Validus 8-K Results of Operations and Financial Condition

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
30769QAA8	FARMER MAC AGENCY BND 144A							??		11,703,265.00		105.948		11,580,135.75		10,930,000.00		11,674,326.95		(94,191.20	)		(28,938.00	)		—		—		5.125		4.038	AO		112,032.50		280,081.00		8312009		4192017
3128X2TM7	FHLMC AGENCY BND							1		22,680,830.00		109.231		22,392,357.05		20,500,000.00		22,498,593.36		(106,236.31	)		(182,237.00	)		—		—		5		2.471	JJ		429,930.56		325,000.00		11302009		1302014
3128X4KF7	FHLMC AGENCY BND MTN							??		3,080,160.00		103.159		3,094,769.97		3,000,000.00		3,022,006.24		72,763.73			(29,620.00	)		—		—		4.75		3.708	MS		39,187.50		142,500.00		12282007		9222010
3128X8A93	FHLMC AGENCY BND							??		13,496,625.00		100.178		13,524,030.13		13,500,000.00		13,497,329.26		26,700.87			704.00			—		—		2.05		2.059	MN		38,437.50		138,375.00		5072009		5112012
3128X9JT8	FHLMC AGENCY BND					1		1		19,972,600.00		99.553		19,910,600.20		20,000,000.00		19,974,001.76		(63,401.56	)		1,402.00			—		—		2		2.047	MN		62,222.22		—		10232009		11052012
31331G3S6	FFCB AGENCY BND					1		1		9,701,250.00		99.112		9,663,437.26		9,750,000.00		9,701,317.35		(37,880.09	)		67.00			—		—		2.55		2.685	MN		24,862.50		—		12292009		11252013
31331G4J5	FFCB AGENCY BND					1		??		1,747,402.00		98.823		1,729,402.47		1,750,000.00		1,747,429.53		(18,027.06	)		27.00			—		—		2.3		2.342	MS		3,130.56		—		12142009		9032013
31331G4W6	FFCB AGENCY BND							??		13,999,300.00		99.055		13,867,700.00		14,000,000.00		13,999,318.17		(131,618.17	)		18.00			—		—		1.83		1.832	JD		19,926.67		—		11242009		12032012
31331GJ42	FFCB AGENCY BND					1		??		1,011,670.00		100.872		1,008,719.01		1,000,000.00		1,010,297.18		(1,578.17	)		(1,373.00	)		—		—		2.4		0.751	FA		8,933.33		—		11302009		8172010
31331GV89	FFCB AGENCY BND					1		1		9,979,688.00		99.66		9,966,000.40		10,000,000.00		9,980,972.08		(14,971.68	)		1,285.00			—		—		2.05		2.121	AO		43,277.78		—		10222009		10152012
31331GVD8	FFCB AGENCY BND							1		3,381,186.00		100.055		3,391,874.51		3,390,000.00		3,382,572.95		9,301.56			1,387.00			—		—		2.2		2.27	AO		17,194.83		31,075.00		5042009		4082013
31331GX46	FFCB AGENCY BND					1		1		10,996,700.00		99.917		10,990,852.40		11,000,000.00		10,996,886.19		(6,033.79	)		186.00			—		—		2.6		2.608	AO		66,733.33		—		10012009		10072013
31331TKB6	FFCB AGENCY BND							??		11,187,396.00		102.93		11,116,440.00		10,800,000.00		10,928,018.32		188,421.68			(148,910.00	)		—		—		4.1		2.662	MN		70,110.00		442,800.00		3252008		11042010
31331V4Q6	FFCB AGENCY BND							??		6,019,931.00		103.325		6,199,491.36		6,000,000.00		6,004,594.56		194,896.80			(6,150.00	)		—		—		5		4.89	MS		83,333.33		300,000.00		5032007		9212010
31331Y3X6	FFCB AGENCY BND							??		999,000.00		105.438		1,054,378.61		1,000,000.00		999,344.23		55,034.38			240.00			—		—		3.95		3.977	JJ		17,336.11		39,500.00		7302008		7232012
31331YNJ5	FFCB AGENCY BND							??		803,264.00		102.963		823,707.36		800,000.00		801,386.16		22,321.20			(1,281.00	)		—		—		3.5		3.33	JJ		12,677.78		28,000.00		7072008		1182011
31331YR51	FFCB AGENCY BND							1		990,190.00		105.792		1,057,916.22		1,000,000.00		992,999.20		64,917.02			1,885.00			—		—		4		4.224	MN		4,444.44		40,000.00		7072008		5212013
3133XDTA9	FHLB AGENCY BND							??		8,166,480.00		103.943		8,315,440.08		8,000,000.00		8,054,356.38		261,083.70			(55,703.00	)		—		—		4.75		4.006	JD		22,166.67		380,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND							??		797,393.00		106.771		800,782.53		750,000.00		771,040.73		29,741.80			(13,509.00	)		—		—		5.6		3.647	JD		350.00		42,000.00		1032008		6282011
3133XH2V3	FHLB AGENCY BND							??		10,758,200.00		106.728		10,672,799.70		10,000,000.00		10,639,105.34		33,694.36			(119,095.00	)		—		—		5		1.354	AO		108,333.33		250,000.00		8312009		10132011
3133XHPH9	FHLB AGENCY BND							1		16,177,200.00		106.875		16,031,250.00		15,000,000.00		16,001,035.21		30,214.79			(176,165.00	)		—		—		4.875		1.268	MN		87,343.75		365,625.00		8312009		11182011
3133XSP93	FHLB AGENCY BND							??		19,262,688.00		101.778		18,793,306.22		18,465,000.00		19,246,690.96		(453,384.74	)		(15,997.00	)		—		—		3.125		2.004	JD		28,851.56		288,516.00		12032009		12132013
3133XTHN9	FHLB AGENCY BND							??		1,002,966.00		100.682		1,006,821.96		1,000,000.00		1,001,626.03		5,195.93			(1,340.00	)		—		—		1.25		1.041	AO		2,673.61		6,250.00		5072009		10142010
3133XUE41	FHLB AGENCY BND							1		9,069,255.00		100.132		9,112,012.36		9,100,000.00		9,072,869.95		39,142.41			3,615.00			—		—		1.75		1.866	FA		69,893.06		—		8202009		8222012
3133XVCB5	FHLB AGENCY BND					1		??		15,620,248.00		99.491		15,545,468.28		15,625,000.00		15,619,210.85		(73,742.57	)		(1,037.00	)		—		—		1.9		1.796	AO		62,673.62		—		11202009		10152010
3133XVD32	FHLB AGENCY BND					1		??		9,979,688.00		99.802		9,980,176.10		10,000,000.00		9,981,028.79		(852.69	)		1,341.00			—		—		2		2.07	AO		40,000.00		—		10092009		10192012
3133XWE70	FHLB AGENCY BND							??		7,690,298.00		98.855		7,611,860.79		7,700,000.00		7,690,354.75		(78,493.96	)		57.00			—		—		2.5		2.53	JD		7,486.11		—		12212009		6132014
31359M7X5	FNMA AGENCY BND							??		3,188,535.00		108.462		3,253,859.94		3,000,000.00		3,164,357.78		89,502.16			(18,761.00	)		—		—		5		4.129	MN		20,833.33		150,000.00		9112008		5112017
31359MA45	FNMA AGENCY BND							1		37,988,264.00		109.793		37,768,791.66		34,400,000.00		37,790,397.61		(21,605.95	)		(197,866.00	)		—		—		5		2.971	AO		363,111.11		860,000.00		8312009		4152015
31359MGJ6	FNMA AGENCY BND							??		10,089,396.00		105.352		9,903,116.20		9,400,000.00		9,898,031.14		5,085.06			(191,365.00	)		—		—		6.625		0.514	MN		79,573.61		311,375.00		8312009		11152010
31359MRK1	FNMA AGENCY NT							??		15,510,548.00		104.675		15,491,900.44		14,800,000.00		15,449,392.35		42,508.09			(61,156.00	)		—		—		4.625		3.225	MN		114,083.33		342,250.00		8312009		5012013
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00		109.057		5,670,963.95		5,200,000.00		5,541,573.87		129,390.08			(36,012.00	)		—		—		5.125		4.139	MN		32,572.22		266,500.00		9112008		11172017
3137EABK4	FHLMC AGENCY BND							??		8,988,030.00		102.518		9,226,619.82		9,000,000.00		8,994,842.19		231,777.63			3,923.00			—		—		2.75		2.796	AO		55,000.00		247,500.00		4032008		4112011
3137EABX6	FHLMC AGENCY BND							1		24,540,915.00		100.238		24,558,309.76		24,500,000.00		24,538,272.92		20,036.84			(2,642.00	)		—		—		2.5		2.459	JJ		296,041.67		—		8312009		1072014
3137EACC1	FHLMC AGENCY BND							1		5,382,504.00		100.569		5,430,726.00		5,400,000.00		5,385,951.88		44,774.12			3,448.00			—		—		1.75		1.859	JD		4,200.00		53,550.00		5192009		6152012
31398AHZ8	FNMA AGENCY BND							??		22,415,656.00		108.138		22,708,980.00		21,000,000.00		22,200,917.20		508,062.80			(166,059.00	)		—		—		4.75		2.662	MN		116,375.01		688,750.00		8312009		11192012
31398AUZ3	FNMA AGENCY BND							??		15,153,626.00		97.507		14,786,937.16		15,165,000.00		15,154,048.51		(367,111.35	)		422.00			—		—		3.22		3.233	JJ		208,889.45		—		11242009		1272016
31398AZY1	FHLMC AGENCY BND					1		??		9,077,850.00		99.192		8,927,280.09		9,000,000.00		9,072,297.76		(145,017.67	)		(5,552.00	)		—		—		3.125		2.171	MN		39,843.75		—		12072009		11102010
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND							??		5,295,283.00		99.542		5,275,726.00		5,300,000.00		5,295,509.19		(19,783.19	)		226.00			—		—		3.05		3.069	AO		41,310.56		—		9222009		10152014
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							??		4,539,760.00		112.124		4,484,960.04		4,000,000.00		4,487,778.52		(2,818.48	)		(51,981.00	)		—		—		6.79		1.575	MN		28,668.89		135,800.00		9252009		5232012
912803AT0	UNITED STATES TREASURY STRIPS PO			@				??		873,278.00		64.599		968,985.00		1,500,000.00		932,947.39		36,037.61			41,750.00			—		—		0		4.631	MAT		—		—		7242008		5152020
912810EZ7	UNITED STATES TREASURY GOVT BND							1		1,481,438.00		124.83		1,497,960.11		1,200,000.00		1,466,070.61		31,889.50			(9,916.00	)		—		—		6.625		4.722	FA		30,028.53		79,500.00		5302008		2152027
912828FL9	UNITED STATES TREASURY GOVT IBND TIPS							1		8,293,180.00		116.695		8,402,046.19		7,200,000.00		8,297,895.63		104,150.56			(17,998.00	)		—		—		2.5		1.274	JJ		89,009.41		—		10152009		7152016
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00		106.042		5,090,016.34		4,800,000.00		4,953,987.59		136,028.75			(85,296.00	)		—		—		4.5		2.605	MS		55,186.82		216,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND							??		4,230,469.00		106.507		4,260,280.16		4,000,000.00		4,130,573.31		129,706.85			(68,953.00	)		—		—		4.625		2.775	AO		32,019.23		185,000.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00		106.484		3,194,519.82		3,000,000.00		3,120,971.29		73,548.53			(61,177.00	)		—		—		4.5		2.331	MN		11,868.13		135,000.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00		106.869		3,206,070.09		3,000,000.00		3,153,193.31		52,876.78			(74,441.00	)		—		—		4.625		2.004	JD		383.29		138,750.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00		107.317		5,365,850.45		5,000,000.00		5,221,564.76		144,285.69			(102,380.00	)		—		—		4.75		2.55	JJ		99,388.59		237,500.00		4172008		1312012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS							1		8,302,250.00		114.783		8,379,189.64		7,300,000.00		8,306,900.83		72,288.81			(18,127.00	)		—		—		2.625		1.351	JJ		92,332.42		—		10152009		7152017
912828HK9	UNITED STATES TREASURY GOVT BND							??		16,403,320.00		105.035		17,330,775.66		16,500,000.00		16,441,455.08		889,320.58			18,781.00			—		—		3.375		3.504	MN		48,956.04		556,875.00		12072007		11302012
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00		103.042		10,304,199.20		10,000,000.00		10,073,443.65		230,755.55			(22,066.00	)		—		—		2.75		2.507	FA		93,439.23		275,000.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00		100.652		2,189,181.00		2,175,000.00		2,172,096.66		17,084.34			8,704.00			—		—		2.125		2.536	AO		7,915.92		46,219.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00		104.169		10,416,899.90		10,000,000.00		9,913,413.55		503,486.35			24,176.00			—		—		3.125		3.402	AO		53,522.10		312,500.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00		100.987		1,009,870.07		1,000,000.00		1,000,477.17		9,392.90			(1,113.00	)		—		—		2.625		2.512	MN		2,320.44		26,250.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.00		105.385		790,387.52		750,000.00		756,405.93		33,981.59			(1,749.00	)		—		—		3.5		3.234	MN		2,307.69		26,250.00		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00		101.321		2,026,419.84		2,000,000.00		2,004,482.54		21,937.30			(8,855.00	)		—		—		2.875		2.419	JD		158.84		57,500.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND							1		14,621,953.00		104.971		15,220,795.15		14,500,000.00		14,588,157.67		632,637.48			(23,119.00	)		—		—		3.375		3.19	JD		1,351.86		489,375.00		7212008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00		101.447		2,028,939.98		2,000,000.00		2,002,370.59		26,569.39			(3,998.00	)		—		—		2.75		2.543	JJ		23,016.30		55,000.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND							1		4,351,000.00		102.118		4,391,073.54		4,300,000.00		4,345,810.98		45,262.56			(4,342.00	)		—		—		4		3.854	FA		64,967.39		172,000.00		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND							1		48,017,853.00		101.167		48,256,659.00		47,700,000.00		47,820,786.39		435,872.61			(159,706.00	)		—		—		2		1.656	MS		243,741.76		954,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND							1		57,864,270.00		103.932		58,825,511.44		56,600,000.00		57,643,786.86		1,181,724.58			(184,801.00	)		—		—		3.125		2.603	MS		451,905.90		1,612,500.00		9032009		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		115,253,185.00		102.422		115,224,746.63		112,500,000.00		115,074,690.85		150,055.78			(167,552.00	)		—		—		2.75		2.12	AO		535,456.76		893,750.00		10292009		10312013
912828KA7	UNITED STATES TREASURY GOVT BND							1		80,137,500.00		100.047		80,037,591.20		80,000,000.00		80,127,133.35		(89,542.15	)		(10,367.00	)		—		—		1.125		1.043	JD		42,032.97		450,000.00		10282009		12152011
912828KN9	UNITED STATES TREASURY GOVT BND							1		78,615,625.00		97.964		78,371,197.60		80,000,000.00		78,637,207.60		(266,010.00	)		21,583.00			—		—		1.875		2.291	AO		263,121.55		—		12292009		4302014
912828KS8	UNITED STATES TREASURY GOVT BND							1		14,739,150.00		97.316		14,597,400.30		15,000,000.00		14,751,631.23		(154,230.93	)		12,481.00			—		—		2.625		2.921	FA		133,787.98		—		8312009		2292016
912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,533.00		100.151		2,533,820.33		2,530,000.00		2,522,567.12		11,253.21			3,034.00			—		—		0.875		1.086	MN		1,956.91		11,069.00		6052009		5312011
912828KX7	UNITED STATES TREASURY GOVT BND							1		10,130,500.00		101.102		10,110,199.70		10,000,000.00		10,115,097.13		(4,897.43	)		(15,403.00	)		—		—		1.875		1.396	JD		8,756.87		93,750.00		8312009		6152012
912828KY5	UNITED STATES TREASURY GOVT BND							1		26,483,431.00		100.762		26,298,882.26		26,100,000.00		26,448,527.98		(149,645.72	)		(34,903.00	)		—		—		2.625		2.311	JD		1,892.62		342,563.00		7082009		6302014
912828LB4	UNITED STATES TREASURY GOVT BND							1		15,029,850.00		100.162		15,024,300.45		15,000,000.00		15,026,497.59		(2,197.14	)		(3,352.00	)		—		—		1.5		1.429	JJ		103,940.22		—		8312009		7152012
912828LC2	UNITED STATES TREASURY GOVT BND							1		7,031,915.00		100.533		6,936,776.80		6,900,000.00		7,030,196.36		(93,419.56	)		(1,719.00	)		—		—		2.625		2.189	JJ		75,796.87		—		12112009		7312014
912828LF5	UNITED STATES TREASURY GOVT BND							1		30,183,663.00		100.418		30,125,399.70		30,000,000.00		30,158,291.99		(32,892.29	)		(25,371.00	)		—		—		1.125		0.77	JD		932.32		168,750.00		10082009		6302011
912828LG3	UNITED STATES TREASURY GOVT BND							??		5,969,317.00		100.161		6,009,660.18		6,000,000.00		5,975,315.23		34,344.95			5,998.00			—		—		1		1.264	JJ		25,108.70		—		8102009		7312011
912828LK4	UNITED STATES TREASURY GOVT BND							1		16,699,398.00		99.275		16,578,925.33		16,700,000.00		16,699,657.95		(120,732.62	)		260.00			—		—		2.375		2.364	FA		132,567.60		—		10232009		8312014
912828LQ1	UNITED STATES TREASURY GOVT BND							1		14,059,063.00		99.163		13,882,820.28		14,000,000.00		14,056,856.98		(174,036.70	)		(2,206.00	)		—		—		2.375		2.284	MS		84,951.92		—		10202009		9302014
912828LR9	UNITED STATES TREASURY GOVT BND							1		151,034,377.00		99.445		150,559,730.00		151,400,000.00		151,056,550.84		(496,820.84	)		22,174.00			—		—		1.375		1.458	AO		446,089.28		—		11032009		10152012
912828LW8	UNITED STATES TREASURY GOVT BND							1		86,679,516.00		99.979		86,581,810.54		86,600,000.00		86,673,388.23		(91,577.69	)		(6,127.00	)		—		—		1		0.951	MS		224,554.95		—		12292009		9302011
912828LZ1	UNITED STATES TREASURY GOVT BND							1		4,783,258.00		97.636		4,706,055.30		4,820,000.00		4,783,551.85		(77,496.55	)		294.00			—		—		2.125		2.288	MN		9,004.40		—		12162009		11302014
912828MB3	UNITED STATES TREASURY GOVT BND							1		93,194,736.00		98.383		92,302,933.41		93,820,000.00		93,203,234.72		(900,301.31	)		8,499.00			—		—		1.125		1.353	JD		49,294.16		—		12162009		12152012
912828ML1	UNITED STATES TREASURY GOVT BND							1		33,029,349.00		99.719		32,907,270.66		33,000,000.00		33,029,305.25		(122,034.59	)		(44.00	)		—		—		1		0.954	JD		1,813.19		—		12232009		12312011
912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,431.00		99.351		4,967,549.90		5,000,000.00		4,999,452.79		(31,902.89	)		22.00			—		—		0.75		0.756	MN		3,296.70		—		12032009		11302011
36202KME2	GNMA POOL # 008457					2		??		626,347.00		101		623,838.22		617,661.60		626,108.91		(2,270.69	)		(239.00	)		—		—		3.625		3.174	MON		1,865.85		20,396.00		3182009		7202024
36204J4C7	GNMA POOL # 371719					2		??		680,202.00		106.891		684,303.70		640,190.57		678,261.66		6,042.04			(1,215.00	)		—		—		6.5		4.991	MON		3,467.70		41,612.00		9112008		4152024
36204SV60	GNMA POOL # 378737					2		??		563,178.00		107.42		569,377.97		530,050.20		561,568.66		7,809.31			(996.00	)		—		—		6.5		4.933	MON		2,871.11		34,453.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		??		706,860.00		106.891		711,121.81		665,279.87		704,906.69		6,215.12			(1,199.00	)		—		—		6.5		4.929	MON		3,603.60		43,243.00		9112008		4152024
3620A2KC9	GNMA POOL # 716791					2		??		2,516,774.00		105.742		2,517,320.58		2,380,632.02		2,515,844.73		1,475.85			(930.00	)		—		—		5		3.059	MON		9,919.30		29,758.00		9292009		4152024
3620A55Q8	GNMA POOL # 720055					2		??		908,990.00		100.329		894,678.53		891,747.05		908,808.78		(14,130.25	)		(181.00	)		—		—		4.5		4.181	MON		3,344.05		20,064.00		6182009		6152039
3620A56N4	GNMA POOL # 720077					2		??		803,928.00		100.329		796,182.72		793,573.96		803,814.69		(7,631.97	)		(113.00	)		—		—		4.5		4.29	MON		2,975.90		17,855.00		6182009		6152039
3620A6AC1	GNMA POOL # 720103					2		??		903,290.00		100.329		890,672.29		887,753.93		903,122.95		(12,450.66	)		(167.00	)		—		—		4.5		4.236	MON		3,329.08		19,974.00		6182009		6152039
3620A6DZ7	GNMA POOL # 720220					2		??		2,281,748.00		105.742		2,297,182.36		2,172,447.14		2,280,598.98		16,583.38			(1,149.00	)		—		—		5		3.325	MON		9,051.86		45,259.00		7292009		7152024
3620ADCM2	GNMA POOL # 726476					2		??		17,566,199.00		104.043		17,349,378.50		16,675,121.94		17,557,373.22		(207,994.72	)		(8,826.00	)		—		—		4.5		2.995	MON		62,531.71		—		12082009		11152024
36210B4N2	GNMA POOL # 487829					2		??		867,246.00		104.043		871,800.20		837,919.04		866,376.26		5,423.94			(870.00	)		—		—		4.5		3.482	MON		3,142.20		25,138.00		3262009		4152024
36210B4Q5	GNMA POOL # 487831					2		??		193,656.00		105.742		193,697.84		183,180.20		193,587.57		110.27			(68.00	)		—		—		5		2.969	MON		763.25		2,290.00		9292009		4152024
36210B4R3	GNMA POOL # 487832					2		??		921,035.00		105.742		931,979.42		881,373.66		919,937.52		12,041.90			(1,098.00	)		—		—		5		3.419	MON		3,672.39		29,379.00		3262009		4152024

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
												RATE USED
			FOREIGN		BOND		NAIC		ACTUAL			TO OBTAIN		GAAP FAIR						GAAP						CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST			FAIR VALUE		MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36210BZH1	GNMA POOL # 487744					2		??		1,232,591.00			105.742		1,232,858.24			1,165,914.99			1,232,156.77			701.47			(434.00	)		—		—			5		2.943	MON		4,857.98		14,574.00		9292009		3152024
36210BZJ7	GNMA POOL # 487745					2		??		1,114,977.00			105.742		1,115,219.28			1,054,663.74			1,114,590.29			628.99			(387.00	)		—		—			5		2.914	MON		4,394.43		13,183.00		9292009		3152024
36211V6Q8	GNMA POOL # 524779					2		??		685,262.00			105.742		693,922.89			656,243.41			684,442.03			9,480.86			(820.00	)		—		—			5		3.43	MON		2,734.35		21,875.00		3262009		1152024
36225BPY8	GNMA POOL # 781339					2		1		429,868.00			109.906		428,042.80			389,461.75			429,009.07			(966.27	)		120.00			—		—			8		4.731	MON		2,596.41		31,157.00		3072008		9152031
36225CD29	GNMA POOL # 080120					2		??		508,253.00			102		513,126.93			503,065.62			508,135.63			4,991.30			(118.00	)		—		—			4.125		3.834	MON		1,729.29		15,564.00		3182009		10202027
36225DAS3	GNMA POOL # 080916					2		??		424,184.00			101.609		433,108.34			426,248.40			424,208.88			8,899.46			12.00			—		—			2.75		2.878	MON		976.82		14,208.00		4172008		5202034
36225DJA3	GNMA POOL # 081156					2		??		1,138,861.00			102.471		1,163,732.31			1,135,666.58			1,138,800.53			24,931.78			(60.00	)		—		—			3.75		3.619	MON		3,548.96		31,941.00		3182009		11202034
36225DJZ8	GNMA POOL # 081179					2		??		1,173,176.00			100.6		1,176,904.75			1,169,885.44			1,173,113.84			3,790.91			(62.00	)		—		—			3.75		3.616	MON		3,655.90		32,903.00		3182009		12202034
36225DLE2	GNMA POOL # 081224					2		??		726,798.00			99.924		729,664.76			730,221.23			726,822.88			2,841.88			25.00			—		—			3		3.113	MON		1,825.56		17,039.00		3182009		1202035
36225EVZ2	GNMA POOL # 082431					2		??		5,619,375.00			101		5,605,500.00			5,550,000.00			5,619,277.69			(13,777.69	)		(97.00	)		—		—			3		2.909	MON		13,875.00		—		10282009		12202039
36225EWE8	GNMA POOL # 082444					2		??		1,021,250.00			101.25		1,012,500.00			1,000,000.00			1,021,223.39			(8,723.39	)		(27.00	)		—		—			3.75		3.59	MON		3,125.00		—		11032009		12202039
36241KBP2	GNMA POOL # 781846					2		1		7,747,904.00			108.651		8,153,222.23			7,504,023.36			7,744,326.66			408,895.57			(1,971.00	)		—		—			6.5		5.532	MON		40,646.79		487,762.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		??		5,318,557.00			107.689		5,547,231.78			5,151,145.13			5,316,183.00			231,048.78			(1,307.00	)		—		—			6.5		5.558	MON		27,902.03		334,824.00		8152008		5152035
36241KGU6	GNMA POOL # 782011					2		??		326,451.00			103.312		330,043.59			319,462.14			326,383.07			3,660.52			(68.00	)		—		—			5		4.442	MON		1,331.09		5,324.00		7142009		12152035
36241KKB3	GNMA POOL # 782090					2		??		7,071,776.00			107.697		7,327,579.59			6,803,873.60			7,064,086.74			263,492.85			(2,363.00	)		—		—			6.5		5.353	MON		36,854.32		442,252.00		11302007		5152036
36292DWW8	GNMA POOL # 646061					2		??		493,806.00			106.344		503,572.54			473,532.57			492,919.25			10,653.29			(444.00	)		—		—			6.5		3.964	MON		2,564.97		30,780.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		403,225.00			106.344		411,200.63			386,670.98			402,544.33			8,656.30			(322.00	)		—		—			6.5		4.128	MON		2,094.47		25,134.00		1312008		12152037
36295P4L3	GNMA POOL # 676827					2		??		1,953,366.00			105.616		1,974,530.16			1,869,529.59			1,950,889.32			23,640.84			(2,477.00	)		—		—			5		3.27	MON		7,789.71		62,318.00		3262009		5152023
36295PZJ4	GNMA POOL # 676745					2		??		752,529.00			105.616		761,137.12			720,661.75			751,574.56			9,562.56			(954.00	)		—		—			5		3.27	MON		3,002.76		24,022.00		3262009		3152023
36295QJE1	GNMA POOL # 677161					2		??		3,295,358.00			105.616		3,316,431.00			3,140,071.49			3,292,858.54			23,572.46			(2,499.00	)		—		—			5		3.161	MON		13,083.63		104,669.00		4272009		8152023
36295TVQ4	GNMA POOL # 680223					2		??		282,162.00			106.344		287,743.06			270,578.12			281,657.63			6,085.43			(254.00	)		—		—			6.5		3.971	MON		1,465.63		17,588.00		1312008		1152038
36296DR67	GNMA POOL # 688209					2		??		263,231.00			105.616		264,855.18			250,770.84			263,093.09			1,762.09			(138.00	)		—		—			5		3.188	MON		1,044.88		5,224.00		7292009		7152023
36296E5H5	GNMA POOL # 689448					2		??		600,383.00			105.616		607,251.58			574,959.46			599,642.95			7,608.63			(741.00	)		—		—			5		3.291	MON		2,395.66		19,165.00		3262009		7152023
36296QRL5	GNMA POOL # 698091					2		??		11,587,296.00			100.329		11,322,854.77			11,285,754.54			11,584,119.29			(261,264.52	)		(3,177.00	)		—		—			4.5		3.991	MON		42,321.58		296,251.00		4282009		4152039
36296TPY3	GNMA POOL # 700739					2		??		1,781,089.00			106.565		1,797,604.34			1,686,861.94			1,777,514.01			20,090.33			(3,575.00	)		—		—			5.5		3.06	MON		7,731.45		46,389.00		6032009		10152023
36296U3C2	GNMA POOL # 701995					2		??		1,310,808.00			105.616		1,325,803.55			1,255,300.63			1,309,243.53			16,560.02			(1,565.00	)		—		—			5		3.413	MON		5,230.42		41,843.00		3262009		1152024
36296UC73	GNMA POOL # 701294					2		??		924,985.00			105.742		935,695.95			884,888.38			923,856.43			11,839.52			(1,128.00	)		—		—			5		3.361	MON		3,687.03		29,496.00		3272009		1152024
