Validus 8-K Results of Operations and Financial Condition

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN	BOND			NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128X2TM7	FHLMC AGENCY BND							1		16,521,334.00		109.859		16,368,991.15		14,900,000.00		16,322,530.22		46,460.93			(87,697.00	)		—		—		5		2.376	JJ		126,236.00		372,500.00		11/30/2009		1/30/2014
3128X4KF7	FHLMC AGENCY BND MTN							1		1,026,720.00		104.86		1,021,181.48		1,000,000.00		1,004,837.53		16,343.95			(2,498.00	)		—		—		4.75		3.708	MS		1,188.00		23,750.00		12/28/2007		9/22/2010
3128X8A93	FHLMC AGENCY BND							1		1,249,688.00		99.412		1,251,900.00		1,250,000.00		1,249,778.21		2,121.79			26.00			—		—		2.05		2.059	MN		9,965.00		—		5/7/2009		5/11/2012
3128X9C40	FHLMC AGENCY BND				1			1		6,000,000.00		99.804		5,988,240.06		6,000,000.00		6,000,000.00		(11,759.94	)		—			—		—		2.125		2.125	FA		12,396.00		—		2/17/2010		8/26/2013
3128X9JT8	FHLMC AGENCY BND				1			1		19,975,207.00		100.152		20,030,400.00		20,000,000.00		19,976,361.03		54,038.97			1,154.00			—		—		2		2.047	MN		162,222.00		—		2/19/2010		11/5/2012
3128X9KL3	FHLMC AGENCY BND MTN				1			1		57,629,827.00		99.993		57,495,972.70		57,500,000.00		57,582,693.98		(86,721.28	)		(33,554.00	)		—		—		2		1.755	MN		466,389.00		—		2/19/2010		11/5/2010
3128X9M23	FHLMC AGENCY BND				1	��		1		747,525.00		99.623		747,172.51		750,000.00		747,551.04		(378.53	)		26.00			—		—		2.2		2.293	MS		642.00		—		3/12/2010		12/17/2013
3128X9ZK9	FHLMC AGENCY BND				1			1		6,000,000.00		99.776		5,986,560.06		6,000,000.00		6,000,000.00		(13,439.94	)		—			—		—		1.8		1.8	FA		10,800.00		—		2/17/2010		2/25/2013
31331G4J5	FFCB AGENCY BND							1		1,747,402.00		99.865		1,747,637.47		1,750,000.00		1,747,580.80		56.67			151.00			—		—		2.3		2.342	MS		3,131.00		10,063.00		12/14/2009		9/3/2013
31331G4W6	FFCB AGENCY BND							1		13,999,300.00		99.907		13,986,979.72		14,000,000.00		13,999,374.55		(12,394.83	)		56.00			—		—		1.83		1.832	JD		83,977.00		—		11/24/2009		12/3/2012
31331GJ42	FFCB AGENCY BND				1			1		1,011,670.00		100.657		1,006,570.81		1,000,000.00		1,006,264.00		306.81			(4,033.00	)		—		—		2.4		0.751	FA		2,933.00		12,000.00		11/30/2009		8/17/2010
31331GVD8	FFCB AGENCY BND							1		3,381,186.00		100.96		3,422,542.47		3,390,000.00		3,383,114.97		39,427.50			542.00			—		—		2.2		2.27	AO		35,840.00		—		5/4/2009		4/8/2013
31331GX46	FFCB AGENCY BND				1			1		10,996,700.00		100.538		11,059,172.96		11,000,000.00		10,997,081.05		62,091.91			195.00			—		—		2.6		2.608	AO		138,233.00		—		10/1/2009		10/7/2013
31331TKB6	FFCB AGENCY BND							1		11,187,396.00		104.38		11,023,560.00		10,800,000.00		10,890,416.15		133,143.85			(37,602.00	)		—		—		4.1		2.662	MN		180,810.00		—		3/25/2008		11/4/2010
31331Y3X6	FFCB AGENCY BND							1		999,000.00		105.533		1,057,686.71		1,000,000.00		999,404.99		58,281.72			61.00			—		—		3.95		3.977	JJ		7,461.00		19,750.00		7/30/2008		7/23/2012
31331YNJ5	FFCB AGENCY BND							1		803,264.00		103.679		819,682.06		800,000.00		801,061.12		18,620.94			(325.00	)		—		—		3.5		3.33	JJ		5,678.00		14,000.00		7/7/2008		1/18/2011
31331YR51	FFCB AGENCY BND							1		990,190.00		106.269		1,062,687.68		1,000,000.00		993,480.48		69,207.20			481.00			—		—		4		4.224	MN		14,444.00		—		7/7/2008		5/21/2013
3133XDTA9	FHLB AGENCY BND							1		8,166,480.00		105.285		8,240,153.68		8,000,000.00		8,040,202.92		199,950.76			(14,153.00	)		—		—		4.75		4.006	JD		117,167.00		—		12/10/2007		12/10/2010
3133XG3W2	FHLB AGENCY BND							1		797,393.00		108.131		795,997.58		750,000.00		767,610.28		28,387.30			(3,430.00	)		—		—		5.6		3.647	JD		10,850.00		—		1/3/2008		6/28/2011
3133XH2V3	FHLB AGENCY BND							1		10,591,325.00		106.169		10,616,899.90		10,000,000.00		10,550,287.56		66,612.34			(41,038.00	)		—		—		5		1.362	AO		233,333.00		—		2/19/2010		10/13/2011
3133XHPH9	FHLB AGENCY BND							1		15,929,628.00		106.342		15,951,300.45		15,000,000.00		15,869,042.93		82,257.52			(60,585.00	)		—		—		4.875		1.276	MN		270,156.00		—		2/19/2010		11/18/2011
3133XSP93	FHLB AGENCY BND							1		19,262,688.00		103.283		19,071,205.40		18,465,000.00		19,199,446.03		(128,240.63	)		(47,245.00	)		—		—		3.125		2.004	JD		173,109.00		—		12/3/2009		12/13/2013
3133XTHN9	FHLB AGENCY BND							1		1,002,966.00		99.947		1,004,926.79		1,000,000.00		1,001,114.24		3,812.55			(512.00	)		—		—		1.25		1.041	AO		5,799.00		—		5/7/2009		10/14/2010
3133XUE41	FHLB AGENCY BND							1		12,098,988.00		100.853		12,102,360.48		12,000,000.00		12,092,620.39		9,740.09			(6,368.00	)		—		—		1.75		1.421	FA		22,750.00		121,917.00		1/28/2010		8/22/2012
3133XVCB5	FHLB AGENCY BND				1			1		15,620,248.00		100.316		15,674,375.31		15,625,000.00		15,615,174.64		59,200.67			(4,036.00	)		—		—		1.9		1.796	AO		136,892.00		—		11/20/2009		10/15/2010
3133XVD32	FHLB AGENCY BND							1		7,883,953.00		100.027		7,902,110.09		7,900,000.00		7,886,301.47		15,808.62			1,289.00			—		—		2		2.07	AO		71,100.00		—		10/9/2009		10/19/2012
3133XWE70	FHLB AGENCY BND							1		7,690,298.00		99.957		7,696,721.34		7,700,000.00		7,690,865.50		5,855.84			511.00			—		—		2.5		2.53	JD		55,611.00		—		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND							1		9,981,800.00		99.724		9,972,399.90		10,000,000.00		9,982,436.90		(10,037.00	)		637.00			—		—		1.625		1.686	MS		4,965.00		13,993.00		2/18/2010		3/20/2013
3133XXPV3	FHLB AGENCY BND							1		9,996,400.00		99.783		9,978,299.70		10,000,000.00		9,996,435.85		(18,136.15	)		36.00			—		—		1.125		1.142	MN		3,750.00		—		3/18/2010		5/18/2012
31359MA45	FNMA AGENCY BND							1		37,710,510.00		110.162		37,895,731.44		34,400,000.00		37,642,395.71		253,335.73			(68,114.00	)		—		—		5		2.972	AO		793,111.00		—		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY NT							1		15,424,317.00		101.94		15,779,019.70		14,800,000.00		15,403,206.37		375,813.33			(21,110.00	)		—		—		4.625		3.225	MN		285,208.00		—		2/19/2010		5/1/2013
3137EABK4	FHLMC AGENCY BND							1		8,988,030.00		102.627		9,206,009.46		9,000,000.00		8,995,826.36		210,183.10			984.00			—		—		2.75		2.796	AO		116,875.00		—		4/3/2008		4/11/2011
3137EABX6	FHLMC AGENCY BND							1		24,537,059.00		101.119		24,774,155.74		24,500,000.00		24,536,108.12		238,047.62			(951.00	)		—		—		2.5		2.459	JJ		142,917.00		—		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND							1		12,134,160.00		100.988		12,118,558.92		12,000,000.00		12,124,658.95		(6,100.03	)		(9,501.00	)		—		—		1.75		1.271	JD		61,833.00		—		1/28/2010		6/15/2012
31398AD33	FNMA AGENCY BND				1			1		16,294,213.00		100.154		16,195,902.05		16,171,000.00		16,287,314.98		(91,412.93	)		(6,898.00	)		—		—		2.125		1.234	JJ		63,000.00		—		3/10/2010		1/25/2011
31398AD90	FNMA AGENCY BND				1			1		20,067,643.00		99.995		19,999,000.60		20,000,000.00		20,059,508.20		(60,507.60	)		(8,134.00	)		—		—		2.05		1.686	JJ		71,750.00		—		2/19/2010		1/28/2011
31398AE24	FNMA AGENCY BND							1		2,995,680.00		100.128		3,003,839.94		3,000,000.00		2,995,944.44		7,895.50			264.00			—		—		1.75		1.798	FA		5,688.00		5,396.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND							1		22,248,348.00		108.284		22,739,639.37		21,000,000.00		22,099,548.62		640,090.75			(53,021.00	)		—		—		4.75		2.667	MN		365,750.00		—		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND							1		4,991,950.00		99.792		4,989,600.00		5,000,000.00		4,992,053.13		(2,453.13	)		103.00			—		—		1.75		1.803	MN		3,889.00		—		3/11/2010		5/7/2013
31398AUZ3	FNMA AGENCY BND							??		15,153,626.00		99.233		15,048,684.75		15,165,000.00		15,154,632.24		(105,947.49	)		584.00			—		—		3.22		3.233	JJ		86,811.00		244,157.00		11/24/2009		1/27/2016
31398AZY1	FHLMC AGENCY BND				1			1		9,077,850.00		100.109		9,009,810.81		9,000,000.00		9,051,476.85		(41,666.04	)		(20,821.00	)		—		—		3.125		2.171	MN		110,156.00		—		12/7/2009		11/10/2010
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED							??		1,646,955.00		108.391		1,625,864.99		1,500,000.00		1,644,598.28		(18,733.29	)		(2,357.00	)		—		—		4.95		3.07	MN		28,050.00		—		2/23/2010		11/15/2015
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND							1		4,296,173.00		100.468		4,320,124.09		4,300,000.00		4,296,568.25		23,555.84			212.00			—		—		3.05		3.069	AO		66,304.00		—		9/22/2009		10/15/2014
880591CW0	TENN VALLEY AUTH BD 98-C							1		1,302,900.00		112.063		1,296,568.96		1,157,000.00		1,300,186.38		(3,617.42	)		(2,714.00	)		—		—		6		1.687	MS		3,085.00		34,710.00		3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							1		4,539,760.00		113.287		4,460,559.68		4,000,000.00		4,437,912.93		22,646.75			(49,866.00	)		—		—		6.79		1.575	MN		96,569.00		—		9/25/2009		5/23/2012
912803AT0	UNITED STATES TREASURY STRIPS PO							1		873,278.00		63.324		983,580.00		1,500,000.00		943,686.93		39,893.07			10,740.00			—		—		0		4.631	MAT		—		—		7/24/2008		5/15/2020
912828FL9	UNITED STATES TREASURY GOVT IBND TIPS							1		6,219,885.00		117.405		6,339,893.00		5,400,000.00		6,221,879.19		118,013.81			(16,111.00	)		—		—		2.5		1.274	JJ		30,410.00		72,278.00		10/15/2009		7/15/2016
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00		105.623		5,069,904.43		4,800,000.00		4,932,631.84		137,272.59			(21,356.00	)		—		—		4.5		2.606	MS		590.00		108,000.00		7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,469.00		107.676		4,242,959.88		4,000,000.00		4,113,174.26		129,785.62			(17,399.00	)		—		—		4.625		2.775	AO		77,761.00		—		7/15/2008		10/31/2011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00		106.108		3,183,240.06		3,000,000.00		3,105,611.52		77,628.54			(15,360.00	)		—		—		4.5		2.331	MN		45,247.00		—		9/30/2008		11/30/2011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00		106.512		3,195,360.03		3,000,000.00		3,134,408.21		60,951.82			(18,785.00	)		—		—		4.625		2.004	JD		34,879.00		—		3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00		107.001		5,350,049.60		5,000,000.00		5,195,818.42		154,231.18			(25,746.00	)		—		—		4.75		2.55	JJ		39,365.00		118,750.00		4/17/2008		1/31/2012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS							1		8,302,250.00		115.119		8,403,684.12		7,300,000.00		8,304,734.76		98,949.36			(21,647.00	)		—		—		2.625		1.351	JJ		42,061.00		99,968.00		10/15/2009		7/15/2017
912828HK9	UNITED STATES TREASURY GOVT BND							1		16,403,320.00		105.299		17,372,520.33		16,500,000.00		16,446,206.39		926,313.94			4,751.00			—		—		3.375		3.504	MN		186,645.00		—		12/7/2007		11/30/2012
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00		103.495		10,349,500.30		10,000,000.00		10,067,909.23		281,591.07			(5,534.00	)		—		—		2.75		2.507	FA		23,913.00		137,500.00		3/5/2008		2/28/2013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00		100.156		2,178,392.96		2,175,000.00		2,174,292.46		4,100.50			2,196.00			—		—		2.125		2.536	AO		19,407.00		—		5/22/2008		4/30/2010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00		104.543		10,454,299.20		10,000,000.00		9,919,542.22		534,756.98			6,129.00			—		—		3.125		3.402	AO		131,215.00		—		5/30/2008		4/30/2013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00		100.402		1,004,020.00		1,000,000.00		1,000,147.64		3,872.36			(330.00	)		—		—		2.625		2.512	MN		8,847.00		—		6/5/2008		5/31/2010
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.00		105.666		792,495.06		750,000.00		755,964.31		36,530.75			(442.00	)		—		—		3.5		3.234	MN		8,798.00		—		6/4/2008		5/31/2013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00		100.672		2,013,439.94		2,000,000.00		2,002,241.27		11,198.67			(2,241.00	)		—		—		2.875		2.419	JD		14,454.00		—		7/11/2008		6/30/2010
912828JD3	UNITED STATES TREASURY GOVT BND							1		14,621,953.00		105.24		15,259,799.71		14,500,000.00		14,582,182.24		677,617.47			(5,975.00	)		—		—		3.375		3.19	JD		123,020.00		—		7/21/2008		6/30/2013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00		100.855		2,017,100.06		2,000,000.00		2,001,365.00		15,735.06			(1,006.00	)		—		—		2.75		2.543	JJ		9,116.00		27,500.00		8/1/2008		7/31/2010
912828JH4	UNITED STATES TREASURY GOVT BND							1		304,359.00		103		309,000.00		300,000.00		303,807.65		5,192.35			(95.00	)		—		—		4		3.821	FA		1,492.00		6,000.00		9/30/2008		8/15/2018
912828JL5	UNITED STATES TREASURY GOVT BND							1		3,026,367.00		100.863		3,025,890.21		3,000,000.00		3,006,724.15		19,166.06			(3,318.00	)		—		—		2		1.546	MS		164.00		30,000.00		10/8/2008		9/30/2010
912828JM3	UNITED STATES TREASURY GOVT BND							1		57,812,569.00		104.285		59,025,312.27		56,600,000.00		57,577,851.37		1,447,460.90			(50,350.00	)		—		—		3.125		2.603	MS		4,833.00		884,375.00		2/19/2010		9/30/2013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		124,544,328.00		102.9		124,714,802.43		121,200,000.00		124,426,323.08		288,479.35			(100,109.00	)		—		—		2.75		1.972	AO		1,400,959.00		—		2/19/2010		10/31/2013
912828KD1	UNITED STATES TREASURY GOVT BND							1		3,274,551.00		92.812		3,248,419.86		3,500,000.00		3,276,692.65		(28,272.79	)		2,142.00			—		—		2.75		3.596	FA		11,965.00		—		2/23/2010		2/15/2019
912828KN9	UNITED STATES TREASURY GOVT BND							1		78,676,715.00		98.792		79,033,600.00		80,000,000.00		78,711,414.15		322,185.85			34,700.00			—		—		1.875		2.291	AO		629,834.00		—		2/19/2010		4/30/2014
912828KS8	UNITED STATES TREASURY GOVT BND							1		17,644,834.00		98.305		17,596,595.00		17,900,000.00		17,649,341.03		(52,746.03	)		4,507.00			—		—		2.625		2.884	FA		40,859.00		234,938.00		2/19/2010		2/29/2016
912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,533.00		100.426		2,540,778.05		2,530,000.00		2,523,811.46		16,966.59			1,244.00			—		—		0.875		1.087	MN		7,420.00		—		6/5/2009		5/31/2011
912828KX7	UNITED STATES TREASURY GOVT BND							1		62,642,999.00		101.632		62,579,901.54		61,575,000.00		62,566,063.51		13,838.03			(76,936.00	)		—		—		1.875		1.134	JD		339,381.00		—		3/23/2010		6/15/2012
912828KY5	UNITED STATES TREASURY GOVT BND							1		22,424,668.00		101.486		22,428,406.00		22,100,000.00		22,379,539.04		48,866.96			(15,575.00	)		—		—		2.625		2.311	JD		145,833.00		—		7/8/2009		6/30/2014
912828LC2	UNITED STATES TREASURY GOVT BND							1		6,231,853.00		101.375		6,183,874.52		6,100,000.00		6,223,446.49		(39,571.97	)		(6,688.00	)		—		—		2.625		2.133	JJ		26,540.00		80,063.00		12/11/2009		7/31/2014
912828LG3	UNITED STATES TREASURY GOVT BND							1		1,193,863.00		100.513		1,206,156.10		1,200,000.00		1,195,829.17		10,326.93			766.00			—		—		1		1.264	JJ		1,989.00		6,000.00		8/10/2009		7/31/2011
912828LH1	UNITED STATES TREASURY GOVT BND							1		26,362,136.00		101.227		26,319,019.22		26,000,000.00		26,340,305.26		(21,286.04	)		(21,831.00	)		—		—		1.75		1.19	FA		56,561.00		227,500.00		2/10/2010		8/15/2012
912828LK4	UNITED STATES TREASURY GOVT BND							1		2,097,047.00		100.234		2,104,913.87		2,100,000.00		2,097,370.67		7,543.20			173.00			—		—		2.375		2.394	FA		4,360.00		24,938.00		10/23/2009		8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND							1		31,558,630.00		100.134		31,642,344.94		31,600,000.00		31,564,882.52		77,462.42			3,350.00			—		—		1.375		1.42	AO		200,538.00		—		10/1/2009		10/15/2012
912828LW8	UNITED STATES TREASURY GOVT BND							1		13,818,328.00		100.404		13,855,751.86		13,800,000.00		13,814,170.32		41,581.54			(2,310.00	)		—		—		1		0.931	MS		377.00		69,000.00		10/20/2009		9/30/2011
912828LZ1	UNITED STATES TREASURY GOVT BND							1		4,684,167.00		98.677		4,657,554.50		4,720,000.00		4,686,162.17		(28,607.67	)		1,708.00			—		—		2.125		2.288	MN		33,617.00		—		12/16/2009		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND							1		43,530,506.00		99.134		43,440,520.11		43,820,000.00		43,557,963.81		(117,443.70	)		23,503.00			—		—		1.125		1.351	JD		144,913.00		—		12/16/2009		12/15/2012
912828ME7	UNITED STATES TREASURY GOVT BND							1		5,069,531.00		100.722		5,036,100.00		5,000,000.00		5,067,299.51		(31,199.51	)		(2,232.00	)		—		—		2.625		2.321	JD		33,173.00		—		1/27/2010		12/31/2014
912828MG2	UNITED STATES TREASURY GOVT BND							1		63,131,098.00		99.672		62,793,358.11		63,000,000.00		63,125,938.10		(332,579.99	)		(5,160.00	)		—		—		1.375		1.302	JJ		181,865.00		—		2/9/2010		1/15/2013
912828MH0	UNITED STATES TREASURY GOVT BND							1		136,430,595.00		98.911		135,804,807.11		137,300,000.00		136,457,426.42		(652,619.31	)		26,831.00			—		—		2.25		2.385	JJ		512,030.00		—		2/2/2010		1/31/2015
912828MJ6	UNITED STATES TREASURY GOVT BND							1		20,303,328.00		99.881		20,275,842.38		20,300,000.00		20,303,058.44		(27,216.06	)		(270.00	)		—		—		0.875		0.867	JJ		29,441.00		—		1/25/2010		1/31/2012
912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,431.00		99.862		4,993,100.00		5,000,000.00		4,999,523.43		(6,423.43	)		71.00			—		—		0.75		0.756	MN		12,569.00		—		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND							1		155,384,801.00		99.534		154,725,598.33		155,450,000.00		155,387,895.81		(662,297.48	)		3,095.00			—		—		1.375		1.389	FA		265,704.00		—		3/4/2010		2/15/2013
912828MQ0	UNITED STATES TREASURY GOVT BND							1		164,872,674.00		99.786		164,646,904.95		165,000,000.00		164,874,257.28		(227,352.33	)		1,583.00			—		—		0.875		0.915	FA		125,543.00		—		3/22/2010		2/29/2012
912828MR8	UNITED STATES TREASURY GOVT BND							1		8,529,247.00		99.297		8,440,244.75		8,500,000.00		8,528,794.98		(88,550.23	)		(452.00	)		—		—		2.375		2.302	FA		17,554.00		—		2/26/2010		2/28/2015
912828MS6	UNITED STATES TREASURY GOVT BND							1		10,972,500.00		98.439		10,828,290.33		11,000,000.00		10,972,739.18		(144,448.85	)		239.00			—		—		3		3.04	FA		28,696.00		—		3/3/2010		2/28/2017
912828MU1	UNITED STATES TREASURY GOVT BND							1		19,628,734.00		99.949		19,639,977.90		19,650,000.00		19,628,765.59		11,212.31			32.00			—		—		1		1.052	MS		534.00		—		3/30/2010		3/31/2012
912828MW7	UNITED STATES TREASURY GOVT BND							1		8,585,459.00		99.715		8,575,489.66		8,600,000.00		8,585,470.77		(9,981.11	)		12.00			—		—		2.5		2.533	MS		1,168.00		—		3/30/2010		3/31/2015
01N042641	GNMA TBA MBS				2			1		3,320.00		101.156		0.00		—		3,320.31		(3,320.31	)		—			—		—		4.5		4.25	MON		—		—		3/31/2010		4/1/2039
36202KME2	GNMA POOL # 008457				2			1		610,515.00		102.84		608,069.29		602,048.80		610,193.00		(2,123.71	)		(90.00	)		—		—		3.625		3.219	MON		1,819.00		5,456.00		3/18/2009		7/20/2024

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN		BOND		NAIC		ACTUAL			RATE USED TO OBTAIN		GAAP FAIR						GAAP						CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE			RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36204J4C7	GNMA POOL # 371719					2		1		622,189.00			106.75		635,273.38			585,589.75			620,062.67			15,210.71			(351.00	)		—		—			6.5			5.022	MON		3,172.00		9,516.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737					2		1		555,885.00			107.235		570,122.23			523,186.20			553,985.14			16,137.09			(311.00	)		—		—			6.5			4.964	MON		2,834.00		8,502.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611					2		1		674,115.00			106.75		688,291.68			634,461.58			671,912.97			16,378.71			(340.00	)		—		—			6.5			4.942	MON		3,437.00		10,310.00		9/11/2008		4/15/2024
3620A2KC9	GNMA POOL # 716791					2		1		2,388,844.00			0		2,407,694.49			2,259,621.47			2,387,146.20			20,548.29			(815.00	)		—		—			5			3.08	MON		9,415.00		28,245.00		9/29/2009		4/15/2024
3620A55Q8	GNMA POOL # 720055					2		1		—			100.142		—			—			—			—			—			—		—			4.5			0	MON		1,218.00		—		6/18/2009		6/15/2039
3620A56N4	GNMA POOL # 720077					2		1		—			100.02		—			—			—			—			—			—		—			4.5			0	MON		1,082.00		—		6/18/2009		6/15/2039
3620A6AC1	GNMA POOL # 720103					2		1		894,705.00			100.142		891,402.54			879,317.36			894,491.97			(3,089.43	)		(48.00	)		—		—			4.5			4.237	MON		3,297.00		9,892.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220					2		??		2,035,436.00			106.553		2,064,926.95			1,937,934.11			2,033,807.98			31,118.97			(603.00	)		—		—			5			3.338	MON		8,075.00		24,224.00		7/29/2009		7/15/2024
3620ADCM2	GNMA POOL # 726476					2		1		17,197,903.00			0		17,096,547.70			16,325,508.94			17,183,108.00			(86,560.30	)		(6,155.00	)		—		—			4.5			3.093	MON		61,221.00		183,662.00		12/8/2009		11/15/2024
36210B4N2	GNMA POOL # 487829					2		1		794,886.00			102.844		804,277.70			768,005.51			793,886.39			10,391.31			(202.00	)		—		—			4.5			3.49	MON		2,880.00		8,640.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831					2		1		184,060.00			0		185,512.31			174,103.32			183,935.28			1,577.03			(60.00	)		—		—			5			2.999	MON		725.00		2,176.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832					2		1		749,634.00			104.229		764,361.61			717,353.43			748,551.63			15,809.98			(189.00	)		—		—			5			3.444	MON		2,989.00		8,967.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744					2		1		1,136,940.00			0		1,145,912.32			1,075,438.80			1,136,167.82			9,744.50			(372.00	)		—		—			5			2.984	MON		4,481.00		13,443.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745					2		1		1,033,346.00			0		1,041,500.12			977,447.95			1,032,650.38			8,849.74			(337.00	)		—		—			5			2.968	MON		4,073.00		12,218.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779					2		1		538,364.00			104.229		549,351.76			515,566.67			537,574.64			11,777.12			(146.00	)		—		—			5			3.494	MON		2,148.00		6,445.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339					2		1		407,790.00			109.906		406,057.98			369,458.50			406,897.16			(839.18	)		(77.00	)		—		—			8			4.719	MON		2,463.00		7,389.00		3/7/2008		9/15/2031
36225CD29	GNMA POOL # 080120					2		1		493,769.00			101.02		501,875.42			488,728.62			493,643.66			8,231.76			(10.00	)		—		—			3.125			2.785	MON		1,273.00		4,225.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916					2		1		412,648.00			100.563		423,044.65			414,656.88			412,675.38			10,369.27			3.00			—		—			2.75			2.876	MON		950.00		2,851.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156					2		1		1,044,318.00			102.185		1,070,548.00			1,041,389.11			1,044,260.10			26,287.90			(3.00	)		—		—			2.75			2.636	MON		2,387.00		8,027.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179					2		1		1,096,213.00			97.85		1,108,892.59			1,093,138.66			1,096,153.05			12,739.54			(2.00	)		—		—			2.75			2.631	MON		2,505.00		8,426.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224					2		1		665,963.00			99.1		673,169.96			669,099.12			665,988.93			7,181.03			4.00			—		—			3			3.112	MON		1,673.00		5,018.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431					2		1		4,176,955.00			0		4,187,268.16			4,125,387.35			4,176,476.62			10,791.54			(406.00	)		—		—			3			2.909	MON		10,313.00		30,940.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444					2		??		1,016,755.00			102.75		1,022,976.99			995,598.04			1,016,588.09			6,388.90			(140.00	)		—		—			3.75			3.153	MON		3,111.00		9,334.00		11/3/2009		12/20/2039
36241KBP2	GNMA POOL # 781846					2		1		7,284,420.00			110.278		7,780,240.58			7,055,128.00			7,280,626.84			499,613.74			(429.00	)		—		—			6.5			5.55	MON		38,215.00		114,646.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931					2		1		5,001,995.00			107.628		5,297,054.81			4,844,547.61			4,999,478.57			297,576.24			(284.00	)		—		—			6.5			5.575	MON		26,241.00		78,724.00		8/15/2008		5/15/2035
36241KGU6	GNMA POOL # 782011					2		??		307,321.00			104.422		314,041.75			300,741.79			307,243.69			6,798.06			(13.00	)		—		—			5			4.478	MON		1,253.00		3,759.00		7/14/2009		12/15/2035
36241KKB3	GNMA POOL # 782090					2		1		6,344,462.00			107.635		6,583,857.27			6,104,112.20			6,337,249.89			246,607.38			(313.00	)		—		—			6.5			5.392	MON		33,064.00		99,192.00		11/30/2007		5/15/2036
