Validus 8-K Results of Operations and Financial Condition

Exhibit 99.1

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST										DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20			21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00		95.266		2,117,999.00		1,350,000.00		2,614,473.59		(496,474.59	)		2,113.00			—		(415,976.38	)		5.25		5.406	APR		22,705.00		103,626.00			1142008		4212015
N0265DAF3	ABN AMRO BANK N.V. SENIOR CORP BND			D				1FE		709,150.00		100.874		581,436.00		350,000.00		720,112.68		(138,676.68	)		3,080.00			—		(147,564.72	)		4.875		5.899	JAN		12,472.00		23,826.00			11282007		1202010
048312AB8	ACETF ABS 02-1 A2					2		1FE		416,041.00		102.062		423,215.00		414,664.66		415,578.21		7,636.79			(243.00	)		—		—			4.21		3.988	JAJO		3,443.00		8,729.00			7072008		4202011
02586GAR3	AEIT ABS 08-2 A					2		1FE		779,996.00		101.712		793,354.00		780,000.00		779,997.53		13,356.47			—			—		—			4.02		4.054	MON		1,394.00		15,678.00			8012008		1182011
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11					2		1FE		3,975,451.00		40.8		3,013,359.60		4,029,523.47		3,975,987.32		(962,627.72	)		(2,127.00	)		—		—			2.28		2.485	MON		7,656.00		54,919.00			2012009		10252046
02660BAA0	AHMA_07-1 CMO 07-1 A1					2		1FE		7,183,850.00		34.58		4,959,396.71		7,384,417.86		7,185,932.05		(2,226,535.34	)		(7,699.00	)		—		—			2.04		2.438	MON		12,554.00		91,802.00			10232007		2252047
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		103.305		3,584,686.00		3,470,000.00		3,444,221.95		140,464.05			8,597.00			—		—			4.7		5.251	JD		13,591.00		81,545.00			2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		3,774,761.00		105.971		3,973,930.00		3,750,000.00		3,774,503.76		199,426.24			(1,255.00	)		—		—			4.85		4.64	JD		8,083.00		90,938.00			4022009		12152012
030610AC3	AMCAR_06-AF ABS 06-AF-A3					2		1FE		417,950.00		100.1		418,451.00		418,033.40		418,030.54		420.46			7.00			—		—			5.56		5.635	MON		1,614.00		11,621.00			7112006		9062011
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		915,158.00		100.077		916,029.00		915,327.50		914,052.10		1,976.90			13.00			—		—			5.42		5.488	MON		3,445.00		24,805.00			5092006		8062011
02581FYM5	AMER EXPRESS BK CORP BND							1FE		2,223,665.00		101.797		2,264,975.00		2,225,000.00		2,224,350.76		40,624.24			220.00			—		—			5.2		5.222	MN		11,249.00		57,850.00			11192007		11262010
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT							1FE		1,172,262.00		98.953		1,162,700.00		1,175,000.00		1,172,857.36		(10,157.36	)		249.00			—		—			5.5		5.554	AO		13,464.00		32,313.00			4112008		4162013
02581FXK0	AMERICAN EXPRESS CENTURION BAN CORP BND							1FE		3,450,000.00		99.674		3,438,753.00		3,450,000.00		3,450,000.00		(11,247.00	)		—			—		—			0.375		5.39	MON		323.00		8,596.00			9192006		9222009
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							3FE		3,431,190.00		84.136		2,944,760.00		3,500,000.00		3,482,663.73		(537,903.73	)		9,550.00			—		—			4.875		5.465	MN		21,802.00		85,313.00			8242006		5152010
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		1FE		6,302,461.00		41.06		5,188,361.62		6,378,454.26		6,303,243.99		(1,114,882.37	)		(2,924.00	)		—		—			2.31		2.517	MON		12,279.00		87,908.00			10162007		10252046
02666QB93	AMERICAN HONDA FINANCE CORP BND 144A							1FE		1,350,000.00		99.954		1,349,374.00		1,350,000.00		1,350,000.00		(626.00	)		—			—		—			1.306		3.12	FMAN		2,498.00		14,772.00			5022008		11092009
031162AG5	AMGEN INC CORP BND							1FE		4,070,808.00		101.137		4,247,771.00		4,200,000.00		4,181,294.76		66,476.24			24,015.00			—		—			4		5.201	MN		20,067.00		84,000.00			2052007		11182009
041239AE4	ARKLE_06-1A CMO 06-1A-3A 144A					2		1FE		4,400,688.00		99.188		4,364,250.00		4,400,000.00		4,400,040.07		(35,790.07	)		(157.00	)		—		—			0.904		0.898	FMAN		4,864.00		38,886.00			7112007		8172009
007036EP7	ARMT WHOLE CMO 04-5 2A1					2		1FE		491,618.00		67.99		478,721.78		500,692.71		491,934.57		(13,212.79	)		185.00			—		—			4.987		5.469	MON		2,081.00		12,513.00			8102007		4252035
045167BW2	ASIAN DEVELOPMENT BANK CORP BND			F				1FE		9,467,890.00		98.511		9,358,545.00		9,500,000.00		9,468,561.22		(110,016.22	)		671.00			—		—			2.75		2.823	MN		29,028.00		—			5142009		5212014
046003DC0	ASSOCIATES CORP OF NORT CORP BND							1FE		1,844,361.00		100.03		1,655,497.00		1,655,000.00		1,657,244.25		(1,747.25	)		(28,925.00	)		—		—			8.55		4.957	JJ		65,248.00		70,751.00			1102006		7152009
001957BC2	AT&T CO CORP BND							1FE		3,247,867.00		109.845		3,267,897.00		2,975,000.00		3,156,252.23		111,644.77			(35,657.00	)		—		—			7.3		4.56	MN		27,750.00		108,588.00			3062008		11152011
00206RAC6	AT&T INC CORP BND							1		7,005,000.00		100.07		7,009,904.00		7,005,000.00		7,005,000.00		4,904.00			—			—		—			1.116		5.46	FMAN		12,381.00		76,064.00			2012007		2052010
00206RAF9	AT&T INC CORP BND							1FE		349,706.00		103.912		363,690.00		350,000.00		349,808.31		13,881.69			24.00			—		—			4.95		4.967	JJ		7,989.00		8,663.00			12032007		1152013
78387GAN3	AT&T INC CORP BND							1FE		8,073,849.00		100.66		8,329,587.00		8,275,000.00		8,260,079.17		69,507.83			35,388.00			—		—			4.125		5.021	MS		100,507.00		170,672.00			6032008		9152009
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		11,344,910.00		108.084		11,402,900.00		10,550,000.00		11,144,530.86		258,369.14			(122,484.00	)		—		—			7.875		4.334	MS		276,938.00		139,781.00			3052009		3012011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,001.00		113.983		3,780,818.00		3,317,000.00		3,712,451.70		68,366.30			(66,955.00	)		—		—			8.5		3.887	AO		70,486.00		140,973.00			1302008		4012012
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,691.00		95.267		627,559.00		400,000.00		827,880.40		(200,321.40	)		30.00			—		(169,648.37	)		6.375		6.387	FA		15,877.00		18,511.00			11282007		8132017
05947UVA3	BACM SENIOR CMBS 04-3 A3					2		1FE		276,506.00		99.877		277,118.00		277,459.80		277,102.74		15.26			281.00			—		—			4.875		5.196	MON		1,127.00		6,763.00			8272008		6102039
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		2,862,880.00		99.194		2,944,736.00		2,968,677.08		2,920,251.85		24,484.15			10,307.00			—		—			3.878		5.283	MON		9,594.00		57,563.00			8272008		9112036
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		16,523,242.00		100.367		16,670,959.00		16,610,000.00		16,531,951.70		139,007.30			8,709.00			—		—			2.1		2.272	AO		59,104.00		87,203.00			2252009		4302012
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.171		18,570,780.00		18,000,000.00		18,097,280.49		473,499.51			(9,131.00	)		—		—			3.125		2.931	JD		25,000.00		298,438.00			3102009		6152012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP B							1FE		923,973.00		101.074		934,935.00		925,000.00		924,049.96		10,885.04			77.00			—		—			2.375		2.411	JD		549.00		6,102.00			3092009		6222012
060505BF0	BANK OF AMERICA CORP BND							1FE		1,347,542.00		100.346		1,352,662.00		1,348,000.00		1,347,760.38		4,901.62			81.00			—		—			4.375		4.388	JD		4,915.00		29,488.00			7312008		12012010
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		100.555		1,709,429.00		1,700,000.00		1,712,460.23		(3,031.23	)		(5,558.00	)		—		—			4.5		3.804	FA		31,875.00		38,250.00			5082008		8012010
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2					2		1FE		3,828,466.00		66.75		2,591,745.00		3,882,764.15		3,829,430.01		(1,237,685.01	)		240.00			—		—			4.918		5.223	MON		15,913.00		95,488.00			10192006		8252035
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.173		2,604,495.00		2,600,000.00		2,600,000.00		4,495.00			—			—		—			0.659		1.364	MJSD		762.00		9,340.00			3092009		9132010
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		13,255,804.00		96.081		13,066,958.00		13,600,000.00		13,279,933.13		(212,975.13	)		20,573.00			—		—			4.9		5.575	MN		111,067.00		333,200.00			3232009		5012013
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		6,894,348.00		105.433		7,169,412.00		6,800,000.00		6,891,298.86		278,113.14			(5,872.00	)		—		—			4.95		4.51	MN		56,100.00		168,300.00			3232009		11012012
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		100.695		40,278,000.00		40,000,000.00		39,963,018.31		314,981.69			3,418.00			—		—			2.15		2.185	MS		224,556.00		—			3202009		3272012
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		104.531		2,979,146.00		2,850,000.00		2,942,149.00		36,997.00			(40,796.00	)		—		—			7.875		4.781	FA		93,516.00		112,219.00			12202007		8012010
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		100.17		4,006,783.00		4,000,000.00		4,009,975.83		(3,192.83	)		(664.00	)		—		—			4		3.941	MS		55,556.00		—			2232009		3012014
073902CE6	BEAR STEARNS CO INC CORP BND							1FE		486,000.00		102.365		511,824.00		500,000.00		490,864.75		20,959.25			3,247.00			—		—			4.5		5.956	AO		3,938.00		11,250.00			9302008		10282010
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		108.333		2,534,967.00		2,325,000.00		2,382,553.72		152,413.28			(5,735.00	)		—		—			6.95		6.063	FA		63,288.00		19,981.00			3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND							1FE		3,188,430.00		104.006		3,120,180.00		3,000,000.00		3,067,211.39		52,968.61			(52,491.00	)		—		—			7.75		4.074	FA		87,833.00		116,250.00			4252008		2152010
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND 14							1FE		7,165,550.00		102.16		7,151,200.00		7,000,000.00		7,135,987.51		15,212.49			(29,562.00	)		—		—			4.95		2.55	APR		63,525.00		—			4172009		4262010
055670AC7	BMWOT ABS06-A A3					2		1FE		102,224.00		100.228		102,697.00		102,464.36		102,452.47		244.53			36.00			—		—			5.13		5.361	MON		88.00		3,066.00			6252007		9272010
05567LWH6	BNP PARIBAS CORP BND			F				2FE		545,000.00		99.682		543,267.00		545,000.00		545,000.00		(1,733.00	)		—			—		—			0.97		3.137	MJSD		308.00		5,665.00			9052008		3102010
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				1FE		1,355,000.00		99.553		1,348,943.00		1,355,000.00		1,355,000.00		(6,057.00	)		—			—		—			1.096		3.126	MJSD		1,114.00		14,954.00			5282008		6042010
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		1FE		90,479.00		75		68,844.00		91,791.33		90,504.86		(21,660.86	)		3.00			—		—			5.289		5.678	MON		405.00		2,428.00			11302007		11252033
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		106.389		643,652.00		605,000.00		630,265.01		13,386.99			(9,784.00	)		—		—			7.375		3.887	MS		11,650.00		22,309.00			7302008		9272010
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		97.627		1,537,625.00		1,575,000.00		1,551,201.91		(13,576.91	)		5,786.00			—		—			0.449		1.193	MON		315.00		5,464.00			5062008		3152014
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		112.036		9,523,096.00		8,500,000.00		9,732,773.73		(209,677.73	)		(93,481.00	)		—		—			6.95		3.574	MS		173,943.00		231,377.00			2052009		3152014
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,579.00		102.095		7,172,171.00		7,025,000.00		7,024,619.99		147,551.01			41.00			—		—			3.125		3.127	MS		67,689.00		—			3052009		3102012
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			D				1FE		1,383,429.00		102.4		1,180,459.00		700,000.00		1,451,136.60		(270,677.60	)		(867.00	)		—		(297,365.36	)		5.75		5.536	FEB		22,701.00		57,809.00			1152008		2262010
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		106.23		7,436,113.00		7,000,000.00		7,419,470.39		16,642.61			(28,810.00	)		—		—			5.25		3.67	FA		138,833.00		—			3052009		8152013
07389KAA9	BSA20-701 WHOLE CMO 20-701 1A1					2		1FE		5,678,446.00		47		4,040,501.26		5,686,412.66		5,668,400.44		(1,627,899.18	)		1,536.00			—		—			6.09		6.113	MON		28,861.00		174,355.00			9172007		9252047
07388GAA9	BSABS ABS 06-3-A1					2		1FE		1,237,604.00		80.2		992,559.00		1,237,604.35		1,237,604.35		(245,045.35	)		—			—		—			0.464		0.464	MON		96.00		3,640.00			8082006		8252036
07384MK27	BSARM WHOLE CMO 04-1 21A1					2		1FE		574,990.00		85.707		501,747.00		585,418.20		575,183.83		(73,436.83	)		32.00			—		—			4.271		4.773	MON		2,084.00		13,737.00			8102007		4252034
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1FE		2,117,957.00		82.72		1,785,906.00		2,158,977.27		2,118,716.78		(332,810.78	)		105.00			—		—			4.808		5.435	MON		8,651.00		51,779.00			8132007		11252034
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2		3FE		1,900,572.00		63.37		1,227,025.00		1,936,272.24		1,901,204.09		(674,179.09	)		126.00			—		—			5.084		5.501	MON		8,204.00		49,166.00			8102007		6252035
07387AEG6	BSARM WHOLE CMO 05-9					2		1FE		2,573,754.00		79.121		2,069,432.00		2,615,541.30		2,574,534.69		(505,102.69	)		220.00			—		—			4.625		4.994	MON		10,081.00		60,484.00			1062006		10252035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2					2		1FE		640,842.00		59.46		637,067.17		655,593.33		640,433.34		(3,366.17	)		288.00			—		—			5.75		6.432	MON		3,141.00		18,848.00			8172007		7252036
07388DAC2	BSARM_06-2 WHOLE CMO 06-2-2A1					2		1FE		7,662,458.00		57		4,476,721.00		7,853,896.48		7,653,838.04		(3,177,117.04	)		(2,244.00	)		—		—			5.65		6.282	MON		36,979.00		221,873.00			11202007		7252036
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		437,543.00		108.753		451,324.00		415,000.00		431,669.47		19,654.53			(3,395.00	)		—		—			6.375		4.508	AO		5,585.00		13,228.00			8132008		10152011
136375BJ0	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		259,779.00		100.174		260,453.00		260,000.00		259,988.91		464.09			64.00			—		—			4.25		4.301	FA		4,604.00		5,525.00			12042007		8012009
13974AAD4	CARAT ABS 06-SN1A 144A					2		1FE		—		0		—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		104.934		1,180,511.00		1,125,000.00		1,124,575.37		55,935.63			56.00			—		—			4.85		4.862	JD		3,638.00		27,281.00			12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.00		100.299		5,290,768.00		5,275,000.00		5,269,952.42		20,815.58			639.00			—		—			4.25		4.279	FA		89,052.00		112,094.00			2042008		2082013
161505DK5	CCMSC 1999-2 A2					2		1		1,009,291.00		100.497		1,006,753.00		1,001,777.88		1,001,748.12		5,004.88			(3,361.00	)		—		—			7.198		5.914	MON		6,009.00		36,054.00			5202008		11012009
161505EA6	CCMSC SENIOR CMBS 00-1					2		1FE		2,449,260.00		100.859		2,327,349.00		2,303,869.66		2,322,884.42		4,464.58			(19,604.00	)		—		—			7.757		4.376	MON		14,893.00		89,356.00			11302007		2012010
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		724,421.00		101.347		706,559.00		698,737.31		707,795.71		(1,236.71	)		(9,976.00	)		—		—			7.631		4.455	MON		4,443.00		26,660.00			9042008		6152010
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		1,569,456.00		95.527		1,533,764.00		1,605,581.59		1,577,083.10		(43,319.10	)		5,195.00			—		—			4.91		6.469	MON		6,570.00		39,413.00			4172008		10252033
92344SAH3	CELLCO PARTNERSHIP CORP BND 144A							1FE		596,767.00		112.73		615,542.00		550,000.00		593,569.52		21,972.48			(3,197.00	)		—		—			7.375		5.32	MN		5,183.00		19,605.00			2122009		11152013
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE		1,009,477.00		103.739		1,015,026.00		978,441.75		996,971.63		18,054.37			(6,123.00	)		—		—			4.97		3.748	FA		20,262.00		24,314.00			2082008		8012012
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		98.201		4,910,072.00		5,000,000.00		5,014,462.03		(104,390.03	)		(3,713.00	)		—		—			5.5		5.331	AO		49,653.00		137,500.00			1312007		4262011
161630AQ1	CHASE CM_O07-A1 5A1					2		1FE		657,686.00		83.133		556,404.00		669,293.93		657,993.94		(101,589.94	)		84.00			—		—			4.141		4.662	MON		2,309.00		13,864.00			5082007		2252037
161630AG3	CHASE CM_O07-A1-2A1					2		1FE		4,266,940.00		87.975		3,821,310.00		4,343,632.00		4,267,430.65		(446,120.65	)		660.00			—		—			4.179		4.683	MON		15,127.00		89,758.00			2222007		2252037
161582AB7	CHASE MANHATTAN BANK CMFUN_99-1					2		1FE		2,374,838.00		99.815		2,252,513.00		2,256,680.93		2,253,072.00		(559.00	)		(18,739.00	)		—		—			7.439		4.132	MON		13,990.00		83,937.00			1222008		7012009
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		100.828		379,448.00		375,000.00		376,593.22		2,854.78			(3,607.00	)		—		—			7.671		5.756	MON		2,474.00		14,500.00			11282007		1152010
16162WLN7	CHASE WHOLE CMO 05-S2 A2`					2		1FE		177,775.00		99.291		178,241.00		179,514.18		178,477.28		(236.28	)		406.00			—		—			5.5		6.268	MON		823.00		4,937.00			4042008		10252035
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1FE		5,874,252.00		67.281		3,914,804.00		5,818,566.47		5,863,554.96		(1,948,750.96	)		(178.00	)		—		—			5.426		5.109	MON		26,309.00		157,929.00			1182008		2012037
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		1FE		2,566,219.00		83.74		2,170,487.00		2,591,936.31		2,566,514.45		(396,027.45	)		96.00			—		—			4.826		5.055	MON		10,425.00		62,539.00			5172007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1FE		1,293,619.00		90.4		1,188,324.00		1,314,517.90		1,294,263.06		(105,939.06	)		335.00			—		—			4.595		5.103	MON		5,033.00		30,251.00			5172007		2252037
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN							1FE		10,999,340.00		103.049		11,335,374.00		11,000,000.00		10,999,408.70		335,965.30			69.00			—		—			3.45		3.452	MS		124,392.00		—			2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		105.439		4,059,395.00		3,850,000.00		3,906,698.61		152,696.39			(16,555.00	)		—		—			5.25		4.307	FA		72,428.00		101,063.00			10092008		2222011
172967EL1	CITIBANK N.A. CORP BND							1FE		3,253,904.00		95.439		3,111,303.00		3,260,000.00		3,255,806.53		(144,503.53	)		571.00			—		—			5.3		5.343	AO		35,516.00		86,390.00			10102007		10172012
17313YAA9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		9,000,000.00		100.164		9,014,765.00		9,000,000.00		9,000,000.00		14,765.00			—			—		—			0.948		0.948	FMAN		13,502.00		—			4302009		5052011
17314AAE2	CITIGROUP FUNDING INC - GTD CORP BND							1FE		1,762,215.00		99.946		1,749,053.00		1,750,000.00		1,761,437.03		(12,384.03	)		(778.00	)		—		—			0.898		1.292	MJSD		44.00		6,851.00			4202009		3302012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		8,377,404.00		100.188		8,415,792.00		8,400,000.00		8,379,258.27		36,533.73			1,854.00			—		—			2		2.093	MS		42,467.00		—			3232009		3302012
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		1,750,088.00		97.883		1,712,961.00		1,750,000.00		1,750,087.50		(37,126.50	)		—			—		—			5.1		5.096	MS		22,808.00		44,625.00			12282007		9292011
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		6,284,376.00		102.777		6,474,951.00		6,300,000.00		6,287,191.37		187,759.63			2,498.00			—		—			2.875		2.962	JD		11,069.00		90,563.00			12022008		12092011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		43,679,904.00		100.326		43,992,951.00		43,850,000.00		43,697,488.22		295,462.78			17,584.00			—		—			2.125		2.253	AO		157,890.00		232,953.00			3102009		4302012

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
