Allied World Assurance 8-K Allied World Reports Solid Fourth Quarter Operating Results

Exhibit 99.3

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
002824AS9	ABBOTT LABORATORIES		5/15/11		1,200,000		1,219,855		1,267,008
002824AN0	ABBOTT LABORATORIES		2/17/09		500,000		499,121		501,339
000780ET9	ABN AMRO MTG CORP 2003-5 2A3		4/25/18		1,649,343		1,600,613		1,576,415
V05973JU3	AFRICAN DEVELOPMENT BANK SENIOR CORP BND		2/27/14		20,000,000		15,684,089		17,496,820
02660TBM4	AHM WHOLE CMO 04-3		10/25/34		3,396,920		1,621,010		1,621,010
021087QU8	ALPINE UTAH SCH DIST		3/15/11		4,775,000		4,842,113		4,974,500
021087QT1	ALPINE UTAH SCH DIST		3/15/10		4,575,000		4,632,588		4,688,140
030610AC3	AMCAR_06-AF ABS 06-AF-A3		9/6/11		8,861,076		8,653,727		8,653,727
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT		4/16/13		20,000,000		17,729,096		19,035,335
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND		5/15/10		50,000		26,000		26,000
02666QXM0	AMERICAN HONDA FINANCE CORP 144A		12/15/10		1,250,000		1,224,956		1,232,738
035229CE1	ANHEUSER-BUSCH COMPANIES INC		3/15/12		1,600,000		1,576,243		1,627,176
03588ENR0	ANNE ARUNDEL CNTY MD		3/1/13		2,000,000		2,085,169		2,205,980
04057PFH6	ARIZONA SCH FACS BRD CTFS		9/1/19		1,775,000		1,687,322		1,810,092
040580EC2	ARIZONA SCH FACS BRD REV		7/1/16		1,000,000		1,080,377		1,180,820
040654NY7	ARIZONA ST TRANSN BRD HWY REV		7/1/21		1,500,000		1,417,246		1,564,620
040654MP7	ARIZONA ST TRANSN BRD HWY REV		7/1/20		500,000		479,717		519,910
040688GV9	ARIZONA WTR INFRASTRUCTURE FIN AU		10/1/21		1,000,000		949,489		1,046,930
041826VT2	ARLINGTON TX INDPT SCH DIST		2/15/20		1,000,000		960,196		1,048,060
044074BZ4	ASHEVILLE NC WTR SYS REV		8/1/19		2,000,000		1,941,527		2,103,720
Y0338TDY5	ASIAN DEVELOPMENT BANK CORP BND MTN		12/10/14		10,000,000		7,908,458		8,815,370
Y0338TGD8	ASIAN DEVELOPMENT BANK SENIOR CORP BND MTN		5/22/15		27,700,000		21,539,386		24,007,035
78387GAP8	AT&T INC CORP BND		9/15/14		10,000,000		9,556,384		9,805,270
78387GAN3	AT&T INC CORP BND		9/15/09		1,725,000		1,713,094		1,734,812
78387GAH6	AT&T INC CORP BND		2/1/12		100,000		100,535		101,594
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND		3/1/11		15,112,000		15,928,148		15,751,886
053611AC3	AVERY DENNISON CORPORATION		1/15/13		1,500,000		1,429,568		1,344,645
054303AS1	AVON PRODUCTS INC		1/15/11		1,700,000		1,665,937		1,676,557
002451AA0	AXA FINANCIAL INC CORP BND		8/1/10		15,874,000		16,259,244		15,750,130
05522RAR9	BACCT 2006-A16 A16		5/15/13		12,000,000		11,603,389		11,469,760
05951KAX1	BAFC 06-7 A1		10/25/36		1,149,271		1,039,356		968,585
05947UDP0	BAFU CMBS_01-3 A2		10/13/10		400,000		371,176		371,176
057224AJ6	BAKER HUGHES INC		1/15/09		400,000		399,941		400,384
058508AN2	BALL ST UNIV IN UNIV REVS		7/1/18		1,900,000		1,875,079		2,030,340
07386HGG0	BALTA_04-11 WHOLE CMO 04-3		4/25/34		1,485,576		791,069		791,069
059469AA4	BANC OF AMERICA ALT LN TR 06 7 A1		10/25/36		844,992		835,578		827,642
060505DA9	BANK OF AMERICA CORP CORP BND		3/15/17		74,200,000		63,041,969		66,964,260
060505DK7	BANK OF AMERICA CORP CORP BND		9/11/12		3,525,000		3,398,626		3,543,793
06423AAG8	BANK ONE CO CORP BND		8/1/10		1,378,000		1,395,895		1,426,281

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
06422QAA7	BANK ONE CO CORP BND MTN		2/17/09		7,000,000		7,013,547		7,009,762
699490AA6	BANQ PARIBAS		7/22/13		500,000		543,867		522,660
06738CAF6	BARCLAYS BANK PLC CAPSEC CORP BND 144A		6/29/49		16,777,000		7,549,650		7,549,650
071365ZL7	BATTLE CREEK MICH		5/1/11		2,025,000		2,094,961		2,155,309
073902CE6	BEAR STEARNS CO INC CORP BND		10/28/10		50,000		48,010		49,756
07388LAE0	BEAR STEARNS SENIOR CMBS 06-PW13-A4		9/11/41		38,000,000		38,530,332		29,119,677
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND		2/15/10		60,000		61,981		61,987
084509LZ9	BERKS CNTY PA		5/15/10		2,610,000		2,677,035		2,725,101
108151UZ2	BRIDGEPORT CONN		7/15/17		750,000		791,470		807,668
07384MWF5	BSARM WHOLE CMO 03-5		8/25/33		186,106		115,963		115,963
07387AET8	BSARM WHOLE CMO 05-10		10/25/35		16,000,000		7,710,488		7,710,488
07387AEG6	BSARM WHOLE CMO 05-9		10/25/35		28,247,794		27,791,357		21,618,037
126775RR8	CABARRUS CNTY NC		2/1/18		500,000		499,265		558,665
134429AM1	CAMPBELL SOUP COMPANY		2/15/11		1,550,000		1,601,028		1,636,955
135087XB5	CANADA GOVERNMENT BND		6/1/11		21,040,000		19,546,516		18,986,040
135087WR1	CANADA GOVERNMENT BND		6/1/09		8,320,000		6,718,024		6,872,876
135087YN8	CANADA GOVERNMENT GOVT BND		6/1/13		26,000,000		22,773,508		22,690,432
135087WX8	CANADA GOVERNMENT GOVT BND		6/1/10		18,055,000		15,376,564		15,561,008
135087XT6	CANADA GOVERNMENT GOVT BND		9/1/09		9,300,000		7,249,234		7,710,271
14041GCU8	CAPITAL ONE AUTO FIN TR ABS 2006-A A3		11/15/10		3,172,456		3,172,444		3,170,552
13974CAE8	CARAT 2007-2 A4A		2/18/14		12,000,000		11,492,940		11,101,800
14312XAC5	CARMAX AUTO OWNER TR 08-2 A3A		10/15/12		4,000,000		3,990,628		3,783,538
143300CN9	CARMEL IND SCH BLDG CORP		7/15/20		1,695,000		1,773,125		1,910,807
144470AR2	CARRIER CREEK MI DRAIN DRAIN		6/1/22		1,000,000		916,290		1,020,260
17305ECU7	CCCIT ABS_05-A7 A7		10/20/10		500,000		478,620		478,620
17305EDA0	CCCIT ABS_06-A2 A2		2/10/09		500,000		499,200		499,200
12513EAG9	CD SENIOR CMBS 05-CD1		7/15/44		25,000,000		24,914,417		20,278,481
152735TB2	CENTRAL BUCKS PA SCH DIST		5/15/10		3,210,000		3,205,784		3,247,236
161571BZ6	CHAIT 2007-A9 A9		6/16/14		8,700,000		7,789,323		7,110,597
161571CH5	CHAIT ABS_07-A17 A		10/15/14		10,000,000		9,686,990		9,217,800
161045CG2	CHARLOTTE N C WTR & SWR SYS RE		6/1/19		500,000		524,871		536,975
161630AQ1	CHASE CMO_07-A1 5A1		2/25/37		5,309,393		5,219,082		4,055,845
161630AG3	CHASE CMO_07-A1-2A1		2/25/37		43,232,750		32,562,907		32,562,907
161571CG7	CHASE ISSUANCE TRUST 07-A16 A16		6/16/14		5,000,000		4,530,243		4,144,750
161571CW2	CHASE ISSUANCE TRUST 2008 A9 A9		5/15/13		5,720,000		5,467,254		5,349,172
161630AC2	CHASE WHOLE CMO_07-A1 1A3		2/25/37		23,398,168		19,942,935		19,942,935
161630AN8	CHASE WHOLE CMO_07-A1 4A1		2/25/37		7,842,939		7,131,989		7,131,989
162419AF2	CHATTANOOGA TENN INDL DEV BRD		10/1/11		2,000,000		2,059,718		2,111,320
165573QR0	CHESTER CNTY PA		8/15/22		1,000,000		950,345		1,032,210

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
167485BM2	CHICAGO ILL MUNI BND		1/1/13		5,000,000		5,256,863		5,439,200
167723CG8	CHICAGO ILL TRAN AUTH CAP GRNT		6/1/10		2,070,000		2,111,687		2,144,624
172311AN2	CINCINNATI OH WTR SYS REV		12/1/14		1,750,000		1,835,048		1,906,310
17275RAB8	CISCO SYSTEMS INC CORP BND		2/22/11		75,000		76,545		77,663
17303CBM2	CITIBANK CREDIT CARD MASTER TR ABS_99-2-A		3/10/09		500,000		499,722		499,722
17310MBQ2	CITIGROUP COMM MTG TR 06 C5 AMP2		10/15/49		500,000		329,714		137,030
172967CX7	CITIGROUP INC		5/18/10		2,200,000		2,059,996		2,048,308
17313UAA7	CITIGROUP INC - GTD CORP BND		12/9/11		15,900,000		15,861,368		16,469,220
172967BC4	CITIGROUP INC CORP BND		1/18/11		53,800,000		55,177,464		52,980,432
172967BJ9	CITIGROUP INC CORP BND		2/21/12		260,000		237,540		257,335
17310MAE0	CITIGROUP SENIOR CMBS 06-C5 A4		10/15/49		66,000,000		66,246,139		49,498,328
12513YAF7	CITIGROUP/DEUTSCHE BK COMM MTG 07		12/11/49		2,250,000		1,570,725		1,570,725
181059BM7	CLARK CNTY NV SCH DIST		6/15/17		1,500,000		1,495,199		1,606,800
184126UY4	CLAYTON CNTY & CLAYTON CNTY GA		5/1/20		2,000,000		1,887,847		2,084,500
189054AC3	CLOROX COMPANY		2/1/11		1,000,000		994,958		1,001,350
189194CL5	CLOVERDALE IN MULTI-SCH BLDG		7/15/19		1,365,000		1,319,951		1,445,822
201728EA6	CMAC SENIOR CMBS 99-C1		6/15/31		3,238,195		3,248,623		3,215,755
161444AB0	CMAOT ABS_06-B A3		4/30/09		151,036		149,922		149,922
17307GJG4	CMLTI ABS 04-OPT1		10/25/34		2,234,561		1,117,280		1,117,280
190828UV3	COBB CNTY GA WTR & SEW REV		7/1/10		2,000,000		2,061,724		2,100,980
199491RW3	COLUMBUS OH		7/1/12		500,000		528,709		555,255
199491QC8	COLUMBUS OHIO		7/1/11		2,500,000		2,595,340		2,681,000
14041NDZ1	COMET ABS_07-A9 A9		8/15/12		28,000,000		27,134,801		27,134,801
20046PAB4	COMM CMBS_00-C1 A2		9/4/09		315,489		309,284		309,284
126175AH1	COMM_03-LB1A SENIOR CMBS 03-LB1A 144A		6/10/10		39,248,212		460,673		827,745
20772GEY0	CONNECTICUT ST		12/1/11		4,625,000		4,822,430		5,010,263
20772GYH5	CONNECTICUT ST		6/1/17		1,750,000		1,761,939		1,965,355
20774UWJ0	CONNECTICUT ST HEALTH & EDL		7/1/10		1,125,000		1,156,558		1,173,589
207758AY9	CONNECTICUT ST SPL TAX OBLIG REV		7/1/19		650,000		618,212		677,755
20825UAB0	CONOCO INC CORP BND		10/15/11		50,000		51,823		52,312
209111DJ9	CONSOLIDATED EDISON CO OF NEW YORK		9/1/10		1,000,000		1,023,020		1,046,950
209111DZ3	CONSOLIDATED EDISON CO OF NEW YORK		7/1/12		550,000		532,201		553,063
2131838D1	COOK CNTY IL		11/15/19		1,000,000		952,985		1,058,570
12668BJF1	COUNTRYWIDE ALT LN TR 06 OC1 2A1		3/25/36		158,882		157,022		156,051
126671ZJ8	COUNTRYWIDE HOME EQUITY LN TR ABS 2003-D A		6/15/29		3,065,833		1,658,804		1,658,804
12669E5B8	COUNTRYWIDE HOME LN 2003-50 A1		11/25/18		1,737,291		1,663,931		1,724,889
12669EYQ3	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-37		8/25/33		161,093		100,931		100,931
224044BP1	COX COMMUNICATIONS INC SERIES WI		1/15/10		3,439,000		3,324,413		3,324,413
22541LAN3	CREDIT SUISSE FIRST BOSTON CORP BND		6/1/09		21,530,000		21,524,934		21,616,545