36292DWW8	GNMA POOL # 646061					2		1		424,575.00			106.297		439,845.58			407,144.29			423,840.85			16,004.73			28.00			—		—			6.5			4.1	MON		2,205.00		6,616.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418					2		1		375,112.00			108.032		388,603.72			359,712.12			374,504.54			14,099.18			26.00			—		—			6.5			4.275	MON		1,948.00		5,845.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827					2		1		1,808,941.00			104.785		1,843,481.54			1,731,302.45			1,806,160.13			37,321.41			(487.00	)		—		—			5			3.329	MON		7,214.00		21,641.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745					2		1		643,801.00			104.785		656,487.30			616,538.90			642,811.18			13,676.12			(174.00	)		—		—			5			3.335	MON		2,569.00		7,707.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161					2		1		3,017,535.00			104.785		3,061,647.10			2,875,340.50			3,014,245.23			47,401.87			(1,001.00	)		—		—			5			3.227	MON		11,981.00		35,942.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223					2		1		271,509.00			106.297		281,273.96			260,362.03			271,022.32			10,251.64			(1.00	)		—		—			6.5			3.997	MON		1,410.00		4,231.00		1/31/2008		1/15/2038
36296DR67	GNMA POOL # 688209					2		??		173,763.00			106.479		176,263.85			165,537.89			173,613.73			2,650.12			(58.00	)		—		—			5			3.25	MON		690.00		2,069.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448					2		1		591,149.00			104.785		602,797.31			566,116.04			590,264.21			12,533.10			(156.00	)		—		—			5			3.369	MON		2,359.00		7,076.00		3/26/2009		7/15/2023
36296QRL5	GNMA POOL # 698091					2		1		11,346,521.00			100.142		11,203,131.48			11,051,245.16			11,342,677.99			(139,546.51	)		(732.00	)		—		—			4.5			4.015	MON		41,442.00		124,327.00		4/28/2009		4/15/2039
36296TPY3	GNMA POOL # 700739					2		1		1,609,129.00			105.631		1,643,428.36			1,523,999.20			1,605,584.40			37,843.96			(315.00	)		—		—			5.5			3.191	MON		6,985.00		20,955.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995					2		1		911,306.00			104.785		929,262.52			872,715.27			909,986.23			19,276.29			(231.00	)		—		—			5			3.445	MON		3,636.00		10,909.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294					2		1		853,402.00			104.229		869,907.29			816,408.06			852,141.48			17,765.81			(219.00	)		—		—			5			3.394	MON		3,402.00		10,205.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697					2		1		1,705,655.00			0		1,719,114.93			1,613,389.50			1,704,513.56			14,601.37			(552.00	)		—		—			5			2.935	MON		6,722.00		20,167.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787					2		1		988,077.00			104.229		1,015,843.07			953,368.80			987,021.65			28,821.42			(202.00	)		—		—			5			3.717	MON		3,972.00		11,917.00		6/11/2009		3/15/2024
36296XHH0	GNMA POOL # 704132					2		1		333,095.00			0		335,491.78			315,076.52			332,853.42			2,638.36			(119.00	)		—		—			5			3.027	MON		1,313.00		3,938.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243					2		1		671,706.00			104.229		690,581.26			648,110.57			670,988.45			19,592.81			(128.00	)		—		—			5			3.628	MON		2,700.00		8,101.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554					2		1		4,500,373.00			104.229		4,629,628.48			4,344,906.70			4,495,654.31			133,974.17			(958.00	)		—		—			5			3.823	MON		18,104.00		54,311.00		6/11/2009		6/15/2024
36297A3K7	GNMA					2		1		1,010,417.00			104.229		1,031,037.93			967,629.18			1,008,958.19			22,079.74			(255.00	)		—		—			5			3.433	MON		4,032.00		12,095.00		3/26/2009		1/15/2024
36297AKF9	GNMA POOL # 705994					2		1		1,445,956.00			0		1,457,366.10			1,367,738.20			1,444,953.51			12,412.59			(488.00	)		—		—			5			2.973	MON		5,699.00		17,097.00		9/29/2009		1/15/2024
36297DFF9	GNMA POOL # 708566					2		1		2,415,345.00			0		2,434,405.16			2,284,689.44			2,413,668.07			20,737.09			(802.00	)		—		—			5			3.042	MON		9,520.00		28,559.00		9/29/2009		4/15/2024
36297DTR8	GNMA POOL # 708960					2		1		1,549,842.00			104.229		1,581,472.84			1,484,212.38			1,547,626.60			33,846.24			(388.00	)		—		—			5			3.462	MON		6,184.00		18,553.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884					2		1		4,274,221.00			0		4,307,950.06			4,043,011.48			4,271,236.43			36,713.63			(1,431.00	)		—		—			5			3.052	MON		16,846.00		50,538.00		9/29/2009		4/15/2024
36297JJ54	GNMA POOL # 713184					2		1		2,074,455.00			0		2,090,824.81			1,962,239.25			2,073,005.56			17,819.25			(697.00	)		—		—			5			3.052	MON		8,176.00		24,528.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542					2		1		794,060.00			104.229		816,128.06			765,936.25			793,206.01			22,922.05			(174.00	)		—		—			5			3.799	MON		3,191.00		9,574.00		6/11/2009		6/15/2024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND			A				1FE		4,076,425.00			100.009		4,100,369.12			4,100,000.00			4,078,922.72			21,446.40			1,107.00			—		—			2.375			2.498	MS		5,680.00		48,688.00		9/2/2009		9/10/2014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				1FE		5,242,350.00			103.892		5,194,599.55			5,000,000.00			5,167,526.85			27,072.70			(31,964.00	)		—		—			3.75			1.126	JJ		39,583.00		93,750.00		8/31/2009		7/15/2011
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		15,440,985.00			105.826		15,609,334.41			14,750,000.00			15,423,994.54			185,339.87			(16,990.00	)		—		—			4.1			2.938	JD		176,385.00		—		2/19/2010		6/16/2014
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		7,386,458.00			100.642		7,447,507.86			7,400,000.00			7,388,076.73			59,431.13			1,095.00			—		—			1.875			1.938	MN		50,875.00		—		11/10/2009		11/19/2012
6832348F8	ONTARIO PROVINCE CORP BND			A				1FE		2,800,000.00			100.102		2,802,855.92			2,800,000.00			2,800,000.00			2,855.92			—			—		—			0.401			0.42	FMAN		1,278.00		3,007.00		11/10/2009		11/19/2012
6832348H4	ONTARIO PROVINCE CORP BND			A				??		2,996,550.00			100.135		3,004,050.06			3,000,000.00			2,996,648.00			7,402.06			98.00			—		—			2.95			2.975	FA		13,767.00		—		1/29/2010		2/5/2015
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,978.00			106.297		1,594,453.04			1,500,000.00			1,592,764.73			1,688.31			(3,830.00	)		—		—			4.45			3.205	MS		2,967.00		33,375.00		11/3/2009		9/15/2015
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		15,082,618.00			101.917		15,358,892.95			15,070,000.00			15,086,820.56			272,072.39			105.00			—		—			2.25			2.197	JD		103,606.00		—		2/19/2010		6/11/2012
BRS7X5P83	UK CONV GILT GOVT BND			D				1FE		11,455,508.00			96.1		12,201,276.16			8,050,000.00			11,487,536.21			713,739.95			7,784.00			—		586,216.55			2.25			2.552	MS		18,665.00		139,616.00		3/20/2009		3/7/2014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00			103.858		2,972,011.75			1,900,000.00			3,731,526.81			(759,515.06	)		473.00			—		(850,644.86	)		4.75			4.748	JAN		24,755.00		146,273.00		1/16/2008		1/25/2011
G92435NC9	UK CONV GILT GOVT BND			D				1FE		5,550,778.00			106.07		5,232,212.83			3,200,000.00			5,484,613.69			(252,400.86	)		(21,385.00	)		—		(384,312.98	)		4.5			2.689	MS		14,839.00		111,233.00		6/23/2009		3/7/2013
G92444AB7	UK CONV GILT GOVT BND			D				1FE		5,574,589.00			104.87		4,389,605.22			2,800,000.00			5,558,435.53			(1,168,830.31	)		(1,997.00	)		—		(1,305,212.27	)		4.25			4.096	MS		12,263.00		91,922.00		3/3/2008		3/7/2011
G924502Z0	UK CONV GILT GOVT BND			D				1FE		12,218,701.00			103.17		11,498,587.41			7,300,000.00			12,152,080.34			(653,492.93	)		(59,959.00	)		—		(689,536.01	)		3.25			1.137	JD		113,700.00		—		12/18/2009		12/7/2011
G92450H50	UNITED KINGDOM GOVT BND			D				1FE		40,074,976.00			108.39		32,189,519.35			19,578,000.00			39,311,777.17			(7,122,257.82	)		(93,763.00	)		—		(8,943,188.02	)		5.25			4.157	JD		492,585.00		—		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00			107.35		6,839,247.03			4,200,000.00			7,222,271.94			(383,024.91	)		(46,421.00	)		—		(506,072.64	)		5			2.122	MS		21,641.00		162,215.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GOVT BND			D				1FE		9,943,987.00			110.13		9,561,976.35			5,700,000.00			9,916,417.73			(354,441.38	)		(27,569.00	)		—		(457,690.41	)		5			2.734	MS		29,369.00		220,148.00		2/1/2010		9/7/2014
G92450YY8	UNITED KINGDOM GOVT BND			D				1FE		7,879,842.00			105.59		7,946,280.65			5,000,000.00			7,878,922.46			67,358.19			(919.00	)		—		52,022.48			4	��		3.208	MS		20,610.00		—		3/22/2010		9/7/2016
419791YG7	HAWAII ST MUNI BND GO							1FE		2,007,940.00			100.524		2,010,480.04			2,000,000.00			2,007,761.66			2,718.38			(178.00	)		—		—			3			2.914	FA		7,167.00		—		2/10/2010		2/1/2015
4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00			100.468		3,114,508.07			3,100,000.00			3,141,835.74			(27,327.67	)		(3,083.00	)		—		—			3.321			2.808	JJ		21,734.00		—		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNITAX BND GO							1FE		2,300,000.00			100.792		2,318,216.00			2,300,000.00			2,300,000.00			18,216.00			—			—		—			4.421			4.421	JJ		21,466.00		—		1/8/2010		1/1/2015
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							1FE		1,329,838.00			105.819		1,322,737.50			1,250,000.00			1,322,797.52			(60.02	)		(6,406.00	)		—		—			4.135			1.95	JJ		12,922.00		26,849.00		12/17/2009		1/1/2013
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND							??		8,500,000.00			102.007		8,670,595.00			8,500,000.00			8,500,000.00			170,595.00			—			—		—			2.879			2.881	JD		81,572.00		—		6/19/2009		4/1/2011
98458PAB1	YALE UNIVERSITY MUNI BND							1FE		9,481,471.00			100.801		9,576,104.69			9,500,000.00			9,481,950.01			94,154.68			479.00			—		—			2.9			2.941	AO		107,904.00		—		2/19/2010		10/15/2014
01F042640	FNMA TBA 30 YR					2		1Z		2,003,359.00			100.219		2,004,375.00			2,000,000.00			2,003,359.38			1,015.62			—			—		—			4.5			4.402	MON		—		—		3/31/2010		4/1/2036
01F050445	FNMA TBA 15 YR					2		1Z		(2,344.00	)		102.781		—			—			(2,343.75	)		2,343.75			—			—		—			5			2.35	MON		—		—		3/30/2010		4/1/2018
02R050648	FHLMC GOLD TBA MBS							1FE		(1,036,563.00	)		103.289		(1,032,890.63	)		(1,000,000.00	)		(1,036,562.50	)		3,671.87			—			—		—			5			4.792	MON		—		—		3/8/2010		4/1/2034
3128JLHB8	FHLMC POOL # 1B1225					2		1		99,534.00			102.766		104,677.36			101,080.24			99,568.01			5,109.35			3.00			—		—			3.352			3.648	MON		282.00		848.00		4/2/2007		9/1/2033
3128JM6N2	FHLMC POOL # 1B2776					2		1		311,354.00			102.042		323,415.50			314,594.76			311,422.15			11,993.35			29.00			—		—			2.789			2.953	MON		731.00		3,013.00		4/2/2007		2/1/2035
3128JM7E1	FHLMC POOL # 1B2792					2		1		244,598.00			102.056		254,421.45			247,143.07			244,652.11			9,769.34			23.00			—		—			2.833			2.992	MON		583.00		2,489.00		4/2/2007		2/1/2035
3128JMW45	FHLMC POOL # 1B2566					2		1		122,821.00			101.827		128,355.34			123,786.35			122,836.25			5,519.09			2.00			—		—			3.346			3.445	MON		345.00		1,036.00		4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583					2		1		2,568,298.00			102.78		2,699,384.91			2,596,810.88			2,569,018.14			130,366.77			70.00			—		—			3.333			3.509	MON		7,213.00		21,651.00		9/17/2008		10/1/2034
3128JMY68	FHLMC POOL # 1B2632					2		1		169,211.00			102.067		175,494.82			170,541.11			169,233.18			6,261.64			3.00			—		—			3.183			3.284	MON		452.00		1,371.00		4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642					2		1		226,791.00			102.147		236,329.52			228,573.57			226,818.40			9,511.12			4.00			—		—			3.31			3.412	MON		630.00		1,892.00		4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810					2		1		246,962.00			102.443		256,299.62			249,531.67			247,012.02			9,287.60			21.00			—		—			3.069			3.23	MON		638.00		2,407.00		4/2/2007		2/1/2035
3128JRJS6	FHLMC POOL # 847473					2		1		3,409,949.00			104.06		3,518,959.46			3,423,858.47			3,409,794.66			109,164.80			(20.00	)		—		—			5.053			5.057	MON		14,417.00		43,303.00		9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,461,566.00			102.602		1,552,154.02			1,496,523.45			1,462,386.15			89,767.87			123.00			—		—			4.243			4.728	MON		5,291.00		16,459.00		5/31/2006		12/1/2035
3128JRP26	FHLMC POOL # 847641					2		1		803,860.00			103.178		844,842.25			810,342.52			803,973.00			40,869.25			37.00			—		—			3.342			3.457	MON		2,257.00		7,242.00		11/13/2006		12/1/2033
3128JRP34	FHLMC POOL # 847642					2		1		187,946.00			101.258		195,586.96			190,433.45			188,029.94			7,557.02			23.00			—		—			2.992			3.169	MON		475.00		1,829.00		11/13/2006		4/1/2035
3128JRPZ3	FHLMC POOL # 847640					2		1		700,325.00			103.204		729,450.52			704,162.74			700,290.28			29,160.24			(1.00	)		—		—			5.164			5.207	MON		3,030.00		9,087.00		11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		3,049,875.00			104.722		3,241,173.93			3,015,247.13			3,048,824.44			192,349.49			(78.00	)		—		—			6			5.461	MON		15,076.00		45,229.00		11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		42,126.00			105.253		44,035.81			40,541.98			42,095.74			1,940.07			(3.00	)		—		—			6			4.883	MON		203.00		608.00		2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		84,441.00			105.253		88,270.33			81,266.90			84,378.73			3,891.60			(5.00	)		—		—			6			4.76	MON		406.00		1,219.00		2/4/2009		9/1/2037

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP				CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128KWFY4	FHLMC GOLD POOL # A65583				2		1		111,888.00		105.253		116,961.79		107,681.96		111,806.17		5,155.62		(8.00	)		—		—		6		4.783	MON		538.00		1,615.00		2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		4,838,145.00		104.94		5,168,515.04		4,783,212.36		4,836,564.48		331,950.56		(115.00	)		—		—		6		5.523	MON		23,916.00		71,748.00		11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		4,468,720.00		104.94		4,773,864.27		4,417,982.03		4,467,206.77		306,657.50		(142.00	)		—		—		6		5.475	MON		22,090.00		66,270.00		11/2/2007		9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969				2		1		60,189.00		105.253		62,917.88		57,925.93		60,143.46		2,774.42		(5.00	)		—		—		6		4.733	MON		290.00		869.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954				2		1		97,958.00		105.253		102,399.44		94,275.00		97,882.72		4,516.72		(8.00	)		—		—		6		4.685	MON		471.00		1,414.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		85,651.00		105.253		89,535.23		82,431.44		85,586.94		3,948.29		(6.00	)		—		—		6		4.723	MON		412.00		1,236.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		64,084.00		105.253		66,989.79		61,674.77		64,035.71		2,954.08		(5.00	)		—		—		6		4.732	MON		308.00		925.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		40,547.00		105.253		42,385.82		39,022.90		40,517.58		1,868.24		(3.00	)		—		—		6		4.829	MON		195.00		585.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		4,007,810.00		103.318		4,284,215.23		4,063,041.84		4,009,164.95		275,050.28		80.00			—		—		5.5		6.142	MON		18,622.00		55,867.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		7,976.00		105.253		8,337.98		7,676.44		7,970.44		367.54		(1.00	)		—		—		6		4.8	MON		38.00		115.00		2/4/2009		7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		16,765,455.00		106.822		17,747,192.71		16,314,263.63		16,753,639.08		993,553.63		(806.00	)		—		—		6.5		5.362	MON		88,369.00		265,107.00		11/6/2007		10/1/2037
3128M6EE4	FHLMC GOLD POOL # G04333				2		1		83,443.00		97.51		84,411.00		81,531.95		83,414.12		996.88		(4.00	)		—		—		5		4.461	MON		340.00		1,019.00		7/6/2009		4/1/2038
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		202,794.00		105.253		211,989.94		195,170.51		202,655.25		9,334.69		(15.00	)		—		—		6		4.909	MON		976.00		2,928.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		570,068.00		105.253		595,917.04		548,636.57		569,671.32		26,245.72		(40.00	)		—		—		6		4.842	MON		2,743.00		8,230.00		2/4/2009		12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		3,158,147.00		104.5		3,371,713.23		3,151,254.08		3,156,984.07		214,729.16		(106.00	)		—		—		5.5		5.389	MON		14,443.00		43,330.00		3/30/2007		1/1/2022
3128MTB72	FHLMC GOLD POOL # H00962				2		1		542,226.00		105.947		568,868.08		531,797.59		541,892.34		26,975.74		(32.00	)		—		—		6.5		5.408	MON		2,881.00		8,642.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		11,789,764.00		105.947		12,369,054.58		11,563,020.69		11,782,336.21		586,718.37		(955.00	)		—		—		6.5		5.369	MON		62,633.00		187,899.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		7,484,310.00		105.947		7,852,051.26		7,340,369.52		7,479,735.19		372,316.07		(490.00	)		—		—		6.5		5.418	MON		39,760.00		119,281.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2		1		438,130.00		103.89		456,242.65		439,159.35		438,115.71		18,126.94		12.00			—		—		3.036		3.026	MON		1,111.00		4,123.00		9/17/2008		1/1/2035
3128NCBF0	FHLMC POOL # 1G0038				2		1		259,957.00		101.853		267,875.48		262,133.10		259,996.15		7,879.33		18.00			—		—		2.921		3.041	MON		638.00		2,227.00		4/2/2007		1/1/2035
3128NCBW3	FHLMC POOL # 1G0053				2		1		313,281.00		102.006		325,291.27		316,540.90		313,351.40		11,939.87		31.00			—		—		2.826		2.984	MON		745.00		3,104.00		4/2/2007		2/1/2035
3128NCD68	FHLMC POOL # 1G0125				2		1		3,608,854.00		102.031		3,815,041.02		3,686,029.97		3,611,883.55		203,157.47		587.00			—		—		3.098		3.445	MON		9,516.00		35,278.00		12/13/2005		3/1/2035
3128NCDH4	FHLMC POOL # 1G0104				2		1		148,316.00		101.994		154,227.96		149,557.33		148,338.89		5,889.07		9.00			—		—		2.902		3.019	MON		362.00		1,370.00		4/3/2007		2/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2		1		651,575.00		103.951		673,946.27		648,333.82		651,425.73		22,520.54		(8.00	)		—		—		3.12		3.007	MON		1,686.00		6,743.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		3,679,671.00		105.75		3,949,726.53		3,734,965.99		3,680,217.36		269,509.17		37.00			—		—		5.269		5.561	MON		16,400.00		49,249.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2		1		909,741.00		104.309		939,994.18		891,902.78		909,262.34		30,731.84		(56.00	)		—		—		5.987		5.452	MON		4,450.00		13,353.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2		1		2,549,836.00		105.41		2,681,385.98		2,528,893.69		2,548,542.72		132,843.26		(58.00	)		—		—		5.921		5.605	MON		12,478.00		37,501.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2		1		270,839.00		106.5		283,656.33		266,343.97		270,717.32		12,939.01		(7.00	)		—		—		6.05		5.336	MON		1,343.00		4,036.00		12/13/2007		8/1/2037
3128S4E86	FHLMC POOL # 1Q0159				2		1		291,886.00		103.768		306,612.39		295,479.24		292,006.23		14,606.16		43.00			—		—		2.976		3.136	MON		733.00		2,940.00		11/13/2006		3/1/2035
312929CM2	FHLMC GOLD POOL # A82776				2		1		21,613.00		105.253		22,592.99		20,800.45		21,596.77		996.22		(2.00	)		—		—		6		4.68	MON		104.00		312.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		4,219.00		105.253		4,410.73		4,060.78		4,216.30		194.43		—			—		—		6		4.798	MON		20.00		61.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2		1		76,940.00		105.253		80,428.97		74,047.68		76,883.86		3,545.11		(4.00	)		—		—		6		4.721	MON		370.00		1,111.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		80,789.00		105.253		84,452.28		77,751.78		80,730.15		3,722.13		(6.00	)		—		—		6		4.727	MON		389.00		1,166.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2		1		51,600.00		104.47		53,334.63		49,659.80		51,565.21		1,769.42		(3.00	)		—		—		6		4.937	MON		248.00		745.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2		1		30,444.00		105.253		31,824.14		29,299.19		30,422.58		1,401.56		(2.00	)		—		—		6		4.846	MON		147.00		439.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2		1		23,220.00		104.47		24,000.88		22,347.19		23,203.16		797.72		(2.00	)		—		—		6		4.728	MON		112.00		335.00		2/4/2009		1/1/2039
312931T40	FHLMC GOLD POOL # A85071				2		1		474,256.00		0		479,758.59		463,395.20		474,099.51		5,659.08		(26.00	)		—		—		5		4.488	MON		1,931.00		5,792.00		7/6/2009		3/1/2039
312931WX2	FHLMC GOLD POOL # A85162				2		1		883,365.00		0		888,797.45		858,482.74		883,003.72		5,793.73		(53.00	)		—		—		5		4.327	MON		3,577.00		10,731.00		7/8/2009		3/1/2039
3129325E2	FHLMC GOLD POOL # A86245				2		1		287,926.00		0		292,020.11		281,762.35		287,839.14		4,180.97		(15.00	)		—		—		5		4.565	MON		1,174.00		3,522.00		7/1/2009		5/1/2039
312932K96	FHLMC GOLD POOL # A85720				2		1		1,279,762.00		0		1,294,610.07		1,250,454.09		1,279,331.18		15,278.89		(64.00	)		—		—		5		4.455	MON		5,210.00		15,631.00		7/6/2009		4/1/2039
312933TT1	FHLMC GOLD POOL # A86862				2		1		383,848.00		0		389,291.17		375,616.58		383,732.54		5,558.63		(20.00	)		—		—		5		4.568	MON		1,565.00		4,695.00		7/1/2009		6/1/2039
312933Z31	FHLMC GOLD POOL # A87062				2		1		585,884.00		0		594,588.24		574,308.29		585,715.84		8,872.40		(26.00	)		—		—		5		4.553	MON		2,393.00		7,179.00		7/1/2009		6/1/2039
312933ZY3	FHLMC GOLD POOL # A87059				2		1		292,000.00		0		296,151.86		285,748.97		291,911.71		4,240.15		(15.00	)		—		—		5		4.558	MON		1,191.00		3,572.00		7/1/2009		6/1/2039
312934HP0	FHLMC GOLD POOL # A87438				2		??		98,740.00		103.641		99,972.08		96,460.37		98,708.56		1,263.52		(6.00	)		—		—		5		4.56	MON		402.00		1,206.00		7/1/2009		7/1/2039
312934HU9	FHLMC GOLD POOL # A87443				2		??		99,384.00		103.531		100,713.73		97,278.63		99,353.96		1,359.77		(5.00	)		—		—		5		4.548	MON		405.00		1,216.00		7/1/2009		7/1/2039
31295NXK9	FHLMC POOL # 789682				2		1		50,878.00		102.028		52,688.93		51,171.72		50,883.24		1,805.69		—			—		—		2.779		2.849	MON		119.00		356.00		8/10/2006		9/1/2032
31342A6F1	FHLMC POOL # 780870				2		1		562,559.00		100.79		588,367.81		571,300.27		562,781.59		25,586.22		16.00			—		—		2.744		3.035	MON		1,306.00		3,919.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2		1		830,794.00		0		837,462.52		805,252.42		830,552.13		6,910.39		(80.00	)		—		—		2.854		2.057	MON		1,915.00		5,745.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2		1		1,265,367.00		102.249		1,330,301.06		1,286,319.93		1,266,075.75		64,225.31		102.00			—		—		2.605		2.915	MON		2,792.00		9,746.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2		1		277,311.00		101.962		286,195.06		279,491.39		277,351.55		8,843.51		3.00			—		—		2.609		2.725	MON		608.00		1,823.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2		1		488,762.00		101.33		507,080.53		492,604.69		488,838.23		18,242.30		10.00			—		—		2.662		2.77	MON		1,093.00		3,278.00		4/2/2007		11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		164,543.00		102.922		171,903.06		167,022.48		164,598.18		7,304.88		19.00			—		—		2.626		2.887	MON		366.00		1,500.00		9/30/2008		1/1/2035
31349ULB2	FHLMC POOL # 783022				2		1		505,019.00		100.44		523,304.00		509,528.77		505,111.05		18,192.95		48.00			—		—		2.619		2.753	MON		1,112.00		5,376.00		4/2/2007		2/1/2035
31349ULF3	FHLMC POOL # 783026				2		1		314,689.00		101.813		324,977.83		317,963.71		314,753.80		10,224.03		29.00			—		—		2.483		2.668	MON		658.00		2,927.00		4/2/2007		2/1/2035
31371NAC9	FNMA POOL # 256603				2		1		1,748,493.00		107.075		1,870,450.65		1,746,855.23		1,748,088.84		122,361.81		(61.00	)		—		—		5.5		5.382	MON		8,006.00		24,019.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2		1		671,009.00		0		677,816.12		633,027.46		670,093.65		7,722.47		(290.00	)		—		—		5.5		3.262	MON		2,901.00		8,704.00		9/29/2009		6/1/2022
31371NN68	FNMA POOL # 257013				2		1		25,098.00		103.588		26,895.91		25,456.46		25,111.43		1,784.48		2.00			—		—		5		5.438	MON		106.00		318.00		8/22/2008		11/1/2022
31371NZX6	FNMA POOL # 257358				2		1		32,937.00		103.549		35,279.77		33,406.30		32,951.76		2,328.01		2.00			—		—		5		5.441	MON		139.00		418.00		8/22/2008		9/1/2023
31379T6G4	FNMA POOL # 429371				2		1		34,840.00		103.159		36,865.91		35,125.03		34,888.94		1,976.97		6.00			—		—		5		5.266	MON		146.00		439.00		12/14/2007		2/1/2014