172967CU3	CITIGROUP INC CORP BND							1FE		1,411,135.00		100.022		1,425,318.00		1,425,000.00		1,420,851.25		4,466.75			3,131.00			—		—			4.125		4.59	FA		21,063.00		29,391.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND							1FE		7,225,893.00		98.482		7,066,112.00		7,175,000.00		7,206,211.50		(140,099.50	)		(9,116.00	)		—		—			5.125		4.843	FA		139,937.00		183,859.00		6022008		2142011
12572QAC9	CME GROUP INC SENIOR CORP BND							2FE		975,000.00		99.907		974,093.00		975,000.00		975,000.00		(907.00	)		—			—		—			1.657		3.454	FMAN		2,513.00		12,908.00		8072008		8062010
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1FE		760,106.00		97.053		745,157.00		767,783.57		762,573.49		(17,416.49	)		2,131.00			—		—			5.25		6.086	MON		3,359.00		20,154.00		4172008		6252034
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		100.929		11,732,953.00		11,625,000.00		11,575,201.19		157,751.81			3,095.00			—		—			3.625		3.725	MS		134,616.00		—		3032009		3152014
20825UAB0	CONOCO INC CORP BND			F				1FE		1,491,704.00		109.048		1,526,678.00		1,400,000.00		1,460,364.01		66,313.99			(12,321.00	)		—		—			6.35		4.35	AO		18,768.00		44,450.00		4212008		10152011
718507BQ8	CONOCOPHILLIPS CORP BND							1FE		5,386,576.00		106.944		5,283,019.00		4,940,000.00		5,108,539.90		174,479.10			(90,492.00	)		—		—			8.75		4.823	MN		43,225.00		216,125.00		7302008		5252010
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		3,546,841.00		102.648		3,644,008.00		3,550,000.00		3,546,840.50		97,167.50			—			—		—			4.6		4.616	JJ		18,144.00		—		5182009		1152015
20825VAA0	CONOCOPHILLIPS CORP BND							1FE		1,728,344.00		106.889		1,790,385.00		1,675,000.00		1,713,761.23		76,623.77			(6,416.00	)		—		—			5.3		4.409	AO		18,741.00		44,388.00		5052008		4152012
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		3FE		2,107,420.00		89		2,259,236.37		2,110,863.24		2,109,854.62		149,381.75			503.00			—		—			0.414		0.571	MON		146.00		5,677.00		10122007		1252037
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5					2		1FE		1,776,785.00		84.28		1,759,247.98		1,805,675.72		1,777,289.05		(18,041.07	)		62.00			—		—			5.269		5.848	MON		7,928.00		47,620.00		8142007		2192034
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,373.00		106.464		5,807,599.00		5,455,000.00		5,516,677.63		290,921.37			(11,955.00	)		—		—			6.125		5.609	MN		42,693.00		167,059.00		7112007		11152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		974,937.00		102.182		973,399.00		952,609.94		966,585.65		6,813.35			(5,060.00	)		—		—			6.505		4.315	MON		5,164.00		30,984.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3					2		1FE		4,935,048.00		102.687		4,882,747.00		4,755,000.00		4,851,966.31		30,780.69			(26,632.00	)		—		—			6.439		5.239	MON		25,515.00		153,087.00		12182007		1012012
22540A3F3	CSFB SENIOR CMBS 01-CK3					2		1FE		6,164,297.00		102.532		6,151,931.00		6,000,000.00		6,046,211.47		105,719.53			(21,182.00	)		—		—			6.53		5.823	MON		32,650.00		195,900.00		6292006		4152011
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		1,382,853.00		103.38		1,379,219.00		1,334,125.67		1,358,033.53		21,185.47			(6,752.00	)		—		—			6.21		4.139	MJSD		230.00		41,425.00		4172008		12302010
12668AZL2	CWALT CMO 2005-64CB 1A1					2		4FE		1,455,271.00		75		1,452,638.37		1,483,550.91		1,453,855.01		(1,216.64	)		(3,098.00	)		—		—			5.5		5.86	MON		6,800.00		40,802.00		1022008		12252035
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1FE		325,636.00		45.66		261,266.14		326,043.73		325,624.56		(64,358.42	)		3.00			—		—			2.84		2.847	MON		772.00		5,358.00		8062007		9252035
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1					2		1FE		1,097,866.00		91		1,145,991.78		1,097,865.95		1,097,865.95		48,125.83			—			—		—			0.384		0.384	MON		70.00		2,787.00		8172006		7252046
12669GBA8	CWHL WHOLE CMO 04-HYB6					2		2FE		617,382.00		65.33		586,121.97		631,845.37		617,933.58		(31,811.61	)		309.00			—		—			4.515		5.078	MON		2,377.00		14,318.00		8102007		11202034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2		1FE		198,908.00		96		192,820.00		200,853.74		199,592.43		(6,772.43	)		391.00			—		—			5.5		6.2	MON		921.00		5,523.00		4042008		9252035
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		4FE		2,256,175.00		54.803		1,976,213.46		2,304,056.17		2,257,213.16		(280,999.70	)		299.00			—		—			4.891		5.299	MON		9,390.00		56,400.00		8102007		8202035
12668HAB6	CWL ABS 06-26-2A1					2		1FE		1,394,536.00		91.48		1,275,622.00		1,394,426.66		1,394,449.07		(118,827.07	)		(19.00	)		—		—			0.394		0.389	MON		92.00		3,610.00		1292007		1252010
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00		103.176		1,614,196.00		950,000.00		1,879,027.38		(264,831.38	)		(406.00	)		—		(313,432.83	)		6.25		6.087	JUL		90,816.00		—		5062008		7272010
23636UAA5	DANSKE BANK A/S CORP BND 144A			F				1		9,236,403.00		100.32		9,279,601.00		9,250,000.00		9,236,413.71		43,187.29			11.00			—		—			2.5		2.549	JD		642.00		—		6232009		5102012
23383VDK3	DCAT ABS06-A A4					2		1FE		3,355,463.00		100.498		3,372,990.00		3,356,275.43		3,356,165.41		16,824.59			12.00			—		—			5.01		5.07	MON		10,743.00		84,075.00		2282006		1082011
23383WAC2	DCAT_06-B ABS 06-B					2		1FE		41,564.00		100.15		41,269.00		41,207.02		41,235.86		33.14			(106.00	)		—		—			5.33		4.217	MON		140.00		1,098.00		1302008		8082009
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		1,375,555.00		101.381		1,419,334.00		1,400,000.00		1,397,881.56		21,452.44			14,150.00			—		—			5.38		7.995	MON		4,812.00		37,660.00		9292008		3082011
233875AC7	DCAT_06-C ABS 06-C-A4					2		1FE		3,886,844.00		101.679		3,993,285.00		3,927,344.93		3,921,874.42		71,410.58			7,466.00			—		—			4.98		5.563	MON		12,496.00		97,791.00		7112007		11082011
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		2,624,706.00		102.848		2,658,611.00		2,585,000.00		2,608,787.47		49,823.53			(8,879.00	)		—		—			5		4.254	AO		28,363.00		64,625.00		7312008		10122010
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				2FE		826,755.00		105.61		792,075.00		750,000.00		770,506.54		21,568.46			(10,249.00	)		—		—			8.5		5.524	JD		2,833.00		31,875.00		2132006		6152010
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				1FE		693,074.00		100.402		702,812.00		700,000.00		698,488.97		4,323.03			1,347.00			—		—			4.875		5.218	JAN		15,239.00		34,125.00		6302007		1192010
25243YAG4	DIAGEO CAPITAL PLC SENIOR CORP BND			F				1FE		6,146,640.00		102.977		6,178,596.00		6,000,000.00		6,115,098.15		63,497.85			(31,542.00	)		—		—			4.375		2.057	MN		42,292.00		131,250.00		4022009		5032010
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN							1FE		4,133,584.00		104.992		4,383,421.00		4,175,000.00		4,140,450.79		242,970.21			3,786.00			—		—			5		5.23	JJ		96,257.00		96,837.00		7232008		7152013
532457BD9	ELI LILLY AND COMPANY CORP BND							1FE		7,192,656.00		102.922		7,410,359.00		7,200,000.00		7,193,400.14		216,958.86			744.00			—		—			3.55		3.586	MS		81,650.00		—		3032009		3062012
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00		103.717		4,044,963.00		3,900,000.00		3,890,644.52		154,318.48			1,938.00			—		—			3.25		3.36	AO		27,110.00		63,375.00		8262008		10142011
298785ET9	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		9,870,875.00		102.334		9,926,398.00		9,700,000.00		9,869,544.18		56,853.82			(1,331.00	)		—		—			2.625		1.868	MN		32,535.00		—		6192009		11152011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00		107.382		1,680,001.00		950,000.00		1,959,518.67		(279,517.67	)		(8,443.00	)		—		(359,245.75	)		5.5		4.437	DEC		48,564.00		—		3102008		12072011
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1FE		19,954,400.00		103.476		20,695,200.00		20,000,000.00		19,975,227.11		719,972.89			7,336.00			—		—			3.25		3.329	FA		245,556.00		325,000.00		1072008		2152011
31331GUE7	FFCB AGENCY BND					1		1		10,994,500.00		98.937		10,883,070.00		11,000,000.00		10,994,698.89		(111,628.89	)		199.00			—		—			2.875		2.888	MN		48,316.00		—		5052009		5062013
31331GVD8	FFCB AGENCY BND							1		10,961,426.00		99.372		10,921,036.00		10,990,000.00		10,962,427.20		(41,391.20	)		1,001.00			—		—			2.2		2.27	AO		35,595.00		—		5042009		4082013
31331TKB6	FFCB AGENCY BND							1		11,187,396.00		104.38		11,273,040.00		10,800,000.00		11,003,355.34		269,684.66			(73,573.00	)		—		—			4.1		2.662	MN		70,110.00		221,400.00		3252008		11042010
31331V4Q6	FFCB AGENCY BND							1		6,019,931.00		105.128		6,307,706.00		6,000,000.00		6,007,734.99		299,971.01			(3,010.00	)		—		—			5		4.89	MS		83,333.00		150,000.00		5032007		9212010
31331Y3X6	FFCB AGENCY BND							1		999,000.00		105.533		1,055,326.00		1,000,000.00		999,223.41		56,102.59			119.00			—		—			3.95		3.977	JJ		17,336.00		19,750.00		7302008		7232012
31331YJA9	FFCB AGENCY BND							1		18,969,030.00		101.63		19,309,700.00		19,000,000.00		18,992,622.61		317,077.39			7,799.00			—		—			3.875		3.961	JD		28,632.00		368,125.00		12142007		12172009
31331YNJ5	FFCB AGENCY BND							1		803,264.00		103.679		829,435.00		800,000.00		802,033.10		27,401.90			(634.00	)		—		—			3.5		3.33	JJ		12,678.00		14,000.00		7072008		1182011
31331YR51	FFCB AGENCY BND							1		990,190.00		105.734		1,057,336.00		1,000,000.00		992,043.28		65,292.72			929.00			—		—			4		4.224	MN		4,444.00		20,000.00		7072008		5212013
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2		1FE		222,500.00		82		186,448.00		227,375.97		222,658.88		(36,210.88	)		29.00			—		—			4.75		5.392	MON		900.00		5,400.00		8102007		12252034
3133XDTA9	FHLB AGENCY BND							1		8,166,480.00		105.285		8,422,800.00		8,000,000.00		8,082,655.65		340,144.35			(27,403.00	)		—		—			4.75		4.006	JD		22,167.00		190,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND							1		797,393.00		108.131		810,982.00		750,000.00		777,894.39		33,087.61			(6,656.00	)		—		—			5.6		3.647	JD		350.00		21,000.00		1032008		6282011
3133XGYT5	FHLB AGENCY BND							1		1,292,650.00		102.088		1,276,104.00		1,250,000.00		1,260,210.51		15,893.49			(11,237.00	)		—		—			5		3.137	JD		3,472.00		31,250.00		1142008		12112009
3133XJUS5	FHLB AGENCY BND							1		7,027,720.00		103.164		7,221,484.00		7,000,000.00		7,007,069.84		214,414.16			(4,880.00	)		—		—			5		4.851	MS		105,972.00		175,000.00		3192007		3122010
3133XMES6	FHLB AGENCY BND							1		20,084,720.00		104.597		20,919,400.00		20,000,000.00		20,038,808.82		880,591.18			(14,182.00	)		—		—			4.375		4.221	AO		167,708.00		437,500.00		11022007		10222010
3133XTHN9	FHLB AGENCY BND							1		6,775,035.00		99.947		6,751,420.00		6,755,000.00		6,772,991.84		(21,571.84	)		(2,043.00	)		—		—			1.25		1.041	AO		18,060.00		—		5072009		10142010
3128X2TM7	FHLMC AGENCY BND							1		14,298,830.00		108.206		14,066,780.00		13,000,000.00		14,264,343.48		(197,563.48	)		(34,487.00	)		—		—			5		2.726	JJ		272,639.00		—		5122009		1302014
3128X8A93	FHLMC AGENCY BND							1		13,496,625.00		99.412		13,420,620.00		13,500,000.00		13,496,776.95		(76,156.95	)		152.00			—		—			2.05		2.059	MN		38,438.00		—		5072009		5112012
3134A3M78	FHLMC AGENCY BND							1		8,275,318.00		101.32		7,978,982.00		7,875,000.00		7,900,665.58		78,316.42			(60,921.00	)		—		—			6.625		5.007	MS		153,617.00		260,859.00		3272006		9152009
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00		109.874		5,713,448.00		5,200,000.00		5,559,837.67		153,610.33			(17,748.00	)		—		—			5.125		4.139	MN		32,572.00		133,250.00		9112008		11172017
3137EABK4	FHLMC AGENCY BND							1		9,562,265.00		102.627		9,826,536.00		9,575,000.00		9,567,394.79		259,141.21			2,056.00			—		—			2.75		2.796	AO		58,514.00		131,656.00		4032008		4112011
3137EACC1	FHLMC AGENCY BND							1		5,382,504.00		99.676		5,382,504.00		5,400,000.00		5,383,096.36		(592.36	)		592.00			—		—			1.75		1.859	JD		10,500.00		—		5192009		6152012
3128X4KF7	FHLMC AGENCY BND MTN							1		3,080,160.00		104.86		3,145,800.00		3,000,000.00		3,037,086.93		108,713.07			(14,539.00	)		—		—			4.75		3.708	MS		39,188.00		71,250.00		12282007		9222010
31396GSK8	FHLMC AGENCY CMO 3098					2		1		1,834,180.00		102.602		1,886,925.00		1,839,064.98		1,834,978.13		51,946.87			125.00			—		—			5		5.107	MON		7,663.00		45,977.00		1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099					2		1		1,841,820.00		102.559		1,893,976.00		1,846,724.88		1,842,659.02		51,316.98			163.00			—		—			5		5.11	MON		7,695.00		46,168.00		1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102					2		1		2,509,656.00		102.672		2,574,110.00		2,512,675.06		2,510,353.22		63,756.78			(1,267.00	)		—		—			5		4.825	MON		10,469.00		62,817.00		8202008		7012010
31396HE39	FHLMC AGENCY CMO 3113					2		1		2,026,918.00		102.819		2,096,378.00		2,036,623.82		2,030,064.08		66,313.92			816.00			—		—			5		5.286	MON		8,486.00		50,916.00		2022006		11152025
31396TUP6	FHLMC AGENCY CMO 3171 NE					2		1		3,871,614.00		102.275		3,922,192.00		3,834,962.35		3,843,448.50		78,743.50			(12,247.00	)		—		—			6		4.898	MON		19,175.00		115,049.00		10242007		5012010
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		477,591.00		96.24		481,292.00		500,095.30		490,860.50		(9,568.50	)		12,815.00			—		—			0		4.29	MON		—		—		4042007		3152037
31396CLF5	FHLMC AGENCY CMO_3054 DW					2		1		221,786.00		105.53		234,931.00		222,620.38		221,822.53		13,108.47			21.00			—		—			5.5		5.685	MON		1,020.00		6,122.00		6172008		5152034
31394L4A7	FHLMC CMO 2684 PC					2		1		8,741,668.00		102.094		8,688,478.00		8,510,293.99		8,735,297.92		(46,819.92	)		(6,370.00	)		—		—			5		1.59	MON		35,460.00		—		6182009		4012011
31395L4F5	FHLMC CMO 2914 AJ					2		1FE		5,925,496.00		102.875		5,929,099.00		5,763,400.79		5,925,496.44		3,602.56			—			—		—			5		2.867	MON		4,002.00		—		6302009		9012012
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS					2		1		3,643,743.00		107.025		3,845,623.00		3,593,213.36		3,641,340.21		204,282.79			387.00			—		—			6		5.566	MON		17,966.00		107,796.00		2062007		5012028
31397Y5H0	FHLMC CMO_3484 DA					2		1		8,817,503.00		103.558		8,777,400.00		8,475,821.88		8,806,468.98		(29,068.98	)		(11,034.00	)		—		—			5		3.157	MON		35,316.00		—		6012009		4012016
31349UJL3	FHLMC GOLD POOL # 782967					2		1		203,484.00		102.203		211,714.00		206,550.47		203,520.52		8,193.48			(5.00	)		—		—			4.398		4.67	MON		757.00		4,542.00		9302008		1012035
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		55,923.00		105.253		56,648.00		53,820.55		55,893.26		754.74			(30.00	)		—		—			6		4.947	MON		269.00		1,076.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		102,726.00		105.253		104,058.00		98,864.50		102,670.74		1,387.26			(56.00	)		—		—			6		4.918	MON		494.00		1,977.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583					2		1		133,976.00		105.253		135,712.00		128,939.52		133,905.95		1,806.05			(70.00	)		—		—			6		4.958	MON		645.00		2,579.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804					2		1		6,410,513.00		104.94		6,650,829.00		6,337,728.57		6,408,865.02		241,963.98			(212.00	)		—		—			6		5.662	MON		31,689.00		190,132.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806					2		1		6,660,298.00		104.94		6,909,977.00		6,584,677.13		6,658,600.72		251,376.28			(247.00	)		—		—			6		5.666	MON		32,923.00		197,540.00		11022007		9012037
3128KWTK9	FHLMC GOLD POOL # A65954					2		1		111,821.00		105.253		113,270.00		107,617.19		111,765.94		1,504.06			(55.00	)		—		—			6		5.035	MON		538.00		2,152.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958					2		1		100,154.00		105.253		101,451.00		96,388.43		100,100.16		1,350.84			(53.00	)		—		—			6		4.937	MON		482.00		1,928.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968					2		1		72,969.00		105.253		73,914.00		70,225.46		72,924.31		989.69			(44.00	)		—		—			6		4.772	MON		351.00		1,405.00		2042009		9012037
3128KWT29	FHLMC GOLD POOL # A65969					2		1		69,183.00		105.253		70,080.00		66,582.51		69,147.21		932.79			(36.00	)		—		—			6		4.963	MON		333.00		1,332.00		2042009		9012037
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		3,871,450.00		104.722		4,008,209.00		3,827,493.53		3,870,362.61		137,846.39			(222.00	)		—		—			6		5.565	MON		19,137.00		114,825.00		11022007		9012037
3128KYXE4	FHLMC GOLD POOL # A67877					2		1		49,147.00		105.253		49,784.00		47,299.05		49,120.36		663.64			(26.00	)		—		—			6		4.941	MON		237.00		946.00		2042009		4012037
312929CM2	FHLMC GOLD POOL # A82776					2		1		22,896.00		105.253		23,193.00		22,035.27		22,883.77		309.23			(12.00	)		—		—			6		4.917	MON		110.00		441.00		2042009		1012039
312930LH1	FHLMC GOLD POOL # A83928					2		1		86,243.00		105.253		87,360.00		83,000.66		86,197.11		1,162.89			(46.00	)		—		—			6		4.924	MON		415.00		1,660.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935					2		1		89,995.00		105.253		91,161.00		86,611.89		89,950.75		1,210.25			(44.00	)		—		—			6		5.008	MON		433.00		1,732.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083					2		1		58,510.00		104.47		58,828.00		56,310.73		58,483.42		344.58			(27.00	)		—		—			6		5.092	MON		282.00		1,126.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100					2		1		34,954.00		105.253		35,407.00		33,639.79		34,937.40		469.60			(16.00	)		—		—			6		5.067	MON		168.00		673.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146					2		1		26,552.00		104.47		26,696.00		25,553.56		26,539.43		156.57			(12.00	)		—		—			6		5.084	MON		128.00		511.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964					2		1		4,934.00		105.253		4,998.00		4,748.29		4,931.13		66.87			(3.00	)		—		—			6		4.939	MON		24.00		95.00		2042009		7012037
3128M4HY2	FHLMC GOLD POOL # G02647					2		1		5,397,140.00		103.318		5,653,042.00		5,471,518.72		5,399,157.94		253,884.06			637.00			—		—			5.5		6.279	MON		25,078.00		150,467.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143					2		1		9,196.00		105.253		9,315.00		8,849.95		9,190.60		124.40			(5.00	)		—		—			6		4.906	MON		44.00		177.00		2042009		7012037

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128M5HK9	FHLMC GOLD POOL # G03534					2		1		20,098,421.00		106.822		20,891,698.00		19,557,533.45		20,087,504.39		804,193.61			(1,839.00	)		—		—			6.5		5.714	MON		105,937.00		635,620.00		11062007		10012037
3128M6AM0	FHLMC GOLD POOL # G04212					2		1		45,323.00		104.69		45,631.00		43,586.31		45,295.19		335.81			(28.00	)		—		—			6		4.634	MON		218.00		436.00		3122009		11012037
3128M6UB2	FHLMC GOLD POOL # G04778					2		1		227,664.00		105.253		230,614.00		219,105.11		227,552.20		3,061.80			(112.00	)		—		—			6		5.028	MON		1,096.00		4,382.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124					2		1		670,871.00		105.253		679,564.00		645,649.92		670,529.65		9,034.35			(341.00	)		—		—			6		4.978	MON		3,228.00		12,913.00		2042009		12012038
