.90	4/24/2015		300,000		309,553
66989PAA8	NOVATEK FINANCE LIMITED		5.33	2/3/2016		4,000,000		4,251,752
674599CB9	OCCIDENTAL PETROLEUM CORPORATI		1.75	2/15/2017		250,000		253,525
674599CD5	OCCIDENTAL PETROLEUM CORPORATI		1.50	2/15/2018		250,000		245,683
675757AA6	ODEBRECHT DRILL VIII/IX		6.35	6/30/2020		1,800,000		1,845,000
68268NAF0	ONEOK PARTNERS LP		3.25	1/1/2016		975,000		1,016,702
68268NAH6	ONEOK PARTNERS LP		2.00	10/1/2017		3,070,000		3,054,804
68389XAC9	ORACLE CORP		5.75	4/15/2018		1,370,000		1,583,909
68389XAN5	ORACLE CORP		1.20	10/15/2017		3,300,000		3,253,116
68402LAC8	ORACLE CORP		5.25	1/15/2016		100,000		109,268
705010AB2	PEARSON DOLLAR FINANCE TWO PLC		6.25	5/6/2018		2,000,000		2,285,974
709599AC8	PENSKE TRUCK LEASING CO		3.13	5/11/2015		1,825,000		1,870,625
709599AJ3	PENSKE TRUCK LEASING CO		2.50	3/15/2016		6,775,000		6,941,345
709629AC3	PENTAIR FINANCE SA		1.35	12/1/2015		150,000		151,034
713448CA4	PEPSICO INC		0.70	8/13/2015		500,000		501,400
713448CB2	PEPSICO INC		1.25	8/13/2017		500,000		496,702
714264AD0	PERNOD-RICARD SA		4.45	1/15/2022		7,000,000		7,090,974
714294AA3	PERRIGO CO LTD		1.30	11/8/2016		6,450,000		6,436,365
716473AC7	PETROFAC LTD		3.40	10/10/2018		5,500,000		5,483,547
71647NAC3	PETROBRAS INT BRASPETRO BV		2.00	5/20/2016		2,900,000		2,875,509
716495AL0	PETROHAWK ENERGY		7.25	8/15/2014		175,000		188,563
717081DA8	PFIZER INC		5.35	3/15/2015		350,000		370,042
717081DD2	PFIZER INC		0.90	1/15/2017		3,500,000		3,482,704
718172AA7	PHILIP MORRIS INTERNATIONAL IN		5.65	5/16/2018		250,000		287,271
718172AJ8	PHILIP MORRIS INTERNATIONAL IN		2.50	5/16/2016		6,000,000		6,219,920
718172AS8	PHILIP MORRIS INTERNATIONAL IN		1.13	8/21/2017		7,753,000		7,613,103
718546AE4	PHILLIPS 66		1.95	3/5/2015		2,600,000		2,635,404
723787AE7	PIONEER NAT RES CO		5.88	7/15/2016		250,000		277,704
723787AG2	PIONEER NAT RES CO		6.65	3/15/2017		2,720,000		3,120,981
72447XAC1	PITNEY BOWES INC.		5.75	9/15/2017		350,000		387,547
72650RAX0	PLAINS ALL AMERICAN PIPELINE L		3.95	9/15/2015		250,000		262,980
737446AE4	POST HOLDINGS INC		6.75	12/1/2019		425,000		437,750
73755LAG2	POTASH CORP OF SASKATCHEWAN IN		3.75	9/30/2015		2,275,000		2,385,670
73755LAJ6	POTASH CORPORATION OF SASKETCH		3.25	12/1/2017		100,000		104,540
74005PBE3	PRAXAIR INC		0.75	2/21/2016		300,000		299,583
740189AJ4	PRECISION CASTPARTS CORP		0.70	12/20/2015		100,000		100,125
740189AK1	PRECISION CASTPARTS CORP		1.25	1/15/2018		150,000		146,583
742718DQ9	PROCTER & GAMBLE COMPANY		3.15	9/1/2015		1,315,000		1,368,823
742718DS5	PROCTER & GAMBLE COMPANY		1.80	11/15/2015		500,000		511,475
742718ED7	PROCTER & GAMBLE COMPANY		0.75	11/4/2016		3,000,000		2,986,086
742718EE5	PROCTER & GAMBLE COMPANY		1.60	11/15/2018		250,000		246,320
74913GAT2	QWEST CORP		6.50	6/1/2017		200,000		227,000
751212AA9	RALPH LAUREN CORP		2.13	9/26/2018		5,325,000		5,286,243
75405UAB2	RAS LAFFAN LNG 3		5.83	9/30/2016		258,500		274,432
75886AAK4	REGENCY ENERGY		5.75	6/1/2020		4,000,000		4,140,000
761713AV8	REYNOLDS AMERICAN INC		1.05	10/30/2015		83,000		83,201
767201AC0	RIO TINTO FINANCE (USA) LTD		6.50	7/15/2018		125,000		147,281
767201AF3	RIO TINTO FINANCE (USA) LTD		8.95	5/1/2014		9,175,000		9,418,046
767201AJ5	RIO TINTO FINANCE (USA) LTD		1.88	11/2/2015		3,200,000		3,263,398
76720AAA4	RIO TINTO FINANCE (USA) PLC		1.13	3/20/2015		200,000		201,026
76720AAE6	RIO TINTO FINANCE (USA) PLC		1.63	8/21/2017		200,000		199,558
774341AD3	ROCKWELL COLLINS INC.		0.59	12/15/2016		4,950,000		4,949,951
77509NAK9	ROGERS COMMUN INC.		5.50	3/15/2014		10,000,000		10,094,600
77531QAM0	ROGERS COMMUN INC.		7.50	3/15/2015		250,000		269,938
776696AD8	ROPER IND, INC.		1.85	11/15/2017		100,000		98,788
77819RAA7	ROSNEFT INTERNATIONAL FINANCE		4.20	3/6/2022		2,090,000		1,912,157
78355HJR1	RYDER SYSTEM INC.		3.50	6/1/2017		5,875,000		6,101,827
78355HJS9	RYDER SYSTEM INC.		2.50	2/1/2017		350,000		351,506
78387GAL7	AT&T INC		5.63	6/15/2016		1,100,000		1,214,163
78572MAD7	SABMILLER PLC		6.50	7/1/2016		6,250,000		7,052,566
790849AH6	ST JUDE MEDICAL INC		2.50	1/15/2016		5,000,000		5,144,255
79546VAJ5	SALLY HOLDINGS LLC/SALLY CAPIT		5.75	6/1/2020		5,000,000		5,175,000
801060AB0	SANOFI SA		1.25	4/10/2018		5,538,000		5,389,112

31

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
806854AA3	SCHLUMBERGER GER INV		1.95	9/14/2016		1,950,000		1,990,564
80685PAC2	SCHLUMBERGER NORGE AS		1.95	9/14/2016		2,700,000		2,756,166
811065AA9	SCRIPPS NETWORKS INTERACTIVE I		2.70	12/15/2016		250,000		259,261
81211KAR1	SEALED AIR CORP		8.38	9/15/2016		4,300,000		4,885,875
822582AH5	SHELL INTERNATIONAL FINANCE BV		3.25	9/22/2015		750,000		784,902
824348AP1	SHERWIN-WILLIAMS COMPANY (THE)		1.35	12/15/2017		350,000		340,245
83404DAA7	SOFTBANK CORP		4.50	4/15/2020		2,000,000		1,949,270
843452BC6	SOUTHERN NAT GAS CO LLC		5.90	4/1/2017		250,000		279,537
844741AX6	SOUTHWEST AIRLINES CO.		5.13	3/1/2017		250,000		275,976
852061AQ3	SPRINT NEXTEL CORPORATION		7.00	3/1/2020		3,000,000		3,345,000
855244AE9	STARBUCKS CORP		0.88	12/5/2016		107,000		106,383
871503AG3	SYMANTEC CORP		2.75	9/15/2015		100,000		103,062
871503AJ7	SYMANTEC CORP		2.75	5/15/2017		100,000		102,365
871829AL1	SYSCO CORP		5.25	2/12/2018		250,000		282,058
872882AC9	TSMC GLOBAL LTD		1.63	4/3/2018		3,100,000		2,971,071
87612EAS5	TARGET CORPORATION		6.00	1/15/2018		200,000		232,514
878237AF3	TECH DATA CORP		3.75	9/21/2017		300,000		306,501
878742AX3	TECK RESOURCES LIMITED		2.50	2/1/2018		150,000		150,941
87938WAJ2	TELEFONICA EMISIONES SAU		4.95	1/15/2015		8,500,000		8,826,553
87938WAN3	TELEFONICA EMISIONES SAU		3.99	2/16/2016		650,000		682,827
87938WAQ6	TELEFONICA EMISIONES SAU		3.19	4/27/2018		350,000		356,432
88165FAC6	TEVA PHARMAC FIN		2.40	11/10/2016		300,000		307,833
882508AR5	TEXAS INSTRUMENTS INCORPORATED		2.38	5/16/2016		250,000		259,210
883556AW2	THERMO FISHER SCIENTIFIC INC		2.05	2/21/2014		2,000,000		2,003,620
883556BA9	THERMO FISHER SCIENTIFIC INC		2.25	8/15/2016		3,250,000		3,340,733
883556BD3	THERMO FISHER SCIENTIFIC INC		1.30	2/1/2017		4,275,000		4,267,797
884903BN4	THOMSON REUTERS CORP		1.30	2/23/2017		107,000		106,294
88579YAE1	3M CO		1.00	6/26/2017		300,000		297,067
887317AC9	TIME WARNER INC		5.88	11/15/2016		250,000		281,642
887317AJ4	TIME WARNER INC		3.15	7/15/2015		2,850,000		2,953,748
88732JAH1	TIME WARNER CABLE INC		5.85	5/1/2017		250,000		272,947
88732JAL2	TIME WARNER CABLE INC		6.75	7/1/2018		300,000		334,483
88947EAK6	TOLL BROS FIN		5.88	11/15/2021		2,000,000		2,070,000
89152UAG7	TOTAL CAPITAL S.A.		2.13	8/10/2018		250,000		251,502
89153VAA7	TOTAL CAPITAL INTERNATIONAL SA		1.50	2/17/2017		250,000		251,238
89153VAC3	TOTAL CAPITAL INTERNATIONAL SA		1.55	6/28/2017		6,500,000		6,513,727
89153VAD1	TOTAL CAPITAL INTERNATIONAL SA		0.75	1/25/2016		4,550,000		4,548,539
89153VAF6	TOTAL CAPITAL INTERNATIONAL SA		1.00	8/12/2016		3,360,000		3,367,297
89233P4B9	TOYOTA MOTOR CREDIT CORP		3.20	6/17/2015		2,409,000		2,502,279
89233P5Z5	TOYOTA MOTOR CREDIT CORP		1.00	2/17/2015		150,000		150,815
89233P6D3	TOYOTA MOTOR CREDIT CORP		1.75	5/22/2017		500,000		503,492
89233P6J0	TOYOTA MOTOR CREDIT CORP		0.88	7/17/2015		150,000		150,897
89233P7E0	TOYOTA MOTOR CREDIT CORP		1.38	1/10/2018		200,000		196,425
89236TAL9	TOYOTA MOTOR CREDIT CORP		0.80	5/17/2016		250,000		249,908
89378TAB9	TRANSNET LTD		4.50	2/10/2016		5,950,000		6,218,094
893830AS8	TRANSOCEAN INC		6.00	3/15/2018		250,000		280,593
893830BA6	TRANSOCEAN INC		5.05	12/15/2016		250,000		275,061
902133AF4	TYCO ELECTRONICS GROUP SA		6.55	10/1/2017		250,000		284,212
90333LAJ1	US CONCRETE INC		8.50	12/1/2017		750,000		766,875
903436AA1	US AIRWAYS GROUP INC		7.13	5/27/2020		2,590,489		2,943,443
90345WAD6	US AIRWAYS P-T TR		4.63	9/29/2021		1,445,023		1,448,636
904764AP2	UNILEVER CAPITAL CORP		0.85	8/2/2017		6,275,000		6,124,985
907818CV8	UNION PACIFIC CORP		4.88	1/15/2015		250,000		260,983
913017BU2	UNITED TECH CORP		1.80	6/1/2017		15,175,000		15,383,015
91324PBJ0	UNITEDHEALTH GROUP INCORPORATE		6.00	2/15/2018		300,000		347,278
91324PBY7	UNITEDHEALTH GROUP INCORPORATE		1.40	10/15/2017		2,725,000		2,700,288
91911KAD4	VALEANT PHARMACEUTICALS INTERN		5.63	12/1/2018		1,950,000		1,969,500
91911TAF0	VALE OVERSEAS LIMITED		6.25	1/11/2016		300,000		326,994
91913YAM2	VALERO ENERGY CORPORATION		6.13	6/15/2017		450,000		513,492
92343VAM6	VERIZON COMMUNICATIONS INC		6.10	4/15/2018		150,000		173,894
92343VAY0	VERIZON COMMUNICATIONS INC		3.00	4/1/2016		13,900,000		14,543,633
92343VBD5	VERIZON COMMUNICATIONS INC		2.00	11/1/2016		250,000		255,443
92343VBF0	VERIZON COMMUNICATIONS INC		1.10	11/1/2017		250,000		243,202
92343VBN3	VERIZON COMMUNICATIONS INC		2.50	9/15/2016		17,359,000		17,974,000
92343VBP8	VERIZON COMMUNICATIONS INC		3.65	9/14/2018		1,350,000		1,430,908