31385W6Z7	FNMA POOL # 555388				2		1		141,122.00		105.572		154,823.79		143,647.04		141,496.97		13,326.82		30.00			—		—		5.5		6.02	MON		658.00		1,975.00		6/28/2006		3/1/2018
31385XEW3	FNMA POOL # 555549				2		1		479,070.00		104.727		515,853.34		482,993.92		479,370.47		36,482.87		34.00			—		—		5		5.214	MON		2,012.00		6,037.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2		1		146,094.00		102.13		150,943.38		147,398.58		146,116.87		4,826.51		3.00			—		—		3.832		4.059	MON		471.00		1,481.00		4/2/2007		7/1/2033
31388UJF8	FNMA POOL # 615062				2		1		182,123.00		105.572		199,805.34		185,381.37		182,703.05		17,102.29		45.00			—		—		5.5		6.041	MON		850.00		2,549.00		6/28/2006		1/1/2017
31389FPM8	FNMA POOL # 624228				2		1		125,049.00		105.572		137,190.33		127,286.54		125,445.31		11,745.02		31.00			—		—		5.5		6.044	MON		583.00		1,750.00		6/28/2006		1/1/2017
31389FQ62	FNMA POOL # 624277				2		1		88,564.00		105.572		97,162.80		90,148.61		88,847.69		8,315.11		24.00			—		—		5.5		6.038	MON		413.00		1,240.00		6/28/2006		1/1/2017
31391PUF1	FNMA POOL # 672982				2		1		482,356.00		104.74		519,230.08		486,307.09		482,676.76		36,553.32		37.00			—		—		5		5.222	MON		2,026.00		6,079.00		12/14/2007		12/1/2017
31400EGH7	FNMA POOL # 685200				2		1		429,382.00		104.727		462,350.69		432,899.35		429,663.54		32,687.15		32.00			—		—		5		5.216	MON		1,804.00		5,411.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2		1		1,026,487.00		101.55		1,046,884.75		1,028,576.10		1,025,612.04		21,272.71		(64.00	)		—		—		5.5		5.502	MON		4,714.00		14,143.00		4/21/2006		1/1/2013
31400PG58	FNMA POOL # 693320				2		1		92,405.00		101.606		94,852.31		93,216.74		92,433.87		2,418.44		6.00			—		—		2.501		2.682	MON		194.00		682.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287				2		1		18,639.00		102.192		19,173.61		18,805.26		18,642.52		531.09		1.00			—		—		2.52		2.744	MON		39.00		205.00		4/2/2007		3/1/2033
31400SA33	FNMA POOL # 695826				2		1		367,149.00		104.727		395,339.42		370,156.64		367,384.51		27,954.91		31.00			—		—		5		5.217	MON		1,542.00		4,627.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895				2		1		494,529.00		104.727		532,499.31		498,579.56		494,848.93		37,650.38		37.00			—		—		5		5.215	MON		2,077.00		6,232.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429				2		1		255,773.00		102.235		265,781.70		258,755.10		255,882.61		9,899.09		8.00			—		—		2.631		2.88	MON		567.00		1,955.00		8/10/2006		4/1/2033
31402DGQ7	FNMA POOL # 725707				2		1		—		104.52		—		—		—		—		—			—		—		5		0	MON		2,468.00		—		12/14/2007		8/1/2019
31402DQB9	FNMA POOL # 725950				2		1		709,431.00		104.52		763,772.42		715,918.68		709,763.22		54,009.20		50.00			—		—		5		5.245	MON		2,983.00		8,949.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222				2		1		2,981,311.00		102.319		3,087,681.47		3,014,267.89		2,982,183.12		105,498.35		130.00			—		—		4.574		4.796	MON		11,489.00		34,423.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463				2		1		163,387.00		102.966		169,914.95		164,738.49		163,445.67		6,469.28		13.00			—		—		2.658		2.78	MON		365.00		1,438.00		9/28/2006		3/1/2035
31402YSV7	FNMA POOL # 742232				2		1		13,691.00		104.272		14,282.37		13,903.36		13,696.58		585.79		1.00			—		—		2.625		2.969	MON		30.00		115.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179				2		1		1,709,435.00		104.727		1,840,688.62		1,723,438.35		1,710,375.80		130,312.82		109.00			—		—		5		5.21	MON		7,181.00		21,543.00		12/14/2007		4/1/2019
31403C3B5	FNMA POOL # 745194				2		1		793,590.00		105.572		870,641.22		807,789.53		795,395.55		75,245.67		149.00			—		—		5.5		5.996	MON		3,702.00		11,107.00		6/28/2006		5/1/2019
31403C3T6	FNMA POOL # 745210				2		1		1,542,257.00		105.572		1,691,997.53		1,569,852.04		1,545,901.90		146,095.63		290.00			—		—		5.5		6.005	MON		7,195.00		21,585.00		6/28/2006		1/1/2019
31403DCC1	FNMA POOL # 745367				2		1		739,287.00		105.572		811,065.55		752,514.64		741,025.14		70,040.41		127.00			—		—		5.5		6.014	MON		3,449.00		10,347.00		6/28/2006		12/1/2018
31403DCE7	FNMA POOL # 745369				2		1		1,031,240.00		104.52		1,109,183.12		1,039,687.87		1,031,765.00		77,418.12		60.00			—		—		5		5.203	MON		4,332.00		12,996.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388				2		1		2,923,200.00		104.727		3,147,647.98		2,947,145.54		2,924,911.50		222,736.48		196.00			—		—		5		5.213	MON		12,280.00		36,839.00		12/14/2007		11/1/2018
31403DWH8	FNMA POOL # 745948				2		1		—		106.581		—		0.01		—		—		—			—		—		6.5		6.404	MON		—		—		2/4/2009		10/1/2036
31403H3P3	FNMA POOL # 749706				2		1		1,295,526.00		102.509		1,353,717.43		1,311,821.28		1,296,057.41		57,660.02		42.00			—		—		3.214		3.478	MON		3,513.00		10,569.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798				2		1		13,751.00		102.387		14,198.84		13,964.41		13,756.31		442.53		—			—		—		3.239		3.584	MON		38.00		116.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848				2		1		507,406.00		104.727		546,365.93		511,562.89		507,685.78		38,680.15		34.00			—		—		5		5.218	MON		2,132.00		6,395.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522				2		1		58,076.00		102.25		60,585.15		59,251.98		58,106.93		2,478.22		3.00			—		—		2.959		3.385	MON		146.00		438.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886				2		1		114,124.00		102.15		119,400.77		116,032.50		114,188.43		5,212.34		9.00			—		—		3.056		3.443	MON		296.00		966.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246				2		1		190,117.00		101.878		195,706.86		191,708.16		190,157.26		5,549.60		11.00			—		—		2.797		2.949	MON		447.00		1,530.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693				2		1		1,117,105.00		101.97		1,153,342.75		1,127,676.83		1,117,434.80		35,907.95		27.00			—		—		3.514		3.695	MON		3,302.00		9,849.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578				2		1		1,048,929.00		102.231		1,095,272.47		1,074,060.48		1,050,088.55		45,183.92		57.00			—		—		2.635		3.049	MON		2,384.00		7,090.00		2/28/2006		12/1/2034

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31405GWJ5	FNMA POOL # 789149				2		1		—		104.52		—		—		—		—			—			—		—		5		0	MON		11.00		—		8/22/2008		9/1/2019
31405PAG5	FNMA POOL # 794807				2		1		314,989.00		101.253		320,250.89		314,130.99		314,931.22		5,319.67			(6.00	)		—		—		2.979		2.917	MON		780.00		2,341.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664				2		1		89,704.00		101.933		93,071.28		90,409.67		89,722.37		3,348.91			2.00			—		—		3.024		3.163	MON		228.00		683.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811				2		1		293,628.00		101.424		297,869.95		292,860.92		293,575.42		4,294.53			(6.00	)		—		—		2.635		2.578	MON		643.00		1,930.00		6/30/2007		11/1/2034
31405UTZ2	FNMA POOL # 799868				2		1		28,203.00		101.862		28,955.17		28,424.62		28,208.03		747.14			1.00			—		—		2.926		3.076	MON		69.00		209.00		4/2/2007		11/1/2034
31406BB90	FNMA POOL # 804764				2		1		313,285.00		101.971		322,165.49		315,748.31		313,345.04		8,820.45			8.00			—		—		2.847		2.992	MON		749.00		2,245.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852				2		1		288,856.00		101.739		296,914.47		291,126.83		288,911.39		8,003.08			7.00			—		—		2.851		2.996	MON		692.00		2,080.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962				2		1		360,526.00		102.229		370,664.90		363,360.35		360,596.10		10,068.80			16.00			—		—		2.771		2.915	MON		839.00		2,723.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163				2		1		387,269.00		103.027		396,026.87		390,510.28		387,352.09		8,674.78			28.00			—		—		2.642		2.796	MON		860.00		3,069.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721				2		1		708,723.00		102.997		738,301.20		714,294.86		708,858.31		29,442.89			14.00			—		—		3.172		3.313	MON		1,888.00		5,664.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530				2		1		110,367.00		102.041		114,395.82		111,148.43		110,398.20		3,997.62			10.00			—		—		2.817		2.921	MON		261.00		928.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418				2		1		416,750.00		102.148		427,424.77		420,470.65		416,860.89		10,563.88			39.00			—		—		2.339		2.491	MON		820.00		4,267.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807				2		1		435,773.00		102.224		452,976.12		439,931.26		435,975.47		17,000.65			59.00			—		—		2.613		2.746	MON		958.00		3,620.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423				2		1		603,847.00		104.136		632,092.42		609,239.02		603,984.82		28,107.60			49.00			—		—		2.841		3.004	MON		1,442.00		7,057.00		4/2/2007		4/1/2035
31406VHE9	FNMA POOL # 821129				2		1		352,837.00		102.212		364,992.38		355,987.51		352,905.58		12,086.80			16.00			—		—		3.815		3.982	MON		1,132.00		3,907.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056				2		1		1,632,634.00		103.389		1,659,678.06		1,605,280.51		1,631,971.39		27,706.67			(108.00	)		—		—		4.866		4.475	MON		6,509.00		19,531.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985				2		1		847,487.00		101.73		896,720.31		876,663.41		848,373.63		48,346.68			72.00			—		—		4.034		4.831	MON		2,947.00		8,864.00		3/16/2006		8/1/2035
31407GC22	FNMA POOL # 829989				2		1		2,122,740.00		102.4		2,213,081.04		2,142,913.92		2,123,309.86		89,771.18			166.00			—		—		3.46		3.649	MON		6,179.00		21,802.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868				2		1		1,776,817.00		101.963		1,845,772.59		1,795,898.60		1,777,668.90		68,103.69			73.00			—		—		2.944		3.096	MON		4,406.00		13,206.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547				2		1		1,570,054.00		102.763		1,642,137.67		1,582,727.75		1,570,564.39		71,573.28			114.00			—		—		2.647		2.761	MON		3,491.00		13,812.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105				2		1		1,383,276.00		106.803		1,489,486.58		1,394,607.57		1,383,907.89		105,578.69			70.00			—		—		5		5.202	MON		5,811.00		17,433.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490				2		1		474,958.00		101.718		484,397.20		476,033.84		474,967.91		9,429.29			12.00			—		—		2.701		2.723	MON		1,071.00		3,890.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492				2		1		204,693.00		102.692		211,198.69		204,303.73		204,667.57		6,531.12			—			—		—		2.671		2.599	MON		455.00		1,551.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527				2		1		55,871.00		102.929		59,152.85		56,923.20		55,892.23		3,260.62			3.00			—		—		3.712		4.241	MON		176.00		572.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499				2		1		1,635,823.00		101.573		1,693,405.48		1,645,014.00		1,636,020.14		57,385.34			19.00			—		—		2.775		2.879	MON		3,804.00		11,615.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502				2		1		194,591.00		102.689		206,355.40		197,120.41		194,653.98		11,701.42			16.00			—		—		2.577		2.892	MON		423.00		1,841.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507				2		1		975,652.00		101.908		1,021,130.10		992,731.04		976,164.75		44,965.35			89.00			—		—		2.578		2.907	MON		2,133.00		7,294.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508				2		1		974,344.00		101.875		1,019,101.48		987,966.41		974,717.77		44,383.71			73.00			—		—		2.676		2.967	MON		2,203.00		8,309.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511				2		1		130,629.00		101.764		136,374.22		131,815.08		130,655.28		5,718.94			3.00			—		—		3.376		3.564	MON		371.00		1,114.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513				2		1		225,110.00		102.089		234,663.48		226,288.78		225,134.78		9,528.70			5.00			—		—		2.664		2.757	MON		502.00		1,593.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518				2		1		253,875.00		102.692		261,457.23		254,690.66		253,889.25		7,567.98			10.00			—		—		2.701		2.74	MON		573.00		2,216.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519				2		1		102,388.00		101.983		106,925.20		104,146.62		102,439.88		4,485.32			6.00			—		—		2.851		3.176	MON		248.00		747.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520				2		1		1,244,082.00		102.108		1,293,422.40		1,252,011.51		1,244,237.13		49,185.27			12.00			—		—		3.476		3.599	MON		3,627.00		10,893.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564				2		1		22,618,394.00		104.202		23,370,903.67		21,946,288.65		22,585,561.89		785,341.78			(6,667.00	)		—		—		5		3.883	MON		91,443.00		274,329.00		2/26/2009		10/1/2021
31410GJ46	FNMA POOL # 888683				2		1		—		104.71		—		—		—		—			—			—		—		5		0	MON		7,111.00		—		12/14/2007		12/1/2019
31410GPR8	FNMA POOL # 888832				2		1		11,076,104.00		106.7		11,595,876.63		10,651,700.32		11,063,654.23		532,222.40			(938.00	)		—		—		6.5		4.532	MON		57,697.00		173,090.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626				2		1		3,606,808.00		104.36		3,746,211.82		3,589,700.86		3,605,951.95		140,259.87			(57.00	)		—		—		5.498		5.371	MON		16,447.00		49,293.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899				2		1		4,223,257.00		104.682		4,384,666.31		4,188,570.71		4,221,915.10		162,751.21			(96.00	)		—		—		5.769		5.551	MON		20,137.00		60,410.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088				2		1		8,629,269.00		104.822		9,143,254.25		8,549,121.11		8,628,269.77		514,984.48			(14.00	)		—		—		6		5.469	MON		42,746.00		128,237.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029				2		1		744,920.00		0		752,476.33		702,754.29		743,917.39		8,558.94			(294.00	)		—		—		5.5		3.17	MON		3,221.00		9,663.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359				2		1		1,004,535.00		0		1,014,725.15		947,674.26		1,003,166.92		11,558.23			(408.00	)		—		—		5.5		3.095	MON		4,344.00		13,031.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461				2		??		1,147,902.00		107.075		1,159,547.25		1,082,926.82		1,146,348.38		13,198.87			(466.00	)		—		—		5.5		3.139	MON		4,963.00		14,890.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614				2		1		7,104,283.00		0		7,158,413.55		6,685,400.72		7,097,614.03		60,799.52			(2,639.00	)		—		—		5.5		2.853	MON		30,641.00		91,924.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488				2		1		2,892,159.00		0		2,909,775.11		2,755,256.89		2,889,023.13		20,751.98			(1,015.00	)		—		—		5		3.262	MON		11,480.00		34,441.00		9/29/2009		3/1/2023
31412UXW5	FNMA POOL # 935493				2		1		196,008.00		0		198,261.48		191,446.11		195,939.66		2,321.82			(12.00	)		—		—		5		4.463	MON		798.00		2,393.00		7/6/2009		7/1/2039
31413HV62	FNMA POOL # 946237				2		1		12,164.00		103.588		13,034.81		12,337.20		12,169.90		864.91			1.00			—		—		5		5.457	MON		51.00		154.00		8/22/2008		9/1/2022
31414ARA2	FNMA POOL # 960481				2		1		3,520,490.00		0		3,543,490.32		3,353,845.48		3,516,641.94		26,848.38			(1,110.00	)		—		—		5		3.091	MON		13,974.00		41,923.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289				2		??		4,709,972.00		105.608		4,738,660.60		4,487,022.80		4,704,913.78		33,746.82			(1,481.00	)		—		—		5		3.165	MON		18,696.00		56,088.00		9/29/2009		3/1/2023
31414EFY5	FNMA POOL # 963783				2		1		31,757.00		103.549		34,016.63		32,210.24		31,772.26		2,244.37			2.00			—		—		5		5.447	MON		134.00		403.00		8/22/2008		6/1/2023
31414GD22	FNMA POOL # 965521				2		1		974,516.00		0		984,401.96		919,354.76		973,257.58		11,144.38			(332.00	)		—		—		5.5		3.031	MON		4,214.00		12,641.00		9/29/2009		12/1/2022
31414HNC7	FNMA POOL # 966687				2		1		41,853.00		103.549		44,830.83		42,450.17		41,872.98		2,957.85			3.00			—		—		5		5.459	MON		177.00		531.00		8/22/2008		4/1/2023
31414MDQ6	FNMA POOL # 970011				2		1		31,455.00		103.549		33,692.70		31,903.51		31,470.54		2,222.16			2.00			—		—		5		5.418	MON		133.00		399.00		8/22/2008		6/1/2023
31414NB45	FNMA POOL # 970859				2		1		5,236,334.00		0		5,260,398.58		4,981,054.85		5,232,451.11		27,947.47			(1,664.00	)		—		—		5		3.196	MON		20,754.00		62,263.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562				2		1		6,123,775.00		0		6,185,043.99		5,777,146.32		6,115,994.86		69,049.13			(2,342.00	)		—		—		5.5		3.271	MON		26,479.00		79,436.00		9/29/2009		3/1/2023
31414TUV1	FNMA POOL # 975896				2		1		365,922.00		103.549		391,955.02		371,140.97		366,090.41		25,864.61			19.00			—		—		5		5.455	MON		1,546.00		4,639.00		8/22/2008		7/1/2023
31415MDG7	FNMA POOL # 984003				2		1		8,187,138.00		103.51		8,928,614.17		8,433,556.32		8,191,569.30		737,044.87			463.00			—		—		5.5		6.596	MON		38,654.00		115,961.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077				2		1		4,527,333.00		0		4,554,908.88		4,313,028.87		4,522,506.54		32,402.34			(1,601.00	)		—		—		5		3.319	MON		17,971.00		53,913.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528				2		1		7,915,253.00		103.842		8,068,960.98		7,618,832.43		7,904,135.73		164,825.25			(2,727.00	)		—		—		5		3.502	MON		31,745.00		95,235.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529				2		1		13,524,542.00		107.075		13,947,516.90		13,025,894.49		13,504,858.93		442,657.97			(3,627.00	)		—		—		5.5		3.972	MON		59,702.00		179,106.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530				2		1		6,435,374.00		104.595		6,611,497.58		6,171,171.19		6,425,814.45		185,683.13			(2,300.00	)		—		—		5.5		3.796	MON		28,285.00		84,854.00		3/20/2009		12/1/2021
31416B5Z7	FNMA POOL # 995564				2		1		—		0		—		—		—		—			—			—		—		5		0	MON		17,978.00		—		12/1/2009		12/1/2019
31416B7J1	FNMA POOL # 995597				2		1		784,264.00		0		792,219.49		739,871.30		783,345.32		8,874.17			(209.00	)		—		—		5.5		3.142	MON		3,391.00		10,173.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040				2		1		4,406,172.00		0		4,426,421.78		4,191,364.84		4,402,680.05		23,741.73			(1,534.00	)		—		—		5		3.206	MON		17,464.00		52,392.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217				2		1		6,186,598.00		0		6,243,996.15		5,831,406.09		6,180,004.87		63,991.28			(1,760.00	)		—		—		5.5		3.043	MON		26,727.00		80,182.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957				2		1		14,233,555.00		0		14,285,697.68		13,527,082.14		14,225,004.11		60,693.57			(4,200.00	)		—		—		5		3.09	MON		56,363.00		169,089.00		9/28/2009		6/1/2024
31416PAQ0	FNMA POOL # AA5414				2		1		31,003.00		0		31,438.26		30,357.55		30,992.61		445.65			(2.00	)		—		—		5		4.486	MON		126.00		379.00		7/1/2009		5/1/2039
31416PWX1	FNMA POOL # AA6061				2		1		98,743.00		0		100,127.99		96,540.36		98,710.06		1,417.93			(6.00	)		—		—		5		4.522	MON		402.00		1,207.00		7/1/2009		5/1/2039
31416QTJ4	FNMA POOL # AA6852				2		1		38,809.00		0		39,354.07		38,001.25		38,796.57		557.50			(2.00	)		—		—		5		4.538	MON		158.00		475.00		7/1/2009		5/1/2039
31416RGW7	FNMA POOL # AA7412				2		1		54,587.00		0		55,353.72		53,450.90		54,569.43		784.29			(3.00	)		—		—		5		4.514	MON		223.00		668.00		7/1/2009		6/1/2039
31416S6R7	FNMA POOL # AA8979				2		1		27,432.00		0		27,817.64		26,861.39		27,423.58		394.06			(1.00	)		—		—		5		4.527	MON		112.00		336.00		7/1/2009		7/1/2039
31416T3C1	FNMA POOL # AA9794				2		1		42,551.00		0		43,149.25		41,665.97		42,537.62		611.63			(2.00	)		—		—		5		4.479	MON		174.00		521.00		7/1/2009		7/1/2039
31416TL49	FNMA POOL # AA9346				2		1		14,887,048.00		100.388		14,785,700.71		14,728,584.58		14,885,167.64		(99,466.93	)		(1,880.00	)		—		—		4.5		4.277	MON		55,232.00		55,232.00		2/2/2010		8/1/2039
31417KK22	FNMA POOL # AC1212				2		1		199,177.00		0		201,389.72		194,466.81		199,107.58		2,282.14			(12.00	)		—		—		5		4.503	MON		810.00		2,431.00		7/6/2009		7/1/2039
30250GAA6	SSGN_10-S1 AGENCY CMO 10-S1-1A 144A				2		1		1,922,275.00		100.281		1,927,676.64		1,922,275.04		1,922,275.04		5,401.60			—			—		—		0.798		0.799	MON		43.00		852.00		3/5/2010		2/25/2048
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		1		3,138,908.00		107.025		3,343,387.69		3,095,379.11		3,136,011.42		207,376.27			297.00			—		—		6		5.643	MON		15,477.00		46,431.00		2/6/2007		4/1/2028
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		1		57,901.00		101.42		57,132.80		57,106.53		57,023.01		109.79			(83.00	)		—		—		6		4.311	MON		286.00		857.00		1/14/2008		6/1/2010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		1		123,107.00		105		126,409.28		119,052.22		122,701.64		3,707.64			(24.00	)		—		—		6.5		2.133	MON		645.00		1,935.00		1/14/2008		12/1/2015
31394CVB5	FNMA_05-15 AGENCY CMO 05-15				2		1		2,827,748.00		103.307		2,959,713.11		2,852,488.09		2,836,002.96		123,710.15			722.00			—		—		5		5.313	MON		11,885.00		35,656.00		5/24/2007		10/25/2028
31394DA42	FNMA AGENCY CMO 05-48				2		1		321,801.00		106.379		343,877.45		319,504.23		321,399.56		22,477.89			(47.00	)		—		—		5.5		5.25	MON		1,464.00		4,393.00		12/20/2007		11/1/2019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		4,110,740.00		103.559		4,106,265.20		3,965,144.90		4,050,202.21		56,062.99			(10,039.00	)		—		—		5.5		0.074	MON		18,174.00		54,521.00		6/18/2009		3/1/2011
31394HP88	FHR AGENCY CMO 2663				2		1FE		182,275.00		101.738		183,053.74		181,142.68		181,101.04		1,952.70			(166.00	)		—		—		4.5		3.897	MON		679.00		2,038.00		7/16/2008		9/1/2010
31394L4A7	FHLMC CMO 2684 PC				2		1		4,619,779.00		102.18		4,595,530.15		4,497,503.47		4,566,388.91		29,141.24			(16,977.00	)		—		—		5		1.655	MON		18,740.00		56,219.00		6/18/2009		4/1/2011
31395BH89	FNMA_06-10 AGENCY CMO 06-26				2		1		473,011.00		102.375		478,146.02		467,051.67		468,377.23		9,768.79			(735.00	)		—		—		5.5		4.409	MON		2,141.00		6,422.00		9/30/2008		5/1/2011
31395L4F5	FHLMC CMO 2914 AJ				2		1FE		3,798,453.00		102.875		3,796,120.63		3,694,543.59		3,767,158.57		28,962.06			(7,994.00	)		—		—		5		2.343	MON		15,394.00		46,182.00		6/30/2009		1/1/2012
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1		319,612.00		102.18		320,228.96		313,057.81		314,998.60		5,230.36			(462.00	)		—		—		6		3.478	MON		1,565.00		4,696.00		8/11/2008		1/1/2011
31395VGR4	FHR AGENCY CMO 2989 WD				2		1		502,969.00		104.25		532,500.00		500,000.00		501,012.69		31,487.31			(344.00	)		—		—		5.5		5.257	MON		2,292.00		6,875.00		10/8/2008		11/15/2011
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		192,914.00		105.53		207,136.98		193,640.25		192,980.03		14,156.95			19.00			—		—		5.5		5.686	MON		888.00		2,663.00		6/17/2008		5/15/2034
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA				2		1		1,489,617.00		101.115		1,499,202.04		1,482,666.89		1,482,359.62		16,842.42			(411.00	)		—		—		5.5		5.043	MON		6,796.00		20,387.00		3/23/2007		1/1/2011
31396GSK8	FHLMC AGENCY CMO 3098				2		1		912,867.00		104.297		954,628.09		915,298.62		913,387.26		41,240.83			37.00			—		—		5		5.089	MON		3,814.00		11,441.00		1/30/2006		7/15/2025
31396GU58	FHLMC AGENCY CMO 3099				2		1		923,290.00		101.724		941,708.31		925,749.50		923,816.32		17,891.99			37.00			—		—		5		5.089	MON		3,857.00		11,572.00		1/30/2006		7/15/2025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		1,320,031.00		102.122		1,349,663.51		1,321,618.76		1,319,923.91		29,739.60			(229.00	)		—		—		5		4.897	MON		5,507.00		16,520.00		8/20/2008		2/1/2011
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		1,708,243.00		100.531		1,701,061.69		1,692,071.71		1,692,061.11		9,000.58			(1,351.00	)		—		—		6		5.046	MON		8,460.00		25,381.00		10/24/2007		9/1/2010
31396XEN0	FNMA CMO _07-80 PA				2		1FE		5,705,782.00		103.911		5,743,471.27		5,473,172.10		5,641,085.59		102,385.68			(14,688.00	)		—		—		5.5		1.094	MON		25,085.00		75,256.00		6/15/2009		1/1/2012

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST			DURING YEAR		ACQUIRED		MATURITY
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1		2,285,260.00		103.699		2,416,138.05		2,280,515.78		2,281,171.77		134,966.28			(365.00	)		—		—			5.5		5.328	MON		10,452.00			31,357.00		4/19/2007		11/1/2012