36296URS1	GNMA POOL # 701697					2		??		1,829,288.00			105.742		1,829,685.13			1,730,334.64			1,828,655.44			1,029.69			(633.00	)		—		—			5		2.881	MON		7,209.73		21,629.00		9292009		2152024
36296UUL2	GNMA POOL # 701787					2		??		1,000,503.00			105.742		1,020,786.08			965,358.19			999,639.28			21,146.80			(864.00	)		—		—			5		3.684	MON		4,022.33		24,134.00		6112009		3152024
36296XHH0	GNMA POOL # 704132					2		??		337,626.00			105.616		337,298.75			319,362.05			337,501.01			(202.26	)		(125.00	)		—		—			5		2.962	MON		1,330.68		3,992.00		9292009		12152023
36296XLY8	GNMA POOL # 704243					2		??		680,244.00			105.742		694,034.09			656,348.58			679,647.09			14,387.00			(597.00	)		—		—			5		3.593	MON		2,734.79		16,409.00		6112009		1152024
36296XWP5	GNMA POOL # 704554					2		??		4,795,112.00			105.742		4,895,273.66			4,629,464.09			4,791,105.18			104,168.48			(4,007.00	)		—		—			5		3.812	MON		19,289.43		115,737.00		6112009		6152024
36297A3K7	GNMA					2		??		1,106,234.00			105.742		1,120,216.42			1,059,389.54			1,104,917.15			15,299.27			(1,317.00	)		—		—			5		3.386	MON		4,414.12		35,313.00		3262009		1152024
36297AKF9	GNMA POOL # 705994					2		??		1,541,246.00			105.742		1,541,580.66			1,457,874.02			1,540,697.97			882.69			(548.00	)		—		—			5		2.914	MON		6,074.48		18,223.00		9292009		1152024
36297DFF9	GNMA POOL # 708566					2		??		2,444,772.00			105.742		2,445,302.09			2,312,524.08			2,443,885.69			1,416.40			(886.00	)		—		—			5		3.023	MON		9,635.52		28,907.00		9292009		4152024
36297DTR8	GNMA POOL # 708960					2		??		1,814,712.00			105.742		1,837,648.41			1,737,865.53			1,812,571.10			25,077.31			(2,141.00	)		—		—			5		3.435	MON		7,241.11		57,929.00		3262009		3152024
36297G2R0	GNMA POOL # 711884					2		??		4,584,014.00			105.742		4,585,009.20			4,336,046.75			4,582,347.83			2,661.37			(1,667.00	)		—		—			5		3.029	MON		18,066.86		54,201.00		9292009		4152024
36297JJ54	GNMA POOL # 713184					2		??		2,230,248.00			105.742		2,230,731.51			2,109,604.52			2,229,438.95			1,292.56			(809.00	)		—		—			5		3.024	MON		8,790.02		26,370.00		9292009		4152024
36297KZF1	GNMA POOL # 714542					2		??		1,147,605.00			105.742		1,170,517.20			1,106,959.02			1,146,622.20			23,895.00			(983.00	)		—		—			5		3.791	MON		4,612.33		27,674.00		6112009		6152024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND			A				1FE		4,076,425.00			98.576		4,041,615.83			4,100,000.00			4,077,815.96			(36,200.13	)		1,391.00			—		—			2.375		2.498	MS		30,023.96		—		9022009		9102014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				??		5,242,350.00			104.198		5,209,900.30			5,000,000.00			5,199,490.96			10,409.34			(42,859.00	)		—		—			3.75		1.126	JJ		86,458.33		—		8312009		7152011
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		20,768,508.00			104.686		20,675,484.41			19,750,000.00			20,702,321.41			(26,837.00	)		(66,186.00	)		—		—			4.1		2.938	JD		33,739.58		404,875.00		8312009		6162014
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		7,386,458.00			99.325		7,350,049.78			7,400,000.00			7,386,981.35			(36,931.57	)		523.00			—		—			1.875		1.938	MN		16,187.51		—		11102009		11192012
6832348F8	ONTARIO PROVINCE CORP BND			A				??		2,800,000.00			100.117		2,803,275.69			2,800,000.00			2,800,000.00			3,275.69			—			—		—			0.42		0.42	FMAN		1,405.67		—		11102009		11192012
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,978.00			104.335		1,565,031.02			1,500,000.00			1,596,594.92			(31,563.90	)		(2,383.00	)		—		—			4.45		3.205	MS		19,654.17		—		11032009		9152015
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		12,238,011.00			102.025		12,447,049.27			12,200,000.00			12,233,355.59			213,693.68			(4,656.00	)		—		—			3.375		3.307	MN		64,050.00		205,875.00		4242009		5052014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		15,089,408.00			101.037		15,226,276.34			15,070,000.00			15,088,685.39			137,590.95			(723.00	)		—		—			2.25		2.197	JD		18,837.50		169,538.00		8312009		6112012
BRS7X5P83	UK CONV GILT GOVT BND			D				??		14,016,988.00			98.46		15,661,315.90			9,850,000.00			14,046,653.46			(55,461.06	)		29,665.00			—		1,670,123.50			2.25		2.552	MS		114,683.35		170,015.00		3202009		3072014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				??		3,727,555.00			103.598		3,178,596.80			1,900,000.00			3,731,053.88			112,077.84			1,847.00			—		(664,534.92	)		4.75		4.748	JAN		136,157.29		123,363.00		1162008		1252011
G92435NC9	UK CONV GILT GOVT BND			D				??		9,366,938.00			106.96		9,327,115.22			5,400,000.00			9,291,373.40			128,872.00			(75,564.00	)		—		(93,130.18	)		4.5		2.689	MS		125,744.17		196,988.00		6232009		3072013
G92444AB7	UK CONV GILT GOVT BND			D				??		5,972,774.00			104.03		5,039,785.36			3,000,000.00			5,957,606.03			186,759.29			(8,448.00	)		—		(1,104,579.96	)		4.25		4.096	MS		65,976.88		194,116.00		3032008		3072011
G924502Z0	UK CONV GILT GOVT BND			D				??		25,653,545.00			103.71		25,623,842.31			15,300,000.00			25,605,486.39			(14,590.02	)		(48,059.00	)		—		32,945.94			3.25		1.268	JD		55,150.00		83,534.00		12182009		12072011
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		40,074,976.00			108.16		34,195,360.82			19,578,000.00			39,405,539.93			1,788,707.29			(368,767.00	)		—		(6,998,886.40	)		5.25		4.157	JD		113,998.32		1,671,559.00		3032008		6072012
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00			107.35		7,280,874.19			4,200,000.00			7,268,693.31			85,037.14			(97,545.00	)		—		(72,856.26	)		5		2.122	MS		108,667.81		171,927.00		6232009		3072012
G92450TF5	UNITED KINGDOM GOVT BND			D				??		591,678.00			101.84		542,705.87			330,000.00			583,706.43			7,153.85			(6,541.00	)		—		(48,154.41	)		4.75		3.576	JD		1,738.52		25,618.00		10072008		6072010
3128X9KL3	FHLMC AGENCY BND MTN					1		??		57,631,400.00			99.487		57,205,025.00			57,500,000.00			57,616,975.55			(411,950.55	)		(14,424.00	)		—		—			2		1.755	MN		178,888.89		—		11242009		11052010
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							??		1,329,838.00			105.089		1,313,612.50			1,250,000.00			1,329,203.11			(15,590.61	)		(634.00	)		—		—			4.135		1.95	JJ		26,848.78		—		12172009		1012013
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND RE							??		8,500,000.00			101.237		8,605,145.00			8,500,000.00			8,500,000.00			105,145.00			—			—		—			2.879		2.881	JD		20,392.92		106,043.00		6192009		4012011
98458PAB1	YALE UNIVERSITY MUNI BND							1FE		9,480,620.00			99.375		9,440,595.27			9,500,000.00			9,481,057.99			(40,462.72	)		438.00			—		—			2.9		2.941	AO		39,029.17		—		11032009		10152014
01F050619	FNMA 30 YR					2		??		(2,088,125.00	)		102.641		(2,052,812.50	)		(2,000,000.00	)		(2,088,125.00	)		35,312.50			—			—		—			5		4.611	MON		—		—		12012009		1012037
3128JLHB8	FHLMC POOL # 1B1225					2		??		105,523.00			104.401		111,879.12			107,162.52			105,555.83			6,323.29			20.00			—		—			3.354		3.654	MON		299.52		5,099.00		4022007		9012033
3128JM6N2	FHLMC POOL # 1B2776					2		??		345,371.00			102.816		358,792.21			348,965.82			345,414.69			13,377.52			21.00			—		—			4.296		4.454	MON		1,249.30		15,143.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792					2		??		258,327.00			102.899		268,581.64			261,015.07			258,359.99			10,221.65			17.00			—		—			4.317		4.471	MON		939.00		11,345.00		4022007		2012035
3128JMW45	FHLMC POOL # 1B2566					2		??		128,361.00			103.311		133,653.68			129,370.12			128,375.45			5,278.23			11.00			—		—			3.349		3.449	MON		361.05		5,504.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583					2		??		2,862,005.00			103.72		3,001,427.40			2,893,778.83			2,862,729.96			138,697.44			330.00			—		—			3.34		3.523	MON		8,054.36		126,904.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632					2		??		172,774.00			102.751		178,921.67			174,131.74			172,792.72			6,128.95			14.00			—		—			3.279		3.382	MON		475.81		7,560.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642					2		??		236,056.00			102.641		244,196.01			237,911.75			236,081.17			8,114.84			19.00			—		—			3.317		3.422	MON		657.63		10,413.00		4022007		11012034
3128JNAL9	FHLMC POOL # 1B2810					2		??		267,666.00			101.624		274,845.00			270,451.65			267,698.35			7,146.65			16.00			—		—			4.41		4.567	MON		993.91		11,975.00		4022007		2012035
3128JRJS6	FHLMC POOL # 847473					2		??		4,102,450.00			104.48		4,303,723.53			4,119,184.08			4,102,288.19			201,435.34			(84.00	)		—		—			5.058		5.06	MON		17,362.36		207,981.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503					2		??		1,608,186.00			104.056		1,713,443.54			1,646,651.15			1,608,953.53			104,490.01			296.00			—		—			4.571		5.082	MON		6,272.37		79,057.00		5312006		12012035
3128JRP26	FHLMC POOL # 847641					2		??		834,821.00			104.694		881,054.36			841,553.18			834,900.11			46,154.25			52.00			—		—			4.042		4.15	MON		2,834.63		42,717.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642					2		??		195,803.00			102.564		203,480.22			198,394.38			195,865.95			7,614.27			44.00			—		—			4.096		4.276	MON		677.19		8,935.00		11132006		4012035
3128JRPZ3	FHLMC POOL # 847640					2		??		805,753.00			105.445		854,279.71			810,168.48			805,714.34			48,565.37			(16.00	)		—		—			5.162		5.205	MON		3,485.07		41,795.00		11132006		5012036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		??		3,150,854.00			106.657		3,322,462.12			3,115,079.56			3,149,849.66			172,612.46			(301.00	)		—		—			6		5.512	MON		15,575.40		186,905.00		11022007		9012037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		??		45,232.00			107.314		46,715.64			43,531.88			45,203.57			1,512.07			(29.00	)		—		—			6		4.958	MON		217.66		2,177.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582					2		??		91,598.00			107.314		94,602.18			88,154.86			91,536.24			3,065.94			(62.00	)		—		—			6		4.814	MON		440.77		4,408.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583					2		??		118,797.00			107.314		122,692.80			114,331.05			118,718.47			3,974.33			(79.00	)		—		—			6		4.862	MON		571.66		5,716.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804					2		??		5,581,427.00			107.095		5,909,554.89			5,518,055.68			5,579,737.11			329,817.78			(439.00	)		—		—			6		5.572	MON		27,590.28		331,083.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806					2		??		5,149,286.00			107.095		5,452,008.35			5,090,820.92			5,147,705.44			304,302.91			(459.00	)		—		—			6		5.548	MON		25,454.10		305,449.00		11022007		9012037
3128KWT29	FHLMC GOLD POOL # A65969					2		??		65,135.00			107.314		67,271.10			62,686.45			65,091.70			2,179.40			(43.00	)		—		—			6		4.85	MON		313.43		3,134.00		2042009		9012037
3128KWTK9	FHLMC GOLD POOL # A65954					2		??		105,315.00			107.314		108,768.17			101,355.41			105,242.78			3,525.39			(72.00	)		—		—			6		4.799	MON		506.78		5,068.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958					2		??		91,388.00			107.314		94,385.24			87,952.71			91,326.13			3,059.11			(62.00	)		—		—			6		4.805	MON		439.76		4,398.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968					2		??		67,490.00			107.314		69,702.84			64,952.46			67,443.98			2,258.86			(46.00	)		—		—			6		4.823	MON		324.76		3,248.00		2042009		9012037
3128KYXE4	FHLMC GOLD POOL # A67877					2		??		44,768.00			107.314		46,235.90			43,084.84			44,738.10			1,497.80			(30.00	)		—		—			6		4.881	MON		215.42		2,154.00		2042009		4012037
3128M4HY2	FHLMC GOLD POOL # G02647					2		??		4,642,412.00			104.941		4,938,929.70			4,706,389.76			4,643,888.91			295,040.79			289.00			—		—			5.5		6.106	MON		21,570.95		258,851.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143					2		??		8,532.00			107.314		8,811.54			8,211.02			8,526.21			285.33			(6.00	)		—		—			6		4.911	MON		41.06		411.00		2042009		7012037
3128M5HK9	FHLMC GOLD POOL # G03534					2		??		18,627,753.00			107.903		19,558,909.03			18,126,443.62			18,615,520.61			943,388.42			(3,818.00	)		—		—			6.5		5.451	MON		98,184.91		1,178,219.00		11062007		10012037
3128M6EE4	FHLMC GOLD POOL # G04333					2		??		86,474.00			102.823		86,879.60			84,493.93			86,449.09			430.51			(25.00	)		—		—			5		4.494	MON		352.06		1,760.00		7062009		4012038
3128M6UB2	FHLMC GOLD POOL # G04778					2		??		210,843.00			107.314		217,756.93			202,916.38			210,713.59			7,043.34			(129.00	)		—		—			6		4.989	MON		1,014.58		10,146.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124					2		??		609,244.00			107.314		629,223.09			586,340.35			608,863.16			20,359.93			(381.00	)		—		—			6		4.92	MON		2,931.70		29,317.00		2042009		12012038
3128MBBR7	FHLMC GOLD POOL # G12548					2		??		3,552,257.00			105.931		3,754,726.86			3,544,502.96			3,551,066.78			203,660.08			(56.00	)		—		—			5.5		5.381	MON		16,245.64		194,948.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962					2		??		794,543.00			106.403		829,155.68			779,262.41			794,100.96			35,054.72			(179.00	)		—		—			6.5		5.531	MON		4,221.00		50,652.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033					2		??		16,250,539.00			106.403		16,958,455.72			15,938,004.58			16,241,616.55			716,839.17			(3,548.00	)		—		—			6.5		5.552	MON		86,330.86		1,035,970.00		10312007		7012037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128MTF29	FHLMC GOLD POOL # H01085				2		??		16,935,414.00		106.403		17,673,166.28		16,609,708.44		16,926,171.63		746,994.65			(3,641.00	)		—		—		6.5		5.561	MON		89,969.25		1,079,631.00		10312007		7012037
3128NCB37	FHLMC POOL # 1G0058				2		??		454,424.00		102.92		468,791.87		455,491.52		454,396.16		14,395.71			(7.00	)		—		—		4.4		4.375	MON		1,670.14		20,905.00		9172008		1012035
3128NCBF0	FHLMC POOL # 1G0038				2		??		295,191.00		102.197		304,202.10		297,661.19		295,213.94		8,988.16			13.00			—		—		4.283		4.391	MON		1,062.40		12,941.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053				2		??		330,064.00		102.665		342,387.03		333,499.16		330,105.71		12,281.32			22.00			—		—		4.488		4.638	MON		1,247.29		14,997.00		4022007		2012035
3128NCD68	FHLMC POOL # 1G0125				2		??		3,931,042.00		103.375		4,150,618.75		4,015,108.83		3,933,703.01		216,915.74			349.00			—		—		4.036		4.392	MON		13,504.15		187,174.00		12132005		3012035
3128NCDH4	FHLMC POOL # 1G0104				2		??		148,803.00		102.189		153,333.52		150,048.44		148,816.94		4,516.58			9.00			—		—		3.952		4.061	MON		494.16		6,669.00		4032007		2012035
3128NCMS0	FHLMC POOL # 1G0369				2		1		654,945.00		104.157		678,778.65		651,686.20		654,806.89		23,971.76			(80.00	)		—		—		4.762		4.63	MON		2,586.11		32,336.00		8272008		10012035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		4,539,015.00		104.75		4,826,066.96		4,607,223.83		4,539,643.36		286,423.60			213.00			—		—		5.275		5.562	MON		20,252.59		263,092.00		8102007		4012037
3128QJLG9	FHLMC POOL # 1G1227				2		??		1,159,961.00		105.487		1,199,615.67		1,137,216.60		1,159,422.75		40,192.92			(254.00	)		—		—		5.989		5.443	MON		5,675.66		68,141.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393				2		??		3,421,315.00		106.16		3,602,237.51		3,393,215.44		3,419,657.50		182,580.01			(145.00	)		—		—		5.931		5.624	MON		16,770.97		217,949.00		3302007		12012036
3128QPU59	FHLMC POOL # 1B7453				2		1		311,484.00		106.25		325,460.13		306,315.42		311,352.95		14,107.18			(31.00	)		—		—		6.053		5.359	MON		1,545.11		18,460.00		12132007		8012037
3128S4E86	FHLMC POOL # 1Q0159				2		1		302,175.00		102.97		314,978.45		305,894.56		302,254.11		12,724.34			57.00			—		—		4.521		4.682	MON		1,152.46		14,726.00		11132006		3012035
312929CM2	FHLMC GOLD POOL # A82776				2		??		21,694.00		107.314		22,405.65		20,878.66		21,680.03		725.62			(14.00	)		—		—		6		4.835	MON		104.39		1,044.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964				2		??		4,614.00		107.314		4,764.84		4,440.11		4,610.55		154.29			(3.00	)		—		—		6		4.921	MON		22.20		222.00		2042009		7012037
312930LH1	FHLMC GOLD POOL # A83928				2		??		81,640.00		107.314		84,317.24		78,570.86		81,584.53		2,732.71			(56.00	)		—		—		6		4.76	MON		392.85		3,929.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935				2		??		82,607.00		107.314		85,315.51		79,501.10		82,552.31		2,763.20			(54.00	)		—		—		6		4.816	MON		397.51		3,975.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083				2		??		54,005.00		106.12		55,155.66		51,974.80		53,972.57		1,183.09			(33.00	)		—		—		6		4.994	MON		259.87		2,599.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100				2		??		30,651.00		107.314		31,656.44		29,498.99		30,632.42		1,024.02			(19.00	)		—		—		6		4.95	MON		147.49		1,475.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146				2		??		23,871.00		106.12		24,380.01		22,974.00		23,855.73		524.28			(16.00	)		—		—		6		4.823	MON		114.87		1,149.00		2042009		1012039
312931T40	FHLMC GOLD POOL # A85071				2		??		487,812.00		102.823		490,098.31		476,640.48		487,677.36		2,420.95			(134.00	)		—		—		5		4.529	MON		1,986.00		9,930.00		7062009		3012039
312931WX2	FHLMC GOLD POOL # A85162				2		??		946,818.00		102.823		946,128.19		920,148.03		946,486.88		(358.69	)		(331.00	)		—		—		5		4.364	MON		3,833.95		19,170.00		7082009		3012039
3129325E2	FHLMC GOLD POOL # A86245				2		??		295,410.00		102.948		297,610.26		289,086.61		295,336.88		2,273.38			(73.00	)		—		—		5		4.596	MON		1,204.53		6,023.00		7012009		5012039
312932K96	FHLMC GOLD POOL # A85720				2		??		1,339,391.00		102.823		1,345,668.94		1,308,717.61		1,339,007.41		6,661.53			(383.00	)		—		—		5		4.49	MON		5,452.99		27,265.00		7062009		4012039
312933TT1	FHLMC GOLD POOL # A86862				2		??		393,294.00		102.948		396,207.22		384,859.72		393,195.84		3,011.38			(98.00	)		—		—		5		4.596	MON		1,603.58		8,018.00		7012009		6012039
312933Z31	FHLMC GOLD POOL # A87062				2		??		592,529.00		102.823		597,221.15		580,821.79		592,385.08		4,836.07			(144.00	)		—		—		5		4.582	MON		2,420.09		12,100.00		7012009		6012039
312933ZY3	FHLMC GOLD POOL # A87059				2		??		296,236.00		102.948		298,442.14		289,894.67		296,161.76		2,280.38			(74.00	)		—		—		5		4.584	MON		1,207.89		6,039.00		7012009		6012039
312934HP0	FHLMC GOLD POOL # A87438				2		??		100,045.00		102.948		100,617.16		97,735.45		100,019.23		597.93			(26.00	)		—		—		5		4.592	MON		407.23		2,036.00		7012009		7012039
312934HU9	FHLMC GOLD POOL # A87443				2		??		100,732.00		102.64		101,201.07		98,598.08		100,706.72		494.35			(25.00	)		—		—		5		4.585	MON		410.83		2,054.00		7012009		7012039
31295NXK9	FHLMC POOL # 789682				2		??		51,444.00		101.764		52,653.76		51,741.06		51,449.12		1,204.64			6.00			—		—		2.779		2.848	MON		119.82		2,248.00		8102006		9012032
31342A6F1	FHLMC POOL # 780870				2		??		579,094.00		102.816		604,650.14		588,091.30		579,305.95		25,344.19			135.00			—		—		2.744		3.032	MON		1,344.77		24,318.00		4022007		9012033
31342AZE2	FHLMC POOL # 780741				2		??		851,160.00		103.188		851,289.27		824,992.63		850,994.66		294.61			(166.00	)		—		—		2.854		2.039	MON		1,962.11		1,962.00		11162009		7012033
31349SJK0	FHLMC POOL # 781166				2		??		1,327,504.00		102.637		1,385,071.82		1,349,485.67		1,328,140.72		56,931.10			(110.00	)		—		—		3.399		3.697	MON		3,822.42		52,124.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785				2		??		294,769.00		102.643		304,938.53		297,086.78		294,808.52		10,130.01			31.00			—		—		2.609		2.725	MON		645.92		12,488.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837				2		??		502,758.00		102.773		520,760.67		506,710.78		502,826.53		17,934.14			53.00			—		—		2.662		2.773	MON		1,124.05		21,962.00		4022007		11012034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		169,447.00		102.026		175,483.89		171,999.83		169,483.60		6,000.29			3.00			—		—		4.366		4.621	MON		625.79		7,557.00		9302008		1012035
31349ULB2	FHLMC POOL # 783022				2		??		532,484.00		101.983		547,893.06		537,238.99		532,530.58		15,362.48			23.00			—		—		4.393		4.514	MON		1,966.74		23,760.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026				2		??		333,608.00		102.243		344,639.14		337,080.10		333,646.26		10,992.88			17.00			—		—		4.359		4.525	MON		1,224.44		14,903.00		4022007		2012035
31371NAC9	FNMA POOL # 256603				2		1		1,882,320.00		105.828		1,990,151.50		1,880,557.16		1,881,950.32		108,201.18			(187.00	)		—		—		5.5		5.375	MON		8,619.22		103,431.00		7172008		2012022
31371NE35	FNMA POOL # 256754				2		??		740,776.00		105.828		739,572.20		698,845.19		740,085.57		(513.37	)		(690.00	)		—		—		5.5		3.248	MON		3,203.04		6,406.00		9292009		6012022
31371NN68	FNMA POOL # 257013				2		??		29,392.00		104.772		31,233.64		29,811.10		29,404.64		1,829.00			7.00			—		—		5		5.455	MON		124.21		1,490.00		8222008		11012022
31371NZX6	FNMA POOL # 257358				2		??		35,655.00		104.713		37,868.00		36,163.64		35,669.07		2,198.93			8.00			—		—		5		5.46	MON		150.68		1,808.00		8222008		9012023
31379T6G4	FNMA POOL # 429371				2		??		40,435.00		103.688		42,269.11		40,765.87		40,484.94		1,784.17			24.00			—		—		5		5.266	MON		169.86		2,038.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388				2		??		154,255.00		106.974		167,965.84		157,015.34		154,631.91		13,333.93			69.00			—		—		5.5		6.022	MON		719.65		8,636.00		6282006		3012018
31385XEW3	FNMA POOL # 555549				2		??		513,892.00		105.528		546,742.19		518,101.88		514,178.39		32,563.80			119.00			—		—		5		5.214	MON		2,158.76		25,905.00		12142007		6012018
31385XK48	FNMA POOL # 555715				2		??		159,136.00		102.521		164,604.78		160,557.06		159,157.87		5,446.91			8.00			—		—		4.087		4.317	MON		546.83		7,157.00		4022007		7012033
31388UJF8	FNMA POOL # 615062				2		??		201,407.00		106.974		219,308.75		205,010.96		201,999.42		17,309.33			140.00			—		—		5.5		6.041	MON		939.63		11,276.00		6282006		1012017
31389FPM8	FNMA POOL # 624228				2		??		137,794.00		106.974		150,041.88		140,259.93		138,197.40		11,844.48			91.00			—		—		5.5		6.043	MON		642.86		7,714.00		6282006		1012017
31389FQ62	FNMA POOL # 624277				2		??		93,674.00		106.974		101,999.49		95,349.65		93,948.82		8,050.67			58.00			—		—		5.5		6.041	MON		437.02		5,244.00		6282006		1012017
31391PUF1	FNMA POOL # 672982				2		??		525,159.00		105.38		557,946.22		529,461.21		525,468.02		32,478.20			131.00			—		—		5		5.222	MON		2,206.09		26,473.00		12142007		12012017
31400EGH7	FNMA POOL # 685200				2		??		457,800.00		105.528		487,064.02		461,549.86		458,065.53		28,998.49			112.00			—		—		5		5.215	MON		1,923.12		23,077.00		12142007		3012018
31400GJN6	FNMA POOL # 687069				2		??		1,179,692.00		101.59		1,200,888.18		1,182,092.90		1,178,759.76		22,128.42			(264.00	)		—		—		5.5		5.502	MON		5,417.93		65,015.00		4212006		1012013
31400PG58	FNMA POOL # 693320				2		??		100,886.00		101.912		103,717.91		101,772.36		100,910.94		2,806.97			14.00			—		—		3.779		3.958	MON		320.50		4,145.00		8102006		1012033
31400QJ87	FNMA POOL # 694287				2		??		20,864.00		102.499		21,576.43		21,050.42		20,866.73		709.70			1.00			—		—		4.606		4.844	MON		80.80		970.00		4022007		3012033
31400SA33	FNMA POOL # 695826				2		??		395,268.00		105.528		420,534.85		398,505.73		395,488.41		25,046.44			97.00			—		—		5		5.219	MON		1,660.44		19,925.00		12142007		4012018
31401A3C9	FNMA POOL # 702895				2		??		526,833.00		105.528		560,509.72		531,148.21		527,134.08		33,375.64			130.00			—		—		5		5.214	MON		2,213.12		26,557.00		12142007		4012018
31401DVW8	FNMA POOL # 705429				2		??		275,298.00		103.324		287,765.44		278,507.48		275,406.74		12,358.70			53.00			—		—		3.059		3.3	MON		710.19		9,984.00		8102006		4012033
31402DGQ7	FNMA POOL # 725707				2		??		1,556,170.00		105.471		1,654,758.67		1,568,917.32		1,556,884.20		97,874.47			276.00			—		—		5		5.209	MON		6,537.15		78,446.00		12142007		8012019
