Validus 8-K Results of Operations and Financial Condition

Exhibit 99.1

Validus Holdings, Ltd June 30, 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		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		111.882		16,670,418.59		14,900,000.00		16,233,099.12		437,319.47			(177,128.00	)		—		—		5		2.376	JJ		312,486.12		372,500.00		11/30/2009		1/30/2014
3128X4KF7	FHLMC AGENCY BND MTN						1		1,026,720.00		104.86		1,010,288.01		1,000,000.00		1,002,307.56		7,980.45			(5,028.00	)		—		—		4.75		3.708	MS		13,062.50		23,750.00		12/28/2007		9/22/2010
3128X9C40	FHLMC AGENCY BND				1		1		6,000,000.00		100.26		6,015,600.60		6,000,000.00		6,000,000.00		15,600.60			—			—		—		2.125		2.125	FA		44,270.83		—		2/17/2010		8/26/2013
3128X9KL3	FHLMC AGENCY BND MTN				1		1		42,521,827.00		100.542		42,730,350.00		42,500,000.00		42,508,575.33		221,774.67			(11,311.00	)		—		—		2		1.941	MN		132,222.22		425,000.00		2/19/2010		11/5/2010
3128X9M23	FHLMC AGENCY BND				1		1		249,175.00		100.33		250,825.02		250,000.00		249,236.34		1,588.68			61.00			—		—		2.2		2.293	MS		1,588.89		—		3/12/2010		12/17/2013
3128X9ZK9	FHLMC AGENCY BND				1		1		6,000,000.00		100.595		6,035,700.06		6,000,000.00		6,000,000.00		35,700.06			—			—		—		1.8		1.8	FA		37,800.00		—		2/17/2010		2/25/2013
31331GJ42	FFCB AGENCY BND				1		1		1,011,670.00		100.22		1,002,196.81		1,000,000.00		1,002,133.39		63.42			(8,164.00	)		—		—		2.4		0.751	FA		8,933.33		12,000.00		11/30/2009		8/17/2010
31331GVD8	FFCB AGENCY BND						1		3,381,186.00		102.907		3,488,548.08		3,390,000.00		3,383,665.97		104,882.11			1,093.00			—		—		2.2		2.27	AO		17,194.83		37,290.00		5/4/2009		4/8/2013
31331GX46	FFCB AGENCY BND				1		1		10,996,700.00		100.494		11,054,291.27		11,000,000.00		10,997,279.45		57,011.82			393.00			—		—		2.6		2.608	AO		66,733.33		143,000.00		10/1/2009		10/7/2013
31331TKB6	FFCB AGENCY BND						1		2,278,914.00		104.38		2,228,883.14		2,200,000.00		2,210,689.14		18,194.00			(15,389.00	)		—		—		4.1		2.662	MN		14,281.67		45,100.00		3/25/2008		11/4/2010
31331Y3X6	FFCB AGENCY BND						1		999,000.00		105.533		1,063,306.48		1,000,000.00		999,466.96		63,839.52			123.00			—		—		3.95		3.977	JJ		17,336.11		19,750.00		7/30/2008		7/23/2012
31331YNJ5	FFCB AGENCY BND						1		803,264.00		103.679		813,898.46		800,000.00		800,730.44		13,168.02			(656.00	)		—		—		3.5		3.33	JJ		12,677.78		14,000.00		7/7/2008		1/18/2011
31331YR51	FFCB AGENCY BND						1		990,190.00		107.954		1,079,539.08		1,000,000.00		993,968.09		85,570.99			969.00			—		—		4		4.224	MN		4,444.44		20,000.00		7/7/2008		5/21/2013
3133XDTA9	FHLB AGENCY BND						1		2,143,701.00		105.285		2,141,498.52		2,100,000.00		2,106,784.17		34,714.35			(7,484.00	)		—		—		4.75		4.006	JD		5,818.75		49,875.00		12/10/2007		12/10/2010
3133XG3W2	FHLB AGENCY BND						1		797,393.00		108.131		788,130.00		750,000.00		764,140.26		23,989.74			(6,900.00	)		—		—		5.6		3.647	JD		350.00		21,000.00		1/3/2008		6/28/2011
3133XH2V3	FHLB AGENCY BND						1		10,591,325.00		105.376		10,537,600.70		10,000,000.00		10,461,344.88		76,255.82			(129,980.00	)		—		—		5		1.362	AO		108,333.33		250,000.00		2/19/2010		10/13/2011
3133XHPH9	FHLB AGENCY BND						1		15,929,628.00		105.842		15,876,300.45		15,000,000.00		15,736,261.15		140,039.30			(193,367.00	)		—		—		4.875		1.276	MN		87,343.75		365,625.00		2/19/2010		11/18/2011
3133XSP93	FHLB AGENCY BND						1		19,262,688.00		105.602		19,499,410.22		18,465,000.00		19,151,633.64		347,776.58			(95,057.00	)		—		—		3.125		2.004	JD		28,851.56		288,516.00		12/3/2009		12/13/2013
3133XTHN9	FHLB AGENCY BND						1		1,002,966.00		99.947		1,002,938.00		1,000,000.00		1,000,596.90		2,341.10			(1,029.00	)		—		—		1.25		1.041	AO		2,673.61		6,250.00		5/7/2009		10/14/2010
3133XUE41	FHLB AGENCY BND						1		12,098,988.00		102.094		12,251,281.08		12,000,000.00		12,083,042.08		168,239.00			(15,946.00	)		—		—		1.75		1.421	FA		75,250.00		121,917.00		1/28/2010		8/22/2012
3133XWE70	FHLB AGENCY BND						1		7,690,298.00		102.996		7,930,692.16		7,700,000.00		7,691,382.33		239,309.83			1,028.00			—		—		2.5		2.53	JD		9,625.00		94,111.00		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND						1		9,981,800.00		101.613		10,161,299.90		10,000,000.00		9,983,869.63		177,430.27			2,070.00			—		—		1.625		1.686	MS		45,590.27		13,993.00		2/18/2010		3/20/2013
3133XXPV3	FHLB AGENCY BND						1		9,996,400.00		100.797		10,079,699.70		10,000,000.00		9,996,823.23		82,876.47			423.00			—		—		1.125		1.142	MN		13,437.50		18,438.00		3/18/2010		5/18/2012
3133XXYX9	FHLB AGENCY BND						1		11,244,728.00		102.185		11,240,349.78		11,000,000.00		11,244,506.60		(4,156.82	)		(221.00	)		—		—		1.875		1.113	JD		5,729.17		—		6/29/2010		6/21/2013
31359MA45	FNMA AGENCY BND						1		37,710,510.00		113.693		39,110,392.34		34,400,000.00		37,492,500.14		1,617,892.20			(218,009.00	)		—		—		5		2.972	AO		363,111.11		860,000.00		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY NT						1		15,424,317.00		101.94		15,949,811.56		14,800,000.00		15,356,568.94		593,242.62			(67,748.00	)		—		—		4.625		3.225	MN		114,083.33		342,250.00		2/19/2010		5/1/2013
3137EABK4	FHLMC AGENCY BND						1		8,988,030.00		102.627		9,162,897.39		9,000,000.00		8,996,828.94		166,068.45			1,987.00			—		—		2.75		2.796	AO		55,000.00		123,750.00		4/3/2008		4/11/2011
3137EABX6	FHLMC AGENCY BND						1		24,537,059.00		103.587		25,378,814.51		24,500,000.00		24,533,997.28		844,817.23			(3,062.00	)		—		—		2.5		2.459	JJ		296,041.67		—		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND						1		12,134,160.00		102.02		12,242,400.48		12,000,000.00		12,110,715.63		131,684.85			(23,444.00	)		—		—		1.75		1.271	JD		9,333.33		105,000.00		1/28/2010		6/15/2012
31398AD33	FNMA AGENCY BND				1		1		16,294,213.00		100.867		16,311,202.08		16,171,000.00		16,251,926.58		59,275.50			(42,287.00	)		—		—		2.125		1.234	JJ		148,907.96		—		3/10/2010		1/25/2011
31398AD90	FNMA AGENCY BND				1		1		20,067,643.00		100.815		20,162,999.00		20,000,000.00		20,041,453.65		121,545.35			(26,189.00	)		—		—		2.05		1.686	JJ		174,250.00		—		2/19/2010		1/28/2011
31398AE24	FNMA AGENCY BND						1		2,995,680.00		101.986		3,059,580.00		3,000,000.00		2,996,288.48		63,291.52			608.00			—		—		1.75		1.798	FA		18,812.50		5,396.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND						1		22,248,348.00		109.05		22,900,500.63		21,000,000.00		21,997,307.01		903,193.62			(155,262.00	)		—		—		4.75		2.669	MN		116,375.01		498,750.00		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND						1		4,991,950.00		101.894		5,094,699.85		5,000,000.00		4,992,647.95		102,051.90			698.00			—		—		1.75		1.803	MN		13,125.00		12,639.00		3/11/2010		5/7/2013
31398AU34	FNMA AGENCY BND						1		6,730,020.00		101.237		6,833,497.50		6,750,000.00		6,730,159.54		103,337.96			140.00			—		—		2.375		2.437	JJ		7,570.31		—		6/10/2010		7/28/2015
31398AUZ3	FNMA AGENCY BND						??		15,153,626.00		100.217		15,197,909.57		15,165,000.00		15,155,040.33		42,869.24			992.00			—		—		3.22		3.233	JJ		208,889.45		244,157.00		11/24/2009		1/27/2016
31398AZY1	FHLMC AGENCY BND				1		1		9,077,850.00		100.915		9,082,350.09		9,000,000.00		9,030,456.46		51,893.63			(41,841.00	)		—		—		3.125		2.171	MN		39,843.75		140,625.00		12/7/2009		11/10/2010
45950KAT7	INTERNATIONAL FINANCE CO CORP BND						1FE		4,683,362.00		102.501		4,995,489.14		4,700,000.00		4,690,214.87		305,274.27			1,598.00			—		—		3.5		3.577	MN		21,019.45		82,250.00		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND						1FE		9,756,880.00		104.989		9,973,955.57		9,500,000.00		9,726,430.69		247,524.88			(27,985.00	)		—		—		3		2.342	AO		54,625.00		142,500.00		12/11/2009		4/22/2014
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED						??		1,646,955.00		113.173		1,697,594.96		1,500,000.00		1,638,671.84		58,923.12			(8,283.00	)		—		—		4.95		3.07	MN		9,487.50		37,125.00		2/23/2010		11/15/2015
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND						1		4,296,173.00		104.404		4,489,371.96		4,300,000.00		4,296,750.58		192,621.38			394.00			—		—		3.05		3.069	AO		27,687.22		71,404.00		9/22/2009		10/15/2014
880591CW0	TENN VALLEY AUTH BD 98-C						1		1,302,900.00		112.939		1,306,704.26		1,157,000.00		1,288,453.45		18,250.81			(14,447.00	)		—		—		6		1.687	MS		20,440.33		34,710.00		3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND						1		4,539,760.00		111.333		4,453,320.00		4,000,000.00		4,387,678.18		65,641.82			(100,100.00	)		—		—		6.79		1.575	MN		28,668.89		135,800.00		9/25/2009		5/23/2012
912810QE1	UNITED STATES TREASURY GOVT BND						1		99,840.00		112.433		112,433.01		100,000.00		99,844.31		12,588.70			4.00			—		—		4.625		4.635	FA		1,737.57		—		4/28/2010		2/15/2040
912828FU9	UNITED STATES TREASURY GOVT BND						1		5,099,609.00		105.145		5,046,960.19		4,800,000.00		4,910,885.47		136,074.72			(43,102.00	)		—		—		4.5		2.606	MS		54,295.08		108,000.00		7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND						1		4,230,469.00		107.676		4,224,080.20		4,000,000.00		4,095,588.98		128,491.22			(34,984.00	)		—		—		4.625		2.775	AO		31,338.80		92,500.00		7/15/2008		10/31/2011
912828GC8	UNITED STATES TREASURY GOVT BND						1		3,286,406.00		106.243		3,187,289.67		3,000,000.00		3,115,415.74		71,873.93			(37,778.00	)		—		—		4.625		2.004	JD		377.04		69,375.00		3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND						1		5,394,141.00		106.752		5,337,599.95		5,000,000.00		5,169,534.66		168,065.29			(52,030.00	)		—		—		4.75		2.55	JJ		99,067.68		118,750.00		4/17/2008		1/31/2012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS						1		4,776,637.00		118.649		4,983,253.67		4,200,000.00		4,794,439.61		188,814.06			(25,097.00	)		—		—		2.625		1.351	JJ		53,499.87		57,516.00		10/15/2009		7/15/2017
912828HK9	UNITED STATES TREASURY GOVT BND						1		16,403,320.00		105.299		17,552,534.67		16,500,000.00		16,451,030.08		1,101,504.59			9,575.00			—		—		3.375		3.504	MN		47,167.01		278,438.00		12/7/2007		11/30/2012
912828HY9	UNITED STATES TREASURY GOVT BND						1		9,875,391.00		106.326		10,632,599.60		10,000,000.00		9,925,740.81		706,858.79			12,327.00			—		—		3.125		3.402	AO		52,649.46		156,250.00		5/30/2008		4/30/2013
912828JB7	UNITED STATES TREASURY GOVT BND						1		759,111.00		107.465		805,987.47		750,000.00		755,516.16		50,471.31			(890.00	)		—		—		3.5		3.234	MN		2,223.36		13,125.00		6/4/2008		5/31/2013
912828JD3	UNITED STATES TREASURY GOVT BND						1		14,621,953.00		107.177		15,540,666.45		14,500,000.00		14,576,140.45		964,526.00			(12,017.00	)		—		—		3.375		3.19	JD		1,329.82		244,688.00		7/21/2008		6/30/2013
912828JF8	UNITED STATES TREASURY GOVT BND						1		2,007,969.00		100.205		2,004,100.04		2,000,000.00		2,000,338.43		3,761.61			(2,032.00	)		—		—		2.75		2.543	JJ		22,941.99		27,500.00		8/1/2008		7/31/2010
912828JM3	UNITED STATES TREASURY GOVT BND						1		45,564,960.00		106.47		47,698,560.46		44,800,000.00		45,309,849.01		2,388,711.45			(74,106.00	)		—		—		3.125		2.756	MS		351,912.57		700,000.00		10/7/2008		9/30/2013
912828JQ4	UNITED STATES TREASURY GOVT BND						1		154,292,929.00		105.225		157,206,158.96		149,400,000.00		153,995,256.37		3,210,902.59			(282,045.00	)		—		—		2.75		1.79	AO		696,533.94		1,311,750.00		6/17/2010		10/31/2013
912828JT8	UNITED STATES TREASURY GOVT BND						1		8,013,563.00		102.667		8,110,693.00		7,900,000.00		8,011,560.10		99,132.90			(2,002.00	)		—		—		2		1.574	MN		13,382.51		—		6/3/2010		11/30/2013
912828JZ4	UNITED STATES TREASURY GOVT BND						1		36,502,813.00		101.607		37,594,590.74		37,000,000.00		36,531,895.95		1,062,694.79			29,083.00			—		—		1.75		2.118	JJ		270,089.78		—		4/7/2010		1/31/2014
912828KN9	UNITED STATES TREASURY GOVT BND						1		39,259,082.00		101.799		40,719,598.40		40,000,000.00		39,320,789.81		1,398,808.59			61,707.00			—		—		1.875		2.341	AO		126,358.70		375,000.00		2/19/2010		4/30/2014
912828KS8	UNITED STATES TREASURY GOVT BND						1		2,888,230.00		102.906		2,984,273.94		2,900,000.00		2,888,956.24		95,317.70			726.00			—		—		2.625		2.698	FA		25,443.95		38,063.00		2/5/2010		2/29/2016
912828KU3	UNITED STATES TREASURY GOVT BND						1		2,519,533.00		100.47		2,541,891.23		2,530,000.00		2,525,130.39		16,760.84			2,563.00			—		—		0.875		1.087	MN		1,875.03		11,069.00		6/5/2009		5/31/2011
912828KX7	UNITED STATES TREASURY GOVT BND						1		42,286,749.00		102.474		42,603,565.09		41,575,000.00		42,161,246.42		442,318.67			(125,503.00	)		—		—		1.875		1.144	JD		34,077.87		389,766.00		3/23/2010		6/15/2012
912828KY5	UNITED STATES TREASURY GOVT BND						1		22,424,668.00		104.548		23,105,108.88		22,100,000.00		22,363,792.16		741,316.72			(31,322.00	)		—		—		2.625		2.311	JD		1,576.43		290,063.00		7/8/2009		6/30/2014
912828LC2	UNITED STATES TREASURY GOVT BND						1		6,231,853.00		104.5		6,374,499.52		6,100,000.00		6,216,589.42		157,910.10			(13,545.00	)		—		—		2.625		2.133	JJ		66,792.48		80,063.00		12/11/2009		7/31/2014
912828LG3	UNITED STATES TREASURY GOVT BND						1		1,193,863.00		100.63		1,207,559.96		1,200,000.00		1,196,609.42		10,950.54			1,546.00			—		—		1		1.264	JJ		5,005.52		6,000.00		8/10/2009		7/31/2011
912828LH1	UNITED STATES TREASURY GOVT BND						1		26,362,136.00		102.328		26,605,280.78		26,000,000.00		26,304,742.36		300,538.42			(57,394.00	)		—		—		1.75		1.19	FA		170,939.23		227,500.00		2/10/2010		8/15/2012
912828LK4	UNITED STATES TREASURY GOVT BND						1		2,097,047.00		103.384		2,171,064.06		2,100,000.00		2,097,490.05		73,574.01			292.00			—		—		2.375		2.394	FA		16,758.18		24,938.00		10/23/2009		8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND						1		30,160,463.00		101.49		30,649,979.39		30,200,000.00		30,169,679.51		480,299.88			6,442.00			—		—		1.375		1.42	AO		87,361.33		207,625.00		10/1/2009		10/15/2012
912828LS7	UNITED STATES TREASURY GOVT BND						1		58,507,031.00		103.176		58,810,317.15		57,000,000.00		58,499,159.63		311,157.52			(7,872.00	)		—		—		2.375		1.741	AO		228,094.75		—		6/29/2010		10/31/2014
912828LW8	UNITED STATES TREASURY GOVT BND						1		7,610,094.00		100.68		7,651,680.61		7,600,000.00		7,606,514.06		45,166.55			(2,562.00	)		—		—		1		0.931	MS		19,103.83		38,000.00		10/20/2009		9/30/2011
912828LZ1	UNITED STATES TREASURY GOVT BND						1		4,684,167.00		102.129		4,820,488.70		4,720,000.00		4,687,888.13		132,600.57			3,434.00			—		—		2.125		2.288	MN		8,495.36		50,150.00		12/16/2009		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND						1		41,543,937.00		100.827		42,165,852.65		41,820,000.00		41,592,787.90		573,064.75			45,078.00			—		—		1.125		1.351	JD		20,567.22		235,238.00		12/16/2009		12/15/2012