32

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
92344SAK6	CELLCO PARTNERSHIP/VERIZON WIR		8.50	11/15/2018		9,300,000		11,825,782
92553PAB8	VIACOM INC		6.13	10/5/2017		1,326,000		1,519,666
92553PAG7	VIACOM INC		3.50	4/1/2017		250,000		264,673
92553PAS1	VIACOM INC		2.50	9/1/2018		545,000		546,478
92765YAB3	VIRGIN BLUE HOLDINGS LTD		6.00	4/23/2022		1,900,000		1,942,750
92857WAP5	VODAFONE GROUP PLC		5.63	2/27/2017		10,000,000		11,188,359
92857WBE9	VODAFONE GROUP PLC		1.50	2/19/2018		3,200,000		3,119,658
928670AJ7	VOLKSWAGEN INTERNATIONAL FINAN		1.63	3/22/2015		5,510,000		5,567,591
931142CX9	WAL-MART STORES INC		1.50	10/25/2015		9,000,000		9,122,219
931142DE0	WAL-MART STORES INC		0.60	4/11/2016		5,400,000		5,391,992
931142DF7	WAL-MART STORES INC		1.13	4/11/2018		500,000		487,016
931422AJ8	WALGREEN CO		1.80	9/15/2017		250,000		251,451
94106LAX7	WASTE MANAGEMENT INC		2.60	9/1/2016		150,000		155,632
942683AG8	ACTAVIS PLC		1.88	10/1/2017		4,950,000		4,929,881
947074AJ9	WEATHERFORD INTL INC		6.35	6/15/2017		600,000		681,602
947075AD9	WEATHERFORD INTERNATIONAL LTD		6.00	3/15/2018		1,347,000		1,517,526
94770VAF9	WEBMD HEALTH CORP		2.50	1/31/2018		1,450,000		1,422,776
94770VAH5	WEBMD HEALTH CORP		2.25	3/31/2016		1,280,000		1,282,867
94973VAK3	WELLPOINT INC		5.25	1/15/2016		500,000		542,084
94973VBC0	WELLPOINT INC		1.88	1/15/2018		250,000		246,993
950840AC2	WESFARMERS LTD		1.87	3/20/2018		825,000		809,703
958254AC8	WESTERN GAS PARTNERS LP		2.60	7/15/2018		3,750,000		3,727,662
96950HAD2	WILLIAMS PARTNERS LP		7.25	2/1/2017		250,000		290,783
97314XAF1	WIND ACQUISITION FINANCE SA		7.25	11/15/2016		4,575,000		4,792,313
977255AD0	WISE METALS GROUP LLC/WISE ALL		8.75	6/15/2018		700,000		736,750
982526AR6	WM WRIGLEY JR CO		1.40	10/21/2016		1,800,000		1,805,149
982526AV7	WM WRIGLEY JR CO		2.90	9/21/2019		5,000,000		4,966,113
983024AJ9	WYETH		5.50	2/15/2016		300,000		328,903
983055AA2	WYLE SERVICES CORP		10.50	4/1/2018		50,000		50,000
984121BQ5	XEROX CORPORATION		6.75	2/1/2017		2,500,000		2,842,239
984121CF8	XEROX CORPORATION		2.95	3/15/2017		250,000		259,406
98417EAU4	XSTRATA FINANCE CANADA LTD		2.70	10/25/2017		8,705,000		8,787,573
98419MAA8	XYLEM INC/NY		3.55	9/20/2016		4,475,000		4,735,012
98978VAG8	ZOETIS INC		1.88	2/1/2018		2,550,000		2,528,859
LX091129	FEDERAL MOGUL CORP		2.11	12/29/2014		531,070		522,219
LX091130	FEDERAL MOGUL CORP		2.17	12/28/2015		1,118,839		1,100,191
LX098753	CLEAR CHANNEL COMMUN, INC.		3.81	1/29/2016		219,469		212,556
LX098754	CLEAR CHANNEL COMMUN, INC.		3.89	1/29/2016		32,735		31,262
LX113966	ARAMARK CORPORATION		3.49	7/26/2016		8,639		8,639
LX114499	ASPECT SOFTWARE INC		7.00	5/7/2016		1,481,013		1,482,864
LX114885	CITGO PETROLEUM CORPORATION		9.00	6/24/2014		1,003,474		1,011,000
LX115668	ENERGY SOLUTIONS LLC (DURATEK		6.75	8/15/2016		628,976		636,052
LX116781	COMMUNITY HLTH SYST INC		3.49	1/25/2017		1,227,697		1,235,562
LX117866	DEL MONTE FOODS CO		4.00	3/8/2018		1,371,795		1,373,745
LX117856	AVAYA INC.		4.74	10/26/2017		899,614		876,561
LX118284	WALTER ENERGY INC		6.75	4/2/2018		1,230,569		1,205,701
LX118104	US TELEPACI		5.75	2/23/2017		1,852,629		1,853,092
LX118296	CALPINE CORP		4.00	2/15/2014		1,739,377		1,749,432
LX118341	NXP BV AND NXP FUNDING LLC		4.50	3/4/2015		345,558		349,554
LX118438	UNIVERSAL HEALTH SERVICES INC		2.41	11/15/2016		108,254		108,525
LX118449	BROCK HOLDINGS III INC		10.00	3/14/2018		750,000		762,188
LX118573	FIRST DATA CORP		4.16	3/23/2018		3,661,168		3,662,541
LX119275	TOYS R US DELAWR		5.25	5/25/2018		361,589		304,638
LX119349	QUINTILES TRANSNATIONAL CORP.		4.00	6/8/2018		1,373,232		1,372,088
LX119943	BARBRI INC		6.00	7/17/2019		1,303,899		1,303,351
LX121320	OPENLINK FINANCIAL INC		7.75	10/30/2017		848,450		849,511
LX121933	CAPITAL SAFETY GROUP LTD		4.50	1/21/2019		1,499,977		1,501,852
LX123218	EMI MUSIC PUBLISHING LTD		4.25	6/29/2018		1,142,204		1,145,774
LX122827	CAESARS ENTERTAINMENT OPERATIN		5.49	1/28/2018		260,000		247,813
LX123371	PROTECTION ONE, INC.		4.25	3/22/2014		908,821		909,957
LX123586	ASCEND PERFORMANCE MATERIALS L		6.75	4/10/2018		1,774,402		1,707,862
LX123555	TOYS R US DELAWR		5.25	5/25/2018		154,575		130,358
LX123690	GOODYEAR TIRE & RUBBER CO		4.75	4/30/2019		1,930,000		1,947,492
LX123691	SPIRIT AROSYSTMS		3.75	4/18/2019		461,775		463,940
LX123600	HD SUPPLY		4.50	4/3/2015		3,730,097		3,758,968