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
22541LAL7	CREDIT SUISSE FIRST BOSTON CORP BND		1/15/09		14,500,000		14,491,834		14,496,039
22541LAQ6	CREDIT SUISSE FIRST BOSTON CORP BND		1/15/10		50,000		49,560		50,191
126384AJ5	CREDIT SUISSE MTG CAP 07 2 2A1		3/25/37		2,092,480		1,783,519		1,390,801
12638PBU2	CREDIT SUISSE MTG CAP 07 3 4A5		4/25/37		2,172,668		1,852,947		1,714,886
126380AB0	CREDIT SUISSE MTG CAP CERT 06-9 2		11/25/36		2,603,820		2,087,231		1,896,295
22545BAA9	CREDIT SUISSE MTG CAP CERT 06-C2		3/15/39		1,831,691		1,777,578		1,741,608
22541QAM4	CS FIRST BOSTON WHOLE CMO 03-11		6/25/33		201,974		2,950		3,867
22541QDG4	CSFB MTG SECS CORP 03 C3 A3		5/15/38		2,229,629		2,102,139		2,130,723
22540VGE6	CSFB SENIOR CMBS 01-CKN5-A4		9/15/34		46,035,494		46,217,538		42,693,340
22541NVB2	CSFB SENIOR CMBS 02-CP5 144A		12/15/35		27,904,308		184,886		382,568
22541NT82	CSFB WHOLE CMO 03-8		4/25/33		199,463		1,476		5,705
230822PL6	CUMBERLAND VALLEY PA SCH DIST		11/15/20		1,300,000		1,232,995		1,356,628
231266DM6	CURATORS UNIV MO SYS FACS REV		11/1/21		2,000,000		1,840,529		2,078,280
126650AV2	CVS CAREMARK CORP CORP BND		9/15/14		10,160,000		9,369,726		9,496,946
126650BH2	CVS CAREMARK CORP CORP BND		6/1/17		5,000,000		4,628,276		4,682,408
235308KE2	DALLAS TX INDPT SCH DIST		8/15/21		1,605,000		1,515,928		1,675,058
233889AE4	DCAT 2008-B A3A		9/10/12		4,950,000		4,695,916		4,579,146
249164HG2	DENVER CO CITY & CNTY		8/1/21		2,000,000		1,895,483		2,098,800
2491817F9	DENVER COLO CITY & CNTY ARPT		11/15/10		3,000,000		2,992,525		2,981,610
249183LD4	DENVER COLO CITY & CNTY CTFS		5/1/20		2,325,000		2,403,832		2,457,641
249575AM3	DEPFA ACS BANK		6/28/11		2,800,000		2,970,734		2,674,028
250119BY9	DES MOINES IA MET WASTEWATER		6/1/19		1,045,000		1,005,138		1,110,731
251255ZJ7	DETROIT MI WTR SUPPLY SYS		7/1/22		1,000,000		1,039,607		1,059,120
251255C94	DETROIT MICH WTR SUPPLY SYS		7/1/33		2,000,000		2,117,833		2,207,540
D20658NG7	DEUTSCHE BUNDESREPUBLIK GOVT BND		1/4/10		12,280,000		16,228,008		17,875,660
254760C66	DISTRICT COLUMBIA		6/1/10		5,750,000		5,889,616		5,918,475
23322BGB8	DLJCM CMBS 99_CG3 A1B		7/23/09		355,743		351,762		351,762
260003AD0	DOVER CORPORATION		2/15/11		1,000,000		1,017,974		1,022,220
263534BM0	DU PONT (EI) DE NEMOURS & COMPANY		4/30/10		1,700,000		1,688,473		1,713,685
282317HC3	EGG HARBOR TWP NJ SCH DIST		7/15/19		1,320,000		1,350,701		1,487,508
291011AT1	EMERSON ELECTRIC COMPANY		5/1/13		1,000,000		965,720		997,220
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 144A		1/15/13		15,000,000		13,822,577		13,822,577
29270CPB5	ENERGY NORTHWEST WA ELEC REV		7/1/15		2,000,000		2,028,816		2,209,760
293791AN9	ENTERPRISE PROD OPER L.P. SENIOR CORP BND		10/15/14		25,528,000		22,459,222		22,459,222
294223LN0	EPHRATA PA AREA SCH DIST		3/1/19		500,000		478,478		503,555
30769PAA0	FARMER MAC AGENCY BND 144A		7/15/11		15,900,000		15,867,354		17,333,583
06050BAA9	FDIC GTD TLGP BANK OF AMERICA COR		6/15/12		121,900,000		121,858,067		127,239,315
36967HAD9	FDIC GTD TLGP GENERAL ELEC CAP CO		12/9/11		45,900,000		45,831,530		47,576,604
481247AA2	FDIC GTD TLGP JPMORGAN CHASE & CO		12/1/11		18,900,000		18,888,590		19,713,064

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
846042AA7	FDIC GTD TLGP SOVEREIGN BANK		1/17/12		7,000,000		6,993,406		7,181,020
31331YEJ5	FEDERAL FARM CREDIT BANK AGENCY BND		11/15/18		28,115,000		28,596,245		32,900,173
31331YR44	FEDERAL FARM CREDIT BANK AGENCY BND		5/21/15		23,000,000		22,713,837		25,419,600
31331SG56	FEDERAL FARM CREDIT BANK AGENCY BND		6/21/10		20,300,000		20,291,707		21,278,460
31331SP56	FEDERAL FARM CREDIT BANK AGENCY BND		7/13/12		17,475,000		16,828,657		18,874,748
31331SVR1	FEDERAL FARM CREDIT BANK AGENCY BND		4/27/10		15,540,000		15,543,727		16,245,516
31331Y4P2	FEDERAL FARM CREDIT BANK AGENCY BND		11/6/17		11,435,000		11,460,853		13,149,107
31331XU75	FEDERAL FARM CREDIT BANK AGENCY BND		8/13/14		5,000,000		5,019,272		5,651,500
31331VPV2	FEDERAL FARM CREDIT BANK AGENCY BND		4/1/16		2,975,000		2,956,735		3,371,865
31331S4Z3	FEDERAL FARM CREDIT BANK AGENCY BND		8/8/11		1,600,000		1,584,460		1,714,400
31331ST29	FEDERAL FARM CREDIT BANK AGENCY BND		4/25/12		1,400,000		1,380,394		1,514,240
31331SH97	FEDERAL FARM CREDIT BANK AGENCY BND		4/24/12		1,000,000		981,815		1,071,663
31331SRZ8	FEDERAL FARM CREDIT BANK AGENCY BND		4/15/09		50,000		50,107		50,545
31331SNF6	FEDERAL FARM CREDIT BANK AGENCY BND		1/15/09		50,000		50,008		50,067
31393KLM5	FEDERAL HOME LOAN MTG CORP 2570 C		7/15/17		997,462		982,299		1,002,513
31393MFK2	FEDERAL HOME LOAN MTG CORP 2591 W		2/15/30		1,995,300		1,948,326		2,000,989
31403DC56	FEDERAL NATIONAL MTG ASSOC # 7453		12/1/20		14,195,237		13,819,579		14,574,575
3133XBT39	FHLB AGENCY BND		6/8/12		80,000,000		80,543,438		85,166,394
3133XBMT9	FHLB AGENCY BND		11/14/14		43,345,000		42,810,776		46,855,075
3133XD4P3	FHLB AGENCY BND		9/11/20		39,000,000		37,616,798		42,291,994
31339YL83	FHLB AGENCY BND		1/21/11		27,000,000		26,653,952		28,350,000
3133X85H1	FHLB AGENCY BND		8/10/10		24,600,000		24,433,434		25,928,400
3133MATQ2	FHLB AGENCY BND		2/12/10		24,000,000		24,624,376		25,459,439
3133XLWM1	FHLB AGENCY BND		9/12/14		15,415,000		15,789,110		17,254,934
3133X6PG5	FHLB AGENCY BND		4/26/10		8,000,000		7,912,085		8,340,000
3133MB2B2	FHLB AGENCY BND		2/13/15		1,800,000		1,976,678		2,278,620
3133XCZJ5	FHLB AGENCY BND		8/26/13		1,000,000		985,102		1,090,900
3133X3YY3	FHLB AGENCY BND		2/13/09		400,000		399,225		401,500
3133XBB20	FHLB AGENCY BND		3/17/10		250,000		253,590		258,790
3133XBTH8	FHLB AGENCY BND		6/11/10		23,000,000		22,590,170		23,588,338
3137EABA6	FHLMC AGENCY BND		11/17/17		50,000,000		51,299,131		57,893,502
3137EAAD1	FHLMC AGENCY BND		4/18/16		50,000,000		51,876,517		56,953,003
3134A4QD9	FHLMC AGENCY BND		7/15/12		45,300,000		45,810,075		50,273,033
3134A3M78	FHLMC AGENCY BND		9/15/09		44,000,000		44,429,078		45,808,663
3134A35H5	FHLMC AGENCY BND		9/15/10		721,000		745,175		787,620
3134A4UQ5	FHLMC AGENCY BND		4/15/09		250,000		250,009		252,192
3134A4US1	FHLMC AGENCY BND		7/15/09		200,000		200,831		204,005
3134A4UW2	FHLMC AGENCY BND		12/15/09		100,000		100,611		102,954
3128X1ML8	FHLMC AGENCY BND		6/30/09		40,000,000		39,783,319		40,468,000

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31393PUH5	FHLMC AGENCY CMO 2603		8/15/18		693,809		3,677		3,677
31396NAL0	FHLMC AGENCY CMO 3138 X		4/15/36		1,031,621		985,817		985,817
31396TYH0	FHLMC AGENCY CMO 3167 X		6/15/36		3,886,830		3,434,378		3,709,725
31397FYK2	FHLMC AGENCY CMO 3291 XA		3/15/37		1,540,920		1,256,531		1,439,374
3134A4DY7	FHLMC AGENCY NT		3/15/11		30,000,000		30,842,089		32,672,399
31393M5X5	FHLMC CMO AGENCY CMO 2580		12/15/16		2,656,260		96,157		96,157
3128KDC94	FHLMC GOLD POOL # A50996		7/1/36		349,476		354,014		363,385
3128KDYX7	FHLMC GOLD POOL # A51626		8/1/36		210,085		212,811		218,814
3128KEHN6	FHLMC GOLD POOL # A52037		10/1/36		615,249		623,217		639,736
3128KE5H2	FHLMC GOLD POOL # A52648		9/1/36		376,862		381,758		392,520
3128KFBL3	FHLMC GOLD POOL # A52743		9/1/36		6,050,056		6,128,635		6,290,848
3128KLU47	FHLMC GOLD POOL # A57803		2/1/37		138,941		140,745		144,471
3128KVAR6	FHLMC GOLD POOL # A64516		8/1/37		360,939		365,635		375,269
3128LCG75	FHLMC GOLD POOL # A78322		12/1/37		2,609,830		2,643,740		2,713,441
3128LCXZ4	FHLMC GOLD POOL # A78796		6/1/38		5,352,238		5,421,357		5,564,186
312926W87	FHLMC GOLD POOL # A80671		11/1/37		1,813,080		1,836,629		1,885,784
312927NN2	FHLMC GOLD POOL # A81297		8/1/38		388,575		393,653		404,467
312928HJ6	FHLMC GOLD POOL # A82033		9/1/38		430,456		436,043		447,502
312928KL7	FHLMC GOLD POOL # A82099		9/1/38		5,569,834		5,642,181		5,790,400
312928UV4	FHLMC GOLD POOL # A82396		10/1/38		599,048		606,820		622,771
3129284B7	FHLMC GOLD POOL # A82618		10/1/38		3,505,852		3,551,349		3,644,684
3129285C4	FHLMC GOLD POOL # A82643		10/1/38		3,570,305		3,616,591		3,712,046
312929BZ4	FHLMC GOLD POOL # A82756		10/1/38		2,250,058		2,279,235		2,339,160
312929MJ8	FHLMC GOLD POOL # A83061		11/1/38		488,265		494,608		507,600
312962J53	FHLMC GOLD POOL # B10284		10/1/18		1,613,123		1,619,102		1,671,067
312962KD4	FHLMC GOLD POOL # B10292		10/1/18		178,090		178,750		184,487
312962Q63	FHLMC GOLD POOL # B10477		10/1/18		28,736		28,843		29,768
312962UW1	FHLMC GOLD POOL # B10597		11/1/18		2,668,137		2,678,074		2,763,977
3129624Q3	FHLMC GOLD POOL # B10831		11/1/18		183,821		184,499		190,424
312963BP5	FHLMC GOLD POOL # B10946		12/1/18		181,743		182,421		188,271
312963G70	FHLMC GOLD POOL # B11122		11/1/18		868,957		872,166		900,170
312963L74	FHLMC GOLD POOL # B11250		11/1/18		58,666		58,885		60,774
312963VY4	FHLMC GOLD POOL # B11531		12/1/18		330,754		331,993		342,635
312963WH0	FHLMC GOLD POOL # B11548		12/1/18		33,995		34,121		35,216
312963ZG9	FHLMC GOLD POOL # B11643		11/1/18		259,194		260,160		268,505
312964QW2	FHLMC GOLD POOL # B12269		2/1/19		525,099		527,050		543,961
312964RW1	FHLMC GOLD POOL # B12301		2/1/14		1,902,058		1,818,852		1,940,738
312964WX3	FHLMC GOLD POOL # B12462		10/1/18		811,582		814,591		840,735
3129642B4	FHLMC GOLD POOL # B12570		3/1/19		814,277		816,528		842,769