912828ME7	UNITED STATES TREASURY GOVT BND						1		5,069,531.00		104.159		5,207,949.85		5,000,000.00		5,063,858.54		144,091.31			(5,673.00	)		—		—		2.625		2.321	JD		358.61		65,625.00		1/27/2010		12/31/2014
912828MG2	UNITED STATES TREASURY GOVT BND						1		12,967,036.00		101.351		13,175,629.74		13,000,000.00		12,971,893.04		203,736.70			4,857.00			—		—		1.375		1.462	JJ		82,462.02		—		1/19/2010		1/15/2013
912828MH0	UNITED STATES TREASURY GOVT BND						1		24,835,045.00		102.487		25,621,751.75		25,000,000.00		24,848,009.73		773,742.02			12,965.00			—		—		2.25		2.391	JJ		234,633.98		—		1/29/2010		1/31/2015
912828MJ6	UNITED STATES TREASURY GOVT BND						1		7,101,164.00		100.533		7,137,842.78		7,100,000.00		7,100,924.29		36,918.49			(240.00	)		—		—		0.875		0.867	JJ		25,914.02		—		1/25/2010		1/31/2012
912828MM9	UNITED STATES TREASURY GOVT BND						1		4,999,431.00		100.376		5,018,799.95		5,000,000.00		4,999,586.22		19,213.73			133.00			—		—		0.75		0.756	MN		21,926.23		18,750.00		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND						1		99,057,231.00		101.31		100,101,376.64		98,807,000.00		99,042,720.92		1,058,655.72			(14,510.00	)		—		—		1.375		1.282	FA		510,411.85		—		5/10/2010		2/15/2013
912828MR8	UNITED STATES TREASURY GOVT BND						1		8,529,247.00		103.064		8,760,440.26		8,500,000.00		8,527,423.17		233,017.09			(1,824.00	)		—		—		2.375		2.302	FA		67,474.53		—		2/26/2010		2/28/2015
912828MU1	UNITED STATES TREASURY GOVT BND						1		13,335,513.00		100.76		13,451,461.34		13,350,000.00		13,337,505.32		113,956.02			1,992.00			—		—		1		1.052	MS		33,375.00		—		3/30/2010		3/31/2012
912828MW7	UNITED STATES TREASURY GOVT BND						1		4,986,719.00		103.621		5,181,050.10		5,000,000.00		4,987,411.36		193,638.74			693.00			—		—		2.5		2.555	MS		31,589.67		—		4/15/2010		3/31/2015
912828MZ0	UNITED STATES TREASURY GOVT BND						1		16,547,422.00		103.549		16,982,036.65		16,400,000.00		16,543,689.74		438,346.91			(3,732.00	)		—		—		2.5		2.307	AO		69,076.09		—		5/11/2010		4/30/2015
912828NB2	UNITED STATES TREASURY GOVT BND						1		8,020,000.00		100.749		8,059,920.08		8,000,000.00		8,018,654.61		41,265.47			(1,345.00	)		—		—		1		0.871	AO		13,478.26		—		5/12/2010		4/30/2012
912828NC0	UNITED STATES TREASURY GOVT BND						1		1,503,579.00		101.214		1,518,209.84		1,500,000.00		1,503,482.46		14,727.38			(97.00	)		—		—		1.375		1.292	MN		2,634.17		—		5/28/2010		5/15/2013
912828NE6	UNITED STATES TREASURY GOVT BND						1FE		6,302,728.00		100.288		6,318,143.62		6,300,000.00		6,302,682.23		15,461.39			(46.00	)		—		—		0.75		0.726	MN		3,976.16		—		6/15/2010		5/31/2012
912828NF3	UNITED STATES TREASURY GOVT BND						1		26,131,336.00		101.718		26,446,678.71		26,000,000.00		26,130,463.39		316,215.32			(872.00	)		—		—		2.125		2.015	MN		48,043.47		—		6/22/2010		5/31/2015
912828NH9	UNITED STATES TREASURY GOVT BND						1		77,033,907.00		100.398		77,306,462.31		77,000,000.00		77,033,739.01		272,723.30			(167.00	)		—		—		1.125		1.11	JD		37,868.85		—		6/23/2010		6/15/2013
912828NS5	UNITED STATES TREASURY GOVT BND						1		5,000,000.00		100.004		5,000,199.50		5,000,000.00		5,000,000.00		199.50			—			—		—		0.625		0.625	JD		84.92		—		6/30/2010		6/30/2012
36201YER3	GNMA POOL # 606844				2		1		1,683,670.00		107.176		1,722,081.41		1,606,782.58		1,683,381.15		38,700.26			(288.00	)		—		—		5		3.951	MON		6,694.93		13,390.00		4/23/2010		9/15/2033
36202KME2	GNMA POOL # 008457				2		1		594,130.00		102.84		603,467.52		585,890.80		593,739.06		9,728.46			(165.00	)		—		—		3.625		3.227	MON		1,769.88		10,619.00		3/18/2009		7/20/2024
36204J4C7	GNMA POOL # 371719				2		1		570,672.00		106.75		592,743.16		537,102.68		568,394.96		24,348.20			(648.00	)		—		—		6.5		5.04	MON		2,909.31		17,456.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737				2		1		491,317.00		107.235		512,443.29		462,415.98		489,363.27		23,080.02			(549.00	)		—		—		6.5		4.979	MON		2,504.75		15,029.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611				2		1		664,530.00		106.75		690,232.09		625,440.38		662,002.71		28,229.38			(691.00	)		—		—		6.5		4.96	MON		3,387.80		20,327.00		9/11/2008		4/15/2024

Validus Holdings, Ltd June 30, 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
												RATE USED
				FOREIGN		BOND		NAIC		ACTUAL		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
3620A2KC9	GNMA POOL # 716791						2		1		2,290,147.00		0		2,328,677.80		2,166,263.72		2,287,820.52		40,857.28			(1,480.00	)		—		—			5		3.017	MON			9,026.10		54,157.00		9/29/2009		4/15/2024
3620A6AC1	GNMA POOL # 720103						2		1		876,885.00		100.142		899,470.27		861,803.33		876,631.62		22,838.65			(91.00	)		—		—			4.5		4.229	MON			3,231.76		19,391.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220						2		??		2,008,101.00		107.497		2,055,252.32		1,911,908.35		2,006,016.94		49,235.38			(1,073.00	)		—		—			5		3.258	MON			7,966.28		47,798.00		7/29/2009		7/15/2024
3620ADCM2	GNMA POOL # 726476						2		1		16,916,075.00		0		17,085,465.08		16,057,977.26		16,895,098.18		190,366.90			(12,478.00	)		—		—			4.5		3.015	MON			60,217.42		361,305.00		12/8/2009		11/15/2024
36210B4N2	GNMA POOL # 487829						2		1		768,777.00		102.844		790,307.06		742,779.48		767,648.93		22,658.13			(357.00	)		—		—			4.5		3.441	MON			2,785.42		16,713.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831						2		1		181,825.00		0		184,884.49		171,989.69		181,648.04		3,236.45			(113.00	)		—		—			5		2.95	MON			716.62		4,300.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832						2		1		716,764.00		104.229		737,323.08		685,898.34		715,564.62		21,758.46			(345.00	)		—		—			5		3.394	MON			2,857.91		17,147.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744						2		1		1,065,257.00		0		1,083,179.25		1,007,632.70		1,064,217.16		18,962.09			(664.00	)		—		—			5		2.929	MON			4,198.47		25,191.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745						2		1		978,164.00		0		994,621.43		925,251.37		977,212.70		17,408.73			(612.00	)		—		—			5		2.923	MON			3,855.21		23,131.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779						2		1		524,599.00		104.229		540,049.83		502,383.95		523,686.65		16,363.18			(285.00	)		—		—			5		3.499	MON			2,093.27		12,560.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339						2		1		391,483.00		111.125		394,142.87		354,684.25		390,549.09		3,593.78			(151.00	)		—		—			8		4.713	MON			2,364.56		14,187.00		3/7/2008		9/15/2031
36225CD29	GNMA POOL # 080120						2		1		473,238.00		101.02		482,459.56		468,407.34		473,075.25		9,384.31			(53.00	)		—		—			3.125		2.835	MON			1,219.81		7,709.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916						2		1		401,290.00		100.563		411,812.39		403,243.47		401,318.92		10,493.47			5.00			—		—			2.75		2.875	MON			924.10		5,545.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156						2		1		1,007,309.00		102.185		1,033,112.17		1,004,484.36		1,007,245.37		25,866.80			(11.00	)		—		—			2.75		2.639	MON			2,301.94		14,649.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179						2		1		1,054,077.00		97.85		1,056,260.77		1,051,120.79		1,054,011.48		2,249.29			(10.00	)		—		—			2.75		2.632	MON			2,408.82		15,329.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224						2		1		649,501.00		99.1		666,735.28		652,560.30		649,537.51		17,197.77			14.00			—		—			2		2.111	MON			1,087.60		8,701.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431						2		1		4,143,819.00		0		4,154,050.77		4,092,660.86		4,142,941.09		11,109.68			(806.00	)		—		—			3		2.909	MON			10,231.65		61,390.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444						2		??		983,588.00		102.75		989,607.14		963,121.30		983,380.74		6,226.40			(181.00	)		—		—			3.75		3.035	MON			3,009.75		18,059.00		11/3/2009		12/20/2039
36241KBP2	GNMA POOL # 781846						2		1		6,907,724.00		112.123		7,501,373.77		6,690,289.92		6,903,696.57		597,677.20			(838.00	)		—		—			6.5		5.564	MON			36,239.07		217,434.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931						2		1		4,764,318.00		107.628		5,130,716.91		4,614,351.84		4,761,632.91		369,084.00			(558.00	)		—		—			6.5		5.59	MON			24,994.40		149,966.00		8/15/2008		5/15/2035
36241KEH7	GNMA POOL # 781936						2		1		3,834,646.00		0		3,882,220.69		3,708,891.86		3,834,040.72		48,179.97			(606.00	)		—		—			4.5		3.808	MON			13,908.35		—		6/3/2010		6/15/2035
36241KGU6	GNMA POOL # 782011						2		??		292,660.00		106.766		305,772.08		286,395.28		292,571.86		13,200.22			(28.00	)		—		—			5		4.49	MON			1,193.31		7,160.00		7/14/2009		12/15/2035
36241KKB3	GNMA POOL # 782090						2		1		6,076,375.00		107.635		6,415,270.84		5,846,181.60		6,069,113.52		346,157.32			(654.00	)		—		—			6.5		5.407	MON			31,666.82		190,001.00		11/30/2007		5/15/2036
36241LHQ2	GNMA POOL # 782939						2		1		9,839,135.00		0		10,022,836.68		9,389,817.09		9,837,704.21		185,132.47			(1,430.00	)		—		—			5		3.703	MON			39,124.24		78,248.00		4/23/2010		9/15/2036
36290SJB8	GNMA POOL # 615958						2		1		10,647,266.00		0		10,890,175.94		10,161,044.01		10,645,418.95		244,756.99			(1,847.00	)		—		—			5		3.989	MON			42,337.68		84,675.00		4/23/2010		9/15/2033
36292DWW8	GNMA POOL # 646061						2		1		400,278.00		106.297		421,480.09		383,844.46		399,596.36		21,883.73			37.00			—		—			6.5		4.18	MON			2,079.16		12,475.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418						2		1		349,499.00		109.805		368,011.96		335,150.71		348,939.47		19,072.49			30.00			—		—			6.5		4.347	MON			1,815.40		10,892.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827						2		1		1,725,747.00		104.785		1,775,151.49		1,651,679.52		1,722,643.15		52,508.34			(916.00	)		—		—			5		3.313	MON			6,882.00		41,292.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745						2		1		537,980.00		104.785		553,712.22		515,198.36		537,007.68		16,704.54			(290.00	)		—		—			5		3.33	MON			2,146.66		12,880.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161						2		1		2,732,453.00		104.785		2,798,331.98		2,603,691.95		2,728,740.81		69,591.17			(1,639.00	)		—		—			5		3.188	MON			10,848.72		65,092.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223						2		1		270,506.00		106.297		284,834.31		259,400.33		270,035.03		14,799.28			13.00			—		—			6.5		4.112	MON			1,405.09		8,431.00		1/31/2008		1/15/2038
36296DR67	GNMA POOL # 688209						2		??		171,245.00		107.476		175,334.59		163,139.06		171,038.26		4,296.33			(117.00	)		—		—			5		3.279	MON			679.75		4,078.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448						2		1		562,213.00		104.785		578,653.93		538,405.23		561,223.83		17,430.10			(296.00	)		—		—			5		3.368	MON			2,243.36		13,460.00		3/26/2009		7/15/2023
36296QRL5	GNMA POOL # 698091						2		1		11,114,181.00		100.142		11,298,078.83		10,824,951.38		11,109,695.63		188,383.20			(1,438.00	)		—		—			4.5		4.017	MON			40,593.57		243,561.00		4/28/2009		4/15/2039
36296TPY3	GNMA POOL # 700739						2		1		1,506,663.00		105.631		1,553,441.76		1,426,954.37		1,502,951.32		50,490.44			(688.00	)		—		—			5.5		3.188	MON			6,540.21		39,241.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995						2		1		899,769.00		104.785		926,081.79		861,667.49		898,250.80		27,830.99			(444.00	)		—		—			5		3.415	MON			3,590.28		21,542.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294						2		1		722,604.00		104.229		743,108.39		691,280.15		721,361.54		21,746.85			(361.00	)		—		—			5		3.362	MON			2,880.33		17,282.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697						2		1		1,607,056.00		0		1,634,093.98		1,520,123.78		1,605,500.47		28,593.51			(1,000.00	)		—		—			5		2.892	MON			6,333.85		38,003.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787						2		1		975,659.00		104.229		1,011,966.34		941,386.55		974,422.37		37,543.97			(394.00	)		—		—			5		3.688	MON			3,922.44		23,535.00		6/11/2009		3/15/2024
36296XHH0	GNMA POOL # 704132						2		1		311,079.00		0		316,248.75		294,251.84		310,747.61		5,501.14			(217.00	)		—		—			5		3.008	MON			1,226.05		7,356.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243						2		1		662,667.00		104.229		687,326.79		639,389.05		661,828.29		25,498.50			(257.00	)		—		—			5		3.624	MON			2,664.12		15,985.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554						2		1		4,442,439.00		104.229		4,610,537.09		4,288,974.29		4,436,932.35		173,604.74			(1,795.00	)		—		—			5		3.768	MON			17,870.73		107,224.00		6/11/2009		6/15/2024
36297A3K7	GNMA						2		1		997,969.00		104.229		1,027,362.29		955,708.71		996,301.07		31,061.22			(480.00	)		—		—			5		3.383	MON			3,982.12		23,893.00		3/26/2009		1/15/2024
36297AKF9	GNMA POOL # 705994						2		1		1,323,271.00		0		1,345,534.20		1,251,689.66		1,321,946.40		23,587.80			(854.00	)		—		—			5		2.925	MON			5,215.37		31,292.00		9/29/2009		1/15/2024
36297DFF9	GNMA POOL # 708566						2		1		2,255,954.00		0		2,293,909.91		2,133,920.72		2,253,705.75		40,204.16			(1,431.00	)		—		—			5		2.986	MON			8,891.34		53,348.00		9/29/2009		4/15/2024
36297DTR8	GNMA POOL # 708960						2		1		1,530,184.00		104.229		1,575,252.30		1,465,386.02		1,527,642.02		47,610.28			(737.00	)		—		—			5		3.422	MON			6,105.78		36,635.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884						2		1		3,941,573.00		0		4,007,888.52		3,728,357.56		3,937,634.10		70,254.42			(2,506.00	)		—		—			5		2.99	MON			15,534.82		93,209.00		9/29/2009		4/15/2024
36297JJ54	GNMA POOL # 713184						2		1		2,047,683.00		0		2,082,134.75		1,936,915.86		2,045,657.03		36,477.72			(1,284.00	)		—		—			5		2.974	MON			8,070.48		48,423.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542				��		2		1		784,648.00		104.229		813,601.99		756,857.16		783,639.29		29,962.70			(337.00	)		—		—			5		3.77	MON			3,153.57		18,921.00		6/11/2009		6/15/2024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND		A						1FE		4,076,425.00		103.151		4,229,191.04		4,100,000.00		4,080,038.38		149,152.66			2,222.00			—		—			2.375		2.498	MS			30,023.96		48,688.00		9/2/2009		9/10/2014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND		A						1FE		5,242,350.00		103.069		5,153,449.65		5,000,000.00		5,135,095.12		18,354.53			(64,396.00	)		—		—			3.75		1.126	JJ			86,458.33		93,750.00		8/31/2009		7/15/2011
6832348A9	ONTARIO PROVINCE CORP BND		A						1FE		15,440,985.00		107.876		15,911,709.85		14,750,000.00		15,386,248.88		525,460.97			(54,736.00	)		—		—			4.1		2.938	JD			25,197.92		302,375.00		2/19/2010		6/16/2014
6832348E1	ONTARIO PROVINCE CORP BND		A						1FE		7,386,458.00		101.341		7,499,234.81		7,400,000.00		7,389,180.74		110,054.07			2,199.00			—		—			1.875		1.938	MN			16,187.51		69,375.00		11/10/2009		11/19/2012