33

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
LX123462	TELESAT CANADA		3.00	3/28/2017		1,515,938		1,421,414
LX123710	FREEDOM GROUP INC		5.50	2/17/2014		317,382		320,159
LX123563	CONTAINER STORE/THE		5.50	4/6/2019		1,732,224		1,734,390
LX124043	BURLINGTON COAT FACTORY WAREHO		4.25	2/23/2017		441,980		446,584
LX124065	NOVELL, INC.		7.25	5/22/2014		1,748,034		1,776,440
LX124101	MISYS PLC		7.25	6/12/2014		1,994,956		2,007,424
LX123772	THERMASYS CORP		5.25	5/3/2019		765,188		749,884
LX124353	ZAYO GROUP LLC		4.00	7/2/2019		1,246,839		1,245,475
LX124809	HELIOS HOLDINGS CANELLOS		6.50	7/13/2018		913,197		914,339
LX125356	NAVISTAR INTERNATIONAL CORPORA		5.75	8/17/2014		420,542		426,456
LX125991	CNO FINANCIAL GROUP INC		3.75	9/28/2018		1,066,278		1,067,278
LX126129	GETTY IMAGES INC.		4.75	10/18/2019		443,577		413,544
LX125695	COLLECTIVE BRANDS FINANCE INC		7.25	9/19/2019		2,023,160		2,028,197
LX126037	TRANSTAR HOLDING COMPANY		5.50	10/9/2018		1,527,533		1,496,982
LX126185	CDR DB SUB INC		5.00	10/11/2019		1,949,084		1,954,770
LX126151	FMG RESOURCES (AUGUST 2006) PT		5.25	10/18/2017		3,629,901		3,642,605
LX126321	VANTAGE DRILLING CO		6.25	10/25/2017		1,121,315		1,125,519
LX126084	HARVARD DRUG GROUP LLC /THE		5.00	8/16/2020		2,896,472		2,927,247
LX126298	EVERGREEN ACQCO 1 LP		5.00	7/9/2019		2,453,454		2,460,324
LX126385	TRUVEN HEALTH ANALYTICS INC		4.50	6/6/2019		881,625		881,625
LX126444	INSIGHT GLOBAL INC		5.25	11/1/2014		3,989,924		4,014,861
LX126872	CHESAPEAKE ENERGY CORP		5.75	11/10/2014		2,110,000		2,152,578
LX126713	CHG HEALTHCARE SERVICES INC		5.00	11/19/2019		836,549		838,641
LX126821	ACADEMY SPORTS & OUTDOORS INC		4.50	8/3/2018		1,994,949		2,004,924
LX126850	BASS PRO GROUP LLC		3.75	11/20/2019		446,501		447,857
LX126919	ARDENT MEDICAL		6.75	7/2/2018		2,646,076		2,650,487
LX127395	SEQUA CORP		5.25	6/19/2017		2,377,057		2,316,145
LX127406	SUNGARD DATA SYST INC.		4.50	1/31/2020		544,500		547,767
LX127263	MGM RESORTS INTERNATIONAL		3.50	12/20/2019		1,093,131		1,092,221
LX127153	MIRROR BIDCO CORP		5.25	12/28/2019		2,658,187		2,668,988
LX127159	CCC INFORMATION SERVICES GROUP		4.00	12/20/2019		440,550		440,734
LX127048	SAGE PRODUCTS HOLDINGS III LLC		9.25	12/13/2014		100,000		102,250
LX127540	ALCATEL-LUCENT USA INC		5.75	2/17/2014		3,695,362		3,708,295
LX127080	HEARTLAND DENTAL CARE INC		6.25	12/20/2018		1,518,673		1,523,419
LX127482	AVAYA INC.		8.00	12/21/2014		458,826		463,988
LX127921	FLASH DUTCH 2 BV AND US COATIN		4.75	2/1/2014		3,000,339		3,018,674
LX127581	AMERIFORGE GROUP INC		5.00	1/25/2014		856,789		860,716
LX127583	AMERIFORGE GROUP INC		8.75	1/25/2016		390,000		396,825
LX128124	RENFRO CORP		5.75	1/30/2014		1,496,231		1,496,231
LX128279	UNIFRAX I LLC		4.25	2/5/2014		455,400		455,969
LX128299	SILVER II BORROWER SCA		4.00	12/13/2019		749,758		749,524
LX128258	PHARMACEUTICAL PRODUCT DEV, IN		4.00	1/31/2014		2,073,150		2,085,721
LX127861	ATI HOLDINGS LLC		5.25	1/31/2014		1,745,592		1,748,865
LX128322	RITE AID CORP		4.00	2/21/2020		689,788		692,805
LX128323	RITE AID CORP		5.75	2/4/2014		520,000		533,217
LX128344	ADS WASTE ESCROW		4.25	2/9/2014		2,902,021		2,916,011
LX128278	INTERACTIVE DATA CORP		3.75	2/11/2018		1,769,242		1,770,348
LX128350	FREESCALE SEMICONDUCTOR INC		5.00	3/1/2014		1,712,063		1,729,183
LX128271	J CREW GROUP INC		4.00	2/5/2014		305,303		306,921
LX128359	BAKERCORP INTERNATIONAL INC		4.25	2/7/2020		669,947		666,597
LX128302	IMS HEALTH INCORPORATED		3.75	9/1/2017		2,253,207		2,260,530
LX128336	SOPHIA LP		4.50	7/19/2018		1,049,894		1,054,706
LX128407	SABRE INC		5.25	2/20/2014		1,523,598		1,532,577
LX128433	PARTY CITY HOLDINGS INC		4.25	7/27/2019		2,622,346		2,630,869
LX128430	UNIVISION COMMUN INC.		4.50	2/15/2014		1,742,979		1,751,382
LX128422	INTEGRA TELECO		9.75	2/21/2014		510,000		523,770
LX128552	ARAMARK CORPORATION		4.00	2/14/2014		2,845,000		2,856,855
LX128317	WASH MULTI-FAMILY LAUNDRY SYST		4.50	8/21/2014		1,994,975		1,997,469
LX128560	STATION CASINOS LLC		5.00	3/1/2014		2,744,263		2,771,705
LX128396	VALEANT PHARMACEUTICALS INTERN		4.38	8/22/2014		1,355,452		1,362,988
LX128601	TOTAL SAFETY US INC		5.75	3/4/2014		2,007,369		2,007,369
LX128751	TOTAL SAFETY US INC		9.25	3/13/2014		324,188		325,808
LX128588	NIELSEN FINANCE LLC/NIELSON FI		2.92	5/1/2016		1,158,538		1,159,825
LX128623	MERRILL COMMUNICATIONS LLC		7.50	3/7/2014		602,942		611,609
LX128663	SCHAEFFLER AG		4.25	1/27/2017		110,000		110,825

34

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
LX128825	PHILADELPHIA ENERGY SOLUTIONS		6.25	4/4/2018		1,195,987		1,049,479
LX128704	ENCOMPASS DIGITAL MEDIA INC		6.75	8/10/2017		1,496,222		1,503,703
LX128870	HEINZ H. J. COMPANY		3.50	6/7/2014		6,930,823		6,978,050
LX128948	DONCASTERS FINANCE US LLC		5.50	4/9/2014		424,294		429,332
LX128994	AMERICAN BUILDERS & CONTRACTOR		3.50	4/16/2014		2,249,363		2,252,174
LX128985	PANDA TEMPLE POWER II LLC		7.25	4/6/2019		720,000		738,000
LX128933	WIDEOPENWEST FINANCE LLC		4.75	4/1/2014		1,575,563		1,580,934
LX128970	LTS BUYER LLC		4.24	4/1/2019		2,241,244		2,252,450
LX128973	LTS BUYER LLC		8.00	4/11/2015		582,400		584,948
LX128482	ALG BV		10.25	2/28/2020		750,000		753,750
LX129162	AFFINIA GROUP		4.75	4/8/2014		731,325		738,638
LX129151	FIRST DATA CORP		4.16	4/10/2014		1,555,000		1,556,079
LX129390	DELTA AIR LINES INC		4.00	4/23/2014		975,314		978,660
LX129663	COINMACH SERVICE CORP		4.25	5/2/2014		1,600,988		1,606,991
LX129587	LEARNING CARE GROUP US NO 2 IN		6.00	4/25/2014		1,767,821		1,774,450
LX129517	HCE-THE HEALTHCARE COMPANY		2.91	3/31/2017		758,100		757,982
LX129569	TEINE ENERGY LTD		7.50	5/9/2015		1,246,859		1,259,328
LX129621	JC PENNEY CORPORATION INC		6.00	5/22/2018		751,225		732,758
LX129627	SUPERVALU INC.		5.00	3/21/2019		2,161,896		2,181,262
LX129920	STONERIVER GROUP LP		8.50	5/16/2015		496,918		499,403
LX129608	PRIMEDIA INC.		6.25	5/29/2020		2,319,163		2,249,588
LX129823	ARYSTA LIFESCIENCE SPC LLC		4.50	5/20/2014		2,109,400		2,119,947
LX129824	ARYSTA LIFESCIENCE SPC LLC		8.25	5/20/2015		680,000		691,050
LX130210	CLEAR CHANNEL COMMUN, INC.		6.91	1/30/2019		2,158,288		2,059,367
LX129427	SS&C TECHNOLOGIES INC		3.25	6/7/2019		1,102,930		1,105,210
LX130123	ONEX CARESTREAM FINANCE LP		5.00	6/4/2014		2,668,229		2,697,415
LX130228	QUICKSILVER RESOURCES INC		7.00	6/21/2019		1,945,000		1,920,688
LX130470	TWCC HOLDING CORP		7.00	6/26/2014		960,000		985,800
LX129428	SS&C TECHNOLOGIES HOLDINGS EUR		3.25	12/10/2014		114,096		114,168
LX130250	CTI FOODS HOLDING CO LLC		4.50	6/29/2020		2,309,213		2,306,326
LX130462	TRAVELPORT		6.25	6/21/2014		1,873,019		1,919,844
LX130275	HGIM CORP		5.50	6/12/2014		907,725		915,668
LX130495	EMERALD EXPOSITIONS HOLDING IN		5.25	6/17/2020		2,418,465		2,429,046
LX130765	FOUR SEASONS HOLDINGS INC		6.25	6/19/2014		675,000		690,188
LX130609	VALEANT PHARMACEUTICALS INTERN		4.50	8/5/2020		1,682,288		1,690,699
LX130812	IKARIA ACQUISITION INC		7.25	7/1/2014		1,434,237		1,441,409
LX130780	TRIPLE POINT TECHNOLOGY INC		5.25	7/10/2020		1,346,625		1,195,130
LX131300	SYNIVERSE HLDGS		4.00	6/23/2014		906,503		908,769
LX131349	HEMISPHERE MEDIA HOLDINGS LLC		6.25	7/16/2014		1,034,800		1,039,974
LX131592	DIGITAL INSIGHT CORP		4.49	8/1/2019		700,000		700,000
LX131184	ALTICE FINANCING SA		4.75	7/2/2019		2,730,000		2,740,237
LX131662	PINNACLE ENTERTAINMENT INC.		3.75	8/13/2020		1,069,625		1,073,636
LX131356	USIC HOLDINGS INC		4.00	1/26/2014		2,038,516		2,044,462
LX131537	FRESENIUS US FINANCE I INC		2.25	8/7/2019		1,760,588		1,759,249
LX131635	PLAYA RESORTS HOLDING BV		4.75	8/2/2014		822,938		833,224
LX131812	CONTINENTAL BUILDING PRODUCTS		4.75	8/28/2020		523,688		523,360
LX131814	CONTINENTAL BUILDING PRODUCTS		8.50	8/30/2015		550,000		550,917
LX130254	BMC SOFTWARE FINANCE INC		5.00	2/6/2014		2,970,000		2,982,979
LX131658	BOYD GAMING CORP		4.00	2/7/2014		558,600		560,928
LX131877	FORESIGHT ENERGY LLC		5.50	2/8/2014		2,480,000		2,504,800
LX131482	BALLY TECHNOLOGIES INC		4.25	2/12/2014		1,765,575		1,776,580
LX131913	LEVEL 3 FINANCING INC		4.00	2/13/2014		3,600,000		3,621,600
LX131918	ZEST ANCHORS LLC		6.50	8/16/2020		997,500		987,525
LX131708	FAIRMOUNT MINERALS LTD		5.00	8/30/2019		2,992,500		3,034,269
LX132510	BIOMET INC		3.67	3/5/2014		1,403,975		1,413,619
LX131914	ACTIVISION BLIZZARD INC		3.25	10/12/2020		2,184,525		2,195,821
LX132463	CPG INTERNATIONAL INC		4.75	3/13/2014		3,591,000		3,599,978
LX132659	VALEANT PHARMACEUTICALS INTERN		3.75	12/11/2019		1,259,063		1,266,706
LX132801	HILTON WORLDWIDE FINANCE LLC		3.75	10/26/2020		3,000,000		3,020,418
LX132456	FIELDWOOD ENERGY LLC		3.88	3/19/2014		852,863		858,549
LX132457	FIELDWOOD ENERGY LLC		8.38	9/20/2014		1,140,000		1,162,800
LX132564	PACIFIC IND SRVCS BIDCO/SPOTLE		8.75	9/20/2014		475,000		485,094
LX132784	DELL INC		4.50	9/24/2014		6,750,000		6,757,034
LX133060	CITYCENTER HOLDINGS LLC		5.00	4/2/2014		2,480,000		2,513,639
LX132924	HUDSONS BAY CO		4.75	4/3/2014		2,460,000		2,496,558