31402DQB9	FNMA POOL # 725950				2		??		759,438.00		105.471		808,315.07		766,383.36		759,740.65		48,574.42			189.00			—		—		5		5.245	MON		3,193.26		38,319.00		7172008		11012019
31402HD32	FNMA POOL # 729222				2		??		3,261,572.00		102.727		3,387,564.45		3,297,626.60		3,262,383.77		125,180.68			329.00			—		—		4.566		4.803	MON		12,544.72		150,361.00		9172008		7012035
31402RB81	FNMA POOL # 735463				2		??		174,087.00		103.203		181,149.05		175,526.71		174,135.17		7,013.88			25.00			—		—		3.628		3.758	MON		530.68		7,192.00		9282006		3012035
31402YSV7	FNMA POOL # 742232				2		??		16,616.00		103.033		17,386.50		16,874.63		16,622.77		763.73			4.00			—		—		3.375		3.715	MON		47.46		731.00		4022007		9012033
31403C2L4	FNMA POOL # 745179				2		??		1,833,807.00		105.528		1,951,030.78		1,848,828.81		1,834,699.39		116,331.39			360.00			—		—		5		5.21	MON		7,703.45		92,442.00		12142007		4012019
31403C3B5	FNMA POOL # 745194				2		??		849,606.00		106.974		925,121.20		864,808.11		851,380.01		73,741.19			270.00			—		—		5.5		5.999	MON		3,963.70		47,565.00		6282006		5012019
31403C3T6	FNMA POOL # 745210				2		??		1,660,528.00		106.974		1,808,118.72		1,690,238.78		1,664,139.57		143,979.15			612.00			—		—		5.5		6.006	MON		7,746.93		92,963.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		??		797,523.00		106.974		868,409.02		811,793.27		799,261.77		69,147.25			273.00			—		—		5.5		6.011	MON		3,720.72		44,649.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		??		1,088,000.00		105.471		1,156,928.76		1,096,912.56		1,088,490.45		68,438.31			198.00			—		—		5		5.203	MON		4,570.46		54,846.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		??		3,131,085.00		105.528		3,331,235.50		3,156,733.45		3,132,708.77		198,526.73			655.00			—		—		5		5.212	MON		13,153.05		157,837.00		12142007		11012018
31403DWH8	FNMA POOL # 745948				2		??		—		107.171		—		0.01		—		—			—			—		—		6.5		6.404	MON		—		—		2042009		10012036
31403H3P3	FNMA POOL # 749706				2		??		1,426,652.00		104.054		1,503,157.56		1,444,596.30		1,427,190.58		75,966.98			305.00			—		—		3.234		3.501	MON		3,893.19		67,543.00		5152006		11012033
31403KDB6	FNMA POOL # 750798				2		??		17,826.00		103.787		18,788.31		18,102.78		17,832.52		955.79			4.00			—		—		3.37		3.707	MON		50.84		835.00		4022007		12012033
31403VBR9	FNMA POOL # 758848				2		??		537,237.00		105.528		571,579.15		541,637.79		537,496.68		34,082.47			97.00			—		—		5		5.219	MON		2,256.82		27,082.00		12142007		1012019
31404CLB4	FNMA POOL # 764522				2		1		58,579.00		102.25		61,109.94		59,765.22		58,607.43		2,502.51			—			—		—		2.959		3.38	MON		147.37		2,021.00		9302008		6012034
31404LRF9	FNMA POOL # 771886				2		??		118,781.00		102.151		123,364.49		120,767.20		118,838.43		4,526.06			13.00			—		—		3.86		4.261	MON		388.47		5,753.00		8102006		2012034
31404NBP0	FNMA POOL # 773246				2		??		208,533.00		101.734		213,925.55		210,278.54		208,565.17		5,360.38			17.00			—		—		3.967		4.129	MON		695.50		9,037.00		4022007		2012035
31404VGA0	FNMA POOL # 779693				2		??		1,266,608.00		101.23		1,294,321.09		1,278,594.38		1,266,950.80		27,370.29			197.00			—		—		3.485		3.669	MON		3,713.25		52,927.00		2242006		7012034
31405AQ71	FNMA POOL # 783578				2		??		1,258,600.00		103.105		1,328,772.33		1,288,754.34		1,259,921.84		68,850.49			771.00			—		—		2.651		3.06	MON		2,847.07		52,739.00		2282006		12012034
31405GWJ5	FNMA POOL # 789149				2		??		6,402.00		105.471		6,848.76		6,493.48		6,406.92		441.84			3.00			—		—		5		5.422	MON		27.06		325.00		8222008		9012019
31405PAG5	FNMA POOL # 794807				2		??		335,029.00		101.936		340,585.78		334,116.45		334,973.65		5,612.13			(37.00	)		—		—		2.983		2.92	MON		830.55		14,453.00		6302007		10012034
31405UMM8	FNMA POOL # 799664				2		??		94,045.00		102.698		97,341.23		94,783.96		94,061.41		3,279.82			11.00			—		—		3.02		3.162	MON		238.54		4,153.00		4022007		10012034
31405UR84	FNMA POOL # 799811				2		??		322,424.00		102.378		329,229.20		321,581.45		322,372.86		6,856.34			(35.00	)		—		—		2.64		2.582	MON		705.07		13,632.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868				2		??		30,909.00		102.078		31,798.92		31,151.64		30,913.65		885.27			3.00			—		—		2.942		3.095	MON		76.37		1,343.00		4022007		11012034
31406BB90	FNMA POOL # 804764				2		??		344,684.00		101.533		352,718.41		347,394.05		344,740.59		7,977.82			34.00			—		—		2.841		2.994	MON		822.46		15,555.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852				2		??		315,251.00		102.375		325,274.52		317,728.82		315,303.39		9,971.13			33.00			—		—		2.858		3.008	MON		756.72		14,182.00		4022007		12012034
31406BJF8	FNMA POOL # 804962				2		??		405,765.00		102.542		419,352.53		408,955.17		405,826.32		13,526.21			35.00			—		—		3.445		3.596	MON		1,179.49		18,224.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163				2		??		439,711.00		102.052		452,490.94		443,390.73		439,772.90		12,718.04			32.00			—		—		4.147		4.315	MON		1,553.72		20,093.00		4022007		1012035
31406DG67	FNMA POOL # 806721				2		??		752,674.00		103.069		781,871.20		758,591.34		752,802.41		29,068.79			81.00			—		—		3.172		3.315	MON		2,005.21		32,797.00		4022007		11012034
31406GLK3	FNMA POOL # 809530				2		??		111,210.00		103.353		115,752.82		111,997.45		111,231.11		4,521.71			13.00			—		—		4.29		4.404	MON		400.39		5,323.00		9282006		2012035
31406MYP5	FNMA POOL # 814418				2		??		457,842.00		102.519		473,568.62		461,930.37		457,921.96		15,646.66			43.00			—		—		4.323		4.487	MON		1,664.10		20,373.00		4022007		3012035
31406PKU2	FNMA POOL # 815807				2		??		451,703.00		102.511		467,466.04		456,013.30		451,852.05		15,613.99			80.00			—		—		4.213		4.361	MON		1,600.99		20,314.00		9282006		2012035
31406TLC3	FNMA POOL # 819423				2		??		634,931.00		103.593		663,614.77		640,600.46		635,024.09		28,590.68			45.00			—		—		4.684		4.863	MON		2,500.48		30,017.00		4022007		4012035
31406TTE1	FNMA POOL # 819649				2		??		4,135,756.00		102.925		4,115,282.31		3,998,314.42		4,135,544.46		(20,262.15	)		(212.00	)		—		—		3.968		3.654	MON		13,221.09		—		12042009		3012035
31406VHE9	FNMA POOL # 821129				2		??		388,703.00		101.965		399,877.96		392,173.34		388,760.82		11,117.14			28.00			—		—		4.432		4.611	MON		1,448.43		17,192.00		4022007		5012035
31407D5R2	FNMA POOL # 828056				2		??		1,802,930.00		104.12		1,845,759.59		1,772,723.38		1,802,317.50		43,442.09			(293.00	)		—		—		4.865		4.424	MON		7,186.91		77,965.00		2202009		6012035

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
31407E6W8	FNMA POOL # 828985				2		??		926,613.00		102.689		984,285.24		958,513.01		927,503.67		56,781.57			311.00			—		—		4.058		4.87	MON		3,241.37		38,858.00			3162006		8012035
31407GC22	FNMA POOL # 829989				2		??		2,289,171.00		103.251		2,386,059.33		2,310,926.17		2,289,606.58		96,452.75			193.00			—		—		4.322		4.537	MON		8,344.37		105,265.00			1202006		4012035
31408C6D3	FNMA POOL # 847868				2		??		1,871,310.00		103.001		1,948,174.33		1,891,406.65		1,872,130.40		76,043.93			584.00			—		—		2.94		3.095	MON		4,633.95		81,143.00			5122006		11012035
31409UBQ7	FNMA POOL # 878547				2		??		1,640,699.00		104.045		1,720,849.90		1,653,943.57		1,641,113.89		79,736.01			295.00			—		—		3.594		3.715	MON		4,953.56		65,067.00			5042006		3012036
31410FU60	FNMA POOL # 888105				2		1		1,480,076.00		105.528		1,574,687.72		1,492,199.93		1,480,676.65		94,011.07			110.00			—		—		5		5.202	MON		6,217.50		74,610.00			12142007		8012020
31410GC35	FNMA POOL # 888490				2		??		536,043.00		102.29		549,559.10		537,257.66		536,040.99		13,518.11			7.00			—		—		3.506		3.531	MON		1,568.79		21,270.00			6182007		5012035
31410GC50	FNMA POOL # 888492				2		??		213,508.00		103.376		220,297.08		213,101.84		213,481.09		6,815.99			(9.00	)		—		—		3.191		3.119	MON		566.67		7,868.00			6182007		5012033
31410GD83	FNMA POOL # 888527				2		??		64,360.00		103.741		68,025.99		65,572.75		64,381.98		3,644.01			6.00			—		—		4.217		4.763	MON		230.43		2,856.00			6182007		4012034
31410GDC4	FNMA POOL # 888499				2		??		1,702,102.00		102.905		1,761,386.75		1,711,665.37		1,702,287.78		59,098.97			117.00			—		—		2.877		2.98	MON		4,103.72		59,881.00			6182007		8012033
31410GDF7	FNMA POOL # 888502				2		??		221,099.00		103.078		230,867.16		223,973.26		221,152.85		9,714.31			21.00			—		—		4.252		4.568	MON		845.69		10,408.00			6182007		6012033
31410GDL4	FNMA POOL # 888507				2		??		1,034,195.00		102.685		1,080,553.27		1,052,299.04		1,034,644.22		45,909.05			237.00			—		—		3.655		3.992	MON		3,205.13		46,046.00			6182007		2012035
31410GDM2	FNMA POOL # 888508				2		??		1,019,927.00		103.321		1,068,532.58		1,034,186.85		1,020,242.21		48,290.37			148.00			—		—		3.742		4.043	MON		3,224.94		40,405.00			6182007		3012034
31410GDQ3	FNMA POOL # 888511				2		??		135,245.00		102.151		139,408.88		136,472.99		135,269.32		4,139.56			14.00			—		—		3.384		3.575	MON		384.85		7,086.00			6182007		12012033
31410GDS9	FNMA POOL # 888513				2		??		236,542.00		103.214		245,422.87		237,780.29		236,562.75		8,860.12			13.00			—		—		3.091		3.185	MON		612.48		8,142.00			6182007		2012034
31410GDY6	FNMA POOL # 888519				2		??		109,731.00		102.611		114,529.40		111,615.13		109,779.33		4,750.07			27.00			—		—		2.907		3.242	MON		270.57		4,780.00			6182007		1012035
31410GDZ3	FNMA POOL # 888520				2		??		1,303,547.00		103.722		1,360,678.56		1,311,854.98		1,303,696.22		56,982.34			85.00			—		—		3.487		3.609	MON		3,813.13		52,800.00			6182007		7012033
31410GFD0	FNMA POOL # 888564				2		??		24,257,817.00		105.374		24,801,926.50		23,536,996.08		24,229,755.50		572,171.00			(28,061.00	)		—		—		5		3.851	MON		98,070.82		882,637.00			2262009		10012021
31410GJ46	FNMA POOL # 888683				2		??		4,478,873.00		105.35		4,757,143.99		4,515,561.46		4,480,857.84		276,286.15			773.00			—		—		5		5.206	MON		18,814.84		225,778.00			12142007		12012019
31410GPR8	FNMA POOL # 888832				2		??		11,816,078.00		107.52		12,217,868.82		11,363,320.64		11,803,797.32		414,071.50			(2,253.00	)		—		—		6.5		4.681	MON		61,551.32		738,616.00			1252008		11012037
31411DA33	FNMA POOL # 904626				2		1		3,985,263.00		105.58		4,187,683.32		3,966,360.41		3,984,379.32		203,304.00			(327.00	)		—		—		5.495		5.369	MON		18,162.63		218,130.00			12132006		12012036
31411GUY6	FNMA POOL # 907899				2		1		4,224,554.00		105.031		4,400,653.59		4,189,856.54		4,223,307.19		177,346.40			(455.00	)		—		—		5.769		5.551	MON		20,142.74		242,079.00			12142006		1012037
31411KCZ4	FNMA POOL # 910088				2		??		9,093,919.00		106.429		9,588,629.35		9,009,455.17		9,092,879.97		495,749.38			3,667.00			—		—		6		5.511	MON		45,047.28		540,567.00			3292007		3012037
31411LEA5	FNMA POOL # 911029				2		??		792,939.00		105.828		791,650.08		748,055.22		792,185.15		(535.07	)		(753.00	)		—		—		5.5		3.115	MON		3,428.59		6,857.00			9292009		7012022
31412APH1	FNMA POOL # 919424				2		??		48,440.00		104.79		49,043.97		46,802.15		48,414.65		629.32			(26.00	)		—		—		5.5		4.778	MON		214.51		1,931.00			3052009		5012038
31412LMG2	FNMA POOL # 928359				2		??		1,061,534.00		105.828		1,059,808.72		1,001,446.81		1,060,519.40		(710.68	)		(1,014.00	)		—		—		5.5		3.132	MON		4,589.96		9,180.00			9292009		5012022
31412LQN3	FNMA POOL # 928461				2		??		1,206,960.00		105.828		1,204,999.27		1,138,641.96		1,205,816.80		(817.53	)		(1,144.00	)		—		—		5.5		3.154	MON		5,218.78		10,438.00			9292009		6012022
31412LVF4	FNMA POOL # 928614				2		??		8,062,131.00		105.828		8,028,911.53		7,586,772.70		8,057,558.60		(28,647.07	)		(4,573.00	)		—		—		5.5		2.736	MON		34,772.71		69,545.00			10212009		8012022
31412SRH0	FNMA POOL # 933488				2		??		3,046,709.00		104.713		3,039,282.61		2,902,491.16		3,044,475.15		(5,192.54	)		(2,234.00	)		—		—		5		3.268	MON		12,093.71		24,187.00			9292009		3012023
31412TRS4	FNMA POOL # 934397				2		??		69,778.00		104.79		70,647.36		67,418.04		69,740.34		907.02			(37.00	)		—		—		5.5		4.687	MON		309.00		2,781.00			3052009		9012038
31412UXW5	FNMA POOL # 935493				2		??		198,276.00		102.72		198,928.64		193,661.06		198,218.33		710.31			(57.00	)		—		—		5		4.512	MON		806.92		4,035.00			7062009		7012039
31412WNS1	FNMA POOL # 937001				2		??		2,072.00		104.773		2,097.33		2,001.78		2,070.66		26.67			(1.00	)		—		—		5.5		4.617	MON		9.17		83.00			3052009		6012037
31412XGW8	FNMA POOL # 937713				2		??		1,932.00		104.773		1,955.47		1,866.38		1,930.60		24.87			(1.00	)		—		—		5.5		4.613	MON		8.55		77.00			3052009		6012037
31413HV62	FNMA POOL # 946237				2		??		12,788.00		104.772		13,589.42		12,970.49		12,793.61		795.81			3.00			—		—		5		5.474	MON		54.04		648.00			8222008		9012022
31414ARA2	FNMA POOL # 960481				2		??		3,714,984.00		104.772		3,708,015.77		3,539,133.35		3,712,095.00		(4,079.23	)		(2,889.00	)		—		—		5		3.055	MON		14,746.39		29,493.00			9292009		12012022
31414CRJ9	FNMA POOL # 962289				2		??		4,918,471.00		104.713		4,906,482.86		4,685,652.82		4,914,735.91		(8,253.05	)		(3,735.00	)		—		—		5		3.105	MON		19,523.55		39,047.00			9292009		3012023
31414EFY5	FNMA POOL # 963783				2		??		34,643.00		104.713		36,793.14		35,137.16		34,657.08		2,136.06			8.00			—		—		5		5.456	MON		146.40		1,757.00			8222008		6012023
31414GD22	FNMA POOL # 965521				2		??		1,078,756.00		105.828		1,077,003.19		1,017,694.41		1,077,730.20		(727.01	)		(1,026.00	)		—		—		5.5		3.011	MON		4,664.43		9,329.00			9292009		12012022
31414GKC2	FNMA POOL # 965691				2		??		—				—		—		—		—			—			—		—		6.5		0	MON		—		(328.00	)		0		2012038
31414HE60	FNMA POOL # 966457				2		??		47,553.00		104.773		48,137.47		45,944.43		47,524.68		612.79			(28.00	)		—		—		5.5		4.525	MON		210.58		1,895.00			3052009		1012038
31414HNC7	FNMA POOL # 966687				2		??		43,399.00		104.713		46,092.01		44,017.51		43,416.04		2,675.97			10.00			—		—		5		5.476	MON		183.41		2,201.00			8222008		4012023
31414KAN0	FNMA POOL # 968113				2		??		7,288,645.00		105.96		7,446,119.25		7,027,316.95		7,283,697.47		162,421.78			(4,948.00	)		—		—		6		4.769	MON		35,136.58		316,229.00			2262009		2012038
31414KJM3	FNMA POOL # 968368				2		??		41,281.00		104.79		41,795.33		39,884.85		41,258.54		536.79			(22.00	)		—		—		5.5		4.661	MON		182.81		1,645.00			3052009		9012038
31414MDQ6	FNMA POOL # 970011				2		??		32,307.00		104.713		34,312.54		32,768.21		32,321.03		1,991.51			8.00			—		—		5		5.43	MON		136.53		1,638.00			8222008		6012023
31414NB45	FNMA POOL # 970859				2		??		5,472,298.00		104.713		5,450,846.15		5,205,515.51		5,469,978.99		(19,132.84	)		(2,319.00	)		—		—		5		3.135	MON		21,689.65		43,379.00			10212009		12012023
31414NU69	FNMA POOL # 971405				2		??		68,129.00		104.79		68,978.11		65,825.09		68,092.96		885.15			(36.00	)		—		—		5.5		4.767	MON		301.70		2,715.00			3052009		5012038
31414RB79	FNMA POOL # 973562				2		??		6,754,912.00		105.819		6,743,378.65		6,372,558.94		6,748,913.98		(5,535.33	)		(5,999.00	)		—		—		5.5		3.289	MON		29,207.56		58,415.00			9292009		3012023
31414SYR8	FNMA POOL # 975120				2		??		153,895.00		104.79		155,813.44		148,691.13		153,814.02		1,999.42			(81.00	)		—		—		5.5		4.78	MON		681.50		6,134.00			3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		??		97,554.00		104.79		98,770.35		94,255.51		97,501.72		1,268.63			(53.00	)		—		—		5.5		4.688	MON		432.00		3,888.00			3052009		5012038
31414TLV1	FNMA POOL # 975640				2		??		36,712.00		104.79		37,169.62		35,470.58		36,692.62		477.00			(19.00	)		—		—		5.5		4.734	MON		162.57		1,463.00			3052009		7012038
31414TUV1	FNMA POOL # 975896				2		??		421,926.00		104.713		448,111.99		427,943.45		422,097.83		26,014.16			99.00			—		—		5		5.444	MON		1,783.10		21,397.00			8222008		7012023
31414YE97	FNMA POOL # 979960				2		??		68,560.00		104.79		69,414.36		66,241.40		68,522.63		891.73			(37.00	)		—		—		5.5		4.675	MON		303.61		2,732.00			3052009		5012038
31415MDG7	FNMA POOL # 984003				2		??		8,680,869.00		105.115		9,399,496.83		8,942,146.97		8,685,075.91		714,420.92			2,200.00			—		—		5.5		6.487	MON		40,984.84		491,818.00			7252008		6012038
31415MFS9	FNMA POOL # 984077				2		??		4,859,031.00		104.713		4,847,187.32		4,629,026.04		4,855,569.99		(8,382.67	)		(3,461.00	)		—		—		5		3.343	MON		19,287.61		38,575.00			9292009		6012023
31415V6L4	FNMA POOL # 991075				2		??		78,452.00		104.79		79,430.23		75,799.44		78,411.24		1,018.99			(41.00	)		—		—		5.5		4.723	MON		347.41		3,127.00			3052009		11012038
31415VZE8	FNMA POOL # 990941				2		??		135,620.00		104.79		137,309.84		131,033.34		135,543.72		1,766.12			(76.00	)		—		—		5.5		4.58	MON		600.57		5,405.00			3052009		9012038
31416B4M7	FNMA POOL # 995528				2		??		8,560,338.00		105.041		8,655,092.43		8,239,759.45		8,551,263.74		103,828.69			(9,074.00	)		—		—		5		3.444	MON		34,332.33		308,991.00			3202009		12012021
31416B4N5	FNMA POOL # 995529				2		1		14,733,541.00		105.828		15,017,295.79		14,190,318.24		14,716,050.03		301,245.76			(17,491.00	)		—		—		5.5		3.843	MON		65,038.96		585,351.00			2272009		11012022
31416B4P0	FNMA POOL # 995530				2		??		6,945,537.00		105.913		7,054,188.58		6,660,388.64		6,937,700.83		116,487.75			(7,836.00	)		—		—		5.5		3.734	MON		30,526.78		274,741.00			3202009		12012021
31416B5Z7	FNMA POOL # 995564				2		??		12,261,560.00		105.35		12,091,903.19		11,477,838.81		12,251,678.40		(159,775.21	)		(9,882.00	)		—		—		5		2.618	MON		47,824.33		—			12012009		12012019
31416B7J1	FNMA POOL # 995597				2		??		858,710.00		105.828		857,314.34		810,103.46		857,932.71		(618.37	)		(777.00	)		—		—		5.5		3.018	MON		3,712.97		7,426.00			9292009		3012024
31416BLV8	FNMA POOL # 995040				2		??		4,668,149.00		104.713		4,649,849.67		4,440,570.13		4,666,074.87		(16,225.20	)		(2,074.00	)		—		—		5		3.214	MON		18,502.38		37,005.00			10212009		6012023
31416BSE9	FNMA POOL # 995217				2		??		6,789,167.00		105.828		6,772,320.62		6,399,380.17		6,783,863.64		(11,543.02	)		(5,304.00	)		—		—		5.5		2.937	MON		29,330.50		58,661.00			10212009		12012023
31416CME3	FNMA POOL # 995957				2		??		15,373,866.00		104.713		15,299,385.88		14,610,794.06		15,369,166.14		(69,780.26	)		(4,699.00	)		—		—		5		3.005	MON		60,878.31		182,635.00			9282009		6012024
31416KEN4	FNMA POOL # AA1940				2		??		112,568.00		104.79		113,971.39		108,761.70		112,505.15		1,466.24			(63.00	)		—		—		5.5		4.558	MON		498.49		4,486.00			3052009		1012039
31416PAQ0	FNMA POOL # AA5414				2		??		31,976.00		102.72		32,162.49		31,310.84		31,967.48		195.01			(9.00	)		—		—		5		4.529	MON		130.46		652.00			7012009		5012039
31416PWX1	FNMA POOL # AA6061				2		??		99,379.00		102.73		99,814.77		97,162.24		99,351.62		463.15			(27.00	)		—		—		5		4.557	MON		404.84		2,024.00			7012009		5012039
31416QTJ4	FNMA POOL # AA6852				2		??		38,977.00		102.72		39,203.95		38,165.84		38,966.66		237.29			(10.00	)		—		—		5		4.572	MON		159.02		795.00			7012009		5012039
31416RGW7	FNMA POOL # AA7412				2		??		55,788.00		102.72		56,113.39		54,627.52		55,773.55		339.84			(15.00	)		—		—		5		4.552	MON		227.61		1,138.00			7012009		6012039
31416S6R7	FNMA POOL # AA8979				2		??		27,597.00		102.72		27,757.53		27,022.52		27,589.56		167.97			(7.00	)		—		—		5		4.57	MON		112.59		563.00			7012009		7012039
31416T3C1	FNMA POOL # AA9794				2		??		42,727.00		102.72		42,975.82		41,837.83		42,715.27		260.55			(12.00	)		—		—		5		4.526	MON		174.32		872.00			7012009		7012039
31417KK22	FNMA POOL # AC1212				2		??		200,642.00		102.72		201,226.38		195,897.96		200,585.34		641.04			(57.00	)		—		—		5		4.545	MON		816.24		4,081.00			7062009		7012039
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		??		3,334,349.00		107.346		3,529,648.82		3,288,109.55		3,330,956.29		198,692.53			(839.00	)		—		—		6		5.642	MON		16,440.55		197,287.00			2062007		7012026
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		??		80,188.00		100.78		79,705.23		79,088.34		79,087.62		617.61			(743.00	)		—		—		6		4.264	MON		395.44		4,745.00			1142008		5012010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		??		132,551.00		105.625		135,394.99		128,184.61		132,140.35		3,254.64			58.00			—		—		6.5		2.527	MON		694.33		8,332.00			1142008		12012015
31394CVB5	FNMA 05-15 AGENCY CMO 05-15				2		??		3,193,675.00		103.625		3,338,400.52		3,221,616.91		3,202,183.30		136,217.22			3,113.00			—		—		5		5.313	MON		13,423.41		161,081.00			5242007		10252028
31394DA42	FNMA AGENCY CMO 05-48				2		??		339,075.00		105.998		356,847.15		336,655.53		338,702.49		18,144.66			(158.00	)		—		—		5.5		5.25	MON		1,543.00		18,516.00			12202007		11012019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		4,732,596.00		103.735		4,735,456.26		4,564,975.43		4,674,457.69		60,998.57			(58,138.00	)		—		—		5.5		-1.049	MON		20,922.80		125,537.00			6182009		11012010
31394HP88	FHR AGENCY CMO 2663				2		??		412,993.00		101.125		415,044.85		410,427.54		410,708.74		4,336.11			(1,473.00	)		—		—		4.5		3.912	MON		1,539.10		18,469.00			7162008		10012010
31394L4A7	FHLMC CMO 2684 PC				2		1		5,773,844.00		102.516		5,762,425.82		5,621,021.98		5,728,333.98		34,091.84			(45,510.00	)		—		—		5		1.664	MON		23,420.93		140,526.00			6182009		4012011
31395BH89	FNMA 06-10 AGENCY CMO 06-26				2		1		584,821.00		102.98		594,661.44		577,453.33		580,001.42		14,660.02			(2,496.00	)		—		—		5.5		4.211	MON		2,646.67		31,760.00			9302008		4012011
31395K5J8	FHR AGENCY CMO 2898 PH				2		??		18,197.00		99.875		18,021.80		18,044.36		18,018.89		2.91			(135.00	)		—		—		5		3.65	MON		75.18		902.00			7082008		1012010
31395L4F5	FHLMC CMO 2914 AJ				2		??		4,630,057.00		102.418		4,612,304.67		4,503,398.53		4,601,655.10		10,649.57			(28,402.00	)		—		—		5		2.156	MON		18,764.16		93,821.00			6302009		11012011
31395NKX4	FNR AGENCY CMO 06-53 WA				2		??		399,402.00		103.13		403,455.57		391,210.68		394,213.53		9,242.04			(3,735.00	)		—		—		6		3.319	MON		1,956.05		23,473.00			8112008		11012010
31395VGR4	FHR AGENCY CMO 2989 WD				2		??		502,969.00		106.781		533,906.25		500,000.00		501,357.11		32,549.14			(1,449.00	)		—		—		5.5		5.257	MON		2,291.67		27,500.00			10082008		11152011
31396CLF5	FHLMC AGENCY CMO 3054 DW				2		??		202,388.00		105.76		214,851.24		203,149.81		202,437.21		12,414.03			35.00			—		—		5.5		5.672	MON		931.10		11,173.00			6172008		5152034
31396GL41	FHLMC 3084 AGENCY CMO 3101-PA				2		1		1,926,216.00		102.34		1,962,091.69		1,917,228.54		1,917,362.08		44,729.61			(3,374.00	)		—		—		5.5		5.015	MON		8,787.30		105,448.00			3232007		11012010
31396GSK8	FHLMC AGENCY CMO 3098				2		1		1,215,133.00		102.25		1,245,782.95		1,218,369.63		1,215,776.07		30,006.88			197.00			—		—		5		5.089	MON		5,076.54		60,918.00			1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099				2		??		1,224,635.00		102.172		1,254,567.15		1,227,896.50		1,225,282.66		29,284.49			198.00			—		—		5		5.089	MON		5,116.24		61,395.00			1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		1,710,326.00		102.125		1,748,771.55		1,712,383.40		1,710,484.01		38,287.54			(1,180.00	)		—		—		5		4.896	MON		7,134.94		85,619.00			8202008		2012011
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		3,022,309.00		102		3,053,571.12		2,993,697.17		2,996,069.11		57,502.01			(13,813.00	)		—		—		6		5.016	MON		14,968.49		179,622.00			10242007		8012010
31396XEN0	FNMA CMO 07-80 PA				2		??		6,153,586.00		104.829		6,187,753.64		5,902,720.14		6,099,652.73		88,100.91			(53,933.00	)		—		—		5.5		0.685	MON		27,054.13		162,325.00			6152009		10012011
31397B7F2	FHLMC 3221 AGENCY CMO 3211 qd				2		??		2,456,774.00		105.5		2,586,515.45		2,451,673.41		2,452,771.26		133,744.19			(1,663.00	)		—		—		5.5		5.331	MON		11,236.84		134,842.00			4192007		11012012