6832348F8	ONTARIO PROVINCE CORP BND		A						1FE		2,800,000.00		100.062		2,801,736.11		2,800,000.00		2,800,000.00		1,736.11			—			—		—			0.61		0.42	FMAN			2,040.11		5,781.00		11/10/2009		11/19/2012
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND		F						??		4,752,518.00		100.04		4,751,900.43		4,750,000.00		4,751,742.05		158.38			(417.00	)		—		—			0.432		0.612	JAJO			3,991.75		9,372.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND		F						1FE		5,979,360.00		100.862		6,051,720.00		6,000,000.00		5,981,996.87		69,723.13			2,637.00			—		—			1.625		1.743	FA			38,458.33		—		2/2/2010		2/11/2013
038461AC3	AID-EGYPT GOVT BND		F						1FE		1,598,978.00		110.402		1,656,028.79		1,500,000.00		1,588,887.50		67,141.29			(7,707.00	)		—		—			4.45		3.205	MS			19,654.17		33,375.00		11/3/2009		9/15/2015
298785DR4	EUROPEAN INVESTMENT BANK CORP BND		F						1FE		10,241,815.00		110.488		10,441,115.91		9,450,000.00		10,142,846.63		298,269.28			(59,211.00	)		—		—			4.625		3.114	AO			86,198.44		218,531.00		8/31/2009		10/20/2015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND		F						1FE		39,491,160.00		104.116		38,522,918.89		37,000,000.00		38,493,967.94		28,950.95			(624,564.00	)		—		—			5.25		0.997	JD			86,333.33		971,250.00		4/28/2010		6/15/2011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND		F						1FE		3,887,520.00		103.717		4,015,517.61		3,900,000.00		3,894,649.75		120,867.86			2,004.00			—		—			3.25		3.36	AO			27,110.42		63,375.00		8/26/2008		10/14/2011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND		F						1FE		5,073,123.00		103.981		5,199,050.15		5,000,000.00		5,067,047.56		132,002.59			(6,076.00	)		—		—			3		2.624	AO			34,583.33		75,000.00		2/19/2010		4/8/2014
298785FC5	EUROPEAN INVESTMENT BANK CORP BND		F						1FE		2,989,950.00		100.648		3,019,439.85		3,000,000.00		2,991,234.44		28,205.41			1,284.00			—		—			1.625		1.736	MS			14,354.17		5,823.00		1/26/2010		3/15/2013
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN		F						1FE		7,513,056.00		106.295		7,653,239.86		7,200,000.00		7,447,605.96		205,633.90			(39,350.00	)		—		—			3.5		2.314	JJ			121,100.00		126,000.00		8/31/2009		7/8/2013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND		F						1FE		5,516,150.00		114.716		5,735,800.15		5,000,000.00		5,461,203.02		274,597.13			(32,770.00	)		—		—			5.125		3.459	MS			76,875.00		128,125.00		8/31/2009		9/13/2016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND		F						1FE		27,281,765.00		108.155		27,666,048.74		25,580,000.00		27,054,101.39		611,947.35			(227,663.00	)		—		—			4.75		2.168	AO			243,010.00		607,525.00		2/19/2010		10/19/2012
4581X0BM9	INTER-AMERICAN DEV BK CORP BND		F						1FE		998,720.00		101.027		1,010,270.00		1,000,000.00		998,749.97		11,520.03			30.00			—		—			1.625		1.667	JJ			1,895.83		—		5/26/2010		7/15/2013
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR		F						2FE		6,250,980.00		103.179		6,190,740.06		6,000,000.00		6,180,135.43		10,604.63			(64,747.00	)		—		—			3.125		0.918	MN			23,958.34		93,750.00		12/10/2009		11/15/2011
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND		F						1FE		15,082,618.00		101.896		15,355,726.60		15,070,000.00		15,084,934.00		270,792.60			(1,781.00	)		—		—			2.25		2.197	JD			18,837.50		169,538.00		2/19/2010		6/11/2012
BRS7X5P83	UK CONV GILT GOVT BND		D						1FE		11,455,508.00		96.1		12,308,564.31		8,050,000.00		11,495,385.22		813,179.09			15,633.00			—		420,946.55			2.25		2.552	MS			86,211.56		139,616.00		3/20/2009		3/7/2014
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND		F						1FE		53,888,500.00		104.882		52,441,002.00		50,000,000.00		52,180,777.28		260,224.72			(1,016,769.00	)		—		—			5.5		1.305	JUL			2,597,222.22		—		8/31/2009		7/21/2011
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN		D						1FE		3,727,555.00		103.858		2,905,488.53		1,900,000.00		3,732,010.93		(826,522.40	)		957.00			—		(890,263.50	)		4.75		4.748	JAN			62,917.29		146,273.00		1/16/2008		1/25/2011
G92435JR1	UNITED KINGDOM GOVT BND		D						1FE		10,644,597.00		120.97		10,497,026.59		5,800,000.00		10,530,843.87		(33,817.28	)		(113,754.00	)		—		(221,538.77	)		8		1.976	MS			184,984.70		—		4/1/2010		9/27/2013
G92435NC9	UK CONV GILT GOVT BND		D						1FE		9,804,778.00		108.72		9,434,047.53		5,800,000.00		9,716,701.90		(282,654.37	)		(43,297.00	)		—		(479,582.72	)		4.5		2.014	MS			124,071.72		111,233.00		6/29/2010		3/7/2013
G924507Q5	UK CONV GILT GOVT BND		D						1FE		4,132,918.00		102.99		4,160,250.15		2,700,000.00		4,132,685.86		27,564.29			(232.00	)		—		(86,939.87	)		2.75		2.713	JJ			50,153.62		—		4/1/2010		1/22/2015
G92450H50	UNITED KINGDOM GOVT BND		D						1FE		40,074,976.00		108.38		31,745,201.92		19,578,000.00		39,216,592.50		(7,471,390.58	)		(188,947.00	)		—		(9,336,926.22	)		5.25		4.157	JD			97,695.82		736,785.00		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GOVT BND		D						1FE		7,366,238.00		107.14		6,732,270.47		4,200,000.00		7,175,533.96		(443,263.49	)		(93,159.00	)		—		(594,295.39	)		5		2.122	MS			99,955.43		162,215.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GOVT BND		D						1FE		9,943,987.00		112.64		9,605,680.13		5,700,000.00		9,871,474.29		(265,794.16	)		(72,513.00	)		—		(584,727.96	)		5		2.734	MS			135,653.81		220,148.00		2/1/2010		9/7/2014
G92450YY8	UNITED KINGDOM GOVT BND		D						1FE		1,134,697.00		105.59		1,167,460.69		720,000.00		1,132,844.30		34,616.39			(1,853.00	)		—		(8,156.45	)		4		3.208	MS			13,680.48		—		3/22/2010		9/7/2016
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND		D						1FE		1,980,725.00		107.382		1,510,436.63		950,000.00		1,942,061.64		(431,625.01	)		(8,822.00	)		—		(501,226.68	)		5.5		4.437	DEC			48,447.54		—		3/10/2008		12/7/2011
419791YG7	HAWAII ST MUNI BND GO								1FE		2,007,940.00		102.7		2,053,999.94		2,000,000.00		2,007,375.28		46,624.66			(565.00	)		—		—			3		2.914	FA			22,166.66		—		2/10/2010		2/1/2015
4521518T3	ILLINOIS ST MUNI BND GO								1FE		3,144,919.00		99.365		3,080,314.93		3,100,000.00		3,138,143.95		(57,829.02	)		(6,775.00	)		—		—			3.321		2.808	JJ			47,471.85		—		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNITAX BND GO								1FE		2,300,000.00		99.341		2,284,843.06		2,300,000.00		2,300,000.00		(15,156.94	)		—			—		—			4.421		4.421	JJ			46,887.16		—		1/8/2010		1/1/2015
31398AS45	FNMA AGENCY BND						1		1		75,824,250.00		100.843		75,632,251.50		75,000,000.00		75,824,250.00		(191,998.50	)		—			—		—			2		0.868	JD			158,333.33		—		6/29/2010		6/24/2013
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV								1FE		1,329,838.00		106.381		1,329,762.50		1,250,000.00		1,316,320.75		13,441.75			(12,882.00	)		—		—			4.135		1.95	JJ			25,843.75		26,849.00		12/17/2009		1/1/2013
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND								??		8,500,000.00		101.519		8,629,115.00		8,500,000.00		8,500,000.00		129,115.00			—			—		—			2.879		2.881	JD			20,392.92		122,358.00		6/19/2009		4/1/2011
98458PAB1	YALE UNIVERSITY MUNI BND								1FE		9,481,471.00		103.49		9,831,590.38		9,500,000.00		9,482,960.55		348,629.83			1,490.00			—		—			2.9		2.945	AO	��		58,161.11		118,618.00		2/19/2010		10/15/2014
01F042673	FNMA TBA MBS								1Z		2,048,125.00		99.844		1,036,406.25		1,000,000.00		1,014,843.75		21,562.50			—			—		—			4.5		4.366	MON			—		—		6/10/2010		7/13/2036
02R042678	FHLMC GOLD TBA MBS						2		1Z		1,032,188.00		99.617		1,035,625.00		1,000,000.00		1,032,187.50		3,437.50			—			—		—			4.5		3.403	MON			—		—		6/25/2010		7/1/2035
3128JLHB8	FHLMC POOL # 1B1225						2		1		90,845.00		102.766		95,594.55		92,257.00		90,880.12		4,714.43			6.00			—		—			3.351		3.643	MON			257.63		1,546.00		4/2/2007		9/1/2033
3128JM6N2	FHLMC POOL # 1B2776						2		1		293,118.00		102.042		303,743.94		296,168.16		293,191.19		10,552.75			37.00			—		—			2.743		2.902	MON			676.99		4,880.00		4/2/2007		2/1/2035
3128JM7E1	FHLMC POOL # 1B2792						2		1		228,555.00		102.056		237,026.18		230,933.76		228,614.90		8,411.28			30.00			—		—			2.706		2.861	MON			520.76		3,913.00		4/2/2007		2/1/2035
3128JMW45	FHLMC POOL # 1B2566						2		1		118,450.00		101.827		125,098.09		119,380.73		118,466.05		6,632.04			3.00			—		—			3.346		3.443	MON			332.87		1,997.00		4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583						2		1		2,450,188.00		102.78		2,558,647.94		2,477,389.57		2,450,919.69		107,728.25			111.00			—		—			3.331		3.507	MON			6,876.82		41,298.00		9/17/2008		10/1/2034

Validus Holdings, Ltd June 30, 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		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
3128JMY68	FHLMC POOL # 1B2632				2		1		161,882.00		102.067		169,465.72		163,154.97		161,906.18		7,559.54			6.00			—		—		3.184		3.283	MON		432.90		2,610.00		4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642				2		1		217,514.00		102.147		229,736.08		219,224.40		217,544.23		12,191.85			7.00			—		—		3.282		3.383	MON		599.58		3,629.00		4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810				2		1		237,341.00		102.443		251,739.43		239,811.49		237,395.93		14,343.50			26.00			—		—		3.066		3.223	MON		612.72		4,152.00		4/2/2007		2/1/2035
3128JRJS6	FHLMC POOL # 847473				2		1		3,025,966.00		104.06		3,139,788.53		3,038,309.01		3,025,817.78		113,970.75			(29.00	)		—		—		5.022		5.026	MON		12,715.32		76,793.00		9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503				2		1		1,363,652.00		102.602		1,444,747.94		1,396,268.40		1,364,558.69		80,189.25			256.00			—		—		3.698		4.168	MON		4,302.83		29,955.00		5/31/2006		12/1/2035
3128JRP26	FHLMC POOL # 847641				2		1		775,541.00		103.178		826,861.29		781,795.69		775,662.21		51,199.08			47.00			—		—		3.308		3.422	MON		2,155.15		13,608.00		11/13/2006		12/1/2033
3128JRP34	FHLMC POOL # 847642				2		1		180,801.00		101.258		190,560.59		183,193.55		180,890.85		9,669.74			32.00			—		—		2.687		2.868	MON		410.20		3,036.00		11/13/2006		4/1/2035
3128JRPZ3	FHLMC POOL # 847640				2		1		584,530.00		103.204		607,250.53		587,732.87		584,499.27		22,751.26			(2.00	)		—		—		5.173		5.215	MON		2,533.62		15,177.00		11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255				2		1		2,846,242.00		104.722		3,079,841.88		2,813,926.06		2,845,239.18		234,602.70			(96.00	)		—		—		6		5.467	MON		14,069.63		84,418.00		11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456				2		1		38,902.00		105.253		41,258.23		37,439.41		38,872.19		2,386.04			(5.00	)		—		—		6		4.882	MON		187.20		1,123.00		2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582				2		1		73,724.00		105.253		78,189.78		70,952.62		73,665.33		4,524.45			(9.00	)		—		—		6		4.719	MON		354.76		2,129.00		2/4/2009		9/1/2037
3128KWFY4	FHLMC GOLD POOL # A65583				2		1		106,933.00		105.253		113,409.83		102,912.74		106,848.42		6,561.41			(14.00	)		—		—		6		4.75	MON		514.56		3,087.00		2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		4,514,381.00		104.94		4,893,258.35		4,463,124.99		4,512,854.67		380,403.68			(160.00	)		—		—		6		5.522	MON		22,315.62		133,894.00		11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		4,362,701.00		104.94		4,728,848.12		4,313,166.96		4,361,202.53		367,645.59			(159.00	)		—		—		6		5.493	MON		21,565.83		129,395.00		11/2/2007		9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969				2		1		59,925.00		105.253		63,554.65		57,672.10		59,876.62		3,678.03			(8.00	)		—		—		6		4.695	MON		288.36		1,730.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954				2		1		93,682.00		105.253		99,356.84		90,160.48		93,606.03		5,750.81			(12.00	)		—		—		6		4.655	MON		450.80		2,705.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		80,035.00		105.253		84,882.34		77,025.72		79,970.28		4,912.06			(10.00	)		—		—		6		4.7	MON		385.13		2,311.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		61,518.00		105.253		65,243.83		59,204.93		61,468.60		3,775.23			(7.00	)		—		—		6		4.732	MON		296.02		1,776.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		38,826.00		105.253		41,177.31		37,365.98		38,794.86		2,382.45			(5.00	)		—		—		6		4.789	MON		186.83		1,121.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		3,664,487.00		103.318		3,986,622.04		3,714,987.12		3,665,742.78		320,879.26			91.00			—		—		5.5		6.133	MON		17,027.02		102,162.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		7,615.00		105.253		8,075.82		7,328.33		7,608.60		467.22			(1.00	)		—		—		6		4.782	MON		36.64		220.00		2/4/2009		7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		15,876,901.00		106.822		17,083,686.16		15,449,621.98		15,865,402.87		1,218,283.29			(1,072.00	)		—		—		6.5		5.379	MON		83,685.45		502,113.00		11/6/2007		10/1/2037
3128M6EE4	FHLMC GOLD POOL # G04333				2		1		80,620.00		97.51		83,555.91		78,773.31		80,588.22		2,967.69			(8.00	)		—		—		5		4.457	MON		328.22		1,969.00		7/6/2009		4/1/2038
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		195,573.00		105.253		207,419.05		188,220.57		195,428.67		11,990.38			(24.00	)		—		—		6		4.901	MON		941.10		5,647.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		545,179.00		105.253		578,201.51		524,683.80		544,775.07		33,426.44			(63.00	)		—		—		6		4.834	MON		2,623.42		15,740.00		2/4/2009		12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		2,883,503.00		104.5		3,107,130.18		2,877,209.60		2,882,344.22		224,785.96			(193.00	)		—		—		5.5		5.394	MON		13,187.21		79,123.00		3/30/2007		1/1/2022
3128MTB72	FHLMC GOLD POOL # H00962				2		1		498,553.00		105.947		530,443.49		488,964.73		498,256.16		32,187.33			(19.00	)		—		—		6.5		5.5	MON		2,648.56		15,891.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		10,589,845.00		105.947		11,267,235.50		10,386,178.47		10,583,292.62		683,942.88			(738.00	)		—		—		6.5		5.433	MON		56,258.47		337,551.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		6,420,555.00		105.947		6,831,252.52		6,297,073.30		6,416,700.14		414,552.38			(351.00	)		—		—		6.5		5.485	MON		34,109.15		204,655.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2		1		423,830.00		103.42		439,354.97		424,825.92		423,814.40		15,540.57			10.00			—		—		3.037		3.028	MON		1,075.16		7,212.00		9/17/2008		1/1/2035
3128NCBF0	FHLMC POOL # 1G0038				2		1		242,494.00		101.853		253,144.45		244,523.08		242,535.05		10,609.40			22.00			—		—		2.92		3.035	MON		595.01		3,863.00		4/2/2007		1/1/2035
3128NCBW3	FHLMC POOL # 1G0053				2		1		292,928.00		102.006		303,537.41		295,976.80		293,002.95		10,534.46			38.00			—		—		2.807		2.961	MON		692.34		4,984.00		4/2/2007		2/1/2035