35

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
LX133159	NEIMAN MARCUS GROUP INC. THE		5.00	4/18/2014		4,000,000		4,047,144
LX133115	P2 LOWER ACQUISITION LLC		5.50	10/22/2020		2,278,061		2,278,061
LX133117	P2 LOWER ACQUISITION LLC		9.50	10/28/2021		800,000		804,000
LX133102	AMNEAL PHARMACEUTICALS LLC		5.75	4/23/2014		1,366,575		1,373,408
LX133212	OMNITRACS INC		4.75	11/25/2020		970,000		972,829
LX133563	CROSBY US ACQUISITION CORP		4.00	4/30/2014		790,000		790,658
LX133343	P2 ENERGY SOLUTIONS INC		5.00	4/30/2014		1,160,000		1,164,350
LX133583	BJS WHOLESALE CLUB, INC.		8.50	3/26/2020		875,000		892,063
LX133581	BJS WHOLESALE CLUB, INC.		4.50	5/5/2014		3,500,000		3,518,750
LX133664	BLACKBOARD INC		4.75	5/18/2014		369,352		372,930
LX133756	SOUTHERN GRAPHIC SYSTEMS INC		4.25	10/17/2019		2,666,877		2,671,322
LX133905	REYNOLDS GROUP HOLDINGS INC		4.00	12/1/2018		2,096,661		2,113,958
LX133871	TALLGRASS OPERATIONS LLC		4.25	11/13/2018		1,990,704		1,997,339
LX134056	COMMSCOPE INC.		3.25	1/14/2018		480,034		482,734
LX134055	COMMSCOPE INC.		2.74	6/1/2014		320,023		320,823
LX133926	GO DADDY OPERATING CO LLC		4.00	12/17/2018		1,346,564		1,348,669
LX132653	AIR CANADA		5.50	9/26/2015		2,990,000		3,032,981
LX128935	OFFSHORE GROUP INVESTMENT LTD/		5.75	3/28/2019		173,688		176,220
G90039AD3	TRANSCAPITAL BV		8.70	8/7/2018		700,000		850,675
LX129590	ION TRADING TECHNOLOGIES SARL		4.50	5/1/2014		850,725		856,574
LX129947	OXEA FINANCE & CY SCA		8.25	7/15/2015		915,000		927,581
L9057MAA9	TNK-BP FINANCE SA		7.50	7/18/2016		2,750,000		3,090,725
LX132563	PACIFIC IND SRVCS BIDCO/SPOTLE		5.00	9/20/2014		2,403,975		2,435,527
						1,143,036,955		1,174,046,659
Corporate Debt Securities - Utilities
010392FH6	ALABAMA POWER COMPANY		0.55	10/15/2015		78,000		77,508
025537AF8	AMERICAN ELECTRIC POWER COMPAN		1.65	12/15/2017		2,240,000		2,182,113
03040WAB1	AMERICAN WATER CAPITAL CORP.		6.09	10/15/2017		150,000		169,621
125896BA7	CMS ENERGY CO		6.55	7/17/2017		350,000		402,441
207597ED3	CONNECTICUT LIGHT & PWR CO		5.65	5/1/2018		250,000		285,592
209111ET6	CONSOLIDATED EDISON INC		5.85	4/1/2018		250,000		288,494
256882AD3	DPL INC		7.25	7/15/2021		4,750,000		4,785,625
25746UBR9	DOMINION RESOURCES INC		1.40	9/15/2017		3,470,000		3,409,681
264399EQ5	DUKE ENERGY CORP		6.30	2/1/2014		4,000,000		4,016,200
26441CAB1	DUKE ENERGY CORP		6.25	6/15/2018		2,800,000		3,248,066
26441CAG0	DUKE ENERGY CORP		2.15	11/15/2016		300,000		304,902
26441CAH8	DUKE ENERGY CORP		1.63	8/15/2017		250,000		246,844
26441CAK1	DUKE ENERGY CORP		2.10	6/15/2018		2,700,000		2,684,305
26875PAF8	EOG RESOURCES INC		2.95	6/1/2015		2,900,000		2,997,412
281020AF4	EDISON INTERNATIONAL INC		3.75	9/15/2017		250,000		262,911
283695BP8	EL PASO NATURAL GAS COMPANY		5.95	4/15/2017		150,000		167,000
29273RAH2	ENERGY TRANSFER PARTNERS LP		6.70	7/1/2018		250,000		289,949
29364GAG8	ENTERGY CORP		4.70	12/15/2016		250,000		266,467
30161MAE3	EXELON GENERATION CO LLC		6.20	10/1/2017		300,000		337,905
30161NAD3	EXELON CORPORATION		4.90	6/15/2015		2,325,000		2,445,773
302570AX4	FPL GROUP CAPITAL INC		6.65	6/15/2017		200,000		204,000
302570AY2	NEXTERA ENERGY CAPITAL HOLDING		7.30	9/1/2017		100,000		110,000
340711AQ3	FL GAS TSMN CO		7.90	5/15/2019		3,400,000		4,153,184
373334JY8	GEORGIA POWER COMPANY		0.75	8/10/2015		300,000		299,589
373334JZ5	GEORGIA POWER COMPANY		0.63	11/15/2015		300,000		297,831
494550AU0	KINDER MORGAN ENERGY PARTNERS		6.00	2/1/2017		1,443,000		1,624,530
50064YAB9	KOREA HYDRO & NUCLEAR POWER CO		3.13	9/16/2015		3,100,000		3,193,057
595620AG0	MIDAMERICAN ENERGY CO		5.95	7/15/2017		200,000		229,015
59562VAZ0	MIDAMERICAN ENERGY HOLDINGS CO		1.10	5/15/2017		4,375,000		4,351,130
59562VBA4	MIDAMERICAN ENERGY HOLDINGS CO		2.00	11/15/2018		200,000		196,723
636274AC6	NATIONAL GRID PLC		6.30	8/1/2016		150,000		168,518
65339KAF7	NEXTERA ENERGY CAPITAL HOLDING		1.20	6/1/2015		2,767,000		2,778,037
65473QAS2	NISOURCE FINANCE CORP		6.40	3/15/2018		150,000		172,706
693304AL1	PECO ENERGY CO		5.35	3/1/2018		200,000		225,902
693304AQ0	PECO ENERGY CO		1.20	10/15/2016		111,000		110,952
69352PAG8	PPL CAPITAL FUNDING LLC		1.90	6/1/2018		400,000		390,222
69353UAB7	PPL WEM HOLDINGS PLC		3.90	5/1/2016		2,500,000		2,621,402
698455AB8	PANHANDLE EAST PIPE LINE		7.00	6/15/2018		155,000		180,762
743263AL9	PROGRESS ENERGY INC		5.63	1/15/2016		250,000		271,602
74456QAW6	PUBLIC SERVICE ELECTRIC AND GA		2.70	5/1/2015		425,000		435,881

36

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
81013TAB7	SCOTTISH POWER PLC		5.38	3/15/2015		250,000		261,723
816851AS8	SEMPRA ENERGY		2.30	4/1/2017		300,000		304,542
84755TAA5	SPECTRA ENERGY CAPITAL		6.20	4/15/2018		200,000		226,360
84756NAC3	SPECTRA ENERGY PARTNERS LP		2.95	8/25/2018		5,000,000		5,040,054
893526DH3	TRANS-CANADA PIPELINES		3.40	6/1/2015		250,000		259,729
893526DL4	TRANS-CANADA PIPELINES		0.88	3/2/2015		7,000,000		7,012,940
89354FAE1	TRANSCAPITAL BV		8.70	8/7/2018		1,700,000		2,063,375
927804FM1	VIRGINIA ELECTRIC AND POWER CO		1.20	1/15/2018		450,000		438,019
976656CF3	WISCONSIN ELECTRIC POWER COMPA		1.70	6/15/2018		150,000		146,785
98389BAK6	XCEL ENERGY INC		5.61	4/1/2017		200,000		220,048
LX119741	CALPINE CORP		0.00	4/1/2018		982,368		987,433
LX125098	ESSENTIAL POWER LLC		3.49	8/8/2019		994,842		964,997
LX129413	POWER BUYER LLC		4.25	5/6/2020		389,156		384,291
LX129414	POWER BUYER LLC		8.25	11/6/2020		215,000		210,969
LX129682	POWERTEAM SERVICES LLC		3.53	5/6/2020		21,267		21,001
						66,841,632		69,426,116
Asset Backed Securities - Credit Cards
14041NDX6	CAPITAL ONE MULTI-ASSET EXECUT		5.75	9/15/2017		1,350,000		1,551,096
161571FJ8	CHASE ISSUANCE TRUST CHAIT_12-		0.79	6/15/2015		1,300,000		1,304,303
161571FQ2	CHASE ISSUANCE TRUST CHAIT_12-		2.16	9/15/2022		500,000		452,400
17305ECJ2	CCCIT_13-A1		4.85	3/10/2015		2,000,000		2,101,780
17305ECX1	CCCIT_13-A1		5.10	11/20/2015		1,000,000		1,081,530
17305EDE2	CITIBANK CREDIT CARD ISSUANCE		5.30	3/15/2016		700,000		767,249
17305EDT9	CCCIT_13-A1		6.15	6/15/2037		350,000		390,569
17305EDY8	CCCIT_13-A1		5.65	9/20/2017		3,000,000		3,434,850
17305EEE1	CITIBANK CREDIT CARD ISSUANCE		5.35	2/7/2018		436,000		496,700
254683AC9	DCENT_07-A1		5.65	9/15/2017		1,500,000		1,715,145
36159JDE8	GE CAPITAL CREDIT CARD MASTER		0.95	6/15/2015		275,000		275,913
36159JDH1	GEMNT_12-6		1.36	8/15/2017		900,000		886,725
36159JDQ1	GE CAPTIAL CREDIT CARD MASTER		1.35	3/15/2018		500,000		485,600
70659PAD3	PENARTH MASTER ISSUER PENAR_12		0.74	3/18/2014		6,000,000		6,001,416
						19,811,000		20,945,276
Asset Backed Securities - Auto Receivables
13975DAD7	AFIN_13-3		1.68	4/1/2017		1,600,000		1,605,040
13975EAC7	AFIN_13-1		0.79	4/3/2016		1,178,000		1,172,664
14313KAC2	CARMX_12-3		0.52	4/15/2015		275,000		274,791
14313MAC8	CARMX_13-2		0.64	11/1/2015		1,500,000		1,496,295
34530AAC9	FORDO_12-D		0.51	3/1/2015		2,200,000		2,197,800
43813CAC4	HONDA AUTO RECEIVABLES OWNER T		0.52	3/4/2015		2,000,000		1,999,540
43813UAD2	HONDA AUTO RECEIVABLES OWNER T		0.97	4/30/2015		500,000		502,595
43814CAD1	HONDA AUTO RECEIVABLES OWNER T		0.62	3/6/2016		615,000		612,356
44924CAA2	HCAF_10-8A		1.17	5/28/2015		838,064		832,365
65475QAD3	NISSAN AUTO RECEIVABLES OWNER		1.24	7/1/2015		1,600,000		1,614,064
65476GAD4	NISSAN AUTO RECEIVABLES OWNER		0.66	2/28/2016		1,300,000		1,298,219
80283GAC8	SDART_13-3		0.70	4/14/2015		500,000		499,195
98158QAD8	WOART_12-B		0.81	6/13/2016		500,000		497,545
L2R424AA3	ECAR_12-1		1.48	5/4/2017		1,305,163		1,807,428
Z9195VUA5	CAR_12-F1F		1.38	8/11/2014		1,521,068		2,103,291
						17,432,295		18,513,187
Asset Backed Securities - Student Loans
00389VAA0	ALFT_13-1A		0.96	7/14/2030		20,000,000		19,850,460
00432CAZ4	AGSL_03-1		1.67	4/5/2025		4,100,000		3,715,641
00432CBB6	AGSL_03-1		1.67	9/1/2027		3,600,000		3,178,138
00432CBP5	AGSL_03-1		1.67	9/15/2027		5,350,000		4,574,132
00434MAC1	ACCESS TO LOANS FOR LEARNING S		0.94	11/4/2027		16,250,000		16,034,200
041150DJ9	ASLA_10-1		1.14	10/17/2018		4,921,726		4,918,625
10620NAC2	BRAZOS HIGHER EDUCATION AUTHOR		0.37	7/1/2015		1,040,764		1,034,141
10620NAH1	BRHEA_05-3A		0.36	7/11/2016		159,385		159,257
12556PAC1	CITEL_05-1		0.36	1/2/2017		6,109,029		6,010,759
19458LBA7	COELT_05-A		0.34	6/29/2014		66,149		66,041
26845BAA7	EFSV2_ 2012-1		1.04	6/14/2016		4,256,611		4,301,603
28140DAB9	ELAB_13-1A		0.96	5/13/2020		3,969,841		3,952,099
28140VAB9	EFCT_04-1		0.40	11/1/2014		447,549		446,833
36156YAN1	GCO EDUCATION LOAN FUNDING TRU		0.31	9/2/2015		968,698		959,030
429827AB4	HEF_04-1		1.67	3/24/2019		2,100,000		1,909,591