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
312965A71	FHLMC GOLD POOL # B12730		3/1/14		3,398,615		3,305,439		3,467,730
312965CH7	FHLMC GOLD POOL # B12772		3/1/14		3,259,252		3,116,550		3,325,533
312965DX1	FHLMC GOLD POOL # B12818		3/1/14		2,795,235		2,672,992		2,852,079
312965DY9	FHLMC GOLD POOL # B12819		3/1/14		3,285,541		3,195,520		3,352,356
312965FY7	FHLMC GOLD POOL # B12883		3/1/14		2,899,046		2,771,950		2,958,001
312965GT7	FHLMC GOLD POOL # B12910		3/1/14		2,259,710		2,160,605		2,305,663
312965GU4	FHLMC GOLD POOL # B12911		3/1/14		2,496,841		2,387,441		2,547,616
312965MP8	FHLMC GOLD POOL # B13066		3/1/14		11,054,279		10,752,157		11,279,078
312965QA7	FHLMC GOLD POOL # B13149		11/1/18		412,752		414,272		427,578
312965WC6	FHLMC GOLD POOL # B13343		4/1/14		1,453,604		1,389,503		1,483,165
312965WD4	FHLMC GOLD POOL # B13344		4/1/14		1,967,914		1,881,486		2,007,933
312965WU6	FHLMC GOLD POOL # B13359		4/1/14		1,701,949		1,627,385		1,736,560
312965WV4	FHLMC GOLD POOL # B13360		4/1/14		2,721,678		2,602,190		2,777,026
312966WU4	FHLMC GOLD POOL # B14259		5/1/19		1,838,003		1,843,038		1,902,316
312967MC3	FHLMC GOLD POOL # B14855		6/1/14		2,789,256		2,720,106		2,868,298
312967MH2	FHLMC GOLD POOL # B14860		5/1/14		5,095,331		4,789,348		5,198,950
312968QL7	FHLMC GOLD POOL # B15859		12/1/18		3,976,219		3,992,064		4,123,566
312969VY1	FHLMC GOLD POOL # B16931		10/1/14		10,734,356		10,549,624		11,038,544
3129696M5	FHLMC GOLD POOL # B17176		11/1/14		5,898,802		5,538,028		6,018,760
3129714D3	FHLMC GOLD POOL # B18920		3/1/15		7,691,907		7,199,946		7,791,518
31335H2K8	FHLMC GOLD POOL # C90778		11/1/23		3,538,682		3,380,649		3,615,825
3128E27C4	FHLMC GOLD POOL # D96291		9/1/23		2,098,456		2,004,604		2,144,203
31294KN43	FHLMC GOLD POOL # E01311		2/1/18		2,371,713		2,380,351		2,456,905
31294KP25	FHLMC GOLD POOL # E01341		3/1/18		3,409,063		3,421,502		3,531,516
31294KUR4	FHLMC GOLD POOL # E01492		10/1/18		1,563,807		1,569,603		1,619,979
31294KUT0	FHLMC GOLD POOL # E01494		9/1/18		13,387,544		13,437,079		13,868,425
3128GYT46	FHLMC GOLD POOL # E94171		2/1/18		176,838		177,477		183,190
3128GYVB7	FHLMC GOLD POOL # E94210		2/1/18		171,319		171,989		177,668
3128GYVC5	FHLMC GOLD POOL # E94211		2/1/18		83,809		84,114		86,819
3128GYXN9	FHLMC GOLD POOL # E94285		2/1/18		169,143		169,758		175,219
3128H2GB3	FHLMC GOLD POOL # E94694		2/1/18		39,405		39,547		40,821
3128H2PG2	FHLMC GOLD POOL # E94923		3/1/18		722,888		725,527		748,854
3128H2UK7	FHLMC GOLD POOL # E95086		3/1/18		68,758		69,008		71,228
3128H2WU3	FHLMC GOLD POOL # E95159		3/1/18		235,830		236,687		244,301
3128H26M0	FHLMC GOLD POOL # E95376		3/1/18		1,671,345		1,677,868		1,733,280
3128H26W8	FHLMC GOLD POOL # E95385		2/1/18		748,110		751,043		775,833
3128H3GB1	FHLMC GOLD POOL # E95594		4/1/18		443,532		445,163		459,463
3128H3QL8	FHLMC GOLD POOL # E95859		4/1/18		168,133		168,747		174,172
3128H4DB2	FHLMC GOLD POOL # E96398		5/1/18		76,151		76,429		78,886

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
3128H5VJ2	FHLMC GOLD POOL # E97817		7/1/18		46,442		46,612		48,111
3128H6SY1	FHLMC GOLD POOL # E98635		8/1/18		2,103,806		2,111,487		2,179,374
3128H6WU4	FHLMC GOLD POOL # E98759		8/1/18		397,677		399,134		411,962
3128H6ZC1	FHLMC GOLD POOL # E98839		7/1/18		163,969		164,611		170,045
3128H7PN6	FHLMC GOLD POOL # E99429		9/1/13		4,228,046		4,118,809		4,314,065
3128H7QL9	FHLMC GOLD POOL # E99459		9/1/18		1,261,401		1,266,033		1,306,711
3128H7R95	FHLMC GOLD POOL # E99512		9/1/18		1,137,737		1,141,935		1,178,605
3128H7YH9	FHLMC GOLD POOL # E99712		10/1/18		180,944		181,623		187,443
3128H77K2	FHLMC GOLD POOL # E99898		10/1/18		459,994		461,720		476,517
3128M5LF5	FHLMC GOLD POOL # G03626		12/1/37		194,069		196,588		201,773
3128M6UD8	FHLMC GOLD POOL # G04780		1/1/38		588,709		596,362		612,081
31283KJU3	FHLMC GOLD POOL # G11175		12/1/14		1,451,919		1,466,431		1,514,851
31283KT40	FHLMC GOLD POOL # G11471		11/1/13		4,432,626		4,316,821		4,522,807	��
31283K2C1	FHLMC GOLD POOL # G11671		11/1/14		11,470,289		11,271,801		11,795,333
31283K4C9	FHLMC GOLD POOL # G11719		6/1/20		17,255,270		17,036,981		17,817,726
31283K6U7	FHLMC GOLD POOL # G11783		8/1/15		4,365,284		4,248,955		4,483,614
3128M1T41	FHLMC GOLD POOL # G12471		12/1/18		14,338,426		14,117,153		14,770,889
3128JLDM8	FHLMC POOL # 1B1107		9/1/33		4,953,256		4,871,312		4,980,911
3128JLEY1	FHLMC POOL # 1B1150		9/1/33		9,221,665		9,069,746		9,274,045
3128JLHB8	FHLMC POOL # 1B1225		9/1/33		1,127,409		1,109,675		1,130,123
3128JMW45	FHLMC POOL # 1B2566		11/1/34		1,810,666		1,794,739		1,822,868
3128JMY68	FHLMC POOL # 1B2632		11/1/34		2,223,316		2,203,591		2,241,080
3128JMZG5	FHLMC POOL # 1B2642		11/1/34		3,016,295		2,989,950		3,052,471
3128JM6N2	FHLMC POOL # 1B2776		2/1/35		4,376,109		4,324,863		4,409,958
3128JM7E1	FHLMC POOL # 1B2792		2/1/35		2,996,121		2,961,152		3,019,716
3128JNAL9	FHLMC POOL # 1B2810		2/1/35		3,747,075		3,703,131		3,788,360
3128NCBF0	FHLMC POOL # 1G0038		1/1/35		3,731,449		3,694,401		3,744,842
3128NCBH6	FHLMC POOL # 1G0040		1/1/35		1,105,944		1,085,731		1,099,584
3128NCBW3	FHLMC POOL # 1G0053		2/1/35		4,433,387		4,382,446		4,454,790
3128NCDH4	FHLMC POOL # 1G0104		2/1/35		1,854,289		1,835,426		1,860,618
3128QLPD7	FHLMC POOL # 1H2520		6/1/35		39,198,487		38,791,361		38,791,361
3128QLP54	FHLMC POOL # 1H2544		11/1/35		23,682,095		23,226,157		23,816,372
3128S4E52	FHLMC POOL # 1Q0156		10/1/35		12,599,393		12,477,125		12,695,778
31342A6F1	FHLMC POOL # 780870		9/1/33		7,532,005		7,413,296		7,472,454
31349UCW6	FHLMC POOL # 782785		10/1/34		3,120,388		3,092,283		3,067,886
31349UEJ3	FHLMC POOL # 782837		11/1/34		6,066,046		5,990,347		5,992,364
31349UJM1	FHLMC POOL # 782968		1/1/35		3,796,699		3,745,169		3,748,834
31349ULB2	FHLMC POOL # 783022		2/1/35		6,905,873		6,838,632		6,926,038
31349ULF3	FHLMC POOL # 783026		2/1/35		3,747,380		3,703,341		3,709,295

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31349UMF2	FHLMC POOL # 783058		3/1/35		12,954,037		12,821,912		12,848,712
3128JRKQ8	FHLMC POOL # 847503		12/1/35		883,436		863,052		889,528
3128JRP26	FHLMC POOL # 847641		12/1/33		3,001,346		2,977,432		3,005,909
31297NKT2	FHLMC POOL A33006		8/1/35		2,581,349		2,384,071		2,618,469
3128K8FT8	FHLMC POOL A47378		10/1/35		2,730,888		2,522,051		2,770,158
31292HYA6	FHLMC POOL C01605		7/1/33		6,516,258		6,033,083		6,618,041
3128MMAC7	FHLMC POOL G18002		7/1/19		1,445,746		1,421,344		1,488,670
31393VPH8	FHLMC_2627 CMO 2628-OD		7/15/17		31,560,900		30,851,726		32,321,518
31396AFE9	FHLMC_3035 AGENCY CMO 3028		12/15/26		12,873,247		12,874,755		13,049,610
31396A7E8	FHLMC_3035 CMO AGENCY 3038 XA		9/15/35		1,124,153		989,306		1,020,281
31397F7E6	FHLMC_3271 AGENCY CMO 3274 SX		7/15/36		443,308		483,674		435,240
31397FES7	FHLMC_3271 AGENCY CMO 3275 UF		2/15/37		739,159		664,782		770,574
31393LJD6	FHR 2564 GC		8/15/30		1,578,555		1,567,625		1,587,115
31393QVD1	FHR 2618 NE		6/15/13		747,389		743,656		753,116
33736XAB5	FIRST UNION NAT BANK CMBS_00-C1 A2		8/18/09		474,361		466,150		466,150
33736XAX7	FIRST UNION NAT BANK CMBS_00-C2 A2		11/22/09		478,807		465,007		465,007
31359MFS7	FNMA AGENCY BND		6/15/10		50,000,000		51,285,115		54,147,499
31359MEY5	FNMA AGENCY BND		9/15/09		20,500,000		20,699,911		21,342,672
3136F3TQ9	FNMA AGENCY BND		5/27/10		11,000,000		10,822,504		11,375,771
31359MUQ4	FNMA AGENCY BND		3/16/09		10,350,000		10,314,006		10,412,057
31359MJH7	FNMA AGENCY BND		5/15/11		8,000,000		8,117,798		8,824,960
31359MD67	FNMA AGENCY BND		6/8/09		2,050,000		2,044,319		2,083,688
31359MFG3	FNMA AGENCY BND		1/15/10		1,450,000		1,485,346		1,540,814
31359MHK2	FNMA AGENCY BND		3/15/11		500,000		507,182		543,195
31359MEK5	FNMA AGENCY BND		1/15/09		510,000		510,369		510,960
31371KBQ3	FNMA POOL # 253947		8/1/31		21,919		22,731		22,933
31371K5U1	FNMA POOL # 254759		6/1/18		279,791		272,314		288,235
31371LAB5	FNMA POOL # 254802		7/1/18		35,100		34,162		36,159
31371LJV2	FNMA POOL # 255076		1/1/19		129,230		125,758		133,131
31371LJX8	FNMA POOL # 255078		2/1/19		16,434		15,991		16,930
31371LMZ9	FNMA POOL # 255176		4/1/19		43,606		42,388		44,843
31371LPL7	FNMA POOL # 255227		5/1/19		1,083,816		1,063,853		1,114,555
31371LQ28	FNMA POOL # 255273		6/1/19		200,556		194,946		206,245
31371LSF7	FNMA POOL # 255318		8/1/19		108,930		105,879		112,020
31371LU64	FNMA POOL # 255405		9/1/19		116,799		113,518		120,112
31371LXD6	FNMA POOL # 255476		10/1/19		54,270		52,744		55,809
31371LXX2	FNMA POOL # 255494		11/1/19		144,982		140,905		149,094
31371LZJ1	FNMA POOL # 255545		1/1/15		5,653,625		5,444,034		5,787,615
31371LZK8	FNMA POOL # 255546		12/1/19		1,066,017		1,036,004		1,096,251

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31371LZL6	FNMA POOL # 255547		1/1/20		1,228,459		1,193,859		1,263,301
31371MFY8	FNMA POOL # 255883		8/1/35		15,138,394		14,818,879		15,152,321
31371NTS4	FNMA POOL # 257161		4/1/38		6,872,740		6,776,200		7,064,020
31371NYM1	FNMA POOL # 257316		7/1/23		678,401		656,741		695,625
31371QU71	FNMA POOL # 259006		3/1/30		69,819		72,369		73,196
31375BUQ8	FNMA POOL # 330091		2/1/23		158,469		164,395		166,113
31375KSE8	FNMA POOL # 337217		12/1/24		58,033		60,609		61,224
31376CTB0	FNMA POOL # 351646		12/1/24		12,826		13,315		13,445
31376KAM8	FNMA POOL # 357412		7/1/18		266,918		259,791		274,974
31376KEA0	FNMA POOL # 357529		3/1/19		47,422		46,131		48,767
31376KEJ1	FNMA POOL # 357537		3/1/19		183,350		178,233		188,550
31376KHV1	FNMA POOL # 357644		11/1/19		129,886		126,238		133,570
31376KJR8	FNMA POOL # 357672		12/1/19		78,391		76,184		80,614
31376KKG0	FNMA POOL # 357695		1/1/20		1,114		1,082		1,145
31376KKK1	FNMA POOL # 357698		1/1/15		2,913,003		2,854,930		2,999,519
31377XSA6	FNMA POOL # 390313		6/1/27		121,235		125,948		127,145
31379T6G4	FNMA POOL # 429371		2/1/14		66,894		66,393		68,550
31384VP63	FNMA POOL # 535145		2/1/30		941,781		976,389		985,338
31384VP97	FNMA POOL # 535148		2/1/30		222,948		231,157		233,259
31384VUE0	FNMA POOL # 535281		4/1/30		1,222,561		1,267,616		1,279,104
31384WLB4	FNMA POOL # 535922		3/1/31		68,031		70,529		71,321
31384WVT4	FNMA POOL # 536226		5/1/30		42,211		43,759		44,252
31384Y2A3	FNMA POOL # 538169		4/1/30		68,868		71,409		72,199
31385FVZ6	FNMA POOL # 543432		6/1/30		143,057		148,303		149,975
31385GZH0	FNMA POOL # 544444		9/1/30		1,582		1,640		1,658
31385QRZ7	FNMA POOL # 549604		8/1/30		5,704		5,914		5,980
31385RB58	FNMA POOL # 550060		4/1/30		1,741,221		1,831,975		1,893,578
31385VYT2	FNMA POOL # 554322		9/1/30		72,842		75,511		76,364
31385W6Z7	FNMA POOL # 555388		3/1/18		1,808,464		1,780,221		1,875,548
31385XEW3	FNMA POOL # 555549		6/1/18		690,522		685,134		714,292
31385XK48	FNMA POOL # 555715		7/1/33		2,204,686		2,183,308		2,191,939
31385XL21	FNMA POOL # 555745		9/1/18		683,285		665,001		703,906
31386XQU3	FNMA POOL # 576567		2/1/31		2,549,580		2,642,372		2,672,874
31387EBE6	FNMA POOL # 581537		6/1/31		80,580		83,553		84,307
31388DTM0	FNMA POOL # 601856		1/1/31		34,742		36,110		36,436
31388HTX7	FNMA POOL # 605466		8/1/31		31,082		32,234		32,519
31388UJF8	FNMA POOL # 615062		1/1/17		2,572,112		2,532,568		2,667,523
31388XVV3	FNMA POOL # 618128		8/1/33		8,989,216		8,787,203		8,787,203
31389EU78	FNMA POOL # 623506		12/1/11		794,858		798,450		824,666