3128NCD68	FHLMC POOL # 1G0125				2		1		3,427,426.00		102.031		3,641,845.70		3,500,722.81		3,430,626.50		211,219.20			880.00			—		—		2.865		3.208	MON		8,357.98		59,258.00		12/13/2005		3/1/2035
3128NCDH4	FHLMC POOL # 1G0104				2		1		147,442.00		101.994		156,613.05		148,676.40		147,469.04		9,144.01			13.00			—		—		2.85		2.962	MON		353.11		2,427.00		4/3/2007		2/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2		1		619,787.00		104.748		645,981.66		616,703.04		619,629.76		26,351.90			(22.00	)		—		—		3.121		3.001	MON		1,603.94		11,224.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		3,539,720.00		106.5		3,826,451.21		3,592,911.93		3,540,235.06		286,216.15			25.00			—		—		5.261		5.589	MON		15,751.92		94,679.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2		1		855,151.00		104.309		888,694.74		838,383.50		854,675.22		34,019.52			(79.00	)		—		—		5.986		5.425	MON		4,182.14		25,100.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2		1		2,117,301.00		105.41		2,292,263.48		2,099,911.58		2,116,172.60		176,090.88			(103.00	)		—		—		5.913		5.599	MON		10,347.31		62,220.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2		1		252,522.00		107.25		266,335.15		248,331.14		252,402.75		13,932.40	��		(12.00	)		—		—		6.049		5.29	MON		1,251.80		7,520.00		12/13/2007		8/1/2037
3128S4E86	FHLMC POOL # 1Q0159				2		1		279,510.00		104.699		296,246.68		282,950.90		279,636.04		16,610.64			53.00			—		—		2.862		3.024	MON		674.84		4,873.00		11/13/2006		3/1/2035
312929CM2	FHLMC GOLD POOL # A82776				2		1		18,527.00		105.253		19,649.62		17,830.87		18,511.99		1,137.63			(3.00	)		—		—		6		4.553	MON		89.15		535.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		4,146.00		105.253		4,396.73		3,989.77		4,142.34		254.39			(1.00	)		—		—		6		4.768	MON		19.95		120.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2		1		72,509.00		105.253		76,901.49		69,783.57		72,454.85		4,446.64			(5.00	)		—		—		6		4.774	MON		348.92		2,093.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		78,206.00		105.253		82,942.60		75,265.52		78,146.44		4,796.16			(8.00	)		—		—		6		4.758	MON		376.33		2,258.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2		1		51,163.00		104.47		53,524.38		49,239.52		51,126.58		2,397.80			(6.00	)		—		—		6		4.971	MON		246.20		1,477.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2		1		27,441.00		105.253		29,103.10		26,409.35		27,420.54		1,682.56			(4.00	)		—		—		6		4.818	MON		132.05		792.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2		1		23,123.00		104.47		24,183.73		22,254.11		23,105.66		1,078.07			(3.00	)		—		—		6		4.733	MON		111.27		668.00		2/4/2009		1/1/2039
312931T40	FHLMC GOLD POOL # A85071				2		1		463,864.00		0		480,759.39		453,241.55		463,690.78		17,068.61			(46.00	)		—		—		5		4.482	MON		1,888.51		11,331.00		7/6/2009		3/1/2039
312931WX2	FHLMC GOLD POOL # A85162				2		1		846,367.00		0		872,465.16		822,526.76		845,980.37		26,484.79			(91.00	)		—		—		5		4.337	MON		3,427.19		20,563.00		7/8/2009		3/1/2039
3129325E2	FHLMC GOLD POOL # A86245				2		1		279,843.00		0		291,163.80		273,852.64		279,746.06		11,417.74			(27.00	)		—		—		5		4.566	MON		1,141.05		6,846.00		7/1/2009		5/1/2039
312932K96	FHLMC GOLD POOL # A85720				2		1		1,237,236.00		0		1,282,298.59		1,208,902.04		1,236,771.96		45,526.63			(110.00	)		—		—		5		4.466	MON		5,037.09		30,223.00		7/6/2009		4/1/2039
312933TT1	FHLMC GOLD POOL # A86862				2		1		371,077.00		0		386,073.18		363,119.18		370,947.91		15,125.27			(36.00	)		—		—		5		4.578	MON		1,513.00		9,078.00		7/1/2009		6/1/2039
312933Z31	FHLMC GOLD POOL # A87062				2		1		569,576.00		0		592,219.66		558,322.03		569,391.82		22,827.84			(46.00	)		—		—		5		4.565	MON		2,326.34		13,958.00		7/1/2009		6/1/2039
312933ZY3	FHLMC GOLD POOL # A87059				2		1		284,341.00		0		295,843.35		278,253.97		284,242.44		11,600.91			(27.00	)		—		—		5		4.563	MON		1,159.39		6,956.00		7/1/2009		6/1/2039
312934HP0	FHLMC GOLD POOL # A87438				2		??		97,132.00		106.321		100,888.03		94,889.73		97,096.11		3,791.92			(11.00	)		—		—		5		4.567	MON		395.37		2,372.00		7/1/2009		7/1/2039
312934HU9	FHLMC GOLD POOL # A87443				2		??		96,088.00		106.071		99,763.29		94,053.01		96,055.48		3,707.81			(9.00	)		—		—		5		4.544	MON		391.89		2,351.00		7/1/2009		7/1/2039
31295NXK9	FHLMC POOL # 789682				2		1		50,358.00		102.028		52,655.82		50,649.08		50,363.97		2,291.85			1.00			—		—		2.779		2.848	MON		117.29		704.00		8/10/2006		9/1/2032
31342A6F1	FHLMC POOL # 780870				2		1		540,973.00		100.79		573,965.99		549,378.62		541,207.40		32,758.59			36.00			—		—		2.741		3.03	MON		1,254.87		7,538.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2		1		782,914.00		0		792,044.08		758,844.63		782,607.82		9,436.26			(154.00	)		—		—		2.782		1.983	MON		1,759.25		10,822.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2		1		1,200,129.00		102.249		1,268,820.82		1,220,002.14		1,200,870.02		67,950.80			165.00			—		—		2.605		2.907	MON		2,648.42		17,189.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2		1		265,514.00		101.962		278,441.62		267,601.31		265,559.03		12,882.59			10.00			—		—		2.606		2.716	MON		581.14		3,491.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2		1		469,154.00		101.33		495,088.82		472,841.74		469,232.47		25,856.35			15.00			—		—		2.662		2.77	MON		1,048.92		6,293.00		4/2/2007		11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		154,958.00		104.4		164,213.23		157,292.37		155,014.96		9,198.27			24.00			—		—		2.626		2.879	MON		344.21		2,446.00		9/30/2008		1/1/2035
31349ULB2	FHLMC POOL # 783022				2		1		478,279.00		100.44		501,980.09		482,549.12		478,378.41		23,601.68			58.00			—		—		2.619		2.747	MON		1,053.16		8,250.00		4/2/2007		2/1/2035
31349ULF3	FHLMC POOL # 783026				2		1		291,869.00		101.813		302,874.88		294,906.91		291,944.34		10,930.54			42.00			—		—		2.483		2.649	MON		610.21		4,546.00		4/2/2007		2/1/2035
31371NAC9	FNMA POOL # 256603				2		1		1,536,893.00		107.917		1,657,010.25		1,535,453.55		1,536,485.37		120,524.88			(106.00	)		—		—		5.5		5.385	MON		7,037.50		42,225.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2		1		623,561.00		0		634,835.77		588,264.82		622,432.29		12,403.48			(547.00	)		—		—		5.5		3.254	MON		2,696.21		16,177.00		9/29/2009		6/1/2022
31371NN68	FNMA POOL # 257013				2		1		23,170.00		103.588		25,066.54		23,500.04		23,183.37		1,883.17			4.00			—		—		5		5.431	MON		97.92		587.00		8/22/2008		11/1/2022
31371NZX6	FNMA POOL # 257358				2		1		28,560.00		103.549		30,910.64		28,967.04		28,574.77		2,335.87			4.00			—		—		5		5.437	MON		120.70		724.00		8/22/2008		9/1/2023
31379T6G4	FNMA POOL # 429371				2		1		29,633.00		103.159		31,700.18		29,875.30		29,679.62		2,020.56			10.00			—		—		5		5.266	MON		124.48		747.00		12/14/2007		2/1/2014
31385W6Z7	FNMA POOL # 555388				2		1		130,477.00		105.572		143,886.78		132,811.70		130,852.03		13,034.75			56.00			—		—		5.5		6.02	MON		608.72		3,652.00		6/28/2006		3/1/2018
31385XEW3	FNMA POOL # 555549				2		1		446,838.00		104.727		484,051.83		450,497.99		447,151.98		36,899.85			66.00			—		—		5		5.215	MON		1,877.07		11,263.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2		1		137,900.00		102.13		144,435.50		139,131.39		137,928.93		6,506.57			10.00			—		—		2.936		3.145	MON		340.41		2,655.00		4/2/2007		7/1/2033
31388UJF8	FNMA POOL # 615062				2		1		169,087.00		105.572		186,464.35		172,112.04		169,667.20		16,797.15			83.00			—		—		5.5		6.043	MON		788.85		4,733.00		6/28/2006		1/1/2017
31389FPM8	FNMA POOL # 624228				2		1		115,315.00		105.572		127,166.86		117,378.72		115,709.88		11,456.98			57.00			—		—		5.5		6.045	MON		537.99		3,228.00		6/28/2006		1/1/2017
31389FQ62	FNMA POOL # 624277				2		1		82,421.00		105.572		90,892.21		83,896.16		82,706.62		8,185.59			43.00			—		—		5.5		6.039	MON		384.52		2,307.00		6/28/2006		1/1/2017
31391PUF1	FNMA POOL # 672982				2		1		438,254.00		104.74		475,736.60		441,843.52		438,578.53		37,158.07			67.00			—		—		5		5.223	MON		1,841.01		11,046.00		12/14/2007		12/1/2017
31400EGH7	FNMA POOL # 685200				2		1		393,099.00		104.727		425,837.31		396,318.83		393,387.05		32,450.26			60.00			—		—		5		5.216	MON		1,651.33		9,908.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2		1		852,746.00		101.55		899,668.15		854,481.50		851,967.57		47,700.58			(105.00	)		—		—		5.5		5.501	MON		3,916.37		23,498.00		4/21/2006		1/1/2013
31400PG58	FNMA POOL # 693320				2		1		91,540.00		101.606		96,125.97		92,344.74		91,571.27		4,554.70			8.00			—		—		2.502		2.682	MON		192.54		1,253.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287				2		1		16,278.00		102.192		16,890.95		16,422.88		16,281.34		609.61			2.00			—		—		2.525		2.73	MON		34.56		282.00		4/2/2007		3/1/2033
31400SA33	FNMA POOL # 695826				2		1		342,777.00		104.727		371,324.55		345,584.82		343,022.66		28,301.89			54.00			—		—		5		5.217	MON		1,439.93		8,640.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895				2		1		468,547.00		104.727		507,568.90		472,384.89		468,885.56		38,683.34			71.00			—		—		5		5.216	MON		1,968.27		11,810.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429				2		1		253,691.00		102.235		268,145.27		256,648.46		253,808.07		14,337.20			17.00			—		—		2.591		2.837	MON		554.36		3,610.00		8/10/2006		4/1/2033
31402DQB9	FNMA POOL # 725950				2		1		650,891.00		107.399		705,442.97		656,843.88		651,243.47		54,199.50			93.00			—		—		5		5.245	MON		2,736.85		16,421.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222				2		1		2,817,725.00		102.319		2,941,009.58		2,848,873.42		2,818,665.83		122,343.75			239.00			—		—		4.315		4.53	MON		10,227.46		65,123.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463				2		1		152,201.00		102.966		159,892.31		153,460.30		152,258.30		7,634.01			15.00			—		—		2.639		2.764	MON		337.48		2,361.00		9/28/2006		3/1/2035
31402RF87	FNMA POOL # 735591				2		1		16,987,931.00		106.009		17,352,707.93		16,369,056.00		16,978,161.73		374,546.20			(9,769.00	)		—		—		5		3.752	MON		68,204.40		104,438.00		4/30/2010		6/1/2035
31402YSV7	FNMA POOL # 742232				2		1		13,579.00		104.272		14,485.33		13,790.19		13,585.61		899.72			1.00			—		—		2.625		2.968	MON		30.17		205.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179				2		1		1,568,248.00		104.727		1,698,857.32		1,581,094.76		1,569,213.18		129,644.14			202.00			—		—		5		5.21	MON		6,587.89		39,527.00		12/14/2007		4/1/2019
31403C3B5	FNMA POOL # 745194				2		1		730,502.00		105.572		805,579.07		743,572.99		732,304.32		73,274.75			277.00			—		—		5.5		5.994	MON		3,408.04		20,448.00		6/28/2006		5/1/2019
31403C3T6	FNMA POOL # 745210				2		1		1,422,615.00		105.572		1,568,822.90		1,448,069.33		1,426,248.34		142,574.56			539.00			—		—		5.5		6.005	MON		6,636.98		39,822.00		6/28/2006		1/1/2019
31403DCC1	FNMA POOL # 745367				2		1		680,998.00		105.572		750,987.05		693,182.97		682,729.47		68,257.58			247.00			—		—		5.5		6.013	MON		3,177.09		19,063.00		6/28/2006		12/1/2018

Validus Holdings, Ltd June 30, 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		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
31403DCE7	FNMA POOL # 745369				2		1		957,883.00		104.52		1,037,182.82		965,729.64		958,426.54		78,756.28			112.00			—		—		5		5.204	MON		4,023.88		24,143.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388				2		1		2,722,013.00		104.727		2,948,711.32		2,744,310.52		2,723,801.39		224,909.93			377.00			—		—		5		5.212	MON		11,434.63		68,608.00		12/14/2007		11/1/2018
31403H3P3	FNMA POOL # 749706				2		1		1,144,443.00		102.509		1,198,453.15		1,158,837.48		1,144,943.56		53,509.59			69.00			—		—		3.218		3.482	MON		3,107.62		18,651.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798				2		1		11,631.00		102.387		12,029.13		11,812.03		11,636.99		392.14			1.00			—		—		2.333		2.667	MON		22.96		181.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848				2		1		471,162.00		104.727		510,401.79		475,021.41		471,453.00		38,948.79			63.00			—		—		5		5.217	MON		1,979.25		11,876.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522				2		1		57,568.00		104.19		61,194.90		58,733.95		57,602.72		3,592.18			7.00			—		—		2.688		3.101	MON		131.56		857.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886				2		1		113,356.00		102.15		120,694.88		115,251.22		113,423.85		7,271.03			13.00			—		—		3.056		3.44	MON		293.51		1,840.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246				2		1		179,590.00		101.878		188,638.65		181,093.51		179,632.76		9,005.89			15.00			—		—		2.797		2.947	MON		422.10		2,712.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693				2		1		1,055,659.00		101.97		1,089,914.18		1,065,649.34		1,056,039.47		33,874.71			95.00			—		—		2.632		2.809	MON		2,337.32		18,663.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578				2		1		1,040,616.00		102.231		1,106,693.41		1,065,548.16		1,041,861.96		64,831.45			153.00			—		—		2.585		2.995	MON		2,295.37		14,008.00		2/28/2006		12/1/2034
31405PAG5	FNMA POOL # 794807				2		1		308,459.00		101.253		314,976.78		307,619.45		308,396.79		6,579.99			(12.00	)		—		—		2.969		2.907	MON		761.10		4,583.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664				2		1		78,705.00		101.933		81,608.62		79,323.43		78,722.56		2,886.06			4.00			—		—		3.038		3.172	MON		200.82		1,199.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811				2		1		291,685.00		101.424		302,157.88		290,922.92		291,626.52		10,531.36			(12.00	)		—		—		2.636		2.58	MON		639.06		3,834.00		6/30/2007		11/1/2034
31406BB90	FNMA POOL # 804764				2		1		283,845.00		101.971		292,763.31		286,076.13		283,903.85		8,859.46			13.00			—		—		2.856		3	MON		680.86		4,072.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852				2		1		266,107.00		101.739		277,027.14		268,198.63		266,163.81		10,863.33			13.00			—		—		2.853		2.994	MON		637.64		3,828.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962				2		1		334,642.00		102.229		348,521.53		337,272.86		334,714.26		13,807.27			22.00			—		—		2.777		2.918	MON		780.51		4,865.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163				2		1		360,913.00		103.027		375,641.83		363,933.36		361,000.05		14,641.78			36.00			—		—		2.642		2.792	MON		801.26		5,263.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721				2		1		653,329.00		102.997		684,366.60		658,464.52		653,465.87		30,900.73			26.00			—		—		3.172		3.311	MON		1,740.54		10,443.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530				2		1		95,182.00		102.041		98,904.31		95,856.19		95,210.67		3,693.64			10.00			—		—		2.811		2.916	MON		224.54		1,475.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418				2		1		356,688.00		102.148		368,014.82		359,872.64		356,790.90		11,223.92			41.00			—		—		2.345		2.497	MON		703.25		5,763.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807				2		1		404,902.00		102.224		423,810.99		408,766.38		405,100.49		18,710.50			64.00			—		—		2.591		2.727	MON		882.59		6,020.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423				2		1		555,281.00		104.136		584,557.56		560,239.27		555,422.44		29,135.12			60.00			—		—		2.812		2.972	MON		1,312.83		10,441.00		4/2/2007		4/1/2035