31397FYM8	FHLMC AGENCY CMO 3291 XC				2		1		344,283.00		97.8		352,574.82		360,505.95		355,622.39		(3,047.57	)		11,011.00			—		—		0		4.058	MON		—		—			4042007		3152037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		6,236,345.00		105.75		6,539,756.08		6,184,166.51		6,220,793.98		318,962.10			(13,858.00	)		—		—			5.5		4.761	MON		28,344.10		340,129.00		9042008		11012012
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		7,029,138.00		104.875		7,397,236.68		7,053,384.20		7,029,232.35		368,004.33			71.00			—		—			5		5.057	MON		29,389.10		352,669.00		7292008		10252022
31397Y5H0	FHLMC CMO 3484 DA					2		1		7,549,042.00		105.5		7,655,622.38		7,256,514.10		7,525,364.93		130,257.45			(23,677.00	)		—		—			5		3.073	MON		30,235.48		181,413.00		6012009		2012016
38373QX55	GNMA AGENCY CMO 03-51 LT					2		??		299,803.00		100.153		298,210.69		297,755.48		298,455.80		(245.11	)		(1,347.00	)		—		—			5		1.283	MON		1,240.65		3,722.00		9282009		3012010
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		??		2,922,836.00		102.938		2,929,459.15		2,845,861.95		2,898,145.40		31,313.75			(22,613.00	)		—		—			5.5		2.466	MON		13,043.53		107,136.00		6152009		7012011
38373YNS9	GNMA AGENCY CMO 02-88 GB					2		??		2,506,861.00		101.857		2,485,072.32		2,439,767.30		2,491,078.86		(6,006.54	)		(15,782.00	)		—		—			5		0.614	MON		10,165.70		20,331.00		9292009		2012011
38374EEE3	GNMA AGENCY CMO 03-106 B					2		??		1,942,880.00		102.445		1,959,768.38		1,912,989.29		1,926,794.57		32,973.81			(13,925.00	)		—		—			5.5		3.727	MON		8,767.87		105,214.00		8212008		3012011
38374FCH5	GNMA AGENCY CMO 04-2-BA					2		??		240,616.00		100.313		243,498.54		242,739.98		241,724.69		1,773.85			763.00			—		—			3.25		3.935	MON		657.42		7,889.00		4162008		1162034
38374FT87	GNMA AGENCY CMO 04-18 AB					2		??		2,585,717.00		101.285		2,564,440.27		2,531,913.78		2,573,005.43		(8,565.16	)		(12,712.00	)		—		—			4.25		0.961	MON		8,967.20		17,934.00		9292009		2012011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		??		948,327.00		100.701		937,113.34		930,587.50		934,471.62		2,641.72			(11,421.00	)		—		—			6		3.494	MON		4,652.94		55,835.00		8132008		7012010
38374GD41	GNMA AGENCY CMO 04-34 PV					2		??		666,985.00		100.478		662,718.70		659,565.38		663,203.78		(485.08	)		(3,782.00	)		—		—			4.25		0.602	MON		2,335.96		4,672.00		9292009		5012010
38373MV23	GNR CMBS 08-45 A					2		??		930,498.00		101.69		929,521.42		914,073.58		929,780.85		(259.43	)		(717.00	)		—		—			3.576		1.38	MON		2,723.94		—		12152009		11012011
001957BC2	AT&T CO CORP BND							1FE		3,693,194.00		110.286		3,722,138.43		3,375,000.00		3,561,043.15		161,095.28			(76,193.00	)		—		—			7.3		4.197	MN		31,481.25		231,775.00		10292009		11152011
00206RAC6	AT&T INC CORP BND							??		7,005,000.00		100.021		7,006,471.33		7,005,000.00		7,005,000.00		1,471.33			—			—		—			0.378		5.46	FMAN		4,193.93		106,285.00		2012007		2052010
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.707		1,440,538.13		1,350,000.00		1,428,621.06		11,917.07			(1,358.00	)		—		—			4.95		2.917	JJ		30,813.75		17,325.00		12092009		1152013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,716.00		106.357		1,595,351.60		1,500,000.00		1,610,030.73		(14,679.13	)		(1,685.00	)		—		—			4.85		2.945	FA		27,483.33		—		12162009		2152014
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		8,845,155.00		107.289		8,851,345.14		8,250,000.00		8,593,466.85		257,878.29			(236,786.00	)		—		—			7.875		4.167	MS		216,562.50		374,063.00		3052009		3012011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,028.00		113.183		12,421,810.65		10,975,000.00		12,470,713.59		(48,902.94	)		(26,314.00	)		—		—			8.125		2.101	MN		148,619.80		88,359.00		12222009		5012012
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		103.537		3,592,740.04		3,470,000.00		3,453,159.71		139,580.33			17,535.00			—		—			4.7		5.251	JD		13,590.83		163,090.00		2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		3,774,761.00		107.56		4,033,508.48		3,750,000.00		3,771,117.46		262,391.02			(4,642.00	)		—		—			4.85		4.641	JD		8,083.34		181,875.00		4022009		12152012
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							??		3,431,190.00		98.616		3,451,559.90		3,500,000.00		3,492,558.63		(40,998.73	)		19,445.00			—		—			4.875		5.465	MN		21,802.08		170,625.00		8242006		5152010
026609AM9	WYETH CORP BND							1FE		12,080,939.00		106.492		12,076,159.59		11,340,000.00		11,684,092.74		392,066.85			(259,492.00	)		—		—			6.95		4.327	MS		230,485.51		803,640.00		2202009		3152011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							??		3,899,001.00		114.431		3,795,692.79		3,317,000.00		3,643,062.78		152,630.01			(136,344.00	)		—		—			8.5		3.887	AO		70,486.25		281,945.00		1302008		4012012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				??		2,977,800.00		100.308		2,878,338.06		2,000,000.00		2,977,800.00		8,838.06			—			—		(108,300.00	)		10.283		10.41	JAJO		18,851.74		—		12042009		4062013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							??		2,500,000.00		107.085		2,677,125.00		2,500,000.00		2,500,000.00		177,125.00			—			—		—			11.79		12.954	JAJO		75,323.02		193,880.00		2192009		2242012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							??		1,500,000.00		105.852		1,587,780.00		1,500,000.00		1,500,000.00		87,780.00			—			—		—			12.79		13.988	JAJO		49,027.15		125,661.00		2122009		2242012
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,405,300.00		104.71		14,659,384.46		14,000,000.00		14,359,874.66		299,509.80			(45,425.00	)		—		—			5.5		4.382	JD		36,361.11		385,000.00		8312009		6142012
05531FAD5	BB&T CORPORATION CORP BND							??		5,051,000.00		101.706		5,085,290.55		5,000,000.00		5,042,268.29		43,022.26			(8,732.00	)		—		—			3.1		2.548	JJ		65,875.00		—		8312009		7282011
060505BD5	BANK OF AMERICA CORP BND							??		7,064,750.00		103.213		7,224,906.64		7,000,000.00		7,059,802.54		165,104.10			(4,947.00	)		—		—			4.75		4.492	FA		125,611.11		—		8312009		8152013
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		102.1		1,735,699.90		1,700,000.00		1,706,765.37		28,934.53			(11,252.00	)		—		—			4.5		3.804	FA		31,875.00		76,500.00		5082008		8012010
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.637		18,654,660.18		18,000,000.00		18,081,188.85		573,471.33			(25,223.00	)		—		—			3.125		2.932	JD		25,000.00		579,688.00		3102009		6152012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		26,124,227.00		101.081		26,392,249.37		26,110,000.00		26,133,913.93		258,335.44			9,686.00			—		—			2.1		2.059	AO		92,908.09		361,358.00		8312009		4302012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP B							1FE		923,973.00		101.873		942,325.26		925,000.00		924,205.82		18,119.44			233.00			—		—			2.375		2.411	JD		549.22		17,087.00		3092009		6222012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		6,076,674.00		103.913		6,598,497.41		6,350,000.00		6,129,991.87		468,505.54			52,709.00			—		—			4.9		6.034	MN		51,858.33		262,150.00		12162009		5012013
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.072		2,601,868.88		2,600,000.00		2,600,000.00		1,868.88			—			—		—			0.284		1.361	MJSD		369.53		15,840.00		3092009		9132010
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,490,271.00		107.687		7,916,041.37		7,351,000.00		7,474,204.66		441,836.71			(18,889.00	)		—		—			4.95		4.308	MN		60,645.75		336,600.00		12282009		11012012
06406HBJ7	BANK OF NEW YORK CO CORP BND MTN							1FE		4,713,300.00		104.32		4,694,419.89		4,500,000.00		4,694,320.07		99.82			(18,980.00	)		—		—			4.5		3.092	AO		50,625.00		101,250.00		8312009		4012013
06406HBK4	BANK OF NEW YORK CO CORP BND							1FE		5,340,050.00		107.513		5,375,648.10		5,000,000.00		5,313,549.89		62,098.21			(26,500.00	)		—		—			5.125		3.289	FA		93,246.53		—		8312009		8272013
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		104.084		2,966,397.44		2,850,000.00		2,900,145.16		66,252.28			(82,800.00	)		—		—			7.875		4.781	FA		93,515.62		224,438.00		12202007		8012010
06423AAS2	BANK ONE CO CORP BND							1FE		5,313,600.00		105.541		5,277,059.55		5,000,000.00		5,284,253.67		(7,194.12	)		(29,346.00	)		—		—			5.25		3.293	JJ		110,104.17		—		8312009		1302013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		101.316		40,526,400.80		40,000,000.00		39,969,664.71		556,736.09			10,065.00			—		—			2.15		2.185	MS		224,555.56		430,000.00		3202009		3272012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		103.723		4,148,912.05		4,000,000.00		4,008,994.11		139,917.94			(1,646.00	)		—		—			4		3.941	MS		53,333.34		82,222.00		2232009		3012014
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		8,775,132.00		109.111		8,925,320.37		8,180,000.00		8,741,631.35		183,689.02			(33,501.00	)		—		—			5.7		4.129	MN		59,577.67		233,130.00		10292009		11152014
073902CE6	BEAR STEARNS CO INC CORP BND							??		486,000.00		103.211		516,053.22		500,000.00		494,258.34		21,794.88			6,640.00			—		—			4.5		5.956	AO		3,937.50		22,500.00		9302008		10282010
073902KF4	BEAR STEARNS CO INC CORP BND							1FE		7,211,392.00		105.409		7,292,167.43		6,918,000.00		7,197,618.82		94,548.61			(13,774.00	)		—		—			5.3		4.503	AO		62,127.48		183,327.00		8312009		10302015
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		111.6		2,594,692.70		2,325,000.00		2,374,021.97		220,670.73			(14,267.00	)		—		—			6.95		6.063	FA		63,288.43		100,775.00		3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND							1FE		3,188,430.00		100.804		3,024,106.83		3,000,000.00		3,013,217.14		10,889.69			(106,486.00	)		—		—			7.75		4.074	FA		87,833.33		232,500.00		4252008		2152010
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND 14							??		7,165,550.00		101.25		7,087,500.00		7,000,000.00		7,052,302.88		35,197.12			(113,247.00	)		—		—			4.95		2.55	APR		240,625.00		—		4172009		4262010
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		106.993		534,963.61		500,000.00		537,982.86		(3,019.25	)		(1,212.00	)		—		—			5.2		3.436	MS		7,655.56		—		10292009		9152014
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		104.765		633,828.29		605,000.00		620,117.40		13,710.89			(19,931.00	)		—		—			7.375		3.887	MS		11,650.45		44,619.00		7302008		9272010
097014AD6	BOEING CAPITAL CORP CORP BND							??		5,325,850.00		105.185		5,259,273.55		5,000,000.00		5,253,251.06		6,022.49			(72,599.00	)		—		—			6.1		1.682	MS		101,666.67		152,500.00		8312009		3012011
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		1,006,200.00		99.374		993,740.39		1,000,000.00		1,006,156.65		(12,416.26	)		(43.00	)		—		—			3.25		3.111	AO		5,777.78		—		12152009		10272014
097023BB0	BOEING CO CORP BND							1FE		685,867.00		98.989		683,020.98		690,000.00		686,022.63		(3,001.65	)		156.00			—		—			1.875		2.082	MN		1,473.44		—		11172009		11202012
10138MAD7	BOTTLING GROUP LLC CORP BND							??		3,320,818.00		103.855		3,375,282.37		3,250,000.00		3,317,247.53		58,034.84			(3,570.00	)		—		—			4.125		3.702	JD		5,958.33		67,031.00		8312009		6152015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,307,400.00		107.689		4,307,568.68		4,000,000.00		4,293,737.37		13,831.31			(13,663.00	)		—		—			5.5		4.153	AO		55,000.00		110,000.00		8312009		4012016
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.744		9,838,240.26		8,500,000.00		9,610,131.15		228,109.11			(216,124.00	)		—		—			6.95		3.574	MS		173,943.06		526,752.00		2052009		3152014
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		108.592		7,601,441.26		7,000,000.00		7,371,877.52		229,563.74			(76,402.00	)		—		—			5.25		3.67	FA		138,833.34		183,750.00		3052009		8152013
12572QAC9	CME GROUP INC SENIOR CORP BND							??		975,000.00		100.399		978,890.27		975,000.00		975,000.00		3,890.27			—			—		—			0.928		3.454	FMAN		1,406.71		19,828.00		8072008		8062010
141781AP9	CARGILL INC CORP BND 144A							??		2,764,425.00		108.812		2,720,307.72		2,500,000.00		2,762,090.05		(41,782.33	)		(2,335.00	)		—		—			6.375		1.91	JD		13,281.26		—		12212009		6012012
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		107.801		1,212,755.70		1,125,000.00		1,124,633.30		88,122.40			114.00			—		—			4.85		4.862	JD		3,637.50		54,563.00		12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							??		5,268,195.00		103.86		5,478,597.34		5,275,000.00		5,270,609.77		207,987.57			1,297.00			—		—			4.25		4.279	FA		89,052.25		224,188.00		2042008		2082013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,227.00		99.162		644,550.84		650,000.00		649,236.87		(4,686.03	)		10.00			—		—			1.9		1.941	JD		480.28		—		12102009		12172012
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,055,224.00		104.718		3,141,550.14		3,000,000.00		3,051,450.82		90,099.32			(3,029.00	)		—		—			4.6		4.134	JJ		63,633.33		—		8312009		1152014
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		102.105		5,105,249.40		5,000,000.00		5,010,592.61		94,656.79			(7,582.00	)		—		—			5.5		5.331	AO		49,652.78		275,000.00		1312007		4262011
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN							1FE		10,999,340.00		104.164		11,458,072.89		11,000,000.00		10,999,516.41		458,556.48			176.00			—		—			3.45		3.452	MS		124,391.67		189,750.00		2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		104.701		4,030,997.48		3,850,000.00		3,889,691.99		141,305.49			(33,561.00	)		—		—			5.25		4.311	FA		72,428.13		202,125.00		10092008		2222011
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		100.038		4,001,532.88		4,000,000.00		3,990,076.25		11,456.63			236.00			—		—			2.9		2.955	MN		14,177.78		—		11092009		11172014
172967CK5	CITIGROUP INC CORP BND							1FE		4,844,800.00		99.931		4,996,553.80		5,000,000.00		4,855,021.13		141,532.67			10,221.00			—		—			5.125		5.892	MN		39,861.11		128,125.00		8312009		5052014
172967CU3	CITIGROUP INC CORP BND							??		1,411,135.00		100.399		1,430,681.61		1,425,000.00		1,424,084.61		6,597.00			6,365.00			—		—			4.125		4.59	FA		21,063.29		58,781.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND							1FE		2,191,943.00		102.604		2,231,643.89		2,175,000.00		2,182,002.94		49,640.95			(5,953.00	)		—		—			5.125		4.826	FA		42,420.05		111,469.00		4082008		2142011
172967DP3	CITIGROUP INC CORP BND							??		5,035,050.00		104.195		5,209,739.70		5,000,000.00		5,032,700.22		177,039.48			(2,350.00	)		—		—			5.85		5.642	JJ		145,437.50		—		8312009		7022013
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,138.00		103.982		779,868.11		750,000.00		776,296.42		3,571.69			(2,841.00	)		—		—			5.1		3.015	MS		9,775.00		—		10202009		9292011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		103.697		518,487.06		500,000.00		518,976.82		(489.76	)		(1,168.00	)		—		—			5.3		3.852	AO		5,447.22		—		10222009		10172012
172967EQ0	CITIGROUP INC CORP BND							??		2,995,770.00		103.19		3,095,692.29		3,000,000.00		2,996,310.21		99,382.08			540.00			—		—			5.5		5.542	AO		36,666.67		82,500.00		8312009		4112013
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		7,527,036.00		102.875		7,715,624.40		7,500,000.00		7,531,479.41		184,144.99			4,126.00			—		—			2.875		2.648	JD		13,177.08		181,125.00		12112009		12092011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		35,715,622.00		101.104		36,245,782.57		35,850,000.00		35,750,494.96		495,287.61			34,873.00			—		—			2.125		2.248	AO		129,084.89		571,359.00		3102009		4302012
17313YAA9	CITIGROUP FUNDING INC - GTD CORP BND							??		2,000,000.00		99.949		1,998,971.94		2,000,000.00		2,000,000.00		(1,028.06	)		—			—		—			0.198		0.936	FMAN		627.41		6,788.00		4302009		5052011
17313YAG6	CITIGROUP FUNDING INC - GTD CORP BND							1FE		5,041,900.00		100.987		5,049,350.35		5,000,000.00		5,037,148.22		12,202.13			(4,752.00	)		—		—			2.125		1.823	JJ		53,420.14		—		8312009		7122012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND							1FE		15,309,933.00		99.817		15,222,092.65		15,250,000.00		15,306,440.62		(84,347.97	)		(3,492.00	)		—		—			1.875		1.739	AO		78,632.81		—		10202009		10222012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND							??		7,586,928.00		99.812		7,585,711.70		7,600,000.00		7,587,877.52		(2,165.82	)		950.00			—		—			1.875		1.932	MN		33,645.83		—		9292009		11152012
17314AAE2	CITIGROUP FUNDING INC - GTD CORP BND							??		1,762,215.00		100.79		1,763,823.25		1,750,000.00		1,759,342.71		4,480.54			(2,872.00	)		—		—			0.551		1.292	MJSD		53.53		13,441.00		4202009		3302012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							??		8,377,404.00		100.904		8,475,935.92		8,400,000.00		8,382,977.40		92,958.52			5,573.00			—		—			2		2.093	MS		42,466.67		84,000.00		3232009		3302012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		103.284		12,006,812.54		11,625,000.00		11,580,211.27		426,601.27			8,105.00			—		—			3.625		3.725	MS		124,080.74		221,238.00		3032009		3152014
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,263,970.00		103.795		5,189,753.70		5,000,000.00		5,252,246.62		(62,492.92	)		(11,723.00	)		—		—			4.25		3.182	MS		70,833.34		90,194.00		12162009		3012015
20825CAM6	CONOCOPHILLIPS CORP BND							??		1,684,478.00		105.811		1,666,524.16		1,575,000.00		1,682,692.40		(16,168.24	)		(1,786.00	)		—		—			4.4		2.28	MN		8,855.00		—		12092009		5152013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		3,546,841.00		106.269		3,772,536.12		3,550,000.00		3,547,433.58		225,102.54			593.00			—		—			4.6		4.616	JJ		99,794.45		—		5182009		1152015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND							??		6,255,188.00		107.358		6,307,304.59		5,875,000.00		6,193,071.82		114,232.77			(53,949.00	)		—		—			5.3		2.829	AO		65,734.72		200,075.00		8312009		4152012
209111EK5	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		5,352,300.00		106.452		5,322,579.55		5,000,000.00		5,335,975.06		(13,395.51	)		(16,325.00	)		—		—			5.375		4.092	JD		11,944.44		134,375.00		8312009		12152015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							??		436,498.00		107.856		431,424.13		400,000.00		435,167.76		(3,743.63	)		(1,330.00	)		—		—			5.55		3.313	AO		5,550.00		—		10292009		4012014
22237LPA4	COUNTRYWIDE HOME LOANS CORP BND							??		5,050,000.00		102.75		5,137,500.00		5,000,000.00		5,039,428.78		98,071.22			(10,571.00	)		—		—			4		3.335	MS		55,000.00		100,000.00		8312009		3222011
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		106.625		213,250.00		200,000.00		211,818.54		1,431.46			(755.00	)		—		—			5.8		3.252	JD		773.33		4,060.00		10292009		6072012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		16,057,878.00		107.744		16,371,727.99		15,195,000.00		15,888,565.11		483,162.88			(136,574.00	)		—		—			6.125		3.565	MN		118,921.98		632,406.00		8312009		11152011
22541LAC7	CREDIT SUISSE FIRST BOSTON CORP BND							??		1,965,709.00		108.237		1,969,920.61		1,820,000.00		1,945,847.51		24,073.10			(19,862.00	)		—		—			6.5		2.977	JJ		54,549.44		—		8312009		1152012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
									RATE USED
			FOREIGN	BOND	NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST			EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR	DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE			RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
239753BK1	TARGET CORPORATION CORP BND					??		580,657.00		112.396		595,699.06		530,000.00		562,417.27		33,281.79			(14,665.00	)		—		—		8.6			5.39	JJ		21,017.44		45,580.00		9242008		1152012
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		3,933,036.00		108.458		4,256,992.67		3,925,000.00		3,930,827.10		326,165.57			(1,792.00	)		—		—		4.95			4.895	JD		7,555.64		194,288.00		7242008		12172012
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND G					1FE		1,028,471.00		103.052		1,030,519.94		1,000,000.00		1,025,145.29		5,374.65			(3,325.00	)		—		—		2.875			1.827	JD		958.33		14,375.00		8272009		6192012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND					1FE		1,621,295.00		107.057		1,739,678.59		1,625,000.00		1,622,728.00		116,950.59			711.00			—		—		4.7			4.752	JD		6,364.58		76,375.00		11292007		12012012
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND					1FE		5,317,250.00		106.756		5,337,816.60		5,000,000.00		5,295,948.57		41,868.03			(21,301.00	)		—		—		4.875			3.392	AO		41,302.08		121,875.00		8312009		4302014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN					1FE		9,363,568.00		107.752		9,670,760.40		8,975,000.00		9,371,903.72		298,856.68			5,255.00			—		—		5			3.629	JJ		206,923.61		201,212.00		12212009		7152013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND					1FE		9,123,449.00		98.884		9,023,188.90		9,125,000.00		9,123,466.08		(100,277.18	)		17.00			—		—		2.1			2.105	JD		7,452.08		—		12142009		6152013
291011AZ7	EMERSON ELECTRIC CO CORP BND					??		4,325,202.00		103.277		4,337,637.53		4,200,000.00		4,318,489.01		19,148.52			(6,713.00	)		—		—		4.125			3.535	AO		36,575.00		85,663.00		8312009		4152015
302570AV8	FPL GROUP CAPITAL INC CORP BND					1FE		6,390,313.00		106.602		6,449,406.06		6,050,000.00		6,279,555.23		169,850.83			(110,757.00	)		—		—		5.625			3.261	MS		113,437.50		170,156.00		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND					??		1,350,000.00		101.065		1,364,384.05		1,350,000.00		1,350,000.00		14,384.05			—			—		—		1.133			3.694	MJSD		637.56		26,020.00		6112008		6172011
302570BD7	FPL GROUP CAPITAL INC CORP BND					1FE		5,492,250.00		107.335		5,366,734.70		5,000,000.00		5,478,197.59		(111,462.89	)		(14,052.00	)		—		—		6			4.703	MS		100,000.00		143,333.00		8312009		3012019
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					1FE		2,779,405.00		105.896		2,880,372.75		2,720,000.00		2,760,023.76		120,348.99			(11,884.00	)		—		—		4.85			4.335	FA		54,966.67		131,920.00		4252008		2012013
35047AAA6	FOUNDATION RE LTD CORP BND 144A					??		5,013,184.00		99.697		4,984,850.00		5,000,000.00		5,005,889.98		(21,039.98	)		(6,232.00	)		—		—		7.023			9.528	FMAN		43,890.62		401,227.00		10072008		11262010
36186CBF9	GMAC LLC CORP BND					1FE		11,960,952.00		100.676		12,060,985.16		11,980,000.00		11,963,947.61		97,037.55			2,996.00			—		—		2.2			2.247	JD		8,785.33		139,833.00		6032009		12192012
368710AG4	GENENTECH INC CORP BND					1FE		802,028.00		106.861		801,453.89		750,000.00		800,712.99		740.90			(1,315.00	)		—		—		4.75			3.4	JJ		16,427.08		—		10292009		7152015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND					1FE		6,023,017.00		100.769		6,096,495.28		6,050,000.00		6,029,756.38		66,738.90			6,739.00			—		—		1.8			2.022	JJ		56,567.50		—		6192009		7152011
369604AY9	GENERAL ELEC CAP CO CORP BND					1FE		6,328,500.00		105.88		6,352,826.82		6,000,000.00		6,298,167.90		54,658.92			(30,332.00	)		—		—		5			3.292	FA		125,000.00		—		8312009		2012013
369604BC6	GE CAPITAL CORP CORP BND					1FE		5,501,079.00		101.997		5,538,445.08		5,430,000.00		5,499,151.89		39,293.19			(1,927.00	)		—		—		5.25			5.053	JD		19,796.88		142,538.00		8312009		12062017
36962G2L7	GE CAPITAL CORP SENIOR CORP BND					??		5,298,650.00		105.291		5,264,526.75		5,000,000.00		5,298,298.71		(33,771.96	)		(351.00	)		—		—		5			2.289	AO		56,250.00		—		12282009		4102012
36962G3T9	GE CAPITAL CORP CORP BND					1FE		5,275,481.00		104.884		5,349,074.00		5,100,000.00		5,260,789.70		88,284.30			(14,691.00	)		—		—		4.8			3.784	MN		40,800.00		122,400.00		10292009		5012013
36962G4D3	GE CAPITAL CORP SENIOR CORP BND					1FE		261,338.00		103.745		259,362.70		250,000.00		261,209.36		(1,846.66	)		(128.00	)		—		—		6			5.395	FA		6,000.00		—		10292009		8072019