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31389EVA0	FNMA POOL # 623509		12/1/16		3,828,272		3,858,165		3,974,512
31389EVB8	FNMA POOL # 623510		12/1/16		3,708,363		3,737,464		3,850,023
31389FPM8	FNMA POOL # 624228		1/1/17		1,661,112		1,635,606		1,722,730
31389FQ62	FNMA POOL # 624277		1/1/17		1,198,076		1,179,751		1,242,518
31389XHM8	FNMA POOL # 638436		3/1/12		584,626		592,897		609,155
31390WML3	FNMA POOL # 658363		5/1/18		19,521		19,001		20,110
31391AKC2	FNMA POOL # 660991		7/1/32		9,787		10,150		10,239
31391PTM8	FNMA POOL # 672956		12/1/17		28,092,072		28,109,444		29,057,912
31391PUF1	FNMA POOL # 672982		12/1/17		756,655		750,761		783,441
31391W3Y5	FNMA POOL # 679515		2/1/18		50,789		49,427		52,381
31391YNL7	FNMA POOL # 680895		1/1/18		40,185		39,139		41,444
31400EGH7	FNMA POOL # 685200		3/1/18		614,486		609,698		635,638
31400JL98	FNMA POOL # 688952		4/1/33		9,949,015		9,842,109		9,951,652
31400JRE1	FNMA POOL # 689085		6/1/18		233,991		227,754		241,052
31400KM52	FNMA POOL # 689880		10/1/18		963,823		949,896		992,910
31400QJ87	FNMA POOL # 694287		3/1/33		256,986		254,406		258,954
31400Q7M9	FNMA POOL # 694900		4/1/18		191,501		186,390		197,280
31400SA33	FNMA POOL # 695826		4/1/18		571,936		567,466		591,624
31400SB81	FNMA POOL # 695863		5/1/18		227,881		221,761		234,759
31400SCG2	FNMA POOL # 695871		4/1/18		125,824		122,466		129,621
31400SDG1	FNMA POOL # 695903		5/1/18		2,547		2,480		2,624
31400TMR5	FNMA POOL # 697068		5/1/18		22,560		21,957		23,240
31400UMA9	FNMA POOL # 697953		1/1/19		52,360		50,952		53,845
31400YPL4	FNMA POOL # 701627		3/1/18		207,584		202,051		213,848
31401A3C9	FNMA POOL # 702895		4/1/18		716,824		711,231		739,977
31401BYS8	FNMA POOL # 703721		3/1/18		11,609		11,300		11,959
31401HTQ5	FNMA POOL # 708959		6/1/18		14,532		14,143		14,970
31401JSE9	FNMA POOL # 709817		5/1/18		239,864		233,478		247,102
31401L7J6	FNMA POOL # 711997		9/1/18		19,201		18,688		19,780
31401MB26	FNMA POOL # 712057		7/1/18		14,999		14,599		15,452
31401MV99	FNMA POOL # 712640		6/1/18		12,296		11,967		12,667
31401PA61	FNMA POOL # 713829		10/1/18		25,385		24,705		26,151
31401PA79	FNMA POOL # 713830		10/1/18		34,105		33,190		35,134
31401WGQ6	FNMA POOL # 720307		6/1/18		226,412		220,374		233,245
31401WJX8	FNMA POOL # 720378		6/1/18		69,741		67,883		71,846
31401WKE8	FNMA POOL # 720393		7/1/18		85,659		83,372		88,244
31401WVK2	FNMA POOL # 720718		6/1/18		276,963		269,576		285,321
31402BGR9	FNMA POOL # 723908		6/1/18		69,439		67,585		71,535
31402CTZ5	FNMA POOL # 725168		2/1/19		23,913		23,269		24,635

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31402DAG5	FNMA POOL # 725507		12/1/18		30,844		30,008		31,775
31402DBP4	FNMA POOL # 725546		6/1/19		932,255		906,190		958,695
31402DGQ7	FNMA POOL # 725707		8/1/19		2,382,995		2,364,299		2,460,701
31402DQN3	FNMA POOL # 725961		10/1/19		1,400,421		1,372,531		1,440,140
31402GTB9	FNMA POOL # 728746		7/1/18		179,952		175,140		185,383
31402GXY4	FNMA POOL # 728895		6/1/18		10,834		10,544		11,161
31402J3S4	FNMA POOL # 730809		8/1/18		10,225		9,952		10,534
31402KAJ3	FNMA POOL # 730909		8/1/18		18,800		18,298		19,367
31402KAK0	FNMA POOL # 730910		8/1/18		8,756		8,522		9,021
31402LP55	FNMA POOL # 732244		8/1/18		13,525		13,164		13,933
31402QUU3	FNMA POOL # 735095		12/1/19		99,717		96,986		102,545
31402QXK2	FNMA POOL # 735182		2/1/31		1,085,206		1,131,667		1,169,309
31402Q4B4	FNMA POOL # 735318		11/1/19		348,554		338,765		358,440
31402RAD1	FNMA POOL # 735404		4/1/20		167,860		163,124		172,621
31402RC64	FNMA POOL # 735493		4/1/20		150,488		146,246		154,756
31402RF87	FNMA POOL # 735591		6/1/35		51,553,772		50,431,470		52,809,271
31402RHX0	FNMA POOL # 735646		7/1/20		555,122		539,424		570,866
31402RJB6	FNMA POOL # 735658		7/1/20		243,654		236,763		250,564
31402RP29	FNMA POOL # 735841		11/1/19		10,576		10,280		10,876
31402RSS9	FNMA POOL # 735929		8/1/32		1,678,644		1,741,022		1,762,576
31402SYK7	FNMA POOL # 737014		8/1/18		12,035		11,713		12,398
31402UE65	FNMA POOL # 738257		10/1/18		167,155		162,657		172,199
31402UT69	FNMA POOL # 738673		10/1/18		181,481		176,621		186,958
31402VFG0	FNMA POOL # 739167		9/1/18		14,245		13,863		14,675
31402VYN4	FNMA POOL # 739717		11/1/18		928,214		914,791		956,227
31402YK86	FNMA POOL # 742019		12/1/18		99,238		96,573		102,233
31402YND2	FNMA POOL # 742088		4/1/19		174,886		170,005		179,846
31402YNE0	FNMA POOL # 742089		4/1/19		1,127,236		1,095,775		1,159,207
31402YSV7	FNMA POOL # 742232		9/1/33		209,743		206,470		211,504
31403BLC5	FNMA POOL # 743823		11/1/18		376,494		366,409		387,856
31403CNR8	FNMA POOL # 744800		11/1/18		695,860		677,178		716,860
31403CWU1	FNMA POOL # 745059		9/1/35		18,607,910		18,477,398		18,528,655
31403C2L4	FNMA POOL # 745179		4/1/19		2,520,986		2,501,229		2,607,766
31403C3B5	FNMA POOL # 745194		5/1/19		10,125,890		9,965,497		10,501,504
31403C3T6	FNMA POOL # 745210		1/1/19		19,597,926		19,288,212		20,324,900
31403DCC1	FNMA POOL # 745367		12/1/18		9,278,906		9,132,548		9,623,101
31403DCE7	FNMA POOL # 745369		12/1/19		1,428,603		1,417,376		1,475,187
31403DCZ0	FNMA POOL # 745388		11/1/18		4,854,269		4,816,317		5,021,368
31403DT82	FNMA POOL # 745875		9/1/36		1,796,459		1,843,729		1,870,121

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31403DVZ9	FNMA POOL # 745932		11/1/36		9,362,866		9,609,263		9,746,785
31403FXM1	FNMA POOL # 747784		10/1/18		44,300		43,116		45,637
31403FY24	FNMA POOL # 747829		11/1/18		534,623		520,321		550,758
31403FZZ0	FNMA POOL # 747860		6/1/19		42,135		40,958		43,330
31403HYU8	FNMA POOL # 749623		11/1/18		475,099		462,133		489,438
31403JGV2	FNMA POOL # 750012		11/1/18		17,609		17,136		18,140
31403KDB6	FNMA POOL # 750798		12/1/33		285,159		280,828		287,071
31403LV73	FNMA POOL # 752238		11/1/18		33,726		32,822		34,744
31403MZ28	FNMA POOL # 753261		11/1/18		185,250		180,271		190,840
31403NYJ0	FNMA POOL # 754113		12/1/33		44,580		46,240		46,641
31403SBL9	FNMA POOL # 756143		7/1/30		349,872		363,584		366,928
31403SSR8	FNMA POOL # 756628		6/1/19		1,544,684		1,516,239		1,588,495
31403T2J2	FNMA POOL # 757777		11/1/19		313,132		304,353		322,013
31403VBR9	FNMA POOL # 758848		1/1/19		733,782		728,040		759,041
31403XS55	FNMA POOL # 761140		12/1/18		225,811		219,756		232,626
31403XTS4	FNMA POOL # 761161		4/1/19		165,893		161,624		170,598
31403X3F0	FNMA POOL # 761398		5/1/19		23,451		22,795		24,116
31403X4A0	FNMA POOL # 761417		6/1/19		17,529		17,040		18,026
31403X6D2	FNMA POOL # 761468		5/1/19		516		502		531
31403Y5Q2	FNMA POOL # 762355		5/1/19		166,639		161,981		171,365
31404DEQ7	FNMA POOL # 765243		2/1/19		62,227		60,493		63,992
31404DNV6	FNMA POOL # 765504		2/1/19		12,640		12,287		12,998
31404GSF9	FNMA POOL # 768318		3/1/19		41,044		39,894		42,208
31404G3E9	FNMA POOL # 768597		2/1/19		70,501		68,537		72,501
31404HKT5	FNMA POOL # 769006		3/1/19		9,962		9,684		10,245
31404NBP0	FNMA POOL # 773246		2/1/35		2,826,170		2,798,423		2,836,009
31404PAG6	FNMA POOL # 774107		5/1/19		282,087		274,160		290,087
31404PH87	FNMA POOL # 774355		4/1/19		573,414		557,400		589,677
31404QWN5	FNMA POOL # 775653		5/1/19		648,758		636,811		667,159
31404QXQ7	FNMA POOL # 775687		5/1/19		56,531		54,953		58,134
31404RAX5	FNMA POOL # 775922		10/1/28		181,114		187,731		189,490
31404RA98	FNMA POOL # 775932		6/1/28		43,996		45,706		46,141
31404STN5	FNMA POOL # 777357		5/1/19		3,159		3,071		3,249
31404V3N6	FNMA POOL # 780305		6/1/19		953,794		936,210		980,846
31404WG91	FNMA POOL # 780624		5/1/19		23,679		23,017		24,350
31404WTV8	FNMA POOL # 780964		5/1/19		36,892		35,861		37,938
31404Y3L4	FNMA POOL # 783003		6/1/19		1,130,663		1,109,837		1,162,731
31405CL80	FNMA POOL # 785251		7/1/19		11,425		11,105		11,749
31405CSR1	FNMA POOL # 785428		6/1/19		1,085,364		1,065,376		1,116,147

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31405CWC9	FNMA POOL # 785543		11/1/19		32,835		31,914		33,766
31405C4M8	FNMA POOL # 785728		8/1/19		61,340		59,623		63,080
31405F2N1	FNMA POOL # 788381		6/1/19		124,393		121,000		127,921
31405F3D2	FNMA POOL # 788396		8/1/19		63,640		61,898		65,445
31405GRS1	FNMA POOL # 788997		7/1/19		1,094,517		1,074,354		1,125,560
31405HH84	FNMA POOL # 789655		11/1/19		48,874		47,495		50,260
31405HJK5	FNMA POOL # 789666		12/1/19		26,287		25,534		27,033
31405LMB2	FNMA POOL # 792454		11/1/19		31,016		30,148		31,896
31405QXJ2	FNMA POOL # 796381		12/1/19		64,890		63,062		66,730
31405R2J4	FNMA POOL # 797377		11/1/19		160,328		155,827		164,875
31405R2L9	FNMA POOL # 797379		11/1/19		898		872		923
31405TQ88	FNMA POOL # 798879		12/1/19		90,968		88,410		93,548
31405UMM8	FNMA POOL # 799664		10/1/34		1,167,468		1,158,380		1,171,800
31405UTZ2	FNMA POOL # 799868		11/1/34		407,386		403,800		408,355
31406BB90	FNMA POOL # 804764		1/1/35		4,674,772		4,632,720		4,692,561
31406BEZ9	FNMA POOL # 804852		12/1/34		4,076,100		4,039,701		4,092,804
31406BJF8	FNMA POOL # 804962		1/1/35		4,977,041		4,933,966		4,997,677
31406BQQ6	FNMA POOL # 805163		1/1/35		5,363,704		5,312,315		5,390,400
31406BSE1	FNMA POOL # 805217		1/1/20		24,611		23,918		25,309
31406CMH8	FNMA POOL # 805960		12/1/19		273,250		265,570		281,000
31406CMK1	FNMA POOL # 805962		12/1/19		109,857		106,770		112,973
31406CTM0	FNMA POOL # 806156		1/1/20		202,407		196,712		208,147
31406DEV4	FNMA POOL # 806648		12/1/19		6,972		6,776		7,170
31406DG67	FNMA POOL # 806721		11/1/34		8,466,025		8,394,854		8,514,422
31406MYP5	FNMA POOL # 814418		3/1/35		4,564,467		4,517,317		4,548,940
31406PD71	FNMA POOL # 815626		5/1/35		15,919,037		15,778,493		15,922,437
31406QLT2	FNMA POOL # 816738		1/1/30		1,126,153		1,167,533		1,178,238
31406TLC3	FNMA POOL # 819423		4/1/35		6,911,203		6,848,225		7,012,659
31406TWR8	FNMA POOL # 819756		1/1/35		1,976,444		1,957,925		1,967,094
31406VHE9	FNMA POOL # 821129		5/1/35		6,567,580		6,500,862		6,619,792
31407FUW8	FNMA POOL # 829597		8/1/35		5,908,720		5,846,622		5,953,626
31407JDD1	FNMA POOL # 831800		9/1/36		3,594,751		3,689,342		3,742,152
31407JXG2	FNMA POOL # 832379		8/1/35		2,476,762		2,450,195		2,480,100
31408AKL3	FNMA POOL # 845499		6/1/21		319,923		309,725		328,314
31408BKL1	FNMA POOL # 846399		5/1/29		2,638,601		2,735,260		2,760,637
31408FJR1	FNMA POOL # 849972		2/1/29		2,157,925		2,236,981		2,257,729
31410FU60	FNMA POOL # 888105		8/1/20		1,990,005		1,974,491		2,058,424
31410F3D5	FNMA POOL # 888296		3/1/37		3,697,489		3,794,814		3,849,103
31410GC84	FNMA POOL # 888495		7/1/35		4,584,958		4,540,206		4,630,349