31406TTE1	FNMA POOL # 819649				2		1		3,704,396.00		0		3,708,890.87		3,581,289.52		3,702,899.84		5,991.03			(1,497.00	)		—		—		2.528		1.92	MON		7,544.58		52,965.00		12/4/2009		3/1/2035
31406VHE9	FNMA POOL # 821129				2		1		326,555.00		102.212		340,617.96		329,470.78		326,643.01		13,974.95			39.00			—		—		2.578		2.733	MON		707.81		6,102.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056				2		1		1,363,131.00		104.06		1,394,708.75		1,340,292.86		1,362,491.24		32,217.51			(177.00	)		—		—		2.738		2.371	MON		3,058.10		32,394.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985				2		1		741,596.00		101.73		786,462.88		767,127.16		742,496.44		43,966.44			187.00			—		—		3.549		4.3	MON		2,268.78		15,310.00		3/16/2006		8/1/2035
31407GC22	FNMA POOL # 829989				2		1		1,844,066.00		102.4		1,911,378.14		1,861,591.13		1,844,650.05		66,728.09			233.00			—		—		2.866		3.051	MON		4,446.10		33,170.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868				2		1		1,775,999.00		101.963		1,879,727.00		1,795,071.60		1,776,898.20		102,828.80			121.00			—		—		2.894		3.048	MON		4,329.11		26,411.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547				2		1		1,471,698.00		102.763		1,553,183.73		1,483,578.67		1,472,173.61		81,010.12			103.00			—		—		2.652		2.773	MON		3,275.00		22,767.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105				2		1		1,278,396.00		107.448		1,384,865.61		1,288,868.54		1,279,048.68		105,816.93			133.00			—		—		5		5.203	MON		5,370.29		32,222.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490				2		1		432,931.00		101.718		444,187.66		433,911.44		432,944.35		11,243.31			16.00			—		—		2.432		2.454	MON		879.39		6,286.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492				2		1		195,861.00		102.692		204,281.94		195,489.25		195,835.40		8,446.54			(2.00	)		—		—		2.59		2.52	MON		421.93		2,774.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527				2		1		50,123.00		102.929		53,449.95		51,067.49		50,146.53		3,303.42			6.00			—		—		3.223		3.705	MON		137.16		962.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499				2		1		1,575,118.00		101.573		1,656,312.42		1,583,967.52		1,575,330.96		80,981.46			41.00			—		—		2.666		2.77	MON		3,519.05		22,040.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502				2		1		184,305.00		102.689		194,955.47		186,701.04		184,381.58		10,573.89			32.00			—		—		1.854		2.14	MON		288.45		2,802.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507				2		1		926,847.00		101.908		977,396.71		943,071.73		927,379.37		50,017.34			130.00			—		—		2.579		2.907	MON		2,026.03		13,003.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508				2		1		926,498.00		101.875		989,785.77		939,451.04		926,893.41		62,892.36			110.00			—		—		2.679		2.964	MON		2,097.32		14,189.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511				2		1		122,205.00		101.764		129,121.44		123,315.09		122,232.36		6,889.08			5.00			—		—		3.381		3.568	MON		347.44		2,084.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513				2		1		210,615.00		102.089		219,951.76		211,718.05		210,640.24		9,311.52			6.00			—		—		2.665		2.759	MON		469.84		2,900.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518				2		1		243,750.00		102.692		255,839.40		244,533.34		243,764.60		12,074.80			10.00			—		—		2.672		2.712	MON		544.29		3,765.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519				2		1		100,240.00		101.983		105,430.17		101,961.00		100,295.93		5,134.24			12.00			—		—		2.85		3.168	MON		242.24		1,458.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520				2		1		1,218,803.00		102.108		1,289,457.16		1,226,571.77		1,218,998.57		70,458.59			55.00			—		—		2.709		2.831	MON		2,767.96		21,027.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564				2		1		20,682,742.00		104.202		21,526,531.20		20,068,154.34		20,646,691.41		879,839.79			(12,125.00	)		—		—		5		3.887	MON		83,617.31		501,704.00		2/26/2009		10/1/2021
31410GPR8	FNMA POOL # 888832				2		1		8,909,395.00		106.7		9,417,349.11		8,568,012.80		8,898,844.12		518,504.99			(1,291.00	)		—		—		6.5		4.443	MON		46,410.07		278,460.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626				2		1		2,631,445.00		105.14		2,753,578.70		2,618,963.95		2,630,788.80		122,789.90			(73.00	)		—		—		5.498		5.367	MON		11,999.22		71,956.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899				2		1		3,123,042.00		105.189		3,258,102.01		3,097,392.18		3,121,999.69		136,102.32			(121.00	)		—		—		5.752		5.529	MON		14,846.83		89,308.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088				2		1		7,265,656.00		104.822		7,842,396.04		7,198,173.41		7,264,785.35		577,610.69			(41.00	)		—		—		6		5.44	MON		35,990.87		215,945.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029				2		1		697,980.00		0		710,601.02		658,472.00		696,754.75		13,846.27			(562.00	)		—		—		5.5		3.146	MON		3,018.00		18,108.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359				2		1		848,308.00		0		863,646.87		800,290.56		846,819.52		16,827.35			(678.00	)		—		—		5.5		3.021	MON		3,668.00		22,008.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461				2		??		1,079,590.00		107.917		1,099,111.11		1,018,481.36		1,077,700.39		21,410.72			(867.00	)		—		—		5.5		3.068	MON		4,668.04		28,008.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614				2		1		6,662,619.00		0		6,766,135.52		6,269,778.24		6,653,724.20		112,411.32			(5,116.00	)		—		—		5.5		2.879	MON		28,736.48		172,419.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488				2		1		2,617,307.00		0		2,660,715.74		2,493,415.02		2,613,531.37		47,184.37			(1,856.00	)		—		—		5		3.256	MON		10,389.23		62,335.00		9/29/2009		3/1/2023
31412UXW5	FNMA POOL # 935493				2		1		190,770.00		0		197,523.78		186,330.00		190,694.76		6,829.02			(20.00	)		—		—		5		4.473	MON		776.38		4,658.00		7/6/2009		7/1/2039
31413HV62	FNMA POOL # 946237				2		1		11,979.00		103.588		12,960.21		12,150.28		11,986.26		973.95			2.00			—		—		5		5.463	MON		50.63		304.00		8/22/2008		9/1/2022
31414ARA2	FNMA POOL # 960481				2		1		3,323,767.00		0		3,377,507.95		3,166,434.62		3,319,053.78		58,454.17			(2,128.00	)		—		—		5		3.067	MON		13,193.48		79,161.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289				2		??		4,209,764.00		106.71		4,279,584.33		4,010,492.25		4,203,815.92		75,768.41			(2,751.00	)		—		—		5		3.177	MON		16,710.38		100,262.00		9/29/2009		3/1/2023
31414EFY5	FNMA POOL # 963783				2		1		29,504.00		103.549		31,932.89		29,925.01		29,519.94		2,412.95			4.00			—		—		5		5.447	MON		124.69		748.00		8/22/2008		6/1/2023
31414GD22	FNMA POOL # 965521				2		1		706,427.00		0		719,200.32		666,440.47		705,264.16		13,936.16			(491.00	)		—		—		5.5		3.023	MON		3,054.52		18,327.00		9/29/2009		12/1/2022
31414HNC7	FNMA POOL # 966687				2		1		37,883.00		103.549		41,001.27		38,423.19		37,903.41		3,097.86			5.00			—		—		5		5.451	MON		160.10		961.00		8/22/2008		4/1/2023
31414MDQ6	FNMA POOL # 970011				2		1		28,143.00		103.549		30,459.68		28,544.43		28,158.85		2,300.83			4.00			—		—		5		5.422	MON		118.94		714.00		8/22/2008		6/1/2023
31414NB45	FNMA POOL # 970859				2		1		4,827,548.00		0		4,900,320.60		4,592,197.81		4,822,527.88		77,792.72			(2,974.00	)		—		—		5		3.139	MON		19,134.16		114,805.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562				2		1		5,402,123.00		0		5,503,984.66		5,096,342.59		5,393,200.77		110,783.89			(4,125.00	)		—		—		5.5		3.236	MON		23,358.24		140,149.00		9/29/2009		3/1/2023
31414TUV1	FNMA POOL # 975896				2		1		344,256.00		103.549		372,593.75		349,165.77		344,434.86		28,158.89			39.00			—		—		5		5.455	MON		1,454.86		8,729.00		8/22/2008		7/1/2023
31415MDG7	FNMA POOL # 984003				2		1		7,147,900.00		103.51		7,905,536.60		7,363,038.59		7,152,010.58		753,526.02			646.00			—		—		5.5		6.639	MON		33,747.26		202,484.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077				2		1		4,092,476.00		0		4,160,351.88		3,898,756.91		4,086,717.78		73,634.10			(2,844.00	)		—		—		5		3.272	MON		16,244.82		97,469.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528				2		1		7,068,570.00		103.842		7,269,193.26		6,803,857.89		7,056,315.91		212,877.35			(4,762.00	)		—		—		5		3.51	MON		28,349.41		170,096.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529				2		1		12,051,192.00		107.917		12,525,743.15		11,606,866.53		12,030,600.75		495,142.40			(6,284.00	)		—		—		5.5		3.973	MON		53,198.13		319,189.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530				2		1		5,807,566.00		104.595		6,009,112.42		5,569,137.73		5,796,861.01		212,251.41			(4,154.00	)		—		—		5.5		3.817	MON		25,525.21		153,151.00		3/20/2009		12/1/2021
31416B7J1	FNMA POOL # 995597				2		1		699,313.00		0		711,957.86		659,729.31		698,279.85		13,678.01			(400.00	)		—		—		5.5		3.167	MON		3,023.76		18,143.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040				2		1		3,940,846.00		0		4,000,252.19		3,748,723.98		3,936,378.62		63,873.57			(2,716.00	)		—		—		5		3.174	MON		15,619.68		93,718.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217				2		1		5,508,244.00		0		5,603,031.18		5,191,998.13		5,500,625.36		102,405.82			(3,315.00	)		—		—		5.5		3.075	MON		23,796.66		142,780.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957				2		1		13,065,748.00		0		13,250,398.22		12,417,238.52		13,054,139.64		196,258.58			(7,615.00	)		—		—		5		3.086	MON		51,738.49		310,431.00		9/28/2009		6/1/2024
31416PAQ0	FNMA POOL # AA5414				2		1		30,811.00		0		31,982.65		30,170.18		30,800.11		1,182.54			(3.00	)		—		—		5		4.482	MON		125.71		754.00		7/1/2009		5/1/2039
31416PWX1	FNMA POOL # AA6061				2		1		96,400.00		0		100,147.26		94,249.59		96,362.99		3,784.27			(10.00	)		—		—		5		4.528	MON		392.71		2,356.00		7/1/2009		5/1/2039
31416QTJ4	FNMA POOL # AA6852				2		1		38,642.00		0		40,110.64		37,837.55		38,627.68		1,482.96			(4.00	)		—		—		5		4.53	MON		157.66		946.00		7/1/2009		5/1/2039
31416RGW7	FNMA POOL # AA7412				2		1		52,962.00		0		54,975.25		51,859.77		52,942.84		2,032.41			(5.00	)		—		—		5		4.526	MON		216.08		1,296.00		7/1/2009		6/1/2039
31416S6R7	FNMA POOL # AA8979				2		1		27,241.00		0		28,276.77		26,674.31		27,231.40		1,045.37			(3.00	)		—		—		5		4.526	MON		111.14		667.00		7/1/2009		7/1/2039
31416T3C1	FNMA POOL # AA9794				2		1		41,973.00		0		43,568.74		41,099.68		41,957.93		1,610.81			(4.00	)		—		—		5		4.482	MON		171.25		1,028.00		7/1/2009		7/1/2039
31416TL49	FNMA POOL # AA9346				2		1		14,718,261.00		103.81		15,116,390.75		14,561,594.72		14,715,963.73		400,427.02			(2,298.00	)		—		—		4.5		4.274	MON		54,605.98		218,424.00		2/2/2010		8/1/2039
31417KK22	FNMA POOL # AC1212				2		1		195,324.00		0		202,162.05		190,705.42		195,245.92		6,916.13			(23.00	)		—		—		5		4.511	MON		794.61		4,768.00		7/6/2009		7/1/2039
30250GAA6	SSGN_10-S1 AGENCY CMO 10-S1-1A 144A				2		1		1,812,151.00		100.375		1,818,947.03		1,812,151.47		1,812,151.47		6,795.56			—			—		—		0.896		0.897	MON		90.17		4,015.00		3/5/2010		2/25/2048
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		1		2,977,051.00		107.025		3,204,138.63		2,935,767.23		2,973,524.52		230,614.11			(498.00	)		—		—		6		5.642	MON		14,678.84		88,073.00		2/6/2007		7/1/2026
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		1		86,615.00		105		89,729.68		83,761.66		85,991.43		3,738.25			(355.00	)		—		—		6.5		4.821	MON		453.71		2,722.00		1/14/2008		12/1/2015
31394CVB5	FNMA_05-15 AGENCY CMO 05-15				2		1		2,467,585.00		103.307		2,575,128.42		2,489,174.13		2,475,434.75		99,693.67			1,276.00			—		—		5		5.313	MON		10,371.56		62,229.00		5/24/2007		10/25/2028
31394DA42	FNMA AGENCY CMO 05-48				2		1		304,794.00		106.379		332,502.78		302,618.56		304,367.84		28,134.94			(91.00	)		—		—		5.5		5.25	MON		1,387.00		8,322.00		12/20/2007		11/1/2019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		1,285,607.00		102.92		1,276,288.54		1,240,072.96		1,262,675.60		13,612.94			(7,138.00	)		—		—		5.5		0.413	MON		5,683.67		34,102.00		6/18/2009		5/1/2011
31394HP88	FHR AGENCY CMO 2663				2		1FE		71,273.00		101.738		71,637.83		70,829.93		70,759.75		878.08			(119.00	)		—		—		4.5		3.9	MON		265.61		1,594.00		7/16/2008		9/1/2010
31394L4A7	FHLMC CMO 2684 PC				2		1		3,489,338.00		101.531		3,448,998.67		3,396,982.38		3,435,874.28		13,124.39			(25,961.00	)		—		—		5		1.655	MON		14,154.08		84,925.00		6/18/2009		4/1/2011
31395BH89	FNMA_06-10 AGENCY CMO 06-26				2		1		362,928.00		101.88		365,092.74		358,355.66		358,915.54		6,177.20			(1,021.00	)		—		—		5.5		4.409	MON		1,642.47		9,855.00		9/30/2008		5/1/2011
31395L4F5	FHLMC CMO 2914 AJ				2		1FE		3,314,871.00		102.875		3,268,736.44		3,224,191.02		3,276,664.72		(7,928.28	)		(17,873.00	)		—		—		5		2.131	MON		13,434.13		80,605.00		6/30/2009		11/1/2011
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1		233,225.00		102.18		232,165.58		228,441.98		229,107.30		3,058.28			(1,088.00	)		—		—		6		3.345	MON		1,142.21		6,853.00		8/11/2008		12/1/2010
31395VGR4	FHR AGENCY CMO 2989 WD				2		1		502,969.00		104.25		531,406.25		500,000.00		500,768.61		30,637.64			(589.00	)		—		—		5.5		5.269	MON		2,291.67		13,750.00		10/8/2008		12/15/2011
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		183,587.00		105.53		196,654.59		184,278.12		183,656.55		12,998.04			25.00			—		—		5.5		5.684	MON		844.61		5,068.00		6/17/2008		5/15/2034

Validus Holdings, Ltd June 30, 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
											RATE USED
				FOREIGN	BOND		NAIC		ACTUAL		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
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA					2		1		1,059,780.00		100.88		1,064,117.78		1,054,835.23		1,053,698.01		10,419.77			(1,211.00	)		—		—			5.5		5.009	MON		4,834.66		29,008.00		3/23/2007		11/1/2010
31396GSK8	FHLMC AGENCY CMO 3098					2		1		615,340.00		101.129		623,943.13		616,979.28		615,716.49		8,226.64			51.00			—		—			5		5.089	MON		2,570.75		15,424.00		1/30/2006		7/15/2025
31396GU58	FHLMC AGENCY CMO 3099					2		1		626,679.00		101.095		635,226.57		628,348.11		627,062.05		8,164.52			52.00			—		—			5		5.089	MON		2,618.12		15,709.00		1/30/2006		7/15/2025
31396H6B0	FHLMC AGENCY CMO 3102					2		1		935,854.00		102.047		956,158.98		936,980.17		935,612.76		20,546.22			(328.00	)		—		—			5		4.897	MON		3,904.08		23,424.00		8/20/2008		2/1/2011