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		203,114.00		96.61		205,474.73		212,684.74		210,206.63		(4,731.90	)		403.00			—		—			0		3.872	MON		—			—		4/4/2007		3/15/2037
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		5,446,989.00		104.791		5,660,221.31		5,401,414.69		5,430,203.89		230,017.42			(3,202.00	)		—		—			5.5		4.76	MON		24,756.00			74,269.00		9/4/2008		10/1/2012
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		6,513,748.00		105.5		6,895,708.62		6,536,216.70		6,513,855.12		381,853.50			19.00			—		—			5		5.057	MON		27,234.00			81,703.00		7/29/2008		10/25/2022
31397Y5H0	FHLMC CMO_3484 DA					2		1		6,774,697.00		106.025		6,904,522.15		6,512,175.31		6,746,974.22		157,547.93			(6,474.00	)		—		—			5		3.145	MON		27,134.00			81,402.00		6/1/2009		3/1/2016
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		2,489,784.00		102.875		2,489,229.62		2,424,214.61		2,461,603.36		27,626.26			(7,148.00	)		—		—			5.5		2.478	MON		11,111.00			33,333.00		6/15/2009		7/1/2011
38373YNS9	GNMA AGENCY CMO_02-88 GB					2		1FE		2,015,444.00		101.764		1,996,111.56		1,961,502.81		1,994,917.22		1,194.34			(7,839.00	)		��		—			5		0.839	MON		8,173.00			24,519.00		9/29/2009		3/1/2011
38374EEE3	GNMA AGENCY CMO 03-106 B					2		1		1,609,031.00		103.278		1,623,505.54		1,584,276.48		1,593,884.31		29,621.23			(1,825.00	)		—		—			5.5		3.857	MON		7,261.00			21,784.00		8/21/2008		5/1/2011
38374FCH5	GNMA AGENCY CMO 04-2-BA					2		1		171,361.00		100.148		173,383.92		172,873.94		172,275.24		1,108.68			124.00			—		—			3.25		3.944	MON		468.00			1,405.00		4/16/2008		1/16/2034
38374FT87	GNMA AGENCY CMO 04-18 AB					2		1FE		1,856,553.00		101.038		1,836,799.79		1,817,922.48		1,841,599.70		(4,799.91	)		(5,827.00	)		—		—			4.25		1.142	MON		6,438.00			19,315.00		9/29/2009		3/1/2011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		489,643.00		101.032		482,097.28		480,484.10		480,643.86		1,453.42			(1,846.00	)		—		—			6		3.408	MON		2,402.00			7,207.00		8/13/2008		6/1/2010
38374GD41	GNMA AGENCY CMO_04-34 PV					2		1FE		278,668.00		100.289		276,364.50		275,567.81		275,887.69		476.81			(1,200.00	)		—		—			4.25		0.616	MON		976.00			2,928.00		9/29/2009		5/1/2010
38374VHH5	GNMA AGENCY CMO 09-45 AB					2		1FE		4,295,816.00		104.14		4,289,365.84		4,118,834.95		4,269,701.25		19,664.59			(26,115.00	)		—		—			5		-0.146	MON		17,162.00			17,162.00		1/28/2010		10/1/2011
38375PXQ9	GNMA AGENCY CMO 08-11-FB					2		1		2,969,691.00		99.782		2,955,815.25		2,962,284.88		2,969,749.38		(13,934.13	)		59.00			—		—			0.84		0.71	MON		760.00			2,046.00		3/8/2010		11/20/2037
38373MV23	GNR CMBS 08-45 A					2		1		849,665.00		101.91		850,609.20		834,667.06		847,291.23		3,317.97			(1,719.00	)		—		—			3.576		1.463	MON		2,487.00			7,462.00		12/15/2009		12/1/2011
001957BC2	AT&T CO CORP BND							1FE		3,693,194.00		109.35		3,690,576.34		3,375,000.00		3,537,070.19		153,506.15			(23,973.00	)		—		—			7.3		4.199	MN		93,075.00			—		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		107.593		1,452,503.06		1,350,000.00		1,422,398.85		30,104.21			(6,222.00	)		—		—			4.95		2.92	JJ		14,108.00			33,413.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,716.00		107.238		1,608,569.76		1,500,000.00		1,603,868.79		4,700.97			(6,162.00	)		—		—			4.85		2.945	FA		9,296.00			36,375.00		12/16/2009		2/15/2014
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		8,845,155.00		106.041		8,748,371.21		8,250,000.00		8,521,862.82		226,508.39			(71,604.00	)		—		—			7.875		4.167	MS		54,141.00			324,844.00		3/5/2009		3/1/2011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,028.00		112.817		12,381,649.95		10,975,000.00		12,315,116.36		66,533.59			(155,597.00	)		—		—			8.125		2.101	MN		371,549.00			—		12/22/2009		5/1/2012
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		102.725		3,564,564.34		3,470,000.00		3,457,646.75		106,917.59			4,487.00			—		—			4.7		5.251	JD		54,363.00			—		2/13/2007		12/1/2010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,173.00		107.396		13,854,069.69		12,900,000.00		13,627,738.24		226,331.45			(32,791.00	)		—		—			4.85		2.661	JD		184,219.00			—		2/10/2010		12/15/2012
026609AM9	WYETH CORP BND							1FE		10,475,684.00		105.371		10,368,519.39		9,840,000.00		10,064,919.85		303,599.54			(56,787.00	)		—		—			6.95		4.474	MS		30,395.00			341,940.00		2/20/2009		3/15/2011
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		100.27		2,130,732.57		2,125,000.00		2,124,160.66		6,571.91			11.00			—		—			2.375		2.389	MS		2,103.00			—		3/9/2010		3/18/2013
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,001.00		113.983		3,780,885.00		3,317,000.00		3,608,702.91		172,182.09			(34,360.00	)		—		—			8.5		3.887	AO		140,973.00			—		1/30/2008		4/1/2012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				3FE		2,977,800.00		103.742		2,807,466.00		2,000,000.00		2,977,800.00		(170,334.00	)		—			—		(271,600.00	)		10.283		10.41	JAJO		87,349.00			—		12/4/2009		4/6/2013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		110.277		2,756,925.00		2,500,000.00		2,500,000.00		256,925.00			—			—		—			11.751		12.954	JAJO		70,993.00			77,779.00		2/19/2009		2/24/2012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		108.447		1,626,705.00		1,500,000.00		1,500,000.00		126,705.00			—			—		—			12.751		13.988	JAJO		46,221.00			50,626.00		2/12/2009		2/24/2012
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,405,300.00		106.398		14,895,704.46		14,000,000.00		14,325,151.14		570,553.32			(34,724.00	)		—		—			5.5		4.382	JD		228,861.00			—		8/31/2009		6/14/2012
05531FAD5	BB&T CORPORATION CORP BND							1FE		5,051,000.00		102.188		5,109,422.30		5,000,000.00		5,035,729.04		73,693.26			(6,539.00	)		—		—			3.1		2.548	JJ		27,125.00			77,500.00		8/31/2009		7/28/2011
060505BD5	BANK OF AMERICA CORP BND							1FE		7,057,821.00		104.653		7,325,687.53		7,000,000.00		7,056,075.29		269,612.24			(1,746.00	)		—		—			4.75		4.491	FA		42,486.00			—		2/19/2010		8/15/2013
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		101.273		1,721,641.10		1,700,000.00		1,703,913.11		17,727.99			(2,852.00	)		—		—			4.5		3.804	FA		12,750.00			38,250.00		5/8/2008		8/1/2010
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.966		18,713,879.27		18,000,000.00		18,073,196.13		640,683.14			(7,993.00	)		—		—			3.125		2.932	JD		165,625.00			—		3/10/2009		6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		26,124,227.00		101.796		26,578,935.08		26,110,000.00		26,131,376.68		447,558.40			(2,537.00	)		—		—			2.1		2.059	AO		229,986.00			—		8/31/2009		4/30/2012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP							1FE		923,973.00		102.354		946,774.54		925,000.00		924,283.33		22,491.21			78.00			—		—			2.375		2.411	JD		6,041.00			—		3/9/2009		6/22/2012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		2,238,288.00		104.861		2,359,364.42		2,250,000.00		2,247,713.29		111,651.13			(22.00	)		—		—			4.9		4.905	MN		45,938.00			—		12/16/2009		5/1/2013
06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,873,106.00		100.747		1,889,000.42		1,875,000.00		1,873,123.45		15,876.97			17.00			—		—			4.5		4.523	MS		4,688.00			—		3/8/2010		4/1/2015
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.035		2,600,913.41		2,600,000.00		2,600,000.00		913.41			—			—		—			0.287		1.361	MJSD		352.00			1,869.00		3/9/2009		9/13/2010
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,978,536.00		108.243		8,442,917.96		7,800,000.00		7,949,208.61		493,709.35			(13,261.00	)		—		—			4.95		4.152	MN		160,875.00			—		1/11/2010		11/1/2012
06406HBJ7	BANK OF NEW YORK CO CORP BND MTN							1FE		4,713,300.00		106.852		4,808,335.10		4,500,000.00		4,680,246.02		128,089.08			(14,074.00	)		—		—			4.5		3.092	AO		101,250.00			—		8/31/2009		4/1/2013
06406HBK4	BANK OF NEW YORK CO CORP BND							1FE		5,340,050.00		109.269		5,463,437.25		5,000,000.00		5,293,734.30		169,702.95			(19,816.00	)		—		—			5.125		3.289	FA		29,184.00			128,125.00		8/31/2009		8/27/2013
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		102.309		2,915,798.44		2,850,000.00		2,879,023.79		36,774.65			(21,121.00	)		—		—			7.875		4.781	FA		37,406.00			112,219.00		12/20/2007		8/1/2010
06423AAS2	BANK ONE CO CORP BND							1FE		5,313,600.00		107.239		5,361,955.25		5,000,000.00		5,262,385.91		99,569.34			(21,868.00	)		—		—			5.25		3.293	JJ		44,479.00			131,250.00		8/31/2009		1/30/2013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		101.958		40,783,200.00		40,000,000.00		39,972,957.06		810,242.94			3,292.00			—		—			2.15		2.185	MS		9,556.00			430,000.00		3/20/2009		3/27/2012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		104.567		4,182,697.17		4,000,000.00		4,008,500.45		174,196.72			(494.00	)		—		—			4		3.941	MS		13,333.00	��		80,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND							1FE		7,790,874.00		99.77		7,782,098.45		7,800,000.00		7,791,051.03		(8,952.58	)		177.00			—		—			1.8		1.84	MS		8,580.00			—		3/4/2010		3/15/2013
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		325,960.00		108.372		325,115.82		300,000.00		323,981.32		1,134.50			(1,176.00	)		—		—			5.7		3.797	MN		6,460.00			—		10/29/2009		11/15/2014
073902KF4	BEAR STEARNS CO INC CORP BND							1FE		7,191,940.00		106.641		7,377,452.81		6,918,000.00		7,187,316.27		190,136.54			(4,624.00	)		—		—			5.3		4.503	AO		153,791.00			—		2/19/2010		10/30/2015
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		111.403		2,590,123.12		2,325,000.00		2,369,694.28		220,428.84			(4,328.00	)		—		—			6.95		6.063	FA		22,892.00			80,794.00		3/23/2009		8/10/2012
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND							1FE		7,165,550.00		102.16		6,996,313.39		7,000,000.00		7,011,370.20		(15,056.81	)		(40,933.00	)		—		—			4.95		2.55	APR		327,250.00			—		4/17/2009		4/26/2010
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		108.324		541,618.69		500,000.00		536,133.57		5,485.12			(1,849.00	)		—		—			5.2		3.436	MS		1,156.00			13,000.00		10/29/2009		9/15/2014
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		103.271		624,787.64		605,000.00		615,068.47		9,719.17			(5,049.00	)		—		—			7.375		3.887	MS		496.00			22,309.00		7/30/2008		9/27/2010
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		100.799		3,023,961.18		3,000,000.00		3,022,469.04		1,492.14			(788.00	)		—		—			3.25		3.073	AO		41,708.00			—		1/28/2010		10/27/2014
097023BB0	BOEING CO CORP BND							1FE		685,867.00		99.997		689,978.78		690,000.00		686,356.35		3,622.43			334.00			—		—			1.875		2.082	MN		4,708.00			—		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND							1		3,315,737.00		104.172		3,385,601.64		3,250,000.00		3,314,502.29		71,099.35			(1,234.00	)		—		—			4.125		3.702	JD		39,474.00			—		2/19/2010		6/15/2015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,288,185.00		110.589		4,423,563.84		4,000,000.00		4,283,538.35		140,025.49			(4,647.00	)		—		—			5.5		4.153	AO		110,000.00			—		2/19/2010		4/1/2016
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.796		9,842,685.07		8,500,000.00		9,549,284.70		293,400.37			(60,846.00	)		—		—			6.95		3.574	MS		26,256.00			295,375.00		2/5/2009		3/15/2014
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		109.755		7,682,853.58		7,000,000.00		7,348,078.52		334,775.06			(23,799.00	)		—		—			5.25		3.67	FA		46,958.00			183,750.00		3/5/2009		8/15/2013
12572QAC9	CME GROUP INC SENIOR CORP BND							2FE		975,000.00		99.907		977,115.85		975,000.00		975,000.00		2,115.85			—			—		—			0.899		3.454	FMAN		1,314.00			2,311.00		8/7/2008		8/6/2010
141781AP9	CARGILL INC CORP BND 144A							1FE		2,764,425.00		109.17		2,729,259.51		2,500,000.00		2,735,821.91		(6,562.40	)		(26,268.00	)		—		—			6.375		1.91	JD		53,125.00			—		12/21/2009		6/1/2012
141784DG0	CARGILL INC SENIOR CORP BND 144A							1FE		4,764,583.00		107.472		4,750,247.90		4,420,000.00		4,740,265.75		9,982.15			(24,317.00	)		—		—			5.2		2.512	JJ		44,053.00			114,920.00		1/6/2010		1/22/2013
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		107.609		1,210,598.94		1,125,000.00		1,124,662.36		85,936.58			29.00			—		—			4.85		4.862	JD		17,278.00			—		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.00		100.299		5,612,967.14		5,275,000.00		5,270,938.74		342,028.40			329.00			—		—			4.25		4.279	FA		33,005.00			112,094.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,227.00		99.931		649,550.80		650,000.00		649,299.09		251.71			62.00			—		—			1.9		1.941	JD		3,568.00			—		12/10/2009		12/17/2012
14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							1FE		8,884,781.00		99.971		8,897,388.47		8,900,000.00		8,884,781.00		12,607.47			—			—		—			2		2.059	AO		—			—		3/31/2010		4/5/2013
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,055,224.00		105.829		3,174,871.89		3,000,000.00		3,048,531.24		126,340.65			(1,992.00	)		—		—			4.6		4.134	JJ		29,133.00			69,000.00		8/31/2009		1/15/2014
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		102.476		5,123,775.10		5,000,000.00		5,008,661.54		115,113.56			(1,931.00	)		—		—			5.5		5.331	AO		118,403.00			—		1/31/2007		4/26/2011
166751AH0	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		18,029,164.00		104.959		18,052,962.45		17,200,000.00		17,987,179.78		65,782.67			(41,984.00	)		—		—			3.95		2.712	MS		52,842.00			339,700.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		3,295,695.00		104.504		3,396,385.40		3,250,000.00		3,292,723.77		103,661.63			(3,007.00	)		—		—			3.45		2.735	MS		8,721.00			56,063.00		2/9/2010		3/3/2012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		104.154		4,009,932.47		3,850,000.00		3,881,253.99		128,678.48			(8,438.00	)		—		—			5.25		4.313	FA		21,897.00			101,063.00		10/9/2008		2/22/2011
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		101.032		4,041,275.04		4,000,000.00		3,990,548.76		50,726.28			473.00			—		—			2.9		2.955	MN		43,178.00			—		11/9/2009		11/17/2014
172967CK5	CITIGROUP INC CORP BND							1FE		4,844,800.00		102.832		5,141,598.15		5,000,000.00		4,862,360.80		279,237.35			7,340.00			—		—			5.125		5.892	MN		103,924.00			—		8/31/2009		5/5/2014
172967DH1	CITIGROUP INC CORP BND							1FE		2,191,943.00		103.12		2,242,855.32		2,175,000.00		2,180,490.33		62,364.99			(1,513.00	)		—		—			5.125		4.826	FA		14,553.00			55,734.00		4/8/2008		2/14/2011
172967DP3	CITIGROUP INC CORP BND							1FE		5,035,050.00		105.958		5,297,924.40		5,000,000.00		5,030,572.51		267,351.89			(2,128.00	)		—		—			5.85		5.642	JJ		72,313.00			146,250.00		8/31/2009		7/2/2013
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,138.00		103.901		779,260.66		750,000.00		772,643.48		6,617.18			(3,653.00	)		—		—			5.1		3.015	MS		213.00			19,125.00		10/20/2009		9/29/2011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		106.539		532,695.16		500,000.00		517,383.85		15,311.31			(1,593.00	)		—		—			5.3		3.852	AO		12,072.00			—		10/22/2009		10/17/2012
172967EQ0	CITIGROUP INC CORP BND							1FE		2,996,449.00		93.485		3,146,269.68		3,000,000.00		2,996,748.21		149,521.47			299.00			—		—			5.5		5.539	AO		77,917.00			—		2/19/2010		4/11/2013
172967EY3	CITIGROUP INC SENIOR CORP BND							1FE		17,336,808.00		106.69		17,497,197.88		16,400,000.00		17,305,386.05		191,811.83			(31,422.00	)		—		—			6.375		4.953	FA		142,304.00			204,000.00		2/9/2010		8/12/2014
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		7,527,036.00		103.175		7,738,125.82		7,500,000.00		7,527,476.61		210,649.21			(4,003.00	)		—		—			2.875		2.649	JD		67,083.00			—		12/11/2009		12/9/2011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		51,093,033.00		101.857		51,794,289.59		50,850,000.00		51,112,444.67		681,844.92			(9,743.00	)		—		—			2.125		1.869	AO		453,236.00			—		2/19/2010		4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND							1FE		15,309,933.00		100.729		15,361,173.11		15,250,000.00		15,301,678.94		59,494.17			(4,762.00	)		—		—			1.875		1.739	AO		150,117.00			—		10/20/2009		10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND							1FE		31,181,233.00		100.711		31,270,765.18		31,050,000.00		31,177,183.24		93,581.94			(4,999.00	)		—		—			1.875		1.714	MN		283,008.00			—		2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		8,377,404.00		100.188		8,537,172.26		8,400,000.00		8,384,820.45		152,351.81			1,843.00			—		—			2		2.093	MS		467.00			84,000.00		3/23/2009		3/30/2012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		104.13		12,105,135.29		11,625,000.00		11,582,658.50		522,476.79			2,447.00			—		—			3.625		3.725	MS		18,729.00			210,703.00		3/3/2009		3/15/2014
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,263,970.00		105.386		5,269,319.55		5,000,000.00		5,241,103.10		28,216.45			(11,144.00	)		—		—			4.25		3.182	MS		17,708.00			106,250.00		12/16/2009		3/1/2015
20825CAM6	CONOCOPHILLIPS CORP BND							1FE		1,684,478.00		103.014		1,677,485.91		1,575,000.00		1,675,038.79		2,447.12			(7,654.00	)		—		—			4.4		2.28	MN		26,180.00			—		12/9/2009		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		107.495		7,040,899.18		6,550,000.00		6,760,892.81		280,006.37			(7,178.00	)		—		—			4.6		3.846	JJ		63,608.00			106,145.00		1/27/2010		1/15/2015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND							1FE		6,255,188.00		106.889		6,293,860.89		5,875,000.00		6,159,571.84		134,289.05			(33,500.00	)		—		—			5.3		2.831	AO		143,578.00			—		8/31/2009		4/15/2012
209111EK5	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		5,329,201.00		108.747		5,437,358.45		5,000,000.00		5,323,558.24		113,800.21			(5,643.00	)		—		—			5.375		4.091	JD		79,132.00			—		2/19/2010		12/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,498.00		106.822		437,213.72		400,000.00		433,267.99		3,945.73			(1,900.00	)		—		—			5.55		3.313	AO		11,100.00			—		10/29/2009		4/1/2014
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		106.25		212,500.00		200,000.00		210,656.16		1,843.84			(1,162.00	)		—		—			5.8		3.252	JD		3,673.00			—		10/29/2009		6/7/2012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		16,057,878.00		107.423		16,322,963.74		15,195,000.00		15,798,335.63		524,628.11			(90,229.00	)		—		—			6.125		3.57	MN		351,595.00			—		8/31/2009		11/15/2011
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.00		112.803		593,745.39		530,000.00		558,639.37		35,106.02			(3,778.00	)		—		—			8.6		5.39	JJ		9,622.00			22,790.00		9/24/2008		1/15/2012

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		5,354,700.00		106.207		5,310,361.50		5,000,000.00		5,334,089.95		(23,728.45	)		(20,610.00	)		—		—		5.4		1.03	AO		123,000.00		—		2/23/2010		10/17/2011
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		3,933,036.00		108.501		4,258,675.32		3,925,000.00		3,930,368.86		328,306.46			(458.00	)		—		—		4.95		4.895	JD		56,128.00		—		7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		1,123,808.00		99.266		1,116,746.09		1,125,000.00		1,123,821.58		(7,075.49	)		14.00			—		—		2.95		2.973	MS		2,120.00		—		3/3/2010		3/9/2015
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND						1FE		1,028,471.00		103.437		1,034,369.96		1,000,000.00		1,022,668.66		11,701.30			(2,477.00	)		—		—		2.875		1.827	JD		8,146.00		—		8/27/2009		6/19/2012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND						1FE		1,621,295.00		107.527		1,747,306.82		1,625,000.00		1,622,909.28		124,397.54			181.00			—		—		4.7		4.752	JD		25,458.00		—		11/29/2007		12/1/2012
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND						1FE		5,317,250.00		107.303		5,365,157.70		5,000,000.00		5,280,194.02		84,963.68			(15,755.00	)		—		—		4.875		3.392	AO		102,240.00		—		8/31/2009		4/30/2014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP						1FE		9,363,568.00		108.072		9,699,489.28		8,975,000.00		9,345,118.94		354,370.34			(26,785.00	)		—		—		5		3.633	JJ		94,736.00		224,375.00		12/21/2009		7/15/2013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND						1FE		9,123,449.00		100.06		9,130,473.35		9,125,000.00		9,123,570.06		6,903.29			104.00			—		—		2.1		2.105	JD		55,358.00		—		12/14/2009		6/15/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND						1		4,325,202.00		98.81		4,387,163.26		4,200,000.00		4,313,436.53		73,726.73			(5,052.00	)		—		—		4.125		3.535	AO		79,888.00		—		8/31/2009		4/15/2015
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND						1FE		1,350,000.00		100.843		1,359,371.54		1,350,000.00		1,350,000.00		9,371.54			—			—		—		1.138		3.694	MJSD		640.00		3,825.00		6/11/2008		6/17/2011
302570BC9	FPL GROUP CAPITAL INC CORP BND						1FE		7,402,175.00		120.939		7,316,839.20		6,050,000.00		7,380,105.40		(63,266.20	)		(22,070.00	)		—		—		7.875		3.581	JD		140,284.00		—		2/17/2010		12/15/2015
302570BD7	FPL GROUP CAPITAL INC CORP BND						1FE		5,472,554.00		107.6		5,380,012.90		5,000,000.00		5,467,663.95		(87,651.05	)		(4,890.00	)		—		—		6		4.703	MS		25,000.00		150,000.00		2/19/2010		3/1/2019
341081EN3	FLORIDA POWER & LIGHT CO CORP BND						1FE		2,779,405.00		106.725		2,902,929.71		2,720,000.00		2,757,001.03		145,928.68			(3,023.00	)		—		—		4.85		4.335	FA		21,987.00		65,960.00		4/25/2008		2/1/2013
35047AAA6	FOUNDATION RE LTD CORP BND 144A						3FE		5,013,184.00		93.445		4,979,750.00		5,000,000.00		5,004,319.70		(24,569.70	)		(1,570.00	)		—		—		7		9.529	FMAN		41,806.00		90,707.00		10/7/2008		11/26/2010
36186CBF9	GMAC LLC CORP BND GTD						1FE		11,960,952.00		101.453		12,154,069.76		11,980,000.00		11,965,248.99		188,820.77			1,301.00			—		—		2.2		2.247	JD		74,675.00		—		6/3/2009		12/19/2012
368710AG4	GENENTECH INC CORP BND						1FE		802,028.00		107.024		802,681.16		750,000.00		798,635.20		4,045.96			(2,078.00	)		—		—		4.75		3.4	JJ		7,521.00		17,813.00		10/29/2009		7/15/2015
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND						1FE		4,489,680.00		110.336		4,413,442.68		4,000,000.00		4,480,977.88		(67,535.20	)		(8,702.00	)		—		—		5.375		2.94	FA		27,472.00		—		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND						1FE		2,140,411.00		101.04		2,172,351.66		2,150,000.00		2,143,954.52		28,397.14			1,149.00			—		—		1.8		2.022	JJ		8,170.00		21,608.00		6/19/2009		7/15/2011
369604AY9	GENERAL ELEC CAP CO CORP BND						1FE		6,328,500.00		107.847		6,470,838.30		6,000,000.00		6,275,376.81		195,461.49			(22,791.00	)		—		—		5		3.292	FA		50,000.00		150,000.00		8/31/2009		2/1/2013
369604BC6	GE CAPITAL CORP CORP BND						1FE		5,498,186.00		104.915		5,696,901.93		5,430,000.00		5,497,524.24		199,377.69			(662.00	)		—		—		5.25		5.052	JD		91,066.00		—		2/19/2010		12/6/2017
36962G3T9	GE CAPITAL CORP CORP BND						1FE		5,275,481.00		107.46		5,480,452.15		5,100,000.00		5,249,485.53		230,966.62			(11,304.00	)		—		—		4.8		3.784	MN		102,000.00		—		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP SENIOR CORP BND						1FE		261,338.00		105.816		264,540.08		250,000.00		260,995.45		3,544.63			(214.00	)		—		—		6		5.395	FA		2,250.00		7,500.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND						??		230,445.00		103.506		232,887.41		225,000.00		229,629.59		3,257.82			(463.00	)		—		—		3.5		2.599	FA		1,050.00		3,938.00		10/20/2009		8/13/2012
36962G4H4	GE CAPITAL CORP CORP BND						1FE		9,987,581.00		101.17		10,117,047.10		10,000,000.00		9,988,098.98		128,948.12			518.00			—		—		2.8		2.844	JJ		64,556.00		—		2/19/2010		1/8/2013
36962GXS8	GENERAL ELEC CAP CO CORP BND						1FE		4,511,962.00		107.513		4,891,845.32		4,550,000.00		4,528,152.94		363,692.38			2,694.00			—		—		5.875		6.15	FA		34,157.00		133,656.00		9/24/2008		2/15/2012
36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00		108.188		3,245,634.61		3,000,000.00		3,084,313.87		161,320.74			(8,968.00	)		—		—		6		4.644	JD		53,000.00		—		1/14/2008		6/15/2012