3128MBBR7	FHLMC GOLD POOL # G12548					2		1		4,383,179.00		104.5		4,570,424.00		4,373,611.28		4,381,955.50		188,468.50			176.00			—		—			5.5		5.31	MON		20,046.00		120,274.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962					2		1		829,663.00		105.947		862,096.00		813,706.90		829,256.91		32,839.09			(131.00	)		—		—			6.5		5.635	MON		4,408.00		26,445.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033					2		1		17,906,294.00		105.947		18,606,277.00		17,561,915.66		17,898,025.35		708,251.65			(2,346.00	)		—		—			6.5		5.715	MON		95,127.00		570,762.00		10312007		7012037
3128MTF29	FHLMC GOLD POOL # H01085					2		1		18,402,684.00		105.947		19,122,072.00		18,048,758.82		18,393,684.72		728,387.28			(2,912.00	)		—		—			6.5		5.637	MON		97,764.00		586,585.00		10312007		7012037
3128JLHB8	FHLMC POOL # 1B1225					2		1		112,358.00		102.766		117,261.00		114,104.23		112,375.27		4,885.73			4.00			—		—			5.133		5.493	MON		488.00		2,927.00		4022007		9012033
3128JMW45	FHLMC POOL # 1B2566					2		1		164,645.00		101.827		168,971.00		165,939.56		164,653.03		4,317.97			3.00			—		—			4.385		4.485	MON		606.00		3,644.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583					2		1		3,195,557.00		102.78		3,320,856.00		3,231,033.64		3,196,043.71		124,812.29			46.00			—		—			4.524		4.719	MON		12,181.00		73,086.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632					2		1		202,869.00		102.067		208,690.00		204,463.56		202,878.65		5,811.35			4.00			—		—			4.38		4.478	MON		746.00		4,450.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642					2		1		293,448.00		102.147		302,104.00		295,754.43		293,460.05		8,643.95			4.00			—		—			4.487		4.588	MON		1,106.00		6,631.00		4022007		11012034
3128JM6N2	FHLMC POOL # 1B2776					2		1		434,941.00		102.042		448,440.00		439,467.87		434,979.72		13,460.28			11.00			—		—			4.338		4.515	MON		1,589.00		9,529.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792					2		1		293,798.00		102.056		302,958.00		296,855.84		293,825.42		9,132.58			9.00			—		—			4.351		4.52	MON		1,076.00		6,462.00		4022007		2012035
3128JNAL9	FHLMC POOL # 1B2810					2		1		351,137.00		102.443		363,459.00		354,790.89		351,165.58		12,293.42			8.00			—		—			4.431		4.613	MON		1,310.00		7,847.00		4022007		2012035
3128QPU59	FHLMC POOL # 1B7453					2		1		340,449.00		104.75		350,702.00		334,799.29		340,319.05		10,382.95			(20.00	)		—		—			6.018		5.241	MON		1,679.00		10,069.00		12132007		8012037
3128NCBF0	FHLMC POOL # 1G0038					2		1		347,338.00		101.853		356,734.00		350,244.94		347,357.55		9,376.45			7.00			—		—			4.346		4.46	MON		1,268.00		7,626.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053					2		1		417,205.00		102.006		430,005.00		421,546.79		417,244.94		12,760.06			15.00			—		—			4.494		4.651	MON		1,579.00		9,479.00		4022007		2012035
3128NCB37	FHLMC POOL # 1G0058					2		1		527,792.00		102.94		544,586.00		529,032.22		527,766.65		16,819.35			(2.00	)		—		—			4.606		4.577	MON		2,031.00		12,159.00		9172008		1012035
3128NCDH4	FHLMC POOL # 1G0104					2		1		178,493.00		101.994		183,576.00		179,986.58		178,501.83		5,074.17			3.00			—		—			4.508		4.621	MON		676.00		4,056.00		4032007		2012035
3128NCD68	FHLMC POOL # 1G0125					2		1		4,505,347.00		102.031		4,695,166.00		4,601,694.51		4,507,706.03		187,459.97			(290.00	)		—		—			4.332		4.711	MON		16,612.00		116,059.00		12132005		3012035
3128NCMS0	FHLMC POOL # 1G0369					2		1		706,334.00		103.337		726,275.00		702,820.35		706,256.10		20,018.90			(16.00	)		—		—			4.98		4.78	MON		2,917.00		17,500.00		8272008		10012035
3128QJLG9	FHLMC POOL # 1G1227					2		1		1,245,180.00		104.309		1,273,368.00		1,220,765.00		1,244,757.85		28,610.15			(117.00	)		—		—			5.991		5.39	MON		6,095.00		36,593.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393					2		1		3,753,870.00		105.41		3,924,455.00		3,723,038.75		3,752,238.72		172,216.28			29.00			—		—			5.929		5.613	MON		18,395.00		128,743.00		3302007		12012036
3128QJ3B0	FHLMC POOL # 1G1694					2		1		5,171,942.00		104.25		5,472,773.00		5,249,661.90		5,172,502.15		300,270.85			87.00			—		—			5.269		5.584	MON		23,050.00		161,510.00		8102007		4012037
3128S4DP9	FHLMC POOL # 1Q0110					2		1		2,204,523.00		102.335		2,277,806.00		2,225,826.30		2,204,762.24		73,043.76			128.00			—		—			4.153		4.293	MON		7,703.00		51,687.00		9272006		7012035
3128S4E86	FHLMC POOL # 1Q0159					2		1		334,523.00		102.582		347,386.00		338,640.41		334,578.05		12,807.95			31.00			—		—			4.542		4.739	MON		1,282.00		8,611.00		11132006		3012035
31342A6F1	FHLMC POOL # 780870					2		1		666,812.00		100.79		682,522.00		677,173.02		666,937.19		15,584.81			36.00			—		—			4.549		4.871	MON		2,567.00		15,432.00		4022007		9012033
31349SJK0	FHLMC POOL # 781166					2		1		1,504,873.00		102.249		1,564,202.00		1,529,792.15		1,505,451.73		58,750.27			(268.00	)		—		—			3.394		3.713	MON		4,327.00		33,107.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785					2		1		314,141.00		101.962		322,824.00		316,610.97		314,155.22		8,668.78			5.00			—		—			4.434		4.536	MON		1,170.00		7,042.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837					2		1		570,674.00		101.33		582,812.00		575,160.14		570,701.24		12,110.76			10.00			—		—			4.382		4.481	MON		2,100.00		12,574.00		4022007		11012034
31349ULB2	FHLMC POOL # 783022					2		1		648,338.00		100.44		664,756.82		654,127.25		648,380.11		16,376.71			14.00			—		—			4.429		4.556	MON		2,414.00		14,460.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026					2		1		376,816.00		101.813		387,640.00		380,737.17		376,850.70		10,789.30			12.00			—		—			4.422		4.586	MON		1,403.00		8,424.00		4022007		2012035
31295NXK9	FHLMC POOL # 789682					2		1		63,070.00		102.028		64,720.00		63,434.10		63,069.00		1,651.00			—			—		—			4.792		4.837	MON		253.00		1,521.00		8102006		9012032
3128JRJS6	FHLMC POOL # 847473					2		1		4,770,392.00		104.06		4,984,319.00		4,789,850.63		4,770,259.38		214,059.62			(42.00	)		—		—			5.049		5.045	MON		20,153.00		120,828.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,785,604.00		102.602		1,875,883.00		1,828,312.10		1,786,178.83		89,704.17			51.00			—		—			4.959		5.648	MON		7,556.00		45,207.00		5312006		12012035
3128JRPZ3	FHLMC POOL # 847640					2		1		988,936.00		103.204		1,026,215.00		994,355.64		988,890.91		37,324.09			(17.00	)		—		—			5.158		5.203	MON		4,274.00		25,651.00		11132006		5012036
3128JRP26	FHLMC POOL # 847641					2		1		886,282.00		103.178		921,826.00		893,429.19		886,310.45		35,515.55			—			—		—			5.146		5.252	MON		3,831.00		22,728.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642					2		1		218,486.00		101.258		224,163.00		221,377.66		218,530.95		5,632.05			24.00			—		—			4.086		4.311	MON		754.00		5,443.00		11132006		4012035
02R050671	FHLMC TBA 30 YR					2		1Z		3,982,813.00		101.758		4,070,313.00		4,000,000.00		3,982,812.50		87,500.50			—			—		—			5		5.098	MON		6,667.00		—		6082009		7012033
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA					2		1		2,820,121.00		101.1		2,837,840.00		2,806,963.16		2,807,542.24		30,297.76			(4,556.00	)		—		—			5.5		4.832	MON		12,865.00		77,191.00		3232007		3012010
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1		2,807,927.00		103.699		2,905,747.00		2,802,097.44		2,804,274.15		101,472.85			(978.00	)		—		—			5.5		5.323	MON		12,843.00		77,058.00		4192007		10012012
31394HP88	FHR AGENCY CMO 2663					2		1FE		743,811.00		101.738		752,038.00		739,191.16		740,584.76		11,453.24			(1,765.00	)		—		—			4.5		3.877	MON		2,772.00		16,632.00		7162008		9012010
31395K5J8	FHR AGENCY CMO 2898 PH					2		1		412,896.00		100.551		411,698.00		409,441.56		410,229.27		1,468.73			(1,700.00	)		—		—			5		3.65	MON		1,706.00		10,236.00		7082008		1012010
31395VGR4	FHR AGENCY CMO 2989 WD					2		1		502,969.00		104.25		521,250.00		500,000.00		502,421.88		18,828.12			(384.00	)		—		—			5.5		5.366	MON		2,292.00		13,750.00		10082008		12152013
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		7,304,278.00		103.625		7,505,728.00		7,243,163.75		7,292,414.66		213,313.34			(9,880.00	)		—		—			5.5		4.68	MON		33,198.00		199,187.00		9042008		9012012
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT			D				1FE		1,112,800.00		66.221		654,336.00		600,000.00		1,139,364.98		(485,028.98	)		11,607.00			—		(213,096.00	)		6		8.544	FEB		23,552.00		53,041.00		6192008		2062012
337378AB9	FIRST UNION NAT BANK 1999-C4 A2					2		1FE		727,890.00		98.785		723,102.00		718,682.29		719,644.55		3,457.45			(3,670.00	)		—		—			7.39		5.39	MON		4,426.00		26,555.00		5202008		11012009
33736XAB5	FIRST UNION NAT BANK CMBS_00-C1 A2					2		1FE		1,353,086.00		100.988		1,318,385.00		1,293,435.53		1,311,871.76		6,513.24			(15,030.00	)		—		—			7.841		3.206	MON		8,452.00		50,709.00		4162008		3012010
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		1,052,926.00		98.648		1,032,512.00		1,046,659.08		1,048,349.83		(15,837.83	)		(1,944.00	)		—		—			5.673		4.969	MON		4,948.00		29,689.00		7172008		5012010
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE		2,779,405.00		102.947		2,800,163.00		2,720,000.00		2,766,045.94		34,117.06			(5,862.00	)		—		—			4.85		4.335	FA		54,967.00		65,960.00		4252008		2012013
31359M7X5	FNMA AGENCY BND							1		3,188,535.00		109.146		3,274,380.00		3,000,000.00		3,173,877.16		100,502.84			(9,241.00	)		—		—			5		4.129	MN		20,833.00		75,000.00		9112008		5112017
31359MF81	FNMA AGENCY BND							1		6,927,115.00		106.156		6,900,141.00		6,500,000.00		6,890,435.34		9,705.66			(36,680.00	)		—		—			5.05		1.247	FA		131,300.00		—		5052009		2072011
31359MMQ3	FNMA AGENCY BND							1		15,191,171.00		111.723		15,529,497.00		13,900,000.00		14,908,701.22		620,795.78			(175,130.00	)		—		—			6.125		3.299	MS		250,683.00		425,688.00		9112008		3152012
31359MNU3	FNMA AGENCY BND							1		6,397,759.00		104.228		6,691,438.00		6,420,000.00		6,405,244.08		286,193.92			2,168.00			—		—			5.25		5.332	FA		140,438.00		168,525.00		11092007		8012012
3136FHE43	FNMA AGENCY BND					1		1		5,515,313.00		99.788		5,538,232.00		5,550,000.00		5,515,312.50		22,919.50			—			—		—			1.5		1.82	JJ		—		—		6092009		7012011
31398AHZ8	FNMA AGENCY BND							1		26,460,984.00		108.652		28,249,520.00		26,000,000.00		26,322,380.07		1,927,139.93			(43,708.00	)		—		—			4.75		4.351	MN		144,083.00		617,500.00		11302007		11192012
31398ATZ5	FNMA AGENCY BND							1		10,995,490.00		102.617		11,287,870.00		11,000,000.00		10,997,098.21		290,771.79			1,096.00			—		—			2.875		2.896	AO		69,399.00		158,125.00		9102008		10122010
31393YFB6	FNMA AGENCY CMO 04-28 PB					2		1		138,035.00		101.42		138,075.00		136,142.11		136,366.53		1,708.47			(1,053.00	)		—		—			6		3.854	MON		681.00		4,084.00		1142008		12012009
31394BPP3	FNMA AGENCY CMO 04-88 HA					2		1		157,888.00		105		160,321.00		152,687.11		157,159.71		3,161.29			(170.00	)		—		—			6.5		5.017	MON		827.00		4,962.00		1142008		12012015
31394DA42	FNMA AGENCY CMO 05-48					2		1		374,444.00		106.379		395,489.00		371,771.65		374,138.57		21,350.43			(68.00	)		—		—			5.5		5.25	MON		1,704.00		10,224.00		12202007		11012019
31394FRP2	FNMA AGENCY CMO 05-80 PB					2		1		6,005,868.00		103.446		5,992,776.00		5,793,151.16		6,001,683.47		(8,907.47	)		(4,185.00	)		—		—			5.5		2.174	MON		26,552.00		—		6182009		1012012
31396XEN0	FNMA CMO 07-80 PA					2		1FE		7,070,462.00		103.911		7,047,503.00		6,782,217.64		7,062,699.92		(15,196.92	)		(7,762.00	)		—		—			5.5		2.242	MON		31,085.00		—		6152009		12012012
31371LNH8	FNMA POOL # 255192					2		1		2,893,191.00		102.58		3,075,228.00		2,997,882.60		2,913,993.05		161,234.95			940.00			—		—			4		5.644	MON		9,993.00		59,958.00		1032007		4012014
31371MXX0	FNMA POOL # 256394					2		1		—		106.581		—		—		—		—			—			—		—			6.5		0	MON		503.00		—		2042009		9012036
31371NAC9	FNMA POOL # 256603					2		1		2,381,414.00		104.588		2,488,333.00		2,379,183.21		2,381,085.93		107,247.07			(96.00	)		—		—			5.5		5.311	MON		10,905.00		65,428.00		7172008		2012022
31371NN68	FNMA POOL # 257013					2		1		32,719.00		103.588		34,377.00		33,185.93		32,729.34		1,647.66			4.00			—		—			5		5.619	MON		138.00		830.00		8222008		11012022
31371NZX6	FNMA POOL # 257358					2		1		41,504.00		103.549		43,589.00		42,095.61		41,515.86		2,073.14			5.00			—		—			5		5.617	MON		175.00		1,052.00		8222008		9012023
31371N7K5	FNMA POOL # 257498					2		1		—		106.575		—		—		—		—			—			—		—			6.5		0	MON		66.00		—		1232009		12012038
31376KQB5	FNMA POOL # 357850					2		1		27,103.00		103.603		27,118.00		26,175.05		27,084.97		33.03			(18.00	)		—		—			5.5		4.116	MON		120.00		—		6042009		7012035
31379T6G4	FNMA POOL # 429371					2		1		53,821.00		103.159		55,975.00		54,261.39		53,866.65		2,108.35			12.00			—		—			5		5.283	MON		226.00		1,356.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388					2		1		179,995.00		105.572		193,425.00		183,215.75		180,305.48		13,119.52			(49.00	)		—		—			5.5		6.107	MON		840.00		5,038.00		6282006		3012018
31385XEW3	FNMA POOL # 555549					2		1		588,401.00		104.727		621,264.00		593,221.15		588,613.79		32,650.21			21.00			—		—			5		5.24	MON		2,472.00		14,831.00		12142007		6012018
31385XK48	FNMA POOL # 555715					2		1		198,309.00		102.13		204,341.00		200,080.16		198,330.32		6,010.68			4.00			—		—			4.496		4.733	MON		750.00		4,533.00		4022007		7012033
31388UJF8	FNMA POOL # 615062					2		1		246,247.00		105.572		264,620.00		250,653.09		246,777.08		17,842.92			(22.00	)		—		—			5.5		6.112	MON		1,149.00		6,893.00		6282006		1012017
31389FPM8	FNMA POOL # 624228					2		1		158,771.00		105.572		170,617.00		161,611.76		159,105.27		11,511.73			(25.00	)		—		—			5.5		6.124	MON		741.00		4,444.00		6282006		1012017
31389FQ62	FNMA POOL # 624277					2		1		115,000.00		105.572		123,580.00		117,057.73		115,241.26		8,338.74			(26.00	)		—		—			5.5		6.126	MON		537.00		3,219.00		6282006		1012017
31391PUF1	FNMA POOL # 672982					2		1		604,444.00		104.74		638,281.00		609,395.20		604,676.11		33,604.89			28.00			—		—			5		5.247	MON		2,539.00		15,235.00		12142007		12012017
31400EGH7	FNMA POOL # 685200					2		1		514,803.00		104.727		543,556.00		519,020.17		514,998.74		28,557.26			23.00			—		—			5		5.239	MON		2,163.00		12,976.00		12142007		3012018
31400GJN6	FNMA POOL # 687069					2		1		1,539,004.00		101.55		1,566,039.00		1,542,136.00		1,537,984.38		28,054.62			(148.00	)		—		—			5.5		5.5	MON		7,068.00		42,409.00		4212006		1012013
31400PG58	FNMA POOL # 693320					2		1		113,522.00		101.606		116,358.00		114,519.42		113,544.19		2,813.81			9.00			—		—			3.926		4.121	MON		375.00		2,423.00		8102006		1012033
31400QJ87	FNMA POOL # 694287					2		1		24,120.00		102.192		24,869.00		24,335.83		24,122.78		746.22			—			—		—			4.606		4.881	MON		93.00		561.00		4022007		3012033
31400SA33	FNMA POOL # 695826					2		1		466,112.00		104.727		492,145.00		469,929.78		466,280.41		25,864.59			24.00			—		—			5		5.246	MON		1,958.00		11,748.00		12142007		4012018
31401A3C9	FNMA POOL # 702895					2		1		600,202.00		104.727		633,724.00		605,118.90		600,425.45		33,298.55			28.00			—		—			5		5.24	MON		2,521.00		15,128.00		12142007		4012018
31401DVW8	FNMA POOL # 705429					2		1		292,987.00		102.235		303,026.00		296,402.50		293,089.35		9,936.65			43.00			—		—			3.128		3.361	MON		773.00		6,019.00		8102006		4012033
31402DGQ7	FNMA POOL # 725707					2		1		2,040,988.00		104.52		2,150,716.00		2,057,706.62		2,041,568.60		109,147.40			6.00			—		—			5		5.247	MON		8,574.00		51,443.00		12142007		8012019
31402DQB9	FNMA POOL # 725950					2		1		856,430.00		104.52		903,328.00		864,262.46		856,623.48		46,704.52			65.00			—		—			5		5.293	MON		3,601.00		21,607.00		7172008		11012019
31402HD32	FNMA POOL # 729222					2		1		4,025,881.00		102.319		4,164,779.00		4,070,384.62		4,026,661.37		138,117.63			184.00			—		—			4.575		4.835	MON		15,515.00		92,561.00		9172008		7012035
31402RB81	FNMA POOL # 735463					2		1		205,240.00		102.966		213,075.00		206,937.45		205,281.41		7,793.59			14.00			—		—			3.702		3.866	MON		638.00		4,636.00		9282006		3012035
31402YSV7	FNMA POOL # 742232					2		1		20,388.00		104.272		21,589.00		20,704.30		20,393.61		1,195.39			3.00			—		—			4.375		4.708	MON		75.00		500.00		4022007		9012033
31403C2L4	FNMA POOL # 745179					2		1		2,108,429.00		104.727		2,226,188.00		2,125,700.77		2,109,090.10		117,097.90			49.00			—		—			5		5.238	MON		8,857.00		53,143.00		12142007		4012019
31403C3B5	FNMA POOL # 745194					2		1		997,698.00		105.572		1,072,138.00		1,015,549.51		999,141.23		72,996.77			(322.00	)		—		—			5.5		6.089	MON		4,655.00		27,928.00		6282006		5012019

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31403C3T6	FNMA POOL # 745210				2		1		1,923,063.00		105.572		2,066,546.00		1,957,471.98		1,926,001.42		140,544.58			(536.00	)		—		—		5.5		6.091	MON		8,972.00		53,830.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		1		920,787.00		105.572		989,488.00		937,262.23		922,182.31		67,305.69			(296.00	)		—		—		5.5		6.103	MON		4,296.00		25,775.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		1		1,226,704.00		104.52		1,292,655.00		1,236,752.87		1,227,058.14		65,596.86			24.00			—		—		5		5.231	MON		5,153.00		30,919.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		1		4,181,743.00		104.727		4,415,299.00		4,215,998.23		4,183,137.11		232,161.89			101.00			—		—		5		5.24	MON		17,567.00		105,400.00		12142007		11012018
31403DWH8	FNMA POOL # 745948				2		1		—		106.581		—		—		—		—			—			—		—		6.5		0	MON		1,869.00		—		2042009		10012036
31403H3P3	FNMA POOL # 749706				2		1		1,577,033.00		102.509		1,636,933.00		1,596,869.10		1,577,406.16		59,526.84			114.00			—		—		5.035		5.338	MON		6,700.00		40,192.00		5152006		11012033
31403KDB6	FNMA POOL # 750798				2		1		22,062.00		102.387		22,940.00		22,405.05		22,068.03		871.97			2.00			—		—		4.453		4.819	MON		83.00		567.00		4022007		12012033
31403VBR9	FNMA POOL # 758848				2		1		605,431.00		104.727		639,245.00		610,389.92		605,613.76		33,631.24			—			—		—		5		5.256	MON		2,543.00		15,260.00		12142007		1012019
31404CLB4	FNMA POOL # 764522				2		1		59,555.00		101.75		61,824.00		60,760.33		59,578.26		2,245.74			(5.00	)		—		—		2.959		3.413	MON		150.00		1,155.00		9302008		6012034
31404LRF9	FNMA POOL # 771886				2		1		162,525.00		102.15		168,796.00		165,242.80		162,584.15		6,211.85			(2.00	)		—		—		4.806		5.269	MON		662.00		3,999.00		8102006		2012034
31404NBP0	FNMA POOL # 773246				2		1		258,860.00		101.878		265,928.00		261,026.21		258,886.21		7,041.79			8.00			—		—		4.304		4.489	MON		936.00		5,602.00		4022007		2012035
31404Q2H1	FNMA POOL # 775776				2		1		18,836.00		103.598		18,846.00		18,191.00		18,834.19		11.81			(2.00	)		—		—		5.5		5.169	MON		83.00		—		6042009		5012034
31404VGA0	FNMA POOL # 779693				2		1		1,352,903.00		101.97		1,392,611.00		1,365,706.86		1,353,177.00		39,434.00			117.00			—		—		3.492		3.702	MON		3,974.00		32,704.00		2242006		7012034
31405AQ71	FNMA POOL # 783578				2		1		1,266,054.00		102.231		1,325,308.00		1,296,387.75		1,267,062.05		58,245.95			453.00			—		—		4.096		4.528	MON		4,425.00		27,486.00		2282006		12012034
31405PAG5	FNMA POOL # 794807				2		1		372,816.00		101.253		376,458.00		371,800.80		372,773.15		3,684.85			(23.00	)		—		—		4.798		4.716	MON		1,487.00		8,929.00		6302007		10012034