31396TUP6	FHLMC AGENCY CMO 3171 NE					2		1		774,549.00		100.781		773,211.01		767,216.74		766,042.86		7,168.15			(1,782.00	)		—		—			6		5.032	MON		3,836.08		23,016.00		10/24/2007		8/1/2010
31396UWM8	FHLMC AGENCY CMO 3184 FA					2		1		3,020,758.00		100.016		3,024,549.85		3,024,066.00		3,020,892.52		3,657.33			134.00			—		—			0.5		0.582	MON		671.60		2,246.00		4/23/2010		2/15/2033
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1		2,116,400.00		103.699		2,231,136.10		2,112,005.78		2,112,089.57		119,046.53			(862.00	)		—		—			5.5		5.319	MON		9,680.02		58,080.00		4/19/2007		9/1/2012
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		124,623.00		98.27		128,238.03		130,495.40		129,526.17		(1,288.14	)		799.00			—		—			0		3.838	MON		—		—		4/4/2007		3/15/2037
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		4,992,784.00		105.625		5,229,504.18		4,951,009.87		4,974,132.06		255,372.12			(6,202.00	)		—		—			5.5		4.706	MON		22,692.13		136,153.00		9/4/2008		8/1/2012
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		5,972,313.00		105.5		6,322,523.74		5,992,913.50		5,972,427.14		350,096.60			34.00			—		—			5		5.057	MON		24,970.48		149,823.00		7/29/2008		10/25/2022
31397Y5H0	FHLMC CMO_3484 DA					2		1		6,239,218.00		105.688		6,338,551.05		5,997,446.29		6,206,799.39		131,751.66			(12,850.00	)		—		—			5		3.075	MON		24,989.35		149,936.00		6/1/2009		1/1/2016
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		2,088,316.00		102.875		2,104,485.69		2,033,319.51		2,058,718.72		45,766.97			(11,956.00	)		—		—			5.5		2.426	MON		9,319.38		55,916.00		6/15/2009		7/1/2011
38373YNS9	GNMA AGENCY CMO_02-88 GB					2		1FE		1,592,383.00		101.086		1,566,601.54		1,549,764.74		1,569,282.59		(2,681.05	)		(13,076.00	)		—		—			5		0.789	MON		6,457.35		38,744.00		9/29/2009		3/1/2011
38374EEE3	GNMA AGENCY CMO 03-106 B					2		1		1,356,888.00		103.278		1,354,909.52		1,336,012.56		1,342,006.98		12,902.54			(3,647.00	)		—		—			5.5		3.801	MON		6,123.39		36,740.00		8/21/2008		5/1/2011
38374FCH5	GNMA AGENCY CMO 04-2-BA					2		1		103,178.00		100.148		104,430.26		104,088.72		103,808.04		622.22			155.00			—		—			3.25		3.945	MON		281.91		1,691.00		4/16/2008		1/16/2034
38374FT87	GNMA AGENCY CMO 04-18 AB					2		1FE		1,344,245.00		100.651		1,324,837.93		1,316,273.86		1,327,900.60		(3,062.67	)		(9,736.00	)		—		—			4.25		0.938	MON		4,661.80		27,971.00		9/29/2009		2/1/2011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		151,607.00		101.032		148,753.30		148,770.70		148,500.23		253.07			(891.00	)		—		—			6		3.46	MON		743.85		4,463.00		8/13/2008		7/1/2010
38374GD41	GNMA AGENCY CMO_04-34 PV					2		1FE		18,584.00		99.997		18,377.17		18,377.68		18,365.13		12.04			(114.00	)		—		—			4.25		1.294	MON		65.09		391.00		9/29/2009		7/1/2010
38374H7F1	GNMA AGENCY CMO 04-69-FG					2		1		5,755,107.00		99.21		5,704,296.83		5,749,716.72		5,754,905.47		(50,608.64	)		(202.00	)		—		—			0.648		0.555	MON		1,137.57		3,065.00		5/21/2010		12/20/2012
38374VHH5	GNMA AGENCY CMO 09-45 AB					2		1FE		3,857,500.00		103.437		3,825,685.63		3,698,576.65		3,805,999.14		19,686.49			(51,501.00	)		—		—			5		-0.648	MON		15,410.74		61,643.00		1/28/2010		8/1/2011
38375PXQ9	GNMA AGENCY CMO 08-11-FB					2		1		2,756,410.00		100.438		2,761,566.39		2,749,536.34		2,756,393.81		5,172.58			(16.00	)		—		—			0.948		0.818	MON		796.03		7,937.00		3/8/2010		11/20/2037
38373MV23	GNR CMBS 08-45 A					2		1		841,846.00		101.69		840,962.23		826,986.16		838,045.25		2,916.98			(3,152.00	)		—		—			3.576		1.605	MON		2,464.42		14,787.00		12/15/2009		2/1/2012
001957BC2	AT&T CO CORP BND							1FE		3,693,194.00		108.099		3,648,340.20		3,375,000.00		3,512,795.20		135,545.00			(48,248.00	)		—		—			7.3		4.201	MN		31,481.25		123,188.00		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		108.594		1,466,013.87		1,350,000.00		1,416,069.75		49,944.12			(12,551.00	)		—		—			4.95		2.923	JJ		30,813.75		33,413.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,716.00		109.192		1,637,886.77		1,500,000.00		1,597,478.60		40,408.17			(12,552.00	)		—		—			4.85		2.945	FA		27,483.33		36,375.00		12/16/2009		2/15/2014
00206RAT9	AT&T INC CORP BND		O					1FE		1,287,375.00		110.648		1,324,324.38		800,000.00		1,284,431.91		39,892.47			(2,943.00	)		—		(7,892.51	)		5.875		4.657	APR		12,530.18		71,070.00		3/4/2010		4/28/2017
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		3,483,455.00		104.869		3,408,257.82		3,250,000.00		3,323,819.16		84,438.66			(53,364.00	)		—		—			7.875		4.384	MS		85,312.50		127,969.00		3/5/2009		3/1/2011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,028.00		111.888		12,279,735.65		10,975,000.00		12,158,147.04		121,588.61			(312,567.00	)		—		—			8.125		2.101	MN		148,619.80		445,859.00		12/22/2009		5/1/2012
002824AX8	ABBOTT LABORATORIES CORP BND							1FE		6,818,039.00		102.1		6,968,293.67		6,825,000.00		6,818,163.02		150,130.65			125.00			—		—			2.7		2.722	MN		17,403.75		—		5/24/2010		5/27/2015
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		101.594		3,525,317.28		3,470,000.00		3,462,214.53		63,102.75			9,055.00			—		—			4.7		5.251	JD		13,590.83		81,545.00		2/13/2007		12/1/2010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,173.00		107.236		13,833,441.03		12,900,000.00		13,561,771.12		271,669.91			(98,758.00	)		—		—			4.85		2.664	JD		27,806.68		312,825.00		2/10/2010		12/15/2012
026609AM9	WYETH CORP BND							1FE		8,870,429.00		104.37		8,704,460.34		8,340,000.00		8,470,302.50		234,157.84			(89,019.00	)		—		—			6.95		4.672	MS		170,668.83		289,815.00		5/30/2008		3/15/2011
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		100.884		2,143,780.20		2,125,000.00		2,124,229.98		19,550.22			80.00			—		—			2.375		2.389	MS		14,720.05		—		3/9/2010		3/18/2013
03523TAB4	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		5,913,850.00		121.455		6,072,739.80		5,000,000.00		5,908,658.78		164,081.02			(5,191.00	)		—		—			7.75		5.098	JJ		178,680.56		—		6/3/2010		1/15/2019
03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		1,541,745.00		102.966		1,544,494.05		1,500,000.00		1,540,021.89		4,472.16			(1,723.00	)		—		—			3		1.804	AO		9,500.00		—		5/20/2010		10/15/2012
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		3,099,120.00		104.327		3,129,795.00		3,000,000.00		3,098,360.70		31,434.30			(759.00	)		—		—			4.125		3.34	JJ		87,656.25		—		6/11/2010		1/15/2015
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,001.00		113.983		3,366,755.00		3,317,000.00		3,573,479.57		(206,724.57	)		(69,583.00	)		—		—			8.5		3.887	AO		70,486.25		140,973.00		1/30/2008		4/1/2012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A		O					3FE		2,977,800.00		103.697		2,540,369.11		2,000,000.00		2,977,800.00		(437,430.89	)		—			—		(528,000.00	)		10.135		10.41	JAJO		69,363.52		87,349.00		12/4/2009		4/6/2013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		105.21		2,630,250.00		2,500,000.00		2,500,000.00		130,250.00			—			—		—			11.791		12.954	JAJO		74,511.81		148,773.00		2/19/2009		2/24/2012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		104.038		1,560,570.00		1,500,000.00		1,500,000.00		60,570.00			—			—		—			12.791		13.988	JAJO		48,498.75		96,847.00		2/12/2009		2/24/2012
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,405,300.00		106.714		14,939,944.46		14,000,000.00		14,289,934.71		650,009.75			(69,940.00	)		—		—			5.5		4.382	JD		36,361.11		385,000.00		8/31/2009		6/14/2012
060505BD5	BANK OF AMERICA CORP BND							1FE		7,057,821.00		103.999		7,279,962.06		7,000,000.00		7,052,199.84		227,762.22			(5,622.00	)		—		—			4.75		4.491	FA		125,611.11		—		2/19/2010		8/15/2013
060505BM5	BANK OF AMERICA CORP BND							1FE		2,839,964.00		104.442		2,851,255.82		2,730,000.00		2,837,942.69		13,313.13			(2,022.00	)		—		—			5.375		4.278	JD		6,521.67		73,369.00		5/26/2010		6/15/2014
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		100.263		1,704,473.44		1,700,000.00		1,700,994.32		3,479.12			(5,771.00	)		—		—			4.5		3.804	FA		31,875.00		38,250.00		5/8/2008		8/1/2010
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		104.551		18,819,180.55		18,000,000.00		18,065,106.08		754,074.47			(16,083.00	)		—		—			3.125		2.933	JD		25,000.00		281,250.00		3/10/2009		6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		26,014,802.00		102.531		26,658,061.56		26,000,000.00		26,019,157.44		638,904.12			(5,184.00	)		—		—			2.1		2.058	AO		92,516.67		273,000.00		8/31/2009		4/30/2012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		2,238,288.00		104.768		2,357,286.76		2,250,000.00		2,247,714.24		109,572.52			(21.00	)		—		—			4.9		4.911	MN		18,375.00		55,125.00		12/16/2009		5/1/2013
06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		3,991,000.00		101.077		4,043,060.32		4,000,000.00		3,991,258.07		51,802.25			258.00			—		—			4.5		4.552	MS		55,000.00		—		5/18/2010		4/1/2015
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.079		2,602,061.33		2,600,000.00		2,600,000.00		2,061.33			—			—		—			0.566		1.361	MJSD		695.46		3,755.00		3/9/2009		9/13/2010
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,978,536.00		107.944		8,419,666.56		7,800,000.00		7,935,315.71		484,350.85			(27,154.00	)		—		—			4.95		4.154	MN		64,350.00		193,050.00		1/11/2010		11/1/2012
06406HBQ1	BANK OF NEW YORK CO CORP BND							1FE		12,483,875.00		101.268		12,658,508.25		12,500,000.00		12,483,982.08		174,526.17			107.00			—		—			2.95		2.978	JD		13,315.98		—		6/11/2010		6/18/2015
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		100.506		2,864,423.22		2,850,000.00		2,857,374.90		7,048.32			(42,770.00	)		—		—			7.875		4.781	FA		93,515.62		112,219.00		12/20/2007		8/1/2010
06423AAS2	BANK ONE CO CORP BND							1FE		5,313,600.00		106.344		5,317,188.65		5,000,000.00		5,240,085.38		77,103.27			(44,168.00	)		—		—			5.25		3.293	JJ		110,104.17		131,250.00		8/31/2009		1/30/2013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		29,969,700.00		102.546		30,763,799.40		30,000,000.00		29,982,201.38		781,598.02			4,953.00			—		—			2.15		2.185	MS		168,416.67		322,500.00		3/20/2009		3/27/2012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		106.686		4,267,446.88		4,000,000.00		4,008,000.30		259,446.58			(994.00	)		—		—			4		3.941	MS		53,333.34		80,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND							1FE		7,790,874.00		101.223		7,895,373.17		7,800,000.00		7,791,791.87		103,581.30			918.00			—		—			1.8		1.84	MS		43,680.00		—		3/4/2010		3/15/2013
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		325,960.00		109.074		327,223.07		300,000.00		322,791.08		4,431.99			(2,366.00	)		—		—			5.7		3.797	MN		2,185.00		8,550.00		10/29/2009		11/15/2014
073902KF4	BEAR STEARNS CO INC CORP BND							1FE		7,191,940.00		108.449		7,502,531.71		6,918,000.00		7,176,732.84		325,798.87			(15,207.00	)		—		—			5.3		4.503	AO		62,127.48		183,327.00		2/19/2010		10/30/2015
073902PR3	BEAR STEARNS CO INC CORP BND							1FE		5,532,300.00		112.603		5,630,152.15		5,000,000.00		5,519,183.97		110,968.18			(13,116.00	)		—		—			6.4		4.694	AO		79,111.11		—		4/7/2010		10/2/2017
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		110.116		2,560,205.63		2,325,000.00		2,365,229.34		194,976.29			(8,793.00	)		—		—			6.95		6.063	FA		63,288.43		80,794.00		3/23/2009		8/10/2012
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		110.52		552,600.79		500,000.00		534,262.63		18,338.16			(3,720.00	)		—		—			5.2		3.436	MS		7,655.56		13,000.00		10/29/2009		9/15/2014
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		101.53		614,259.20		605,000.00		609,949.86		4,309.34			(10,168.00	)		—		—			7.375		3.887	MS		11,650.45		22,309.00		7/30/2008		9/27/2010
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		104.324		3,129,725.19		3,000,000.00		3,021,338.14		108,387.05			(1,919.00	)		—		—			3.25		3.073	AO		17,333.34		48,750.00		1/28/2010		10/27/2014
097023AT2	BOEING CO CORP BND							1FE		1,404,062.00		105.623		1,415,447.26		1,290,000.00		1,399,112.54		16,334.72			(4,949.00	)		—		—			5.125		1.807	FA		24,975.83		—		5/12/2010		2/15/2013
097023BB0	BOEING CO CORP BND							1FE		685,867.00		101.765		702,179.92		690,000.00		686,692.83		15,487.09			670.00			—		—			1.875		2.082	MN		1,473.44		6,469.00		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND							1		3,315,737.00		106.733		3,468,818.60		3,250,000.00		3,311,743.82		157,074.78			(3,993.00	)		—		—			4.125		3.702	JD		5,958.33		67,031.00		2/19/2010		6/15/2015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,288,185.00		113.701		4,548,020.00		4,000,000.00		4,273,071.04		274,948.96			(15,114.00	)		—		—			5.5		4.153	AO		55,000.00		110,000.00		2/19/2010		4/1/2016
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		117.491		9,986,749.03		8,500,000.00		9,487,698.64		499,050.39			(122,433.00	)		—		—			6.95		3.574	MS		173,943.06		295,375.00		2/5/2009		3/15/2014
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		111.11		7,777,684.54		7,000,000.00		7,323,598.54		454,086.00			(48,279.00	)		—		—			5.25		3.67	FA		138,833.34		183,750.00		3/5/2009		8/15/2013
12572QAC9	CME GROUP INC SENIOR CORP BND							2FE		975,000.00		99.907		975,526.51		975,000.00		975,000.00		526.51			—			—		—			1.003		3.454	FMAN		1,521.41		4,477.00		8/7/2008		8/6/2010
126650AV2	CVS CAREMARK CORP CORP BND							2FE		1,630,005.00		109.232		1,638,479.46		1,500,000.00		1,627,162.91		11,316.55			(2,842.00	)		—		—			4.875		2.727	MS		21,531.25		—		5/20/2010		9/15/2014
141781AP9	CARGILL INC CORP BND 144A							1FE		2,764,425.00		109.129		2,728,234.30		2,500,000.00		2,709,209.76		19,024.54			(52,880.00	)		—		—			6.375		1.91	JD		13,281.26		79,688.00		12/21/2009		6/1/2012
141784DG0	CARGILL INC SENIOR CORP BND 144A							1FE		4,764,583.00		108.756		4,807,029.21		4,420,000.00		4,712,553.63		94,475.58			(52,030.00	)		—		—			5.2		2.512	JJ		101,512.66		114,920.00		1/6/2010		1/22/2013
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		107.792		1,212,662.75		1,125,000.00		1,124,691.89		87,970.86			59.00			—		—			4.85		4.862	JD		3,637.50		27,281.00		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.00		100.299		5,624,603.94		5,275,000.00		5,271,276.63		353,327.31			667.00			—		—			4.25		4.279	FA		89,052.25		112,094.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,227.00		100.907		655,895.78		650,000.00		649,362.04		6,533.74			125.00			—		—			1.9		1.941	JD		480.28		6,175.00		12/10/2009		12/17/2012