36962G4E1	GE CAPITAL CORP CORP BND					??		6,250,845.00		102.162		6,359,604.61		6,225,000.00		6,248,332.32		111,272.29			(2,513.00	)		—		—		3.5			3.349	FA		83,518.75		—		10202009		8132012
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN					1FE		1,631,384.00		100.243		1,528,701.18		1,525,000.00		1,526,777.05		1,924.13			(35,809.00	)		—		—		7.375			4.934	JJ		50,610.94		112,469.00		11302006		1192010
36962GXS8	GENERAL ELEC CAP CO CORP BND					1FE		4,511,962.00		106.741		4,856,700.12		4,550,000.00		4,525,458.52		331,241.60			10,648.00			—		—		5.875			6.15	FA		100,984.72		267,313.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND					1FE		3,161,025.00		107.817		3,234,497.23		3,000,000.00		3,093,281.84		141,215.39			(35,124.00	)		—		—		6			4.644	JD		8,000.00		180,000.00		1142008		6152012
36962GZY3	GENERAL ELEC CAP CO CORP BND					??		159,668.00		106.342		159,513.42		150,000.00		159,185.22		328.20			(482.00	)		—		—		5.45			3.314	JJ		3,769.59		—		10292009		1152013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		6,281,919.00		103.141		6,497,882.94		6,300,000.00		6,288,139.30		209,743.64			5,854.00			—		—		3			3.101	JD		11,550.00		189,000.00		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		21,614,110.00		101.396		21,876,187.87		21,575,000.00		21,604,490.51		271,697.36			(9,619.00	)		—		—		2.2			2.142	JD		30,324.85		435,096.00		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		10,896,621.00		101.229		11,033,961.44		10,900,000.00		10,897,970.44		135,991.00			1,349.00			—		—		1.8			1.816	MS		59,950.00		97,555.00		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND					??		3,000,000.00		100.486		3,014,571.27		3,000,000.00		3,000,000.00		14,571.27			—			—		—		0.454			1.531	MJSD		681.38		22,099.00		3092009		3122012
36967HAU1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					??		3,110,902.00		99.971		3,109,088.55		3,110,000.00		3,110,776.66		(1,688.11	)		(125.00	)		—		—		0.253			0.6	MJSD		240.78		7,080.00		7062009		12212012
377372AC1	GLAXOSK CAP INC CORP BND					1FE		16,169,695.00		106.513		16,403,008.01		15,400,000.00		16,068,280.31		334,727.70			(101,414.00	)		—		—		4.85			3.472	MN		95,437.21		538,350.00		8312009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP					??		587,587.00		100.225		586,316.24		585,000.00		585,510.78		805.46			(1,419.00	)		—		—		0.898			3.064	FMAN		714.63		10,794.00		7072008		5132010
38141EA33	GOLDMAN SACHS GROUP INC CORP BND					1FE		819,038.00		108.953		817,149.18		750,000.00		816,716.98		432.20			(2,321.00	)		—		—		6			3.755	MN		7,500.00		—		10292009		5012014
38141EA41	GOLDMAN SACHS GROUP INC SENIOR CORP BND					1FE		519,565.00		102.825		514,123.92		500,000.00		519,354.83		(5,230.91	)		(210.00	)		—		—		3.625			2.077	FA		8,005.21		—		12162009		8012012
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND					1FE		4,113,480.00		108.331		4,333,245.84		4,000,000.00		4,056,153.95		277,091.89			(25,234.00	)		—		—		6.6			5.859	JJ		121,733.33		264,000.00		8142007		1152012
38141GDQ4	GOLDMAN SACHS & CO CORP BND					1FE		3,177,120.00		106.186		3,185,592.03		3,000,000.00		3,163,719.06		21,872.97			(13,401.00	)		—		—		5.25			3.692	AO		33,250.00		78,750.00		8312009		10152013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND					1FE		11,435,160.00		105.128		11,564,065.59		11,000,000.00		11,411,347.60		152,717.99			(23,812.00	)		—		—		5.125			4.292	JJ		259,951.39		—		8312009		1152015
38143UAW1	GOLDMAN SACHS GROUP INC CORP BND					??		5,194,750.00		104.761		5,238,053.90		5,000,000.00		5,183,211.96		54,841.94			(11,538.00	)		—		—		5			4.142	AO		62,500.00		125,000.00		8312009		10012014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					1FE		5,092,400.00		107.481		5,374,062.75		5,000,000.00		5,061,063.49		312,999.26			(19,622.00	)		—		—		5.45			4.982	MN		45,416.67		272,500.00		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					1FE		12,276,600.00		103.958		12,319,023.00		11,850,000.00		12,169,658.46		149,364.54			(106,942.00	)		—		—		3.25			2.116	JD		17,116.66		400,102.00		2202009		6152012
38146FAF8	GOLDMAN SACHS GROUP INC - GTD CORP BND					1FE		2,765,674.00		100.831		2,762,769.24		2,740,000.00		2,759,608.09		3,161.15			(6,066.00	)		—		—		1.625			1.154	JJ		20,530.97		21,520.00		7022009		7152011
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND					1FE		488,635.00		106.052		530,261.39		500,000.00		493,807.94		36,453.45			4,136.00			—		—		6.75			7.721	MN		4,312.50		33,750.00		9302008		5152011
40429CCV2	HSBC FINANCE CORP CORP BND					1FE		5,122,150.00		102.485		5,124,230.70		5,000,000.00		5,082,760.60		41,470.10			(39,389.00	)		—		—		4.625			2.232	MS		68,090.28		115,625.00		8312009		9152010
40429CCX8	HSBC FINANCE CORP CORP BND					1FE		197,781.00		103.113		206,226.00		200,000.00		199,307.36		6,918.64			633.00			—		—		5.25			5.599	JJ		4,870.83		10,500.00		6302007		1142011
4042EPAA5	HSBC USA INC - GTD CORP BND GOVT GUAR					1FE		9,089,247.00		103.416		9,100,608.00		8,800,000.00		8,998,229.08		102,378.92			(91,018.00	)		—		—		3.125			1.946	JD		11,458.33		275,000.00		1282009		12162011
428236AL7	HEWLETT-PACKARD COMPANY CORP BND					1FE		2,863,224.00		107.057		3,067,169.04		2,865,000.00		2,864,186.86		202,982.18			346.00			—		—		5.25			5.264	MS		50,137.50		150,413.00		2222007		3012012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,547,098.00		106.078		5,569,077.52		5,250,000.00		5,519,665.64		49,411.88			(27,432.00	)		—		—		4.5			2.792	MS		78,750.00		118,125.00		8312009		3012013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					1FE		7,127,237.00		111.564		7,223,740.51		6,475,000.00		7,027,731.46		196,009.05			(99,505.00	)		—		—		6.125			3.883	MS		132,197.91		271,542.00		10262009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND					??		3,598,416.00		104.944		3,777,993.62		3,600,000.00		3,598,838.49		179,155.13			422.00			—		—		4.25			4.266	FA		53,974.99		75,650.00		2232009		2242012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,081,880.00		106.164		1,061,640.17		1,000,000.00		1,081,213.34		(19,573.17	)		(667.00	)		—		—		4.75			2.783	JD		3,826.39		—		12152009		6022014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,024,662.00		101.327		1,038,601.77		1,025,000.00		1,024,761.15		13,840.62			99.00			—		—		2.25			2.267	MN		2,178.13		11,531.00		5212009		5272011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,500,308.00		0		5,521,405.86		5,447,000.00		5,499,186.34		22,219.52			(1,121.00	)		—		—		1.306			0.762	FMAN		6,914.23		16,307.00		12162009		5272011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP					??		2,623,957.00		108.452		2,703,713.40		2,493,000.00		2,575,547.18		128,166.22			(29,616.00	)		—		—		5.625			4.258	FA		58,429.69		140,231.00		4292008		8012012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND					1FE		4,636,170.00		103.205		4,644,236.74		4,500,000.00		4,626,636.69		17,600.05			(9,533.00	)		—		—		3.875			3.142	FA		65,875.00		—		8312009		2152014
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					1FE		11,100,025.00		107.977		11,737,092.95		10,870,000.00		11,030,060.12		707,032.83			(48,067.00	)		—		—		5.05			4.481	AO		105,212.55		548,935.00		3052009		10222012
459200GN5	IBM CORP CORP BND					1FE		3,209,711.00		113.435		3,289,610.73		2,900,000.00		3,168,378.77		121,231.96			(41,348.00	)		—		—		6.5			3.845	AO		39,794.45		98,313.00		6112009		10152013
459200GQ8	IBM CORP CORP BND					??		1,800,000.00		99.801		1,796,418.06		1,800,000.00		1,800,000.00		(3,581.94	)		—			—		—		0.32			0.32	FMAN		896.00		—		11032009		11042011
459200GR6	IBM CORP CORP BND					1FE		7,798,312.00		99.012		7,722,950.98		7,800,000.00		7,798,515.18		(75,564.20	)		203.00			—		—		2.1			2.106	MN		25,025.00		—		12162009		5062013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND					??		4,683,362.00		104.166		4,895,801.67		4,700,000.00		4,688,617.28		207,184.39			3,125.00			—		—		3.5			3.577	MN		21,019.45		164,500.00		4212008		5152013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND					1FE		9,756,880.00		101.269		9,620,554.72		9,500,000.00		9,754,415.88		(133,861.16	)		(2,464.00	)		—		—		3	��		2.342	AO		54,625.00		—		12112009		4222014
46623EHJ1	JPMORGAN CHASE & CO CORP BND					??		8,925,840.00		99.138		8,922,420.00		9,000,000.00		8,926,960.99		(4,540.99	)		1,121.00			—		—		0.376			0.736	MJSD		384.23		9,738.00		12152009		6252012
46625HAJ9	JP MORGAN CHASE & CO CORP BND					1FE		6,522,813.00		105.459		6,591,162.19		6,250,000.00		6,344,871.00		246,291.19			(82,936.00	)		—		—		6.75			5.29	FA		175,781.25		421,875.00		10052007		2012011
46625HCE8	JPMORGAN CHASE & CO CORP BND					??		182,025.00		105.175		184,056.59		175,000.00		181,821.76		2,234.83			(203.00	)		—		—		4.75			3.908	MS		2,770.83		—		10292009		3012015
46625HGG9	JP MORGAN & COMPANY INC CORP BND					1FE		480,584.00		105.516		495,924.48		470,000.00		474,499.87		21,424.61			(3,002.00	)		—		—		5.6			4.891	JD		2,193.33		26,320.00		11282007		6012011
46625HGT1	JPMORGAN CHASE & CO CORP BND					1FE		5,222,250.00		108.316		5,415,819.15		5,000,000.00		5,136,504.88		279,314.27			(45,873.00	)		—		—		5.375			4.31	AO		67,187.50		268,750.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO CORP BND					1FE		20,815,050.00		105.537		21,107,397.40		20,000,000.00		20,747,793.19		359,604.21			(68,952.00	)		—		—		4.75			3.544	MN		158,333.33		593,750.00		8312009		5012013
46625HHN3	JPMORGAN CHASE & CO CORP BND					1FE		13,982,296.00		105.541		13,931,426.12		13,200,000.00		13,941,249.24		(9,823.12	)		(41,047.00	)		—		—		4.65			3.273	JD		51,150.00		279,207.00		12162009		6012014
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND					??		6,106,680.00		101.913		6,114,780.12		6,000,000.00		6,050,685.31		64,094.81			(54,507.00	)		—		—		2.625			1.69	JD		13,125.00		154,000.00		12182008		12012010
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND					??		3,444,325.00		100.97		3,443,068.27		3,410,000.00		3,443,154.17		(85.90	)		(1,171.00	)		—		—		0.631			0.28	MJSD		597.93		5,770.00		11242009		6222012
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND					??		6,597,426.00		101.093		6,672,138.13		6,600,000.00		6,598,517.72		73,620.41			1,092.00			—		—		1.65			1.67	FA		38,720.00		54,450.00		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		8,974,432.00		101.489		9,113,712.02		8,980,000.00		8,975,741.14		137,970.88			1,309.00			—		—		2.2			2.22	JD		8,780.45		160,241.00		2182009		6152012
49327GAA5	KEYBANK NA - GTD SENIOR CORP BND					??		4,455,440.00		100.638		4,428,073.10		4,400,000.00		4,431,631.57		(3,558.47	)		(23,808.00	)		—		—		0.904			1.217	MJSD		1,877.54		46,852.00		4072009		12152010
49327GAB3	KEYCORP - GTD CORP BND MTN					??		4,557,024.00		101.144		4,551,490.13		4,500,000.00		4,550,063.29		1,426.84			(6,961.00	)		—		—		0.833			0.286	MON		1,145.55		9,584.00		9182009		12192011
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		4,441,432.00		103.967		4,522,567.95		4,350,000.00		4,432,413.71		90,154.24			(9,018.00	)		—		—		3.55			2.641	MS		49,330.20		39,050.00		9282009		3062012
532457BE7	ELI LILLY AND COMPANY CORP BND					1FE		1,592,745.00		105.116		1,576,739.73		1,500,000.00		1,591,942.43		(15,202.70	)		(803.00	)		—		—		4.2			2.64	MS		20,125.00		—		12152009		3062014
55263ECH6	MBNA CORPORATION CORP BND					??		352,688.00		106.589		351,743.36		330,000.00		344,751.10		6,992.26			(4,242.00	)		—		—		6.125			4.59	MS		6,737.50		20,213.00		1302008		3012013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT					1FE		2,444,463.00		109.851		2,526,577.51		2,300,000.00		2,430,562.20		96,015.31			(13,901.00	)		—		—		7.125			4.977	MN		20,939.58		81,938.00		8312009		11152012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		114.481		5,008,540.56		4,375,000.00		4,770,797.53		237,743.03			(161,534.00	)		—		—		9.75			5.417	AO		106,640.63		426,563.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND					??		2,921,280.00		102.531		3,075,929.73		3,000,000.00		2,981,155.68		94,774.05			25,748.00			—		—		4.375			5.301	MS		38,645.83		131,250.00		8022007		9152010
589331AH0	MERCK & CO INC CORP BND					1FE		5,225,400.00		105.008		5,250,387.95		5,000,000.00		5,204,643.06		45,744.89			(20,757.00	)		—		—		4.375			2.992	FA		82,638.89		—		8312009		2152013
589331AK3	MERCK & CO INC CORP BND					1FE		1,624,013.00		107.121		1,606,816.07		1,500,000.00		1,623,830.08		(17,014.01	)		(182.00	)		—		—		4.75			3.011	MS		23,750.00		—		12232009		3012015
589331AL1	MERCK & CO INC CORP BND					??		3,502,410.00		107.256		3,721,767.20		3,470,000.00		3,485,439.95		236,327.25			(7,708.00	)		—		—		5.125			4.873	MN		22,723.68		177,838.00		9102007		11152011
589331AP2	MERCK & CO INC CORP BND					1FE		3,909,975.00		103.793		3,892,246.61		3,750,000.00		3,901,680.13		(9,433.52	)		(8,295.00	)		—		—		4			3.192	JD		416.67		77,083.00		8312009		6302015
589331AR8	MERCK & CO INC CORP BND					1FE		8,572,942.00		100.933		8,655,036.65		8,575,000.00		8,573,473.33		81,563.32			531.00			—		—		1.875			1.887	JD		446.61		82,624.00		6222009		6302011
59018YM40	MERRILL LYNCH & CO INC CORP BND					1FE		7,110,670.00		105.245		7,367,146.43		7,000,000.00		7,100,886.20		266,260.23			(9,784.00	)		—		—		5.45			4.942	FA		154,719.44		—		8312009		2052013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN					??		1,660,278.00		107.442		1,665,349.49		1,550,000.00		1,654,682.42		10,667.07			(5,596.00	)		—		—		6.15			3.954	AO		17,476.25		38,438.00		10292009		4252013
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		98.463		3,938,519.88		4,000,000.00		4,002,239.85		(63,719.97	)		(1,501.00	)		—		—		0.482			3.696	JAJO		3,589.64		71,688.00		12242008		7252011
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND					??		3,414,528.00		105.475		3,375,214.84		3,200,000.00		3,414,185.88		(38,971.04	)		(342.00	)		—		—		4.65			3.121	AO		37,200.01		—		12232009		10012014
617446B99	MORGAN STANLEY CORP BND					??		469,255.00		95.475		477,374.99		500,000.00		470,522.79		6,852.20			1,268.00			—		—		0.584			2.096	JAJO		681.78		—		10222009		1092014
617446HC6	MORGAN STANLEY CORP BND					??		12,405,955.00		108.594		12,488,259.29		11,500,000.00		12,260,544.91		227,714.38			(124,500.00	)		—		—		6.6			3.51	AO		189,750.00		429,000.00		8312009		4012012
617446V89	MORGAN STANLEY CORP BND MTN					??		542,275.00		107.824		539,118.27		500,000.00		541,812.86		(2,694.59	)		(462.00	)		—		—		5.75			2.482	FA		9,663.19		—		12162009		8312012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
617446YT0	MORGAN STANLEY CORP BND							??		4,091,096.00		99.525		4,055,643.83		4,075,000.00		4,079,253.41		(23,609.58	)		(4,403.00	)		—		—		0.534		5.5	JAJO		4,473.49		85,483.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND MTN							1FE		9,570,510.00		106.352		9,813,069.24		9,227,000.00		9,531,508.65		281,560.59			(45,242.00	)		—		—		5.625		3.9	JJ		247,975.63		168,750.00		8312009		1092012
61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		13,304,880.00		106.825		13,620,156.01		12,750,000.00		13,276,949.41		343,206.60			(27,931.00	)		—		—		6		5.103	AO		133,875.00		382,500.00		8312009		4282015
61747YCF0	MORGAN STANLEY CORP BND							1FE		321,083.00		107.557		322,671.24		300,000.00		320,330.61		2,340.63			(752.00	)		—		—		6		4.281	MN		2,400.00		9,000.00		10292009		5132014
61757UAH3	MORGAN STANLEY-GTD CORP BND							1FE		27,806,810.00		100.856		28,239,680.84		28,000,000.00		27,854,149.91		385,530.93			47,340.00			—		—		1.95		2.168	JD		16,683.33		500,500.00		3032009		6202012
61757UAL4	MORGAN STANLEY-GTD CORP BND							1FE		3,023,745.00		100.723		3,021,693.93		3,000,000.00		3,020,667.25		1,026.68			(3,078.00	)		—		—		0.554		0.421	FMAN		2,400.93		5,707.00		9022009		2102012
61757UAN0	MORGAN STANLEY-GTD CORP BND							1FE		1,002,110.00		100.508		1,005,084.86		1,000,000.00		1,001,582.42		3,502.44			(528.00	)		—		—		0.454		1.453	MJSD		227.13		7,259.00		4022009		3132012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND							??		6,731,184.00		103.118		6,754,228.28		6,550,000.00		6,690,003.13		64,225.15			(41,181.00	)		—		—		3		1.881	JD		8,187.50		166,121.00		9082009		12162011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		107.835		8,087,643.22		7,500,000.00		7,630,752.72		456,890.50			(24,317.00	)		—		—		5.5		4.964	FA		155,833.34		303,569.00		3232009		8152013
665859AK0	NORTHERN TRUST COMPANY THE CORP BND							1FE		5,263,900.00		105.136		5,256,777.55		5,000,000.00		5,246,447.39		10,330.16			(17,453.00	)		—		—		4.625		3.392	MN		38,541.67		115,625.00		8312009		5012014
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.00		104.824		1,703,392.81		1,625,000.00		1,623,600.30		79,792.51			274.00			—		—		4.125		4.148	FA		26,253.91		33,516.00		2042009		2102014
68389XAB1	ORCALE CORP CORP BND							??		6,378,372.00		100.041		6,387,617.40		6,385,000.00		6,383,653.55		3,963.85			3,695.00			—		—		0.333		4.786	FMAN		2,830.68		80,281.00		7312008		5142010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND							1FE		5,412,790.00		107.387		5,718,365.52		5,325,000.00		5,396,644.27		321,721.25			(16,340.00	)		—		—		4.95		4.5	AO		55,646.25		263,588.00		3052009		4152013
68402LAE4	ORACLE CORP CORP BND							1		6,126,037.00		104.13		6,273,827.26		6,025,000.00		6,063,463.57		210,363.69			(35,659.00	)		—		—		5		4.363	JJ		138,909.73		301,250.00		3062008		1152011
693476AV5	PNC FUNDING CORP CORP BND							1FE		4,144,253.00		100.684		4,153,197.91		4,125,000.00		4,126,918.38		26,279.53			(10,037.00	)		—		—		4.5		4.247	MS		57,234.38		185,625.00		4302008		3102010
693476BE2	PNC FUNDING CORP CORP BND							??		5,258,650.00		105.889		5,294,442.00		5,000,000.00		5,242,410.09		52,031.91			(16,240.00	)		—		—		5.4		4.192	JD		15,750.00		135,750.00		8312009		6102014
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT GUA							1FE		24,515,075.00		101.754		24,929,729.51		24,500,000.00		24,511,895.13		417,834.38			(3,264.00	)		—		—		2.3		2.28	JD		14,087.50		563,500.00		2252009		6222012
69373UAA5	PACCAR INC CORP BND							1FE		6,326,096.00		113.087		6,332,884.71		5,600,000.00		6,275,726.37		57,158.34			(50,370.00	)		—		—		6.875		3.692	FA		145,444.44		—		8312009		2152014
701489AA4	PARKTON RE LTD CORP BND 144A							??		1,750,000.00		104.733		1,832,827.50		1,750,000.00		1,750,000.00		82,827.50			—			—		—		10.5		10.646	MJSD		5,614.58		74,553.00		7232009		5062011
713448BK3	PEPSICO INC SENIOR CORP BND							1FE		19,458,660.00		103.545		20,191,256.88		19,500,000.00		19,465,024.67		726,232.21			6,365.00			—		—		3.75		3.797	MS		243,750.00		363,594.00		2252009		3012014
717081CZ4	PFIZER INC. CORP BND							1FE		499,315.00		105.505		527,527.39		500,000.00		499,480.39		28,047.00			165.00			—		—		4.45		4.5	MS		6,551.39		10,569.00		3172009		3152012
717081DA8	PFIZER INC. CORP BND							1FE		824,948.00		109.022		817,661.42		750,000.00		822,854.79		(5,193.37	)		(2,093.00	)		—		—		5.35		3.302	MS		11,814.58		—		10292009		3152015
717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		102.31		1,611,382.58		1,575,000.00		1,575,000.00		36,382.58			—			—		—		2.204		3.173	MJSD		1,638.95		30,857.00		3172009		3152011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		105.672		6,472,425.25		6,125,000.00		6,113,154.23		359,271.02			3,155.00			—		—		4.875		4.938	MN		37,324.21		298,594.00		5132008		5162013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		856,493.00		113.558		851,684.71		750,000.00		852,777.47		(1,092.76	)		(3,715.00	)		—		—		6.875		3.355	MS		14,895.83		—		10292009		3172014
718507BQ8	CONOCOPHILLIPS CORP BND							1FE		5,386,576.00		103.287		5,102,374.00		4,940,000.00		5,015,303.83		87,070.17			(183,728.00	)		—		—		8.75		4.826	MN		43,225.00		432,250.00		7302008		5252010
724479AF7	PITNEY BOWES INC CORP BND							??		3,167,190.00		105.368		3,161,053.17		3,000,000.00		3,149,651.22		11,401.95			(17,539.00	)		—		—		4.625		2.727	AO		34,687.50		69,375.00		8312009		10012012
742718DA4	PROCTER & GAMBLE COMPANY CORP BND							1FE		3,275,910.00		108.395		3,251,839.14		3,000,000.00		3,258,565.26		(6,726.12	)		(17,345.00	)		—		—		4.95		2.942	FA		56,100.00		—		8312009		8152014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND							1FE		3,571,225.00		102.398		3,583,925.84		3,500,000.00		3,567,222.38		16,703.46			(4,003.00	)		—		—		3.5		3.092	FA		46,277.78		—		8312009		2152015
742718DQ9	PROCTER & GAMBLE COMPANY SENIOR CORP BND							??		2,608,242.00		100.82		2,621,318.00		2,600,000.00		2,607,823.57		13,494.43			(418.00	)		—		—		3.15		3.092	MS		27,982.50		—		8312009		9012015
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO							??		915,000.00		100.144		916,317.51		915,000.00		915,000.00		1,317.51			—			—		—		1.129		3.776	MJSD		574.04		18,218.00		3052008		3122010
771196AN2	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,008,361.00		105.538		14,775,324.62		14,000,000.00		14,020,169.45		755,155.17			11,809.00			—		—		4.5		4.425	MS		210,000.00		294,694.00		10142009		3012012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,613,290.00		107.446		14,505,155.33		13,500,000.00		14,566,576.68		(61,421.35	)		(46,713.00	)		—		—		5		2.968	MS		225,000.00		206,667.00		12212009		3012014
771196AS1	ROCHE HOLDINGS INC CORP BND 144A							1FE		5,536,650.00		110.274		5,513,688.30		5,000,000.00		5,521,250.17		(7,561.87	)		(15,400.00	)		—		—		6		4.593	MS		100,000.00		155,000.00		8312009		3012019
771196AX0	ROCHE HOLDINGS INC CORP BND 144A							??		4,673,625.00		102.108		4,696,968.09		4,600,000.00		4,670,124.99		26,843.10			(3,500.00	)		—		—		2.262		1.26	FMAN		10,693.67		31,447.00		12092009		2252011
78387GAH6	AT&T INC CORP BND							1FE		2,163,060.00		107.88		2,157,594.00		2,000,000.00		2,141,165.94		16,428.06			(21,894.00	)		—		—		5.875		2.382	FA		48,958.33		—		8312009		2012012
78387GAP8	AT&T INC CORP BND							1FE		3,235,500.00		106.787		3,203,596.56		3,000,000.00		3,220,954.02		(17,357.46	)		(14,546.00	)		—		—		5.1		3.392	MS		45,050.00		76,500.00		8312009		9152014
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND							1FE		1,677,383.00		99.985		1,674,744.43		1,675,000.00		1,675,375.38		(630.95	)		(1,742.00	)		—		—		4.875		4.761	MS		23,362.77		81,656.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND							??		49,806.00		101.636		50,817.78		50,000.00		49,953.46		864.32			72.00			—		—		4.875		5.029	FA		920.84		2,438.00		12052007		8152010
828807BU0	SIMON PROPERTY GROUP INC. CORP BND							??		3,232,168.00		104.65		3,374,962.30		3,225,000.00		3,227,559.73		147,402.57			(1,337.00	)		—		—		5.6		5.546	MS		60,200.00		180,600.00		12242008		9012011
842587AB3	SOUTHERN COMPANY CORP BND							??		3,225,440.00		106.573		3,410,327.87		3,200,000.00		3,213,092.13		197,235.74			(5,951.00	)		—		—		5.3		5.086	JJ		78,204.44		169,600.00		10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND							??		1,045,000.00		100.408		1,049,263.57		1,045,000.00		1,045,000.00		4,263.57			—			—		—		0.969		3.511	FMAN		1,181.44		19,803.00		8132008		8202010
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR							1FE		1,023,630.00		102.673		1,026,729.97		1,000,000.00		1,017,638.89		9,091.08			(5,991.00	)		—		—		2.75		1.866	JJ		12,527.78		15,660.00		4082009		1172012
846042AB5	SOVEREIGN BANCORP, INC - GTD CORP BND							??		2,483,688.00		101.888		2,496,256.00		2,450,000.00		2,476,132.81		20,123.19			(7,555.00	)		—		—		2.5		2.052	JD		2,722.22		60,059.00		4022009		6152012