31405UMM8	FNMA POOL # 799664				2		1		108,723.00		101.933		111,696.00		109,577.71		108,733.43		2,962.57			4.00			—		—		4.722		4.883	MON		431.00		2,597.00		4022007		10012034
31405UR84	FNMA POOL # 799811				2		1		338,259.00		101.424		342,179.00		337,375.15		338,222.78		3,956.22			(20.00	)		—		—		4.481		4.4	MON		1,258.00		7,564.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868				2		1		39,578.00		101.862		40,632.00		39,889.40		39,581.42		1,050.58			1.00			—		—		4.601		4.793	MON		153.00		920.00		4022007		11012034
31406BB90	FNMA POOL # 804764				2		1		446,261.00		101.971		458,633.00		449,768.92		446,298.08		12,334.92			9.00			—		—		4.474		4.659	MON		1,677.00		10,071.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852				2		1		375,549.00		101.739		385,082.00		378,500.82		375,581.59		9,500.41			9.00			—		—		4.543		4.718	MON		1,433.00		8,588.00		4022007		12012034
31406BJF8	FNMA POOL # 804962				2		1		489,108.00		102.229		503,941.00		492,952.53		489,148.82		14,792.18			10.00			—		—		4.455		4.639	MON		1,830.00		10,975.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163				2		1		542,636.00		103.027		563,739.00		547,177.84		542,685.88		21,053.12			12.00			—		—		4.532		4.733	MON		2,067.00		12,381.00		4022007		1012035
31406DG67	FNMA POOL # 806721				2		1		859,783.00		102.997		892,516.00		866,542.15		859,868.37		32,647.63			32.00			—		—		4.553		4.712	MON		3,288.00		19,736.00		4022007		11012034
31406GLK3	FNMA POOL # 809530				2		1		119,911.00		102.041		123,225.00		120,760.07		119,927.05		3,297.95			7.00			—		—		4.575		4.707	MON		460.00		2,971.00		9282006		2012035
31406MYP5	FNMA POOL # 814418				2		1		492,067.00		102.148		507,125.00		496,460.57		492,133.77		14,991.23			28.00			—		—		4.408		4.577	MON		1,824.00		10,945.00		4022007		3012035
31406PKU2	FNMA POOL # 815807				2		1		484,819.00		102.224		500,329.00		489,445.56		484,934.05		15,394.95			41.00			—		—		4.277		4.457	MON		1,745.00		11,368.00		9282006		2012035
31406RYW9	FNMA POOL # 818025				2		1		3,190.00		103.76		3,193.00		3,077.14		3,188.54		4.46			(1.00	)		—		—		5.5		4.583	MON		14.00		—		6022009		3012037
31406TLC3	FNMA POOL # 819423				2		1		722,513.00		104.136		759,112.00		728,964.78		722,593.21		36,518.79			26.00			—		—		4.693		4.884	MON		2,851.00		17,065.00		4022007		4012035
31406VHE9	FNMA POOL # 821129				2		1		609,572.00		102.212		628,620.00		615,014.74		609,636.76		18,983.24			18.00			—		—		4.373		4.579	MON		2,241.00		13,430.00		4022007		5012035
31406XDU3	FNMA POOL # 822815				2		1		34,049.00		103.546		34,048.00		32,882.39		34,045.17		2.83			(4.00	)		—		—		5.5		5.177	MON		151.00		—		6042009		4012035
31407CB89	FNMA POOL # 826363				2		1		3,125,547.00		102.17		3,249,472.00		3,180,459.65		3,126,974.58		122,497.42			499.00			—		—		4.423		4.777	MON		11,723.00		70,362.00		1262006		7012035
31407D5R2	FNMA POOL # 828056				2		1		2,149,138.00		103.51		2,187,303.00		2,113,131.65		2,148,571.38		38,731.62			(186.00	)		—		—		4.864		4.327	MON		8,562.00		41,567.00		2202009		6012035
31407E6W8	FNMA POOL # 828985				2		1		1,056,346.00		101.73		1,111,621.00		1,092,712.65		1,057,166.76		54,454.24			160.00			—		—		4.046		4.933	MON		3,684.00		22,175.00		3162006		8012035
31407GC22	FNMA POOL # 829989				2		1		2,970,988.00		102.4		3,071,211.00		2,999,223.01		2,971,353.99		99,857.01			51.00			—		—		4.585		4.873	MON		11,450.00		68,425.00		1202006		4012035
31408C6D3	FNMA POOL # 847868				2		1		2,004,199.00		101.963		2,065,485.00		2,025,722.45		2,004,602.69		60,882.31			151.00			—		—		4.608		4.828	MON		7,779.00		47,240.00		5122006		11012035
31408JFT3	FNMA POOL # 852578				2		1		262,226.00		103.546		271,143.00		261,857.33		262,180.95		8,962.05			(21.00	)		—		—		5.5		5.213	MON		1,200.00		7,201.00		10082008		1012036
31409JBS8	FNMA POOL # 872249				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		65.00		—		1232009		5012036
31409UBQ7	FNMA POOL # 878547				2		1		1,726,809.00		102.763		1,788,847.00		1,740,749.00		1,727,074.04		61,772.96			138.00			—		—		3.592		3.747	MON		5,211.00		37,216.00		5042006		3012036
31410FU60	FNMA POOL # 888105				2		1		1,694,544.00		104.727		1,789,186.00		1,708,424.89		1,694,984.77		94,201.23			(121.00	)		—		—		5		5.231	MON		7,118.00		42,711.00		12142007		8012020
31410FYT6	FNMA POOL # 888222				2		1		468,093.00		104.651		489,862.00		468,093.47		468,093.47		21,768.53			—			—		—		6		5.989	MON		2,340.00		15,864.00		8082008		2012037
31410F5M3	FNMA POOL # 888352				2		1		404,049.00		103.51		403,904.00		390,208.44		403,802.61		101.39			(246.00	)		—		—		5.5		4.249	MON		1,788.00		—		6042009		5012037
31410GC35	FNMA POOL # 888490				2		1		599,714.00		101.718		611,397.00		601,072.96		599,708.72		11,688.28			5.00			—		—		3.669		3.695	MON		1,838.00		12,799.00		6182007		5012035
31410GC50	FNMA POOL # 888492				2		1		222,495.00		102.692		228,051.00		222,071.83		222,471.18		5,579.82			(5.00	)		—		—		3.323		3.252	MON		615.00		4,508.00		6182007		5012033
31410GDC4	FNMA POOL # 888499				2		1		1,923,968.00		101.573		1,965,212.00		1,934,778.05		1,924,110.98		41,101.02			65.00			—		—		3.325		3.435	MON		5,361.00		38,694.00		6182007		8012033
31410GDF7	FNMA POOL # 888502				2		1		276,839.00		102.689		287,979.00		280,437.58		276,888.24		11,090.76			8.00			—		—		4.667		5.044	MON		1,091.00		6,540.00		6182007		6012033
31410GDL4	FNMA POOL # 888507				2		1		1,215,675.00		101.908		1,260,550.00		1,236,955.07		1,216,056.66		44,493.34			133.00			—		—		4.431		4.789	MON		4,567.00		27,389.00		6182007		2012035
31410GDM2	FNMA POOL # 888508				2		1		1,150,867.00		101.875		1,188,834.00		1,166,957.63		1,151,124.21		37,709.79			68.00			—		—		3.843		4.189	MON		3,737.00		23,234.00		6182007		3012034
31410GDQ3	FNMA POOL # 888511				2		1		172,969.00		101.764		177,618.00		174,539.97		172,985.76		4,632.24			4.00			—		—		5.321		5.546	MON		775.00		4,662.00		6182007		12012033
31410GDS9	FNMA POOL # 888513				2		1		258,309.00		102.089		265,086.00		259,661.25		258,323.85		6,762.15			6.00			—		—		3.324		3.433	MON		719.00		4,578.00		6182007		2012034
31410GDW0	FNMA POOL # 888517				2		1		2,826,244.00		104.565		2,982,976.00		2,852,749.37		2,826,528.44		156,447.56			63.00			—		—		5.096		5.308	MON		12,115.00		72,581.00		6182007		12012035
31410GDX8	FNMA POOL # 888518				2		1		318,879.00		102.692		328,515.00		319,903.21		318,882.03		9,632.97			7.00			—		—		3.98		4.025	MON		1,061.00		7,335.00		6182007		4012035
31410GDY6	FNMA POOL # 888519				2		1		137,679.00		101.983		142,820.00		140,042.84		137,715.26		5,104.74			9.00			—		—		4.334		4.749	MON		506.00		3,030.00		6182007		1012035
31410GDZ3	FNMA POOL # 888520				2		1		1,397,032.00		102.108		1,435,570.00		1,405,936.24		1,397,151.37		38,418.63			50.00			—		—		3.839		3.963	MON		4,498.00		31,668.00		6182007		7012033
31410GD83	FNMA POOL # 888527				2		1		82,959.00		102.929		86,998.00		84,522.07		82,982.54		4,015.46			3.00			—		—		4.37		4.928	MON		308.00		1,847.00		6182007		4012034
31410GFD0	FNMA POOL # 888564				2		1		27,927,418.00		104.202		28,236,107.00		27,097,555.29		27,907,236.13		328,870.87			(20,182.00	)		—		—		5		3.41	MON		112,906.00		338,719.00		2262009		10012021
31410GJ46	FNMA POOL # 888683				2		1		5,882,124.00		104.71		6,209,625.00		5,930,307.34		5,883,737.09		325,887.91			22.00			—		—		5		5.242	MON		24,710.00		148,258.00		12142007		12012019
31410GPR8	FNMA POOL # 888832				2		1		13,048,557.00		106.7		13,389,363.00		12,548,574.40		13,037,984.90		351,378.10			502.00			—		—		6.5		5.142	MON		67,971.00		407,829.00		1252008		11012037
31410GRA3	FNMA POOL # 888881				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		87.00		—		1232009		12012037
31410GRK1	FNMA POOL # 888890				2		1		—		106.581		—		—		—		—			—			—		—		6.5		0	MON		160.00		—		3112009		10012037
31410G6M0	FNMA POOL # 889276				2		1		861,410.00		104.822		869,458.00		829,462.46		860,918.53		8,539.47			(491.00	)		—		—		6		4.732	MON		4,147.00		8,295.00		3112009		3012038
31410KCT9	FNMA POOL # 889382				2		1		8,059.00		103.76		8,067.00		7,774.28		8,056.14		10.86			(3.00	)		—		—		5.5		4.677	MON		36.00		—		6022009		4012038
31410KFE9	FNMA POOL # 889465				2		1		676,447.00		103.37		675,292.00		653,276.39		676,389.06		(1,097.06	)		(58.00	)		—		—		5.5		5.208	MON		2,994.00		—		6042009		3012038
31410KJB1	FNMA POOL # 889558				2		1		52,854.00		103.76		52,903.00		50,986.09		52,831.52		71.48			(23.00	)		—		—		5.5		4.57	MON		234.00		—		6022009		6012038
31410KXR0	FNMA POOL # 889988				2		1		26,948.00		103.76		26,973.00		25,995.96		26,935.06		37.94			(13.00	)		—		—		5.5		4.448	MON		119.00		—		6022009		8012038
31410KXT6	FNMA POOL # 889990				2		1		83,920.00		103.51		83,890.00		81,045.08		83,869.95		20.05			(50.00	)		—		—		5.5		4.279	MON		371.00		—		6042009		9012038
31410VR69	FNMA POOL # 898809				2		1		172,443.00		104.822		173,937.00		165,935.49		172,335.41		1,601.59			(108.00	)		—		—		6		4.618	MON		830.00		1,659.00		3122009		11012036
31410WL55	FNMA POOL # 899548				2		1		21,799.00		103.37		21,761.00		21,051.96		21,796.67		(35.67	)		(2.00	)		—		—		5.5		5.2	MON		96.00		—		6042009		6012037
31410Y7G3	FNMA POOL # 901895				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		211.00		—		4092009		9012036
31411BGA5	FNMA POOL # 902993				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		57.00		—		1232009		12012036
31411BQJ5	FNMA POOL # 903257				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		277.00		—		1232009		10012036
31411DA33	FNMA POOL # 904626				2		1		4,753,708.00		104.84		4,960,150.00		4,731,161.34		4,752,888.37		207,261.63			(156.00	)		—		—		5.5		5.352	MON		21,684.00		130,138.00		12132006		12012036
31411EUP0	FNMA POOL # 906090				2		1		31,900.00		103.43		31,864.00		30,806.84		31,896.59		(32.59	)		(3.00	)		—		—		5.5		5.198	MON		141.00		—		6042009		1012037
31411E2C0	FNMA POOL # 906271				2		1		53,416.00		103.51		53,397.00		51,586.11		53,410.88		(13.88	)		(5.00	)		—		—		5.5		5.197	MON		236.00		—		6042009		1012037
31411GUY6	FNMA POOL # 907899				2		1		5,346,706.00		103.696		5,498,783.00		5,302,791.86		5,345,442.07		153,340.93			(262.00	)		—		—		5.782		5.537	MON		25,551.00		153,207.00		12142006		1012037
31411KCZ4	FNMA POOL # 910088				2		1		10,005,457.00		104.822		10,390,494.00		9,912,526.74		10,004,304.34		386,189.66			4,026.00			—		—		6		5.61	MON		49,563.00		297,376.00		3292007		3012037
31411KG64	FNMA POOL # 910221				2		1		41,089.00		103.51		41,074.00		39,681.59		41,085.31		(11.31	)		(4.00	)		—		—		5.5		5.199	MON		182.00		—		6042009		3012037
31411KLQ4	FNMA POOL # 910335				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		67.00		—		1232009		3012037
31411LTN1	FNMA POOL # 911457				2		1		4,695.00		103.76		4,699.00		4,528.90		4,693.06		5.94			(2.00	)		—		—		5.5		4.662	MON		21.00		—		6022009		3012037
31411SP42	FNMA POOL # 914043				2		1		4,908.00		103.76		4,912.00		4,734.23		4,905.91		6.09			(2.00	)		—		—		5.5		4.69	MON		22.00		—		6022009		2012037
31411S5Q5	FNMA POOL # 914455				2		1		77,231.00		103.51		77,203.00		74,585.26		77,223.71		(20.71	)		(7.00	)		—		—		5.5		5.2	MON		342.00		—		6042009		4012037
31411VTQ2	FNMA POOL # 915959				2		1		4,540.00		103.266		4,522.00		4,379.15		4,537.34		(15.34	)		(2.00	)		—		—		5.5		4.448	MON		20.00		—		6022009		4012037
31411WWC7	FNMA POOL # 916943				2		1		27,826.00		103.37		27,778.00		26,872.82		27,823.44		(45.44	)		(3.00	)		—		—		5.5		5.2	MON		123.00		—		6042009		6012037
31411WZZ3	FNMA POOL # 917060				2		1		188,073.00		103.37		187,752.00		181,630.63		188,055.79		(303.79	)		(17.00	)		—		—		5.5		5.2	MON		832.00		—		6042009		5012037
31411XMU6	FNMA POOL # 917571				2		1		3,495.00		103.76		3,499.00		3,371.82		3,493.36		5.64			(2.00	)		—		—		5.5		4.303	MON		15.00		—		6022009		4012037
31411XXG5	FNMA POOL # 917879				2		1		4,599.00		103.266		4,581.00		4,436.40		4,597.26		(16.26	)		(2.00	)		—		—		5.5		4.681	MON		20.00		—		6022009		5012037
31411YKM4	FNMA POOL # 918400				2		1		5,286.00		103.266		5,265.00		5,098.70		5,282.51		(17.51	)		(3.00	)		—		—		5.5		4.316	MON		23.00		—		6022009		5012037
31411YNW9	FNMA POOL # 918505				2		1		4,630.00		103.76		4,634.00		4,466.36		4,628.15		5.85			(2.00	)		—		—		5.5		4.624	MON		20.00		—		6022009		5012037
31412APH1	FNMA POOL # 919424				2		1		50,869.00		103.36		50,801.00		49,149.25		50,848.27		(47.27	)		(21.00	)		—		—		5.5		4.68	MON		225.00		676.00		3052009		5012038
31412CEK2	FNMA POOL # 920938				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		153.00		—		1232009		1012037
31412LTN0	FNMA POOL # 928557				2		1		25,782.00		103.51		25,772.00		24,898.41		25,779.22		(7.22	)		(2.00	)		—		—		5.5		5.202	MON		114.00		—		6042009		7012037
31412MYX0	FNMA POOL # 929626				2		1		53,034.00		103.51		53,015.00		51,217.40		53,002.98		12.02			(31.00	)		—		—		5.5		4.293	MON		235.00		—		6042009		6012038
31412NAX4	FNMA POOL # 929822				2		1		76,069.00		103.76		76,139.00		73,380.23		76,038.73		100.27			(30.00	)		—		—		5.5		4.631	MON		336.00		—		6022009		8012038
31412NEH5	FNMA POOL # 929936				2		1		3,727.00		103.76		3,731.00		3,595.44		3,725.44		5.56			(2.00	)		—		—		5.5		4.502	MON		16.00		—		6022009		9012038

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31412NRG3	FNMA POOL # 930287				2		1		158,149.00		103.36		157,685.00		152,559.43		158,082.22		(397.22	)		(67.00	)		—		—		5.5		4.581	MON		699.00		—		6022009		12012038
31412NUW4	FNMA POOL # 930397				2		1		216,908.00		103.51		216,830.00		209,477.64		216,889.61		(59.61	)		(18.00	)		—		—		5.5		5.215	MON		960.00		—		6042009		1012039
31412NU87	FNMA POOL # 930407				2		1		21,673.00		104.65		21,825.00		20,854.78		21,658.17		166.83			(15.00	)		—		—		6		4.513	MON		104.00		209.00		3122009		1012039
31412PJD4	FNMA POOL # 930960				2		1		7,640.00		103.36		7,618.00		7,370.09		7,637.59		(19.59	)		(3.00	)		—		—		5.5		4.748	MON		34.00		—		6022009		4012039
31412SR31	FNMA POOL # 933506				2		1		24,299.00		104.822		24,509.00		23,381.92		24,281.63		227.37			(17.00	)		—		—		6		4.428	MON		117.00		234.00		3122009		2012038
31412S4K8	FNMA POOL # 933826				2		1		84,473.00		103.26		86,941.00		84,196.47		84,459.93		2,481.07			(8.00	)		—		—		5.5		5.234	MON		386.00		3,444.00		9232008		4012038
31412TL84	FNMA POOL # 934251				2		1		18,103.00		103.35		18,048.00		17,462.96		18,095.15		(47.15	)		(8.00	)		—		—		5.5		4.583	MON		80.00		—		6022009		1012039
31412TN90	FNMA POOL # 934316				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		535.00		—		10062008		6012038
31412TRS4	FNMA POOL # 934397				2		1		70,417.00		103.37		70,328.00		68,035.43		70,385.53		(57.53	)		(31.00	)		—		—		5.5		4.616	MON		312.00		935.00		3052009		9012038
31412UPR5	FNMA POOL # 935232				2		1		36,380.00		103.35		36,311.00		35,133.69		36,376.84		(65.84	)		(3.00	)		—		—		5.5		5.215	MON		161.00		—		6042009		5012039
31412WJ98	FNMA POOL # 936888				2		1		—		106.594		—		—		—		—			—			—		—		6.5		0	MON		125.00		—		9052008		8012037
31412WNS1	FNMA POOL # 937001				2		1		2,139.00		103.266		2,134.00		2,066.32		2,137.63		(3.63	)		(1.00	)		—		—		5.5		4.564	MON		9.00		28.00		3052009		6012037
31412WP91	FNMA POOL # 937048				2		1		4,535.00		103.76		4,539.00		4,374.51		4,532.95		6.05			(2.00	)		—		—		5.5		4.617	MON		20.00		—		6022009		4012037
31412XGW8	FNMA POOL # 937713				2		1		1,952.00		103.266		1,948.00		1,886.27		1,951.35		(3.35	)		(1.00	)		—		—		5.5		4.538	MON		9.00		26.00		3052009		6012037
31413AH22	FNMA POOL # 939549				2		1		4,336.00		103.266		4,320.00		4,182.99		4,334.44		(14.44	)		(2.00	)		—		—		5.5		4.591	MON		19.00		—		6022009		7012037
31413DFD4	FNMA POOL # 942164				2		1		444,216.00		103.266		457,224.00		442,763.37		444,130.12		13,093.88			(62.00	)		—		—		5.5		5.138	MON		2,029.00		12,176.00		9232008		7012037
31413DT23	FNMA POOL # 942569				2		1		28,986.00		104.822		29,237.00		27,892.26		28,969.10		267.90			(17.00	)		—		—		6		4.693	MON		139.00		279.00		3122009		8012037
31413D2T3	FNMA POOL # 942786				2		1		20,591.00		104.822		20,769.00		19,813.97		20,577.97		191.03			(13.00	)		—		—		6		4.593	MON		99.00		198.00		3122009		8012037
31413EBT1	FNMA POOL # 942950				2		1		80,192.00		104.822		80,887.00		77,165.83		80,141.06		745.94			(51.00	)		—		—		6		4.587	MON		386.00		772.00		3122009		9012037
31413HV62	FNMA POOL # 946237				2		1		15,556.00		103.588		16,344.00		15,778.14		15,561.14		782.86			2.00			—		—		5		5.636	MON		66.00		394.00		8222008		9012022
31413N4W2	FNMA POOL # 950937				2		1		—		106.594		—		—		—		—			—			—		—		6.5		0	MON		87.00		—		1232009		11012037
31413SA20	FNMA POOL # 953725				2		1		34,320.00		104.822		34,617.00		33,024.99		34,298.85		318.15			(21.00	)		—		—		6		4.62	MON		165.00		330.00		3122009		11012037
31413TPF3	FNMA POOL # 955022				2		1		3,298.00		103.37		3,288.00		3,181.18		3,296.50		(8.50	)		(1.00	)		—		—		5.5		4.671	MON		15.00		—		6022009		9012037
31413UN88	FNMA POOL # 955915				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		83.00		—		1232009		10012037
31414CJH2	FNMA POOL # 962064				2		1		211,008.00		103.36		210,627.00		203,779.81		210,908.99		(281.99	)		(99.00	)		—		—		5.5		4.508	MON		934.00		—		6042009		3012038
31414CJK5	FNMA POOL # 962066				2		1		100,949.00		103.36		100,653.00		97,380.61		100,913.65		(260.65	)		(35.00	)		—		—		5.5		4.723	MON		446.00		—		6022009		3012038
31414EFY5	FNMA POOL # 963783				2		1		40,537.00		103.549		42,574.00		41,115.24		40,548.98		2,025.02			5.00			—		—		5		5.59	MON		171.00		1,028.00		8222008		6012023
31414EHC1	FNMA POOL # 963827				2		1		4,173.00		103.36		4,160.00		4,025.06		4,171.02		(11.02	)		(2.00	)		—		—		5.5		4.692	MON		18.00		—		6022009		6012038
31414ENN0	FNMA POOL # 963997				2		1		8,929.00		103.36		8,902.00		8,612.99		8,925.40		(23.40	)		(3.00	)		—		—		5.5		4.707	MON		39.00		—		6022009		6012038
31414E5M2	FNMA POOL # 964452				2		1		47,414.00		103.76		47,458.00		45,738.48		47,394.49		63.51			(20.00	)		—		—		5.5		4.59	MON		210.00		—		6022009		7012038
31414GKC2	FNMA POOL # 965691				2		1		—		0		—		—		—		—			—			—		—		6.5		0	MON		—		5,891.00		0		2012038
31414GTY5	FNMA POOL # 965967				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		77.00		—		1232009		1012038
31414HE60	FNMA POOL # 966457				2		1		51,499.00		103.266		51,383.00		49,757.59		51,470.76		(87.76	)		(28.00	)		—		—		5.5		4.382	MON		228.00		684.00		3052009		1012038
31414HNC7	FNMA POOL # 966687				2		1		52,890.00		103.549		55,548.00		53,644.62		52,906.51		2,641.49			7.00			—		—		5		5.653	MON		224.00		1,341.00		8222008		4012023
31414KAN0	FNMA POOL # 968113				2		1		8,055,478.00		104.509		8,116,867.00		7,766,655.65		8,051,562.35		65,304.65			(3,916.00	)		—		—		6		5.012	MON		38,833.00		116,500.00		2262009		2012038
31414KJM3	FNMA POOL # 968368				2		1		45,205.00		103.36		45,144.00		43,676.75		45,184.53		(40.53	)		(21.00	)		—		—		5.5		4.57	MON		200.00		601.00		3052009		9012038
31414MDQ6	FNMA POOL # 970011				2		1		41,947.00		103.549		44,055.00		42,545.66		41,959.50		2,095.50			5.00			—		—		5		5.543	MON		177.00		1,064.00		8222008		6012023