37

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
429827AE8	HIGHER EDUCATION FUNDING HEF_0		1.66	5/25/2025		2,100,000		1,896,485
429827AF5	HEF_04-1		1.64	1/14/2021		2,100,000		1,969,542
429827AJ7	HIGHER EDUCATION FUNDING HEF_0		1.66	11/18/2026		2,100,000		1,893,427
429827AK4	HIGHER EDUCATION FUNDING HEF_0		1.67	11/3/2021		2,300,000		2,073,036
429827AN8	HEF_04-1		1.73	10/28/2022		2,100,000		1,891,940
429827AQ1	HEF_04-1		1.68	1/1/2044		2,950,000		2,657,139
57563NAA6	MEFA		1.19	10/18/2027		2,511,623		2,511,774
61205PAK5	MHESA_12-1		1.17	10/6/2017		10,850,000		10,947,802
64033GAA9	NSLT_13-5A		0.79	2/13/2024		6,060,182		6,012,930
66704JAZ1	NORTHSTAR GUARANTEE INC DIV B		0.36	3/13/2014		312,490		312,517
66705EAA6	NEF_12-1		0.86	1/12/2019		1,935,652		1,932,439
698475AM2	PANHANDLE-PLAINS HIGHER EDUCAT		1.38	7/9/2018		4,989,018		5,062,935
71722TAF1	PHEAA_04-1		1.67	5/2/2018		2,000,000		1,950,000
71722TAG9	PHEAA_04-1		1.65	3/27/2020		6,000,000		5,852,424
78442GHY5	SLMA		1.66	12/15/2016		300,000		302,037
78442GHZ2	SLMA		1.66	5/24/2014		2,100,000		2,100,000
78442GJA5	SLM STUDENT LOAN TR 2003-10A		1.66	5/17/2014		500,000		500,000
78442GJC1	SLMA		1.66	5/26/2014		50,000		50,000
78442GJD9	SLM STUDENT LOAN TR 2003-10A		1.66	5/18/2014		2,300,000		2,300,000
78442GQR0	SLMA		0.99	9/10/2019		2,150,000		2,146,137
80705WAA7	SCHOL_12-B		0.57	4/4/2015		1,902,027		1,888,402
80705XAA5	SCHOL_13-A		0.82	7/26/2022		1,153,364		1,143,215
83715AAK5	SOUTH CAROLINA STUDENT LN CORP		0.69	3/11/2014		811,070		810,121
86386MAY0	STUDENT LOAN CON		1.38	3/19/2022		16,792,813		17,055,285
B0A0BSZC0	SLMA_03-5		0.55	3/13/2018		1,171,521		1,583,771
U8280TAR8	SLMA		0.83	11/3/2021		2,670,000		3,552,700
						153,549,511		151,506,608
Asset Backed Securities - CLO
00083VAA9	ACASC_07-1		0.47	6/19/2016		6,750,000		6,633,529
00089KAB5	ACIS_13		1.12	12/24/2018		12,211,343		11,811,751
00089RAA2	ACIS_13-1		0.76	10/26/2017		17,400,000		16,912,539
00306LAA2	ABERD_08-1A		0.89	3/28/2016		19,890,489		19,511,138
03761QAA3	APID_06-QA		0.49	10/28/2015		5,663,526		5,655,271
04011XAB2	ARES		0.49	4/16/2015		135,449		135,317
04011XAC0	ARES		0.49	4/26/2014		147,870		147,648
04012VAA7	ARES		0.87	12/5/2015		8,272,008		8,219,067
04941LAE7	ATLAS SENIOR LOAN FUND LTD ATC		0.00	12/7/2020		15,300,000		14,368,674
04963VAC2	ATR_4C-DO		0.49	2/7/2016		1,471,662		1,463,269
05615MAA5	BABSN_05-3A		0.49	10/3/2015		1,730,856		1,699,700
09202XAA2	BLACK DIAMOND CLO LTD BLACK_06		0.49	5/15/2016		3,877,685		3,769,241
107265AL4	BRENTWOOD CLO LTD BRENT_06-1A		0.51	5/12/2016		9,881,575		9,631,502
125478AA5	CIFC_06-2		0.50	3/3/2014		924,779		914,298
15136DAA4	CECLO_13-20A		0.00	5/26/2020		550,000		499,895
18971XAA2	CLYDS_05-1A		0.50	4/19/2015		550,153		550,533
219239AA8	CORNR_07-1A		0.46	4/27/2016		4,700,000		4,627,150
26828RAA3	ECP_08-1A		1.09	5/19/2017		3,500,000		3,429,444
345447AA4	FORE_07-1A		0.49	3/16/2016		4,358,916		4,328,751
352569AB3	FCLO_5		0.50	5/16/2016		3,380,455		3,346,650
355524AB5	FRASR_06-1A		0.50	9/23/2015		1,465,625		1,455,786
363206AF0	GALE		0.48	6/11/2015		7,666,812		7,576,091
36361RAB3	GALLATIN FUNDING LTD GALL_13-1		1.41	3/26/2019		12,000,000		11,808,000
378663AA6	GLEAG_05-1A		0.52	6/24/2015		3,904,571		3,865,541
38136TAA1	GOLDS_07-5A		0.94	5/7/2016		7,550,000		7,519,010
42822XAA3	HICDO_07-1RA		0.64	5/30/2016		11,496,786		11,272,346
448647AA5	HYDEP_1A		0.62	7/5/2018		632,769		857,643
476759AA3	JERSEY STREET CLO LTD JERSY_06		0.49	12/13/2015		2,708,806		2,690,427
482474AA1	KKR FINANCIAL CLO LTD KKR_05-1		0.51	9/19/2015		103,352		103,094
48248CAA2	KKR FINANCIAL CLO LTD KKR_07-1		0.59	7/22/2015		27,005,316		26,465,209
506828AA0	LAFC_12-1A		1.64	12/12/2015		947,139		946,561
530361AE4	LIBERTY CLO		0.49	8/2/2014		5,193,517		5,164,334
53225UAA9	LIGHT_2005-3		0.50	11/8/2015		989,422		975,686
67089NAE2	OCP_12-2A		1.06	2/6/2018		10,171,481		9,865,177
67103QAA5	OFSBS_13-5A		1.17	11/8/2018		9,500,000		9,335,612
67590KAA8	OCT18_13-1A		5.49	10/26/2019		750,000		710,625
74981TAA2	RACEP_06-3		0.50	3/15/2016		4,226,946		4,198,655

38

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

Cusip	Security Description	Coupon		Maturity	Par		Fair Value
87155MAA9	SYMPH_5		0.99	9/26/2017		10,000,000		9,810,920
89622HAA1	TRMN_06-2A		0.49	11/7/2015		1,596,510		1,579,195
92327JAA9	VENT_8		0.52	11/8/2017		1,500,000		1,462,830
929260AA5	WGH_06-1A		0.50	10/20/2015		2,937,543		2,878,792
G84358AA1	STANFIELD VEYRON		0.46	8/30/2014		1,721,741		1,721,326
CMPC80016	DRYD_05-10EX		0.60	2/11/2016		842,771		1,145,534
G37130AC8	GALATTIN FUNDS LTD GALL_13-1X		0.00	3/8/2024		7,350,000		6,585,600
G0684GAA8	AVOVA_III-X		0.59	7/2/2016		798,362		1,083,055
G37116AC7	GALLATIN FUNDING LTD GALL_12-1		0.00	6/6/2019		3,445,000		2,501,070
						257,201,232		251,233,486
Asset Backed Securities - Other
00104UAC2	AEPTC TEXAS CENTRAL TRANSITION		2.84	12/9/2022		700,000		662,347
00935WAA7	AIREM_06-1A		0.47	7/23/2020		1,591,609		1,526,175
02005ACC0	AMOT 2013-2		1.44	2/16/2015		4,300,000		4,331,949
03072SKH7	AMSI_03-10		0.92	11/7/2021		7,173,453		6,878,007
037680AA3	AEPWV_13-1		2.01	2/2/2019		4,700,000		4,644,540
04542BDG4	ABFC_03-OPT1		0.84	12/28/2020		2,706,437		2,528,172
15200NAB1	CNP		3.46	12/5/2016		1,650,000		1,753,769
29365KAB9	ETI		3.65	11/1/2016		1,000,000		1,066,110
34528QBK9	FORDF		0.64	2/24/2014		6,050,000		6,050,545
83611MAQ1	SOUNDVIEW HOME EQUITY LOAN TRU		1.46	5/3/2020		2,520,867		2,490,206
86358EAJ5	SAIL_03-B2		0.84	9/14/2016		8,559,847		8,216,058
86358EJS6	STRUCTURED ASSET INVESTMENT LO		0.96	4/25/2021		7,900,307		7,389,007
86358EKH8	STRUCTURED ASSET INVESTMENT LO		1.00	3/24/2017		10,032,551		9,658,156
Z914HKQ87	GFUND_11-1		1.97	7/26/2017		3,885,468		6,516,390
						62,770,539		63,711,431
Total Fixed income Securities						6,436,350,218		6,100,798,112
Other Invested Assets - High Yield Fund
	CRESCENT CAPITAL HIGH YIELD FUND					497,409		31,958,076
Equities
1055102	AFLAC INC					3,671		245,223
1204106	AGL RESOURCES INC.					939		44,349
2824100	ABBOTT LABORATORIES					12,160		466,093
2963372	NABORS INDUSTRIES INC					2,045		34,745
9158106	AIR PRODUCTS AND CHEMICALS INC					1,670		186,673
9363102	AIRGAS INC					526		58,833
13817101	ALCOA INC					8,315		88,388
15351109	ALEXION PHARMACEUTICALS INC					1,555		206,908
18490102	ALLERGAN INC					2,354		261,482
18581108	ALLIANCE DATA SYST CORP					375		98,599
18802108	ALLIANT ENERGY CORP					82,100		4,236,360
20002101	ALLSTATE CO					3,606		196,671
21441100	ALTERA CORP					2,523		82,073
23135106	AMAZON.COM INC					2,957		1,179,222
23608102	AMEREN CORP					38,937		1,407,962
24835100	AMER CMPS COMM					99,400		3,201,674
25537101	AMERICAN ELECTRIC POWER CO INC					81,083		3,789,819
25816109	AMERICAN EXPRESS COMPANY					7,285		660,968
26874784	AMERICAN INTERNATIONAL GROUP I					11,657		595,090
31100100	AMETEK INC.					1,942		102,285
31162100	AMGEN INC					6,054		691,125
32095101	AMPHENOL CORP-CL A					1,262		112,545
32511107	ANADARKO PETROLEUM CORP					3,996		316,963
32654105	ANALOG DEVICES INC					2,454		124,982
37411105	APACHE CORP					3,132		269,164
37833100	APPLE INC					6,934		3,890,737
38222105	APPLIED MATERIALS INC					9,480		167,701
39483102	ARCHER-DANIELS-MIDLAND COMPANY					5,243		227,546
52769106	AUTODESK INC					1,788		89,990
53015103	AUTOMATIC DATA PROCESSING					3,826		309,179
53332102	AUTOZONE INC					271		129,522