85744RAA0	STATE STREET CORPORATION - (LT CORP BND							??		1,099,472.00		101.351		1,114,860.98		1,100,000.00		1,099,677.58		15,183.40			206.00			—		—		1.85		1.875	MS		5,991.94		9,892.00		3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND							??		1,101,890.00		98.841		1,126,788.76		1,140,000.00		1,117,523.12		9,265.64			9,781.00			—		—		0.381		3.897	JAJO		759.36		19,024.00		4302008		4302012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		2,945,752.00		101.24		2,986,580.16		2,950,000.00		2,946,861.88		39,718.28			1,110.00			—		—		2.15		2.197	AO		10,747.02		41,226.00		3032009		4302012
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR							1FE		2,574,034.00		103.139		2,578,474.80		2,500,000.00		2,558,510.30		19,964.50			(15,523.00	)		—		—		3		1.724	MN		9,375.00		37,500.00		6242009		11162011
88579EAD7	3M COMPANY SENIOR CORP BND							??		4,363,958.00		107.155		4,366,570.24		4,075,000.00		4,327,808.91		38,761.33			(36,149.00	)		—		—		4.65		2.459	JD		8,421.66		94,744.00		7202009		12152012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		5,073,436.00		105.596		5,242,854.71		4,965,000.00		5,003,114.48		239,740.23			(26,133.00	)		—		—		5.45		4.867	MN		32,320.77		270,593.00		2282007		5182011
90333WAA6	US BANK NA CORP BND							1FE		1,439,603.00		107.037		1,471,754.40		1,375,000.00		1,409,206.53		62,547.87			(20,346.00	)		—		—		6.375		4.725	FA		36,523.45		87,656.00		9302008		8012011
90345AAA0	US CENTRAL CREDIT UNION - (LT) CORP BND							1FE		30,297,464.00		99.902		30,200,374.60		30,230,000.00		30,294,307.87		(93,933.27	)		(3,156.00	)		—		—		1.25		1.13	AO		75,575.00		—		11242009		10192011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND							1FE		13,118,336.00		99.942		13,092,402.12		13,100,000.00		13,117,248.62		(24,846.50	)		(1,087.00	)		—		—		1.9		1.851	AO		49,780.00		—		10212009		10192012
911312AG1	UNITED PARCEL SERVICE INC SENIOR CORP BN							1FE		10,836,546.00		105.543		10,712,610.55		10,150,000.00		10,795,678.36		(83,067.81	)		(40,868.00	)		—		—		4.5		2.319	JJ		210,612.50		—		10142009		1152013
91159HGJ3	US BANCORP CORP BND							1FE		4,538,500.00		102.284		4,577,190.79		4,475,000.00		4,492,665.09		84,525.70			(29,800.00	)		—		—		4.5		3.8	JJ		85,025.00		201,375.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN							??		1,365,000.00		100.153		1,367,088.56		1,365,000.00		1,365,000.00		2,088.56			—			—		—		0.678		3.17	FMAN		1,438.56		24,300.00		5012008		5062010
91159HGS3	US BANCORP CORP BND							??		1,250,063.00		99.211		1,240,136.73		1,250,000.00		1,250,062.50		(9,925.77	)		—			—		—		2.125		2.123	FA		8,190.10		—		12162009		2152013
91160HAC1	US BANCORP - (LT) GTD CORP BND							1FE		8,536,249.00		100.575		8,589,104.75		8,540,000.00		8,537,067.61		52,037.14			819.00			—		—		1.8		1.815	MN		19,642.00		78,141.00		5192009		5152012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND							1FE		2,134,718.00		105.713		2,114,265.14		2,000,000.00		2,081,408.92		32,856.22			(53,309.00	)		—		—		6.35		2.767	MS		42,333.34		63,500.00		3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							??		799,383.00		108.386		834,574.45		770,000.00		789,807.57		44,766.88			(7,698.00	)		—		—		6.1		4.936	MN		6,001.72		46,970.00		9242008		5152012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,008.00		104.274		4,499,412.66		4,315,000.00		4,366,245.57		133,167.09			(43,705.00	)		—		—		5.35		4.254	FA		87,210.94		230,853.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND							1FE		4,955,062.00		105.409		4,848,794.18		4,600,000.00		4,739,699.23		109,094.95			(136,674.00	)		—		—		7.25		3.837	JD		27,791.67		333,500.00		3132009		12012010
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		590,368.00		115.121		633,167.77		550,000.00		589,060.39		44,107.38			(1,308.00	)		—		—		7.375		5.32	MN		5,182.99		20,281.00		11102009		11152013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		8,237,052.00		106.611		8,742,077.00		8,200,000.00		8,235,164.61		506,912.39			(1,887.00	)		—		—		5.25		5.027	FA		179,375.01		—		11102009		2012012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		14,649,628.00		108.961		15,935,575.06		14,625,000.00		14,652,005.16		1,283,569.90			2,377.00			—		—		5.55		5.49	FA		338,203.15		—		12162009		2012014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		1,800,000.00		103.394		1,861,091.95		1,800,000.00		1,800,000.00		61,091.95			—			—		—		2.869		3.025	FMAN		6,025.03		13,915.00		11102009		5202011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		14,216,412.00		103.152		14,673,428.48		14,225,000.00		14,217,320.76		456,107.72			909.00			—		—		3.75		3.79	MN		60,752.61		263,755.00		11102009		5202011
92976WBA3	WACHOVIA CORPORATION CORP BND MTN							??		527,500.00		107.726		538,629.31		500,000.00		518,715.87		19,913.44			(4,706.00	)		—		—		5.7		4.556	FA		11,875.00		28,500.00		1312008		8012013
92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND							1FE		427,674.00		106.265		425,058.68		400,000.00		426,388.97		(1,330.29	)		(1,285.00	)		—		—		5.5		3.389	MN		3,666.67		11,000.00		10292009		5012013
931142CL5	WAL-MART STORES INC CORP BND							1FE		5,340,950.00		106.014		5,300,708.40		5,000,000.00		5,310,478.74		(9,770.34	)		(30,471.00	)		—		—		4.25		2.277	AO		44,861.11		106,250.00		8312009		4152013
931142CQ4	WAL-MART STORES INC CORP BND							1FE		7,639,019.00		101.67		7,676,083.72		7,550,000.00		7,633,156.70		42,927.02			(5,862.00	)		—		—		3.2		2.929	MN		30,871.11		116,773.00		8312009		5152014
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.00		107.588		6,697,340.50		6,225,000.00		6,207,196.98		490,143.52			4,483.00			—		—		4.875		4.963	FA		126,445.32		315,270.00		7142008		8012013
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND GOV							??		5,293,799.00		103.17		5,468,009.89		5,300,000.00		5,293,799.00		174,210.89			—			—		—		3		3.658	JD		9,716.66		158,558.00		12032008		12092011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP							??		6,941,313.00		101.747		6,918,769.48		6,800,000.00		6,922,023.26		(3,253.78	)		(19,289.00	)		—		—		1.107		0.242	MJSD		4,807.39		19,918.00		9082009		12092011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND							1FE		829,784.00		101.31		840,873.04		830,000.00		829,824.96		11,048.08			41.00			—		—		2.125		2.134	JD		783.89		12,493.00		3252009		6152012
949746NB3	WELLS FARGO BANK CORP BND							??		4,157,600.00		103.236		4,129,430.84		4,000,000.00		4,119,436.66		9,994.18			(38,163.00	)		—		—		4.875		1.932	JJ		91,541.67		—		8312009		1122011
949746NW7	WELLS FARGO FINANCIAL INC CORP BND							1FE		5,323,000.00		106.887		5,344,331.35		5,000,000.00		5,289,968.27		54,363.08			(33,032.00	)		—		—		5.25		3.077	AO		49,583.33		131,250.00		8312009		10232012
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		797,552.00		103.148		825,186.89		800,000.00		798,428.64		26,758.25			466.00			—		—		4.375		4.444	JJ		14,680.56		35,000.00		1252008		1312013
949748AF4	WELLS FARGO BANK CORP BND BKNT							1FE		22,524,368.00		104.419		22,371,873.39		21,425,000.00		22,228,059.21		143,814.18			(263,351.00	)		—		—		6.45		2.909	FA		575,796.88		129,000.00		8312009		2012011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		5,709,540.00		102.715		6,162,870.00		6,000,000.00		5,937,105.29		225,764.71			72,895.00			—		—		3.98		5.299	AO		41,126.67		238,800.00		9072006		10292010
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND							1FE		804,015.00		106.969		802,265.97		750,000.00		800,486.65		1,779.32			(3,528.00	)		—		—		5.5		2.781	FA		17,187.50		—		10202009		8012012
94980VAA6	WELLS FARGO & COMPANY CORP BND							1FE		10,003,700.00		102.08		10,207,992.60		10,000,000.00		10,003,700.00		204,292.60			—			—		—		4.75		4.742	FA		187,361.11		—		8312009		2092015
94980VAE8	WELLS FARGO BANK CORP BND							1FE		11,149,520.00		103.813		11,231,517.33		10,819,000.00		11,137,981.39		93,535.94			(11,539.00	)		—		—		5.75		5.2	MN		79,489.60		311,046.00		8312009		5162016
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND							1FE		2,696,625.00		99.455		2,685,285.05		2,700,000.00		2,696,807.33		(11,522.28	)		182.00			—		—		1.75		1.793	MN		7,743.75		—		10282009		11022012
983024AE0	WYETH CORP BND							1FE		8,223,875.00		109.172		8,187,871.20		7,500,000.00		8,173,697.71		14,173.49			(50,177.00	)		—		—		5.5		3.139	FA		171,875.00		11,250.00		9012009		2012014
BRS66CUU5	BLUE FIN LTD CORP BND 144A			O		1		??		2,498,475.00		89.385		2,564,902.57		2,000,000.00		2,501,874.45		50,673.83			3,399.00			—		12,354.29		5.294		11.646	JAJO		35,867.95		—		12182009		4102012
U36964ED9	GE CAPITAL CORP CORP BND EMTN							??		14,469,840.00		104.943		14,692,020.14		14,000,000.00		14,410,415.43		281,604.71			(59,425.00	)		—		—		5.25		3.758	FEB		632,916.67		—		8312009		2212012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				??		742,349.00		105.805		897,011.42		525,000.00		742,941.18		54,291.26			592.00			—		99,778.98		5.5		5.634	MAR		38,708.29		—		2252009		3042015
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,543.00		108.396		449,844.11		415,000.00		428,143.18		21,700.93			(6,921.00	)		—		—		6.375		4.508	AO		5,585.21		26,456.00		8132008		10152011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		325,323.00		104.272		323,243.89		310,000.00		324,537.24		(1,293.35	)		(786.00	)		—		—		4.4		2.856	MS		4,016.22		—		10222009		3152013
20825UAB0	CONOCO INC CORP BND			A				1FE		1,491,704.00		108.817		1,523,436.10		1,400,000.00		1,447,576.45		75,859.65			(25,109.00	)		—		—		6.35		4.35	AO		18,767.78		88,900.00		4212008		10152011
780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		7,769,978.00		105.878		7,751,328.24		7,321,000.00		7,661,551.71		89,776.53			(88,848.00	)		—		—		5.65		2.565	JJ		184,987.44		131,137.00		8312009		7202011
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				1FE		5,156,500.00		103.116		5,155,799.85		5,000,000.00		5,136,626.31		19,173.54			(19,874.00	)		—		—		3.25		2.002	AO		40,173.61		81,250.00		8312009		4022012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
00254EBP6	SWEDISH EXPORT CREDIT CORP CORP BND GMT			F				??		30,384,420.00		105.793		30,151,004.72		28,500,000.00		30,080,469.94		70,534.78			(303,950.00	)		—		—			4.875		1.629	MS		355,062.50		694,688.00		8312009		9292011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP B			F				??		8,964,780.00		105.771		8,990,535.34		8,500,000.00		8,946,709.41		43,825.93			(18,071.00	)		—		—			5.125		4.266	MS		145,208.33		217,813.00		8312009		3012017
00254EJE3	SWEDISH EXPORT CREDIT CORP SENIOR CORP B			F				??		2,297,884.00		100.272		2,306,256.07		2,300,000.00		2,298,000.17		8,255.90			116.00			—		—			3.25		3.27	MS		21,802.08		—		9092009		9162014
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND			F				1FE		14,824,071.00		99.503		14,726,443.71		14,800,000.00		14,824,023.46		(97,579.75	)		(47.00	)		—		—			3.2		3.163	MN		76,302.22		—		12142009		11032014
008281AX5	AFRICAN DEVELOPMENT BANK CORP BND			F				??		5,037,500.00		100.64		5,031,999.95		5,000,000.00		5,035,105.08		(3,105.13	)		(2,395.00	)		—		—			3		2.829	MN		14,166.67		75,000.00		8312009		5272014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F				??		4,752,518.00		100.076		4,753,609.81		4,750,000.00		4,752,158.98		1,450.83			(359.00	)		—		—			0.408		0.612	JAJO		3,823.38		7,648.00		7242009		7222012
046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		6,629,590.00		109.133		6,602,564.23		6,050,000.00		6,567,032.06		35,532.17			(62,558.00	)		—		—			5.4		2.127	MS		96,195.00		163,350.00		8312009		9152012
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,239,400.00		105.944		4,237,754.20		4,000,000.00		4,218,309.67		19,444.53			(21,090.00	)		—		—			4.8		3.042	AO		40,533.33		96,000.00		8312009		4152013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		1,147,425.00		109.52		1,149,958.85		1,050,000.00		1,143,924.59		6,034.26			(3,500.00	)		—		—			5.5		3.228	AO		14,437.50		—		10292009		4012014
055654AB3	SANT CENTR HISP CORP BND			F				??		5,268,216.00		104.786		5,082,103.40		4,850,000.00		4,964,015.22		118,088.18			(157,803.00	)		—		—			7.625		4.171	MS		109,916.49		369,813.00		1092008		9142010
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		12,118,150.00		109.028		11,993,059.87		11,000,000.00		12,112,066.12		(119,006.25	)		(6,084.00	)		—		—			5.25		2.478	MN		86,625.01		—		12212009		11072013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,579.00		103.011		7,236,517.49		7,025,000.00		7,024,688.89		211,828.60			110.00			—		—			3.125		3.127	MS		67,688.80		109,766.00		3052009		3102012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		22,150,590.00		103.003		22,145,652.74		21,500,000.00		22,114,191.21		31,461.53			(36,399.00	)		—		—			3.875		3.272	MS		256,880.21		416,563.00		8312009		3102015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		1,555,770.00		102.772		1,541,585.66		1,500,000.00		1,555,308.30		(13,722.64	)		(462.00	)		—		—			3.625		2.72	MN		8,005.21		—		12152009		5082014
05565QBM9	BP CAPITAL MARKETS PLC CORP BND			F				??		10,037,800.00		100.646		10,064,617.20		10,000,000.00		10,031,400.30		33,216.90			(6,400.00	)		—		—			1.55		1.352	FA		60,277.78		—		8312009		8112011
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				??		1,355,000.00		100.189		1,357,560.99		1,355,000.00		1,355,000.00		2,560.99			—			—		—			0.705		3.126	MJSD		742.99		21,421.00		5282008		6042010
05567LWH6	BNP PARIBAS CORP BND			F				??		545,000.00		100.074		545,403.25		545,000.00		545,000.00		403.25			—			—		—			0.576		3.137	MJSD		191.82		7,873.00		9052008		3102010
05567MAA3	BNP PARIBAS CORP BND 144A			F				??		7,761,440.00		101.728		8,138,242.80		8,000,000.00		7,773,879.38		364,363.42			12,439.00			—		—			4.8		5.403	JD		7,466.67		192,000.00		8312009		6242015
06738GUZ1	BARCLAYS BANK PLC CORP BND			F				??		17,114,240.00		107.947		17,271,579.52		16,000,000.00		16,995,076.79		276,502.73			(119,163.00	)		—		—			5.45		3.027	MS		264,022.22		436,000.00		8312009		9122012
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		528,417.00		106.449		532,243.01		500,000.00		527,381.62		4,861.39			(1,035.00	)		—		—			5.2		3.869	JJ		12,350.00		—		10212009		7102014
20272BAA2	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				??		10,242,816.00		101.392		10,139,199.80		10,000,000.00		10,233,024.67		(93,824.87	)		(9,791.00	)		—		—			2.4		1.234	JJ		112,666.67		—		11242009		1122012
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR CO			F				1FE		15,447,802.00		98.798		15,293,929.94		15,480,000.00		15,449,565.64		(155,635.70	)		1,764.00			—		—			2.9		2.945	MS		129,688.00		—		9102009		9172014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,341.00		100.968		7,395,883.80		7,325,000.00		7,324,386.24		71,497.56			45.00			—		—			2.75		2.753	AO		42,525.68		—		10082009		10152012
22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		11,307,687.00		108.009		11,342,013.33		10,501,000.00		11,254,582.34		87,430.99			(53,104.00	)		—		—			5.5		3.692	MN		96,259.17		283,965.00		8312009		5012014
22546QAC1	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		3,090,690.00		101.941		3,058,244.25		3,000,000.00		3,089,651.63		(31,407.38	)		(1,038.00	)		—		—			5.3		4.906	FA		60,950.00		—		10292009		8132019
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F				1FE		16,463,025.00		106.395		16,707,226.64		15,703,000.00		16,398,894.50		308,332.14			(64,131.00	)		—		—			5		3.592	MN		100,324.72		392,575.00		8312009		5152013
23636UAA5	DANSKE BANK A/S CORP BND 144A			F				??		9,236,403.00		101.285		9,368,862.87		9,250,000.00		9,238,612.27		130,250.60			2,210.00			—		—			2.5		2.554	MN		32,760.42		83,520.00		6232009		5102012
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				??		826,755.00		103.387		775,406.17		750,000.00		759,846.76		15,559.41			(20,908.00	)		—		—			8.5		5.524	JD		2,833.33		63,750.00		2132006		6152010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		1,426,581.00		103.282		1,451,107.47		1,405,000.00		1,412,922.13		38,185.34			(9,832.00	)		—		—			5		4.254	AO		15,415.97		70,250.00		7312008		10122010
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		6,556,040.00		108.943		6,536,578.20		6,000,000.00		6,529,950.73		6,627.47			(26,089.00	)		—		—			5.5		3.166	JJ		143,305.55		—		12302009		1262014
268317AB0	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		3,967,600.00		112.833		3,949,149.68		3,500,000.00		3,954,381.40		(5,231.72	)		(13,219.00	)		—		—			6.5		4.723	JJ		97,012.50		—		8312009		1262019
282645AQ3	EKSPORTFINANS AS CORP BND			F				??		5,322,950.00		106.846		5,342,300.05		5,000,000.00		5,309,306.69		32,993.36			(13,643.00	)		—		—			5.5		4.381	MN		27,500.00		137,500.00		8312009		5252016
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1FE		5,381,150.00		108.084		5,404,198.05		5,000,000.00		5,345,379.08		58,818.97			(35,771.00	)		—		—			5.7		3.292	JJ		131,416.67		—		8312009		1152013
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1FE		504,685.00		101.405		507,023.28		500,000.00		504,546.33		2,476.95			(139.00	)		—		—			3.875		3.665	AO		4,520.83		—		10292009		10072014
298785DP8	EUROPEAN INVESTMENT BANK CORP BND			F				??		11,407,110.00		102.062		11,226,820.66		11,000,000.00		11,274,435.40		(47,614.74	)		(132,674.00	)		—		—			4.125		0.557	MS		133,604.17		226,875.00		8312009		9152010
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				??		10,241,815.00		107.059		10,117,076.07		9,450,000.00		10,202,057.74		(84,981.67	)		(39,758.00	)		—		—			4.625		3.114	AO		86,198.44		218,531.00		8312009		10202015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F				??		29,002,860.00		106.195		28,672,650.00		27,000,000.00		28,630,232.19		42,417.81			(372,628.00	)		—		—			5.25		1.052	JD		63,000.00		708,750.00		8312009		6152011
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				??		19,954,400.00		102.815		20,563,002.00		20,000,000.00		19,982,745.86		580,256.14			14,855.00			—		—			3.25		3.329	FA		245,555.56		650,000.00		1072008		2152011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,887,520.00		103.577		4,039,503.12		3,900,000.00		3,892,646.17		146,856.95			3,940.00			—		—			3.25		3.36	AO		27,110.42		126,750.00		8262008		10142011
298785ET9	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		9,870,875.00		102.517		9,944,148.80		9,700,000.00		9,834,308.34		109,840.46			(36,567.00	)		—		—			2.625		1.868	MN		32,535.42		127,313.00		6192009		11152011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F				??		5,080,900.00		101.241		5,062,049.50		5,000,000.00		5,075,373.12		(13,323.62	)		(5,527.00	)		—		—			3		2.624	AO		34,583.33		75,000.00		8312009		4082014
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00		107.327		5,849,336.27		5,450,000.00		5,632,314.25		217,022.02			(149,159.00	)		—		—			7.75		4.756	MS		140,791.66		422,375.00		2252008		3012011
45074GAA8	IBERDROLA FINANCE IRELAND LTD CORP BND 1			F				1FE		503,070.00		100.461		502,306.75		500,000.00		502,982.22		(675.47	)		(88.00	)		—		—			3.8		3.66	MS		5,805.56		—		10292009		9112014
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A			F				??		10,247,790.00		101.811		10,181,098.90		10,000,000.00		10,225,094.16		(43,995.26	)		(22,696.00	)		—		—			2.625		1.534	FA		103,541.67		—		10072009		2092012
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				??		7,513,056.00		104.046		7,491,311.86		7,200,000.00		7,486,955.63		4,356.23			(26,100.00	)		—		—			3.5		2.314	JJ		121,100.00		—		8312009		7082013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND			F				??		5,516,150.00		108.823		5,441,149.90		5,000,000.00		5,493,972.94		(52,823.04	)		(22,177.00	)		—		—			5.125		3.459	MS		76,875.00		128,125.00		8312009		9132016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		27,574,473.00		107.771		27,567,822.82		25,580,000.00		27,365,236.99		202,585.83			(209,236.00	)		—		—			4.75		2.164	AO		243,010.00		607,525.00		8312009		10192012
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F				1FE		4,371,719.00		100.812		4,410,524.83		4,375,000.00		4,372,570.07		37,954.76			851.00			—		—			1.5		1.538	JD		1,622.60		32,813.00		6162009		6232011
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR COR			F				??		6,250,980.00		103.584		6,215,040.00		6,000,000.00		6,244,882.14		(29,842.14	)		(6,098.00	)		—		—			3.125		0.918	MN		23,958.34		—		12102009		11152011
478160AP9	J & J MEDICAL CORP BND			R				??		4,921,425.00		108.84		4,897,813.59		4,500,000.00		4,874,998.59		22,815.00			(46,426.00	)		—		—			5.15		1.877	FA		87,550.00		—		8312009		8152012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				??		4,203,150.00		100.158		4,191,612.18		4,185,000.00		4,198,905.17		(7,292.99	)		(4,245.00	)		—		—			0.532		0.648	MJSD		1,853.82		16,545.00		8192009		3022011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		21,218,102.00		105.354		21,070,799.20		20,000,000.00		21,144,328.36		(73,529.16	)		(73,773.00	)		—		—			4.125		2.838	AO		174,166.67		412,500.00		9022009		10152014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND			F				1FE		9,468,811.00		104.143		9,372,869.82		9,000,000.00		9,355,633.24		17,236.58			(113,177.00	)		—		—			4.625		0.844	JJ		186,156.25		—		8312009		1202011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		3,192,160.00		104.073		3,330,335.94		3,200,000.00		3,196,009.60		134,326.34			2,561.00			—		—			3.75		3.837	JD		1,333.33		120,000.00		6192008		6272011
500769DG6	KFW GROUP CORP BND			F				1FE		10,167,600.00		101.59		10,159,000.40		10,000,000.00		10,146,393.77		12,606.63			(21,206.00	)		—		—			2.25		1.596	AO		46,875.00		112,500.00		8312009		4162012
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				??		9,750,000.00		100.08		9,757,800.00		9,750,000.00		9,750,000.00		7,800.00			—			—		—			7.75		7.824	MJSD		18,890.63		—		12182009		1082013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		6,037,356.00		99.947		6,046,793.44		6,050,000.00		6,038,480.43		8,313.01			1,125.00			—		—			1.875		1.947	MS		30,565.10		—		9152009		9242012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F				??		20,428,846.00		102.378		20,711,068.99		20,230,000.00		20,413,302.93		297,766.06			(15,543.00	)		—		—			3		2.597	MN		91,035.00		240,000.00		12112009		5072012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A			F				??		5,105,375.00		101.671		5,083,549.50		5,000,000.00		5,101,564.37		(18,014.87	)		(3,811.00	)		—		—			1.287		0.393	JAJO		16,443.86		—		11252009		4022012
54313TAA3	LONGPOINT RE LTD CORP BND 144A			F				??		2,500,000.00		100.047		2,501,175.00		2,500,000.00		2,500,000.00		1,175.00			—			—		—			5.4		5.436	MJSD		5,250.00		—		12142009		12242012
54313TAB1	LONGPOINT RE LTD CORP BND 144A			F				3FE		3,000,000.00		100.052		3,001,560.00		3,000,000.00		3,000,000.00		1,560.00			—			—		—			5.4		5.436	MJSD		6,300.00		—		12142009		12242013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A			F				1FE		4,699,395.00		104.517		4,703,264.91		4,500,000.00		4,684,851.04		18,413.87			(14,544.00	)		—		—			4.1		2.992	JD		7,175.00		92,250.00		8312009		12172013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A			F				??		3,561,600.00		101.74		3,560,900.18		3,500,000.00		3,553,150.12		7,750.06			(8,450.00	)		—		—			2.6		1.842	JJ		40,697.22		—		8312009		1202012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND			F				1FE		6,439,323.00		100.611		6,539,714.48		6,500,000.00		6,443,655.49		96,058.99			4,333.00			—		—			3.3		3.508	JJ		97,716.67		—		8132009		7172014
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A			F				??		4,750,000.00		100.523		4,774,842.50		4,750,000.00		4,750,000.00		24,842.50			—			—		—			11.5		11.663	JAJO		119,871.53		—		10082009		10192012