31414MXU5	FNMA POOL # 970591				2		1		83,383.00		103.51		83,354.00		80,527.25		83,376.44		(22.44	)		(7.00	)		—		—		5.5		5.212	MON		369.00		—		6042009		10012038
31414MYF7	FNMA POOL # 970610				2		1		26,840.00		103.51		26,830.00		25,920.59		26,837.71		(7.71	)		(2.00	)		—		—		5.5		5.212	MON		119.00		—		6042009		10012038
31414NCG7	FNMA POOL # 970871				2		1		—		106.575		—		—		—		—			—			—		—		6.5		0	MON		75.00		—		1232009		11012038
31414NU69	FNMA POOL # 971405				2		1		69,187.00		103.36		69,094.00		66,847.71		69,159.54		(65.54	)		(28.00	)		—		—		5.5		4.715	MON		306.00		919.00		3052009		5012038
31414RLP8	FNMA POOL # 973834				2		1		4,905.00		103.76		4,910.00		4,732.06		4,903.15		6.85			(2.00	)		—		—		5.5		4.5	MON		22.00		—		6022009		3012038
31414SGR8	FNMA POOL # 974608				2		1		77,979.00		101.97		80,945.00		79,380.83		78,002.06		2,942.94			17.00			—		—		5		5.693	MON		331.00		1,985.00		10082008		3012038
31414SYR8	FNMA POOL # 975120				2		1		163,377.00		103.36		163,156.00		157,851.95		163,311.57		(155.57	)		(65.00	)		—		—		5.5		4.724	MON		723.00		2,170.00		3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		1		98,409.00		103.36		98,276.00		95,081.50		98,366.08		(90.08	)		(43.00	)		—		—		5.5		4.626	MON		436.00		1,307.00		3052009		5012038
31414TE31	FNMA POOL # 975454				2		1		556,369.00		102.033		577,882.00		566,368.57		556,490.23		21,391.77			77.00			—		—		5		5.517	MON		2,360.00		14,683.00		10082008		3012038
31414TLV1	FNMA POOL # 975640				2		1		39,558.00		103.36		39,505.00		38,220.37		39,541.46		(36.46	)		(17.00	)		—		—		5.5		4.669	MON		175.00		526.00		3052009		7012038
31414TNK3	FNMA POOL # 975694				2		1		79,777.00		103.51		79,748.00		77,044.25		79,770.14		(22.14	)		(7.00	)		—		—		5.5		5.21	MON		353.00		—		6042009		8012038
31414TUV1	FNMA POOL # 975896				2		1		462,518.00		103.549		485,762.00		469,114.55		462,651.07		23,110.93			53.00			—		—		5		5.549	MON		1,955.00		11,728.00		8222008		7012023
31414YE97	FNMA POOL # 979960				2		1		69,242.00		103.36		69,148.00		66,900.12		69,209.93		(61.93	)		(32.00	)		—		—		5.5		4.584	MON		307.00		920.00		3052009		5012038
31415AV40	FNMA POOL # 981335				2		1		7,966,391.00		103.36		8,007,597.00		7,747,288.42		7,963,130.87		44,466.13			(3,261.00	)		—		—		5.5		4.685	MON		35,508.00		106,525.00		2262009		7012038
31415AWU1	FNMA POOL # 981359				2		1		683,094.00		102.241		714,819.00		699,152.62		683,438.15		31,380.85			161.00			—		—		4.5		5.962	MON		2,622.00		17,535.00		10012008		4012023
31415BCB3	FNMA POOL # 981666				2		1		8,152.00		103.76		8,160.00		7,864.14		8,149.18		10.82			(3.00	)		—		—		5.5		4.659	MON		36.00		—		6022009		6012038
31415BKX6	FNMA POOL # 981910				2		1		52,562.00		103.76		52,611.00		50,704.60		52,543.99		67.01			(18.00	)		—		—		5.5		4.716	MON		232.00		—		6022009		6012038
31415BP94	FNMA POOL # 982048				2		1		60,083.00		103.36		59,974.00		58,024.81		60,077.74		(103.74	)		(5.00	)		—		—		5.5		5.209	MON		266.00		—		6042009		5012038
31415BQA0	FNMA POOL # 982049				2		1		60,188.00		103.36		60,079.00		58,126.09		60,182.60		(103.60	)		(5.00	)		—		—		5.5		5.209	MON		266.00		—		6042009		5012038
31415BQG7	FNMA POOL # 982055				2		1		53,164.00		103.36		53,068.00		51,342.71		53,159.21		(91.21	)		(5.00	)		—		—		5.5		5.209	MON		235.00		—		6042009		5012038
31415LCT2	FNMA POOL # 983082				2		1		15,104.00		103.36		15,060.00		14,569.98		15,097.32		(37.32	)		(7.00	)		—		—		5.5		4.569	MON		67.00		—		6022009		5012038
31415LK55	FNMA POOL # 983316				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		77.00		—		3102009		7012038
31415MAH8	FNMA POOL # 983908				2		1		4,612.00		103.36		4,598.00		4,448.51		4,609.99		(11.99	)		(2.00	)		—		—		5.5		4.757	MON		20.00		—		6022009		6012038
31415MDG7	FNMA POOL # 984003				2		1		9,447,414.00		103.51		10,073,324.00		9,731,764.25		9,451,301.08		622,022.92			1,702.00			—		—		5.5		6.409	MON		44,604.00		267,623.00		7252008		6012038
31415PKX5	FNMA POOL # 985110				2		1		24,972.00		103.36		24,899.00		24,089.68		24,964.11		(65.11	)		(8.00	)		—		—		5.5		4.755	MON		110.00		—		6022009		7012038
31415P3Y2	FNMA POOL # 985615				2		1		1,889,490.00		103.85		1,897,420.00		1,827,077.15		1,888,559.86		8,860.14			(931.00	)		—		—		5.5		4.469	MON		8,374.00		—		6032009		4012034
31415RLS1	FNMA POOL # 986937				2		1		23,344.00		103.51		23,335.00		22,543.91		23,341.57		(6.57	)		(2.00	)		—		—		5.5		5.214	MON		103.00		—		6042009		9012038
31415RRQ9	FNMA POOL # 987095				2		1		—		106.575		—		—		—		—			—			—		—		6.5		0	MON		105.00		—		1232009		8012038
31415TMG2	FNMA POOL # 988759				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		75.00		—		1232009		8012038
31415VZE8	FNMA POOL # 990941				2		1		140,081.00		103.36		139,892.00		135,344.10		140,015.25		(123.25	)		(66.00	)		—		—		5.5		4.55	MON		620.00		1,861.00		3052009		9012038
31415V6L4	FNMA POOL # 991075				2		1		80,978.00		103.36		80,869.00		78,239.83		80,943.27		(74.27	)		(35.00	)		—		—		5.5		4.638	MON		359.00		1,076.00		3052009		11012038
31415XVS7	FNMA POOL # 992625				2		1		72,615.00		102.033		75,423.00		73,920.34		72,639.82		2,783.18			21.00			—		—		5		5.8	MON		308.00		1,848.00		10082008		11012038
31415YEW5	FNMA POOL # 993049				2		1		9,632,331.00		103.36		9,682,154.00		9,367,408.89		9,627,930.77		54,223.23			(4,400.00	)		—		—		5.5		4.58	MON		42,934.00		128,802.00		2262009		12012038
31415YG86	FNMA POOL # 993123				2		1		34,399.00		103.35		34,295.00		33,183.52		34,386.75		(91.75	)		(13.00	)		—		—		5.5		4.686	MON		152.00		—		6022009		1012039
31416BHR2	FNMA POOL # 994940				2		1		161,670.00		103.43		161,488.00		156,132.31		161,656.70		(168.70	)		(13.00	)		—		—		5.5		5.214	MON		716.00		—		6042009		10012038
31416B4M7	FNMA POOL # 995528				2		1		9,849,060.00		103.842		9,844,421.00		9,480,220.61		9,844,057.20		363.80			(5,003.00	)		—		—		5		2.688	MON		39,501.00		118,503.00		3202009		12012021
31416B4N5	FNMA POOL # 995529				2		1		18,203,709.00		104.588		18,336,882.00		17,532,541.11		18,186,392.08		150,489.92			(17,317.00	)		—		—		5.5		3.179	MON		80,357.00		241,072.00		2272009		11012022
31416B4P0	FNMA POOL # 995530				2		1		8,139,504.00		104.595		8,164,014.00		7,805,338.10		8,135,006.39		29,007.61			(4,498.00	)		—		—		5.5		2.986	MON		35,774.00		107,323.00		3202009		12012021
31416HGM1	FNMA POOL # AA0203				2		1		5,728.00		103.35		5,711.00		5,525.43		5,725.55		(14.55	)		(2.00	)		—		—		5.5		4.611	MON		25.00		—		6022009		1012039
31416HZX6	FNMA POOL # AA0757				2		1		7,469.00		103.35		7,446.00		7,204.94		7,466.40		(20.40	)		(3.00	)		—		—		5.5		4.739	MON		33.00		—		6022009		3012039
31416H5G6	FNMA POOL # AA0846				2		1		157,041.00		103.36		156,581.00		151,490.57		156,959.85		(378.85	)		(81.00	)		—		—		5.5		4.408	MON		694.00		—		6022009		1012039
31416H6S9	FNMA POOL # AA0880				2		1		21,424.00		103.36		21,361.00		20,667.08		21,413.30		(52.30	)		(11.00	)		—		—		5.5		4.416	MON		95.00		—		6022009		1012039
31416JBK6	FNMA POOL # AA0941				2		1		251,599.00		103.36		251,145.00		242,980.40		251,577.85		(432.85	)		(21.00	)		—		—		5.5		5.215	MON		1,114.00		—		6042009		12012038
31416JH38	FNMA POOL # AA1149				2		1		11,782.00		103.36		11,748.00		11,366.03		11,777.80		(29.80	)		(5.00	)		—		—		5.5		4.63	MON		52.00		—		6022009		1012039
31416JS93	FNMA POOL # AA1443				2		1		12,626.00		103.35		12,588.00		12,179.83		12,620.48		(32.48	)		(6.00	)		—		—		5.5		4.541	MON		56.00		—		6022009		1012039
31416JYC9	FNMA POOL # AA1606				2		1		18,744.00		103.36		18,689.00		18,081.47		18,734.78		(45.78	)		(9.00	)		—		—		5.5		4.458	MON		83.00		—		6022009		1012039
31416JZV6	FNMA POOL # AA1655				2		1		12,260.00		103.35		12,223.00		11,826.56		12,254.68		(31.68	)		(5.00	)		—		—		5.5		4.579	MON		54.00		—		6022009		2012039
31416KEN4	FNMA POOL # AA1940				2		1		113,457.00		103.36		113,304.00		109,620.67		113,406.20		(102.20	)		(51.00	)		—		—		5.5		4.591	MON		502.00		1,507.00		3052009		1012039
31416KG36	FNMA POOL # AA2017				2		1		5,136.00		103.35		5,120.00		4,954.03		5,133.67		(13.67	)		(2.00	)		—		—		5.5		4.69	MON		23.00		—		6022009		1012039
31416KHA9	FNMA POOL # AA2024				2		1		9,837.00		103.36		9,809.00		9,489.65		9,833.56		(24.56	)		(4.00	)		—		—		5.5		4.652	MON		43.00		—		6022009		1012039
31416KHX9	FNMA POOL # AA2045				2		1		6,679.00		103.35		6,658.00		6,442.57		6,676.57		(18.57	)		(2.00	)		—		—		5.5		4.793	MON		30.00		—		6022009		2012039
31416LGF7	FNMA POOL # AA2897				2		1		6,521.00		103.36		6,502.00		6,290.57		6,518.21		(16.21	)		(3.00	)		—		—		5.5		4.559	MON		29.00		—		6022009		3012039
31416L2D7	FNMA POOL # AA3471				2		1		18,219.00		103.36		18,166.00		17,575.18		18,212.43		(46.43	)		(7.00	)		—		—		5.5		4.684	MON		81.00		—		6022009		3012039
31416M5A8	FNMA POOL # AA4440				2		1		3,656,571.00		102.017		3,608,542.00		3,537,190.44		3,654,462.65		(45,920.65	)		(2,108.00	)		—		—		5		3.748	MON		14,738.00		29,477.00		3192009		3012039
31416NKL5	FNMA POOL # AA4798				2		1		10,793.00		103.36		10,761.00		10,411.47		10,789.58		(28.58	)		(3.00	)		—		—		5.5		4.787	MON		48.00		—		6022009		3012039
31416PK97	FNMA POOL # AA5719				2		1		8,426.00		103.36		8,402.00		8,128.46		8,423.19		(21.19	)		(3.00	)		—		—		5.5		4.686	MON		37.00		—		6022009		4012039

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7			FAIR VALUE					10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5							8		9							12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC					RATE USED TO		GAAP FAIR					GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST			OBTAIN FAIR VALUE		MARKET VALUE			PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
01F052672	FNMA TBA 30 YR							1Z		2,042,188.00			103.203		2,064,063.00			2,000,000.00		2,042,187.50		21,875.50			—			—		—			5.5		5.404	MON		3,667.00		—		6092009		7012033
01F062671	FNMA TBA 30 YR							1Z		1,550,870.00			106.5		1,558,440.00			—		—		1,558,440.00			—			—		—			6.5		6.105	MON		—		—		6122009		7012033
01F062671	FNMA TBA 30 YR							1Z		(1,550,870.00	)		106.5		(1,558,440.00	)		—		—		(1,558,440.00	)		—			—		—			6.5		6.105	MON		—		—		6122009		7012033
31394CVB5	FNMA_05-15 AGENCY CMO 05-15					2		1		3,943,185.00			103.307		4,109,226.00			3,977,684.30		3,952,100.80		157,125.20			2,255.00			—		—			5		5.426	MON		16,574.00		99,442.00		5242007		10252028
31395BH89	FNMA_06-10 AGENCY CMO 06-26					2		1		813,732.00			101.71		817,220.00			803,480.40		808,169.89		9,050.11			(2,328.00	)		—		—			5.5		4.03	MON		3,683.00		22,096.00		9302008		11012010
31395NKX4	FNR AGENCY CMO 06-53 WA					2		1		570,755.00			102.18		571,237.00			559,049.45		565,668.12		5,568.88			(3,009.00	)		—		—			6		3.198	MON		2,795.00		16,771.00		8112008		9012010
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		8,190,213.00			104.25		8,567,748.00			8,218,463.50		8,190,277.18		377,470.82			38.00			—		—			5		5.058	MON		34,244.00		205,462.00		7292008		10252022
34528AAD1	FORD CREDIT AUTO OWNER TRUST F ABS 06-B					2		1FE		1,054,694.00			100.488		1,055,269.00			1,050,144.04		1,050,663.66		4,605.34			(944.00	)		—		—			5.26		4.902	MON		2,455.00		27,619.00		1302008		9152009
34528CAE5	FORDO ABS 06-C A4A					2		1FE		6,099,791.00			103.56		6,368,940.00			6,150,000.00		6,132,981.93		235,958.07			9,344.00			—		—			5.15		5.537	MON		14,077.00		158,363.00		8232007		2152012
34528XAB5	FORDO ABS 08-C A2A					2		1FE		785,547.00			100.76		802,774.00			796,718.46		791,938.63		10,835.37			2,612.00			—		—			3.72		5.412	MON		1,317.00		14,819.00		10062008		1152011
34528CAD7	FORDO ABS_06-C A3					2		1FE		540,432.00			100.506		536,172.00			533,472.23		534,726.34		1,445.66			(949.00	)		—		—			5.16		4.241	MON		1,223.00		13,764.00		1302008		12152009
302570AV8	FPL GROUP CAPITAL INC CORP BND							1FE		6,390,313.00			106.724		6,456,819.00			6,050,000.00		6,346,951.15		109,867.85			(43,361.00	)		—		—			5.625		3.261	MS		113,438.00		—		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND							1FE		1,350,000.00			100.843		1,361,384.00			1,350,000.00		1,350,000.00		11,384.00			—			—		—			1.494		3.694	MJSD		785.00		16,860.00		6112008		6172011
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00			108.48		5,912,180.00			5,450,000.00		5,708,586.40		203,593.60			(72,887.00	)		—		—			7.75		4.756	MS		140,792.00		211,188.00		2252008		3012011
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2					2		1FE		2,846,166.00			102.728		2,816,000.00			2,741,227.89		2,786,235.89		29,764.11			(15,255.00	)		—		—			6.663		4.442	MON		15,221.00		91,324.00		12212007		2012011
36962GR48	GE CAPITAL CORP CORP BND							1FE		9,716,700.00			100.491		10,049,057.00			10,000,000.00		9,986,123.68		62,933.32			40,403.00			—		—			4.125		4.969	MS		137,500.00		206,250.00		12132005		9012009
36962GS62	GE CAPITAL CORP CORP BND							1FE		769,305.00			102.484		768,628.00			750,000.00		761,266.53		7,361.47			(4,145.00	)		—		—			4.875		3.685	AO		7,109.00		18,281.00		7072008		10212010
G3775BEA9	GE CAPITAL UK FUNDING CORP BND			D				1FE		1,871,625.00			100.338		1,487,172.00			900,000.00		1,866,235.52		(379,063.52	)		(1,905.00	)		—		(382,427.00	)		5.875		5.596	APR		15,507.00		77,531.00		11282007		4262010
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		493,515.00			99.779		495,056.00			496,150.88		494,850.21		205.79			379.00			—		—			4.433		4.749	MON		1,833.00		10,997.00		3252008		7102039
36158YDC0	GECMC CMBS_01-3 A1					2		1FE		272,616.00			101.143		275,670.00			272,553.40		272,412.35		3,257.65			(69.00	)		—		—			5.56		5.519	MON		1,263.00		7,577.00		12212007		3012011
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND							1FE		6,023,017.00			99.862		6,041,653.00			6,050,000.00		6,023,257.06		18,395.94			240.00			—		—			1.8		2.022	JJ		2,118.00		—		6192009		7152011
36962GXS8	GENERAL ELEC CAP CO CORP BND							1FE		4,511,962.00			104.703		4,763,971.00			4,550,000.00		4,520,096.68		243,874.32			5,286.00			—		—			5.875		6.15	FA		100,985.00		133,656.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND							1FE		3,161,025.00			104.48		3,134,402.00			3,000,000.00		3,111,150.74		23,251.26			(17,255.00	)		—		—			6		4.644	JD		8,000.00		90,000.00		1142008		6152012
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN							1FE		1,631,384.00			103.015		1,570,974.00			1,525,000.00		1,544,928.40		26,045.60			(17,658.00	)		—		—			7.375		4.934	JJ		50,611.00		56,234.00		11302006		1192010
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		6,281,919.00			103.111		6,495,993.00			6,300,000.00		6,285,171.69		210,821.31			2,886.00			—		—			3		3.101	JD		11,550.00		94,500.00		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		28,950,595.00			100.544		29,057,216.00			28,900,000.00		28,945,722.36		111,493.64			(4,873.00	)		—		—			2.2		2.144	JD		40,621.00		264,917.00		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		10,896,621.00			100.992		11,008,128.00			10,900,000.00		10,897,123.24		111,004.76			502.00			—		—			1.8		1.816	MS		59,405.00		—		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		3,000,000.00			100.819		3,024,574.00			3,000,000.00		3,000,000.00		24,574.00			—			—		—			0.839		1.531	MJSD		1,328.00		11,740.00		3092009		3122012
377372AC1	GLAXOSK CAP INC SENIOR CORP BND							1FE		10,833,595.00			104.629		10,881,364.00			10,400,000.00		10,811,011.46		70,352.54			(22,583.00	)		—		—			4.85		3.744	MN		64,451.00		164,900.00		6052009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP							1FE		587,587.00			100.694		589,060.00			585,000.00		586,225.21		2,834.79			(705.00	)		—		—			1.545		3.064	FMAN		1,230.00		6,871.00		7072008		5132010
36186CBF9	GMAC LLC - (LT) GTD CORP BND							1FE		11,960,952.00			99.665		11,939,867.00			11,980,000.00		11,961,244.22		(21,377.22	)		292.00			—		—			2.2		2.247	JD		16,839.00		—		6032009		12192012
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		486,307.00			102.502		484,027.00			472,214.08		479,244.03		4,782.97			(2,332.00	)		—		—			6.465		4.493	MON		2,544.00		15,264.00		12212007		3012011
361849KN1	GMACC SENIOR CMBS 00-C1					2		1FE		544,795.00			101.01		537,695.00			532,318.85		535,027.53		2,667.47			(4,344.00	)		—		—			7.724		4.479	MON		3,426.00		20,558.00		5202008		12012009
361849EC2	GMACC SUB CMBS 98-C2 D					2		1FE		25,441.00			99.706		25,070.00			25,144.54		25,122.46		(52.46	)		(27.00	)		—		—			6.5		5.198	MON		136.00		817.00		1252008		9012009
36297A3K7	GNMA 15YR					2		1		1,132,545.00			104.229		1,130,455.00			1,084,586.29		1,131,755.75		(1,300.75	)		(790.00	)		—		—			5		3.535	MON		4,519.00		9,038.00		3262009		1152024
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		4,097,050.00			102.875		4,103,841.00			3,989,153.19		4,084,268.60		19,572.40			(9,870.00	)		—		—			5.5		2.489	MON		18,284.00		40,475.00		6152009		7012011
36202KME2	GNMA POOL # 008457					2		1		661,861.00			102.84		671,219.00			652,682.40		661,733.57		9,485.43			(127.00	)		—		—			4.625		4.215	MON		2,516.00		7,547.00		3182009		7202024
36225CD29	GNMA POOL # 080120					2		1		555,528.00			101.02		555,466.00			549,857.16		555,462.67		3.33			(65.00	)		—		—			4.125		3.838	MON		1,890.00		5,670.00		3182009		10202027
36225DAS3	GNMA POOL # 080916					2		1		473,661.00			100.563		478,644.00			475,966.65		473,679.86		4,964.14			4.00			—		—			3.75		3.872	MON		1,487.00		8,924.00		4172008		5202034
36225DJA3	GNMA POOL # 081156					2		1		1,261,101.00			102.185		1,285,042.00			1,257,563.77		1,261,054.64		23,987.36			(46.00	)		—		—			3.75		3.633	MON		3,930.00		11,790.00		3182009		11202034
36225DJZ8	GNMA POOL # 081179					2		1		1,371,428.00			97.85		1,360,743.57			1,367,581.48		1,371,376.55		(10,632.98	)		(51.00	)		—		—			3.75		3.627	MON		4,274.00		12,821.00		3182009		12202034
36225DLE2	GNMA POOL # 081224					2		1		809,615.00			99.1		806,106.00			813,427.78		809,633.86		(3,527.86	)		19.00			—		—			3		3.115	MON		2,034.00		6,779.00		3182009		1202035
36204J4C7	GNMA POOL # 371719					2		1		872,932.00			106.75		877,040.00			821,582.67		871,338.87		5,701.13			(661.00	)		—		—			6.5		4.917	MON		4,450.00		26,702.00		9112008		4152024
36204SV60	GNMA POOL # 378737					2		1		719,701.00			107.235		726,374.00			677,365.23		718,368.92		8,005.08			(548.00	)		—		—			6.5		4.876	MON		3,669.00		22,014.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		1		725,490.00			106.75		728,904.00			682,814.20		724,184.67		4,719.33			(531.00	)		—		—			6.5		4.876	MON		3,699.00		22,191.00		9112008		4152024
36206UP60	GNMA POOL # 421745					2		1		11,061,941.00			104.29		11,026,521.00			10,572,942.10		11,051,831.82		(25,310.82	)		(10,109.00	)		—		—			6		3.024	MON		52,865.00		52,865.00		4282009		1152039
36210B4N2	GNMA POOL # 487829					2		1		1,026,364.00			102.844		1,019,856.00			991,656.00		1,025,848.35		(5,992.35	)		(516.00	)		—		—			4.5		3.603	MON		3,719.00		7,437.00		3262009		4152024
36210B4R3	GNMA POOL # 487832					2		1		984,917.00			104.229		982,365.00			942,504.70		984,243.31		(1,878.31	)		(674.00	)		—		—			5		3.58	MON		3,927.00		7,854.00		3262009		4152024