14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							1FE		2,964,921.00		100.837		2,994,863.59		2,970,000.00		2,965,308.96		29,554.63			388.00			—		—			2		2.059	AO		14,025.00		—		3/31/2010		4/5/2013
14912L4M0	CATERPILLAR FINL SERV CORP BND							1FE		5,175,000.00		101.092		5,231,492.58		5,175,000.00		5,175,000.00		56,492.58			—			—		—			2.75		2.75	JD		2,767.19		—		6/17/2010		6/24/2015
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,055,224.00		108.144		3,244,313.04		3,000,000.00		3,045,549.65		198,763.39			(4,530.00	)		—		—			4.6		4.134	JJ		63,633.33		69,000.00		8/31/2009		1/15/2014
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		102.251		5,112,554.85		5,000,000.00		5,006,679.21		105,875.64			(3,913.00	)		—		—			5.5		5.331	AO		49,652.78		137,500.00		1/31/2007		4/26/2011
166751AH0	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		18,029,164.00		107.069		18,415,938.87		17,200,000.00		17,939,890.14		476,048.73			(89,274.00	)		—		—			3.95		2.712	MS		222,692.23		339,700.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		3,295,695.00		103.843		3,374,903.52		3,250,000.00		3,287,275.27		87,628.25			(8,456.00	)		—		—			3.45		2.738	MS		36,752.08		56,063.00		2/9/2010		3/3/2012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		102.937		3,963,069.54		3,850,000.00		3,872,558.03		90,511.51			(17,134.00	)		—		—			5.25		4.315	FA		72,428.13		101,063.00		10/9/2008		2/22/2011
17275RAC6	CISCO SYSTEMS INC CORP BND							1FE		14,068,550.00		114.584		14,380,290.00		12,550,000.00		14,023,965.64		356,324.36			(44,584.00	)		—		—			5.5		3.207	FA		247,339.58		—		4/20/2010		2/22/2016
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		103.348		4,133,907.48		4,000,000.00		3,991,026.10		142,881.38			950.00			—		—			2.9		2.955	MN		14,177.78		58,000.00		11/9/2009		11/17/2014
172967CK5	CITIGROUP INC CORP BND							1FE		4,844,800.00		101.489		5,074,445.70		5,000,000.00		4,869,840.95		204,604.75			14,820.00			—		—			5.125		5.892	MN		39,861.11		128,125.00		8/31/2009		5/5/2014
172967DH1	CITIGROUP INC CORP BND							1FE		2,191,943.00		102.03		2,219,146.71		2,175,000.00		2,178,930.81		40,215.90			(3,072.00	)		—		—			5.125		4.826	FA		42,420.05		55,734.00		4/8/2008		2/14/2011
172967DP3	CITIGROUP INC CORP BND							1FE		5,035,050.00		105.22		5,261,015.30		5,000,000.00		5,028,416.52		232,598.78			(4,284.00	)		—		—			5.85		5.642	JJ		145,437.50		146,250.00		8/31/2009		7/2/2013
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,138.00		103.009		772,568.90		750,000.00		768,946.51		3,622.39			(7,350.00	)		—		—			5.1		3.015	MS		9,775.00		19,125.00		10/20/2009		9/29/2011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		104.103		520,513.88		500,000.00		515,751.92		4,761.96			(3,225.00	)		—		—			5.3		3.852	AO		5,447.22		13,250.00		10/22/2009		10/17/2012
172967EY3	CITIGROUP INC SENIOR CORP BND							1FE		22,616,908.00		106.403		22,770,286.08		21,400,000.00		22,533,096.78		237,189.30			(83,811.00	)		—		—			6.375		4.937	FA		526,752.08		204,000.00		5/25/2010		8/12/2014
172967FA4	CITIGROUP INC CORP BND							1FE		5,153,500.00		104.696		5,234,786.20		5,000,000.00		5,152,117.43		82,668.77			(1,383.00	)		—		—			6.01		5.249	JD		13,355.56		150,250.00		6/9/2010		1/15/2015
172967FD8	CITIGROUP INC CORP BND							1FE		4,972,350.00		99.585		4,979,231.65		5,000,000.00		4,972,928.41		6,303.24			578.00			—		—			4.75		4.876	MN		27,708.33		—		5/12/2010		5/19/2015

Validus Holdings, Ltd June 30, 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
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		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
172967FE6	CITIGROUP INC CORP BND						1FE		5,089,475.00		104.878		5,243,923.20		5,000,000.00		5,088,442.12		155,481.08			(1,033.00	)		—		—		6		5.431	JD		13,333.33		—		6/9/2010		12/13/2013
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR						1FE		798,016.00		103.268		826,144.04		800,000.00		799,026.16		27,117.88			327.00			—		—		2.875		2.962	JD		1,405.56		11,500.00		12/2/2008		12/9/2011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR						1FE		50,844,149.00		102.576		51,903,453.98		50,600,000.00		50,831,696.98		1,071,757.00			(41,321.00	)		—		—		2.125		1.868	AO		182,195.13		537,625.00		2/19/2010		4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND						1FE		15,058,950.00		102.135		15,320,250.30		15,000,000.00		15,045,999.35		274,250.95			(9,516.00	)		—		—		1.875		1.739	AO		53,906.25		164,063.00		10/20/2009		10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND						1FE		20,121,190.00		102.151		20,430,200.20		20,000,000.00		20,105,570.10		324,630.10			(15,620.00	)		—		—		1.875		1.647	MN		47,916.67		228,125.00		2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND						1FE		7,380,094.00		100.188		7,569,312.74		7,400,000.00		7,388,259.56		181,053.18			3,256.00			—		—		2		2.093	MS		37,411.11		74,000.00		3/23/2009		3/30/2012
191216AL4	COCA-COLA COMPANY THE CORP BND						1FE		11,572,106.00		106.344		12,362,476.05		11,625,000.00		11,585,136.99		777,339.06			4,926.00			—		—		3.625		3.725	MS		124,080.74		210,703.00		3/3/2009		3/15/2014
191219BS2	COCA-COLA ENTERPRISES INC. SENIOR CORP						1FE		5,334,777.00		110.836		5,430,944.83		4,900,000.00		5,309,629.09		121,315.74			(25,148.00	)		—		—		5		2.214	FA		92,555.55		—		4/14/2010		8/15/2013
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND						1FE		4,201,680.00		108.601		4,344,028.32		4,000,000.00		4,173,398.95		170,629.37			(16,892.00	)		—		—		4.25		3.242	MS		56,666.67		85,000.00		8/31/2009		3/1/2015
20030NAE1	COMCAST CORPORATION CORP BND						2FE		1,638,480.00		109.442		1,641,634.26		1,500,000.00		1,635,144.93		6,489.33			(3,335.00	)		—		—		5.3		2.617	JJ		36,658.33		—		5/27/2010		1/15/2014
20825CAE4	CONOCOPHILLIPS CORP BND						1FE		4,296,120.00		107.347		4,293,878.48		4,000,000.00		4,296,120.00		(2,241.52	)		—			—		—		4.75		1.449	AO		40,111.11		—		6/28/2010		10/15/2012
20825CAM6	CONOCOPHILLIPS CORP BND						1FE		1,684,478.00		103.014		1,694,238.30		1,575,000.00		1,667,312.70		26,925.60			(15,380.00	)		—		—		4.4		2.28	MN		8,855.00		34,650.00		12/9/2009		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND						1FE		6,767,478.00		108.978		7,138,045.79		6,550,000.00		6,750,556.76		387,489.03			(17,514.00	)		—		—		4.6		3.847	JJ		138,932.78		106,145.00		1/27/2010		1/15/2015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND						1FE		1,728,344.00		106.889		1,787,725.40		1,675,000.00		1,700,398.58		87,326.82			(6,702.00	)		—		—		5.3		4.409	AO		18,741.39		44,388.00		5/5/2008		4/15/2012
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND						1FE		436,498.00		106.822		444,983.00		400,000.00		431,317.03		13,665.97			(3,851.00	)		—		—		5.55		3.313	AO		5,550.00		11,100.00		10/29/2009		4/1/2014
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn						1FE		212,574.00		104.8		209,599.99		200,000.00		209,477.54		122.45			(2,341.00	)		—		—		5.8		3.252	JD		773.33		5,800.00		10/29/2009		6/7/2012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND						1FE		5,561,373.00		105.942		5,779,131.57		5,455,000.00		5,491,646.59		287,484.98			(12,635.00	)		—		—		6.125		5.609	MN		42,692.95		167,059.00		7/11/2007		11/15/2011
22541LAC7	CREDIT SUISSE FIRST BOSTON CORP BND						1FE		5,373,100.00		106.749		5,337,437.45		5,000,000.00		5,354,872.64		(17,435.19	)		(18,227.00	)		—		—		6.5		1.802	JJ		149,861.11		—		5/27/2010		1/15/2012
239753BK1	TARGET CORPORATION CORP BND						1FE		580,657.00		112.803		587,785.03		530,000.00		554,794.29		32,990.74			(7,623.00	)		—		—		8.6		5.39	JJ		21,017.44		22,790.00		9/24/2008		1/15/2012
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		5,354,700.00		105.413		5,270,631.80		5,000,000.00		5,280,302.86		(9,671.06	)		(74,397.00	)		—		—		5.4		1.03	AO		55,500.00		135,000.00		2/23/2010		10/17/2011
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		3,933,036.00		108.12		4,243,725.39		3,925,000.00		3,929,904.26		313,821.13			(923.00	)		—		—		4.95		4.895	JD		7,555.64		97,144.00		7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		1,123,808.00		102.668		1,155,014.22		1,125,000.00		1,123,877.30		31,136.92			70.00			—		—		2.95		2.973	MS		10,417.19		—		3/3/2010		3/9/2015
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND						1FE		1,028,471.00		104.101		1,041,010.06		1,000,000.00		1,020,163.33		20,846.73			(4,982.00	)		—		—		2.875		1.827	JD		958.33		14,375.00		8/27/2009		6/19/2012
25459HAN5	DIRECTV HOLDINGS LLC CORP BND						2FE		4,992,250.00		100.016		5,000,793.85		5,000,000.00		4,992,295.70		8,498.15			46.00			—		—		3.55		3.585	MS		54,236.11		—		6/21/2010		3/15/2015
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND						1FE		1,621,295.00		108.254		1,759,126.96		1,625,000.00		1,623,093.67		136,033.29			366.00			—		—		4.7		4.752	JD		6,364.58		38,188.00		11/29/2007		12/1/2012
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND						1FE		5,317,250.00		110.177		5,508,874.50		5,000,000.00		5,264,140.64		244,733.86			(31,808.00	)		—		—		4.875		3.392	AO		41,302.08		121,875.00		8/31/2009		4/30/2014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP						1FE		9,363,568.00		109.77		9,851,862.71		8,975,000.00		9,317,790.87		534,071.84			(54,113.00	)		—		—		5		3.638	JJ		206,923.61		224,375.00		12/21/2009		7/15/2013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND						1FE		9,123,449.00		101.472		9,259,336.06		9,125,000.00		9,123,675.77		135,660.29			210.00			—		—		2.1		2.105	JD		8,516.67		94,748.00		12/14/2009		6/15/2013
26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A						2FE		1,640,475.00		108.585		1,628,774.30		1,500,000.00		1,638,059.82		(9,285.52	)		(2,415.00	)		—		—		5.6		3.512	MN		14,000.00		—		5/27/2010		5/1/2015
285661AD6	ELECTRONIC DATA SYSTEMS CORP BND						1FE		9,874,595.00		112.9		9,907,016.69		8,775,000.00		9,823,800.46		83,216.23			(50,795.00	)		—		—		6		1.985	FA		219,375.00		—		4/30/2010		8/1/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND						1		4,325,202.00		98.81		4,556,431.53		4,200,000.00		4,308,275.55		248,155.98			(10,213.00	)		—		—		4.125		3.535	AO		36,575.00		86,625.00		8/31/2009		4/15/2015
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND						1FE		1,350,000.00		100.843		1,357,240.74		1,350,000.00		1,350,000.00		7,240.74			—			—		—		1.419		3.694	MJSD		744.94		7,750.00		6/11/2008		6/17/2011
302570BC9	FPL GROUP CAPITAL INC CORP BND						2FE		7,402,175.00		123.822		7,491,203.65		6,050,000.00		7,327,204.05		163,999.60			(74,971.00	)		—		—		7.875		3.581	JD		21,175.00		238,219.00		2/17/2010		12/15/2015
302570BD7	FPL GROUP CAPITAL INC CORP BND						2FE		5,472,554.00		113.318		5,665,902.35		5,000,000.00		5,457,114.07		208,788.28			(15,440.00	)		—		—		6		4.703	MS		100,000.00		150,000.00		2/19/2010		3/1/2019
341081EN3	FLORIDA POWER & LIGHT CO CORP BND						1FE		2,779,405.00		107.695		2,929,307.51		2,720,000.00		2,753,905.07		175,402.44			(6,119.00	)		—		—		4.85		4.335	FA		54,966.67		65,960.00		4/25/2008		2/1/2013
35047AAA6	FOUNDATION RE LTD CORP BND 144A						3FE		5,013,184.00		93.445		4,854,650.00		5,000,000.00		5,002,720.71		(148,070.71	)		(3,169.00	)		—		—		7.195		9.529	FMAN		44,969.12		177,235.00		10/7/2008		11/26/2010
354613AE1	FRANKLIN RESOURCES INC. CORP BND						1FE		1,974,114.00		101.157		1,997,850.39		1,975,000.00		1,974,150.12		23,700.27			36.00			—		—		2		2.015	MN		4,498.61		—		5/19/2010		5/20/2013
36186CBF9	GMAC LLC CORP BND GTD						1FE		11,960,952.00		102.878		12,324,784.16		11,980,000.00		11,966,565.83		358,218.33			2,618.00			—		—		2.2		2.247	JD		8,785.33		131,780.00		6/3/2009		12/19/2012
368710AG4	GENENTECH INC CORP BND						1FE		802,028.00		110.264		826,978.00		750,000.00		796,520.79		30,457.21			(4,192.00	)		—		—		4.75		3.4	JJ		16,427.08		17,813.00		10/29/2009		7/15/2015
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND						1FE		4,489,680.00		114.28		4,571,200.88		4,000,000.00		4,460,138.58		111,062.30			(29,541.00	)		—		—		5.375		2.94	FA		81,222.22		—		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND						1FE		2,140,411.00		101.082		2,173,263.03		2,150,000.00		2,145,118.82		28,144.21			2,313.00			—		—		1.8		2.022	JJ		17,845.00		21,608.00		6/19/2009		7/15/2011
369604BC6	GE CAPITAL CORP CORP BND						1FE		5,498,186.00		108.946		5,915,782.68		5,430,000.00		5,495,953.42		419,829.26			(2,233.00	)		—		—		5.25		5.052	JD		19,796.88		142,538.00		2/19/2010		12/6/2017
36962G3T9	GE CAPITAL CORP CORP BND						1FE		5,275,481.00		106.425		5,427,693.05		5,100,000.00		5,238,038.22		189,654.83			(22,751.00	)		—		—		4.8		3.784	MN		40,800.00		122,400.00		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP SENIOR CORP BND						1FE		261,338.00		108.731		271,828.75		250,000.00		260,766.14		11,062.61			(443.00	)		—		—		6		5.395	FA		6,000.00		7,500.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND						??		230,445.00		103.149		232,084.98		225,000.00		229,151.84		2,933.14			(941.00	)		—		—		3.5		2.599	FA		3,018.75		3,938.00		10/20/2009		8/13/2012
36962G4H4	GE CAPITAL CORP CORP BND						1FE		9,987,581.00		101.369		10,136,896.50		10,000,000.00		9,989,247.64		147,648.86			1,666.00			—		—		2.8		2.844	JJ		134,555.56		—		2/19/2010		1/8/2013
36962GK86	GE CAPITAL CORP CORP BND						1FE		1,589,400.00		105.866		1,587,990.53		1,500,000.00		1,587,423.41		567.12			(1,977.00	)		—		—		4.75		3.255	MS		20,979.17		—		5/19/2010		9/15/2014
36962GXS8	GENERAL ELEC CAP CO CORP BND						1FE		4,511,962.00		106.197		4,831,963.09		4,550,000.00		4,530,940.94		301,022.15			5,482.00			—		—		5.875		6.15	FA		100,984.72		133,656.00		9/24/2008		2/15/2012
36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00		107.387		3,221,605.44		3,000,000.00		3,075,218.24		146,387.20			(18,064.00	)		—		—		6		4.644	JD		8,000.00		90,000.00		1/14/2008		6/15/2012
36962GZY3	GENERAL ELEC CAP CO CORP BND						1FE		6,660,428.00		107.755		6,626,935.64		6,150,000.00		6,620,349.91		6,585.73			(39,595.00	)		—		—		5.45		2.329	JJ		154,552.92		4,088.00		4/8/2010		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		1,296,269.00		103.43		1,344,590.00		1,300,000.00		1,298,166.77		46,423.23			614.00			—		—		3		3.101	JD		2,383.33		19,500.00		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		4,306,742.00		102.738		4,417,733.96		4,300,000.00		4,304,039.50		113,694.46			(1,010.00	)		—		—		2.2		2.15	JD		6,043.89		47,300.00		2/20/2009		6/8/2012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		9,896,931.00		100.993		9,998,353.93		9,900,000.00		9,898,918.49		99,435.44			762.00			—		—		1.8		1.816	MS		54,450.00		89,100.00		3/9/2009		3/11/2011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		3,000,000.00		100.819		3,017,371.47		3,000,000.00		3,000,000.00		17,371.47			—			—		—		0.736		1.531	MJSD		1,043.29		6,900.00		3/9/2009		3/12/2012