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31410GDF7	FNMA POOL # 888502		6/1/33		3,155,602		3,115,572		3,181,123
31410GDL4	FNMA POOL # 888507		2/1/35		12,217,614		12,009,509		12,263,415
31410GDN0	FNMA POOL # 888509		6/1/33		314,490		307,840		307,840
31410GDP5	FNMA POOL # 888510		6/1/35		10,801,526		10,584,548		10,908,462
31410GDS9	FNMA POOL # 888513		2/1/34		488,440		482,041		482,041
31410GDY6	FNMA POOL # 888519		1/1/35		1,514,711		1,489,436		1,523,663
31410GD83	FNMA POOL # 888527		4/1/34		873,904		857,845		878,785
31410GHP1	FNMA POOL # 888638		9/1/37		28,271,587		28,212,745		29,057,377
31410GJ46	FNMA POOL # 888683		12/1/19		6,816,677		6,763,122		7,036,856
31410GRK1	FNMA POOL # 888890		10/1/37		1,311,475		1,345,844		1,365,252
31410KDV3	FNMA POOL # 889416		4/1/23		385,658		373,347		395,450
31410KMF8	FNMA POOL # 889658		6/1/38		398,822		409,205		415,173
31410KX74	FNMA POOL # 890002		9/1/36		29,616,463		29,639,709		30,489,070
31410QAY7	FNMA POOL # 893823		9/1/21		556,066		538,337		570,651
31410SQY6	FNMA POOL # 896071		8/1/20		503,805		489,560		518,094
31410WHX9	FNMA POOL # 899446		6/1/22		399,166		386,432		409,287
31410X2E5	FNMA POOL # 900873		12/1/21		438,897		424,901		450,409
31411DB32	FNMA POOL # 904658		11/1/21		398,248		385,549		407,687
31411FEZ3	FNMA POOL # 906552		1/1/22		389,440		377,019		399,654
31411L5A5	FNMA POOL # 911741		12/1/21		394,139		381,570		404,478
31411UKQ3	FNMA POOL # 914803		4/1/37		2,727,111		2,689,158		2,802,909
31411U5F4	FNMA POOL # 915346		1/1/23		440,950		426,877		451,313
31411WXP7	FNMA POOL # 916986		4/1/37		2,133,585		2,149,424		2,195,972
31411YCA9	FNMA POOL # 918165		5/1/37		1,896,769		1,910,846		1,952,230
31411YCT8	FNMA POOL # 918182		5/1/37		2,130,181		2,145,990		2,192,468
31411Y3F8	FNMA POOL # 918898		4/1/22		302,551		292,901		310,222
31412DXJ2	FNMA POOL # 922381		12/1/21		413,459		400,274		424,304
31412LKE9	FNMA POOL # 928293		5/1/37		1,632,478		1,644,597		1,680,212
31412LWW6	FNMA POOL # 928661		9/1/37		616,325		632,375		641,594
31412MDC9	FNMA POOL # 928999		12/1/37		16,519,574		16,485,193		16,978,724
31412MRS9	FNMA POOL # 929397		5/1/23		382,101		369,903		391,803
31412MRT7	FNMA POOL # 929398		5/1/23		327,511		317,056		335,827
31412MT40	FNMA POOL # 929471		5/1/23		639,626		619,207		654,657
31412NGY6	FNMA POOL # 930015		10/1/23		699,166		676,840		715,596
31412NLE4	FNMA POOL # 930125		11/1/23		399,821		387,053		409,217
31412SPU3	FNMA POOL # 933435		3/1/38		9,868,936		9,464,930		10,102,140
31412SP58	FNMA POOL # 933444		1/1/23		688,021		666,061		704,189
31412SRQ0	FNMA POOL # 933495		3/1/23		305,276		295,532		313,027
31412S6U4	FNMA POOL # 933883		4/1/23		643,650		623,103		659,992

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31412TAB9	FNMA POOL # 933902		5/1/23		431,620		417,841		442,578
31412TAQ6	FNMA POOL # 933915		6/1/23		354,148		342,842		363,140
31412TC27	FNMA POOL # 933989		8/1/23		664,300		643,089		681,166
31412TC92	FNMA POOL # 933996		8/1/23		350,119		338,940		359,008
31412WJ98	FNMA POOL # 936888		8/1/37		433,208		444,487		450,969
31413DW52	FNMA POOL # 942668		8/1/22		23,105		22,368		23,691
31413F2M3	FNMA POOL # 944580		7/1/22		406,476		393,512		416,782
31413GGD6	FNMA POOL # 944896		7/1/22		603,121		583,878		618,413
31413LD63	FNMA POOL # 948425		9/1/37		611,110		627,026		636,166
31413MGL5	FNMA POOL # 949403		3/1/23		378,751		366,662		388,368
31413MHJ9	FNMA POOL # 949433		5/1/23		530,884		513,936		544,363
31413MH67	FNMA POOL # 949453		6/1/23		569,522		551,340		583,982
31413NQK4	FNMA POOL # 950558		9/1/22		665,807		644,566		682,689
31413QTR9	FNMA POOL # 952460		9/1/37		836,190		857,963		870,473
31413REJ1	FNMA POOL # 952937		9/1/37		406,962		417,566		423,648
31413RHN9	FNMA POOL # 953037		1/1/23		433,516		419,678		444,267
31413THZ8	FNMA POOL # 954848		3/1/23		344,740		333,736		353,493
31413TL42	FNMA POOL # 954947		10/1/22		307,653		297,836		314,914
31413URH4	FNMA POOL # 955988		10/1/37		521,076		534,814		541,762
31414BYB0	FNMA POOL # 961606		2/1/23		356,224		344,854		365,268
31414BYG9	FNMA POOL # 961611		2/1/38		28,015,549		27,957,309		28,795,265
31414CLJ5	FNMA POOL # 962129		3/1/38		23,583,680		23,534,050		24,199,214
31414C6U7	FNMA POOL # 962683		4/1/23		3,973,202		3,874,977		4,074,079
31414DSJ6	FNMA POOL # 963221		5/1/23		658,742		637,712		675,467
31414DVJ2	FNMA POOL # 963317		5/1/23		362,655		351,077		371,862
31414DZ33	FNMA POOL # 963462		6/1/23		593,876		574,916		608,954
31414D5H5	FNMA POOL # 963548		6/1/23		622,165		602,302		637,961
31414ELH5	FNMA POOL # 963928		6/1/23		675,111		653,557		692,252
31414FL33	FNMA POOL # 964846		8/1/23		317,025		306,903		325,074
31414JK85	FNMA POOL # 967519		1/1/38		28,269,940		28,211,103		29,055,684
31414MKY1	FNMA POOL # 970211		5/1/23		548,249		530,747		562,169
31414PK73	FNMA POOL # 972018		2/1/23		347,838		336,739		356,658
31414QAN7	FNMA POOL # 972613		3/1/38		4,812,176		4,747,669		4,938,255
31414QHF7	FNMA POOL # 972830		3/1/23		297,641		288,140		305,198
31414QJ57	FNMA POOL # 972884		3/1/23		327,153		316,711		335,459
31414QXS1	FNMA POOL # 973289		3/1/38		28,463,455		28,404,237		29,255,638
31414RB53	FNMA POOL # 973560		3/1/23		15,685,293		15,329,163		16,083,535
31414RQB4	FNMA POOL # 973950		4/1/23		428,736		415,050		439,621
31414RTB1	FNMA POOL # 974046		2/1/38		12,866,429		12,337,077		13,170,464

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31414S5U3	FNMA POOL # 975259		4/1/23		13,213,909		12,903,382		13,549,403
31414S6Z1	FNMA POOL # 975288		5/1/23		430,105		416,375		441,025
31414TFH9	FNMA POOL # 975468		3/1/38		12,907,641		12,376,702		13,212,651
31414TGD7	FNMA POOL # 975496		3/1/23		527,485		510,648		540,878
31414TMP3	FNMA POOL # 975666		7/1/23		508,867		492,620		521,786
31414TWH0	FNMA POOL # 975948		4/1/23		545,530		528,115		559,381
31414T3F6	FNMA POOL # 976098		4/1/23		354,876		343,548		363,886
31414UGY8	FNMA POOL # 976415		3/1/23		687,635		665,686		703,794
31414UG36	FNMA POOL # 976418		3/1/23		317,210		307,085		325,264
31414UH35	FNMA POOL # 976450		4/1/23		663,686		642,497		679,349
31414ULA4	FNMA POOL # 976521		5/1/23		333,220		322,582		341,680
31414ULJ5	FNMA POOL # 976529		5/1/23		297,450		287,954		305,002
31414UMR6	FNMA POOL # 976568		3/1/23		363,366		351,768		372,592
31414UR75	FNMA POOL # 976710		4/1/23		301,314		291,695		308,395
31414USF6	FNMA POOL # 976718		4/1/23		311,007		301,079		318,904
31414UST6	FNMA POOL # 976730		4/1/23		9,464,867		9,242,447		9,705,175
31414UU30	FNMA POOL # 976802		4/1/23		567,714		549,590		582,128
31414VDH6	FNMA POOL # 977204		4/1/38		185,790		183,300		190,961
31414XSV5	FNMA POOL # 979432		5/1/23		576,406		558,004		591,041
31415AWN7	FNMA POOL # 981353		4/1/23		390,496		378,032		400,411
31415A2F7	FNMA POOL # 981474		5/1/23		659,410		638,359		676,152
31415A5W7	FNMA POOL # 981561		5/1/23		381,282		369,110		390,962
31415A7D7	FNMA POOL # 981592		6/1/23		346,733		335,664		354,881
31415A7H8	FNMA POOL # 981596		6/1/23		360,395		348,890		369,546
31415BRZ4	FNMA POOL # 982104		5/1/23		663,634		642,447		680,483
31415B4T3	FNMA POOL # 982434		5/1/23		507,988		491,769		520,885
31415CK89	FNMA POOL # 982819		5/1/38		27,840,689		27,782,638		28,615,539
31415CM38	FNMA POOL # 982878		5/1/23		622,694		602,815		637,327
31415CND5	FNMA POOL # 982888		5/1/23		424,155		410,613		434,924
31415LLE5	FNMA POOL # 983325		7/1/23		675,004		653,453		690,866
31415LWE3	FNMA POOL # 983645		5/1/23		420,940		407,503		430,832
31415MFW0	FNMA POOL # 984081		5/1/23		378,649		366,561		388,263
31415PHQ4	FNMA POOL # 985039		6/1/23		667,814		646,493		684,769
31415PY69	FNMA POOL # 985533		6/1/38		28,184,427		28,130,788		28,971,113
31415PZB7	FNMA POOL # 985538		6/1/38		18,952,850		18,916,701		19,481,864
31415QBX3	FNMA POOL # 985754		6/1/23		541,794		524,496		555,550
31415QQZ2	FNMA POOL # 986172		6/1/23		402,891		390,028		412,359
31415QZ90	FNMA POOL # 986468		8/1/23		619,390		599,612		635,116
31415RBS2	FNMA POOL # 986649		9/1/37		621,821		638,008		647,315

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
31415RFA7	FNMA POOL # 986761		7/1/38		1,019,614		1,027,187		1,049,428
31415TNP1	FNMA POOL # 988798		8/1/23		666,160		644,890		683,074
31415TSJ0	FNMA POOL # 988921		8/1/23		653,378		632,515		668,732
31415U3C9	FNMA POOL # 990095		8/1/23		424,996		411,425		434,983
31415VXM2	FNMA POOL # 990884		9/1/23		605,434		586,102		620,806
31415VXN0	FNMA POOL # 990885		9/1/23		315,744		305,662		323,761
31415VZW8	FNMA POOL # 990957		9/1/23		797,190		779,678		820,843
31415VZ24	FNMA POOL # 990961		9/1/23		436,552		422,612		447,635
31371LDX4	FNMA POOL 254918		9/1/33		1,273,463		1,180,466		1,295,354
31385XM87	FNMA POOL 555783		10/1/33		6,002,634		5,564,259		6,105,819
31400UQV9	FNMA POOL 698068		4/1/33		844,285		835,218		868,423
31403DC72	FNMA POOL 745394		11/1/20		8,594,571		8,367,158		8,824,218
31407FKM1	FNMA POOL 829300		9/1/35		2,051,324		1,896,440		2,083,365
31408DWH3	FNMA POOL 848548		12/1/35		2,002,838		1,851,723		2,034,122
31410GW90	FNMA POOL# 889072		12/1/37		3,852,979		3,952,875		4,010,949
31394EK49	FNMA_05-58 AGENCY CMO 05-69		8/25/35		292,137		—		14,373
31396KS45	FNMA_06-65 CMO AGENCY 6-81 LF1		9/25/36		611,439		548,837		603,552
31396VV21	FNMA_07-41 AGENCY CMO 07-42 LF		5/25/37		661,601		654,456		654,456
31396VDA3	FNMA_07-41 CMO 7-27 XA		5/25/35		484,513		461,646		477,294
31396WDG8	FNMA_07-53 AGENCY CMO 07-53 UF		6/25/37		694,373		624,615		681,597
31396WCB0	FNMA_07-53 AGENCY CMO 07-56 GY		6/25/37		73,841		71,413		73,184
31392JTP4	FNR 03 20 HP		10/25/16		179,954		178,772		180,861
31393EFX2	FNR 03 79 NL		5/25/22		1,641,341		1,659,074		1,654,865
31393DL74	FNR 2003 80 CA		4/25/30		628,746		613,625		630,199
31394FZ57	FNW_05-W3 AGENCY CMO 05-87		10/25/35		93,899		93,469		93,821
34528XAG4	FORD CREDIT AUTO OWNER TR 08-C A4		4/15/13		14,000,000		12,913,330		11,700,220
34527RLH4	FORDO ABS_05-C-A4		5/1/09		196,360		195,779		195,779
346604FJ5	FORSYTH CNTY GA SCH DIST		2/1/20		1,430,000		1,367,550		1,488,358
346604GL9	FORSYTH CNTY GA SCH DIST		6/1/14		1,000,000		1,043,240		1,115,950
349545C76	FORT ZUMWALT MO SCH DIST		3/1/20		2,245,000		2,178,634		2,366,230
302570AV8	FPL GROUP CAPITAL INC		9/1/11		1,000,000		974,667		1,014,110
31395RAR9	FREDDIE MAC REFERENCE REMIC R001		4/15/15		1,679,078		1,665,153		1,693,769
365653GZ1	GARFIELD CNTY CO SCH DIST REV		12/1/20		1,610,000		1,537,018		1,677,282
396789JS9	GCCFC CMBS_05-GG3 A3		1/16/11		500,000		404,042		404,042
36828QQE9	GE CAPITAL COMM MTG CORP SENIOR CMBS 05-C4		11/10/45		25,000,000		25,061,057		20,243,919
36158YEK1	GE CAPITAL COMM MTG SVCS 02 1A A2		12/10/35		402,168		396,219		397,112
36962GT38	GE CAPITAL CORP CORP BND		11/15/11		275,000		259,348		278,194
36158YFT1	GECCMC_02-2 CMBS 02-2A		8/11/36		24,929,000		25,029,263		22,674,907
36158YDC0	GECMC CMBS_01-3 A1		2/18/10		150,716		143,040		143,040