36962GZY3	GENERAL ELEC CAP CO CORP BND						1FE		159,668.00		107.811		161,716.02		150,000.00		158,468.54		3,247.48			(717.00	)		—		—		5.45		3.314	JJ		1,726.00		4,088.00		10/29/2009		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		6,281,919.00		103.378		6,512,813.87		6,300,000.00		6,289,617.57		223,196.30			1,478.00			—		—		3		3.101	JD		58,800.00		—		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		21,614,110.00		101.953		21,996,360.39		21,575,000.00		21,601,560.02		394,800.37			(2,930.00	)		—		—		2.2		2.142	JD		148,987.00		—		3/3/2009		6/8/2012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		9,896,931.00		101.219		10,020,681.20		9,900,000.00		9,898,536.55		122,144.65			380.00			—		—		1.8		1.816	MS		9,900.00		89,100.00		3/9/2009		3/11/2011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		3,000,000.00		100.819		3,014,462.61		3,000,000.00		3,000,000.00		14,462.61			—			—		—		0.456		1.531	MJSD		759.00		3,331.00		3/9/2009		3/12/2012
36967HAU1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		3,110,902.00		99.968		3,109,013.88		3,110,000.00		3,110,712.54		(1,698.66	)		(64.00	)		—		—		0.271		0.6	MJSD		234.00		1,992.00		7/6/2009		12/21/2012
373334JQ5	GEORGIA POWER COMPANY CORP BND				1		1FE		4,600,000.00		100.196		4,609,016.32		4,600,000.00		4,600,000.00		9,016.32			—			—		—		0.576		0.576	MJSD		1,177.00		—		3/9/2010		3/15/2013
377372AC1	GLAXOSK CAP INC CORP BND						1FE		19,423,975.00		108.266		19,920,933.88		18,400,000.00		19,263,641.96		657,291.92			(58,918.00	)		—		—		4.85		3.252	MN		337,129.00		—		1/28/2010		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND						1FE		819,038.00		109.388		820,409.49		750,000.00		813,177.21		7,232.28			(3,540.00	)		—		—		6		3.755	MN		18,750.00		—		10/29/2009		5/1/2014
38141EA41	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		519,565.00		103.277		516,386.91		500,000.00		517,564.48		(1,177.57	)		(1,790.00	)		—		—		3.625		2.077	FA		3,021.00		9,516.00		12/16/2009		8/1/2012
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00		108.177		4,327,064.52		4,000,000.00		4,049,634.21		277,430.31			(6,520.00	)		—		—		6.6		5.859	JJ		55,733.00		132,000.00		8/14/2007		1/15/2012
38141GDQ4	GOLDMAN SACHS & CO CORP BND						1FE		3,158,283.00		107.743		3,232,299.03		3,000,000.00		3,153,687.10		78,611.93			(4,595.00	)		—		—		5.25		3.692	AO		72,625.00		—		2/19/2010		10/15/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND						1FE		11,529,433.00		105.472		11,601,923.41		11,000,000.00		11,523,448.33		78,475.08			(5,985.00	)		—		—		5.125		4.02	JJ		119,014.00		—		3/18/2010		1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		1,099,528.00		105.944		1,090,161.17		1,029,000.00		1,099,101.75		(8,940.58	)		(426.00	)		—		—		5.15		3.223	JJ		11,188.00		—		3/18/2010		1/15/2014
38143UAW1	GOLDMAN SACHS GROUP INC CORP BND						1FE		5,178,505.00		105.509		5,275,429.90		5,000,000.00		5,174,622.01		100,807.89			(3,883.00	)		—		—		5		4.141	AO		125,000.00		—		2/19/2010		10/1/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		5,092,400.00		108.049		5,402,427.30		5,000,000.00		5,056,044.21		346,383.09			(5,019.00	)		—		—		5.45		4.982	MN		113,542.00		—		5/13/2008		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND						1FE		12,276,600.00		104.25		12,353,625.00		11,850,000.00		12,138,129.05		215,495.95			(31,529.00	)		—		—		3.25		2.116	JD		113,398.00		—		2/20/2009		6/15/2012
38146FAF8	GOLDMAN SACHS GROUP INC - GTD CORP BND						1FE		2,765,674.00		101.197		2,772,797.96		2,740,000.00		2,756,466.61		16,331.35			(3,141.00	)		—		—		1.625		1.154	JJ		9,400.00		22,263.00		7/2/2009		7/15/2011
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND						1FE		5,786,983.00		105.213		5,786,688.00		5,500,000.00		5,765,814.69		20,873.31			(26,341.00	)		—		—		6.75		2.356	MN		140,250.00		—		2/19/2010		5/15/2011
40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.00		102.906		205,811.82		200,000.00		199,470.59		6,341.23			163.00			—		—		5.25		5.599	JJ		2,246.00		5,250.00		6/30/2007		1/14/2011
4042EPAA5	HSBC USA INC CORP BND GOV GUAR						1FE		9,089,247.00		103.63		9,119,439.73		8,800,000.00		8,973,542.75		145,896.98			(24,686.00	)		—		—		3.125		1.946	JD		80,208.00		—		1/28/2009		12/16/2011
428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,224.00		107.105		3,068,565.56		2,865,000.00		2,864,275.12		204,290.44			88.00			—		—		5.25		5.264	MS		12,534.00		75,206.00		2/22/2007		3/1/2012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,547,098.00		106.959		5,615,337.47		5,250,000.00		5,499,446.96		115,890.51			(20,219.00	)		—		—		4.5		2.792	MS		19,688.00		118,125.00		8/31/2009		3/1/2013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,127,237.00		112.602		7,290,977.82		6,475,000.00		6,997,360.83		293,616.99			(30,371.00	)		—		—		6.125		3.883	MS		33,049.00		198,297.00		10/26/2009		3/1/2014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,549.00		104.409		1,077,993.49		1,025,000.00		1,024,705.70		53,287.79			36.00			—		—		4.25		4.266	FA		4,477.00		21,781.00		2/23/2009		2/24/2012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,028,445.00		107.984		7,018,930.82		6,500,000.00		7,011,171.98		7,758.84			(16,606.00	)		—		—		4.75		2.742	JD		102,059.00		—		2/17/2010		6/2/2014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,662.00		101.171		1,037,000.69		1,025,000.00		1,024,802.95		12,197.74			42.00			—		—		2.25		2.267	MN		7,944.00		—		5/21/2009		5/27/2011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,100,308.00		101.188		5,106,958.56		5,047,000.00		5,090,010.05		16,948.51			(9,176.00	)		—		—		1.302		0.688	FMAN		6,023.00		15,195.00		12/16/2009		5/27/2011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP						1FE		3,175,427.00		106.106		3,265,892.26		2,993,000.00		3,115,613.11		150,279.15			(11,404.00	)		—		—		5.625		3.767	FA		28,059.00		84,178.00		1/14/2010		8/1/2012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND						1FE		5,162,275.00		104.624		5,231,187.46		5,000,000.00		5,144,973.83		86,213.63			(7,768.00	)		—		—		3.875		3.075	FA		24,757.00		87,188.00		2/17/2010		2/15/2014
44924EAB6	IBM INTL GROUP CAPITAL CORP BND						1FE		11,100,025.00		108.624		11,807,447.94		10,870,000.00		11,016,623.16		790,824.78			(13,437.00	)		—		—		5.05		4.482	AO		242,446.00		—		3/5/2009		10/22/2012
459200GN5	IBM CORP CORP BND						1FE		3,209,711.00		114.561		3,322,275.55		2,900,000.00		3,152,021.26		170,254.29			(16,358.00	)		—		—		6.5		3.845	AO		86,919.00		—		6/11/2009		10/15/2013
459200GQ8	IBM CORP CORP BND						1FE		1,800,000.00		100.03		1,800,539.84		1,800,000.00		1,800,000.00		539.84			—			—		—		0.29		0.318	FMAN		813.00		1,429.00		11/3/2009		11/4/2011
459200GR6	IBM CORP CORP BND						1FE		9,808,092.00		100.658		9,864,456.07		9,800,000.00		9,807,947.48		56,508.59			(348.00	)		—		—		2.1		2.073	MN		82,892.00		—		1/28/2010		5/6/2013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND						1FE		4,683,362.00		102.501		4,935,611.00		4,700,000.00		4,689,411.40		246,199.60			794.00			—		—		3.5		3.577	MN		62,144.00		—		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND						1FE		9,756,880.00		102.73		9,759,350.29		9,500,000.00		9,740,555.20		18,795.09			(13,861.00	)		—		—		3		2.342	AO		125,875.00		—		12/11/2009		4/22/2014
46623EHJ1	JPMORGAN CHASE & CO CORP BND						1FE		8,925,840.00		99.502		8,955,179.92		9,000,000.00		8,934,154.68		21,025.24			7,194.00			—		—		0.409		0.736	MJSD		809.00		8,076.00		12/15/2009		6/25/2012
46625HAJ9	JP MORGAN CHASE & CO CORP BND						1FE		6,522,813.00		104.704		6,543,989.75		6,250,000.00		6,323,645.33		220,344.42			(21,226.00	)		—		—		6.75		5.29	FA		70,313.00		210,938.00		10/5/2007		2/1/2011
46625HCE8	JPMORGAN CHASE & CO CORP BND						1FE		182,025.00		105.316		184,303.22		175,000.00		181,529.64		2,773.58			(292.00	)		—		—		4.75		3.908	MS		693.00		4,156.00		10/29/2009		3/1/2015
46625HGG9	JP MORGAN & COMPANY INC CORP BND						1FE		480,584.00		105.17		494,296.66		470,000.00		473,733.52		20,563.14			(766.00	)		—		—		5.6		4.891	JD		8,773.00		—		11/28/2007		6/1/2011
46625HGT1	JPMORGAN CHASE & CO CORP BND						1FE		5,222,250.00		108.379		5,418,962.10		5,000,000.00		5,124,920.86		294,041.24			(11,584.00	)		—		—		5.375		4.31	AO		134,375.00		—		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND						1FE		20,714,262.00		106.39		21,277,905.20		20,000,000.00		20,694,467.69		583,437.51			(24,047.00	)		—		—		4.75		3.545	MN		395,833.00		—		2/19/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND						1FE		13,928,170.00		105.366		13,908,327.71		13,200,000.00		13,902,434.31		5,893.40			(23,028.00	)		—		—		4.65		3.273	JD		204,600.00		—		2/19/2010		6/1/2014
46625HHP8	JPMORGAN CHASE & CO SENIOR CORP BND						1FE		10,584,590.00		100.604		10,563,447.62		10,500,000.00		10,584,245.81		(20,798.19	)		(344.00	)		—		—		3.7		3.516	JJ		76,621.00		—		3/18/2010		1/20/2015
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		6,106,680.00		101.467		6,088,040.94		6,000,000.00		6,037,049.56		50,991.38			(13,636.00	)		—		—		2.625		1.69	JD		52,500.00		—		12/18/2008		12/1/2010
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND						1FE		3,444,325.00		101.344		3,438,828.04		3,410,000.00		3,439,859.80		(1,031.76	)		(3,294.00	)		—		—		0.651		0.28	MJSD		617.00		5,381.00		11/24/2009		6/22/2012
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		6,597,426.00		100.902		6,671,703.59		6,600,000.00		6,598,834.39		72,869.20			317.00			—		—		1.65		1.67	FA		11,495.00		54,450.00		2/18/2009		2/23/2011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		8,194,916.00		101.994		8,363,508.25		8,200,000.00		8,196,494.24		167,014.01			383.00			—		—		2.2		2.22	JD		53,118.00		—		2/18/2009		6/15/2012
481247AM6	JPMORGAN CHASE & CO-GTD CORP BND						1FE		2,532,458.00		101.347		2,533,675.20		2,500,000.00		2,532,426.24		1,248.96			(31.00	)		—		—		2.125		1.637	JD		14,019.00		—		3/30/2010		12/26/2012
49327GAB3	KEYCORP - GTD CORP BND MTN						1FE		4,557,024.00		101.034		4,546,526.76		4,500,000.00		4,543,794.57		2,732.19			(6,269.00	)		—		—		0.837		0.286	MON		1,361.00		9,149.00		9/18/2009		12/19/2011
49328CAA3	KEYBANK NA - GTD CORP BND						1FE		2,088,898.00		104.133		2,082,659.92		2,000,000.00		2,081,845.26		814.66			(7,053.00	)		—		—		3.2		1.312	JD		18,844.00		—		1/15/2010		6/15/2012
532457BD9	ELI LILLY AND COMPANY CORP BND						1FE		5,489,332.00		104.03		5,565,601.68		5,350,000.00		5,468,323.44		97,278.24			(11,990.00	)		—		—		3.55		2.363	MS		13,189.00		94,963.00		2/12/2010		3/6/2012
532457BE7	ELI LILLY AND COMPANY CORP BND						1FE		1,592,745.00		105.705		1,585,582.35		1,500,000.00		1,586,784.98		(1,202.63	)		(5,157.00	)		—		—		4.2		2.64	MS		4,375.00		31,500.00		12/15/2009		3/6/2014
55263ECH6	MBNA CORPORATION CORP BND						1FE		352,688.00		96.24		353,997.33		330,000.00		343,674.36		10,322.97			(1,077.00	)		—		—		6.125		4.59	MS		1,684.00		10,106.00		1/30/2008		3/1/2013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT						1FE		2,444,463.00		110.788		2,548,120.37		2,300,000.00		2,419,965.10		128,155.27			(10,597.00	)		—		—		7.125		4.977	MN		61,908.00		—		8/31/2009		11/15/2012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND						1FE		5,169,456.00		115.172		5,038,762.84		4,375,000.00		4,729,789.25		308,973.59			(41,008.00	)		—		—		9.75		5.417	AO		213,281.00		—		5/31/2007		4/1/2012
585055AG1	MEDTRONIC INC CORP BND						1FE		2,921,280.00		102.669		3,051,962.01		3,000,000.00		2,987,721.12		64,240.89			6,565.00			—		—		4.375		5.301	MS		5,833.00		65,625.00		8/2/2007		9/15/2010
585055AR7	MEDTRONIC INC CORP BND						1FE		12,482,088.00		99.493		12,411,693.25		12,475,000.00		12,482,042.38		(70,349.13	)		(46.00	)		—		—		3		2.988	MS		15,594.00		—		3/16/2010		3/15/2015
589331AK3	MERCK & CO INC CORP BND						1FE		8,701,863.00		107.889		8,631,146.24		8,000,000.00		8,684,486.55		(53,340.31	)		(17,194.00	)		—		—		4.75		2.871	MS		31,667.00		190,000.00		2/17/2010		3/1/2015
589331AL1	MERCK & CO INC CORP BND						1FE		3,502,410.00		106.917		3,701,121.71		3,470,000.00		3,483,465.79		217,655.92			(1,974.00	)		—		—		5.125		4.873	MN		67,183.00		—		9/10/2007		11/15/2011
589331AR8	MERCK & CO INC CORP BND						1FE		2,099,496.00		100.862		2,118,110.80		2,100,000.00		2,099,687.40		18,423.40			61.00			—		—		1.875		1.887	JD		9,953.00		—		6/22/2009		6/30/2011
59018YM40	MERRILL LYNCH & CO INC CORP BND						1FE		7,096,913.00		105.703		7,399,211.26		7,000,000.00		7,093,465.42		305,745.84			(3,448.00	)		—		—		5.45		4.941	FA		59,344.00		—		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN						1FE		7,066,778.00		99.458		7,123,933.07		6,550,000.00		7,046,238.46		77,694.61			(14,944.00	)		—		—		6.15		3.52	AO		174,558.00		—		3/4/2010		4/25/2013
59018YTZ4	MERRILL LYNCH & CO INC CORP BND						1FE		2,251,650.00		104.808		2,227,174.68		2,125,000.00		2,245,936.72		(18,762.04	)		(5,713.00	)		—		—		5.45		3.993	JJ		24,449.00		57,906.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND						1FE		4,003,840.00		99.428		3,977,120.04		4,000,000.00		4,001,886.31		(24,766.27	)		(367.00	)		—		—		0.449		3.696	JAJO		3,292.00		4,875.00		12/24/2008		7/25/2011
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND						1FE		3,414,528.00		103.482		3,370,918.70		3,200,000.00		3,403,922.00		(33,003.30	)		(10,264.00	)		—		—		4.65		3.121	AO		74,400.00		—		12/23/2009		10/1/2014

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN	BOND	NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST			DURING YEAR		ACQUIRED		MATURITY
617446B99	MORGAN STANLEY CORP BND					1FE		469,255.00		89.778		478,045.01		500,000.00		472,259.75		5,785.26			1,737.00			—		—		0.549		2.096	JAJO		610.00			763.00		10/22/2009		1/9/2014
617446HC6	MORGAN STANLEY CORP BND					1FE		1,602,555.00		108.613		1,629,191.43		1,500,000.00		1,551,776.37		77,415.06			(6,033.00	)		—		—		6.6		4.77	AO		49,500.00			—		1/25/2008		4/1/2012
617446V89	MORGAN STANLEY CORP BND MTN					1FE		542,275.00		103.6		538,859.60		500,000.00		538,040.12		819.48			(3,773.00	)		—		—		5.75		2.482	FA		2,476.00			14,375.00		12/16/2009		8/31/2012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		96.885		4,075,325.84		4,075,000.00		4,078,251.31		(2,925.47	)		(1,002.00	)		—		—		0.501		5.5	JAJO		4,085.00			5,562.00		1/19/2007		1/18/2011
61746BCW4	MORGAN STANLEY CORP BND MTN					1FE		9,500,059.00		106.051		9,785,296.43		9,227,000.00		9,494,927.00		290,369.43			(16,080.00	)		—		—		5.625		3.905	JJ		118,221.00			84,375.00		2/19/2010		1/9/2012
61747YCE3	MORGAN STANLEY CORP BND MTN					1FE		8,380,126.00		106.916		8,553,289.20		8,000,000.00		8,373,939.92		179,349.28			(6,186.00	)		—		—		6		4.945	AO		204,000.00			—		3/1/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND					1FE		10,876,247.00		107.867		10,786,676.00		10,000,000.00		10,854,440.65		(67,764.65	)		(21,806.00	)		—		—		6		3.741	MN		230,000.00			—		2/19/2010		5/13/2014
61747YCG8	MORGAN STANLEY CORP BND					1FE		5,582,650.00		110.606		5,530,278.80		5,000,000.00		5,581,411.37		(51,132.57	)		(1,239.00	)		—		—		7.3		5.649	MN		139,917.00			—		3/17/2010		5/13/2019
61747YCL7	MORGAN STANLEY CORP BND					1FE		7,998,915.00		98.999		7,944,695.50		8,025,000.00		7,998,983.75		(54,288.25	)		69.00			—		—		4.1		4.174	JJ		59,407.00			—		3/24/2010		1/26/2015
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		29,831,864.00		101.444		30,433,202.40		30,000,000.00		29,891,270.12		541,932.28			12,066.00			—		—		1.95		2.118	JD		164,125.00			—		1/6/2010		6/20/2012
61757UAL4	MORGAN STANLEY-GTD CORP BND					1FE		3,023,745.00		100.519		3,015,583.20		3,000,000.00		3,018,255.57		(2,672.37	)		(2,412.00	)		—		—		0.53		0.421	FMAN		2,208.00			4,248.00		9/2/2009		2/10/2012
61757UAN0	MORGAN STANLEY-GTD CORP BND					1FE		1,002,110.00		100.385		1,003,848.96		1,000,000.00		1,001,405.56		2,443.40			(177.00	)		—		—		0.457		1.453	MJSD		241.00			1,148.00		4/2/2009		3/13/2012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND					1FE		6,731,184.00		103.152		6,766,150.20		6,550,000.00		6,672,544.69		93,605.51			(17,458.00	)		—		—		3		1.881	JD		57,313.00			—		9/8/2009		12/16/2011
665501AD4	NORTHERN NAT GAS CO SENIOR CORP BND 144A					??		1,608,465.00		106.364		1,595,453.00		1,500,000.00		1,597,045.84		(1,592.84	)		(11,419.00	)		—		—		7		1.401	JD		35,000.00			—		2/5/2010		6/1/2011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		110.391		8,279,343.82		7,500,000.00		7,622,479.96		656,863.86			(8,273.00	)		—		—		5.5		4.964	FA		52,708.00			206,250.00		3/23/2009		8/15/2013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		2,947,376.00		105.482		3,032,605.37		2,875,000.00		2,944,594.81		88,010.56			(3,055.00	)		—		—		4.125		3.441	FA		16,801.00			59,297.00		1/20/2010		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND					1FE		16,752,689.00		99.88		16,754,806.76		16,775,000.00		16,752,936.01		1,870.75			247.00			—		—		1.9		1.944	AO		13,280.00			—		3/9/2010		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND					1FE		20,352,249.00		99.107		20,267,349.19		20,450,000.00		20,352,862.12		(85,512.93	)		613.00			—		—		2.9		3.001	AO		24,710.00			—		3/9/2010		4/24/2015
68389XAB1	ORCALE CORP CORP BND					1FE		4,735,000.00		100.006		4,735,520.94		4,735,000.00		4,735,000.00		520.94			—			—		—		0.31		5.42	FMAN		1,876.00			4,023.00		5/10/2007		5/14/2010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND					1FE		5,412,790.00		108.562		5,780,925.49		5,325,000.00		5,391,559.44		389,366.05			(5,085.00	)		—		—		4.95		4.501	AO		121,543.00			—		3/5/2009		4/15/2013
68402LAE4	ORACLE CORP CORP BND					1		6,126,037.00		103.514		6,236,724.35		6,025,000.00		6,054,378.76		182,345.59			(9,085.00	)		—		—		5		4.364	JJ		63,597.00			150,625.00		3/6/2008		1/15/2011
693476BE2	PNC FUNDING CORP CORP BND					1		5,235,662.00		108.108		5,405,389.00		5,000,000.00		5,230,050.13		175,338.87			(5,612.00	)		—		—		5.4		4.191	JD		83,250.00			—		2/19/2010		6/10/2014
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT					1FE		24,515,075.00		102.224		25,044,881.72		24,500,000.00		24,510,731.59		534,150.13			(1,164.00	)		—		—		2.3		2.28	JD		154,963.00			—		2/25/2009		6/22/2012
69373UAA5	PACCAR INC CORP BND					1FE		6,255,597.00		113.822		6,374,040.90		5,600,000.00		6,238,161.45		135,879.45			(17,435.00	)		—		—		6.875		3.692	FA		49,194.00			—		2/19/2010		2/15/2014
701489AA4	PARKTON RE LTD CORP BND 144A					4FE		1,750,000.00		103.723		1,815,152.50		1,750,000.00		1,750,000.00		65,152.50			—			—		—		10.5		10.646	MJSD		5,104.00			46,460.00		7/23/2009		5/6/2011
713448BF4	PEPSICO INC CORP BND					1FE		1,013,969.00		107.538		1,010,856.86		940,000.00		1,013,782.65		(2,925.79	)		(186.00	)		—		—		5.15		1.379	MN		18,288.00			—		3/25/2010		5/15/2012
713448BK3	PEPSICO INC SENIOR CORP BND					1FE		19,458,660.00		104.554		20,388,077.77		19,500,000.00		19,466,949.91		921,127.86			1,925.00			—		—		3.75		3.797	MS		60,938.00			365,625.00		2/25/2009		3/1/2014
713448BL1	PEPSICO INC CORP BND					1FE		4,000,000.00		100.05		4,002,000.44		4,000,000.00		4,000,000.00		2,000.44			—			—		—		0.281		0.281	JAJO		2,406.00			—		1/11/2010		7/15/2011
717081CZ4	PFIZER INC. CORP BND					1FE		499,315.00		106.011		530,053.33		500,000.00		499,536.21		30,517.12			56.00			—		—		4.45		4.5	MS		989.00			11,125.00		3/17/2009		3/15/2012
717081DA8	PFIZER INC. CORP BND					1FE		1,380,478.00		110.207		1,377,588.09		1,250,000.00		1,374,079.62		3,508.47			(4,305.00	)		—		—		5.35		3.168	MS		2,972.00			33,438.00		2/17/2010		3/15/2015
717081DC4	PFIZER INC. CORP BND					1FE		1,575,000.00		101.878		1,604,578.47		1,575,000.00		1,575,000.00		29,578.47			—			—		—		2.207		3.173	MJSD		1,641.00			8,677.00		3/17/2009		3/15/2011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		6,108,095.00		107.625		6,592,007.42		6,125,000.00		6,113,962.61		478,044.81			808.00			—		—		4.875		4.938	MN		111,973.00			—		5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		856,493.00		114.929		861,969.11		750,000.00		847,112.98		14,856.13			(5,664.00	)		—		—		6.875		3.355	MS		2,005.00			25,781.00		10/29/2009		3/17/2014
718507BQ8	CONOCOPHILLIPS CORP BND					1FE		5,386,576.00		101.048		4,991,755.04		4,940,000.00		4,968,238.93		23,516.11			(47,065.00	)		—		—		8.75		4.827	MN		151,288.00			—		7/30/2008		5/25/2010
724479AF7	PITNEY BOWES INC CORP BND					1		—				—		—		—		—			—			—		—		4.625		0	AO		69,375.00			—		8/31/2009		10/1/2012
742718DA4	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,275,910.00		109.385		3,281,561.73		3,000,000.00		3,245,652.17		35,909.56			(12,913.00	)		—		—		4.95		2.942	FA		18,975.00			74,250.00		8/31/2009		8/15/2014
742718DL0	PROCTER & GAMBLE COMPANY CORP BND					1FE		21,510,867.00		107.464		21,546,508.34		20,050,000.00		21,432,639.46		113,868.88			(78,227.00	)		—		—		4.6		2.674	JJ		194,708.00			461,150.00		1/6/2010		1/15/2014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,571,225.00		102.426		3,584,904.75		3,500,000.00		3,564,233.67		20,671.08			(2,989.00	)		—		—		3.5		3.092	FA		15,653.00			61,250.00		8/31/2009		2/15/2015
742718DR7	PROCTER & GAMBLE COMPANY CORP BND					1FE		2,498,175.00		99.769		2,494,226.65		2,500,000.00		2,498,278.64		(4,051.99	)		104.00			—		—		1.375		1.405	FA		5,061.00			—		2/1/2010		8/1/2012
771196AN2	ROCHE HOLDINGS INC CORP BND 144A					1FE		9,034,861.00		105.889		9,529,976.35		9,000,000.00		9,035,002.19		494,974.16			(4,497.00	)		—		—		4.5		4.28	MS		33,750.00			202,500.00		10/14/2009		3/1/2012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A					1FE		19,993,133.00		108.255		20,027,218.30		18,500,000.00		19,936,773.67		90,444.63			(53,956.00	)		—		—		5		2.887	MS		77,083.00			462,500.00		2/19/2010		3/1/2014
771196AS1	ROCHE HOLDINGS INC CORP BND 144A					1FE		5,536,650.00		110.64		5,531,976.70		5,000,000.00		5,509,865.04		22,111.66			(11,385.00	)		—		—		6		4.593	MS		25,000.00			150,000.00		8/31/2009		3/1/2019
771196AX0	ROCHE HOLDINGS INC CORP BND 144A					1FE		4,673,625.00		101.108		4,683,489.78		4,600,000.00		4,655,119.23		28,370.55			(15,006.00	)		—		—		2.252		1.263	FMAN		10,071.00			26,590.00		12/9/2009		2/25/2011
78387GAH6	AT&T INC CORP BND					1FE		2,163,060.00		107.774		2,155,484.92		2,000,000.00		2,124,789.29		30,695.63			(16,377.00	)		—		—		5.875		2.382	FA		19,583.00			58,750.00		8/31/2009		2/1/2012
78387GAP8	AT&T INC CORP BND					1FE		3,235,500.00		108.214		3,246,414.63		3,000,000.00		3,210,184.13		36,230.50			(10,770.00	)		—		—		5.1		3.392	MS		6,800.00			76,500.00		8/31/2009		9/15/2014
824348AN6	SHERWIN-WILLIAMS COMPANY THE CORP BND					1FE		5,008,830.00		100.058		5,002,887.75		5,000,000.00		5,008,672.14		(5,784.39	)		(158.00	)		—		—		3.125		3.085	JD		43,403.00			—		2/19/2010		12/15/2014
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND					1FE		49,806.00		101		50,655.30		50,000.00		49,971.76		683.54			18.00			—		—		4.875		5.029	FA		311.00			1,219.00		12/5/2007		8/15/2010
842587AB3	SOUTHERN COMPANY CORP BND					1FE		3,225,440.00		104.914		3,403,457.50		3,200,000.00		3,211,562.67		191,894.83			(1,529.00	)		—		—		5.3		5.086	JJ		35,804.00			84,800.00		10/23/2007		1/15/2012
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR					1FE		1,023,630.00		103.045		1,030,449.98		1,000,000.00		1,015,531.19		14,918.79			(2,108.00	)		—		—		2.75		1.866	JJ		5,653.00			13,750.00		4/8/2009		1/17/2012
846042AB5	SOVEREIGN BANCORP INC - GTD CORP BND					1FE		2,483,688.00		101.259		2,511,813.57		2,450,000.00		2,473,553.54		38,260.03			(2,579.00	)		—		—		2.5		2.052	JD		18,035.00			—		4/2/2009		6/15/2012