62864WAB0	EAST LANE RE III LTD CORP BND 144A			F				??		10,000,000.00		107.885		10,788,500.00		10,000,000.00		10,000,000.00		788,500.00			—			—		—			12.254		13.55	FMAN		108,927.82		928,873.00		3132009		3202012
62914AAB8	NIBC BANK NV - GTD CORP BND 144A			F				??		5,088,882.00		100		5,100,000.00		5,100,000.00		5,089,053.83		10,946.17			172.00			—		—			2.8		2.847	JD		11,503.33		—		11242009		12022014
6325C0AR2	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				??		5,717,131.00		107.67		5,858,339.93		5,441,000.00		5,694,504.04		163,835.89			(22,627.00	)		—		—			5.35		3.892	JD		15,363.27		145,547.00		8312009		6122013
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		5,071,300.00		101.107		5,055,350.10		5,000,000.00		5,067,215.27		(11,865.17	)		(4,085.00	)		—		—			3.375		3.05	JJ		81,093.75		—		8312009		7082014
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				??		9,054,500.00		103.254		9,034,737.51		8,750,000.00		9,034,627.57		109.94			(19,872.00	)		—		—			4.2		3.392	MN		49,000.00		183,750.00		8312009		5132014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND 14			F				1FE		15,094,800.00		100.788		15,118,186.50		15,000,000.00		15,084,214.24		33,972.26			(10,586.00	)		—		—			2.65		2.422	FA		147,958.33		—		8312009		8172012
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F				1F		5,000,000.00		100.025		5,001,250.00		5,000,000.00		5,000,000.00		1,250.00			—			—		—			6.25		6.297	JAJO		868.06		—		12152009		1072011
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				??		2,540,825.00		101.354		2,533,849.73		2,500,000.00		2,538,299.84		(4,450.11	)		(2,525.00	)		—		—			0.973		0.514	FMAN		3,376.74		7,403.00		11022009		5112012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND			F				1FE		22,880,250.00		101.486		22,834,350.00		22,500,000.00		22,835,358.20		(1,008.20	)		(44,892.00	)		—		—			2.625		1.975	MN		80,390.63		295,313.00		8312009		5112012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				??		1,996,200.00		99.611		1,992,220.00		2,000,000.00		1,996,530.24		(4,310.24	)		330.00			—		—			1.45		1.548	AO		5,719.44		—		10232009		10202011
822582AA0	SHELL INTL FINAN CORP BND			F				??		3,910,694.00		106.52		4,047,751.75		3,800,000.00		3,845,915.98		201,835.77			(29,134.00	)		—		—			5.625		4.773	JD		2,375.00		213,750.00		9102007		6272011
822582AB8	SHELL INTL FINAN CORP BND			F				1FE		5,398,900.00		107.022		5,351,105.90		5,000,000.00		5,347,278.21		3,827.69			(51,622.00	)		—		—			4.95		1.747	MS		68,062.50		123,750.00		8312009		3222012
833656AH4	SOCIETE FINANCEMENT DE L ECONO SENIOR CO			F				1FE		8,355,060.00		99.126		8,326,583.92		8,400,000.00		8,357,403.53		(30,819.61	)		2,344.00			—		—			2.875		2.991	MS		66,412.50		—		9152009		9222014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		99.815		299,445.28		300,000.00		303,668.72		(4,223.44	)		(21.00	)		—		—			2.9		2.626	AO		1,836.67		—		12162009		10152014
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		103.54		7,144,260.07		6,900,000.00		7,050,981.78		93,278.29			(9,857.00	)		—		—			4.875		4.328	JD		19,621.88		168,188.00		8312009		6102014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND			F				1FE		3,925,166.00		99.723		3,919,113.90		3,930,000.00		3,925,633.88		(6,519.98	)		468.00			—		—			2.875		2.918	MS		33,582.39		—		9092009		9142012
90261XBY7	UBS AG (STAMFORD BRANCH) CORP BND			F				1FE		4,695,950.00		100.714		5,035,692.60		5,000,000.00		4,708,074.52		327,618.08			12,125.00			—		—			5.875		7.003	JJ		135,451.39		—		8312009		7152016
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00		100.748		5,037,415.85		5,000,000.00		5,014,977.74		22,438.11			(120,168.00	)		—		—			7.75		5.236	FA		146,388.89		387,500.00		2272007		2152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				??		2,968,684.00		105.909		3,203,737.23		3,025,000.00		2,984,814.53		218,922.70			13,269.00			—		—			5.4		5.929	AO		40,837.50		163,350.00		12242008		10012012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				??		984,970.00		101.899		1,013,894.78		995,000.00		991,351.09		22,543.69			4,017.00			—		—			4.375		4.811	MN		5,562.33		43,531.00		5202008		11152010
961214BH5	WESTPAC BANKING SENIOR CORP BND			F				1FE		5,026,350.00		101.426		5,071,306.25		5,000,000.00		5,024,918.12		46,388.13			(1,432.00	)		—		—			4.2		4.092	FA		72,333.33		—		8312009		2272015
9612EAAB1	WESTPAC SECURITIES NZ LTD - ( SENIOR CO			F				??		3,139,587.00		101.113		3,134,502.97		3,100,000.00		3,137,120.76		(2,617.79	)		(2,466.00	)		—		—			3.45		3.167	JJ		45,453.75		—		8312009		7282014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A			F				??		14,959,113.00		103.092		14,948,340.43		14,500,000.00		14,887,282.25		61,058.18			(71,831.00	)		—		—			3.25		1.853	JD		19,635.42		235,625.00		8132009		12162011
BRS4F0R06	DANSKE BANK A/S CORP BND			D				??		1,879,788.00		102.535		1,572,993.18		950,000.00		1,878,429.53		38,308.19			(1,004.00	)		—		(343,744.54	)		6.25		6.087	JUL		41,504.96		97,942.00		5062008		7272010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		??		827,691.00		104.101		672,427.93		400,000.00		827,911.16		26,962.05			60.00			—		(182,445.28	)		6.375		6.387	FA		15,907.37		39,493.00		11282007		8132017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				??		6,545,425.00		106.034		5,650,554.50		3,300,000.00		6,559,836.65		339,243.31			9,101.00			—		(1,248,525.46	)		4.875		4.978	MAR		213,525.20		194,598.00		4222008		3072012
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		15,146,935.00		100.686		15,102,900.75		15,000,000.00		15,137,779.42		(34,878.67	)		(9,155.00	)		—		—			2.5		2.204	MAY		221,875.00		—		9302009		5282013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				??		3,688,345.00		101.012		3,588,619.47		2,200,000.00		3,687,148.51		(2,461.48	)		(1,197.00	)		—		(96,067.56	)		3		2.668	SEP		37,960.04		—		11112009		9092013

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				??		4,140,525.00		106.582		3,442,293.06		2,000,000.00		4,141,803.94		213,210.93			361.00			—		(912,721.81	)		5.25		5.193	JAN		164,449.25		155,831.00			11282007		1122012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		17,230,404.00		105.558		17,205,953.84		16,300,000.00		17,142,811.44		63,142.40			(87,593.00	)		—		—			4.375		2.567	JAN		685,392.36		—			8312009		1152013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				??		294,146.00		102.75		308,249.81		300,000.00		298,466.28		9,783.53			1,757.00			—		—			4.75		5.324	NOV		2,335.42		14,250.00			6302007		11022010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		4,099,836.00		103.066		4,225,706.08		4,100,000.00		4,100,141.48		125,564.60			123.00			—		—			3.125		3.099	JUN		69,756.94		138,802.00			7092008		6152011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				??		53,888,500.00		106.775		53,387,497.00		50,000,000.00		53,197,546.40		189,950.60			(690,954.00	)		—		—			5.5		1.305	JUL		1,222,222.22		—			8312009		7212011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				??		28,086,820.00		106.729		28,283,183.94		26,500,000.00		27,898,409.90		384,774.04			(188,410.00	)		—		—			5.125		2.806	MAY		796,012.15		—			8312009		5312012
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				??		693,074.00		100.022		700,154.54		700,000.00		699,865.35		289.19			2,723.00			—		—			4.875		5.218	JAN		32,442.12		34,125.00			6302007		1192010
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		??		2,607,685.00		98.096		2,138,545.37		1,350,000.00		2,616,691.49		(19,061.54	)		4,331.00			—		(459,084.58	)		5.25		5.406	APR		79,959.96		103,626.00			1142008		4212015
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			D				??		1,383,429.00		100.639		1,137,622.54		700,000.00		1,450,195.26		7,004.17			(1,769.00	)		—		(319,576.89	)		5.75		5.536	FEB		55,025.46		57,809.00			1152008		2262010
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				??		1,890,267.00		103.427		1,503,167.99		900,000.00		1,872,609.19		43,222.28			(8,782.00	)		—		(412,663.48	)		6.8		6.176	NOV		8,784.78		100,919.00			11282007		11292010
G2927DAC4	DUBAI HOLDING COMMERICAL OPERA CORP BND			F				??		8,935,822.00		62.5		6,856,250.00		10,970,000.00		9,193,442.81		(2,337,192.81	)		257,621.00			—		—			0.656		9.402	FMAN		11,987.10		23,796.00			8312009		2012012
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				??		911,019.00		101.01		897,139.59		550,000.00		911,060.50		11,339.09			41.00			—		(25,260.00	)		5.125		5.107	NOV		6,235.42		—			11062009		11112016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				??		5,101,200.00		103.499		5,174,949.65		5,000,000.00		5,089,824.14		85,125.51			(11,376.00	)		—		—			5.5		4.647	JUN		149,722.22		—			8312009		6152012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		??		2,622,227.00		103.226		2,250,378.24		1,350,000.00		2,651,210.85		64,308.21			14,476.00			—		(465,140.82	)		5.75		6.218	JUN		64,565.24		128,205.00			1142008		6272017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				??		2,216,051.00		103.899		2,181,155.85		1,300,000.00		2,200,785.93		23,133.47			(15,265.00	)		—		(42,763.55	)		4		2.441	NOV		10,352.74		87,337.00			6302009		11172011
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		??		1,963,292.00		101.43		1,605,180.02		980,000.00		1,988,183.43		55,128.96			12,008.00			—		(438,132.37	)		4.625		5.35	FA		30,279.87		70,904.00			11282007		2032013
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				??		10,369,700.00		103.392		10,339,199.10		10,000,000.00		10,338,204.02		995.08			(31,496.00	)		—		—			3.5		2.451	JUN		188,611.11		—			8312009		6172013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND			D				??		2,217,335.00		104.108		2,185,537.94		1,300,000.00		2,201,775.15		26,545.56			(15,560.00	)		—		(42,782.77	)		4.125		2.53	NOV		10,913.09		89,943.00			6302009		11142011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				??		1,980,725.00		107.144		1,643,698.62		950,000.00		1,950,883.41		81,435.76			(17,078.00	)		—		(388,620.55	)		5.5		4.437	DEC		5,779.18		85,842.00			3102008		12072011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				??		687,853.00		101.852		712,963.98		700,000.00		694,751.90		18,212.08			2,785.00			—		—			5		5.388	OCT		8,458.33		35,000.00			6302007		10042011
N0265DAF3	ABN AMRO BANK N.V. CORP BND EMTN			D				??		709,150.00		100.333		567,080.35		350,000.00		724,558.70		2,191.33			7,526.00			—		(159,669.68	)		4.875		5.899	JAN		26,119.10		23,826.00			11282007		1202010
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F				??		12,812,172.00		103.71		12,756,329.88		12,300,000.00		12,686,559.78		69,770.10			(125,612.00	)		—		—			5.125		1.945	JAN		623,370.83		—			8312009		1052011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND EMT			F				??		15,921,300.00		107.169		16,075,349.85		15,000,000.00		15,860,646.27		214,703.58			(60,653.00	)		—		—			5		3.526	MAY		468,750.00		—			8312009		5162014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				??		5,441,401.00		108.976		5,448,799.90		5,000,000.00		5,384,842.38		63,957.52			(56,558.00	)		—		—			6		2.398	MAR		229,166.67		—			8312009		3262012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND EMT			F				??		5,478,027.00		103.474		5,484,121.95		5,300,000.00		5,463,211.50		20,910.45			(14,815.00	)		—		—			3.75		2.802	JUL		91,645.83		—			8312009		7152013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN			D				??		813,092.00		100.963		815,197.03		500,000.00		813,267.48		11,313.22			175.00			—		(9,383.67	)		4		4.047	SEP		9,998.80		—			9032009		9102015
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				??		1,733,854.00		101.898		1,439,818.09		875,000.00		1,765,576.38		35,936.21			17,726.00			—		(361,694.50	)		4.625		5.637	AUG		24,528.99		66,005.00			3132008		8172010
N8155ZAC7	SOVRISC CORP BND			F				??		7,162,064.00		102.728		7,190,957.41		7,000,000.00		7,130,227.18		60,730.23			(31,837.00	)		—		—			5.25		3.8	AO		62,270.83		183,750.00			8312009		4302011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			D				??		1,703,032.00		102.373		1,405,197.72		850,000.00		1,741,588.64		47,399.80			19,566.00			—		(383,790.72	)		4.625		5.752	DEC		3,478.56		63,814.00			11282007		12122010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		??		896,199.00		101.835		740,019.53		450,000.00		903,009.87		36,004.31			3,242.00			—		(198,994.65	)		5.5		6.058	DEC		1,423.51		34,827.00			11282007		12192016
030612AB1	AMCAR 06-RM ABS 06-RM A2					2		??		536,856.00		100.969		542,158.61		536,955.51		536,296.18		5,862.43			14.00			—		—			5.42		5.488	MON		2,021.04		29,103.00			5092006		8082011
07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			882,310.00		91.107		803,846.93		882,309.86		882,309.86		(78,462.93	)		—			—		—			0.381		0.382	MON		37.38		4,486.00			8082006		8252036
12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			941,475.00		95.22		896,402.62		941,401.62		941,411.40		(45,008.78	)		(18.00	)		—		—			0.311		0.307	MON		32.56		4,115.00			1292007		5252010
13974AAD4	CARAT ABS 06-SN1A 144A					2		??		—				—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
23383VDK3	DCAT ABS 06-A A4					2		1FE		1,200,643.00		100.631		1,208,517.40		1,200,933.86		1,200,915.92		7,601.48			26.00			—		—			5.01		5.07	MON		3,843.99		60,167.00			2282006		1082011
23383WAD0	DCAT 06-B ABS 06-B					2		1FE		704,464.00		100.2		718,417.49		716,983.53		714,310.56		4,106.93			5,658.00			—		—			5.38		6.873	MON		2,464.43		38,574.00			9292008		3082011
233875AC7	DCAT 06-C ABS 06-C-A4					2		1FE		2,348,165.00		101.297		2,403,403.06		2,372,632.98		2,367,284.61		36,118.45			2,467.00			—		—			4.98		5.447	MON		7,548.93		118,157.00			7112007		11082011
34528CAE5	FORDO ABS 06-C A4A					2		??		5,565,882.00		102.094		5,729,198.48		5,611,695.74		5,600,063.30		129,135.18			12,422.00			—		—			5.15		5.511	MON		12,844.55		289,002.00			8232007		2152012
34528XAB5	FORDO ABS 08-C A2A					2		??		195,520.00		100.25		198,795.92		198,300.17		197,906.30		889.62			1,446.00			—		—			3.72		5.415	MON		327.86		7,377.00			10062008		1152011
438125AC0	HAROT07-1 ABS 07-1-A3					2		??		1,686,523.00		100.755		1,708,338.37		1,695,532.86		1,694,502.24		13,836.13			2,105.00			—		—			5.1		5.446	MON		3,122.60		86,472.00			8232007		3182011
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		??		2,802,434.00		100.598		2,805,615.82		2,788,930.20		2,792,031.80		13,584.02			(5,657.00	)		—		—			5.46		5.088	MON		4,229.87		152,283.00			9042008		6212010
61746REV9	MSAC ABS 04-H1					2		??		941,018.00		77.032		723,753.43		939,550.16		940,674.93		(216,921.50	)		(130.00	)		—		—			0.971		0.956	MON		101.39		9,569.00			12282009		1252034
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE					2	NR*Z*			764,162.00		96.83		739,938.07		764,162.01		764,162.01		(24,223.94	)		—			—		—			0.286		0.286	MON		24.28		3,107.00			1112007		11252036
65475CAD4	NAROT ABS 2006-B A4					2		1FE		474,022.00		100.764		481,930.85		478,278.72		476,646.13		5,284.72			1,495.00			—		—			5.22		5.989	MON		1,109.61		24,966.00			9292008		11152011
65475FAD7	NAROT ABS 08-A A3					2		1FE		960,683.00		101.016		970,556.51		960,791.03		960,767.85		9,788.66			36.00			—		—			3.89		3.927	MON		1,661.10		37,375.00			1152008		8152011
65475XAB2	NAROT ABS 08-B A2					2		??		99,836.00		100.095		99,936.52		99,841.46		99,841.15		95.37			4.00			—		—			3.8		3.835	MON		168.62		3,794.00			6092008		10152010
90327KAB8	USAOT ABS 08-3					2		??		239,206.00		100.075		239,408.40		239,228.74		239,227.49		180.91			18.00			—		—			3.58		3.618	MON		380.64		8,564.00			7152008		3152011
90327LAC4	USAOT ABS 06-4 A3					2		1FE		34,742.00		100.124		34,306.99		34,264.56		34,280.43		26.56			(194.00	)		—		—			5.01		3.842	MON		76.30		1,717.00			2052008		1152010
90327PAC5	USAOT ABS 07-1					2		1FE		2,874,758.00		100.958		2,892,391.77		2,864,950.85		2,867,203.52		25,188.25			(4,426.00	)		—		—			5.43		5.164	MON		6,914.09		155,567.00			9042008		6152010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS 07-B					2		1FE		2,770,088.00		101.816		2,820,463.23		2,770,157.18		2,770,135.62		50,327.61			31.00			—		—			5.28		5.34	MON		6,500.64		146,264.00			9172007		1172012
007036EP7	ARMT WHOLE CMO 04-5 2A1					2	NR*Z*			429,711.00		90.834		397,531.10		437,643.50		430,425.92		(32,894.82	)		600.00			—		—			3.394		3.826	MON		1,237.96		20,908.00			8102007		4252035
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NR*Z*			77,489.00		89.2		70,123.12		78,613.36		77,519.83		(7,396.71	)		11.00			—		—			3.619		3.935	MON		237.11		3,855.00			11302007		11252033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2					2		??		3,364,210.00		78.8		2,688,595.46		3,411,923.17		3,365,340.89		(676,745.43	)		496.00			—		—			4.917		5.196	MON		13,980.51		167,789.00			10192006		8252035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		??		1,717,779.00		89.919		1,574,525.69		1,751,048.93		1,718,538.99		(144,013.30	)		228.00			—		—			4.15		4.619	MON		6,056.24		80,231.00			8132007		11252034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2	NR*Z*			467,286.00		88.299		420,093.49		475,760.84		467,500.50		(47,407.01	)		83.00			—		—			3.634		4.027	MON		1,440.79		20,758.00			8102007		4252034
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5					2		??		1,605,430.00		88.497		1,443,852.23		1,631,534.68		1,606,068.90		(162,216.67	)		239.00			—		—			3.438		3.841	MON		4,671.27		80,138.00			8142007		2192034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2	NR*Z*			75,893.00		99.751		76,444.90		76,635.78		76,265.86		179.04			260.00			—		—			5.5		6.194	MON		351.25		4,215.00			4042008		9252035
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		??		1,310,141.00		97.125		1,301,764.01		1,340,297.56		1,318,906.16		(17,142.15	)		6,735.00			—		—			4.902		6.433	MON		5,475.13		65,770.00			4172008		10252033
16162WLN7	CHASE WHOLE CMO 05-S2 A2`					2		??		17,747.00		99.723		17,870.73		17,920.42		17,846.50		24.23			70.00			—		—			5.5		6.268	MON		82.14		986.00			4042008		10252035
161630AG3	CHASE CMO 07-A1-2A1					2	NR*Z*			3,575,540.00		90.721		3,302,049.25		3,639,804.95		3,577,203.84		(275,154.59	)		1,806.00			—		—			4.128		4.557	MON		12,519.72		150,347.00			2222007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		??		1,065,426.00		90.77		982,710.88		1,082,638.40		1,066,134.59		(83,423.71	)		454.00			—		—			4.59		5.028	MON		4,140.82		49,791.00			5172007		2252037
172973XT1	CMSI WHOLE CMO 04-4 A3					2		??		430,033.00		99.281		431,254.68		434,376.76		432,195.13		(940.45	)		1,972.00			—		—			5.25		6.161	MON		1,900.40		22,805.00			4172008		6252034
32051GBD6	FHASI 04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			195,512.00		93		185,810.88		199,796.64		195,792.53		(9,981.65	)		166.00			—		—			3.007		3.549	MON		500.61		8,777.00			8102007		12252034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NR*Z*			2,530,608.00		89		2,278,923.87		2,560,588.62		2,532,779.48		(253,855.61	)		1,786.00			—		—			3.262		3.558	MON		6,960.22		99,570.00			11212007		9252035
466247XG3	JPMMT CMO 05-ALT1-2A1					2		??		1,452,076.00		82.963		1,239,237.92		1,493,717.99		1,452,523.27		(213,285.35	)		448.00			—		—			5.579		6.155	MON		6,944.07		62,661.00			3182009		10252035
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		??		1,101,071.00		93.188		1,015,587.23		1,089,832.04		1,100,596.24		(85,009.01	)		(101.00	)		—		—			6.5		6.275	MON		5,903.26		70,839.00			10032007		2012035
863579AQ1	SARM WHOLE CMO 04-12 3A2					2	NR*Z*			335,065.00		80.36		272,839.30		339,521.20		335,319.24		(62,479.94	)		7.00			—		—			3.249		3.488	MON		919.21		15,328.00			8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1					2	NR*Z*			1,556,484.00		81.748		1,287,124.07		1,574,504.31		1,557,575.62		(270,451.55	)		240.00			—		—			3.049		3.266	MON		4,000.84		76,834.00			8102007		11252034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		??		856,971.00		82.28		719,502.78		874,459.87		860,539.92		(141,037.14	)		(1,013.00	)		—		—			3.269		3.663	MON		2,382.07		35,256.00			8142007		9252033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2	NR*Z*			785,234.00		80.687		647,905.16		802,987.44		786,592.24		(138,687.08	)		1,067.00			—		—			2.963		3.446	MON		1,982.68		31,240.00			8102007		5252034
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		??		1,457,098.00		73.067		1,063,325.76		1,455,279.37		1,456,964.45		(393,638.69	)		(128.00	)		—		—			0.556		0.543	MON		157.31		9,869.00			12152005		8252036
92922F3N6	WAMU 05-A12 WHOLE CMO 05-A12-1A8					2	NR*Z*			4,767,004.00		85.25		4,105,568.44		4,815,916.06		4,767,818.48		(662,250.04	)		319.00			—		—			4.825		5.021	MON		19,365.97		232,426.00			1102008		10252035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		??		1,948,320.00		70.952		1,382,369.72		1,948,320.27		1,948,320.27		(565,950.55	)		—			—		—			0.491		0.492	MON		106.35		12,030.00			12152005		11252045
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3					2		??		520,135.00		98.88		531,158.77		537,173.49		534,640.04		(3,481.27	)		6,436.00			—		—			4.585		7.191	MON		2,052.45		24,629.00			8282008		4252035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			910,046.00		92.138		859,106.98		932,409.37		910,695.19		(51,588.21	)		277.00			—		—			3.136		3.623	MON		2,436.68		32,236.00			8102007		6252034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		??		1,583,766.00		76.155		1,204,988.20		1,582,282.12		1,583,612.24		(378,624.04	)		(123.00	)		—		—			0.521		0.51	MON		91.64		10,248.00			12162005		11252030
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		??		2,939,883.00		67.5		2,025,000.00		3,000,000.00		2,950,851.47		(925,851.47	)		(4,061.00	)		—		—			4.821		5.042	MON		12,051.73		144,849.00			3242006		9252035
949781AA6	WFMBS WHOLE CMO 05-AR1					2	NR*Z*			3,449,669.00		86		3,039,223.63		3,533,980.96		3,454,978.33		(415,754.70	)		4,493.00			—		—			4.233		4.848	MON		12,466.83		159,343.00			12052006		2252035
94980RAC1	WFMBS 04-Z CMO 04-Z-2A1					2	NR*Z*			292,216.00		88		259,420.28		294,795.77		292,275.16		(32,854.88	)		34.00			—		—			2.971		3.113	MON		729.79		12,717.00			1142008		12252034
94981NAH8	WFMBS 05-AR4 WHOLE CMO 05-AR4					2	NR*Z*			2,781,574.00		89.2		2,552,863.27		2,861,954.34		2,784,321.62		(231,458.35	)		3,415.00			—		—			4.338		4.997	MON		10,345.30		129,102.00			7192006		4252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2	NR*Z*			1,112,968.00		92.93		1,052,201.23		1,132,251.40		1,113,595.86		(61,394.63	)		241.00			—		—			3.518		3.892	MON		3,319.78		44,354.00			12152005		6252035
949835AB8	WFMBS CMO 05-AR15 1A2					2		??		5,005,918.00		88.863		4,459,897.51		5,018,857.73		5,006,571.03		(546,673.52	)		(14.00	)		—		—			5.128		5.155	MON		21,449.16		257,233.00			1282008		9252035
02660BAA0	AHMA 07-1 CMO 07-1 A1					2		??		6,716,533.00		61.349		4,235,569.92		6,904,054.35		6,720,505.00		(2,484,935.08	)		(4,016.00	)		—		—			1.244		1.476	MON		7,158.18		143,886.00			10232007		2252047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		??		5,877,619.00		75.723		4,504,386.15		5,948,489.89		5,879,177.32		(1,374,791.17	)		(1,899.00	)		—		—			1.602		1.72	MON		7,939.60		140,034.00			10162007		10252046
02660UAE0	AHMA 06-3 WHOLE CMO 06-3 2A11					2		??		3,752,575.00		69.712		2,651,572.67		3,803,615.84		3,753,876.25		(1,102,303.58	)		(1,213.00	)		—		—			1.572		1.687	MON		4,981.69		88,389.00			2012009		10252046