36211V6Q8	GNMA POOL # 524779					2		1		710,927.00			104.229		709,615.00			680,822.30		710,434.71		(819.71	)		(493.00	)		—		—			5		3.552	MON		2,837.00		5,674.00		3262009		1152024
36292DWW8	GNMA POOL # 646061					2		1		600,193.00			106.297		611,794.00			575,552.15		599,247.32		12,546.68			(408.00	)		—		—			6.5		4.239	MON		3,118.00		18,705.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		610,477.00			106.297		622,276.00			585,414.00		609,555.85		12,720.15			(377.00	)		—		—			6.5		4.341	MON		3,171.00		19,026.00		1312008		12152037
36295PZJ4	GNMA POOL # 676745					2		1		878,511.00			104.785		881,568.00			841,309.69		877,845.34		3,722.66			(666.00	)		—		—			5		3.392	MON		3,505.00		7,011.00		3262009		3152023
36295P4L3	GNMA POOL # 676827					2		1		2,371,939.00			104.785		2,378,767.00			2,270,137.71		2,370,155.38		8,611.62			(1,784.00	)		—		—			5		3.413	MON		9,459.00		18,918.00		3262009		5152023
36295QJE1	GNMA POOL # 677161					2		1		3,860,863.00			104.785		3,854,971.00			3,678,928.85		3,859,962.22		(4,991.22	)		(901.00	)		—		—			5		3.297	MON		15,329.00		30,658.00		4272009		8152023
36295TVQ4	GNMA POOL # 680223					2		1		377,897.00			106.297		385,201.00			362,382.52		377,268.83		7,932.17			(293.00	)		—		—			6.5		4.103	MON		1,963.00		11,777.00		1312008		1152038
36296E5H5	GNMA POOL # 689448					2		1		617,982.00			104.785		620,132.00			591,812.75		617,534.30		2,597.70			(448.00	)		—		—			5		3.484	MON		2,466.00		4,932.00		3262009		7152023
36296QRL5	GNMA POOL # 698091					2		1		11,773,950.00			100.142		11,483,791.00			11,467,551.14		11,771,961.20		(288,170.20	)		(1,989.00	)		—		—			4.5		3.955	MON		43,003.00		43,003.00		4282009		4152039
36296TPY3	GNMA POOL # 700739					2		1		2,257,598.00			105.631		2,258,571.00			2,138,161.74		2,254,751.63		3,819.37			(2,846.00	)		—		—			5.5		3.487	MON		9,800.00		—		6032009		10152023
36296UC73	GNMA POOL # 701294					2		1		1,014,773.00			104.229		1,011,840.00			970,784.35		1,014,050.20		(2,210.20	)		(723.00	)		—		—			5		3.505	MON		4,045.00		8,090.00		3272009		1152024
36296UUL2	GNMA POOL # 701787					2		1		1,024,424.00			104.229		1,030,241.00			988,438.72		1,024,108.03		6,132.97			(316.00	)		—		—			5		4.114	MON		4,118.00		—		6112009		3152024
36296U3C2	GNMA POOL # 701995					2		1		1,343,062.00			104.785		1,347,735.00			1,286,188.66		1,342,137.93		5,597.07			(924.00	)		—		—			5		3.571	MON		5,359.00		10,718.00		3262009		1152024
36296XLY8	GNMA POOL # 704243					2		1		1,023,778.00			104.229		1,029,591.00			987,814.95		1,023,436.13		6,154.87			(341.00	)		—		—			5		4.053	MON		4,116.00		—		6112009		1152024
36296XWP5	GNMA POOL # 704554					2		1		5,112,024.00			104.229		5,144,155.00			4,935,428.00		5,110,598.89		33,556.11			(1,425.00	)		—		—			5		4.19	MON		20,564.00		—		6112009		6152024
36297DTR8	GNMA POOL # 708960					2		1		2,347,522.00			104.229		2,343,190.00			2,248,113.54		2,345,939.00		(2,749.00	)		(1,583.00	)		—		—			5		3.609	MON		9,367.00		18,734.00		3262009		3152024
36297KZF1	GNMA POOL # 714542					2		1		1,174,509.00			104.229		1,180,823.00			1,132,910.00		1,174,173.82		6,649.18			(335.00	)		—		—			5		4.169	MON		4,720.00		—		6112009		6152024
3620A55Q8	GNMA POOL # 720055					2		1		917,402.00			100.142		901,275.00			900,000.00		917,336.50		(16,061.50	)		(66.00	)		—		—			4.5		4.248	MON		3,375.00		—		6182009		6152039
3620A56N4	GNMA POOL # 720077					2		1		810,438.00			100.02		800,160.00			800,000.00		810,397.08		(10,237.08	)		(40.00	)		—		—			4.5		4.338	MON		3,000.00		—		6182009		6152039
3620A6AC1	GNMA POOL # 720103					2		1		915,750.00			100.142		901,275.00			900,000.00		915,692.08		(14,417.08	)		(58.00	)		—		—			4.5		4.281	MON		3,375.00		—		6182009		6152039
36225BPY8	GNMA POOL # 781339					2		1		470,060.00			109.141		464,803.00			425,875.75		469,273.70		(4,470.70	)		284.00			—		—			8		5.077	MON		2,839.00		17,035.00		3072008		9152031
36241KBP2	GNMA POOL # 781846					2		1		8,937,543.00			108.206		9,366,579.00			8,656,216.32		8,934,368.26		432,210.74			(1,321.00	)		—		—			6.5		5.52	MON		46,888.00		281,327.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		1		6,075,581.00			107.628		6,333,213.00			5,884,339.76		6,073,492.55		259,720.45			(869.00	)		—		—			6.5		5.547	MON		31,874.00		191,241.00		8152008		5152035
36241KKB3	GNMA POOL # 782090					2		1		8,473,975.00			107.635		8,775,445.00			8,152,952.80		8,465,551.43		309,893.57			(2,041.00	)		—		—			6.5		5.319	MON		44,162.00		264,971.00		11302007		5152036
01N042674	GNMA TBA MBS					2		1Z		3,960,000.00			99.922		3,996,875.00			4,000,000.00		3,960,000.00		36,875.00			—			—		—			4.5		4.615	MON		9,500.00		—		6162009		7012039
38374FCH5	GNMA04-18 AGENCY CMO 04-2-BA					2		1		415,863.00			100.148		420,154.00			419,533.44		417,157.56		2,996.44			698.00			—		—			3.25		3.961	MON		1,136.00		6,817.00		4162008		1162034
38374EEE3	GNR AGENCY CMO 03-106 B					2		1		2,751,088.00			103.278		2,797,556.00			2,708,763.84		2,736,619.09		60,936.91			(11,410.00	)		—		—			5.5		3.701	MON		12,415.00		74,491.00		8212008		2012011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		2,002,305.00			101.032		1,991,867.20			1,964,850.50		1,983,942.26		7,924.94			(13,223.00	)		—		—			6		3.51	MON		9,824.00		58,945.00		8132008		7012010
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND							1FE		4,113,480.00			106.797		4,271,871.00			4,000,000.00		4,068,969.02		202,901.98			(12,419.00	)		—		—			6.6		5.859	JJ		121,733.00		132,000.00		8142007		1152012
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND							1FE		5,092,400.00			104.901		5,245,057.00			5,000,000.00		5,071,049.30		174,007.70			(9,636.00	)		—		—			5.45		4.982	MN		45,417.00		136,250.00		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND							1FE		12,276,600.00			103.627		12,279,800.00			11,850,000.00		12,233,189.79		46,610.21			(43,410.00	)		—		—			3.25		2.116	JD		17,117.00		207,540.00		2202009		6152012
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2		1FE		2,751,020.00			82		2,282,562.00			2,783,611.80		2,752,452.65		(469,890.65	)		1,013.00			—		—			3.949		4.266	MON		9,159.00		57,945.00		11212007		9252035
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1FE		1,944,833.00			55.58		1,785,350.41			2,020,605.58		1,946,323.84		(160,973.43	)		268.00			—		—			5.725		6.534	MON		9,641.00		57,879.00		8162007		12192035
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A					2		1FE		1,629,032.00			100.583		1,687,574.00			1,677,792.72		1,656,391.75		31,182.25			3,666.00			—		—			3.76		4.734	MON		2,804.00		31,543.00		7312006		12172012
438125AC0	HAR_OT07-1 ABS_07-1-A3					2		1FE		4,898,780.00			101.282		4,988,086.77			4,924,948.92		4,918,950.72		69,136.05			3,110.00			—		—			5.1		5.452	MON		9,070.00		125,586.00		8232007		3182011
423328BM4	HELLER FINANCIAL INC. CORP BND							1FE		1,266,672.00			101.497		1,183,457.00			1,166,000.00		1,175,658.01		7,798.99			(14,142.00	)		—		—			7.375		4.837	MN		14,332.00		42,996.00		1202006		11012009
428236AL7	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,863,224.00			106.736		3,057,988.00			2,865,000.00		2,864,009.54		193,978.46			169.00			—		—			5.25		5.264	MS		50,138.00		75,206.00		2222007		3012012
428236AT0	HEWLETT-PACKARD COMPANY CORP BND							1FE		6,596,880.00			109.812		6,588,693.00			6,000,000.00		6,554,798.14		33,894.86			(42,082.00	)		—		—			6.125		3.937	MS		122,500.00		87,792.00		2052009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND							1FE		3,598,416.00			104.409		3,758,727.00			3,600,000.00		3,598,584.01		160,142.99			168.00			—		—			4.25		4.266	FA		53,125.00		—		2232009		2242012
428236AX1	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,824,068.00			100.616		2,842,395.00			2,825,000.00		2,824,111.33		18,283.67			44.00			—		—			2.25		2.267	MN		6,003.00		—		5212009		5272011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND							1FE		6,200,000.00			101.283		6,279,546.00			6,200,000.00		6,200,000.00		79,546.00			—			—		—			1.71		1.71	FMAN		10,308.00		—		5212009		5272011
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1FE		6,648,181.00			101.61		6,722,665.19			6,616,145.24		6,630,444.39		92,220.80			(6,480.00	)		—		—			5.46		5.088	MON		10,034.00		180,639.00		9042008		6212010
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP							1FE		2,623,957.00			106.106		2,645,222.00			2,493,000.00		2,590,552.17		54,669.83			(14,611.00	)		—		—			5.625		4.258	FA		58,430.00		70,116.00		4292008		8012012
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND							1FE		488,635.00			102.6		512,998.00			500,000.00		491,691.89		21,306.11			2,020.00			—		—			6.75		7.721	MN		4,313.00		16,875.00		9302008		5152011
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR							1FE		8,132,925.00			100.535		8,545,460.00			8,500,000.00		8,457,926.48		87,533.52			54,734.00			—		—			4.125		5.481	MN		43,828.00		175,313.00		6202006		11162009

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00		99.122		2,203,735.00		1,350,000.00		2,643,697.06		(439,962.06	)		6,962.00			—		(420,625.99	)		5.75		6.218	JUN		1,401.00		128,205.00		1142008		6272017
40429CCX8	HSBC FINANCE CORP CORP BND							1FE		197,781.00		100.189		200,378.00		200,000.00		198,986.26		1,391.74			312.00			—		—			5.25		5.599	JJ		4,871.00		5,250.00		6302007		1142011
4042EPAA5	HSBC USA INC - GTD CORP BND GOVT GUAR							1FE		9,089,247.00		103.476		9,105,888.00		8,800,000.00		9,048,005.56		57,882.44			(41,242.00	)		—		—			3.125		1.946	JD		11,458.00		137,500.00		1282009		12162011
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A					2		1FE		3,575,490.00		39		2,628,351.52		3,575,490.14		3,575,490.14		(947,138.62	)		—			—		—			0.503		0.504	MON		600.00		11,715.00		10192006		1192038
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1					2		1FE		1,545,013.00		37		1,225,297.90		1,667,444.40		1,545,080.80		(319,782.90	)		68.00			—		—			0.533		2.701	MON		296.00		3,723.00		3182009		7192047
459200GN5	IBM CORP CORP BND							1FE		3,209,711.00		111.597		3,236,313.00		2,900,000.00		3,201,311.41		35,001.59			(8,416.00	)		—		—			6.5		3.843	AO		39,794.00		4,063.00		6112009		10152013
44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		11,100,025.00		107.331		11,666,834.00		10,870,000.00		11,057,138.33		609,695.67			(20,989.00	)		—		—			5.05		4.478	AO		105,213.00		274,468.00		3052009		10222012
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1FE		1,283,842.00		64.06		1,266,168.42		1,309,468.92		1,284,541.79		(18,373.37	)		(565.00	)		—		—			5.222		5.617	MON		5,698.00		34,469.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		1FE		1,145,974.00		61.8		1,147,644.61		1,208,673.88		1,147,177.43		467.18			147.00			—		—			5.302		6.491	MON		5,340.00		32,368.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A					2		1Z		1,557,605.00		38.587		1,127,514.97		1,557,604.79		1,557,604.79		(430,089.82	)		—			—		—			0.534		0.534	MON		139.00		5,129.00		2132006		4252046
44977GHB0	ING BANK INTERNATIONALE NEDERL CORP BND			F				2FE		2,550,000.00		100.051		2,551,293.00		2,550,000.00		2,550,000.00		1,293.00			—			—		—			0.981		3.132	FMAN		2,502.00		26,240.00		8152008		8242009
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F				1FE		4,371,719.00		100.183		4,383,006.00		4,375,000.00		4,371,754.20		11,251.80			35.00			—		—			1.5		1.538	JD		1,434.00		—		6162009		6232011
45950KAT7	INTERNATIONAL FINANCE CO CORP BND							1FE		4,683,362.00		102.501		4,817,547.00		4,700,000.00		4,687,034.34		130,512.66			1,542.00			—		—			3.5		3.577	MN		21,019.00		82,250.00		4212008		5152013
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND							1FE		3,639,634.00		86		3,139,000.00		3,650,000.00		3,644,347.62		(505,347.62	)		1,688.00			—		—			4.95		5.053	FA		75,281.00		90,338.00		1242008		2012011
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		896,199.00		93.657		694,077.00		450,000.00		901,371.99		(207,294.99	)		1,604.00			—		(184,708.19	)		5.5		6.058	DEC		21,664.00		—		11282007		12192016
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,036.00		102.66		4,029,421.00		3,925,000.00		3,931,739.20		97,681.80			(880.00	)		—		—			4.95		4.895	JD		7,556.00		97,144.00		7242008		12172012
46625HGG9	JP MORGAN & COMPANY INC CORP BND							1FE		480,584.00		105.728		496,919.00		470,000.00		476,028.60		20,890.40			(1,473.00	)		—		—			5.6		4.891	JD		2,193.00		13,160.00		11282007		6012011
46625HAJ9	JP MORGAN CHASE & CO CORP BND							1FE		6,522,813.00		104.93		6,558,111.00		6,250,000.00		6,386,995.15		171,115.85			(40,812.00	)		—		—			6.75		5.29	FA		175,781.00		210,938.00		10052007		2012011
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		598,171.00		101.958		601,058.00		589,512.76		593,815.90		7,242.10			(1,793.00	)		—		—			6.26		5.063	MON		3,075.00		18,452.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		1FE		160,187.00		100.954		163,167.00		161,626.17		160,686.94		2,480.06			342.00			—		—			4.914		8.901	MON		662.00		3,971.00		8272008		7122037
46625YEU3	JPMCC SENIOR CMBS 04-C3					2		1FE		326,759.00		99.402		331,885.00		333,880.11		332,187.55		(302.55	)		2,431.00			—		—			3.765		6.828	MON		1,048.00		6,285.00		5202008		1152042
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2					2		1FE		524,021.00		100		513,431.00		513,431.47		517,052.90		(3,621.90	)		(3,842.00	)		—		—			7.371		4.399	MON		3,154.00		18,923.00		8272008		2012010
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1FE		1,546,632.00		57.39		1,446,388.80		1,590,985.86		1,546,920.86		(100,532.06	)		289.00			—		—			5.6		6.189	MON		7,424.00		22,268.00		3182009		10252035
466247K51	JPMMT CMO06-A2 4A1					2		1FE		6,104,603.00		81.987		5,142,187.00		6,271,953.90		6,107,892.11		(965,705.11	)		417.00			—		—			4.076		4.869	MON		21,304.00		122,763.00		12112007		8252034
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2		1FE		937,542.00		88.562		829,655.00		936,810.44		936,029.88		(106,374.88	)		(435.00	)		—		—			5.345		5.077	MON		4,173.00		25,045.00		2062008		5012011
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		1FE		11,334,033.00		45.763		6,062,500.00		12,125,000.00		11,454,531.00		(5,392,031.00	)		46,208.00			—		—			5.677		6.889	MON		57,360.00		344,169.00		11212007		4252036
46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		104.87		5,243,497.00		5,000,000.00		5,159,874.61		83,622.39			(22,503.00	)		—		—			5.375		4.31	AO		67,188.00		134,375.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND							1FE		4,986,300.00		101.362		5,068,098.00		5,000,000.00		4,989,251.58		78,846.42			1,256.00			—		—			4.75		4.812	MN		39,583.00		118,750.00		5132008		5012013
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GU							1FE		9,993,800.00		103.452		10,345,200.00		10,000,000.00		9,994,948.97		350,251.03			986.00			—		—			3.125		3.147	JD		26,042.00		155,382.00		11262008		12012011
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		16,284,480.00		102.406		16,384,960.00		16,000,000.00		16,208,647.92		176,312.08			(71,864.00	)		—		—			2.625		1.69	JD		35,000.00		200,667.00		12182008		12012010
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		13,194,852.00		100.902		13,319,064.00		13,200,000.00		13,195,750.82		123,313.18			899.00			—		—			1.65		1.67	FA		77,440.00		—		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		8,974,432.00		100.575		9,031,635.00		8,980,000.00		8,974,895.99		56,739.01			464.00			—		—			2.2		2.22	JD		8,780.00		61,461.00		2182009		6152012
49327GAA5	KEYBANK NA - GTD SENIOR CORP BND							1FE		4,455,440.00		101.1		4,448,399.00		4,400,000.00		4,448,366.87		32.13			(7,073.00	)		—		—			1.279		1.217	MJSD		2,502.00		21,911.00		4072009		12152010
500769CK8	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		28,000,000.00		100.724		28,202,700.00		28,000,000.00		28,000,000.00		202,700.00			—			—		—			4.5		4.5	MS		350,000.00		630,000.00		9122007		9212009
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		3,192,160.00		104.453		3,342,496.00		3,200,000.00		3,194,709.68		147,786.32			1,261.00			—		—			3.75		3.837	JD		1,333.00		60,000.00		6192008		6272011
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,140,525.00		106.242		3,499,278.00		2,000,000.00		4,141,621.56		(642,343.56	)		179.00			—		(848,696.68	)		5.25		5.193	JAN		80,538.00		155,831.00		11282007		1122012
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00		98.514		1,589,928.00		980,000.00		1,982,049.03		(392,121.03	)		5,873.00			—		(406,159.38	)		4.625		5.35	FA		30,266.00		32,538.00		11282007		2032013
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		99.935		4,097,335.00		4,100,000.00		4,100,189.56		(2,854.56	)		172.00			—		—			3.125		3.099	JUN		5,694.00		138,802.00		7092008		6152011
501773DG7	LBCMT SENIOR CMBS_99-C2 A2					2		1FE		791,207.00		99.156		787,075.00		786,598.49		785,587.07		1,487.93			(2,506.00	)		—		—			7.325		6.114	MON		4,802.00		28,809.00		5202008		9012009
52108HAT1	LBUBS 2000-C3 A2					2		1FE		7,749,624.00		98.746		7,503,090.00		7,383,030.49		7,472,624.96		30,465.04			(84,892.00	)		—		—			7.95		5.605	MON		32,608.00		293,522.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS_00-C4 A2					2		1FE		435,605.00		102.159		428,007.00		418,960.94		425,243.99		2,763.01			(3,324.00	)		—		—			7.37		4.215	MON		1,715.00		15,439.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1FE		3,613,336.00		101.404		3,498,452.00		3,450,000.00		3,510,172.69		(11,720.69	)		(31,695.00	)		—		—			7.48		5.576	MON		14,337.00		129,030.00		10232007		6112010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		66,050.00		99.288		65,969.00		66,442.14		66,272.03		(303.03	)		58.00			—		—			4.207		4.618	MON		155.00		1,398.00		1252008		11152027
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F				1FE		16,062,090.00		100.948		16,151,680.00		16,000,000.00		16,059,104.80		92,575.20			(2,985.00	)		—		—			3		2.864	MN		72,000.00		—		4292009		5072012
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				1FE		2,216,051.00		103.485		2,215,506.00		1,300,000.00		2,216,050.77		(544.77	)		—			—		—			4		2.441	NOV		53,493.00		—		6302009		11172011
52520MBU6	LMT WHOLE CMO 05-2					2		2FE		3,653,113.00		91.726		3,784,231.55		3,655,851.77		3,639,349.16		144,882.39			(1,681.00	)		—		—			5.5		5.506	MON		16,756.00		100,536.00		5192008		12252035
550279BA0	LUM WHOLE CMO 06-2					2		1FE		1,906,274.00		43.634		1,316,764.49		1,906,274.06		1,906,274.06		(589,509.57	)		—			—		—			0.514		0.514	MON		163.00		6,086.00		2142006		2252046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A					2		1FE		1,203,108.00		42.4		853,264.81		1,222,592.82		1,204,036.75		(350,771.94	)		701.00			—		—			0.504		0.785	MON		103.00		3,842.00		8082007		7252036
52525BAD4	LXS_07-16N LXS_07-16N 2A2					2		1FE		7,372,166.00		39.2		5,736,169.21		7,401,065.23		7,372,560.35		(1,636,391.14	)		(712.00	)		—		—			1.164		1.221	MON		1,436.00		47,815.00		8302007		9252047