857477AC7	STATE STREET CORPORATION SENIOR CORP BND					1FE		1,101,890.00		94.838		1,136,640.85		1,140,000.00		1,119,878.60		16,762.25			2,355.00			—		—		0.349		3.897	JAJO		674.00			1,109.00		4/30/2008		4/30/2012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND					1FE		9,058,970.00		101.96		9,125,420.63		8,950,000.00		9,051,415.99		74,004.64			(8,664.00	)		—		—		2.15		1.593	AO		80,712.00			—		1/27/2010		4/30/2012
863667AA9	STRYKER CORP CORP BND					1FE		5,494,170.00		100.037		5,502,016.25		5,500,000.00		5,494,398.60		7,617.65			229.00			—		—		3		3.023	JJ		34,833.00			—		1/12/2010		1/15/2015
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR					1FE		2,574,034.00		103.341		2,583,525.08		2,500,000.00		2,550,849.85		32,675.23			(7,660.00	)		—		—		3		1.724	MN		28,125.00			—		6/24/2009		11/16/2011
88579EAD7	3M COMPANY SENIOR CORP BND					??		4,363,958.00		108.248		4,411,086.44		4,075,000.00		4,307,294.65		103,791.79			(20,514.00	)		—		—		4.65		2.459	JD		55,794.00			—		7/20/2009		12/15/2012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND					1FE		5,073,436.00		104.322		5,179,598.22		4,965,000.00		4,996,418.87		183,179.35			(6,696.00	)		—		—		5.45		4.867	MN		99,969.00			—		2/28/2007		5/18/2011
90333WAA6	US BANK NA CORP BND					1FE		1,439,603.00		106.511		1,464,526.69		1,375,000.00		1,404,018.97		60,507.72			(5,188.00	)		—		—		6.375		4.726	FA		14,609.00			43,828.00		9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND					1FE		35,034,961.00		100.867		35,081,541.56		34,780,000.00		35,025,202.04		56,339.52			(8,671.00	)		—		—		1.9		1.616	AO		297,369.00			—		3/4/2010		10/19/2012
911312AG1	UNITED PARCEL SERVICE INC SENIOR CORP					1FE		12,184,671.00		107.083		12,207,493.35		11,400,000.00		12,086,989.13		120,504.22			(56,814.00	)		—		—		4.5		2.258	JJ		108,300.00			228,375.00		1/22/2010		1/15/2013
91159HGJ3	US BANCORP CORP BND					1FE		4,538,500.00		101.338		4,534,882.80		4,475,000.00		4,485,105.03		49,777.77			(7,560.00	)		—		—		4.5		3.8	JJ		34,681.00			100,688.00		6/5/2008		7/29/2010
91159HGS3	US BANCORP CORP BND					1FE		1,250,063.00		100.012		1,250,154.79		1,250,000.00		1,250,061.15		93.64			(1.00	)		—		—		2.125		2.123	FA		3,394.00			11,510.00		12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN					1FE		549,043.00		99.722		548,471.30		550,000.00		549,056.55		(585.25	)		14.00			—		—		3.15		3.188	MS		1,299.00			—		3/1/2010		3/4/2015
91160HAC1	US BANCORP - (LT) GTD CORP BND					1FE		2,828,564.00		101.197		2,858,815.42		2,825,000.00		2,827,565.62		31,249.80			(295.00	)		—		—		1.8		1.756	MN		19,210.00			—		5/19/2009		5/15/2012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND					1FE		2,134,718.00		104.75		2,094,992.82		2,000,000.00		2,064,327.78		30,665.04			(17,081.00	)		—		—		6.35		2.767	MS		10,583.00			63,500.00		3/18/2009		3/1/2011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND					1FE		799,383.00		106.712		839,870.90		770,000.00		787,835.11		52,035.79			(1,972.00	)		—		—		6.1		4.936	MN		17,744.00			—		9/24/2008		5/15/2012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND					1FE		4,434,008.00		104.034		4,489,068.96		4,315,000.00		4,355,181.74		133,887.22			(11,064.00	)		—		—		5.35		4.254	FA		29,498.00			115,426.00		5/30/2008		2/15/2011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND					1FE		3,367,012.00		104.337		3,234,434.79		3,100,000.00		3,167,169.57		67,265.22			(24,517.00	)		—		—		7.25		3.925	JD		74,917.00			—		2/22/2008		12/1/2010
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND					1FE		6,784,125.00		101.199		6,741,844.63		6,250,000.00		6,774,552.86		(32,708.23	)		(9,572.00	)		—		—		4.9		3.21	MS		13,611.00			153,125.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		590,368.00		115.912		637,514.89		550,000.00		586,782.40		50,732.49			(2,278.00	)		—		—		7.375		5.32	MN		15,324.00			—		11/10/2009		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,237,052.00		106.518		8,734,457.63		8,200,000.00		8,231,342.23		503,115.40			(3,822.00	)		—		—		5.25		5.028	FA		71,750.00			215,250.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		22,328,738.00		109.464		23,671,592.60		21,625,000.00		22,310,759.61		1,360,832.99			(20,356.00	)		—		—		5.55		4.613	FA		200,031.00			405,844.00		2/19/2010		2/1/2014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		1,800,000.00		102.913		1,852,433.89		1,800,000.00		1,800,000.00		52,433.89			—			—		—		2.851		3.025	FMAN		5,703.00			13,198.00		11/10/2009		5/20/2011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,869,642.00		102.723		9,116,690.57		8,875,000.00		8,871,052.16		245,638.41			843.00			—		—		3.75		3.79	MN		121,107.00			—		11/10/2009		5/20/2011
92976WBA3	WACHOVIA CORPORATION CORP BND MTN					1FE		527,500.00		101.414		544,484.87		500,000.00		517,517.21		26,967.66			(1,199.00	)		—		—		5.7		4.556	FA		4,750.00			14,250.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND					1FE		427,674.00		108.135		432,540.31		400,000.00		424,522.19		8,018.12			(1,867.00	)		—		—		5.5		3.389	MN		9,167.00			—		10/29/2009		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND					1FE		5,298,213.00		106.814		5,340,720.00		5,000,000.00		5,287,714.93		53,005.07			(10,498.00	)		—		—		4.25		2.28	AO		97,986.00			—		2/19/2010		4/15/2013
931142CQ4	WAL-MART STORES INC CORP BND					1FE		2,549,669.00		102.64		2,617,329.90		2,550,000.00		2,549,713.54		67,616.36			16.00			—		—		3.2		3.203	MN		30,827.00			—		5/14/2009		5/15/2014
931142CR2	WAL-MART STORES INC CORP BND					1FE		9,930,900.00		99.787		9,978,691.90		10,000,000.00		9,930,900.00		47,791.90			—			—		—		2.875		3.025	AO		(1,597.00	)		—		3/24/2010		4/1/2015
931422AD1	WALGREEN CO CORP BND					1FE		6,200,660.00		107.946		6,719,655.06		6,225,000.00		6,208,329.62		511,325.44			1,133.00			—		—		4.875		4.963	FA		50,578.00			151,734.00		7/14/2008		8/1/2013
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND					1FE		5,293,799.00		103.122		5,480,147.11		5,300,000.00		5,293,799.00		186,348.11			—			—		—		3		3.658	JD		49,467.00			—		12/3/2008		12/9/2011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP					??		6,941,313.00		101.477		6,900,417.44		6,800,000.00		6,906,514.32		(6,096.88	)		(15,509.00	)		—		—		1.104		0.242	MJSD		4,795.00			18,812.00		9/8/2009		12/9/2011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND					1FE		829,784.00		101.839		845,263.68		830,000.00		829,842.22		15,421.46			17.00			—		—		2.125		2.134	JD		5,193.00			—		3/25/2009		6/15/2012
949746CE9	WELLS FARGO CORP CORP BND					1FE		10,690,800.00		106.373		10,637,345.10		10,000,000.00		10,619,764.21		17,580.89			(71,036.00	)		—		—		6.375		1.667	FA		106,250.00			—		2/1/2010		8/1/2011
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND					1FE		6,069,402.00		104.726		6,074,133.99		5,800,000.00		6,064,463.76		9,670.23			(5,815.00	)		—		—		4.375		2.685	JJ		42,997.00			17,500.00		3/3/2010		1/31/2013
949748AF4	WELLS FARGO BANK CORP BND BKNT					1FE		2,103,060.00		104.654		6,724,043.66		6,425,000.00		6,589,051.96		134,991.70			(8,363.00	)		—		—		6.45		4.665	FA		21,500.00			64,500.00		12/5/2007		2/1/2011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND					1FE		5,709,540.00		101.962		6,117,690.36		6,000,000.00		5,955,675.22		162,015.14			18,570.00			—		—		3.98		5.299	AO		100,827.00			—		9/7/2006		10/29/2010
94974BEU0	WELLS FARGO & COMPANY CORP BND					1FE		8,039,938.00		99.834		8,036,608.11		8,050,000.00		8,039,937.50		(3,329.39	)		—			—		—		3.625		3.652	AO		(1,203.00	)		—		3/23/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND					1FE		804,015.00		107.047		802,852.76		750,000.00		795,822.05		7,030.71			(4,665.00	)		—		—		5.5		2.781	FA		6,875.00			20,625.00		10/20/2009		8/1/2012
94980VAA6	WELLS FARGO & COMPANY CORP BND					1FE		10,003,682.00		103.226		10,322,586.10		10,000,000.00		10,003,638.84		318,947.26			(43.00	)		—		—		4.75		4.741	FA		68,611.00			—		2/19/2010		2/9/2015
94980VAE8	WELLS FARGO BANK CORP BND					1FE		11,132,218.00		104.524		11,308,398.98		10,819,000.00		11,127,747.59		180,651.39			(4,471.00	)		—		—		5.75		5.199	MN		235,013.00			—		2/19/2010		5/16/2016
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND					1FE		6,706,837.00		100.365		6,724,454.87		6,700,000.00		6,706,712.17		17,742.70			(307.00	)		—		—		1.75		1.71	MN		48,528.00			—		1/27/2010		11/2/2012
983024AA8	WYETH CORP BND					1FE		1,104,250.00		109.452		1,094,515.84		1,000,000.00		1,102,045.42		(7,529.58	)		(2,205.00	)		—		—		5.5		1.929	MS		2,444.00			27,500.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND					1FE		8,152,990.00		110.277		8,270,766.45		7,500,000.00		8,135,313.42		135,453.03			(17,677.00	)		—		—		5.5		3.139	FA		68,750.00			—		2/19/2010		2/1/2014

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN		BOND	NAIC		ACTUAL			RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF			PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRS84L796	AT&T INC CORP BND MTN			O			1FE		1,287,375.00			107.89		1,309,262.36		800,000.00		1,286,837.56		22,424.80			(538.00	)		—		9,873.44		5.875		4.654		APR		65,630.00		—		3/4/2010		4/28/2017
BRS9MDU39	MEDTRONIC INC CORP BND						1FE		2,899,739.00			99.499		2,885,471.00		2,900,000.00		2,899,740.98		(14,269.98	)		2.00			—		—		3		3.002		MS		3,625.00		—		3/11/2010		3/15/2015
U36964ED9	GE CAPITAL CORP CORP BND EMTN						1FE		14,386,742.00			0		14,733,459.72		14,000,000.00		14,365,559.31		367,900.41			(21,183.00	)		—		—		5.25		3.758		FEB		81,667.00		735,000.00		2/19/2010		2/21/2012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O			1FE		742,349.00			104.722		860,306.24		525,000.00		743,120.23		117,186.01			179.00			—		48,674.86		5.5		5.634		MAR		3,360.00		43,467.00		2/25/2009		3/4/2015
12201PAC0	BURLINGTON RESOURCES FINANCE CORP BND			A			1FE		1,079,590.00			106.982		1,069,824.78		1,000,000.00		1,068,418.03		1,406.75			(11,172.00	)		—		—		6.4		1.362		FA		8,178.00		32,000.00		1/5/2010		8/15/2011
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A			1FE		1,999,520.00			100.408		2,008,159.94		2,000,000.00		1,999,544.39		8,615.55			24.00			—		—		2		2.008		FA		6,444.00		—		1/27/2010		2/4/2013
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A			1FE		437,543.00			107.586		446,480.56		415,000.00		426,390.72		20,089.84			(1,752.00	)		—		—		6.375		4.508	��	AO		12,199.00		—		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A			1FE		325,323.00			105.878		328,220.61		310,000.00		323,464.72		4,755.89			(1,073.00	)		—		—		4.4		2.856		MS		606.00		6,820.00		10/22/2009		3/15/2013
20825UAB0	CONOCO INC CORP BND			A			1FE		1,491,704.00			107.867		1,510,141.58		1,400,000.00		1,441,224.26		68,917.32			(6,352.00	)		—		—		6.35		4.35		AO		40,993.00		—		4/21/2008		10/15/2011
780085LP9	ROYAL BANK OF CANADA CORP BND			A			1FE		7,769,978.00			105.364		7,713,696.10		7,321,000.00		7,607,805.78		105,890.32			(53,746.00	)		—		—		5.65		2.568		JJ		81,578.00		206,818.00		8/31/2009		7/20/2011
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F			1FE		5,128,632.00			103.667		5,183,350.00		5,000,000.00		5,121,763.19		61,586.81			(6,868.00	)		—		—		3.25		2.003		AO		80,799.00		—		2/19/2010		4/2/2012
00254EBP6	SWEDISH EXPORT CREDIT CORP CORP BND			F			1FE		30,384,420.00			105.571		30,087,734.72		28,500,000.00		29,857,893.47		229,841.25			(222,576.00	)		—		—		4.875		1.629		MS		7,719.00		694,688.00		8/31/2009		9/29/2011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP			F			1FE		8,964,780.00			108.158		9,193,429.15		8,500,000.00		8,933,455.84		259,973.31			(13,254.00	)		—		—		5.125		4.266		MS		36,302.00		217,813.00		8/31/2009		3/1/2017
00254EJE3	SWEDISH EXPORT CREDIT CORP SENIOR CORP			F			1FE		2,297,884.00			102.121		2,348,783.23		2,300,000.00		2,298,097.87		50,685.36			98.00			—		—		3.25		3.27		MS		3,115.00		37,375.00		9/9/2009		9/16/2014
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND			F			1FE		19,894,104.00			101.449		20,086,901.40		19,800,000.00		19,892,388.34		194,513.06			(1,668.00	)		—		—		3.2		3.09		MN		260,480.00		—		3/12/2010		11/3/2014
008281AX5	AFRICAN DEVELOPMENT BANK CORP BND			F			1FE		5,037,500.00			101.985		5,099,250.05		5,000,000.00		5,033,234.79		66,015.26			(1,870.00	)		—		—		3		2.829		MN		51,667.00		—		8/31/2009		5/27/2014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F			??		4,752,518.00			100.055		4,752,612.50		4,750,000.00		4,751,951.40		661.10			(208.00	)		—		—		0.374		0.612		JAJO		3,404.00		4,954.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F			1FE		5,979,360.00			99.731		5,983,860.18		6,000,000.00		5,980,305.55		3,554.63			946.00			—		—		1.625		1.743		FA		14,083.00		—		2/2/2010		2/11/2013
02364WAR6	AMERICA MOVIL SA CORP BND 144A			F			1FE		6,985,090.00			99.51		6,965,674.24		7,000,000.00		6,985,104.91		(19,430.67	)		15.00			—		—		3.625		3.672		MS		705.00		—		3/23/2010		3/30/2015
045167BX0	ASIAN DEVELOPMENT BANK CORP BND			F			1FE		5,978,520.00			99.825		5,989,499.82		6,000,000.00		5,979,089.34		10,410.48			569.00			—		—		2.625		2.702		FA		22,750.00		—		2/2/2010		2/9/2015
046353AC2	ASTRAZENECA PLC CORP BND			F			1FE		5,758,675.00			109.048		5,725,027.82		5,250,000.00		5,677,704.70		47,323.12			(39,610.00	)		—		—		5.4		1.981		MS		12,600.00		141,750.00		1/15/2010		9/15/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F			1FE		9,982,240.00			100.252		10,025,228.10		10,000,000.00		9,982,691.25		42,536.85			451.00			—		—		3.7		3.739		JJ		80,167.00		—		2/19/2010		1/13/2015
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F			1FE		4,239,400.00			107.357		4,294,274.92		4,000,000.00		4,202,661.72		91,613.20			(15,648.00	)		—		—		4.8		3.042		AO		88,533.00		—		8/31/2009		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F			1FE		1,147,425.00			110.225		1,157,366.49		1,050,000.00		1,138,832.42		18,534.07			(5,092.00	)		—		—		5.5		3.228		AO		28,875.00		—		10/29/2009		4/1/2014
055654AB3	SANT CENTR HISP CORP BND			F			1FE		5,268,216.00			102.876		4,989,634.55		4,850,000.00		4,924,019.05		65,615.50			(39,996.00	)		—		—		7.625		4.171		MS		17,463.00		184,906.00		1/9/2008		9/14/2010
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F			1FE		12,118,150.00			110.243		12,126,702.72		11,000,000.00		12,043,622.43		83,080.29			(68,444.00	)		—		—		5.25		2.478		MN		231,000.00		—		12/21/2009		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F			1FE		7,024,579.00			103.632		7,280,181.50		7,025,000.00		7,024,722.99		255,458.51			34.00			—		—		3.125		3.127		MS		12,806.00		109,766.00		3/5/2009		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F			1FE		15,007,105.00			103.798		15,154,489.60		14,600,000.00		14,998,541.15		155,948.45			(8,564.00	)		—		—		3.875		3.272		MS		33,002.00		282,875.00		2/19/2010		3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F			1FE		1,555,770.00			103.8		1,556,999.82		1,500,000.00		1,552,340.25		4,659.57			(2,968.00	)		—		—		3.625		2.72		MN		21,599.00		—		12/15/2009		5/8/2014
05567LUD7	BNP PARIBAS SENIOR CORP BND			F			1FE		1,355,000.00			99.553		1,356,138.09		1,355,000.00		1,355,000.00		1,138.09			—			—		—		0.702		3.126		MJSD		740.00		2,388.00		5/28/2008		6/4/2010
05567MAA3	BNP PARIBAS CORP BND 144A			F			1FE		7,778,723.00			88.394		8,199,732.08		8,000,000.00		7,783,001.75		416,730.33			4,279.00			—		—		4.8		5.401		JD		103,467.00		—		2/19/2010		6/24/2015
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F			1FE		528,417.00			106.645		533,223.50		500,000.00		525,996.88		7,226.62			(1,385.00	)		—		—		5.2		3.869		JJ		5,850.00		13,000.00		10/21/2009		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND			F			1FE		16,033,031.00			100.049		16,007,774.72		16,000,000.00		16,031,974.93		(24,200.21	)		(1,056.00	)		—		—		2.5		2.425		JJ		142,222.00		—		2/19/2010		1/23/2013
20272BAA2	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		10,242,816.00			102.115		10,211,499.80		10,000,000.00		10,204,830.16		6,669.64			(28,195.00	)		—		—		2.4		1.234		JJ		52,667.00		120,000.00		11/24/2009		1/12/2012
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F			1FE		15,447,802.00			100.585		15,570,557.85		15,480,000.00		15,451,062.97		119,494.88			1,497.00			—		—		2.9		2.945		MS		17,458.00		224,460.00		9/10/2009		9/17/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		7,324,341.00			101.152		7,409,391.33		7,325,000.00		7,324,438.73		84,952.60			52.00			—		—		2.75		2.753		AO		92,885.00		—		10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		1,991,660.00			99.139		1,982,788.70		2,000,000.00		1,991,701.58		(8,912.88	)		42.00			—		—		3.5		3.592		MS		1,750.00		—		3/15/2010		3/19/2015
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			R			1FE		9,484,895.00			99.138		9,418,062.98		9,500,000.00		9,484,963.20		(66,900.22	)		68.00			—		—		3.5		3.535		MS		7,389.00		—		3/18/2010		3/23/2015
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F			1FE		5,946,137.00			107.367		6,123,145.03		5,703,000.00		5,938,083.24		185,061.79			(8,054.00	)		—		—		5		3.592		MN		107,723.00		—		2/19/2010		5/15/2013
23636UAA5	DANSKE BANK A/S CORP BND 144A			F			1		9,236,403.00			100.32		9,451,187.04		9,250,000.00		9,239,781.70		211,405.34			1,169.00			—		—		2.5		2.554		MN		90,573.00		—		6/23/2009		5/10/2012
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F			2FE		826,755.00			105.61		761,259.88		750,000.00		754,475.80		6,784.08			(5,371.00	)		—		—		8.5		5.524		JD		18,771.00		—		2/13/2006		6/15/2010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F			1FE		1,426,581.00			102.43		1,439,134.82		1,405,000.00		1,410,436.72		28,698.10			(2,485.00	)		—		—		5		4.254		AO		32,978.00		—		7/31/2008		10/12/2010
2515A0T45	DEUTSCHE BK LDN CORP BND			F			1FE		999,020.00			99.851		998,509.60		1,000,000.00		999,090.05		(580.45	)		70.00			—		—		2.375		2.409		JJ		5,278.00		—		1/5/2010		1/11/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F			1FE		15,963,205.00			109.479		15,983,984.66		14,600,000.00		15,905,151.54		78,833.12			(58,054.00	)		—		—		5.5		3.005		JJ		144,986.00		236,500.00		2/19/2010		1/26/2014
268317AD6	ELECTRICITE DE FRANCE CORP BND 144A			F			1FE		3,983,160.00			98.478		3,939,100.04		4,000,000.00		3,983,235.25		(44,135.21	)		75.00			—		—		4.6		4.653		JJ		33,222.00		—		3/15/2010		1/27/2020
282645AQ3	EKSPORTFINANS AS CORP BND			F			1FE		5,322,950.00			101.91		5,534,600.05		5,000,000.00		5,298,807.80		235,792.25			(10,499.00	)		—		—		5.5		4.381		MN		96,250.00		—		8/31/2009		5/25/2016
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F			1FE		10,705,589.00			100.882		10,643,096.48		10,550,000.00		10,704,065.03		(60,968.55	)		(1,523.00	)		—		—		3.875		3.522		AO		200,391.00		—		3/30/2010		10/7/2014
298785DP8	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		11,407,110.00			101.689		11,185,822.12		11,000,000.00		11,177,635.67		8,186.45			(96,800.00	)		—		—		4.125		0.557		MS		20,167.00		226,875.00		8/31/2009		9/15/2010
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		10,241,815.00			108.257		10,230,286.88		9,450,000.00		10,172,732.66		57,554.22			(29,325.00	)		—		—		4.625		3.114		AO		195,464.00		—		8/31/2009		10/20/2015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		29,002,860.00			105.465		28,475,548.92		27,000,000.00		28,354,377.66		121,171.26			(275,855.00	)		—		—		5.25		1.052		JD		417,375.00		—		8/31/2009		6/15/2011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		3,887,520.00			103.717		4,040,790.04		3,900,000.00		3,893,637.62		147,152.42			991.00			—		—		3.25		3.36		AO		58,798.00		—		8/26/2008		10/14/2011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		5,073,123.00			102.29		5,114,500.05		5,000,000.00		5,071,253.55		43,246.50			(1,870.00	)		—		—		3		2.624		AO		72,083.00		—		2/19/2010		4/8/2014
298785FC5	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		2,989,950.00			99.532		2,985,959.94		3,000,000.00		2,990,452.60		(4,492.66	)		503.00			—		—		1.625		1.736		MS		2,167.00		5,823.00		1/26/2010		3/15/2013
35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F			3FE		1,400,000.00			101.323		1,418,522.00		1,400,000.00		1,400,000.00		18,522.00			—			—		—		5.806		5.847		FMAN		14,450.00		—		1/21/2010		2/3/2014
35177PAK3	FRANCE TELECOM CORP BND			F			1FE		5,902,350.00			105.88		5,770,444.90		5,450,000.00		5,594,416.15		176,028.75			(37,898.00	)		—		—		7.75		4.756		MS		35,198.00		211,188.00		2/25/2008		3/1/2011
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A			F			1FE		10,247,790.00			101.071		10,248,400.10		10,000,000.00		10,199,125.67		49,274.43			(25,968.00	)		—		—		2.625		1.534		FA		37,917.00		131,250.00		10/7/2009		2/9/2012
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F			1FE		7,513,056.00			104.945		7,556,040.50		7,200,000.00		7,467,408.54		88,631.96			(19,547.00	)		—		—		3.5		2.314		JJ		58,100.00		126,000.00		8/31/2009		7/8/2013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND			F			1FE		5,516,150.00	��		110.57		5,528,500.00		5,000,000.00		5,477,683.09		50,816.91			(16,290.00	)		—		—		5.125		3.459		MS		12,813.00		128,125.00		8/31/2009		9/13/2016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F			1FE		27,281,765.00			108.159		27,667,071.43		25,580,000.00		27,210,303.83		456,767.60			(71,461.00	)		—		—		4.75		2.168		AO		546,773.00		—		2/19/2010		10/19/2012
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F			1FE		4,371,719.00			101.036		4,420,325.13		4,375,000.00		4,372,974.15		47,350.98			404.00			—		—		1.5		1.538		JD		17,849.00		—		6/16/2009		6/23/2011
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F			2FE		6,250,980.00			103.685		6,221,099.88		6,000,000.00		6,212,599.37		8,500.51			(32,283.00	)		—		—		3.125		0.918		MN		70,833.00		—		12/10/2009		11/15/2011
478160AP9	J & J MEDICAL CORP BND			R			1FE		4,921,425.00			109.115		4,889,461.55		4,500,000.00		4,840,542.65		48,918.90			(34,456.00	)		—		—		5.15		1.877		FA		29,613.00		115,875.00		8/31/2009		8/15/2012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F			1FE		4,203,150.00			100.12		4,190,022.42		4,185,000.00		4,195,963.73		(5,941.31	)		(2,941.00	)		—		—		0.527		0.648		MJSD		1,837.00		5,561.00		8/19/2009		3/2/2011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F			1FE		22,014,834.00			106.326		22,062,644.17		20,750,000.00		21,883,933.41		178,710.76			(57,127.00	)		—		—		4.125		2.833		AO		394,682.00		—		1/13/2010		10/15/2014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND			F			1FE		9,468,811.00			102.992		9,269,309.34		9,000,000.00		9,271,967.85		(2,658.51	)		(83,665.00	)		—		—		4.625		0.844		JJ		82,094.00		208,125.00		8/31/2009		1/20/2011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F			1FE		3,192,160.00			104.453		3,319,679.94		3,200,000.00		3,196,660.75		123,019.19			651.00			—		—		3.75		3.837		JD		31,333.00		—		6/19/2008		6/27/2011
500769DG6	KFW GROUP CORP BND			F			1FE		10,137,931.00			102.041		10,204,100.80		10,000,000.00		10,130,705.95		73,394.85			(7,225.00	)		—		—		2.25		1.597		AO		103,125.00		—		2/19/2010		4/16/2012
500769DN1	KFW GROUP - (LT) GTD CORP BND			F			1FE		5,993,340.00			100.346		6,020,760.48		6,000,000.00		5,993,811.55		26,948.93			472.00			—		—		1.875		1.913		JJ		24,688.00		—		1/5/2010		1/14/2013