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
369550AK4	GENERAL DYNAMICS CORP		5/15/13		1,250,000		1,174,916		1,249,938
36962GYY4	GENERAL ELEC CAP CO CORP BND		6/15/12		45,000,000		43,002,467		46,321,515
36962GXS8	GENERAL ELEC CAP CO CORP BND		2/15/12		55,000		52,577		56,273
373334FN6	GEORGIA POWER COMPANY		11/15/12		1,250,000		1,245,463		1,253,484
373384GS9	GEORGIA ST MUNI BND GO		7/1/16		5,000,000		5,338,008		5,674,350
361849ZS4	GMACC CMBS_03-C3 A3		12/7/11		500,000		460,984		460,984
36225DM43	GNMA POOL # 081278		3/20/35		16,214,430		15,393,255		15,393,255
36206XC43	GNMA POOL # 424091		5/15/31		4,657		4,819		4,889
36212PPP1	GNMA POOL # 539630		4/15/31		14,402		14,904		15,121
36212U5G2	GNMA POOL # 544547		5/15/31		24,630		25,489		25,859
36213GCV1	GNMA POOL # 553684		4/15/31		33,722		34,900		35,405
36213HGU7	GNMA POOL # 554711		3/15/31		1,800		1,863		1,890
36213LGR5	GNMA POOL # 557408		5/15/31		8,360		8,653		8,778
36295QK82	GNMA POOL 677219		8/15/38		6,180,613		5,973,414		6,352,495
36241KV39	GNMA POOL 782434		8/15/38		13,470,736		12,609,093		13,769,618
36241KV47	GNMA POOL 782435		9/15/38		9,023,354		8,449,471		9,215,100
36241KWA2	GNMA POOL 782441		10/15/38		6,531,032		6,115,659		6,669,816
D20658YB6	GOVERNMENT OF GERMANY GOVT BND		7/4/14		5,600,000		8,755,782		8,596,216
385244HG6	GRAND BLANC MI CMNTY SCHS		5/1/20		1,000,000		960,309		1,031,660
396789EQ8	GREENWICH CAP COMM FDG CORP 03 C2		1/5/36		429,736		419,014		416,612
396789EM7	GREENWICH CAPITAL SENIOR CMBS 03-C1 144A		7/5/35		11,205,205		171,245		282,035
396789FH7	GREENWICH CAPITAL SENIOR CMBS 03-C2 144A		1/5/36		22,544,329		230,987		362,287
396789LL1	GREENWICH CAPITAL SENIOR CMBS 05-GG5		4/10/37		37,000,000		36,887,420		29,888,340
20173QAE1	GREENWICH CP CFC 07 GG9 A4		3/10/39		2,750,000		2,093,107		2,093,107
36228CVQ3	GSMS CMBS_05-GG4 A3		3/25/12		500,000		395,314		395,314
362320AV5	GTE CORP CORP BND		4/1/09		8,950,000		9,006,723		8,981,298
406018GN5	HALL CNTY GA SCH DIST		2/1/09		745,000		746,586		747,161
406036EP4	HALL CNTY NE SCH DIST		12/15/19		1,080,000		1,045,778		1,147,565
407288NT2	HAMILTON CNTY OHIO SEWER SYS R		12/1/10		2,000,000		2,062,327		2,103,380
43812LAD3	HAROT ABS_05-4 A4		9/24/09		173,722		171,613		171,613
4140033N1	HARRIS CNTY TEX		8/15/11		8,140,000		7,368,291		7,601,783
416515AQ7	HARTFORD FINANCIAL SERVICES GR CORP BND		10/15/11		24,250,000		21,045,206		21,045,206
4197804K4	HAWAII ST		3/1/21		2,000,000		1,901,564		2,067,880
41981VBQ0	HAWAII ST HSG & CMNTY DEV CORP		1/1/33		1,925,000		1,592,995		1,566,931
40411EAB4	HBOS TREASURY SRVCS PLC		2/21/17		2,000,000		1,740,176		1,945,960
425506E73	HENNEPIN CNTY MINN		12/1/09		3,555,000		3,608,864		3,664,103
425538AM7	HENNEPIN CNTY MINN SALES TAX		12/15/19		1,560,000		1,536,763		1,713,083
43812TAD6	HONDA AUTO RECEIVABLES OWNER TR 2		9/18/14		12,250,000		11,527,620		11,099,603
438670EB3	HONOLULU HAWAII CITY & CNTY		7/1/10		2,000,000		1,997,221		2,027,520

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
438670KA8	HONOLULU HI CITY & CNTY		7/1/20		1,500,000		1,424,068		1,559,730
440452AD2	HORMEL FOODS CORP		6/1/11		1,500,000		1,579,434		1,550,040
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND		5/15/11		18,050,000		18,584,288		18,318,868
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR CORP BND		11/16/09		600,000		590,625		594,701
441812KA1	HSBC FINANCE CORP CORP BND		11/27/12		25,000		24,839		24,839
40429CFQ0	HSBC FINANCE CORP SENIOR CORP BND		6/1/11		37,960,000		38,238,333		37,031,345
404280AA7	HSBC HOLDINGS PLC		7/15/09		1,000,000		1,002,389		1,005,170
4042EPAA5	HSBC USA INC - GTD CORP BND		12/16/11		20,000,000		19,988,761		20,857,001
44914PAR8	HYPOTHEKENBK IN ESSEN		1/20/12		2,500,000		2,606,565		2,702,575
45920QES9	IBM CORP CORP BND		6/1/09		25,000		25,096		25,193
459200BA8	IBM CORP CORP BND		11/29/12		20,000		19,907		20,675
45138LAK9	IDAHO POWER COMPANY		11/15/12		1,750,000		1,685,543		1,729,158
449670EQ7	IMC HOME EQUITY LOAN TRUST ABS 98-3		8/20/29		388,841		377,030		387,518
455057ER6	INDIANA ST FIN AUTH REV		2/1/19		1,000,000		1,008,536		1,118,580
455141PZ8	INDIANA TRANSN FIN AUTH HWY REV		12/1/20		2,000,000		2,006,900		2,167,300
455280YR2	INDIANAPOLIS IN LOC PUB IMPT BD B		2/1/10		700,000		719,021		731,731
455398MB0	INDIANAPOLIS IND MUNI BND REV		6/1/11		2,600,000		2,646,637		2,691,572
44978NAA3	ING CAP FNDG TR III SECURED CORP BND		12/31/49		10,000,000		5,000,000		5,000,000
458182BS0	INTER AMERICAN DEV BK CORP BND		9/1/09		23,074,000		23,657,343		24,040,224
U45818RF7	INTER-AMERICAN DEV BK SENIOR CORP BND EMTN		3/24/15		23,000,000		18,470,306		20,003,330
U45942EV4	INTERNATIONAL FINANCE CO SENIOR CORP BND MTN		5/20/11		5,500,000		5,555,023		5,948,635
459745EZ4	INTERNATIONAL LEASE FINANCE CO CORP BND		3/15/09		150,000		142,500		142,500
467520QY1	JACKSON CNTY MO REORG SCH DIST		3/1/15		1,250,000		1,270,958		1,354,813
468312DN0	JACKSON MI PUB SCHS		5/1/20		1,000,000		953,801		1,036,760
46849LLE9	JACKSON NATIONAL LIFE GLOBAL F SECURED CORP BND 144A MTN		2/10/11		15,000,000		14,060,125		14,060,125
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND		10/17/11		22,000,000		21,999,480		22,047,779
244217BK0	JOHN DEERE CAPITAL CORPORATION SENIOR CORP BND		1/15/13		5,000,000		4,843,674		4,952,866
478754Y24	JOHNSON CNTY KS WTR DIST NO		6/1/13		2,500,000		2,609,407		2,745,950
480772PN6	JORDAN UTAH SCH DIST		6/15/10		900,000		912,795		931,968
46625HAJ9	JP MORGAN CHASE & CO CORP BND		2/1/11		58,865,000		60,484,406		59,929,889
46630JAC3	JP MORGAN CHASE COMMERCIAL MOR SENIOR CMBS 07-LDPX A3		1/15/49		50,000,000		34,830,750		34,830,750
466247ER0	JP MORGAN TR 04 S1 1A7		9/25/34		1,659,772		1,457,842		1,454,375
466285AL7	JPALT 2006-A6 2A2		11/25/36		10,806		10,783		10,734
46625YNC3	JPMCC CMBS 05_LDP2 A4		7/15/42		30,415,000		29,400,167		23,891,162
46625YQR7	JPMCC CMBS_05-CB12 A4		6/20/14		500,000		396,567		396,567
46625YSG9	JPMCC CMBS_05-LDP3 A4A		5/15/15		400,000		316,334		316,334
46630GAA3	JPMMT WHOLE CMO 07-A1 1A1		7/25/35		14,066,499		10,447,189		10,447,189
46630GAD7	JPMMT WHOLE CMO 07-A1 2A2		7/25/35		5,037,578		4,108,649		4,108,649
46630GAS4	JPMMT WHOLE CMO 07-A1 5A2		7/25/35		13,252,735		13,122,526		9,701,002

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
46630GAN5	JPMMT_07-A1 WHOLE CMO 07-A1 4A2		7/25/35		3,861,731		2,873,514		2,873,514
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND		5/1/13		62,200,000		58,522,359		61,687,435
484873FM1	KANSAS CITY MO		2/1/20		1,000,000		961,323		1,047,270
485424GX7	KANSAS ST DEPT TRANSN HWY REV		9/1/15		2,000,000		2,092,031		2,146,440
48542KHX0	KANSAS ST DEV FIN AUTH REV		11/1/20		2,000,000		1,893,066		2,090,660
485428UU8	KANSAS ST DEV FIN AUTH REV		10/1/09		1,030,000		1,049,761		1,058,294
48542KNH8	KANSAS ST DEV FIN AUTH REV		6/1/12		500,000		519,322		534,110
486062A51	KATY TEX INDPT SCH DIST		2/15/25		3,000,000		3,119,565		3,226,710
49151EXA6	KENTUCKY ST PPTY & BLDGS COMMN		10/1/17		565,000		561,356		603,448
500769CD4	KFW INTERNATIONAL FINANCE INC CORP BND		5/15/12		60,000,000		62,120,657		64,748,996
49474EWA7	KING CNTY WASH		1/1/11		3,000,000		3,033,210		3,106,140
50075NAB0	KRAFT FOODS INC CORP BND		11/1/11		30,285,000		30,537,180		30,727,468
508205GV7	LAKE COOK KANE & MCHENRY CNTYS		12/1/16		2,385,000		2,425,507		2,647,445
52108MAF0	LB UBS COMM MTG TR 05 C7 A4		11/15/30		1,450,000		1,192,947		1,197,134
542388AD5	LBART_06-A 06-A_A4		5/15/13		34,576,460		31,421,013		31,421,013
52108H6Y5	LBUBS CMBS 05-C5 AM		7/15/15		550,000		342,049		342,049
50179MAE1	LBUBS CMBS 06_C6 A4		9/15/39		50,000,000		49,855,380		37,704,769
52108HDF8	LBUBS CMBS_01-C2 A2		11/15/27		40,500,000		38,848,767		38,848,767
52108HRB2	LB-UBS COMM MTG TR 03 C3 A3		5/15/27		750,000		683,816		689,925
52108HSY1	LB-UBS COMM MTG TR 03 C5 A2		7/15/27		5,852		5,800		5,810
52108HMU5	LBUBS COMM MTG TR CMBS 02_C4 A5		9/15/31		88,000,000		87,141,242		78,442,226
52108HLA0	LBUBS COMM MTG TR SUB CMBS 02-C2 144A		7/15/35		33,578,570		105,883		200,128
52108HUG7	LBUBS SENIOR CMBS_03-C5 XCP 144A		4/15/37		55,258,174		277,655		477,983
86359DMU8	LEHMAN XS TR 05 2 2A1A		8/25/35		276,246		272,045		257,763
525221FY8	LEHMAN XS TRUST 05 10 2A1		1/25/36		608,283		576,492		527,007
545896U83	LOUDOUN CNTY VA		12/1/17		1,000,000		1,015,805		1,134,310
546415QH6	LOUISIANA ST MUNI BND GO		4/1/14		5,000,000		5,305,582		5,546,450
567505GY2	MARICOPA CNTY AZ UN HIGH SCH		7/1/16		1,125,000		1,159,195		1,260,990
576433QQ2	MARM_04-8 WHOLE CMO 04-8		9/25/34		1,534,068		1,565,846		1,301,382
576433RP3	MARM_04-8 WHOLE CMO 04-9		11/25/34		92,057		46,750		46,750
57164TAA6	MARRIOTT VAC CLUB OWNER TR 02 1A		12/20/24		214,125		202,566		195,913
574192K66	MARYLAND ST MUNI BND GO		7/15/13		5,000,000		5,336,364		5,563,150
57429RAU7	MARYLAND ST TRANSN AUTH GRANT		3/1/17		2,000,000		2,033,479		2,264,360
575296FP8	MASON OH CITY SCH DIST		12/1/19		1,000,000		986,952		1,105,810
575579SL2	MASSACHUSETTS BAY TRANSN AUTH		7/1/20		1,575,000		1,496,843		1,657,625
575579RS8	MASSACHUSETTS BAY TRANSN AUTH		7/1/20		35,000		35,237		40,058
575579GA9	MASSACHUSETTS BAY TRANSN AUTH MUNI BND REV		7/1/15		5,000,000		5,467,611		5,771,500
57582NDE2	MASSACHUSETTS ST		2/1/10		2,000,000		2,052,528		2,096,760
57582PDK3	MASSACHUSETTS ST		11/1/18		2,000,000		1,400,100		1,394,540