39

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
53484101	AVALONBAY COMMUNITIES INC				968		114,447
53611109	AVERY DENNISON CORP				763		38,295
54303102	AVON PRODUCTS				3,447		59,357
54937107	BB&T CORP				5,592		208,693
57224107	BAKER HUGHES INC				3,496		193,189
58498106	BALL CO				1,149		59,357
60505104	BANK OF AMERICA				84,205		1,311,072
64058100	BANK OF NEW YORK MELLON CO				9,069		316,871
67383109	BARD C R INC				632		84,650
71813109	BAXTER INTERNATIONAL INC.				4,328		301,012
73730103	BEAM INC/THE				1,294		88,070
75887109	BECTON DICKINSON				1,544		170,597
75896100	BED BATH & BEYOND INC				1,689		135,627
81437105	BEMIS COMPANY INC				821		33,628
84670702	BERK HATH FIN				14,205		1,684,145
86516101	BEST BUY CO INC				2,156		85,981
93671105	H&R BLOCK INC.				2,168		62,959
97023105	BOEING CO				5,451		744,007
99724106	BORGWARNER INC				1,773		99,128
101121101	BOSTON PROPERTIES, INC.				1,212		121,648
101137107	BOSTON SCIENTIFIC CORP				10,617		127,616
110122108	BRISTOL MYERS SQUIBB CO				80,744		4,291,544
111320107	BROADCOM CORP				4,214		124,945
115637209	BROWN-FORMAN CORPORATION				1,294		97,788
124857202	CBS CORP				4,408		280,966
125269100	CF INDUSTRIES				446		103,936
125509109	CIGNA CORP				2,191		191,669
125896100	CMS ENERGY CO				2,118		56,699
126408103	CSX CORPORATION				8,007		230,361
126650100	CVS CAREMARK CORP				9,442		675,764
127097103	CABOT OIL & GAS CORP				3,299		127,869
134429109	CAMPBELL SOUP COMPANY				1,427		61,761
143130102	CARMAX, INC				1,786		83,978
143658300	CARNIVAL CORP				3,430		137,783
149123101	CATERPILLAR INC				5,008		454,776
151020104	CELGENE CORP				3,261		550,979
156700106	CENTURYTEL INC				4,668		148,676
156782104	CERNER				2,329		129,818
165167107	CHESAPEAKE ENERGY CORP				3,959		107,447
166764100	CHEVRONTEXACO CORP				97,942		12,233,935
169656105	CHIPOTLE MEXICAN GRILL INC				243		129,466
171232101	CHUBB CORP				2,003		193,550
172062101	CINCINNATI FINL CORP				1,163		60,906
172908105	CINTAS CORP				798		47,553
172967424	CITIGROUP INC				24,079		1,254,757
177376100	CITRIX SYSTEMS				1,479		93,547
189054109	CLOROX COMPANY THE				1,027		95,265
189754104	COACH INC				2,235		125,451
191216100	COCA-COLA COMPANY (THE)				30,205		1,247,769
192446102	COGNIZANT TECHNOLOGY SOLUTIONS				2,409		243,261
194162103	COLGATE-PALMOLIVE COMPANY				7,023		457,970
200340107	COMERICA INCORPORATED				1,446		68,743
205363104	COMPUTER SCIENCES CORP				1,160		64,821
205887102	CONAGRA FOODS INC.				3,372		113,636
209115104	CONSOLIDATED EDISON INC				2,326		128,581
219350105	CORNING INC				11,374		202,685
228227104	CROWN CASTLE INTL CORP				2,650		194,590
231021106	CUMMINS ENGINE				1,364		192,283
233331107	DTE ENERGY COMPANY				1,408		93,477
235851102	DANAHER CORP				4,739		365,851
237194105	DARDEN RESTAURANTS INC				994		54,044
244199105	DEERE & CO				3,021		275,908
247361702	DELTA AIR LINES INC				6,788		186,466
247916208	DENBURY RES INC.				2,856		46,924
249030107	DENTSPLY INTERNATIONAL INC				1,138		55,170

40

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
254687106	WALT DISNEY COMPANY (THE)				12,935		988,234
254709108	DISCOVER FINANCIAL SERVICES IN				3,807		213,002
256677105	DOLLAR GENERAL CORP				2,331		140,606
256746108	DOLLAR TREE INC				1,639		92,472
260003108	DOVER CORP				1,340		129,364
260543103	CORTS TRUST DOW				9,485		421,134
263534109	DU PONT E.I. DE NEMOURS & CO				53,321		3,464,265
268648102	EMC CO				16,251		408,713
269246401	E*TRADE FINANCIAL CORP				2,274		44,661
277432100	EASTMAN CHEMICAL COMPANY				1,206		97,324
278642103	EBAY INC				9,246		507,513
278865100	ECOLAB INC				2,157		224,910
281020107	EDISON INTERNATIONAL INC				2,596		120,195
285512109	ELECTRONIC ARTS INC				2,412		55,331
291011104	EMERSON ELECTRIC CO				5,581		391,675
294429105	EQUIFAX				958		66,188
302130109	EXPEDITOR’S INTL				1,634		72,305
302445101	FLIR SYSTEMS INC				1,112		33,471
302491303	FMC CORP				1,059		79,912
307000109	FAMILY DOLLAR STORES				766		49,767
311900104	FASTENAL CO				2,147		102,004
315616102	F5 NETWORKS INC				604		54,879
316773100	FIFTH THIRD BANK				6,982		146,831
336433107	FIRST SOLAR				550		30,052
337738108	FISERV INC				2,033		120,049
337932107	FIRSTENERGY CO				3,350		110,483
343412102	FLUOR CORP				1,293		103,815
345370860	FORD MOTOR COMPANY				31,457		485,382
345838106	FOREST LABORATORIES INC				1,870		112,256
354613101	FRANKLIN RESOURCES INC				3,195		184,447
364730101	GANNETT CO. INC.				1,770		52,357
364760108	GAP INC				2,094		81,834
369550108	GENERAL DYNAMICS CORP				35,653		3,406,644
369604103	GENERAL ELEC CAP CO				334,477		9,375,390
370023103	GENL GROWTH PROPERTIES, INC.				4,268		85,659
370334104	GENERAL MILLS INC				5,098		254,441
372460105	GENUINE PARTS CO				1,211		100,743
375558103	GILEAD SCI INC				12,068		906,910
382550101	GOODYEAR TIRE & RUBBER CO				1,944		46,364
384637104	GRAHAM HOLDINGS CO				28		18,573
384802104	GRAINGER W.W. INC				491		125,411
391164100	GREAT PLAINS ENERGY INCORPORAT				308,000		7,465,920
406216101	HALLIBURTON COMPANY				6,715		340,786
412822108	HARLEY-DAVIDSON INC				1,752		121,308
413086109	HARMAN INTL INC				538		44,035
413875105	HARRIS CORP				851		59,408
416515104	HARTFORD FINANCIAL SERVICES GR				3,504		126,950
418056107	HASBRO INC				60,912		3,350,769
423452101	HELMERICH & PAYNE INC				848		71,300
427866108	HERSHEY FOODS CORP				1,204		117,065
428236103	HEWLETT PACKARD CO				15,268		427,199
437076102	HOME DEPOT INC				11,145		917,679
438516106	HONEYWELL INTERNATIONAL INC				55,622		5,082,182
440452100	HORMEL FOODS CORP				1,065		48,106
441060100	HOSPIRA INC				1,329		54,861
443683107	HUDSON CITY BANCORP INC.				3,776		35,608
444859102	HUMANA INC				1,221		126,032
446150104	HUNTINGTON BANCSHARES INCORPOR				6,609		63,777
452308109	ILLINOIS TOOL WORKS INC				21,212		1,783,505
458140100	INTEL CORP				39,177		1,017,035
459200101	INTERNATIONAL BUSINESS MACHINE				8,047		1,509,376
459506101	INTERNATIONAL FLAVORS & FRAGRA				651		55,973
459902102	INTL GAME TECHNOLOGY				1,979		35,939
460146103	INTERNATIONAL PAPER COMPANY				3,468		170,036
460690100	INTERPUBLIC GROUP COS INC				3,318		58,729