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		703,325.00		102.317		694,240.00		678,516.98		688,229.83		6,010.17			(5,362.00	)		—		—			7.03		3.834	MS		14,045.00		23,850.00		1152008		3152010
55263ECH6	MBNA CORPORATION CORP BND							1FE		3,740,625.00		96.24		3,368,391.00		3,500,000.00		3,679,446.93		(311,055.93	)		(21,993.00	)		—		—			6.125		4.59	MS		71,458.00		107,188.00		1302008		3012013
55262TEU3	MBNAS ABS 99-J					2		1FE		7,165,100.00		101.135		6,937,861.00		6,860,000.00		6,891,674.08		46,186.92			(75,854.00	)		—		—			7		4.784	MON		21,342.00		240,100.00		1112008		9152009
580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.00		113.101		4,948,189.00		4,375,000.00		4,853,308.20		94,880.80			(79,024.00	)		—		—			9.75		5.417	AO		106,641.00		213,281.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND							1FE		2,921,280.00		102.669		3,080,059.00		3,000,000.00		2,967,988.50		112,070.50			12,581.00			—		—			4.375		5.301	MS		38,646.00		65,625.00		8022007		9152010
589331AL1	MERCK & CO INC CORP BND							1FE		3,502,410.00		106.917		3,710,005.00		3,470,000.00		3,489,356.69		220,648.31			(3,791.00	)		—		—			5.125		4.873	MN		22,724.00		88,919.00		9102007		11152011
589331AR8	MERCK & CO INC CORP BND							1FE		8,572,942.00		100.246		8,596,106.00		8,575,000.00		8,572,948.52		23,157.48			7.00			—		—			1.875		1.887	JD		2,680.00		—		6222009		6302011
59018YXY2	MERRILL LYNCH & CO INC CORP BND							1FE		4,003,840.00		92.598		3,703,920.00		4,000,000.00		4,002,988.16		(299,068.16	)		(740.00	)		—		—			1.292		3.696	JAJO		9,330.00		51,510.00		12242008		7252011
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		4,915,773.00		45		3,481,333.58		4,971,508.72		4,908,970.60		(1,427,637.02	)		(3,809.00	)		—		—			5.557		5.767	MON		23,022.00		139,161.00		10112007		6252037
61532YAA2	MONUMENTAL GLOBAL FUNDING II CORP BND 14							1FE		3,450,000.00		99.85		3,444,825.00		3,450,000.00		3,450,000.00		(5,175.00	)		—			—		—			0.659		5.437	MJSD		568.00		24,871.00		9192006		9222009
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE					2		1FE		1,428,782.00		93.61		1,337,483.00		1,428,782.05		1,428,782.05		(91,299.05	)		—			—		—			0.359		0.359	MON		85.00		3,484.00		1112007		11252036
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		2,002,618.00		101.632		1,994,103.00		1,962,081.81		1,973,691.05		20,411.95			(5,407.00	)		—		—			7.216		6.166	MON		12,078.00		71,342.00		12212007		1012011
617446HC6	MORGAN STANLEY CORP BND							1FE		1,602,555.00		105.586		1,583,797.00		1,500,000.00		1,569,965.59		13,831.41			(11,680.00	)		—		—			6.6		4.77	AO		24,750.00		49,500.00		1252008		4012012
617446YT0	MORGAN STANLEY CORP BND							1FE		4,091,096.00		96.885		3,948,064.00		4,075,000.00		4,081,359.46		(133,295.46	)		(2,297.00	)		—		—			1.357		5.5	JAJO		11,059.00		63,678.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND							1FE		2,978,670.00		102.853		3,085,579.00		3,000,000.00		2,987,229.42		98,349.58			2,319.00			—		—			5.625		5.809	JJ		80,625.00		84,375.00		8142007		1092012
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A					2		1FE		2,598,655.00		54.41		1,902,676.44		2,606,296.34		2,598,617.46		(695,941.02	)		(38.00	)		—		—			6.242		6.299	MON		13,556.00		41,122.00		3182009		11252037
61757UAA8	MORGAN STANLEY-GTD CORP BND							1FE		9,040,874.00		102.794		9,045,873.00		8,800,000.00		8,986,326.12		59,546.88			(54,547.00	)		—		—			2.9		1.387	JD		21,267.00		126,891.00		1282009		12012010
61757UAH3	MORGAN STANLEY-GTD CORP BND							1FE		27,806,810.00		99.855		27,959,400.00		28,000,000.00		27,825,363.32		134,036.68			18,553.00			—		—			1.95		2.168	JD		16,683.00		227,500.00		3032009		6202012
61757UAN0	MORGAN STANLEY-GTD CORP BND							1FE		1,002,110.00		100.9		1,008,997.00		1,000,000.00		1,001,944.98		7,052.02			(165.00	)		—		—			0.829		1.453	MJSD		453.00		3,900.00		4022009		3132012
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		51.241		481,435.00		939,550.16		940,716.57		(459,281.57	)		(88.00	)		—		—			0.684		0.668	MON		107.00		4,691.00		3252009		1252034
61745MNR0	MSC 1999-LIFE A2					2		1FE		675,755.00		100.523		656,046.00		652,632.61		651,345.14		4,700.86			(3,329.00	)		—		—			7.11		5.112	MON		3,867.00		23,201.00		6192006		7012009
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		742,114.00		99.573		747,707.00		750,913.28		745,539.87		2,167.13			1,564.00			—		—			4.69		5.408	MON		2,935.00		17,609.00		7302008		6132041
61746WBF6	MSDWC CMBS_01-LIFE A2					2		1FE		1,204,697.00		100.592		1,198,066.00		1,191,019.19		1,192,790.81		5,275.19			(5,306.00	)		—		—			7.57		5.835	MON		7,513.00		45,080.00		5202008		12012009
65475FAD7	NAROT ABS 08-A A3					2		1FE		1,504,830.00		101.39		1,525,920.00		1,505,000.00		1,504,948.77		20,971.23			41.00			—		—			3.89		3.928	MON		2,602.00		29,272.00		1152008		8152011
65475XAB2	NAROT ABS 08-B A2					2		1FE		982,681.00		100.835		990,940.00		982,734.59		982,719.55		8,220.45			28.00			—		—			3.8		3.835	MON		1,660.00		18,672.00		6092008		10152010
65475CAD4	NAROT ABS 2006-B A4					2		1FE		885,389.00		101.552		907,205.00		893,340.03		888,783.80		18,421.20			1,286.00			—		—			5.22		5.989	MON		2,073.00		23,316.00		9292008		11152011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			T				1FE		1,703,032.00		101.398		1,419,394.00		850,000.00		1,731,240.50		(311,846.50	)		9,218.00			—		(354,763.96	)		4.625		5.752	DEC		35,652.00		—		11282007		12122010
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND							1		3,690,033.00		101.481		3,521,376.00		3,470,000.00		3,498,905.48		22,470.52			(42,278.00	)		—		—			7.75		5.193	MN		44,821.00		134,463.00		2152007		11012009
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00		105.161		5,715,083.00		3,300,000.00		6,555,112.32		(840,029.32	)		4,376.00			—		(1,142,452.72	)		4.875		4.978	MAR		84,199.00		194,598.00		4222008		3072012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND							1FE		12,871,804.00		103.152		12,945,576.00		12,550,000.00		12,839,618.55		105,957.45			(32,185.00	)		—		—			3		2.033	JD		15,688.00		187,204.00		4282009		12162011
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		1,157,896.00		94.686		1,085,175.00		1,146,077.29		1,157,327.96		(72,152.96	)		(175.00	)		—		—			6.5		5.786	MON		6,208.00		37,248.00		10032007		2012035
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		106		7,949,969.00		7,500,000.00		7,647,199.92		302,769.08			(7,870.00	)		—		—			5.5		4.962	FA		155,833.00		97,319.00		3232009		8152013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		5,619,206.00		102.813		5,783,221.00		5,625,000.00		5,619,617.04		163,603.96			411.00			—		—			4.125		4.148	FA		90,879.00		—		2042009		2102014
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00		103.877		311,631.00		300,000.00		297,572.94		14,058.06			864.00			—		—			4.75		5.324	NOV		9,460.00		—		6302007		11022010
68402LAE4	ORACLE CORP CORP BND							1		6,126,037.00		104.649		6,305,120.00		6,025,000.00		6,081,484.58		223,635.42			(17,638.00	)		—		—			5		4.362	JJ		138,910.00		150,625.00		3062008		1152011
68389XAD7	ORACLE CORPORATION SENIOR CORP BND							1FE		5,412,790.00		105.43		5,614,146.00		5,325,000.00		5,406,900.22		207,245.78			(6,084.00	)		—		—			4.95		4.499	AO		55,646.00		131,794.00		3052009		4152013
68389XAB1	ORCALE CORP CORP BND							1FE		6,378,372.00		100.006		6,385,383.00		6,385,000.00		6,381,786.56		3,596.44			1,828.00			—		—			0.966		4.786	FMAN		8,221.00		56,207.00		7312008		5142010
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP							1FE		1,742,958.00		88.21		1,587,776.00		1,800,000.00		1,762,507.83		(174,731.83	)		9,307.00			—		—			0.839		3.927	MJSD		377.00		14,614.00		6042008		6222011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00		96.361		674,527.00		700,000.00		693,329.91		(18,802.91	)		1,363.00			—		—			5		5.388	OCT		25,958.00		—		6302007		10042011
713448BK3	PEPSICO INC SENIOR CORP BND							1FE		19,458,660.00		99.747		19,450,708.00		19,500,000.00		19,461,144.17		(10,436.17	)		2,484.00			—		—			3.75		3.797	MS		241,719.00		—		2252009		3012014
71419GAB6	PERMM06-1 ABS 06-1 2A			F		2		1FE		1,646,211.00		97.95		1,640,663.00		1,675,000.00		1,674,176.61		(33,513.61	)		24,137.00			—		—			1.171		2.444	JAJO		4,196.00		25,265.00		1152008		10152015
717081CZ4	PFIZER INC. CORP BND							1FE		499,315.00		105.291		526,456.00		500,000.00		499,370.71		27,085.29			56.00			—		—			4.45		4.5	MS		5,995.00		—		3172009		3152012
717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		103.026		1,622,659.00		1,575,000.00		1,575,000.00		47,659.00			—			—		—			2.56		3.173	MJSD		1,800.00		11,521.00		3172009		3152011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		104.537		6,402,894.00		6,125,000.00		6,111,551.10		291,342.90			1,552.00			—		—			4.875		4.938	MN		37,324.00		149,297.00		5132008		5162013

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT GUA							1FE		24,515,075.00		100.829		24,703,105.00		24,500,000.00		24,514,237.46		188,867.54			(922.00	)		—		—			2.3		2.28	JD		14,088.00		281,750.00		2252009		6222012
693476AV5	PNC FUNDING CORP CORP BND							1FE		4,144,253.00		101.589		4,190,526.00		4,125,000.00		4,132,037.70		58,488.30			(4,917.00	)		—		—			4.5		4.247	MS		57,234.00		92,813.00		4302008		3102010
69348HAC2	PNCMAC SENIOR CMBS 99-CM1 A1B					2		1FE		1,621,035.00		100.031		1,596,233.00		1,594,007.69		1,596,038.56		194.44			(8,240.00	)		—		—			7.33		5.311	MON		9,737.00		58,420.00		5202008		12102032
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A							1FE		2,898,386.00		98.054		2,828,857.00		2,885,000.00		2,887,506.44		(58,649.44	)		(2,468.00	)		—		—			1.341		5.399	JAJO		8,276.00		45,995.00		2022007		1152010
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO					1		1FE		915,000.00		99.865		913,765.00		915,000.00		915,000.00		(1,235.00	)		—			—		—			1.514		3.776	MJSD		731.00		11,961.00		3052008		3122010
761118QM3	RALI_05-QS17 WHOLE CMO 05-QO5 A1					2		1FE		2,039,912.00		45.266		1,511,180.05		2,061,818.73		2,040,452.76		(529,272.71	)		187.00			—		—			2.34		2.494	MON		4,021.00		28,725.00		8032007		1252046
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1					2		1FE		7,107,473.00		39.83		5,277,462.80		7,107,472.88		7,107,472.88		(1,830,010.08	)		—			—		—			0.464		0.464	MON		549.00		20,903.00		1302007		2252037
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1					2		1FE		7,560,847.00		35.313		6,425,310.79		7,535,227.35		7,558,781.02		(1,133,470.23	)		(304.00	)		—		—			6.54		6.47	MON		41,068.00		246,553.00		9262007		10012037
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND RE							1FE		8,500,000.00		100.509		8,543,265.00		8,500,000.00		8,500,000.00		43,265.00			—			—		—			2.879		2.881	JD		4,079.00		—		6192009		4012011
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1FE		574,053.00		73.92		432,515.00		585,111.64		574,226.67		(141,711.67	)		30.00			—		—			5.205		5.684	MON		2,538.00		15,227.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1FE		1,924,588.00		76.58		1,527,305.00		1,994,391.83		1,927,186.08		(399,881.08	)		1,523.00			—		—			5.184		6.338	MON		8,615.00		51,674.00		8162007		9252035
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00		103.858		3,249,746.00		1,900,000.00		3,730,119.89		(480,373.89	)		913.00			—		(603,617.39	)		4.75		4.748	JAN		63,930.00		123,363.00		1162008		1252011
771196AN2	ROCHE HOLDINGS INC CORP BND 144A							1FE		12,607,823.00		104.817		13,285,502.00		12,675,000.00		12,615,158.59		670,343.41			7,336.00			—		—			4.5		4.69	MS		199,631.00		—		2182009		3012012
771196AX0	ROCHE HOLDINGS INC CORP BND 144A							1FE		1,500,000.00		101.108		1,516,620.00		1,500,000.00		1,500,000.00		16,620.00			—			—		—			2.661		3.249	FMAN		3,992.00		12,183.00		2202009		2252011
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				1FE		742,349.00		104.722		905,419.00		525,000.00		742,581.43		162,837.57			233.00			—		116,422.00			5.5		5.634	MAR		15,504.00		—		2252009		3042015
780085LP9	ROYAL BANK OF CANADA SENIOR CORP BND			F				1FE		2,408,128.00		104.062		2,415,272.00		2,321,000.00		2,375,918.11		39,353.89			(12,631.00	)		—		—			5.65		4.431	JJ		58,647.00		65,568.00		7092008		7202011
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G CORP BND			D				1FE		2,217,335.00		103.469		2,215,183.00		1,300,000.00		2,217,335.31		(2,152.31	)		—			—		—			4.125		2.53	NOV		55,891.00		—		6302009		11142011
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE		1,733,854.00		102.222		1,473,006.00		875,000.00		1,756,456.14		(283,450.14	)		8,605.00			—		(332,150.40	)		4.625		5.637	AUG		58,064.00		—		3132008		8172010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		2,930,922.00		100.582		2,866,227.00		2,824,772.31		2,848,052.88		18,174.12			(19,591.00	)		—		—			7.455		4.7	MON		17,549.00		105,293.00		6042007		4012010
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A					2		1FE		3,804,942.00		41.27		2,832,095.54		3,804,942.39		3,804,942.39		(972,846.85	)		—			—		—			0.514		0.514	MON		326.00		12,147.00		10272006		3252036
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1					2		1Z		6,437,755.00		39.269		5,387,645.92		6,453,878.91		6,438,333.82		(1,050,687.90	)		(34.00	)		—		—			2.8		2.827	MON		15,808.00		106,052.00		9122007		8252047
055654AB3	SANT CENTR HISP SUB CORP BND			F				1FE		5,268,216.00		102.876		4,989,487.00		4,850,000.00		5,044,504.14		(55,017.14	)		(77,314.00	)		—		—			7.625		4.171	MS		109,916.00		184,906.00		1092008		9142010
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00		101.29		1,501,287.00		900,000.00		1,877,060.68		(375,773.68	)		(4,330.00	)		—		(384,645.27	)		6.8		6.176	NOV		59,352.00		—		11282007		11292010
863579AQ1	SARM WHOLE CMO 04-12 3A2					2		1FE		364,303.00		74.93		334,160.39		369,148.45		364,483.21		(30,322.82	)		(89.00	)		—		—			5.192		5.499	MON		1,597.00		9,672.00		8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1					2		1FE		1,649,431.00		72.33		1,522,433.05		1,668,528.21		1,650,129.45		(127,696.40	)		(205.00	)		—		—			5.355		5.622	MON		7,445.00		45,335.00		8102007		11252034
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1					2		1FE		6,656,485.00		50.94		4,870,525.19		6,687,833.88		6,656,540.53		(1,786,015.34	)		18.00			—		—			6		6.09	MON		33,439.00		200,635.00		10112007		11252037
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1FE		909,935.00		74.72		852,051.50		928,504.77		914,555.79		(62,504.29	)		(244.00	)		—		—			4.452		4.967	MON		3,445.00		21,351.00		8142007		9252033
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		1,505,828.00		98.039		1,500,653.00		1,468,256.51		1,483,214.78		17,438.22			(7,209.00	)		—		—			6.592		4.641	MON		8,066.00		48,394.00		4162008		10012010
69512EGM1	SCOTTISH POWER PLC SECURED CORP BND MTN			F				1FE		415,940.00		100.094		400,377.00		400,000.00		400,396.42		(19.42	)		(5,110.00	)		—		—			7		4.381	JJ		12,911.00		14,000.00		12062007		7152009
822582AA0	SHELL INTL FINAN CORP BND			F				1FE		3,910,694.00		107.401		4,081,248.00		3,800,000.00		3,860,737.46		220,510.54			(14,313.00	)		—		—			5.625		4.773	JD		2,375.00		106,875.00		9102007		6272011
828807BU0	SIMON PROPERTY GROUP INC. CORP BND							1FE		3,232,168.00		101		3,257,250.00		3,225,000.00		3,228,301.65		28,948.35			(556.00	)		—		—			5.6		5.546	MS		60,200.00		90,300.00		12242008		9012011
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND							1FE		1,677,383.00		100.7		1,686,725.00		1,675,000.00		1,676,268.89		10,456.11			(814.00	)		—		—			4.875		4.761	MS		23,363.00		40,828.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND							1FE		49,806.00		101		50,500.00		50,000.00		49,916.86		583.14			35.00			—		—			4.875		5.029	FA		921.00		1,219.00		12052007		8152010
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		12,238,011.00		100.476		12,258,073.00		12,200,000.00		12,236,918.87		21,154.13			(1,093.00	)		—		—			3.375		3.307	MN		64,050.00		—		4242009		5052014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		9,022,398.00		99.677		9,020,769.00		9,050,000.00		9,022,885.66		(2,116.66	)		488.00			—		—			2.25		2.356	JD		11,313.00		—		6022009		6112012
842587AB3	SOUTHERN COMPANY CORP BND							1FE		3,225,440.00		104.914		3,357,240.00		3,200,000.00		3,216,108.89		141,131.11			(2,935.00	)		—		—			5.3		5.086	JJ		78,204.00		84,800.00		10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND							3FE		1,045,000.00		99.997		1,044,969.00		1,045,000.00		1,045,000.00		(31.00	)		—			—		—			1.485		3.511	FMAN		1,810.00		12,832.00		8132008		8202010
846042AB5	SOVEREIGN BANCORP, INC - GTD CORP BND							1FE		8,160,688.00		101.259		8,151,350.00		8,050,000.00		8,152,946.40		(1,596.40	)		(7,741.00	)		—		—			2.5		2.052	JD		8,944.00		96,712.00		4022009		6152012
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR							1FE		1,023,630.00		102.471		1,024,710.00		1,000,000.00		1,021,854.87		2,855.13			(1,775.00	)		—		—			2.75		1.866	JJ		14,438.00		—		4082009		1172012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		7,938,552.00		100.614		7,998,813.00		7,950,000.00		7,939,657.49		59,155.51			1,105.00			—		—			2.15		2.197	AO		54,601.00		25,639.00		3032009		4302012
85744RAA0	STATE STREET CORPORATION - (LT CORP BND							1FE		11,894,288.00		101.198		12,042,561.00		11,900,000.00		11,895,075.23		147,485.77			787.00			—		—			1.85		1.875	MS		61,764.00		—		3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND							1FE		1,101,890.00		94.838		1,081,151.00		1,140,000.00		1,112,622.65		(31,471.65	)		4,880.00			—		—			1.139		3.897	JAJO		2,237.00		14,018.00		4302008		4302012
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2		1FE		826,889.00		80.14		762,562.24		845,584.09		827,762.67		(65,200.43	)		567.00			—		—			3.766		4.323	MON		2,654.00		17,711.00		8102007		5252034
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR							1FE		2,574,034.00		103.154		2,578,850.00		2,500,000.00		2,573,867.92		4,982.08			(166.00	)		—		—			3		1.724	MN		9,375.00		—		6242009		11162011
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.00		112.803		597,856.00		530,000.00		569,858.74		27,997.26			(7,223.00	)		—		—			8.6		5.39	JJ		21,017.00		22,790.00		9242008		1152012
878091AL1	TIAA CDO 01-C1A-A4 144A					2		1FE		83,692.00		100.377		84,060.00		83,744.64		83,567.39		492.61			(85.00	)		—		—			6.68		6.369	MON		466.00		2,907.00		9292008		6192031
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		7,063,689.00		101.733		7,140,808.00		7,019,199.32		7,043,664.14		97,143.86			(5,906.00	)		—		—			5.667		5.375	MON		23,307.00		207,549.00		12212007		12102011
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		5,073,436.00		102.38		5,083,171.00		4,965,000.00		5,016,390.07		66,780.93			(12,857.00	)		—		—			5.45		4.867	MN		32,321.00		135,296.00		2282007		5182011
G1081JAE1	TRANSCO PLC CORP BND 144A			D				1FE		1,573,472.00		100.49		1,323,932.00		800,000.00		1,599,333.62		(275,401.62	)		6,587.00			—		(286,603.07	)		5.375		6.159	DEC		40,128.00		—		6302007		12072009