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
57582NT62	MASSACHUSETTS ST		3/1/23		1,000,000		1,044,386		1,150,650
57583PDB2	MASSACHUSETTS ST FED HWY		6/15/11		3,250,000		3,375,456		3,446,527
576000AK9	MASSACHUSETTS ST SCH BLDG AUTH		8/15/10		2,000,000		2,057,013		2,101,100
576000BE2	MASSACHUSETTS ST SCH BLDG AUTH		8/15/22		2,000,000		1,868,539		2,034,840
55265K5Q8	MASTR ASSET SEC TR 2004-1 3A1		1/25/34		2,220,844		2,093,344		2,093,334
55262TFJ7	MBNAS ABS 00-E A		5/15/10		100,000		101,448		101,448
579780AD9	MCCORMICK & CO		12/15/15		1,500,000		1,446,041		1,582,349
585907AM0	MELLON BANK N.A. CORP BND		12/15/14		4,000,000		3,598,408		3,849,175
586158KZ9	MEMPHIS TN ELEC SYS REV		12/1/14		2,000,000		2,029,328		2,172,300
590188JP4	MERRILL LYNCH & CO INC CORP BND		2/17/09		100,000		99,324		100,328
590645HK6	MESA CNTY CO SALES TAX REV		6/1/11		2,090,000		2,156,379		2,223,635
592179JG1	METLIFE INC SENIOR CORP BND 144A		4/10/13		20,000,000		18,589,464		18,589,464
592098XJ1	METRO NASHVILLE & DAVIDSON TN WTR		1/1/10		2,000,000		2,063,282		2,100,960
59562VAT4	MIDAMERICAN ENERGY HOLDINGS CO CORP BND		4/1/18		5,000,000		4,601,807		4,911,521
602248AR7	MILWAUKEE CNTY WIS ARPT REV		12/1/17		1,675,000		1,676,493		1,684,129
603827EJ1	MINNEAPOLIS & ST PAUL MINN MET		1/1/26		2,000,000		2,078,134		2,146,000
604114RA8	MINNESOTA PUB FACS AUTH WTR POLLU		3/1/13		1,000,000		1,044,535		1,102,570
604129DZ6	MINNESOTA ST MUNI BND GO		8/1/10		5,000,000		5,179,723		5,270,500
60636WGM1	MISSOURI ST HWYS & TRANS COMMN		5/1/18		1,000,000		994,859		1,086,650
589929W53	MLMI WHOLE 03-A4		7/25/33		229,987		142,753		142,753
615337AA0	MONY GRP INC. CORP BND		3/15/10		8,000,000		8,299,283		7,760,000
615401JW7	MOON AREA PA SCH DIST		11/15/18		1,360,000		1,341,686		1,451,718
61750HAE6	MORGAN STANLEY CAPITAL I 06 HQ10		11/12/41		2,500,000		1,940,762		1,949,975
61746SBS7	MORGAN STANLEY CORP BND		1/21/11		20,175,000		14,842,547		19,065,375
61757UAB6	MORGAN STANLEY CORP BND		12/1/11		17,900,000		17,894,073		18,737,362
61746SBR9	MORGAN STANLEY CORP BND		10/15/15		3,000,000		1,974,270		2,580,000
617446HC6	MORGAN STANLEY CORP BND		4/1/12		100,000		72,590		95,000
61746BCW4	MORGAN STANLEY CORP BND		1/9/12		75,000		52,395		70,875
61745M6D0	MSC CMBS_05-HQ6 A2A		7/13/10		500,000		438,044		438,044
61745M5G4	MSC CMBS_05-T19 A4A		3/13/15		500,000		397,466		397,466
625574HL5	MULTNOMAH CNTY ORE SCH DIST NO		6/15/18		500,000		489,809		542,455
625482EB6	MULTNOMAH-CLACKAMAS CNTYS OR		6/15/16		1,250,000		1,288,865		1,408,963
634902JB7	NATIONAL CITY BANK		8/24/09		345,455		307,455		318,834
635405AR4	NATIONAL CITY CORP		6/16/10		500,000		395,000		443,810
638539AH9	NATIONAL WESTMINSTER BANK PLC		10/1/09		1,000,000		966,117		989,235
63866EBL3	NATIONWIDE LIFE GLOBAL FUNDING CORP BND 144A		10/2/12		600,000		468,480		468,480
64465MG82	NEW HAMPSHIRE MUN BD BK		8/15/21		2,610,000		2,765,245		2,982,839
644682UL8	NEW HAMPSHIRE ST		6/1/17		1,730,000		1,722,018		1,896,859
64468TRZ2	NEW HAMPSHIRE ST HSG FIN AUTH		7/1/21		60,000		52,878		53,406

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
646135Y56	NEW JERSEY ST TRANSN TR FD		6/15/15		2,000,000		2,116,217		2,313,420
64711MPB7	NEW MEXICO FIN AUTH REV		6/1/12		1,725,000		1,793,109		1,863,104
647357BW1	NEW MEXICO ST HWY COMMN TAX		6/15/09		400,000		406,158		408,844
64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 144A		5/9/13		20,000,000		19,301,666		19,301,666
64983QWY1	NEW YORK ST DORM AUTH REVS		8/1/18		2,000,000		1,977,498		2,162,000
64986ATE1	NEW YORK ST ENVIRONMENTAL FACS		6/15/13		1,200,000		1,248,429		1,310,568
650013T21	NEW YORK ST TWY AUTH HWY & BRD		4/1/19		2,000,000		1,929,985		2,089,600
650034X89	NEW YORK ST URBAN DEV CORP REV		3/15/17		2,050,000		2,122,176		2,328,841
652482BG4	NEWS AMERICA INC CORP BND		12/15/14		10,000,000		9,414,553		9,414,553
655356JF1	NOMURA ASSET SEC CORP CMBS 98_D6 A1B		3/15/30		1,134,055		1,137,537		1,132,183
656491KZ9	NORRISTOWN PA AREA SCH DIST		9/1/21		1,000,000		1,038,693		1,098,410
658256PF3	NORTH CAROLINA ST		5/1/16		1,000,000		1,010,822		1,070,330
658256PX4	NORTH CAROLINA ST PUB IMPT-SER A		3/1/11		3,000,000		3,111,649		3,201,510
663903CA8	NORTHEAST OH REGL SWR DIST		11/15/16		1,900,000		1,948,413		2,120,514
677520SW9	OHIO ST		11/1/20		2,000,000		1,897,118		2,115,300
677632HM6	OHIO ST UNIV GEN RCPTS		6/1/11		2,000,000		2,062,892		2,126,340
67766WGU0	OHIO ST WTR DEV AUTH WTR		12/1/19		1,970,000		1,974,827		2,200,569
67908NLN9	OKLAHOMA ST CAPITOL IMPT AUTH		7/1/20		2,000,000		1,910,789		2,055,700
680616PF0	OLENTANGY OH LOC SCH DIST		12/1/17		2,000,000		2,007,384		2,199,560
681793T88	OMAHA NE PUB PWR DIST		2/1/18		2,000,000		1,965,650		2,122,260
68402LAE4	ORACLE CORP CORP BND 144A		1/15/11		25,125,000		25,041,309		25,754,425
68389XAC9	ORACLE CORPORATION CORP BND		4/15/18		5,522,000		5,225,295		5,701,706
68607DDQ5	OREGON ST DEPT TRANSN HWY USER		11/15/17		1,950,000		2,065,785		2,254,278
694308GP6	PACIFIC GAS AND ELECTRIC CO SENIOR CORP BND		12/1/13		13,000,000		12,905,255		13,435,114
695114BU1	PACIFICORP		11/15/11		1,000,000		1,013,404		1,050,020
705220AM3	PECO ENERGY TRANS TR ABS_01-A A1		6/2/10		485,000		491,682		496,301
709141C86	PENNSYLVANIA ST		7/1/11		8,000,000		8,294,863		8,568,240
7091412F1	PENNSYLVANIA ST		7/1/20		1,995,000		1,916,082		2,085,932
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND		5/16/13		20,000,000		19,011,393		19,776,588
718814CX2	PHOENIX AZ		7/1/10		1,350,000		1,426,710		1,442,583
718849AG7	PHOENIX AZ CIVIC IMPT CORP		7/1/12		1,905,000		1,989,060		2,073,516
721799PX6	PIMA CNTY AZ UNI SCH DIST		7/1/10		500,000		531,649		536,245
693476AV5	PNC FUNDING CORP CORP BND		3/10/10		16,500,000		16,436,045		16,446,353
73318EAL7	POPULAR INC. CORP BND		6/30/09		11,000,000		11,002,978		10,773,040
736688FX5	PORTLAND OR CMNTY COLLEGE DIST		6/15/14		1,000,000		1,042,527		1,115,660
737679CW8	POTOMAC ELECTRIC POWER COMPANY		11/15/13		1,200,000		1,062,504		1,165,018
74005PAJ3	PRAXAIR INC		4/1/12		1,000,000		1,019,155		1,049,040
74153WAN9	PRICOA GLOBAL FUND SECURED CORP BND 144A		1/15/10		10,105,000		10,016,065		9,872,071
741701WX0	PRINCE GEORGES CNTY MD MUNI BND GO		7/15/14		4,630,000		4,743,331		4,968,962

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
742633PD6	PRIOR LAKE MN INDPT SCH DIST		2/1/20		1,195,000		1,162,310		1,250,281
742651DE9	PRIVATE EXPORT FUNDING CORP AGENCY BND		9/15/17		44,100,000		44,018,364		51,038,647
743263AD7	PROGRESS ENERGY INC CORP BND		3/1/11		10,700,000		10,601,314		10,601,314
74432QAP0	PRUDENTIAL FINANCIAL INC. CORP BND		12/14/11		18,700,000		17,109,065		17,109,065
74436JFB8	PSSFC CMBS_99-C2 A2		2/28/09		145,212		144,318		144,318
744448BU4	PUBLIC SERVICE COMPANY OF COLORAD		10/1/12		1,070,000		1,054,578		1,125,276
74451PAA1	PUBLIC SERVICE COMPANY OF NC INC		2/15/11		1,550,000		1,615,620		1,569,388
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1		11/25/37		16,329,601		5,099,734		5,099,734
758202AE5	REED ELSEVIER CAPITAL		6/15/10		1,750,000		1,716,084		1,716,365
759136LA0	REGIONAL TRANS DIST CO		11/1/17		1,550,000		1,550,000		1,680,107
76110H2P3	RES ASSET SEC WHOLE CMO 05-QA3		3/25/35		2,717,339		1,220,629		1,220,629
780097AE1	ROYAL BANK OF SCOTLAND GRP PLC CORP BND		3/31/49		4,000,000		3,414,944		3,414,944
780427KA7	ROYAL OAK CITY MI SCH DIST		5/1/19		2,000,000		1,912,603		2,109,680
7832434J4	RUTHERFORD CNTY TN		6/1/18		1,430,000		1,431,730		1,555,311
795560AR2	SALT LAKE & SANDY UT MET WTR		7/1/20		1,820,000		1,720,641		1,886,157
795685BZ8	SALT LAKE CNTY UT SALES TAX		8/1/17		1,550,000		1,551,643		1,678,743
802072KA5	SANTA FE NM GROSS RCPTS TAX		6/1/19		2,000,000		1,916,057		2,070,520
863579KY3	SARM WHOLE CMO 05-1		2/25/35		3,283,926		1,515,203		1,515,203
78387GAK9	SBC COMMUNICATIONS INC CORP BND		8/15/12		100,000		100,619		101,847
79548CAB2	SBM7 CMBS_00-C3 A2		12/10/09		487,298		470,441		470,441
79548CDL7	SBM7 SENIOR CMBS 02-KEY 144A		3/18/36		35,000,000		479,810		502,950
806640PN2	SCHERTZ-CIBOLO-UNVL CITY TX		2/1/20		2,025,000		1,919,292		2,107,640
806860AA0	SCHLUMBERGER TECH CORP 144A		4/15/12		1,150,000		1,254,974		1,295,498
809326AC5	SCOTLAND INTL FIN NO.2 144A		8/15/10		600,000		598,489		600,780
810489HN7	SCOTTSDALE AZ MUN PPTY CORP		7/1/20		2,000,000		2,065,546		2,327,560
812643AP9	SEATTLE WA MUN LT & PWR REV		8/1/16		1,535,000		1,555,056		1,664,293
821686UF7	SHELBY CNTY TN		4/1/18		1,850,000		1,813,771		1,958,651
82651AAA5	SIERRA RECEIVABLES FUNDING CO 20		9/20/17		2,602,484		2,177,897		2,071,176
826502AA4	SIERRA RECEIVABLES FUNDING CO 07		3/20/19		1,022,594		860,093		881,169
828807BU0	SIMON PROPERTY GROUP INC. CORP BND		9/1/11		8,500,000		6,904,544		6,904,544
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND		3/18/10		7,070,000		6,286,140		6,286,140
828807BZ9	SIMON PROPERTY GROUP L.P. CORP BND		5/30/18		5,000,000		3,263,604		3,263,604
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND		8/15/10		1,465,000		1,301,585		1,301,585
78442FAG3	SLM CORP CORP BND		1/15/13		75,000		53,482		57,000
78442FCJ5	SLM CORP CORP BND		5/15/14		25,000		17,253		17,500
78442GQR0	SLMA ABS_05-8 A4		12/31/08		425,000		299,625		299,625
833034AC5	SNAP-ON INC		8/15/11		1,400,000		1,455,896		1,497,378
837562KS5	SOUTH DAKOTA ST UNIV REV		4/1/20		1,545,000		1,451,168		1,590,021
842434CF7	SOUTHERN CALIFORNIA GAS COMPANY		12/1/09		1,000,000		990,638		971,572