41

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
461202103	INTUIT INC				2,235		170,575
462846106	IRON MOUNTAIN INC				1,337		40,578
466313103	JABIL CIRCUIT INC				1,435		25,026
469814107	JACOBS ENGINEERING GROUP INC				1,053		66,328
478160104	JOHNSON & JOHNSON				84,963		7,781,761
478366107	JOHNSON CONTROLS INC				5,387		276,353
481165108	JOY GLOBAL INC.				821		48,020
482480100	KLA-TENCOR CORP				1,311		84,507
485170302	KANSAS CITY SOUTHERN				881		109,094
487836108	KELLOGG COMPANY				2,064		126,048
493267108	KEYCORP				7,119		95,537
494368103	KIMBERLY-CLARK CORPORATION				66,035		6,898,016
500255104	KOHLS CORP				1,589		90,176
501044101	KROGER CO				4,109		162,429
501797104	LTD BRANDS INC				1,930		119,371
502161102	LSI LOGIC CORP				4,323		47,639
502424104	L-3 COMMUNICATIONS HOLDINGS IN				706		75,443
512807108	LAM RSRCH CORP				1,281		69,750
518439104	ESTEE LAUDER CO				2,024		152,448
524660107	LEGGETT & PLATT INC				1,115		34,498
524901105	LEGG MASON INC				828		36,001
526057104	LENNAR CO				1,294		51,191
527288104	LEUCADIA NATIONAL CORP				2,486		70,453
532457108	ELI LILLY AND COMPANY				7,832		399,432
534187109	LINCOLN NATIONAL CORPORATION				2,068		106,750
535678106	LINEAR TECHNOLOGY CORP				1,853		84,404
539830109	LOCKHEED MARTIN CORP				2,122		315,457
540424108	LOEWS CORPORATION				2,421		116,789
544147101	LORILLARD INC				2,916		147,783
548661107	LOWE’S COS INC				8,268		409,679
554382101	MACERICH COMPANY THE				1,112		65,486
565849106	MARATHON OIL CORP				5,504		194,291
571748102	MARSH & MCLENNAN COMPANIES INC				4,370		211,333
571903202	MARRIOTT INTERNATIONAL INC				1,782		87,960
574599106	MASCO CORPORATION				2,806		63,893
577081102	MATTEL INC				2,666		126,848
579780206	MCCORMICK & COMPANY				1,056		72,780
580135101	MCDONALDS CORP				7,941		770,515
580645109	MCGRAW-HILL COMPANIES INC (THE				2,151		168,208
582839106	MEAD JOHNSON NUTRITION CO				1,604		134,351
583334107	WESTVACO CORP				1,408		51,997
585055106	MEDTRONIC INC				7,882		452,348
594918104	MICROSOFT CORP				243,325		9,107,655
595017104	MICROCHIP TECHNOLOGY INC				1,572		70,347
595112103	MICRON TECHNOLOGY INC				8,715		189,638
606822104	MITSUBISHI TOKYO FINANCIAL GRP				230,000		1,536,400
608190104	MOHAWK INDUSTRIES INC				478		71,174
609207105	MONDELEZ INTERNATIONAL INC				13,987		493,741
611740101	HANSEN NATURAL CORP				1,073		72,717
615369105	MOODY’S CORP				1,517		119,039
617446448	MORGAN STANLEY				10,935		342,922
620076307	MOTOROLA SOLUTIONS INC				1,807		121,973
626717102	MURPHY OIL CORPORATION				1,379		89,470
628530107	MYLAN LABS INC				3,031		131,545
629377508	NRG ENERGY INC				2,564		73,638
631103108	NASDAQ OMX GROUP INC /THE				928		36,934
637071101	NATIONAL OILWELL VARCO INC				3,401		270,482
651229106	NEWELL RUBBERMAID INC				2,271		73,603
651290108	NEWFIELD EXPLORATION				1,068		26,305
651639106	NEWMONT MINING CORP HOLDING CO				3,954		91,061
654106103	NIKE INC				5,972		469,638
655044105	NOBLE AFFILIATES INC				2,824		192,343
655664100	NORDSTROM INC.				1,129		69,772
655844108	NORFOLK SOUTHERN CORPORATION				94,538		8,775,963
664397106	NORTHEAST UTILITIES				2,492		105,636

42

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
665859104	NORTHERN TRUST CORP				1,782		110,288
666807102	NORTHROP GRUMMAN CO				1,755		201,141
670346105	NUCOR CORP				2,510		133,984
674599105	OCCIDENTAL PETROLEUM CORPORATI				61,349		5,834,290
681919106	OMNICOM GROUP				2,040		151,715
682680103	ONEOK INC				1,638		101,851
690768403	OWENS ILLINOIS INC				1,299		46,478
693475105	PNC FINANCIAL SERVICES GROUP I				92,030		7,139,687
693506107	PPG INDUSTRIES INC				1,128		213,936
693656100	PVH CORP				644		87,597
693718108	PACCAR INC				2,788		164,966
696429307	PALL CORP				880		75,108
701094104	PARKER HANIFIN CORP				1,174		151,023
703395103	PATTERSON COS INC				661		27,233
704326107	PAYCHEX INC				2,570		117,012
704549104	PEABODY ENERGY CORP				2,138		41,755
712704105	PEOPLES UNITED FINANCIAL INC				2,514		38,012
713291102	PEPCO HOLDINGS INC.				1,985		37,973
713448108	PEPSICO INC				12,226		1,014,024
714046109	PERKINELMER INC				891		36,736
715684106	TELKOM INDONESIA				42,000		1,505,700
716768106	PETSMART INC				823		59,873
717081103	PFIZER INC				51,557		1,579,191
718172109	PHILIP MORRIS INTERNATIONAL IN				12,701		1,106,638
718546104	PHILLIPS 66				4,696		362,202
723484101	PINNACLE WEST CAPITAL CORPORAT				878		46,464
723787107	PIONEER NATL RESOURCES				1,126		207,263
724479100	PITNEY BOWES INC				1,581		36,837
729251108	PLUM CREEK TIMBER COMPANY INC.				147,195		6,846,039
740189105	PRECISION CASTPARTS CORP				1,149		309,426
741503403	PRICELINE.COM				414		481,234
742718109	PROCTER & GAMBLE COMPANY				21,739		1,769,772
743315103	PROGRESSIVE CORP OHIO				4,394		119,824
744320102	PRUDENTIAL FINANCIAL				3,653		336,880
744573106	PUBLIC SERVICE ENTERPRISE GROU				3,991		127,872
745867101	PULTE GROUP INC				2,691		54,816
747525103	QUALCOMM INC				13,391		994,282
751212101	RALPH LAUREN CORP				471		83,164
755111507	RAYTHEON COMPANY				2,523		228,836
756577102	RED HAT, INC.				1,499		84,004
760759100	REPUBLIC SERVICES INC				2,139		71,015
761713106	REYNOLDS AMERICAN INC				2,482		124,075
770323103	ROBERT HALF INTERNATIONAL INC				1,105		46,399
771195104	ROCHE HOLDING AG				48,000		3,369,600
773903109	ROCKWELL AUTOMATION INC				1,099		129,858
774341101	ROCKWELL COLLINS INC				1,075		79,464
776696106	ROPER INDUSTRIES INC				792		109,835
778296103	ROSS STORES INC.				1,719		128,805
783549108	RYDER SYSTEM INC.				401		29,586
786514208	SAFEWAY INC				1,966		64,033
790849103	ST JUDE MEDICAL				2,311		143,166
806857108	SCHLUMBERGER LTD				10,390		936,243
808513105	CHARLES SCHWAB CORP/THE				9,207		239,382
811065101	SCRIPPS NETWORKS INTERACTIVE I				865		74,745
816851109	SEMPRA ENERGY				62,621		5,620,861
824348106	SHERWIN-WILLIAMS COMPANY (THE)				691		126,799
826552101	SIGMA-ALDRICH				948		89,121
828806109	SIMON PROPERTY GROUP INC				50,276		7,649,996
832696405	JM SMUCKER COMPANY				842		87,248
833034101	SNAP-ON INC				466		51,036
842587107	SOUTHERN COMPANY (THE)				7,009		288,140
844741108	SOUTHWEST AIRLINES CO.				5,561		104,769
845467109	SOUTHWESTERN ENERGY				2,709		106,545
847560109	SPECTRA ENERGY CORP				90,605		3,227,350
854502101	STANLEY BLACK & DECKER INC				1,232		99,410

43

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
855030102	STAPLES INC				5,235		83,184
855244109	STARBUCKS CORP				5,996		470,026
857477103	STATE STREET CORP				3,465		254,296
858912108	STERICYCLE INC				679		78,879
863667101	STRYKER CORP				2,337		175,602
867914103	SUNTRUST BANKS INC				4,237		155,964
871503108	SYMANTEC CORP				5,457		128,676
871829107	SYSCO CORP				4,615		166,602
872375100	TECO ENERGY INC.				1,611		27,774
872540109	TJX COS INC				5,644		359,692
881609101	TESORO PETRO CORP				1,027		60,080
882508104	TEXAS INSTRUMENTS INCORPORATED				8,622		378,592
883203101	TEXTRON INC				2,286		84,033
883556102	THERMO ELECTRON CORP				2,860		318,461
886547108	TIFFANY & COMPANY				874		81,090
887317303	TIME WARNER INC				7,199		501,914
891027104	TORCHMARK CORP				724		56,581
891906109	TOTAL SYST SERV INC				1,322		43,996
896945201	TRIPADVISOR INC				882		73,056
902494103	TYSON FOODS INC				2,147		71,839
902973304	US BANCORP				49,438		1,997,295
904784709	UNILEVER N.V.				134,900		5,427,027
907818108	UNION PACIFIC CORP				3,651		613,368
911312106	UNITED PARCEL SERV INC				5,666		595,383
912909108	US STEEL				1,131		33,365
913017109	UNITED TECH CORP				6,688		761,094
917047102	URBAN OUTFITTERS INC				870		32,277
918204108	V F CORPORATION				2,847		177,482
929042109	VORNADO REALTY TRUST				1,374		121,997
929160109	VULCAN MATERIALS COMPANY				1,031		61,262
931142103	WAL-MART STORES INC				77,861		6,126,882
931422109	WALGREEN CO				7,051		405,009
941848103	WATERS CORP				682		68,200
949746101	WELLS FARGO CORP				126,863		5,759,580
958102105	WESTERN DIGITAL TECHNOLOGIES I				1,681		141,036
959802109	WESTERN UNION CO/THE				4,376		75,486
962166104	WEYERHAEUSER COMPANY				4,615		145,696
963320106	WHIRLPOOL CORP				622		97,567
966837106	WHOLE FOODS MARKET				3,000		173,490
969457100	WILLIAMS COS INC				176,075		6,791,213
976657106	WISCONSIN ENERGY CORPORATION				85,800		3,546,972
983134107	WYNN RESORTS LIMITED				641		124,489
983919101	XILINX INC				2,122		97,442
984121103	XEROX CORPORATION				9,173		111,635
984332106	YAHOO INC				7,429		300,429
988498101	YUM ! BRANDS INC				3,534		267,206
989701107	ZIONS BANCORPORATION				1,457		43,652
00101J106	ADT CORP				1,580		63,943
00130H105	AES CO				5,180		75,162
00206R102	AT&T INC				41,567		1,461,496
00287Y109	ABBVIE INC				12,678		669,525
00724F101	ADOBE SYSTEMS INC				3,668		219,640
00817Y108	AETNA INC				2,905		199,254
00846U101	AGILENT TECHNOLOGIES INC				2,605		148,980
00971T101	AKAMAI TECHNOLOGIES INC.				1,435		67,703
01741R102	ALLEGHENY TECHNOLOGIES INC				832		29,644
02209S103	ALTRIA GROUP INC				15,938		611,860
03027X100	AMERICAN TOWER CORPORATION				3,111		248,320
03073E105	AMERISOURCEBERGEN CORP				1,832		128,808
03076C106	AMERIPRISE FINL INC				1,539		177,062
03748R101	APARTMENT INVEST & MGMT CO				1,165		30,185
04621X108	ASSURANT INC				580		38,495
05329W102	AUTONATION INC				509		25,292
09062X103	BIOGEN IDEC INC				1,885		527,329
09247X101	BLACKROCK INC.				14,107		4,464,442