BRS7X5P83	UK CONV GILT GOVT BND			D				1FE		17,432,295.00		96.1		19,387,130.00		12,250,000.00		17,445,158.42		1,941,971.58			12,863.00			—		2,460,997.23			2.25		2.552	MS		127,046.00		—		3202009		3072014
G92435NC9	UK CONV GILT GOVT BND			D				1FE		13,009,636.00		106.07		13,101,103.00		7,500,000.00		13,005,874.88		95,228.12			(3,761.00	)		—		124,780.50			4.5		2.689	MS		175,202.00		—		6232009		3072013
G92444AB7	UK CONV GILT GOVT BND			D				1FE		5,972,774.00		104.87		5,181,155.00		3,000,000.00		5,961,917.02		(780,762.02	)		(4,137.00	)		—		(1,009,141.69	)		4.25		4.096	MS		66,187.00		90,758.00		3032008		3072011
G924502Z0	UK CONV GILT GOVT BND			D				1FE		5,233,250.00		103.17		5,267,071.00		3,100,000.00		5,231,899.48		35,171.52			(1,351.00	)		—		50,195.70			3.25		1.789	JD		10,880.00		—		6232009		12072011
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00		107.15		7,411,319.00		4,200,000.00		7,362,727.46		48,591.54			(3,511.00	)		—		70,639.21			5		2.122	MS		109,014.00		—		6232009		3072012
G92450TF5	UNITED KINGDOM GOVT BND			D				1FE		591,678.00		103.69		563,514.00		330,000.00		587,026.26		(23,512.26	)		(3,221.00	)		—		(37,755.39	)		4.75		3.576	JD		1,693.00		12,567.00		10072008		6072010
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		40,074,976.00		107.76		34,744,011.00		19,578,000.00		39,592,973.87		(4,848,962.87	)		(181,333.00	)		—		(6,386,990.88	)		5.25		4.157	JD		110,997.00		819,347.00		3032008		6072012
912810EZ7	UNITED STATES TREASURY GOVT BND							1		1,481,438.00		128.94		1,547,280.00		1,200,000.00		1,471,106.58		76,173.42			(4,880.00	)		—		—			6.625		4.722	FA		29,867.00		39,750.00		5302008		2152027
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00		107.178		5,144,544.00		4,800,000.00		4,997,257.23		147,286.77			(42,027.00	)		—		—			4.5		2.605	MS		54,295.00		108,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,469.00		107.676		4,307,040.00		4,000,000.00		4,165,490.88		141,549.12			(34,036.00	)		—		—			4.625		2.775	AO		31,339.00		92,500.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00		107.676		3,230,280.00		3,000,000.00		3,151,934.50		78,345.50			(30,214.00	)		—		—			4.5		2.331	MN		11,434.00		67,500.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00		108.113		3,243,390.00		3,000,000.00		3,190,602.88		52,787.12			(37,032.00	)		—		—			4.625		2.004	JD		377.00		69,375.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00		108.639		5,431,950.00		5,000,000.00		5,273,217.03		158,732.97			(50,728.00	)		—		—			4.75		2.55	JJ		99,068.00		118,750.00		4172008		1312012
912828HB9	UNITED STATES TREASURY GOVT BND							1		6,890,761.00		100.619		6,952,773.00		6,910,000.00		6,908,356.06		44,416.94			4,872.00			—		—			4		4.146	FA		92,384.00		138,200.00		8292007		8312009
912828HF0	UNITED STATES TREASURY GOVT BND							1		28,252,574.00		101.098		28,408,538.00		28,100,000.00		28,122,056.87		286,481.13			(41,071.00	)		—		—			3.625		3.32	AO		171,616.00		509,313.00		11162007		10312009
912828HJ2	UNITED STATES TREASURY GOVT BND							1		42,949,112.00		101.171		43,402,355.00		42,900,000.00		42,910,536.07		491,818.93			(12,449.00	)		—		—			3.125		3.065	MN		113,550.00		670,313.00		12122007		11302009
912828HK9	UNITED STATES TREASURY GOVT BND							1		16,403,320.00		105.299		17,374,337.00		16,500,000.00		16,431,922.55		942,414.45			9,248.00			—		—			3.375		3.504	MN		47,167.00		278,438.00		12072007		11302012
912828HL7	UNITED STATES TREASURY GOVT BND							1		1,004,531.00		101.432		1,014,320.00		1,000,000.00		1,001,055.26		13,264.74			(1,201.00	)		—		—			3.25		3.01	JD		89.00		16,250.00		1022008		12312009
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00		102.664		10,266,401.00		10,000,000.00		10,084,667.50		181,733.50			(10,843.00	)		—		—			2.75		2.507	FA		91,916.00		137,500.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00		101.378		2,204,971.00		2,175,000.00		2,167,692.67		37,278.33			4,300.00			—		—			2.125		2.536	AO		7,787.00		23,109.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00		103.95		10,395,000.00		10,000,000.00		9,901,155.96		493,844.04			11,918.00			—		—			3.125		3.402	AO		52,649.00		156,250.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00		101.948		1,019,480.00		1,000,000.00		1,001,023.64		18,456.36			(566.00	)		—		—			2.625		2.512	MN		2,151.00		13,125.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.00		105.363		790,222.00		750,000.00		757,292.92		32,929.08			(862.00	)		—		—			3.5		3.234	MN		2,223.00		13,125.00		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00		102.319		2,046,380.00		2,000,000.00		2,008,936.82		37,443.18			(4,400.00	)		—		—			2.875		2.419	JD		156.00		28,750.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND							1		17,325,828.00		104.758		18,018,377.00		17,200,000.00		17,303,178.88		715,198.12			(11,594.00	)		—		—			3.375		3.214	JD		1,577.00		290,250.00		7242008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00		102.359		2,047,180.00		2,000,000.00		2,004,388.08		42,791.92			(1,981.00	)		—		—			2.75		2.543	JJ		22,942.00		27,500.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND							1		4,351,000.00		103.732		4,460,476.00		4,300,000.00		4,348,042.36		112,433.64			(2,110.00	)		—		—			4		3.854	FA		64,619.00		86,000.00		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND							1		48,017,853.00		101.737		48,528,549.00		47,700,000.00		47,901,855.69		626,693.31			(78,637.00	)		—		—			2		1.656	MS		239,803.00		477,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND							1		55,312,091.00		103.454		56,278,977.00		54,400,000.00		55,184,893.58		1,094,083.42			(85,381.00	)		—		—			3.125		2.762	MS		427,322.00		850,000.00		10102008		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		43,787,259.00		101.861		44,105,813.00		43,300,000.00		43,723,288.56		382,524.44			(49,392.00	)		—		—			2.75		2.508	AO		201,712.00		595,375.00		11062008		10312013
912828KU3	UNITED STATES TREASURY GOVT BND							1		33,485,626.00		99.641		33,409,627.00		33,530,000.00		33,487,307.56		(77,680.56	)		1,681.00			—		—			0.875		0.941	MN		24,715.00		—		6052009		5312011
912803AT0	UNITED STATES TREASURY STRIPS PO							1		873,278.00		63.324		949,860.00		1,500,000.00		911,833.61		38,026.39			20,636.00			—		—			0		4.631	MAT		—		—		7242008		5152020
913017BD0	UNITED TECHNOLOGIES CORP CORP BND							1FE		10,673,578.00		106.719		10,671,892.00		10,000,000.00		10,579,860.96		92,031.04			(93,717.00	)		—		—			6.35		2.767	MS		211,667.00		—		3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.00		106.712		821,679.00		770,000.00		793,720.06		27,958.94			(3,786.00	)		—		—			6.1		4.936	MN		6,002.00		23,485.00		9242008		5152012
91160HAC1	US BANCORP - (LT) GTD CORP BND							1FE		8,536,249.00		99.527		8,499,606.00		8,540,000.00		8,536,452.61		(36,846.61	)		204.00			—		—			1.8		1.815	MN		20,923.00		—		5192009		5152012
91159HGJ3	US BANCORP CORP BND							1FE		4,538,500.00		102.199		4,573,408.00		4,475,000.00		4,507,742.87		65,665.13			(14,723.00	)		—		—			4.5		3.8	JJ		85,025.00		100,688.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN							1FE		1,365,000.00		100.255		1,368,481.00		1,365,000.00		1,365,000.00		3,481.00			—			—		—			1.407		3.17	FMAN		2,987.00		16,355.00		5012008		5062010
90333WAA6	US BANK NA CORP BND							1FE		1,439,603.00		106.933		1,470,334.00		1,375,000.00		1,419,528.17		50,805.83			(10,024.00	)		—		—			6.375		4.725	FA		36,523.00		43,828.00		9302008		8012011
903278CL1	USAA AUTO OWNER TR ABS_05-4 A4					2		1FE		2,126,972.00		101.16		2,155,550.62		2,123,653.35		2,124,296.97		31,253.65			244.00			—		—			4.89		4.895	MON		4,615.00		51,923.00		12132005		11152010
90327LAC4	USAOT ABS 06-4 A3					2		1FE		442,397.00		101.186		441,487.00		436,312.61		437,815.86		3,671.14			(1,172.00	)		—		—			5.01		3.842	MON		972.00		10,930.00		2052008		1152010
90327PAC5	USAOT ABS 07-1					2		1FE		6,852,109.00		101.55		6,934,579.00		6,828,733.97		6,839,518.54		95,060.46			(5,135.00	)		—		—			5.43		5.164	MON		16,480.00		185,400.00		9042008		6152010
90327AAB0	USAOT ABS 08-2 A2					2		1FE		778,663.00		100.44		783,685.01		778,685.85		778,680.43		5,004.58			11.00			—		—			3.91		3.945	MON		1,353.00		15,223.00		4222008		1152011
90327KAB8	USAOT ABS 08-3					2		1FE		2,139,713.00		100.55		2,151,690.00		2,139,920.07		2,139,846.25		11,843.75			102.00			—		—			3.58		3.617	MON		3,405.00		38,305.00		7152008		3152011
90327MAB4	USAOT_08-1 ABS 08-1-A2					2		1FE		187,658.00		100.168		187,984.00		187,668.93		187,667.86		316.14			2.00			—		—			4.27		4.313	MON		356.00		4,007.00		1092008		10152010

Validus Holdings, Ltd June 30, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,008.00		104.551		4,511,369.00		4,315,000.00		4,388,416.07		122,952.93			(21,534.00	)		—		—		5.35		4.254	FA		87,211.00		115,426.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND							1FE		4,955,062.00		106.613		4,904,197.00		4,600,000.00		4,814,555.24		89,641.76			(61,818.00	)		—		—		7.25		3.837	JD		27,792.00		166,750.00		3132009		12012010
92344SAL4	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		13,537,391.00		106.607		14,525,183.00		13,625,000.00		13,543,586.57		981,596.43			6,195.00			—		—		5.55		5.7	FA		308,777.00		—		1302009		2012014
92344SAM2	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		8,244,233.00		105.253		8,630,721.00		8,200,000.00		8,242,718.91		388,002.09			(1,514.00	)		—		—		5.25		5.03	FA		175,788.00		—		4212009		2012012
92344SAQ3	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		1,800,000.00		102.918		1,852,524.00		1,800,000.00		1,800,000.00		52,524.00			—			—		—		3.316		3.316	FMAN		6,633.00		—		5192009		5202011
92344SAR1	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		14,213,905.00		101.974		14,505,766.00		14,225,000.00		14,214,487.62		291,278.38			583.00			—		—		3.75		3.791	MN		57,789.00		—		5192009		5202011
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00		103.587		5,179,362.00		5,000,000.00		5,076,079.85		103,282.15			(59,066.00	)		—		—		7.75		5.236	FA		146,389.00		193,750.00		2272007		2152010
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		1FE		4,969,649.00		99.385		5,082,512.00		5,113,979.89		5,031,509.95		51,002.05			12,339.00			—		—		4.037		5.123	MON		17,204.00		103,226.00		8272008		2152034
92976FBD4	WACHOVIA BANK NA CORP BND							1FE		1,403,177.00		99.473		1,407,543.00		1,415,000.00		1,410,348.87		(2,805.87	)		2,591.00			—		—		0.721		5.472	FMAN		1,021.00		12,648.00		1312008		5252010
98151GAA3	WACHOVIA CORP BND							1FE		1,460,415.00		101.47		1,522,048.00		1,500,000.00		1,494,975.78		27,072.22			5,354.00			—		—		4.125		4.877	JD		2,750.00		30,938.00		1202006		12152009
92976WBA3	WACHOVIA CORPORATION SENIOR CORP BND							1FE		4,747,500.00		101.414		4,563,648.00		4,500,000.00		4,689,916.29		(126,268.29	)		(20,879.00	)		—		—		5.7		4.556	FA		106,875.00		128,250.00		1312008		8012013
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.00		104.186		6,485,584.00		6,225,000.00		6,204,946.16		280,637.84			2,232.00			—		—		4.875		4.963	FA		126,445.00		163,536.00		7142008		8012013
931142CQ4	WAL-MART STORES INC CORP BND							1FE		7,449,031.00		98.626		7,347,668.00		7,450,000.00		7,449,045.29		(101,377.29	)		14.00			—		—		3.2		3.203	MN		26,489.00		—		5142009		5152014
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND							1FE		1,621,295.00		106.427		1,729,439.00		1,625,000.00		1,622,366.17		107,072.83			349.00			—		—		4.7		4.752	JD		6,365.00		38,188.00		11292007		12012012
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		703,415.00		36		527,747.28		703,415.32		703,415.32		(175,668.04	)		—			—		—		2.26		2.245	MON		1,325.00		9,519.00		8162006		9252046
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8					2		1FE		5,367,548.00		74.563		4,043,242.00		5,422,621.78		5,368,233.39		(1,324,991.39	)		127.00			—		—		4.825		5.045	MON		21,801.00		130,930.00		1102008		10252035
92926WAA5	WAMU_07 CMO 07-0A1-A1A					2		1FE		5,010,115.00		40.17		3,730,992.02		5,010,114.77		5,010,114.77		(1,279,122.75	)		—			—		—		2.04		2.026	MON		8,931.00		62,286.00		2072007		2252047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A					2		1FE		1,517,061.00		40.69		1,126,054.21		1,517,060.92		1,517,060.92		(391,006.71	)		—			—		—		2.04		2.026	MON		2,704.00		18,860.00		2212007		3252047
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1FE		2,939,883.00		58		1,740,000.00		3,000,000.00		2,957,799.78		(1,217,799.78	)		2,887.00			—		—		4.83		5.134	MON		12,074.00		72,462.00		3242006		9252035
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1FE		1,545,595.00		35		1,259,691.28		1,543,665.58		1,545,538.30		(285,847.02	)		(51.00	)		—		—		0.629		0.61	MON		162.00		5,877.00		12152005		6252037
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1FE		2,048,084.00		48.382		1,640,930.39		2,048,084.38		2,048,084.38		(407,153.99	)		—			—		—		0.574		0.574	MON		196.00		7,176.00		12152005		11252045
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1FE		1,695,968.00		46.672		1,422,513.23		1,694,379.43		1,695,817.05		(273,303.82	)		(118.00	)		—		—		0.604		0.586	MON		171.00		6,194.00		12162005		10252024
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2		1FE		1,020,017.00		87.639		915,904.00		1,045,082.28		1,020,537.86		(104,633.86	)		104.00			—		—		3.144		3.81	MON		2,738.00		19,738.00		8102007		6252034
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3					2		1FE		1,332,959.00		96.938		1,334,471.00		1,376,624.03		1,361,974.91		(27,503.91	)		8,338.00			—		—		4.585		7.201	MON		5,260.00		31,559.00		8282008		4252035
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND							1FE		829,784.00		100.361		832,996.00		830,000.00		829,790.18		3,205.82			6.00			—		—		2.125		2.134	JD		784.00		3,772.00		3252009		6152012
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND GOV							1FE		5,293,799.00		103.122		5,465,466.00		5,300,000.00		5,293,799.00		171,667.00			—			—		—		3		3.658	JD		9,717.00		79,058.00		12032008		12092011
949746JD4	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		8,768,395.00		100.066		8,775,789.00		8,770,000.00		8,769,839.57		5,949.43			368.00			—		—		0.729		5.467	MJSD		2,843.00		77,950.00		8102007		9152009
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		797,552.00		100.544		805,853.00		800,000.00		798,192.46		7,660.54			230.00			—		—		4.375		4.444	JJ		14,681.00		17,500.00		1252008		1312013
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		5,709,540.00		101.631		6,097,838.00		6,000,000.00		5,899,910.98		197,927.02			35,701.00			—		—		3.98		5.299	AO		41,127.00		119,400.00		9072006		10292010
949748AF4	WELLS FARGO BANK CORP BND							1FE		2,103,060.00		104.315		2,086,293.00		2,000,000.00		2,053,932.90		32,360.10			(16,169.00	)		—		—		6.45		4.665	FA		53,750.00		64,500.00		12052007		2012011
949746NW7	WELLS FARGO FINANCIAL INC CORP BND							1FE		6,013,197.00		103.468		6,228,771.00		6,020,000.00		6,015,301.62		213,469.38			637.00			—		—		5.25		5.276	AO		59,698.00		158,025.00		10162007		10232012
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1FE		1,000,264.00		99.121		995,805.00		1,004,636.03		1,000,933.98		(5,128.98	)		555.00			—		—		5.25		5.437	MON		4,395.00		26,372.00		5192008		8252033
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00		97.032		965,469.00		995,000.00		989,310.41		(23,841.41	)		1,976.00			—		—		4.375		4.811	MN		5,562.00		21,766.00		5202008		11152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			F				1FE		2,968,684.00		93.983		2,842,977.00		3,025,000.00		2,978,111.19		(135,134.19	)		6,596.00			—		—		5.4		5.929	AO		40,838.00		81,675.00		12242008		10012012
949835AB8	WFMBS CMO_05-AR15 1A2					2		1FE		5,638,166.00		76.28		4,311,910.00		5,652,739.71		5,638,917.85		(1,327,007.85	)		1.00			—		—		5.123		5.149	MON		24,130.00		144,708.00		1282008		9252035
94980MAB4	WFMBS WHOLE CMO 04-P					2		1FE		5,599,599.00		85.406		4,878,438.15		5,712,055.53		5,601,533.89		(723,095.74	)		289.00			—		—		4.185		4.779	MON		19,919.00		120,619.00		9122007		9252034
949781AA6	WFMBS WHOLE CMO 05-AR1					2		1FE		3,939,712.00		72		2,905,920.00		4,036,000.54		3,941,543.66		(1,035,623.66	)		261.00			—		—		4.544		5.238	MON		15,282.00		91,709.00		12052006		2252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		1,134,034.00		71		825,280.00		1,162,366.80		1,134,216.54		(308,936.54	)		77.00			—		—		4.489		5.188	MON		4,348.00		26,107.00		5272008		2252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2		1FE		1,270,827.00		86.45		1,117,665.00		1,292,845.79		1,271,329.33		(153,664.33	)		60.00			—		—		3.79		4.273	MON		4,083.00		27,339.00		12152005		6252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2		1FE		13,477,197.00		74		10,027,454.00		13,550,614.01		13,476,893.83		(3,449,439.83	)		(54.00	)		—		—		6		6.138	MON		67,753.00		406,518.00		1172008		11012033
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2		1FE		328,496.00		81		268,430.00		331,395.28		328,531.87		(60,101.87	)		8.00			—		—		4.567		4.739	MON		1,261.00		7,575.00		1142008		12252034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4					2		1FE		3,311,436.00		84.181		2,868,159.00		3,407,128.00		3,316,666.06		(448,507.06	)		2,008.00			—		—		4.537		5.334	MON		12,881.00		77,304.00		7192006		4252035
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2					2		1FE		6,042,841.00		60		6,009,628.46		6,595,187.77		6,052,991.44		(43,362.98	)		(7,702.00	)		—		—		5.5		7.089	MON		30,228.00		181,368.00		12172007		11252035
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B					2		1FE		4,744,559.00		102.445		4,860,684.00		4,744,676.76		4,744,624.75		116,059.25			39.00			—		—		5.28		5.34	MON		11,134.00		125,260.00		9172007		1172012
026609AM9	WYETH CORP BND							1FE		12,080,939.00		107.871		12,232,459.00		11,340,000.00		11,823,786.37		408,672.63			(119,798.00	)		—		—		6.95		4.326	MS		232,060.00		394,065.00		2202009		3152011
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		98.988		2,474,700.00		2,500,000.00		2,500,000.00		(25,300.00	)		—			—		—		12.7075		12.915	JAJO		80,304.34		36,290.00		2192009		2242012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		99.188		1,487,820.00		1,500,000.00		1,500,000.00		(12,180.00	)		—			—		—		13.7075		13.949	JAJO		51,974.27		23,482.00		2122009		2242012
35047AAA6	FOUNDATION RE LTD CORP BND 144A							3FE		5,000,000.00		94.588		4,729,400.00		5,000,000.00		5,009,038.72		(279,638.72	)		(3,083.57	)		—		—		7.60438		7.541	FMAN		46,471.22		214,659.00		12012009		11262010
62864WAB0	EAST LANE RE III LTD CORP BND 144A							3FE		10,000,000.00		100.837		10,083,600.00		10,000,000.00		10,000,000.00		83,600.00			—			—		—		12.67375		12.876	FMAN		105,614.58		296,132.00		3132009		3202012
TOTAL														2,816,536,494.60		2,753,891,089.50		2,836,299,529.40		(19,763,034.80	)