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F			3FE		9,750,000.00			101.313		9,878,017.50		9,750,000.00		9,750,000.00		128,017.50			—			—		—		7.75		7.824		MJSD		2,099.00		206,674.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F			1FE		6,037,356.00			100.858		6,101,908.64		6,050,000.00		6,039,502.49		62,406.15			1,022.00			—		—		1.875		1.947		MS		2,206.00		56,719.00		9/15/2009		9/24/2012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F			1FE		20,428,846.00			100.948		20,856,120.33		20,230,000.00		20,394,322.89		461,797.44			(18,980.00	)		—		—		3		2.598		MN		242,760.00		—		12/11/2009		5/7/2012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A			F			1FE		5,105,375.00			101.485		5,074,250.05		5,000,000.00		5,090,482.82		(16,232.77	)		(11,082.00	)		—		—		1.251		0.393		JAJO		15,648.00		16,801.00		11/25/2009		4/2/2012
54313TAA3	LONGPOINT RE LTD CORP BND 144A			F			3FE		2,500,000.00			101.462		2,536,550.00		2,500,000.00		2,500,000.00		36,550.00			—			—		—		5.4		5.436		MJSD		6,375.00		32,625.00		12/14/2009		12/24/2012
54313TAB1	LONGPOINT RE LTD CORP BND 144A			F			3FE		3,000,000.00			101.432		3,042,960.00		3,000,000.00		3,000,000.00		42,960.00			—			—		—		5.4		5.436		MJSD		7,650.00		39,150.00		12/14/2009		12/24/2013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A			F			1FE		4,678,890.00			106.102		4,774,590.23		4,500,000.00		4,673,889.33		100,700.90			(5,001.00	)		—		—		4.1		2.992		JD		53,300.00		—		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A			F			1FE		3,549,726.00			102.433		3,585,154.97		3,500,000.00		3,546,822.04		38,332.93			(2,904.00	)		—		—		2.6		1.843		JJ		17,947.00		—		2/19/2010		1/20/2012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND			F			1FE		6,439,323.00			102.483		6,661,395.13		6,500,000.00		6,446,528.85		214,866.28			2,873.00			—		—		3.3		3.508		JJ		44,092.00		107,250.00		8/13/2009		7/17/2014
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A			F			4FE		4,750,000.00			105.602		5,016,095.00		4,750,000.00		4,750,000.00		266,095.00			—			—		—		11.5		11.663		JAJO		116,837.00		139,597.00		10/8/2009		10/19/2012
62864WAB0	EAST LANE RE III LTD CORP BND 144A			F			3		10,000,000.00			0		10,849,300.00		10,000,000.00		10,000,000.00		849,300.00			—			—		—		12.252		13.55		FMAN		105,503.00		309,763.00		3/13/2009		3/20/2012
62914AAB8	NIBC BANK NV - GTD CORP BND 144A			F			1FE		5,088,882.00			99.497		5,074,347.10		5,100,000.00		5,089,569.31		(15,222.21	)		515.00			—		—		2.8		2.847		JD		47,203.00		—		11/24/2009		12/2/2014
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F			1FE		5,071,300.00			102.91		5,145,500.20		5,000,000.00		5,063,396.20		82,104.00			(3,819.00	)		—		—		3.375		3.056		JJ		38,906.00		84,375.00		8/31/2009		7/8/2014
6325C0AZ4	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F			1FE		7,000,000.00			100.184		7,012,888.40		7,000,000.00		7,000,000.00		12,888.40			—			—		—		2.5		2.5		JJ		40,347.00		—		1/4/2010		1/8/2013
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F			1FE		17,723,175.00			99.74		17,793,626.79		17,100,000.00		17,700,238.81		93,387.98			(22,936.00	)		—		—		4.2		3.281		MN		275,310.00		—		2/19/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND			F			1FE		15,080,378.00			101.314		15,197,114.25		15,000,000.00		15,076,818.80		120,295.45			(3,559.00	)		—		—		2.65		2.427		FA		48,583.00		—		2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F			1FE		9,993,100.00			98.866		9,886,612.69		10,000,000.00		9,993,173.22		(106,560.53	)		73.00			—		—		3.2		3.215		MS		17,778.00		—		3/4/2010		3/11/2015
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F			1F		5,000,000.00			100.878		5,043,900.00		5,000,000.00		5,000,000.00		43,900.00			—			—		—		6.25		6.297		JAJO		78,993.00		—		12/15/2009		1/7/2011
78010XAC5	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F			1FE		4,988,400.00			99.623		4,981,164.55		5,000,000.00		4,988,490.18		(7,325.63	)		90.00			—		—		4.875		4.928		MS		10,156.00		—		3/9/2010		3/16/2015
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F			1FE		2,540,825.00			101.061		2,526,524.92		2,500,000.00		2,534,308.88		(7,783.96	)		(3,991.00	)		—		—		0.95		0.514		FMAN		3,167.00		6,213.00		11/2/2009		5/11/2012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND			F			1FE		22,880,250.00			102.224		23,000,401.58		22,500,000.00		22,800,746.42		199,655.16			(34,612.00	)		—		—		2.625		1.975		MN		228,047.00		—		8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F			1FE		1,996,200.00			100.412		2,008,240.06		2,000,000.00		1,997,002.00		11,238.06			472.00			—		—		1.45		1.548		AO		12,969.00		—		10/23/2009		10/20/2011
822582AA0	SHELL INTL FINAN CORP BND			F			1FE		3,910,694.00			107.401		4,016,476.39		3,800,000.00		3,838,458.51		178,017.88			(7,457.00	)		—		—		5.625		4.773		JD		55,813.00		—		9/10/2007		6/27/2011
822582AF9	SHELL INTL FINAN CORP BND			F			1FE		11,034,169.00			105.092		10,982,091.96		10,450,000.00		11,024,040.64		(41,948.68	)		(10,128.00	)		—		—		4		2.537		MS		11,611.00		209,000.00		3/2/2010		3/21/2014
822582AL6	SHELL INTL FINAN CORP BND			F			1FE		7,990,480.00			99.87		7,989,564.80		8,000,000.00		7,990,538.93		(974.13	)		59.00			—		—		1.875		1.916		MS		2,500.00		—		3/18/2010		3/25/2013

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		9,730,222.00		103.469		10,036,493.19		9,700,000.00		9,725,103.05		311,390.14			(1,417.00	)		—		—			3.375		3.307	MN		132,769.00		—		4/24/2009		5/5/2014
833656AH4	SOCIETE FINANCEMENT DE L ECONO SENIOR			F				1FE		2,287,695.00		101.092		2,325,116.07		2,300,000.00		2,288,908.37		36,207.70			572.00			—		—			2.875		2.991	MS		1,398.00		33,063.00		9/15/2009		9/22/2014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		99.741		299,224.37		300,000.00		303,494.64		(4,270.27	)		(174.00	)		—		—			2.9		2.626	AO		4,012.00		—		12/16/2009		10/15/2014
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		105.534		7,281,845.79		6,900,000.00		7,043,283.77		238,562.02			(7,698.00	)		—		—			4.875		4.328	JD		103,716.00		—		8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND			F				1FE		17,692,582.00		102.187		17,913,381.80		17,530,000.00		17,679,597.27		233,784.53			(13,453.00	)		—		—			2.875		2.513	MS		23,799.00		251,994.00		1/5/2010		9/14/2012
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				1FE		2,968,684.00		93.983		3,207,922.11		3,025,000.00		2,988,150.23		219,771.88			3,321.00			—		—			5.4		5.929	AO		81,675.00		—		12/24/2008		10/1/2012
92928WAF2	WMC FINANCE LTD BND			F				1FE		10,811,300.00		107.584		10,758,404.50		10,000,000.00		10,772,212.08		(13,807.58	)		(39,088.00	)		—		—			5.125		2.537	MN		193,611.00		—		1/27/2010		5/15/2013
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00		97.032		1,011,987.42		995,000.00		992,379.42		19,608.00			1,028.00			—		—			4.375		4.811	MN		16,445.00		—		5/20/2008		11/15/2010
9612EAAB1	WESTPAC SECURITIES NZ LTD - ( SENIOR			F				1FE		3,139,587.00		103.044		3,194,363.97		3,100,000.00		3,135,251.97		59,112.00			(1,869.00	)		—		—			3.45		3.167	JJ		18,716.00		53,475.00		8/31/2009		7/28/2014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A			F				1FE		14,959,113.00		102.667		15,013,010.30		14,500,000.00		14,839,018.17		173,992.13			(48,264.00	)		—		—			3.25		1.853	JD		137,448.00		—		8/13/2009		12/16/2011
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00		103.176		1,461,381.19		950,000.00		1,878,122.20		(416,741.01	)		(307.00	)		—		(436,760.60	)		6.25		6.087	JUL		61,195.00		—		5/6/2008		7/27/2010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,691.00		95.267		643,142.06		400,000.00		827,926.63		(184,784.57	)		15.00			—		(221,600.66	)		6.375		6.387	FA		4,981.00		20,107.00		11/28/2007		8/13/2017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00		105.161		5,321,606.56		3,300,000.00		6,562,179.84		(1,240,573.28	)		2,343.00			—		(1,571,248.29	)		4.875		4.978	MAR		16,714.00		242,921.00		4/22/2008		3/7/2012
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,146,935.00		101.658		15,248,699.55		15,000,000.00		15,128,416.18		120,283.37			(9,363.00	)		—		—			2.5		2.204	MAY		315,625.00		—		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				1FE		3,688,345.00		102.427		3,418,185.71		2,200,000.00		3,684,700.15		(266,514.44	)		(2,448.00	)		—		(313,678.98	)		3		2.668	SEP		60,344.00		—		11/11/2009		9/9/2013
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,140,525.00		106.242		3,241,175.10		2,000,000.00		4,141,897.25		(900,722.15	)		93.00			—		(1,108,609.31	)		5.25		5.193	JAN		34,473.00		170,006.00		11/28/2007		1/12/2012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		17,230,404.00		106.652		17,384,276.00		16,300,000.00		17,076,504.79		307,771.21			(66,307.00	)		—		—			4.375		2.567	JAN		150,549.00		713,125.00		8/31/2009		1/15/2013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00		103.877		306,840.15		300,000.00		298,918.86		7,921.29			453.00			—		—			4.75		5.324	NOV		5,898.00		—		6/30/2007		11/2/2010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		99.935		4,210,535.96		4,100,000.00		4,100,117.96		110,418.00			(24.00	)		—		—			3.125		3.099	JUN		101,788.00		—		7/9/2008		6/15/2011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				1FE		53,888,500.00		106.134		53,066,997.50		50,000,000.00		52,691,970.60		375,026.90			(505,576.00	)		—		—			5.5		1.305	JUL		1,909,722.00		—		8/31/2009		7/21/2011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				1FE		28,086,820.00		107.201		28,408,262.09		26,500,000.00		27,760,549.05		647,713.04			(137,861.00	)		—		—			5.125		2.806	MAY		1,135,543.00		—		8/31/2009		5/31/2012
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00		95.266		2,041,535.79		1,350,000.00		2,617,776.32		(576,240.53	)		1,085.00			—		(590,200.51	)		5.25		5.406	APR		101,619.00		—		1/14/2008		4/21/2015
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00		101.29		1,399,756.32		900,000.00		1,870,321.03		(470,564.71	)		(2,288.00	)		—		(500,605.20	)		6.8		6.176	NOV		31,461.00		—		11/28/2007		11/29/2010
G2927DAC4	DUBAI HOLDING COMMERICAL OPERA CORP BND			F				1FE		4,212,439.00		80		3,976,000.00		4,970,000.00		4,252,747.03		(276,747.03	)		40,308.00			—		—			0.624		9.134	FMAN		5,081.00		—		2/19/2010		2/1/2012
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				1FE		911,019.00		103.998		867,649.78		550,000.00		911,134.45		(43,484.67	)		74.00			—		(78,995.34	)		5.125		5.107	NOV		16,400.00		—		11/6/2009		11/11/2016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				1FE		5,101,200.00		96.51		5,214,750.30		5,000,000.00		5,081,500.35		133,249.95			(8,324.00	)		—		—			5.5		4.647	JUN		218,472.00		—		8/31/2009		6/15/2012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00		99.122		2,142,901.19		1,350,000.00		2,654,886.08		(511,984.89	)		3,675.00			—		(598,567.23	)		5.75		6.218	JUN		89,683.00		—		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				1FE		2,216,051.00		103.485		2,053,681.93		1,300,000.00		2,193,019.98		(139,338.05	)		(7,766.00	)		—		(173,047.30	)		4		2.441	NOV		29,174.00		—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC - GTD CORP BND			D				1FE		1,867,254.00		102.313		1,862,389.99		1,200,000.00		1,865,715.05		(3,325.06	)		(1,539.00	)		—		(6,740.30	)		2.75		1.634	MAR		2,194.00		50,137.00		2/26/2010		3/16/2012
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00		98.514		1,510,437.63		980,000.00		1,991,249.45		(480,811.82	)		3,066.00			—		(532,972.58	)		4.625		5.35	FA		10,737.00		36,115.00		11/28/2007		2/3/2013
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				1FE		10,325,657.00		104.328		10,432,800.30		10,000,000.00		10,315,210.20		117,590.10			(10,447.00	)		—		—			3.5		2.451	JUN		276,111.00		—		2/19/2010		6/17/2013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND			D				1FE		2,217,335.00		103.469		2,057,218.26		1,300,000.00		2,193,849.84		(136,631.58	)		(7,925.00	)		—		(173,112.78	)		4.125		2.53	NOV		30,308.00		—		6/30/2009		11/14/2011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00		107.382		1,541,258.05		950,000.00		1,946,496.89		(405,238.84	)		(4,387.00	)		—		(482,293.97	)		5.5		4.437	DEC		24,972.00		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00		96.361		724,017.00		700,000.00		695,466.54		28,550.46			715.00			—		—			5		5.388	OCT		17,208.00		—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		15,921,300.00		109.056		16,358,400.00		15,000,000.00		15,816,265.72		542,134.28			(44,381.00	)		—		—			5		3.526	MAY		656,250.00		—		8/31/2009		5/16/2014
N65210DK4	BANK NEDERLANDSE GEMEENTEN CORP BND			D				2FE		3,403,798.00		100.675		3,436,045.85		2,250,000.00		3,403,605.11		32,440.74			(193.00	)		—		28,508.56			2.625		2.448	DEC		27,491.00		—		3/11/2010		12/10/2013
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				1FE		5,441,401.00		108.942		5,447,099.70		5,000,000.00		5,343,405.58		103,694.12			(41,437.00	)		—		—			6		2.398	MAR		4,167.00		300,000.00		8/31/2009		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		5,478,027.00		105.013		5,565,689.00		5,300,000.00		5,452,371.12		113,317.88			(10,840.00	)		—		—			3.75		2.802	JUL		141,333.00		—		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN			D				1FE		813,092.00		102.364		776,378.92		500,000.00		813,406.86		(37,027.94	)		139.00			—		(58,153.83	)		4		4.047	SEP		16,873.00		—		9/3/2009		9/10/2015
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE		1,733,854.00		102.222		1,342,817.28		875,000.00		1,770,099.84		(427,282.56	)		4,523.00			—		(447,992.90	)		4.625		5.637	AUG		38,178.00		—		3/13/2008		8/17/2010
N8155ZAC7	SOVRISC CORP BND			F				1FE		7,162,064.00		102.347		7,164,276.56		7,000,000.00		7,106,375.17		57,901.39			(23,852.00	)		—		—			5.25		3.8	AO		154,146.00		—		8/31/2009		4/30/2011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR			D				1FE		1,703,032.00		101.398		1,316,445.46		850,000.00		1,746,549.05		(430,103.59	)		4,960.00			—		(467,476.72	)		4.625		5.752	DEC		17,972.00		—		11/28/2007		12/12/2010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		896,199.00		93.657		692,603.39		450,000.00		903,855.91		(211,252.52	)		846.00			—		(241,923.69	)		5.5		6.058	DEC		10,594.00		—		11/28/2007		12/19/2016
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		355,398.00		100.077		359,516.96		355,464.28		355,184.03		4,332.93			3.00			—		—			5.42		5.488	MON		1,338.00		4,817.00		5/9/2006		8/8/2011
07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			749,089.00		94.715		709,500.12		749,089.18		749,089.18		(39,589.06	)		—			—		—			0.396		0.396	MON		58.00		688.00		8/8/2006		8/25/2036
12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			746,603.00		96.11		717,504.40		746,545.00		746,554.49		(29,050.09	)		2.00			—		—			0.326		0.322	MON		47.00		560.00		1/29/2007		10/25/2010
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		342,198.00		100.093		348,603.55		348,279.13		347,406.87		1,196.68			426.00			—		—			5.38		6.83	MON		1,197.00		4,684.00		9/29/2008		3/8/2011
233875AC7	DCAT_06-C ABS 06-C-A4					2		1FE		1,708,485.00		100.662		1,737,713.55		1,726,287.08		1,723,254.96		14,458.59			859.00			—		—			4.98		5.447	MON		5,492.00		21,492.00		7/11/2007		11/8/2011
34528CAE5	FORDO ABS 06-C A4A					2		1FE		4,360,896.00		103.56		4,483,538.61		4,396,791.67		4,389,270.94		94,267.67			1,593.00			—		—			5.15		5.511	MON		10,064.00		56,609.00		8/23/2007		2/15/2012
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1FE		424,899.00		101.61		422,424.66		420,301.51		420,904.45		1,520.21			(542.00	)		—		—			5.46		4.463	MON		637.00		5,737.00		9/4/2008		6/21/2010
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		51.241		731,225.86		939,550.16		940,646.11		(209,420.25	)		(29.00	)		—		—			0.986		0.971	MON		180.00		2,203.00		2/25/2010		1/25/2034
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS					2	NR*Z*			507,133.00		97.898		496,472.72		507,133.17		507,133.17		(10,660.45	)		—			—		—			0.296		0.296	MON		29.00		343.00		1/11/2007		11/25/2036
65475FAD7	NAROT ABS 08-A A3					2		1FE		615,484.00		100.809		620,533.15		615,553.34		615,543.97		4,989.18			5.00			—		—			3.89		3.927	MON		1,064.00		5,986.00		1/15/2008		8/15/2011
90327PAC5	USAOT ABS 07-1					2		1FE		281,201.00		100.384		279,281.32		278,212.81		278,607.48		673.84			(403.00	)		—		—			5.43		4.302	MON		671.00		3,777.00		9/4/2008		6/15/2010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B					2		1FE		1,882,680.00		101.242		1,906,110.35		1,882,726.94		1,882,714.45		23,395.90			2.00			—		—			5.28		5.34	MON		4,418.00		24,852.00		9/17/2007		1/17/2012
007036EP7	ARMT WHOLE CMO 04-5 2A1					2	NR*Z*			417,451.00		81.155		345,036.90		425,156.52		418,348.70		(73,311.80	)		204.00			—		—			3.175		3.606	MON		1,125.00		3,375.00		8/10/2007		4/25/2035
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NR*Z*			73,810.00		94.06		70,432.75		74,880.88		73,841.98		(3,409.23	)		3.00			—		—			3.614		3.92	MON		225.00		676.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO					2		1FE		3,227,055.00		66.75		2,547,893.23		3,272,823.67		3,228,255.02		(680,361.79	)		115.00			—		—			4.91		5.185	MON		13,392.00		40,222.00		10/19/2006		8/25/2035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1FE		1,620,314.00		82.72		1,476,946.55		1,651,695.99		1,621,109.74		(144,163.19	)		79.00			—		—			4.14		4.585	MON		5,699.00		17,113.00		8/13/2007		11/25/2034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2	NR*Z*			448,321.00		89.84		410,075.93		456,451.39		448,559.43		(38,483.50	)		33.00			—		—			3.059		3.435	MON		1,163.00		3,750.00		8/10/2007		4/25/2034
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO					2		1FE		1,553,133.00		84.28		1,316,923.78		1,578,387.43		1,553,804.05		(236,880.27	)		53.00			—		—			3.422		3.824	MON		4,500.00		13,541.00		8/14/2007		2/19/2034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2	NR*Z*			16,731.00		99		16,725.27		16,894.21		16,825.33		(100.06	)		13.00			—		—			5.5		6.194	MON		77.00		232.00		4/4/2008		9/25/2035
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		1,110,829.00		95.527		1,100,555.57		1,136,397.55		1,119,634.53		(19,078.96	)		1,374.00			—		—			4.908		6.418	MON		4,648.00		13,933.00		4/17/2008		10/25/2033
161630AG3	CHASE CMO_07-A1-2A1					2	NR*Z*			3,353,888.00		94.95		3,241,754.15		3,414,169.72		3,355,827.62		(114,073.47	)		378.00			—		—			4.125		4.559	MON		11,736.00		35,210.00		2/22/2007		2/25/2037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1FE		949,988.00		90.4		965,432.22		965,335.69		950,692.30		14,739.92			72.00			—		—			4.562		4.999	MON		3,670.00		11,056.00		5/17/2007		2/25/2037
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1FE		241,609.00		97.053		242,309.54		244,049.61		242,913.73		(604.19	)		90.00			—		—			5.25		6.123	MON		1,068.00		3,203.00		4/17/2008		6/25/2034
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			191,100.00		96.092		187,657.10		195,288.14		191,421.76		(3,764.66	)		47.00			—		—			3.007		3.512	MON		489.00		1,468.00		8/10/2007		12/25/2034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NR*Z*			242,021.00		94		229,761.77		244,427.42		242,182.28		(12,420.51	)		18.00			—		—			3.001		3.256	MON		611.00		1,870.00		11/21/2007		9/25/2035
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1FE		1,420,817.00		57.39		1,129,484.93		1,461,562.62		1,421,353.72		(291,868.79	)		99.00			—		—			5.558		6.12	MON		6,770.00		20,346.00		3/18/2009		10/25/2035
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		1,072,815.00		94.686		988,362.03		1,061,864.27		1,072,229.28		(83,867.25	)		(123.00	)		—		—			6.5		6.222	MON		5,752.00		17,255.00		10/3/2007		9/1/2031
863579AQ1	SARM WHOLE CMO 04-12 3A2					2	NR*Z*			326,329.00		76.163		251,846.33		330,669.10		326,635.23		(74,788.90	)		59.00			—		—			2.582		2.817	MON		711.00		2,357.00		8/10/2007		9/25/2034
863579EK0	SARM WHOLE CMO 04-16 3A1					2	NR*Z*			1,529,259.00		76.242		1,179,433.70		1,546,964.87		1,530,651.82		(351,218.12	)		159.00			—		—			2.95		3.167	MON		3,803.00		11,552.00		8/10/2007		11/25/2034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1FE		823,572.00		74.72		644,473.44		840,379.31		827,114.77		(182,641.33	)		113.00			—		—			2.533		2.913	MON		1,774.00		5,898.00		8/14/2007		9/25/2033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2	NR*Z*			777,718.00		75.335		599,138.41		795,302.05		779,173.47		(180,035.06	)		110.00			—		—			2.915		3.41	MON		1,932.00		5,841.00		8/10/2007		5/25/2034
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1FE		1,423,811.00		35		1,009,681.69		1,422,033.20		1,423,675.24		(413,993.55	)		(5.00	)		—		—			0.566		0.553	MON		157.00		1,956.00		12/15/2005		9/25/2036
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8					2	NR*Z*			4,576,953.00		83.275		3,850,551.61		4,623,914.20		4,578,148.15		(727,596.54	)		95.00			—		—			4.821		5.014	MON		18,577.00		55,737.00		1/10/2008		10/25/2035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1FE		1,902,393.00		48.382		1,308,330.14		1,902,393.06		1,902,393.06		(594,062.92	)		—			—		—			0.506		0.507	MON		187.00		2,332.00		12/15/2005		11/25/2045
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			863,100.00		93.25		824,618.67		884,309.57		863,772.60		(39,153.93	)		57.00			—		—			3.08		3.567	MON		2,270.00		6,878.00		8/10/2007		6/25/2034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1FE		1,523,303.00		46.672		1,131,612.94		1,521,876.20		1,523,169.02		(391,556.08	)		13.00			—		—			0.536		0.526	MON		159.00		1,979.00		12/16/2005		3/25/2033
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1FE		2,939,883.00		58		2,426,100.00		3,000,000.00		2,951,654.96		(525,554.96	)		803.00			—		—			4.791		5.012	MON		11,978.00		35,976.00		3/24/2006		9/25/2035
949781AA6	WFMBS WHOLE CMO 05-AR1					2	NR*Z*			3,298,374.00		91		3,074,878.83		3,378,987.72		3,305,026.23		(230,147.40	)		387.00			—		—			2.87		3.432	MON		8,083.00		24,259.00		12/5/2006		2/25/2035
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2	NR*Z*			272,922.00		91.67		252,396.07		275,331.16		273,003.24		(20,607.17	)		26.00			—		—			2.976		3.115	MON		683.00		2,046.00		1/14/2008		12/25/2034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4					2	NR*Z*			2,613,539.00		92.56		2,488,997.25		2,689,063.58		2,616,523.05		(127,525.80	)		1,682.00			—		—			3.017		3.634	MON		6,760.00		23,597.00		7/19/2006		4/25/2035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2	NR*Z*			1,022,077.00		95.33		991,227.48		1,039,785.46		1,022,694.66		(31,467.18	)		41.00			—		—			3.352		3.725	MON		2,905.00		8,960.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2					2		1FE		4,752,641.00		76.28		4,344,659.37		4,764,925.83		4,753,097.17		(408,437.80	)		(9.00	)		—		—			5.114		5.14	MON		20,307.00		60,986.00		1/28/2008		9/25/2035
G7014VBF9	PERMM 2010-1 CMO 10-1 3A			D		2		1FE		2,003,000.00		101.307		1,920,915.70		1,250,000.00		2,003,000.00		(82,084.30	)		—			—		(106,875.00	)		4.805		4.802	JJ		13,978.00		—		1/29/2010		7/15/2017
02660BAA0	AHMA_07-1 CMO 07-1 A1					2		1FE		6,425,138.00		34.58		3,758,867.39		6,604,523.60		6,429,519.18		(2,670,651.79	)		640.00			—		—			1.163		1.393	MON		6,403.00		19,792.00		10/23/2007		2/25/2047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		3FE		5,637,546.00		71.289		4,067,425.20		5,705,522.35		5,639,241.45		(1,571,816.25	)		201.00			—		—			1.441		1.558	MON		6,851.00		20,948.00		10/16/2007		10/25/2046
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11					2		1FE		3,617,022.00		40.8		2,375,370.67		3,666,219.90		3,618,715.13		(1,243,344.46	)		233.00			—		—			1.411		1.521	MON		4,310.00		13,186.00		10/16/2007		10/25/2046
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2	NR*Z*			1,685,124.00		78.04		1,339,772.44		1,716,776.58		1,686,228.55		(346,456.11	)		72.00			—		—			4.902		5.252	MON		7,013.00		21,435.00		8/10/2007		6/25/2035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2					2		1FE		590,868.00		59.46		515,513.91		604,469.02		590,145.78		(74,631.87	)		58.00			—		—			5.75		6.425	MON		2,896.00		8,689.00		8/17/2007		7/25/2036