44

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
12504L109	CBRE GROUP INC				2,208		58,070
12541W209	C.H. ROBINSON WORLDWIDE INC				1,203		70,183
12572Q105	CME GROUP INC				160,518		12,594,242
12673P105	CA INC				2,567		86,380
12686C109	CABLEVISION SYSTEMS				1,685		30,212
13342B105	CAMERON INTERNATIONAL CORP				1,888		112,393
14040H105	CAPITAL ONE FINANCIAL CORP				4,599		352,329
14149Y108	CARDINAL HEALTH INC				2,712		181,189
14170T101	CAREFUSION CORP				1,668		66,420
15135U109	CENOVUS ENERGY INC				122,000		3,495,300
15189T107	CENTERPOINT ENERGY INC.				173,618		4,024,465
17275R102	CISCO SYSTEMS INC				207,996		4,669,510
18683K101	CLIFFS NATURAL RESOURCES INC				1,201		31,478
19122T109	INTERNATIONAL CCE INC				1,916		84,553
20030N101	COMCAST CORP				20,658		1,073,493
20825C104	CONOCOPHILLIPS				9,712		686,153
20854P109	CONSOL ENERGY INC.				1,808		68,776
21036P108	CONSTELLATION BRANDS INC				1,323		93,113
22160K105	COSTCO WHOLESALE CO				3,471		413,084
23331A109	DR HORTON INC				2,219		49,528
23918K108	DAVITA HEALTHCARE PARTNERS INC				1,392		88,211
25179M103	DEVON ENERGY				2,995		185,301
25271C102	DIAMOND OFFSHORE DRILLING INC.				560		31,875
25470F104	DISCOVERY COMMUNICATIONS INC				1,777		160,676
25490A309	DIRECTV GROUP INC/THE				3,865		267,033
25746U109	DOMINION RESOURCES INC				190,724		12,337,936
26138E109	DR PEPPER SNAPPLE GROUP INC				1,594		77,660
26441C204	DUKE ENERGY CORP				5,619		387,767
26483E100	DUN & BRADSTREET CORP				294		36,089
26875P101	EOG RESOURCES INC				2,175		365,052
26884L109	EQUITABLE RESOURCES INC				1,179		105,851
28176E108	EDWARDS LIFESCIECE CORP				868		57,080
29364G103	ENTERGY CORP				1,416		89,590
29476L107	EQUITY RESIDENTIAL PROP TR				2,654		137,663
30161N101	EXELON CORPORATION				6,784		185,814
30212P303	EXPEDIA INC				822		57,261
30219G108	EXPRESS SCRIPTS, INC.				6,367		447,218
30225T102	EXTRA SPACE STORAGE INC				162,098		6,829,189
30231G102	EXXON MOBIL CO				106,146		10,741,975
30249U101	FMC TECHNOLOGIES INC				1,876		97,946
30303M102	FACEBOOK INC				12,607		689,099
31428X106	FEDEX CORP				2,357		338,866
31620M106	FIDELITY NATIONAL INFORMATION				2,320		124,538
34354P105	FLOWSERVE CORP				1,100		86,713
34988V106	FOSSIL, INC.				377		45,217
35671D857	FREEPORT-MCMORAN COPPER & GOLD				8,214		309,996
35906A108	FRONTIER CORP				7,945		36,944
36467W109	GAMESTOP CORP				919		45,270
37045V100	GENERAL MOTORS CO				8,968		366,522
37247D106	GENWORTH FINANCIAL INC				3,862		59,977
38141G104	GOLDMAN SACHS GROUP INC				3,337		591,517
38259P508	GOOGLE				2,211		2,477,890
40414L109	HCP				3,607		131,006
42217K106	HEALTH CARE REIT INC				2,284		122,354
42809H107	AMERADA HESS CORP				2,228		184,924
44107P104	HOST HOTELS & RESORTS INC				5,987		116,387
45822P105	INTEGRYS ENERGY GROUP INC				637		34,659
45866F104	INTERCONTINENTALEXCHANGE GROUP				903		203,103
46120E602	INTUITIVE SRGCAL				298		114,456
46625H100	JP MORGAN CHASE & CO				154,409		9,029,838
48203R104	JUNIPER NETWORKS INC				3,997		90,212
49446R109	KIMCO REALTY CORPORATION				3,269		64,563
49456B101	KINDER MORGAN HOLDCO LLC				194,429		6,999,444
50076Q106	KRAFT FOODS GROUP INC				4,755		256,390
50540R409	LABORATORY CORP OF AMER HLDGS				692		63,228

45

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
53217V109	LIFE TECHNOLOGIES CORP				1,377		104,377
55261F104	M&T BK CORP				33,034		3,845,818
55616P104	FEDERATED DEPARTMENT STORES IN				2,901		154,913
56585A102	MARATHON PETROLEUM CORP				2,333		214,006
57636Q104	MASTERCARD INC				825		689,255
58155Q103	MCKESSON CORP				1,849		298,429
58933Y105	MERCK & CO INC				23,094		1,155,855
59156R108	METLIFE INC				8,849		477,138
60871R209	MOLSON BREWERIES				1,247		70,019
61166W101	MONSANTO CO				4,168		485,780
61945C103	MOSAIC				2,696		127,440
64110D104	NETAPP INC				2,721		111,942
64110L106	NETFLIX INC.				462		170,095
65249B109	NEWS CORP-CL A				3,929		70,801
65339F101	FPL GROUP INC.				46,410		3,973,624
65473P105	NISOURCE INC				81,010		2,663,609
66987V109	NOVARTIS AG				35,500		2,853,490
67066G104	NVIDIA CORPORATION				4,558		73,019
67103H107	OREILLY AUTOMOTIVE INC.				857		110,304
68389X105	ORACLE CORP				27,705		1,059,993
69331C108	PG&E CORP				3,544		142,752
69351T106	PP&L CO				5,003		150,540
74005P104	PRAXAIR INC				2,338		304,010
74144T108	T. ROWE PRICE ASSOCIATION				2,058		172,399
74251V102	PRINCIPAL FIN GRP INC.				2,154		106,214
74340W103	PROLOGIS INC				258,652		9,557,191
74460D109	PUBLIC STORAGE INC				42,648		6,419,377
74733V100	QEP RESOURCES INC				1,386		42,481
74762E102	QUANTA SERVICES INC.				1,716		54,157
74834L100	QUEST DIAGNOSTICS INC				1,146		61,357
75281A109	RANGE RESOURCES CORP				1,275		107,495
75886F107	REGENERON PHARMACEUTICALS INC				623		171,475
7591EP100	REGIONS FINANCIAL CORPORATION				10,879		107,593
78442P106	SLM CORP				3,467		91,113
78462F103	SPDR TRUST SERIES 1				846,495		156,322,232
79466L302	SALESFORCE COM				4,360		240,628
80004C101	SANDISK CORP				1,782		125,702
80105N105	SANOFI SA				91,400		4,901,782
80589M102	SCANA CORP				1,121		52,609
81211K100	SEALED AIR CORP				1,559		53,084
85571B105	STARWOOD PROPERTY TRUST INC				110,000		3,047,000
85590A401	STARWOOD HOTELS & RESORTS				1,517		120,526
87612E106	TARGET CORP				5,090		322,044
88033G407	TENET HEALTHCARE CO				787		33,148
88076W103	TERADATA CORP				1,289		58,637
88579Y101	3M CO				30,087		4,219,702
88732J207	TIME WARNER CABLE INC				2,243		303,927
89417E109	TRAVELERS COS INC				2,897		262,294
90130A101	TWENTY FIRST CENTURY FOX INC C				15,574		547,893
91324P102	UNITEDHEALTH GROUP INC				7,934		597,430
91529Y106	UNUMPROVIDENT				2,046		71,774
91913Y100	VALERO ENERGY				4,235		213,444
92220P105	VARIAN MEDICAL SYSTEMS INC				838		65,104
92276F100	VENTAS, INC.				56,917		3,260,216
92343E102	VERISIGN INC				1,025		61,275
92343V104	VERIZON COMMUNICATIONS INC				22,489		1,105,109
92532F100	VERTEX PHARMACEUTICAL				1,826		135,672
92553P201	VIACOM INC NEW				3,212		280,536
92826C839	VISA USA INC				4,020		895,174
94106L109	WASTE MANAGEMENT INC				3,451		154,846
94973V107	WELLPOINT INC				2,317		214,068
97382A101	WINDSTREAM CORP				4,698		37,490
97717W851	WISDOMTREE JAPAN DIVIDEND FUND				1,010,000		51,348,400
98212B103	WPX ENERGY INC				1,580		32,200
98310W108	WYNDHAM WORLDWIDE CORP				1,042		76,785

46

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

Cusip	Security Description	Coupon	Maturity	Par		Fair Value
98389B100	XCEL ENERGY INC				3,946		110,251
98419M100	XYLEM INC/NY				1,450		50,170
98956P102	ZIMMER HOLDINGS INC				1,362		126,925
98978V103	ZOETIS INC				3,968		129,714
B4BNMY3	ACCENTURE LTD				5,058		415,869
B64GC98	TYCO INTERNATIONAL LTD.				3,658		150,124
F5485U100	LAGARDERE S.C.A.				44,804		1,668,152
G0083B108	ACTAVIS PLC				1,357		227,976
G0176J109	ALLEGION PLC				715		31,596
G0408V102	AON CORP				2,398		201,168
G27823106	DELPHI AUTOMOTIVE PLC				2,195		131,985
G29183103	EATON CORP PLC				3,797		289,028
G3157S106	ENSCO PLC				1,853		105,955
G60754101	MICHAEL KORS HOLDINGS LTD				1,492		121,135
G65431101	NOBLE CORP PLC				2,000		74,940
G7665A101	ROWAN COS PLC				974		34,441
G7945M107	SEAGATE TECHNOLOGY				2,588		145,342
G97822103	PERRIGO CO LTD				1,056		162,054
H0023R105	ACE LTD				2,698		279,324
H2906T109	GARMIN LTD.				978		45,203
H6169Q108	PENTAIR LTD				1,582		122,874
H8817H100	TRANSOCEAN LTD				2,681		132,495
N63218106	NIELSEN HOLDINGS NV				2,008		92,147
N6983Q147	PHILIPS ELECTRONICS				112,400		4,126,820
S09895293	ASTRAZENECA PLC				60,500		3,581,761
S50692110	BAYER AG				38,300		5,380,461
S61446902	BHP BILLITON LTD				107,500		3,653,684
SB02PY225	SINGAPORE TELECOM				1,459,000		4,229,320
SB0D6P437	MAPLETREE LG TR				1,200,000		1,002,693
SB192HG83	CDL HOSPITALITY TRUSTS				331,000		429,938
SB28XP766	INVESCO LTD				3,509		127,728
SB3SPXZ39	LYONDELLBASELL INDUSTRIES NV				3,471		278,652
SB5LRLL23	XL GROUP PLC				2,228		70,940
SB62B7C30	TE CONNECTIVITY LTD				3,240		178,556
SB6330308	INGERSOLL-RAND CO LTD				2,112		130,099
SB68SQD28	COVIDIEN PLC				3,644		248,156
SB87ZDH17	TELEVISION BROADCASTS LTD				230,000		1,538,030
	NEUBERGER BERMAN GREATER CHINA EQUITY FUND LTD				60,000		73,904,032
					12,924,896		699,845,588

47