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
842434CA8	SOUTHERN CALIFORNIA GAS COMPANY		10/1/12		700,000		673,810		709,576
849476BK1	SPRING BRANCH TEX INDPT SCH		2/1/19		2,695,000		2,793,830		2,888,151
851018HL8	SPRINGFIELD MO PUB UTIL REV		8/1/14		1,000,000		1,032,843		1,111,610
852060AJ1	SPRINT CAPITAL CO CORP BND		1/30/11		10,000,000		8,350,000		8,350,000
86359BGD7	STRUCTURED ASSET SEC CORP WHOLE CMO 04-1		2/25/34		181,543		129,899		111,740
86359BVE8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-6		6/25/34		13,000,948		7,846,072		7,846,072
866407B32	SUMNER CNTY TENN		6/1/14		2,000,000		2,063,971		2,218,080
873545EJ2	TACOMA WASH SEWER REV		12/1/19		1,000,000		1,057,622		1,102,740
879385AC6	TELEFONICA EUROPE CORP BND		9/15/10		11,000,000		11,513,741		11,167,719
880557WZ2	TENNESSEE ST SCH BD AUTH		5/1/13		400,000		412,784		422,028
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND		5/23/12		22,679,000		23,703,279		25,993,990
880591DN9	TENNESSEE VALLEY AUTHORITY AGENCY BND		1/18/11		12,500,000		12,517,926		13,347,501
882135WW2	TEXAS A & M UNIV REVS		5/15/12		7,500,000		7,770,710		8,145,150
882720R56	TEXAS ST		10/1/10		2,000,000		2,060,758		2,103,220
88283LCS3	TEXAS ST TRANSN COMMN		4/1/22		2,000,000		1,877,712		2,071,540
884903AU9	THOMSON CORPORATION		5/28/10		1,600,000		1,594,341		1,543,968
87244EAA0	TIAA GLOBAL MARKETS CORP BND 144A		1/12/11		10,250,000		10,247,457		10,318,020
89233PRS7	TOYOTA MOTOR CREDIT CORPORATION		8/6/09		145,454		144,196		145,550
89352HAA7	TRANS-CANADA PIPELINES LIMITED		6/15/13		1,800,000		1,527,889		1,652,346
G92444AB7	UK CONV GILT GOVT BND		3/7/11		1,750,000		3,361,412		2,653,453
90466GAB8	UNICREDITO LUXEM FIN CORP BND 144A		1/13/17		21,750,000		21,750,000		17,742,429
904764AG2	UNILEVER CAPITAL CORP		11/1/10		1,500,000		1,565,079		1,604,145
91324PAP7	UNITED HEALTHCARE CORP CORP BND		3/15/11		125,000		119,214		119,214
G92450DU9	UNITED KINGDOM GILT		12/7/09		9,370,000		17,241,281		14,149,292
912828HH6	UNITED STATES TREASURY GOVT BND		11/15/17		157,700,000		159,898,125		183,649,549
912828FQ8	UNITED STATES TREASURY GOVT BND		8/15/16		128,000,000		129,010,572		152,719,355
912828JR2	UNITED STATES TREASURY GOVT BND		11/15/18		84,400,000		90,540,388		95,543,335
912810PU6	UNITED STATES TREASURY GOVT BND		5/15/37		12,000,000		12,801,663		17,387,161
912828CT5	UNITED STATES TREASURY GOVT BND		8/15/14		15,000,000		14,373,811		17,224,500
912828FE5	UNITED STATES TREASURY GOVT BND		5/15/09		12,895,000		12,899,603		13,112,023
912828HA1	UNITED STATES TREASURY GOVT BND		8/15/17		9,000,000		9,509,061		10,759,680
912810FT0	UNITED STATES TREASURY GOVT BND		2/15/36		8,000,000		7,566,596		10,625,840
912828JH4	UNITED STATES TREASURY GOVT BND		8/15/18		8,000,000		8,335,783		9,239,520
912828BH2	UNITED STATES TREASURY GOVT BND		8/15/13		7,000,000		6,790,931		7,957,950
912828DE7	UNITED STATES TREASURY GOVT BND		12/15/09		7,000,000		6,913,224		7,204,680
912810EZ7	UNITED STATES TREASURY GOVT BND		2/15/27		2,475,000		3,084,487		3,696,413
912828AP5	UNITED STATES TREASURY GOVT BND		11/15/12		2,665,000		2,745,359		2,957,883
912828EM8	UNITED STATES TREASURY GOVT BND		11/15/10		1,700,000		1,699,431		1,824,661
9128275Z1	UNITED STATES TREASURY GOVT BND		2/15/10		1,550,000		1,576,759		1,653,106

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
912828AJ9	UNITED STATES TREASURY GOVT BND		8/15/12		500,000		521,059		561,410
912810DW5	UNITED STATES TREASURY GOVT BND		5/15/16		310,000		377,021		417,719
912828DV9	UNITED STATES TREASURY GOVT BND		5/15/15		100,000		97,251		114,643
9128275N8	UNITED STATES TREASURY GOVT BND		8/15/09		105,000		107,287		108,604
912828DG2	UNITED STATES TREASURY GOVT BND		1/15/10		50,000		49,539		51,734
912828HN3	UNITED STATES TREASURY GOVT BND		1/15/18		3,000,000		3,092,533		2,916,221
912828CP3	UNITED STATES TREASURY GOVT BND TIPS		7/15/14		87,600,000		94,452,137		94,452,137
912810PS1	UNITED STATES TREASURY GOVT BND TIPS		1/15/27		6,900,000		7,284,738		7,307,043
912828EA4	UNITED STATES TREASURY GOVT BND TIPS		7/15/15		5,800,000		6,303,295		6,032,060
912810FS2	UNITED STATES TREASURY GOVT BND TIPS		1/15/26		4,000,000		3,968,994		4,006,645
912828JQ4	UNITED STATES TREASURY NOTES		10/31/13		2,000,000		1,999,250		2,125,624
912828JF8	UNITED STATES TREASURY NOTES		7/31/10		10,000,000		10,184,146		10,358,590
912828FY1	UNITED STATES TREASURY NOTES		11/15/16		4,400,000		4,589,391		5,191,978
912828FN5	UNITED STATES TREASURY NOTES		7/31/11		4,500,000		4,843,768		4,965,111
9128277L0	UNITED STATES TREASURY NOTES		2/15/12		1,155,000		1,220,768		1,292,200
912828CH1	UNITED STATES TREASURY NOTES		5/15/09		1,265,000		1,274,926		1,281,990
912828CV0	UNITED STATES TREASURY NOTES		9/15/09		1,225,000		1,251,038		1,251,031
912828GC8	UNITED STATES TREASURY NOTES		12/31/11		500,000		537,688		553,554
912828CN8	UNITED STATES TREASURY NOTES		7/15/09		495,000		500,902		503,817
912828BR0	UNITED STATES TREASURY NOTES		11/15/13		335,000		356,911		382,319
912828EN6	UNITED STATES TREASURY NOTES		11/15/15		250,000		299,371		295,703
912833JY7	UNITED STATES TREASURY		5/15/12		600,000		521,100		576,270
912803AU7	UNITED STATES TREASURY STRIPS		8/15/20		125,000,000		73,282,111		85,455,000
912803AT0	UNITED STATES TREASURY STRIPS		5/15/20		45,600,000		24,888,256		31,429,800
912803AY9	UNITED STATES TREASURY STRIPS		11/15/21		31,500,000		17,001,276		20,365,065
913017BC2	UNITED TECHNOLOGIES CORPORATION		11/15/10		1,000,000		1,044,562		1,064,910
914119HX3	UNIVERSITY CINCINNATI OH		6/1/18		2,015,000		1,937,295		2,090,845
914437PF9	UNIVERSITY MASSACHUSETTS BLDG AUT		11/1/19		1,530,000		1,452,605		1,557,448
915506KJ7	UPPER ARLINGTON OH CITY SCH		12/1/21		1,250,000		1,175,836		1,299,175
91159HGJ3	US BANCORP CORP BND		7/29/10		24,000,000		23,912,541		24,170,634
912828HY9	US TREASURY		4/30/13		200,000		203,231		216,422
92343VAN4	VERIZON COMMUNICATIONS INC. SENIOR CORP BND		4/15/13		10,000,000		9,726,678		9,956,741
92344GAL0	VERIZON GLOBAL FDG CO CORP BND		12/1/10		6,153,000		6,403,664		6,410,857
927749DT5	VIRGINIA BEACH VA WTR & SWR REV		10/1/19		1,735,000		1,689,236		1,849,076
927790BM6	VIRGINIA COMWLTH TRANSN BRD		9/27/12		1,000,000		1,042,736		1,096,620
927790BK0	VIRGINIA COMWLTH TRANSN BRD MUNI BND REV		10/1/11		5,000,000		5,247,098		5,386,700
928109HA8	VIRGINIA ST MUNI BND GO		6/1/12		5,000,000		5,286,852		5,476,950
928172MS1	VIRGINIA ST PUB BLDG AUTH PUB		8/1/17		1,260,000		1,272,501		1,370,855
92817LFB4	VIRGINIA ST RES AUTH CLEAN WTR		10/1/20		2,500,000		2,554,203		2,833,275

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Fixed Income Securities Listing as at December 31, 2008

Cusip	Description	Maturity Date		Par		Book Value $		Fair Value $
92817LEM1	VIRGINIA ST RES AUTH CLEAN WTR		10/1/10		2,000,000		2,071,755		2,105,680
92857TAG2	VODAFONE GROUP PLC CORP BND		2/15/10		16,800,000		17,250,429		17,153,253
92979EAG8	WACHOVIA AUTO OWNER TR 08 A A4B		3/20/14		3,000,000		2,639,190		2,476,620
9297667G2	WACHOVIA BANK COMM MTG TR SENIOR CMBS 05-C21		10/15/44		26,000,000		25,874,400		21,113,158
931142BE2	WAL-MART STORES INC		8/10/09		550,000		559,844		567,785
938234MJ7	WASHINGTON CNTY OR		6/1/20		1,035,000		986,961		1,107,036
92922FSC3	WASHINGTON MUTUAL CMO 2004-AR5 A6		6/25/34		9,000,000		8,945,097		8,838,585
92922FTB4	WASHINGTON MUTUAL CMO 2004-AR7 A6		7/25/34		29,000,000		28,852,449		28,347,500
93974A7Q1	WASHINGTON ST		1/1/20		2,000,000		1,907,224		2,095,760
940773U28	WASHOE CNTY NEV		7/1/23		3,000,000		3,101,999		3,156,900
9297664Q3	WBCMT CMBS 05_C20 A7		5/30/15		500,000		396,366		396,366
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND		12/9/11		28,800,000		28,766,304		30,043,006
949746NJ6	WELLS FARGO & COMPANY CORP BND		8/26/11		8,000,000		7,915,787		8,145,444
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND		10/29/10		14,000,000		13,683,157		13,926,623
949748AF4	WELLS FARGO BANK CORP BND		2/1/11		100,000		100,900		102,706
94983YAM1	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO 06-AR10-5A3		7/25/36		26,624,654		15,152,090		15,152,090
94986EAA8	WELS FRG CP XIII CORP BND		12/29/49		10,000,000		8,100,000		8,100,000
952030WE0	WEST CHESTER PA AREA SCH DIST		5/15/13		1,510,000		1,565,018		1,643,469
949781AA6	WFMBS WHOLE CMO 05-AR1		2/25/35		5,700,781		5,627,653		4,047,554
94981QAU2	WFMBS WHOLE CMO 05-AR16		10/25/35		16,824,412		16,692,899		11,976,878
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2		6/25/35		9,071,255		5,980,678		5,980,678
967338KS2	WICHITA KANS WTR & SWR UTIL		10/1/10		2,000,000		2,062,122		2,085,740
971567KU5	WILMINGTON DEL		6/1/17		1,000,000		998,780		1,097,930
97705LFY8	WISCONSIN ST		5/1/17		2,500,000		2,481,344		2,728,750
977056D31	WISCONSIN ST MUNI BND GO		5/1/14		6,500,000		6,907,005		7,105,410
98385XAT3	XTO ENERGY INC. CORP BND		12/15/18		18,375,000		17,433,504		17,914,774
98876XAA0	ZFS FINANCE USA TRUST I SENIOR CORP BND 144A		12/15/65		10,000,000		3,800,000		3,800,000
				Total		$	5,872,031,498	$	6,032,029,390

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Common & Preferred Stock Listing as at December 31, 2008

Cusip	Description	Shares		Fair Value $
002824100	ABBOTT LABORATORIES		13,600		725,832
00751Y106	ADVANCE AUTO PARTS		4,400		148,060
00846U101	AGILENT TECH INC		4,500		70,335
025816109	AMERICAN EXPRESS COMPANY		37,800		701,190
03076C106	AMERIPRISE FINANCIAL INC		10,600		247,616
037411105	APACHE CORP		5,700		424,821
057224107	BAKER-HUGHES INC		13,400		429,738
060505104	BANK OF AMERICA CORPORATION		21,600		304,128
12686C109	CABLEVISION SYSTEMS CORP CLA		16,900		284,596
166764100	CHEVRON TEXACO CORP		6,100		451,217
17275R102	CISCO SYSTEMS INC.		6,100		99,430
191216100	COCA-COLA CO		1,800		81,486
20030N101	COMCAST CORP - CL A		87,800		1,482,064
20825C104	CONOCOPHILLIPS		7,700		398,860
126650100	CVS / CAREMARK CORP		11,400		327,636
24702R101	DELL INC		28,100		287,744
313400657	FREDDIE MAC		160,000		46,400
369604103	GENERAL ELECTRIC COMPANY		19,500		315,900
37733W105	GLAXOSMITHKLINE PLC-ADR		14,100		525,507
428236103	HEWLETT-PACKARD CO.		2,800		101,612
452308109	ILLINOIS TOOL WORKS INC		1,900		66,595
459200101	INTL BUSINESS MACHINES CORPORATIO		1,200		100,992
464287184	ISHARES FTSE/XINHUA CHINA 25		6,900		200,721
464287234	ISHARES MSCI EMERGING MKT IN		27,100		676,687
464286848	ISHARES MSCI JAPAN		188,400		1,804,872
478160104	JOHNSON & JOHNSON		11,700		700,011
46625H100	JP MORGAN CHASE & COMPANY		8,200		258,546
500255104	KOHLS CORP		17,000		615,400
524901105	LEGG MASON INC		17,800		389,998
585055106	MEDTRONIC INC		22,000		691,240
590188108	MERRILL LYNCH & CO		17,000		197,880
651290108	NEWFIELD EXPLORATION		14,700		290,325
654902204	NOKIA CORP SPON ADR		10,600		165,360
69832A205	PANASONIC CORP - SPON ADR		6,800		84,592
713448108	PEPSICO INC		5,800		317,666
71654V408	PETROLEO BRASILEIRO S.A.-ADR		4,400		107,756
742718109	PROCTER & GAMBLE CO		7,000		432,740
78462F103	S & P 500 DEPOSITARY RECEIPTS		1,500		135,360
80105N105	SANOFI-AVENTIS		9,900		318,384

Allied World Assurance Company Holdings, Ltd.
Investment Supplement
Common & Preferred Stock Listing as at December 31, 2008

Cusip	Description	Shares		Fair Value $
78463V107	SPDR GOLD TRUST		15,000		1,297,800
87612E106	TARGET CORPORATION		15,800		545,574
882508104	TEXAS INSTRUMENTS INC		6,100		94,672
88732J108	TIME WARNER CABLE		53,100		1,138,995
887317105	TIME WARNER INC		60,500		608,630
892331307	TOYOTA MOTOR CORP -SPON ADR		3,700		242,128
G9143X208	TYCO INTERNATIONAL LTD		8,800		190,080
91324P102	UNITEDHEALTH GROUP INC		19,100		508,060
902973304	US BANCORP		13,900		347,639
949746101	WELLS FARGO CO		38,600		1,137,928
98385X106	XTO ENERGY INC		5,900		208,093
		Total		$	21,328,896