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2	NR*Z*			1,737,267.00		75.888		1,343,132.42		1,769,899.42		1,738,332.00		(395,199.58	)		603.00			—		—			5.08		5.434	MON		7,493.18		89,921.00			8102007		6252035
07388DAS7	BSARM 06-2 WHOLE CMO 06-2 3A2					2		??		604,830.00		90.319		558,850.22		618,751.44		604,023.56		(45,173.34	)		398.00			—		—			5.75		6.425	MON		2,964.85		35,578.00			8172007		7252036
07389KAA9	BSA 20-701 WHOLE CMO 20-701 1A1					2		??		5,368,291.00		60.889		3,273,296.67		5,375,823.28		5,354,280.49		(2,080,983.82	)		1,413.00			—		—			5.985		6.001	MON		26,812.68		326,732.00			9172007		9252047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		??		309,120.00		74.919		231,879.95		309,506.97		308,987.70		(77,107.75	)		7.00			—		—			2.044		2.052	MON		527.24		8,926.00			8062007		9252035
12668AZL2	CWALT CMO 2005-64CB 1A1					2	NR*Z*			1,252,424.00		94.238		1,203,195.90		1,276,762.40		1,250,418.33		(47,222.43	)		(2,549.00	)		—		—			5.5		5.88	MON		5,851.83		70,226.00			1022008		12252035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2	NR*Z*			559,780.00		84.676		485,103.50		572,893.42		560,351.92		(75,248.42	)		352.00			—		—			3.611		4.051	MON		1,727.91		24,443.00			8102007		11202034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		??		2,083,793.00		80.093		1,704,398.76		2,128,016.24		2,085,454.48		(381,055.72	)		549.00			—		—			4.855		5.245	MON		8,609.78		103,927.00			8102007		8202035
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		??		2,104,833.00		86.98		1,849,130.63		2,125,926.22		2,105,207.47		(256,076.84	)		211.00			—		—			4.348		4.538	MON		7,703.65		100,434.00			5172007		2252037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D 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
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
161630AQ1	CHASE CMO07-A1 5A1					2		??		535,290.00		89.074		485,220.55		544,737.48		535,655.85		(50,435.30	)		184.00			—		—			4.092		4.488	MON		1,857.60		22,422.00		5082007		2252037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		??		5,295,096.00		80.219		4,207,393.54		5,244,900.40		5,281,734.66		(1,074,341.12	)		(490.00	)		—		—			5.428		5.172	MON		23,724.87		284,670.00		1182008		2012037
23243VAB6	CWALT06-OC7 WHOLE CMO 06-OC7-2A1					2		??		493,088.00		127.059		626,513.99		493,087.66		367,759.05		258,754.94			—			—		—			0.301		0.301	MON		16.50		2,105.00		8172006		7252046
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		??		1,051,727.00		114.361		1,204,733.82		1,053,445.67		1,053,000.31		151,733.51			(952.00	)		—		—			0.331		0.358	MON		38.77		4,819.00		10122007		3252028
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		??		1,888,316.00		82.608		1,620,666.59		1,961,886.56		1,890,887.86		(270,221.27	)		503.00			—		—			5.721		6.572	MON		9,355.60		112,339.00		8162007		12192035
41162DAF6	HVMLT 06-12 CMO 06-12-2A2A					2		??		3,421,057.00		66.897		2,288,600.47		3,421,057.30		3,421,057.30		(1,132,456.83	)		—			—		—			0.423		0.424	MON		442.31		19,263.00		10192006		12192036
41164YAB7	HVMLT07-4 CMO 2007-4-2A1					2		??		1,409,262.00		77.67		1,181,306.20		1,520,935.96		1,408,794.57		(227,488.37	)		(467.00	)		—		—			0.453		1.833	MON		210.58		7,212.00		3182009		7192047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		??		1,202,918.00		89.772		1,101,437.19		1,226,929.20		1,202,764.03		(101,326.84	)		(290.00	)		—		—			5.145		5.539	MON		5,260.96		64,045.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		??		1,078,337.00		90.915		1,034,013.06		1,137,336.08		1,079,629.24		(45,616.18	)		298.00			—		—			5.263		6.55	MON		4,988.54		60,428.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A					2		??		1,413,420.00		68.565		969,118.19		1,413,419.57		1,413,419.57		(444,301.38	)		—			—		—			0.451		0.452	MON		70.87		8,195.00		2132006		4252046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2	NR*Z*			805,090.00		91.774		738,287.94		804,461.93		804,903.03		(66,615.09	)		804.00			—		—			5.324		5.285	MON		3,569.31		42,961.00		2062008		7012031
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		??		11,334,033.00		67.746		8,214,251.00		12,125,000.00		11,494,350.23		(3,280,099.23	)		97,516.00			—		—			5.673		6.899	MON		57,321.04		688,213.00		11212007		4252036
52520MBU6	LMT WHOLE CMO 05-2					2	NR*Z*			2,909,216.00		101.912		2,967,071.87		2,911,396.62		2,896,494.69		70,577.18			(1,820.00	)		—		—			5.5		5.508	MON		13,343.90		160,127.00		5192008		12252035
52525BAD4	LXS07-16N LXS07-16N 2A2					2		??		6,979,722.00		71.215		4,990,085.62		7,007,083.35		6,980,332.82		(1,990,247.20	)		(468.00	)		—		—			1.081		1.139	MON		841.82		85,636.00		8302007		9252047
550279BA0	LUM WHOLE CMO 06-2					2		??		1,839,777.00		65.166		1,198,914.46		1,839,777.10		1,839,777.10		(640,862.64	)		—			—		—			0.431		0.432	MON		88.16		10,292.00		2142006		2252046
55027XAA8	LUM06-5 WHOLE CMO 06-5 A1A					2		??		1,146,528.00		64.65		753,234.74		1,165,096.36		1,147,612.78		(394,378.04	)		1,057.00			—		—			0.421		0.596	MON		54.53		6,399.00		8082007		7252036
59024KAX1	MLA07-AF1 WHOLE CMO 07-AF1 AV1					2		??		4,646,100.00		62.376		2,930,903.31		4,698,777.87		4,636,234.39		(1,705,331.08	)		(3,458.00	)		—		—			5.5		5.715	MON		21,534.42		261,475.00		10112007		6252037
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A					2		??		2,419,234.00		67.634		1,641,024.00		2,426,347.37		2,419,190.87		(778,166.87	)		(43.00	)		—		—			6.039		6.093	MON		12,211.23		112,573.00		3182009		11252037
749241AA3	RALI07-QH9 WHOLE CMO 07-QH9 A1					2		??		7,278,840.00		72.27		5,242,585.43		7,254,175.31		7,281,126.47		(2,038,541.04	)		(803.00	)		—		—			6.506		6.473	MON		39,330.47		473,804.00		9262007		10012037
75115YAA7	RALI07-Q01 WHOLE CMO 07-Q01 A1					2		??		6,635,092.00		68.467		4,542,823.22		6,635,092.09		6,635,092.09		(2,092,268.87	)		—			—		—			0.381		0.382	MON		281.07		33,737.00		1302007		2252037
761118QM3	RALI WHOLE CMO 05-QO5 A1					2		??		1,923,254.00		67.791		1,317,791.66		1,943,907.93		1,924,070.51		(606,278.85	)		568.00			—		—			1.544		1.649	MON		2,501.44		46,344.00		8032007		1252046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		??		515,711.00		81		425,773.06		525,645.75		516,014.64		(90,241.58	)		66.00			—		—			5.21		5.647	MON		2,282.31		27,373.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		??		1,772,172.00		82.15		1,508,642.06		1,836,448.03		1,776,249.53		(267,607.47	)		1,942.00			—		—			5.19		6.406	MON		7,942.82		95,229.00		8162007		9252035
86361WAA9	SAMI 06-AR8 CMO 06-AR8-A1A					2		??		3,587,934.00		69.458		2,492,122.80		3,587,934.36		3,587,934.36		(1,095,811.56	)		—			—		—			0.431		0.432	MON		171.92		20,072.00		10272006		3252036
86364PAA1	SARM 07-1O WHOLE CMO 07-10 1A1					2		??		6,050,152.00		61.446		3,735,070.23		6,078,645.88		6,050,155.63		(2,315,085.40	)		23.00			—		—			6		6.092	MON		30,393.23		365,891.00		10112007		11252037
86364RAA7	SAMI 07-AR6 WHOLE CMO 07-AR6 A1					2		??		6,099,852.00		78.703		4,812,765.92		6,115,129.24		6,100,380.39		(1,287,614.47	)		(77.00	)		—		—			2.044		2.068	MON		10,416.97		176,367.00		9122007		8252047
92926WAA5	WAMU 07 CMO 07-0A1-A1A					2		??		4,770,826.00		65.859		3,142,021.38		4,770,826.27		4,770,826.27		(1,628,804.89	)		—			—		—			1.244		1.24	MON		5,294.31		99,429.00		2072007		2252047
933635AA2	WAMU 07-OA2 WHOLE CMO07-OA2 1A					2		??		1,447,318.00		66.023		955,562.48		1,447,318.28		1,447,318.28		(491,755.80	)		—			—		—			1.332		1.327	MON		1,606.13		30,164.00		2212007		3252047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		??		674,070.00		66.104		445,588.10		674,070.17		674,070.17		(228,482.07	)		—			—		—			1.464		1.459	MON		822.46		15,531.00		8162006		9252046
93934FEN8	WMALT05-5 WHOLE CMO 05-9-2A2					2		??		5,730,435.00		90.091		5,634,495.20		6,254,226.96		5,747,950.20		(113,455.00	)		(6,610.00	)		—		—			5.5		7.425	MON		28,665.21		343,983.00		12172007		11252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		??		958,759.00		85.34		838,647.31		982,713.04		959,070.02		(120,422.71	)		222.00			—		—			4.139		4.692	MON		3,389.53		43,762.00		5272008		2252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NR*Z*			469,096.00		87.563		408,168.92		466,145.81		468,831.03		(60,662.11	)		4.00			—		—			6		5.612	MON		2,330.73		27,969.00		1172008		11012037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		2,593,841.00		101.144		2,720,454.68		2,689,695.59		2,654,578.32		65,876.36			18,096.00			—		—			3.878		5.283	MON		8,692.20		104,306.00		8272008		9112036
161505EA6	CCMSC SENIOR CMBS 00-1					2		1FE		748,356.00		99.911		703,303.94		703,932.90		702,761.26		542.68			(12,971.00	)		—		—			7.757		4.302	MON		4,550.34		54,604.00		11302007		1012010
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		618,062.00		101.786		606,795.00		596,148.44		599,255.62		7,539.38			(13,132.00	)		—		—			7.631		4.351	MON		3,791.01		45,492.00		9042008		6012010
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		102.9		385,874.29		375,000.00		377,420.72		8,453.57			(2,780.00	)		—		—			7.58		6.21	MON		2,368.56		28,954.00		11282007		9152010
22540A3F3	CSFB CMBS 01-CK3					2		??		6,065,487.00		103.915		6,134,964.07		5,903,824.05		5,920,972.30		213,991.77			(49,165.00	)		—		—			6.53		5.766	MON		32,126.64		390,678.00		6292006		4152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		826,372.00		103.097		832,450.29		807,447.44		814,950.87		17,499.42			(8,631.00	)		—		—			6.505		4.315	MON		4,377.04		52,524.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS02-CKP1 A3					2		1FE		4,935,048.00		105.539		5,018,401.80		4,755,000.00		4,821,745.85		196,655.95			(56,853.00	)		—		—			6.439		5.212	MON		25,514.53		306,174.00		12182007		1152012
33736XAB5	FIRST UNION NAT BANK CMBS00-C1 A2					2		1FE		494,823.00		100.111		473,535.23		473,008.63		474,252.87		(717.64	)		(10,994.00	)		—		—			7.841		3.207	MON		3,090.72		37,089.00		4162008		3012010
33736XBZ1	FUNBC SENIOR CMBS01-C2 A2					2		1FE		2,786,570.00		103.645		2,781,649.63		2,683,829.93		2,712,899.40		68,750.23			(29,932.00	)		—		—			6.663		4.442	MON		14,901.97		178,824.00		12212007		2012011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		352,153.00		100.735		352,628.11		350,056.59		349,967.87		2,660.24			(1,304.00	)		—		—			5.673		4.969	MON		1,654.89		19,859.00		7172008		5012010
36158YDC0	GECMC CMBS01-3 A1					2		1FE		216,678.00		102.106		221,189.19		216,627.43		216,460.63		4,728.56			(109.00	)		—		—			5.56		5.519	MON		1,003.70		12,045.00		12212007		3012011
361849EC2	GMACC SUB CMBS 98-C2 D					2		??		14,642.00		99.886		14,454.49		14,471.00		14,630.55		(176.06	)		157.00			—		—			6.5		6.441	MON		78.38		941.00		1252008		5012035
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		480,612.00		103.599		483,479.26		466,684.27		471,316.34		12,162.92			(4,621.00	)		—		—			6.465		4.493	MON		2,514.26		30,171.00		12212007		3012011
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		??		315,872.00		100.191		318,164.88		317,558.66		316,936.86		1,228.02			453.00			—		—			4.433		4.749	MON		1,173.11		14,077.00		3252008		7102039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		584,004.00		102.872		592,081.20		575,550.92		577,989.22		14,091.98			(3,514.00	)		—		—			6.26		5.063	MON		3,002.46		36,029.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		??		136,606.00		101.865		140,403.72		137,833.31		137,074.65		3,329.07			334.00			—		—			4.914		5.508	MON		564.43		6,773.00		8272008		7122037
52108HAT1	LBUBS 2000-C3 A2					2		1FE		1,211,840.00		100.131		1,156,031.70		1,154,513.86		1,154,877.23		1,154.47			(26,922.00	)		—		—			7.95		5.605	MON		5,099.10		91,791.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR CMBS00-C4 A2					2		??		291,455.00		101.503		284,530.48		280,318.69		282,294.77		2,235.71			(4,452.00	)		—		—			7.37		4.215	MON		1,147.75		20,659.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		??		3,613,336.00		101.003		3,484,589.70		3,450,000.00		3,477,593.65		6,996.05			(64,274.00	)		—		—			7.48		5.576	MON		14,336.67		258,060.00		10232007		6152010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		54,736.00		100.581		55,380.45		55,060.30		54,968.42		412.03			97.00			—		—			4.207		4.618	MON		128.69		2,316.00		1252008		11152027
617059JH4	JPMCMFC SENIOR CMBS00-C10 A2					2		??		141,985.00		99.966		139,067.93		139,115.55		139,201.91		(133.98	)		(1,936.00	)		—		—			7.371		4.55	MON		854.52		10,254.00		8272008		3012010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		1,585,388.00		102.61		1,593,843.95		1,553,297.30		1,558,264.92		35,579.03			(8,504.00	)		—		—			7.381		6.329	MON		9,343.75		113,198.00		12212007		1012011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		625,040.00		100.821		637,642.25		632,451.41		628,933.07		8,709.18			2,325.00			—		—			4.69		5.407	MON		2,471.83		29,662.00		7302008		6132041
61746WBF6	MSDWC CMBS01-LIFE A2					2		??		89,837.00		99.915		88,741.25		88,816.91		88,614.23		127.02			(731.00	)		—		—			7.57		5.924	MON		560.29		6,723.00		5202008		1152010
79548CAB2	SBM7 CMBS00-C3 A2					2		1FE		1,344,689.00		101.755		1,334,149.03		1,311,138.67		1,318,031.26		16,117.77			(12,903.00	)		—		—			6.592		4.642	MON		7,202.52		86,430.00		4162008		10012010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		1,486,755.00		100.229		1,436,197.11		1,432,908.87		1,434,746.95		1,450.16			(19,909.00	)		—		—			7.455		4.7	MON		8,901.94		106,823.00		6042007		4012010
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		6,058,664.00		103.464		6,229,028.42		6,020,504.05		6,036,417.53		192,610.89			(10,137.00	)		—		—			5.669		5.378	MON		19,910.74		348,615.00		12212007		12102011
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		??		3,375,913.00		101.169		3,514,556.68		3,473,957.93		3,426,405.29		88,151.39			16,852.00			—		—			4.037		5.123	MON		11,686.97		140,244.00		8272008		2152035
02586GAR3	AEIT ABS 08-2 A					2		??		779,996.00		100.386		783,010.80		780,000.00		779,998.73		3,012.07			2.00			—		—			4.02		4.054	MON		1,393.60		31,356.00		8012008		1182011
048312AB8	ACETF ABS 02-1 A2					2		??		305,846.00		102.063		311,121.01		304,833.81		305,325.25		5,795.76			(359.00	)		—		—			4.21		3.988	JAJO		2,531.05		12,834.00		7072008		4202011
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		99.586		1,568,479.48		1,575,000.00		1,557,046.10		11,433.38			11,631.00			—		—			0.363		1.105	MON		270.08		8,651.00		5062008		3152014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS05-A					2		1FE		889,065.00		104.375		899,432.96		861,732.18		875,501.13		23,931.83			(7,944.00	)		—		—			4.97		3.748	FA		17,845.04		42,828.00		2082008		8012012
194262AX9	COLLE02-2 ABS 02-2 A21 144A					2		??		805,000.00		85		850,000.00		1,000,000.00		806,933.51		43,066.49			1,934.00			—		—			0		1.481	MON		—		5,037.00		8252009		3012042
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		938,082.00		103.304		934,925.15		905,027.56		916,634.92		18,290.23			(9,191.00	)		—		—			6.21		4.139	MJSD		156.12		56,202.00		4172008		12302010
429827AB4	HEF10-401 ABS 04-1 A2 144A					2		??		164,000.00		82		164,000.00		200,000.00		164,697.20		(697.20	)		697.00			—		—			4.4		6.374	MON		—		158.00		9102009		1012044
429827AE8	HIGHER EDUCATION FUNDING HEF0 ABS 04-1					2		??		164,000.00		75		150,000.00		200,000.00		164,326.21		(14,326.21	)		326.00			—		—			4.44		6.135	MON		—		230.00		9102009		1012044
429827AF5	HEF10-401 ABS 04-1 A6 144A					2		??		164,000.00		82		164,000.00		200,000.00		164,556.57		(556.57	)		557.00			—		—			4.4		6.106	MON		—		173.00		9102009		1012044
429827AJ7	HIGHER EDUCATION FUNDING HEF0 ABS 04-1					2		??		164,224.00		75		150,000.00		200,000.00		164,745.95		(14,745.95	)		522.00			—		—			4.42		6.077	MON		—		272.00		9102009		1012044
429827AK4	HIGHER EDUCATION FUNDING HEF0 SECURED A					2		??		164,196.00		82		164,000.00		200,000.00		164,868.97		(868.97	)		673.00			—		—			4.45		7.69	MON		—		262.00		9102009		1012044
429827AN8	HEF04-1 ABS 04-1 A13 144A					2		??		164,000.00		75		150,000.00		200,000.00		164,426.83		(14,426.83	)		427.00			—		—			0		0.849	MON		—		—		9102009		1012044
429827AQ1	HEF04-1 ABS 04-1 A15 144A							??		246,000.00		75		225,000.00		300,000.00		246,436.76		(21,436.76	)		437.00			—		—			4.46		5.712	MON		—		333.00		9102009		1012044
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		355,575.00		101.227		347,240.16		343,032.59		345,228.49		2,011.67			(5,425.00	)		—		—			7.03		3.834	MS		7,100.58		24,115.00		1152008		3152010
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		??		1,993,438.00		99.814		1,996,280.60		2,000,000.00		1,994,089.62		2,190.98			652.00			—		—			1.733		1.872	MON		288.83		8,132.00		9242009		12152016
BRS8WUHY9	SMI ABS 09-1 A3			D		2		??		833,162.00		99.797		821,898.77		510,000.00		832,134.70		(659.75	)		(1,027.00	)		—		(9,576.18	)		5.063		4.332	AO		6,740.14		—		10272009		1212055
3133XR2Y5	FHLB AGENCY BND									16,315,000.00				16,193,788.80		16,000,000.00		16,179,288.00		14,500.91			(135,712.00	)		—		—			3		0.461	JD		26,666.67		240,000.00		8312009		6112010
3133XT7F7	FHLB AGENCY BND									10,084,375.00				10,069,710.20		10,000,000.00		10,055,908.00		13,801.85			(28,467.00	)		—		—			1.375		0.518	FA		47,361.11		—		8312009		8272010
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND									1,575,000.00				1,755,000.00		9,000,000.00		1,575,000.00		180,000.00			—			—		—			0		0	JJ		—		—		8312009		7262010
585510CG3	MELLON FINANCIAL COMPANY CORP BND									6,666,010.00				6,542,685.63		6,500,000.00		6,544,467.00		(1,781.33	)		(121,543.00	)		—		—			6.375		0.747	FA		156,541.67		—		8312009		2152010
500769CF9	KFW INTERNATIONAL FINANCE INC CORP BND			F						8,264,232.00				8153600		8,000,000.00		8,145,761.00		7,838.79			(118,471.00	)		—		—			5		0.595	JD		33,333.33		200,000.00		8312009		6012010
TOTAL														4,869,378,669.55		4,725,630,240.92		4,870,395,323.51		12,759,224.11

Validus Holdings, Ltd December 31, 2009 GAAP short-term investments portfolio in Schedule D format

1		2		3		4	5		6		7	CHANGE IN BOOK/ADJUSTED CARRYING VALUE												12		13	INTEREST
													8	9					10	11								14	15		16		17		18	19		20
																													NON-ADMITTED
			FOREIGN		DATE					GAAP				CURRENT YEAR						TOTAL FX CHG			PAR		ACTUAL		ACCRUED		ACCRUED		INTEREST		EFFECTIVE RATE		HOW	GROSS REC’D		PAID FOR
DESCRIPTION	*		CODE		ACQUIRED		NAME OF VENDOR	MAURITY DATE		BOOK VALUE		UGL		AMORTIZATION				IMPAIRMENTS		IN B/A. C.V.			VALUE		COST		INTEREST		INTEREST		RATE		OF INTEREST		PAID	DURING YEAR		ACCRUED INT
UNITED STATES							J.P. MORGAN
TREASURY TBILL CASH						8112009	SECURITIES INC		1282010		5,998,854.00		—		6,022.00				—		—			6,000,000.00		5,992,832.00		—		—		0		0.255	MAT		—		—
UNITED STATES TREASURY TBILL CASH						8192009	BARCLAYS CAPITAL		2182010		16,994,214.00		—		16,130.00				—		—			17,000,000.00		16,978,084.00		—		—		0.51		0.259	MAT		—		—
UNITED STATES							CREDIT SUISSE FIRST
TREASURY TBILL CASH						9282009	BOSTON COR		2252010		2,749,414.00		—		1,001.00				—		—			2,750,000.00		2,748,412.00		—		—		0.139		0.142	MAT		—		—
UNITED STATES TREASURY TBILL CASH						9282009	HSBC SECURITIES INC.		2252010		1,399,691.00		—		528.00				—		—			1,400,000.00		1,399,163.00		—		—		0.145		0.147	MAT		—		—
UNITED STATES TREASURY TBILL CASH						9282009	HSBC SECURITIES INC.		2252010		509,887.00		—		192.00				—		—			510,000.00		509,695.00		—		—		0.234		0.147	MAT		—		—
UNITED STATES							BANC OF AMERICA
TREASURY TBILL CASH						11052009	SECURITIES LLC		5062010		3,448,173.00		—		833.00				—		—			3,450,000.00		3,447,340.00		—		—		0.152		0.155	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12162009	UBS WARBURG LLC		12162010		22,914,257.00		—		3,675.00				—		—			23,000,000.00		22,910,582.00		—		—		0.385		0.391	MAT		—		—
UNITED STATES							J.P. MORGAN										��
TREASURY TBILL CASH						12302009	SECURITIES INC		12162010		17,928,542.00		—		204.00				—		—			18,000,000.00		17,928,338.00		—		—		0.41		0.416	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12282009	BA SECURITIES		4012010		28,043,023.00		—		233.00				—		—			28,050,000.00		28,042,790.00		—		—		0		0.1	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10232009	DEUTSCHE BANK AG		4152010		4,997,724.00		—		1,465.00				—		—			5,000,000.00		4,996,259.00		—		—		0.157		0.16	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10162009	BARCLAYS CAPITAL		4152010		4,997,833.00		—		1,541.00				—		—			5,000,000.00		4,996,292.00		—		—		0.189		0.152	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10232009	BNP PARIBAS		4222010		399,792.00		—		126.00				—		—			400,000.00		399,666.00		—		—		0.169		0.171	MAT		—		—
UNITED STATES TREASURY TBILL CASH						11122009	UBS WARBURG LLC		5132010		9,994,297.00		—		2,115.00				—		—			10,000,000.00		9,992,182.00		—		—		0.155		0.158	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12042009	DEUTSCHE BANK AG		5272010		5,995,924.00		—		697.00				—		—			6,000,000.00		5,995,226.00		—		—		0		0.168	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12292009	BARCLAYS CAPITAL		6172010		5,994,433.00		—		67.00				—		—			6,000,000.00		5,994,367.00		—		—		0.2		0.203	MAT		—		—
HONEYWELL INTERNATIONAL INC CORP BND						3062009	Various		3012010		2,210,185.00		—		(99,696.00	)			—		—			2,190,000.00		2,309,881.00		54,750.00		—		7.5		1.794	MS		82,125.00		4,563.00
CITI-INSTITUTION LIQ FUND USD STIF FUND						12292009			12/31/2059		1,178,772.00		—		2,185.00				—		—			1,178,772.00		1,178,772.00		—		—							—		—
CITIFUNDS INST CASH RESERVE STIF FUND						12282009			12/31/2059		2,111,850.00		—		663.00				—		—			2,111,850.00		2,111,850.00		—		—							—		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID						12312009			12/31/2059		268,367,559.87		—		19,091.00				—		—			268,367,559.87		268,367,559.87		—		—							—		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND						12312009			12/31/2059		9,820,557.00		—		5,318.00				—		—			9820556.52		9,820,557.00		—		—							—		—
GOLDMAN SACHS PLUS DOLLIQ						12312009			12/31/2059		16,606,586.00		—		16,305.00				—		—			16,606,586.05		16,606,586.00		—		—							—		—
ML INST LIQ FUND — AGENCY OPEN_END FUND						12312009			12/31/2059		5,047,545.59		—		253,775.00				—		(865,508.24	)		2,587,297.49		5,047,545.59		—		—							—		—
BONY CASH RESERVE CASH RESERVE FUND						12312009			12/31/2059		44,922,572.00		—		14,993.00				—		—			44,922,572.00		44,922,572.00		—		—							—		—
											482,631,685.46		—		247,463.00				—		(865,508.24	)		480,345,193.93		482,696,551.46

Validus Holdings, Ltd December 31, 2009 GAAP other investments portfolio in Schedule D format

1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				942009		24,956,418.41		25,670,234.09		24,956,418.41		713,815.68		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				942009		17.00		17.30		17.00		0.30		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				942009		8,803,584.99		9,716,859.75		8,803,584.99		913,274.76		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				942009		17,203.14		19,209.95		17,203.14		2,006.81		—		—		—		—		—		—
MFS MERIDIAN US GOVERNMENT BOND FUND				942009		1,846,092.99		1,862,729.39		1,846,092.99		16,636.40		—		—		—		—		—		—
MFS MERIDIAN GLOBAL TOTAL RETURN FUND				942009		114,276.48		121,510.97		114,276.48		7,234.49		—		—		—		—		—		—
MFS MERIDIAN US VALUE FUND				942009		203,403.74		224,913.14		203,403.74		21,509.40		—		—		—		—		—		—
						35,940,996.75		37,615,474.59		35,940,996.75		1,674,477.84