07389KAA9	BSA_20-701 WHOLE CMO 20-701 1A1					2		1FE		5,267,209.00		47		2,904,675.05		5,274,599.38		5,253,462.49		(2,348,787.44	)		(10.00	)		—		—			5.905		5.92	MON		25,954.00		78,286.00		9/17/2007		9/25/2047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1FE		301,426.00		45.66		215,096.82		301,803.17		301,297.49		(86,200.67	)		1.00			—		—			1.963		1.971	MON		494.00		1,508.00		8/6/2007		9/25/2035

Validus Holdings, Ltd March 31, 2010 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
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
12668AZL2	CWALT CMO 2005-64CB 1A1					2	NR*Z*			1,151,001.00		90.719		1,064,462.07		1,173,368.15		1,149,243.08		(84,781.01	)		245.00			—		—			5.5		5.877	MON		5,378.00		16,134.00		1/2/2008		12/25/2035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2	NR*Z*			533,017.00		80.707		440,261.56		545,504.28		533,742.47		(93,480.91	)		180.00			—		—			3.52		3.953	MON		1,603.00		4,886.00		8/10/2007		11/20/2034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		5FE		2,028,273.00		74.956		1,552,579.59		2,071,317.13		2,030,004.60		(477,425.01	)		137.00			—		—			4.675		5.06	MON		8,069.00		24,664.00		8/10/2007		8/20/2035
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		4FE		2,020,058.00		90.77		1,851,981.64		2,040,301.47		2,020,482.40		(168,500.76	)		65.00			—		—			3.824		4.008	MON		6,502.00		20,449.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1					2		1FE		490,415.00		83.133		458,396.61		499,070.89		490,951.77		(32,555.16	)		92.00			—		—			4.078		4.489	MON		1,696.00		5,094.00		5/8/2007		2/25/2037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1FE		5,075,716.00		67.281		3,907,387.83		5,027,599.94		5,062,808.87		(1,155,421.04	)		(121.00	)		—		—			5.422		5.165	MON		22,715.00		68,155.00		1/18/2008		2/1/2037
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1					2		1FE		259,314.00		91		327,052.78		259,314.11		193,497.83		133,554.95			—			—		—			0.316		0.316	MON		16.00		188.00		8/17/2006		7/25/2046
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		5FE		569,870.00		126.073		719,626.52		570,800.80		570,561.33		149,065.19			7.00			—		—			0.346		0.373	MON		38.00		456.00		10/12/2007		3/25/2028
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1FE		1,843,494.00		55.58		1,502,136.75		1,915,318.21		1,846,152.01		(344,015.26	)		149.00			—		—			5.712		6.562	MON		9,130.00		27,397.00		8/16/2007		12/19/2035
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A					2		1FE		3,341,696.00		39		2,120,104.22		3,341,696.47		3,341,696.47		(1,221,592.25	)		—			—		—			0.427		0.428	MON		516.00		3,445.00		10/19/2006		12/19/2036
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1					2		1FE		1,357,198.00		37		1,093,740.73		1,464,746.35		1,360,058.82		(266,318.09	)		3,311.00			—		—			0.457		2.389	MON		242.00		1,617.00		3/18/2009		7/19/2047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1FE		1,152,627.00		64.06		993,517.10		1,175,634.95		1,152,548.73		(159,031.63	)		92.00			—		—			4.766		5.15	MON		4,669.00		14,513.00		8/13/2007		8/25/2035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		3FE		1,050,217.00		86.351		956,494.56		1,107,677.86		1,051,575.12		(95,080.56	)		99.00			—		—			5.221		6.518	MON		4,819.00		14,521.00		8/16/2007		9/25/2035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO					2		1Z		1,369,417.00		38.587		879,093.72		1,369,416.92		1,369,416.92		(490,323.20	)		—			—		—			0.466		0.467	MON		124.00		1,490.00		2/13/2006		4/25/2046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2	NR*Z*			717,011.00		87		623,312.28		716,450.89		716,833.19		(93,520.91	)		(10.00	)		—		—			5.293		5.254	MON		3,160.00		9,505.00		2/6/2008		7/1/2031
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		3FE		11,334,033.00		76.87		9,320,487.50		12,125,000.00		11,520,783.75		(2,200,296.25	)		24,943.00			—		—			5.677		6.903	MON		57,361.00		172,081.00		11/21/2007		4/25/2036
52520MBU6	LMT WHOLE CMO 05-2					2	NR*Z*			2,607,075.00		102.686		2,679,112.63		2,609,029.19		2,596,093.70		83,018.93			(163.00	)		—		—			5.5		5.509	MON		11,958.00		35,874.00		5/19/2008		12/25/2035
52525BAD4	LXS_07-16N LXS_07-16N 2A2					2		1FE		6,794,343.00		39.2		4,667,265.29		6,820,977.73		6,794,966.36		(2,127,701.07	)		57.00			—		—			1.096		1.154	MON		1,454.00		17,808.00		8/30/2007		9/25/2047
550279BA0	LUM WHOLE CMO 06-2					2		1FE		1,816,166.00		43.634		1,123,663.14		1,816,165.54		1,816,165.54		(692,502.40	)		—			—		—			0.446		0.446	MON		158.00		1,888.00		2/14/2006		2/25/2046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A					2		4FE		1,120,108.00		60.541		689,109.49		1,138,249.01		1,121,302.89		(432,193.40	)		132.00			—		—			0.436		0.611	MON		97.00		1,156.00		8/8/2007		7/25/2036
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		4,599,400.00		45		2,783,370.91		4,651,548.14		4,586,188.55		(1,802,817.64	)		24,299.00			—		—			5.442		5.656	MON		21,094.00		89,889.00		10/11/2007		6/25/2037
61756XAG0	MORGAN STANLEY MTGE LN TR CMO					2		1FE		2,359,696.00		54.41		1,498,623.06		2,366,635.14		2,359,589.72		(860,966.66	)		2.00			—		—			5.737		5.788	MON		11,315.00		34,502.00		3/18/2009		11/25/2037
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1					2		1FE		7,201,253.00		35.313		4,691,941.23		7,176,851.36		7,203,451.39		(2,511,510.16	)		(165.00	)		—		—			6.454		6.421	MON		38,602.00		116,234.00		9/26/2007		10/1/2037
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1					2		1FE		6,421,544.00		39.83		4,139,564.64		6,421,544.41		6,421,544.41		(2,281,979.77	)		—			—		—			0.396		0.396	MON		495.00		5,901.00		1/30/2007		2/25/2037
761118QM3	RALI WHOLE CMO 05-QO5 A1					2		1FE		1,856,942.00		45.266		1,192,113.32		1,876,884.28		1,857,819.44		(665,706.12	)		100.00			—		—			1.463		1.567	MON		2,289.00		7,032.00		8/3/2007		1/25/2046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1FE		486,194.00		73.92		410,125.56		495,560.12		486,495.68		(76,370.12	)		16.00			—		—			5.216		5.652	MON		2,154.00		6,461.00		8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1FE		1,657,381.00		76.58		1,448,362.19		1,717,493.41		1,661,455.20		(213,093.01	)		265.00			—		—			5.2		6.416	MON		7,442.00		22,310.00		8/16/2007		9/25/2035
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A					2		5FE		3,500,103.00		65.559		2,294,638.20		3,500,102.54		3,500,102.54		(1,205,464.34	)		—			—		—			0.446		0.446	MON		304.00		3,639.00		10/27/2006		3/25/2036
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1					2		1FE		5,831,547.00		50.94		3,347,609.22		5,859,011.09		5,831,557.34		(2,483,948.12	)		7.00			—		—			6		6.092	MON		29,295.00		87,885.00		10/11/2007		11/25/2037
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1					2		5FE		6,006,009.00		66.665		4,013,903.85		6,021,050.63		6,006,510.99		(1,992,607.14	)		9.00			—		—			1.963		1.987	MON		9,851.00		32,368.00		9/12/2007		8/25/2047
92926WAA5	WAMU_07 CMO 07-0A1-A1A					2		1FE		4,671,479.00		40.17		2,913,581.18		4,671,479.15		4,671,479.15		(1,757,897.97	)		—			—		—			1.163		1.159	MON		4,558.00		13,998.00		2/7/2007		2/25/2047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A					2		1FE		1,421,391.00		40.69		888,743.87		1,421,390.84		1,421,390.84		(532,646.97	)		—			—		—			1.171		1.166	MON		1,387.00		4,259.00		2/21/2007		3/25/2047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		659,026.00		36		407,212.09		659,026.32		659,026.32		(251,814.23	)		—			—		—			1.383		1.378	MON		760.00		2,337.00		8/16/2006		9/25/2046
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2					2		5FE		5,627,295.00		84.837		5,210,420.86		6,141,658.67		5,645,554.82		(435,133.96	)		1,075.00			—		—			5.5		7.425	MON		28,149.00		84,448.00		12/17/2007		11/25/2035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		936,432.00		71		822,860.08		959,827.46		937,145.38		(114,285.30	)		120.00			—		—			2.869		3.368	MON		2,295.00		6,885.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NR*Z*			443,460.00		87.563		385,862.89		440,671.39		443,206.82		(57,343.93	)		(3.00	)		—		—			6		5.612	MON		2,203.00		6,610.00		1/17/2008		11/1/2037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		1,814,136.00		101.73		1,913,727.59		1,881,177.21		1,854,568.69		59,158.90			(2,047.00	)		—		—			3.878		5.13	MON		6,079.00		18,238.00		8/27/2008		9/11/2036
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		231,391.00		100.168		223,562.33		223,186.71		223,695.94		(133.61	)		(654.00	)		—		—			7.631		4.459	MON		1,419.00		4,258.00		9/4/2008		7/1/2010
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		101.495		380,606.48		375,000.00		377,473.94		3,132.54			53.00			—		—			7.762		6.536	MON		2,370.00		7,106.00		11/28/2007		5/15/2011
22540A3F3	CSFB CMBS 01-CK3					2		1FE		5,973,845.00		103.549		6,020,959.07		5,814,624.22		5,842,813.36		178,145.71			11,300.00			—		—			6.53		5.844	MON		31,641.00		94,924.00		6/29/2006		3/1/2012
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		819,795.00		102.691		822,578.55		801,020.84		806,290.21		16,288.34			(2,174.00	)		—		—			6.505		4.315	MON		4,342.00		13,027.00		9/12/2008		1/1/2011
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3					2		1FE		4,935,048.00		106.192		5,049,408.20		4,755,000.00		4,849,398.69		200,009.51			27,653.00			—		—			6.439		5.562	MON		25,515.00		76,544.00		12/18/2007		11/15/2014
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2					2		1FE		2,592,975.00		103.128		2,575,495.10		2,497,372.06		2,520,836.68		54,658.42			(3,585.00	)		—		—			6.663		4.538	MON		13,867.00		41,600.00		12/21/2007		4/1/2011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		216,297.00		100.213		215,466.85		215,009.35		214,753.03		713.82			(202.00	)		—		—			5.673		4.969	MON		1,016.00		3,049.00		7/17/2008		5/1/2010
36158YDC0	GECMC CMBS_01-3 A1					2		1FE		188,695.00		101.924		192,282.35		188,651.80		188,482.73		3,799.62			(24.00	)		—		—			5.56		5.519	MON		874.00		2,622.00		12/21/2007		3/1/2011
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		477,488.00		103.026		477,678.67		463,650.91		471,735.13		5,943.54			3,482.00			—		—			6.465		5.35	MON		2,498.00		7,494.00		12/21/2007		9/1/2013
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		145,784.00		99.779		147,888.26		146,562.67		146,200.73		1,687.53			(75.00	)		—		—			4.433		4.69	MON		541.00		1,624.00		3/25/2008		7/10/2039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		569,772.00		102.303		574,456.92		561,525.00		566,058.50		8,398.42			2,007.00			—		—			6.26		5.621	MON		2,929.00		8,788.00		4/16/2008		3/1/2013
46625MLR8	JPMCC 2002-C1 A2					2		1FE		100,771.00		100.954		103,903.93		101,676.23		101,125.32		2,778.61			9.00			—		—			4.914		5.412	MON		416.00		1,249.00		8/27/2008		7/12/2037
52108HBK9	LBUBS COMM MTG TR CMBS_00-C4 A2					2		1FE		214,941.00		100.485		207,731.96		206,728.42		207,363.23		368.73			(823.00	)		—		—			7.37		4.215	MON		846.00		3,809.00		11/30/2007		6/11/2010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1FE		3,613,336.00		101.404		3,484,327.85		3,450,000.00		3,460,965.09		23,362.76			(16,629.00	)		—		—			7.48		5.576	MON		14,337.00		64,515.00		10/23/2007		6/15/2010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		48,691.00		100.503		49,226.27		48,979.78		48,851.52		374.75			(47.00	)		—		—			4.207		4.515	MON		114.00		515.00		1/25/2008		11/15/2027
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2					2		1FE		29,879.00		100		29,387.21		29,275.48		29,275.48		111.73			(18.00	)		—		—			7.371		4.55	MON		180.00		539.00		8/27/2008		3/1/2010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		1,367,164.00		101.702		1,362,289.22		1,339,490.69		1,344,758.40		17,530.82			984.00			—		—			7.388		6.448	MON		7,675.00		24,160.00		12/21/2007		7/1/2011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		585,188.00		100.817		596,966.27		592,127.05		588,999.07		7,967.20			166.00			—		—			4.69		5.36	MON		2,314.00		6,943.00		7/30/2008		6/13/2041
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		773,538.00		100.951		761,410.43		754,237.48		757,282.12		4,128.31			(920.00	)		—		—			6.592		4.748	MON		4,143.00		12,430.00		4/16/2008		12/1/2010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		366,601.00		99.885		352,918.11		353,323.33		352,932.18		(14.07	)		(844.00	)		—		—			7.455		4.775	MON		2,195.00		6,887.00		6/4/2007		5/1/2010
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		5,897,401.00		103.613		6,071,973.78		5,860,256.76		5,876,306.01		195,667.77			559.00			—		—			5.669		5.419	MON		19,379.00		83,054.00		12/21/2007		7/10/2012
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS					2		1FE		3,173,671.00		99.385		3,325,573.93		3,265,842.00		3,226,820.59		98,753.34			5,682.00			—		—			4.037		5.156	MON		10,987.00		32,961.00		8/27/2008		2/15/2035
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		1FE		360,500.00		90.125		360,500.00		400,000.00		360,500.00		—			—			—		—			1.687		2.514	MON		111.00		—		3/29/2010		12/26/2035
00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		1FE		311,938.00		89.125		311,937.50		350,000.00		311,937.50		—			—			—		—			1.73		2.532	MON		332.00		—		3/29/2010		12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		1FE		435,625.00		87.125		435,625.00		500,000.00		435,625.00		—			—			—		—			1.73		4.024	MON		—		—		3/29/2010		12/27/2032
048312AB8	ACETF ABS 02-1 A2					2		1FE		252,132.00		102.062		255,879.03		251,297.40		251,627.92		4,251.11			(75.00	)		—		—			4.21		3.988	JAJO		2,087.00		2,645.00		7/7/2008		4/20/2011
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		99.778		1,571,503.50		1,575,000.00		1,559,911.27		11,592.23			2,865.00			—		—			0.36		1.102	MON		268.00		1,428.00		5/6/2008		3/15/2014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE		711,927.00		104.653		722,146.89		690,039.36		700,996.20		21,150.69			(69.00	)		—		—			4.97		3.748	FA		5,716.00		17,147.00		2/8/2008		8/1/2012
194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		1FE		805,000.00		85		850,000.00		1,000,000.00		807,669.87		42,330.13			736.00			—		—			1.733		3.506	MON		433.00		3,984.00		8/25/2009		3/1/2042
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		694,979.00		102.442		686,862.43		670,490.00		677,372.84		9,489.59			(1,716.00	)		—		—			6.21		4.139	MJSD		116.00		10,409.00		4/17/2008		12/30/2010
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2		1FE		1,250,000.00		99.783		1,247,292.75		1,250,000.00		1,250,000.00		(2,707.25	)		—			—		—			1.1		1.102	MON		1,299.00		—		2/23/2010		7/25/2023
429827AB4	HEF_10-401 ABS 04-1 A2 144A					2		1FE		164,000.00		82		164,000.00		200,000.00		164,864.93		(864.93	)		168.00			—		—			4.4		6.374	MON		24.00		734.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,000.00		85		170,000.00		200,000.00		164,328.06		5,671.94			2.00			—		—			4.44		6.135	MON		444.00		755.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A					2		1FE		164,000.00		82		164,000.00		200,000.00		164,620.56		(620.56	)		64.00			—		—			4.4		6.106	MON		147.00		723.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,224.00		82		164,000.00		200,000.00		164,796.61		(796.61	)		51.00			—		—			4.42		6.077	MON		712.00		841.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 SECURED					2		1FE		164,196.00		82		164,000.00		200,000.00		165,118.78		(1,118.78	)		250.00			—		—			4.45		7.659	MON		122.00		539.00		9/10/2009		1/1/2044
429827AN8	HEF_04-1 ABS 04-1 A13 144A					2		1FE		164,000.00		77		154,000.00		200,000.00		164,770.62		(10,770.62	)		344.00			—		—			0		0.849	MON		—		904.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A							1FE		246,000.00		77		231,000.00		300,000.00		246,251.60		(15,251.60	)		(185.00	)		—		—			4.46		5.712	MON		990.00		753.00		9/10/2009		1/1/2044
71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		1FE		452,730.00		90.547		452,734.37		500,000.00		452,923.90		(189.53	)		194.00			—		—			1.327		2.249	MON		703.00		—		3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		1FE		1,177,098.00		90.547		1,177,109.38		1,300,000.00		1,177,246.54		(137.16	)		149.00			—		—			1.746		2.311	MON		849.00		1,724.00		3/9/2010		4/25/2044
78442GHX7	SLMA ABS 03-10A A1B 144A					2		1FE		499,844.00		99.932		499,660.65		500,000.00		499,852.07		(191.42	)		8.00			—		—			1.678		1.692	MON		210.00		2,000.00		1/12/2010		12/15/2016
78442GHY5	SLMA ABS 03-10A-A1C					2		1FE		1,799,688.00		99.932		1,798,778.34		1,800,000.00		1,799,723.30		(944.96	)		36.00			—		—			1.678		1.692	MON		587.00		3,696.00		2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		1FE		1,993,438.00		99.932		1,998,642.60		2,000,000.00		1,994,724.40		3,918.20			635.00			—		—			1.68		1.819	MON		280.00		7,924.00		9/24/2009		12/15/2016
78442GJA5	REP FHLP ABS_03-10A A1E 144A					2		1FE		999,688.00		99.932		999,321.30		1,000,000.00		999,702.91		(381.61	)		15.00			—		—			1.687		1.701	MON		750.00		3,999.00		1/15/2010		12/15/2016
78442GJD9	REP FHLP ABS 03-10A A1H 144A					2		1FE		650,000.00		99.932		649,558.91		650,000.00		650,000.00		(441.09	)		—			—		—			1.68		1.685	MON		121.00		1,733.00		1/13/2010		12/15/2016
BRS8WUHY9	SMI ABS 09-1 A3			D		2		1FE		833,162.00		103.285		799,029.29		510,000.00		830,646.02		(31,616.73	)		(1,489.00	)		—		(59,362.73	)		5.063		4.332	AO		15,989.00		—		10/27/2009		1/21/2055
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND									1,575,000.00				2,115,000.00		9,000,000.00		1,575,000.00		540,000.00			—			—		—			0		0	JJ		—		—
500769CF9	KFW INTERNATIONAL FINANCE INC CORP BND			F						8,098,461.00				8,053,593.44		8,000,000.00		8,058,883.67		(5,290.23	)		(39,578.00	)		—		—			5		0.641	JD		133,333.00		—
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F						12,635,320.00				12691339.63		12,300,000.00		12,592,357.47		98,982.16			(42,963.00	)		—		—			5.125		1.954	JAN		150,590.00		—
TOTAL														5,181,044,264.51		5,028,000,456.16		5,173,254,848.78		7,789,415.73

Validus Holdings, Ltd March 31, 2010 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
		FOREIGN	DATE					GAAP					CURRENT YEAR				TOTAL FX CHG	PAR		ACTUAL		ACCRUED		NON-ADMITTED ACCRUED	INTEREST			EFFECTIVE RATE		HOW	GROSS REC’D	PAID FOR
DESCRIPTION	*	CODE	ACQUIRED		NAME OF VENDOR	MATURITY 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 TREASURY TBILL CASH				12/28/2009	BA SECURITIES		4/1/2010		13,900,000.00		(3,573.00	)		3,573.00		—	—		13,900,000.00		13,896,427.00		—			0			0.1	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	BARCLAYS CAPITAL		7/1/2010		4,498,407.00		—			17.00		—	—		4,500,000.00		4,498,390.00		—			0.14			0.142	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	BARCLAYS CAPITAL		7/1/2010		9,996,461.00		—			39.00		—	—		10,000,000.00		9,996,422.00		—			0.14			0.142	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	GOLDMAN SACHS & CO.		7/1/2010		5,897,733.00		—			25.00		—	—		5,900,000.00		5,897,708.00		—			0.152			0.154	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/8/2010	BA SECURITIES		7/29/2010		2,998,502.00		—			641.00		—	—		3,000,000.00		2,997,861.00		—			0.151			0.153	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/1/2010	NOMURA SECURITIES INTL. INC.		7/29/2010		4,997,404.00		—			1,264.00		—	—		5,000,000.00		4,996,140.00		—			0.157			0.159	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/24/2010	NOMURA SECURITIES INTL. INC.		8/26/2010		5,196,029.00		—			945.00		—	—		5,200,000.00		5,195,084.00		—			0.187			0.19	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/16/2010	BA SECURITIES		8/26/2010		1,998,195.00		—			184.00		—	—		2,000,000.00		1,998,011.00		—			0.221			0.224	MAT	—		—
UNITED STATES TREASURY TBILL CASH				12/30/2009	J.P. MORGAN SECURITIES INC		12/16/2010		15,155,190.00		—			15,532.00		—	—		15,200,000.00		15,139,485.00		—			0.41			0.416	MAT	—		—
UNITED STATES TREASURY TBILL CASH				10/23/2009	DEUTSCHE BANK AG		4/15/2010		4,999,694.00		—			1,969.00		—	—		5,000,000.00		4,996,259.00		—			0.157			0.16	MAT	—		—
UNITED STATES TREASURY TBILL CASH				10/16/2009	A_TALHLD		4/15/2010		999,942.00		—			375.00		—	—		1,000,000.00		999,258.00		—			0.189	��		0.152	MAT	—		—
UNITED STATES TREASURY TBILL CASH				11/12/2009	UBS WARBURG LLC		5/13/2010		9,998,185.00		—			3,888.00		—	—		10,000,000.00		9,992,182.00		—			0.155			0.158	MAT	—		—
UNITED STATES TREASURY TBILL CASH				12/4/2009	DEUTSCHE BANK AG		5/27/2010		5,998,436.00		(3,209.58	)		2,512.00		—	—		6,000,000.00		5,995,226.00		—			0			0.168	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/17/2010	UBS WARBURG LLC		8/19/2010		16,987,932.00		—			3,617.00		—	—		17,000,000.00		16,984,315.00		—			0.182			0.185	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/17/2010	BARCLAYS CAPITAL		3/10/2011		4,185,392.00		—			595.00		—	—		4,200,000.00		4,184,798.00		—			0.365			0.371	MAT	—		—
WYETH CORP BND				3/15/2010	FIRST TENNESSEE CAPITAL MARKET		3/15/2011		673,424.23		(4,317.54	)		(1,530.00	)	—	—		635,000.00		674,954.00		1,961.00			6.95			0.578	MS	—		368.00
UNITED STATES TREASURY TBILL CASH				1/15/2010			4/1/2010		8,150,000.00		(660.00	)		660.00					8,150,000.00		8,150,000.00
UNITED STATES TREASURY TBILL CASH				3/26/2010			5/13/2010		1,699,745.00		—			18.00					1,699,745.00		1,699,745.00
UNITED STATES TREASURY TBILL CASH				3/26/2010			5/13/2010		2,549,618.00		—			27.00					2,549,618.00		2,549,618.00
UNITED STATES TREASURY TBILL CASH				3/19/2010			5/13/2010		1,999,673.00		—			78.00					1,999,673.00		1,999,673.00
UNITED STATES TREASURY TBILL CASH				3/30/2010			4/29/2010		9,999,067.00		—			33.00					9,999,067.00		9,999,067.00
CITI-INSTITUTION LIQ FUND USD STIF FUND		B0A0ATCJ9		3/31/2010			3/31/2010		1,940,047.00		—			136.00					1,940,047.00		1,940,047.00
CITIFUNDS INST CASH RESERVE STIF FUND		BRS668GM8		3/31/2010			3/31/2010		547,252.00		—			80.00					547,252.00		547,252.00
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20		3/31/2010			3/31/2010		41,418,290.00		—			4,425.00					41,418,290.00		41,418,290.00
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND		S99992125		3/31/2010			3/31/2010		81,635,133.00		—			1,681.00					81,635,133.00		81,635,133.00
GOLDMAN SACHS PLUS DOLLIQ		S999936$0		3/31/2010			3/31/2010		12,055,865.00		—			505.00					12055865		12,055,865.00
ML INST LIQ FUND — AGENCY OPEN_END FUND		BRS263RF1		3/31/2010			3/31/2010		24.00		—			2,766.00					24.00		24.00
CITIBANK US GOVT MMF				00/00/0000			00/00/0000		—		—			6.00					—		—
BONY CASH RESERVE CASH RESERVE FUND		S875996$0		3/9/2010			3/9/2010		38,038,284.00		—			4,327.00					38,038,284.00		38,038,284.00
									308,513,924.23		(11,760.12	)		48,388.00		—	—		308,567,998.00		308,475,518.00

Validus Holdings, Ltd March 31, 2010 GAAP other investments portfolio in Schedule D format

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		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				9/4/2009		20,746,746.37		21,919,342.90		20,746,746.37		1,172,596.53		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		8,789,584.99		10,212,046.66		8,789,584.99		1,422,461.67		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		20,910.77		17,203.14		3,707.63		—		—		—		—		—		—
MFS MERIDIAN US GOVERNMENT BOND FUND				9/4/2009		1,846,092.99		1,888,965.01		1,846,092.99		42,872.02		—		—		—		—		—		—
MFS MERIDIAN GLOBAL TOTAL RETURN FUND				9/4/2009		114,276.48		123,283.12		114,276.48		9,006.64		—		—		—		—		—		—
MFS MERIDIAN US VALUE FUND				9/4/2009		203,403.74		234,067.62		203,403.74		30,663.88		—		—		—		—		—		—
						31,717,325.01		34,398,633.44		31,717,325.01		2,681,308.43