373334JM4	GEORGIA POWER COMPANY CORP BND						1FE		14,714,084.00		112.875		14,764,007.10		13,080,000.00		14,619,582.44		144,424.66			(94,502.00	)		—		—		6		2.311	MN		130,800.00		392,400.00		4/9/2010		11/1/2013
373334JQ5	GEORGIA POWER COMPANY CORP BND				1		1FE		4,600,000.00		100.104		4,604,783.82		4,600,000.00		4,600,000.00		4,783.82			—			—		—		0.857		0.576	MJSD		1,752.21		6,711.00		3/9/2010		3/15/2013
377372AC1	GLAXOSK CAP INC CORP BND						1FE		19,423,975.00		109.18		20,089,211.27		18,400,000.00		19,197,476.31		891,734.96			(125,084.00	)		—		—		4.85		3.253	MN		114,028.88		446,200.00		1/28/2010		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND						1FE		819,038.00		107.606		807,041.30		750,000.00		809,592.22		(2,550.92	)		(7,125.00	)		—		—		6		3.755	MN		7,500.00		22,500.00		10/29/2009		5/1/2014
38141EA41	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		1,191,114.00		101.61		1,185,787.20		1,167,000.00		1,187,119.35		(1,332.15	)		(3,784.00	)		—		—		3.625		2.765	FA		17,626.56		9,516.00		5/28/2010		8/1/2012
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00		105.959		4,238,341.36		4,000,000.00		4,042,996.28		195,345.08			(13,158.00	)		—		—		6.6		5.859	JJ		121,733.33		132,000.00		8/14/2007		1/15/2012
38141GCG7	GOLDMAN SACHS GROUP INC CORP BND						1FE		1,402,821.00		105.785		1,411,169.21		1,334,000.00		1,400,586.22		10,582.99			(2,235.00	)		—		—		5.7		3.294	MS		25,346.00		—		5/28/2010		9/1/2012
38141GDK7	GOLDMAN SACHS GROUP INC CORP BND						1FE		17,303,872.00		104.194		17,504,581.75		16,800,000.00		17,282,168.54		222,413.21			(21,703.00	)		—		—		4.75		3.741	JJ		367,966.67		—		5/5/2010		7/15/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND						1FE		3,059,790.00		104.645		3,139,357.44		3,000,000.00		3,058,629.99		80,727.45			(1,160.00	)		—		—		5.125		4.642	JJ		70,895.83		—		5/18/2010		1/15/2015
38141GEV2	GOLDMAN SACHS CORP BND						1FE		690,076.00		104.052		692,989.23		666,000.00		689,023.96		3,965.27			(1,052.00	)		—		—		5.3		3.094	FA		13,432.85		—		5/28/2010		2/14/2012
38143UAB7	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		213,708.00		104.782		209,564.94		200,000.00		212,788.22		(3,223.28	)		(920.00	)		—		—		5.15		3.223	JJ		4,749.44		—		3/18/2010		1/15/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		7,535,471.00		105.54		7,739,219.75		7,333,000.00		7,490,660.22		248,559.53			(13,474.00	)		—		—		5.45		4.465	MN		66,608.09		136,250.00		5/28/2010		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND						1FE		12,173,000.00		104.8		12,313,999.41		11,750,000.00		12,004,058.77		309,940.64			(62,902.00	)		—		—		3.25		2.116	JD		16,972.22		190,938.00		2/20/2009		6/15/2012
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND						1FE		488,635.00		104.149		520,743.21		500,000.00		495,986.98		24,756.23			2,179.00			—		—		6.75		7.721	MN		4,312.50		16,875.00		9/30/2008		5/15/2011
40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.00		101.8		203,600.65		200,000.00		199,636.67		3,963.98			329.00			—		—		5.25		5.599	JJ		4,870.83		5,250.00		6/30/2007		1/14/2011
40429CFV9	HSBC FINANCE CORP BND CORP						1FE		9,139,665.00		93.722		8,903,590.00		9,500,000.00		9,155,936.01		(252,346.01	)		16,271.00			—		—		0.553		1.592	JAJO		11,232.79		—		4/26/2010		1/15/2014
4042EPAA5	HSBC USA INC CORP BND GOV GUAR						1FE		1,859,164.00		103.714		1,866,852.09		1,800,000.00		1,830,388.26		36,463.83			(10,159.00	)		—		—		3.125		1.946	JD		2,343.75		28,125.00		1/28/2009		12/16/2011
428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,224.00		106.622		3,054,718.38		2,865,000.00		2,864,364.92		190,353.46			178.00			—		—		5.25		5.264	MS		50,137.50		75,206.00		2/22/2007		3/1/2012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,547,098.00		108.118		5,676,171.17		5,250,000.00		5,479,038.15		197,133.02			(40,627.00	)		—		—		4.5		2.792	MS		78,750.00		118,125.00		8/31/2009		3/1/2013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,127,237.00		114.528		7,415,702.83		6,475,000.00		6,966,585.69		449,117.14			(61,146.00	)		—		—		6.125		3.883	MS		132,197.91		198,297.00		10/26/2009		3/1/2014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,549.00		104.409		1,078,880.31		1,025,000.00		1,024,743.34		54,136.97			74.00			—		—		4.25		4.266	FA		15,367.87		21,781.00		2/23/2009		2/24/2012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND						1FE		10,351,764.00		110.334		10,568,911.39		9,579,000.00		10,293,592.65		275,318.74			(57,504.00	)		—		—		4.75		2.73	JD		36,652.98		227,501.00		4/9/2010		6/2/2014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,662.00		100.991		1,035,162.33		1,025,000.00		1,024,845.15		10,317.18			84.00			—		—		2.25		2.267	MN		2,178.13		11,531.00		5/21/2009		5/27/2011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,100,308.00		100.958		5,095,350.26		5,047,000.00		5,080,750.47		14,599.79			(18,436.00	)		—		—		1.586		0.689	FMAN		7,783.43		31,440.00		12/16/2009		5/27/2011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP						1FE		3,175,427.00		106.106		3,269,660.92		2,993,000.00		3,102,862.62		166,798.30			(24,155.00	)		—		—		5.625		3.77	FA		70,148.44		84,178.00		1/14/2010		8/1/2012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND						1FE		5,162,275.00		107.442		5,372,113.40		5,000,000.00		5,136,073.32		236,040.08			(16,668.00	)		—		—		3.875		3.075	FA		73,194.44		87,188.00		2/17/2010		2/15/2014
44924EAB6	IBM INTL GROUP CAPITAL CORP BND						1FE		11,100,025.00		108.444		11,787,828.79		10,870,000.00		11,002,904.26		784,924.53			(27,156.00	)		—		—		5.05		4.483	AO		105,212.55		274,468.00		3/5/2009		10/22/2012
459200GN5	IBM CORP CORP BND						1FE		3,209,711.00		115.329		3,344,529.35		2,900,000.00		3,135,298.97		209,230.38			(33,080.00	)		—		—		6.5		3.846	AO		39,794.45		94,250.00		6/11/2009		10/15/2013
459200GQ8	IBM CORP CORP BND						1FE		1,800,000.00		100.083		1,801,494.15		1,800,000.00		1,800,000.00		1,494.15			—			—		—		0.384		0.318	FMAN		1,114.70		2,721.00		11/3/2009		11/4/2011
459200GR6	IBM CORP CORP BND						1FE		6,794,492.00		101.419		6,896,482.55		6,800,000.00		6,795,488.56		100,993.99			761.00			—		—		2.1		2.124	MN		21,816.67		71,400.00		11/3/2009		5/6/2013
46623EHJ1	JPMORGAN CHASE & CO CORP BND						1FE		7,438,200.00		99.369		7,452,675.23		7,500,000.00		7,451,170.04		1,505.19			12,036.00			—		—		0.663		0.736	MJSD		914.17		14,560.00		12/15/2009		6/25/2012
46625HAJ9	JP MORGAN CHASE & CO CORP BND						1FE		6,522,813.00		103.157		6,447,340.25		6,250,000.00		6,301,871.45		145,468.80			(43,000.00	)		—		—		6.75		5.29	FA		175,781.25		210,938.00		10/5/2007		2/1/2011
46625HCE8	JPMORGAN CHASE & CO CORP BND						1FE		182,025.00		106.686		186,701.14		175,000.00		181,229.47		5,471.67			(592.00	)		—		—		4.75		3.908	MS		2,770.83		4,156.00		10/29/2009		3/1/2015
46625HGG9	JP MORGAN & COMPANY INC CORP BND						1FE		480,584.00		104.267		490,054.89		470,000.00		472,953.83		17,101.06			(1,546.00	)		—		—		5.6		4.891	JD		2,193.33		13,160.00		11/28/2007		6/1/2011
46625HGT1	JPMORGAN CHASE & CO CORP BND						1FE		5,222,250.00		107.333		5,366,667.95		5,000,000.00		5,113,021.10		253,646.85			(23,484.00	)		—		—		5.375		4.31	AO		67,187.50		134,375.00		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND						1FE		23,375,312.00		106.714		24,010,690.52		22,500,000.00		23,292,685.31		718,005.21			(86,879.00	)		—		—		4.75		3.429	MN		178,125.00		534,375.00		4/23/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND						1FE		3,390,096.00		106.451		3,406,421.38		3,200,000.00		3,367,613.32		38,808.06			(19,775.00	)		—		—		4.65		3.215	JD		12,400.00		74,400.00		12/16/2009		6/1/2014
46625HHP8	JPMORGAN CHASE & CO SENIOR CORP BND						1FE		15,158,250.00		101.908		15,286,270.50		15,000,000.00		15,152,701.38		133,569.12			(5,549.00	)		—		—		3.7		3.456	JJ		248,208.33		—		5/14/2010		1/20/2015

Validus Holdings, Ltd June 30, 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
									RATE USED
			FOREIGN	BOND	NAIC		ACTUAL		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
479403AB3	JOHNSTON RE LTD CORP BND 144A					3FE		5,000,000.00		96.888		4,844,400.00		5,000,000.00		5,000,000.00		(155,600.00	)		—			—		—		6.5		0	MJSD		49,652.78		—		4/30/2010		5/8/2013
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND					1FE		3,444,325.00		101.344		3,441,792.42		3,410,000.00		3,436,547.83		5,244.59			(6,606.00	)		—		—		0.918		0.28	MJSD		782.76		11,055.00		11/24/2009		6/22/2012
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		2,523,435.00		102.775		2,595,068.80		2,525,000.00		2,524,039.90		71,028.90			237.00			—		—		2.2		2.22	JD		2,468.89		27,775.00		2/18/2009		6/15/2012
49327GAB3	KEYCORP - GTD CORP BND MTN					1FE		4,557,024.00		100.883		4,539,715.29		4,500,000.00		4,537,466.35		2,248.94			(12,597.00	)		—		—		0.939		0.286	MON		1,408.41		19,478.00		9/18/2009		12/19/2011
49328CAA3	KEYBANK NA - GTD CORP BND					1FE		2,088,898.00		104.696		2,093,919.98		2,000,000.00		2,072,680.85		21,239.13			(16,217.00	)		—		—		3.2		1.312	JD		2,844.44		32,000.00		1/15/2010		6/15/2012
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		5,489,332.00		104.37		5,583,785.75		5,350,000.00		5,453,331.97		130,453.78			(26,982.00	)		—		—		3.55		2.366	MS		60,670.48		94,963.00		2/12/2010		3/6/2012
55263ECH6	MBNA CORPORATION CORP BND					1FE		352,688.00		96.24		356,328.97		330,000.00		342,581.20		13,747.77			(2,170.00	)		—		—		6.125		4.59	MS		6,737.50		10,106.00		1/30/2008		3/1/2013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT					1FE		2,444,463.00		108.48		2,495,031.31		2,300,000.00		2,409,205.01		85,826.30			(21,357.00	)		—		—		7.125		4.977	MN		20,939.58		81,938.00		8/31/2009		11/15/2012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		115		5,031,250.00		4,375,000.00		4,687,434.98		343,815.02			(83,363.00	)		—		—		9.75		5.417	AO		106,640.63		213,281.00		5/31/2007		4/1/2012
585055AG1	MEDTRONIC INC CORP BND					1FE		2,921,280.00		102.669		3,020,389.62		3,000,000.00		2,994,412.01		25,977.61			13,256.00			—		—		4.375		5.301	MS		38,645.83		65,625.00		8/2/2007		9/15/2010
585055AR7	MEDTRONIC INC CORP BND					1FE		20,321,742.00		103.35		20,825,033.88		20,150,000.00		20,316,521.33		508,512.55			(5,220.00	)		—		—		3		2.811	MS		176,312.50		—		4/30/2010		3/15/2015
589331AK3	MERCK & CO INC CORP BND					1FE		8,701,863.00		110.335		8,826,790.81		8,000,000.00		8,652,253.29		174,537.52			(49,427.00	)		—		—		4.75		2.871	MS		126,666.67		190,000.00		2/17/2010		3/1/2015
589331AL1	MERCK & CO INC CORP BND					1FE		3,502,410.00		106.917		3,685,567.43		3,470,000.00		3,481,461.80		204,105.63			(3,978.00	)		—		—		5.125		4.873	MN		22,723.68		88,919.00		9/10/2007		11/15/2011
589331AR8	MERCK & CO INC CORP BND					1FE		2,099,496.00		101.192		2,125,032.02		2,100,000.00		2,099,749.35		25,282.67			123.00			—		—		1.875		1.887	JD		109.37		19,688.00		6/22/2009		6/30/2011
5901884M7	MERRILL LYNCH & CO INC CORP BND					1FE		8,857,680.00		102.452		8,708,461.14		8,500,000.00		8,848,199.64		(139,738.50	)		(9,480.00	)		—		—		6.05		5.231	MN		64,281.25		257,125.00		4/16/2010		5/16/2016
59018YM40	MERRILL LYNCH & CO INC CORP BND					1FE		7,096,913.00		104.696		7,328,749.33		7,000,000.00		7,085,812.53		242,936.80			(11,101.00	)		—		—		5.45		4.941	FA		154,719.44		—		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN					1FE		7,066,778.00		99.458		7,022,615.25		6,550,000.00		7,007,937.94		14,677.31			(53,244.00	)		—		—		6.15		3.52	AO		73,851.25		201,413.00		3/4/2010		4/25/2013
59018YTZ4	MERRILL LYNCH & CO INC CORP BND					1FE		2,251,650.00		104.426		2,219,055.62		2,125,000.00		2,239,422.19		(20,366.57	)		(12,228.00	)		—		—		5.45		3.993	JJ		53,402.43		57,906.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		99.131		3,965,239.88		4,000,000.00		4,001,531.13		(36,291.25	)		(737.00	)		—		—		0.516		3.696	JAJO		3,782.39		9,414.00		12/24/2008		7/25/2011
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND					1FE		3,414,528.00		103.482		3,449,461.66		3,200,000.00		3,393,340.08		56,121.58			(20,846.00	)		—		—		4.65		3.121	AO		37,200.01		74,400.00		12/23/2009		10/1/2014
617446B99	MORGAN STANLEY CORP BND					1FE		469,255.00		0		460,304.99		500,000.00		474,019.83		(13,714.84	)		3,497.00			—		—		0.595		2.096	JAJO		686.19		1,434.00		10/22/2009		1/9/2014
617446HC6	MORGAN STANLEY CORP BND					1FE		1,602,555.00		105.871		1,588,058.40		1,500,000.00		1,545,565.45		42,492.95			(12,243.00	)		—		—		6.6		4.77	AO		24,750.00		49,500.00		1/25/2008		4/1/2012
617446V89	MORGAN STANLEY CORP BND MTN					1FE		542,275.00		103.6		524,133.49		500,000.00		534,240.77		(10,107.28	)		(7,572.00	)		—		—		5.75		2.482	FA		9,663.19		14,375.00		12/16/2009		8/31/2012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		96.885		4,048,960.75		4,075,000.00		4,077,241.24		(28,280.49	)		(2,012.00	)		—		—		0.554		5.5	JAJO		4,580.95		10,668.00		1/19/2007		1/18/2011
61746BCW4	MORGAN STANLEY CORP BND MTN					1FE		8,172,370.00		103.313		8,265,070.16		8,000,000.00		8,174,209.24		90,860.92			(9,110.00	)		—		—		5.625		4.126	JJ		215,000.00		84,375.00		5/20/2010		1/9/2012
61747YCE3	MORGAN STANLEY CORP BND MTN					1FE		9,945,534.00		103.387		9,904,438.87		9,580,000.00		9,942,571.40		(38,132.53	)		(2,962.00	)		—		—		6		5.104	AO		100,590.00		—		6/22/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND					1FE		11,920,457.00		105.28		11,580,762.93		11,000,000.00		11,849,324.43		(268,561.50	)		(71,132.00	)		—		—		6		3.831	MN		88,000.00		300,000.00		5/19/2010		5/13/2014
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		14,907,014.00		102.303		15,345,450.15		15,000,000.00		14,948,804.67		396,645.48			12,781.00			—		—		1.95		2.127	JD		8,937.50		146,250.00		1/6/2010		6/20/2012
61757UAL4	MORGAN STANLEY-GTD CORP BND					1FE		3,023,745.00		100.631		3,018,922.92		3,000,000.00		3,015,824.81		3,098.11			(4,842.00	)		—		—		0.654		0.421	FMAN		2,832.22		8,179.00		9/2/2009		2/10/2012
61757UAN0	MORGAN STANLEY-GTD CORP BND					1FE		1,002,110.00		100.546		1,005,457.87		1,000,000.00		1,001,228.87		4,229.00			(354.00	)		—		—		0.736		1.453	MJSD		347.76		2,304.00		4/2/2009		3/13/2012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND					1FE		5,192,010.00		103.152		5,224,326.15		5,050,000.00		5,133,647.26		90,678.89			(28,024.00	)		—		—		3		1.843	JD		6,312.50		75,750.00		9/8/2009		12/16/2011
665501AD4	NORTHERN NAT GAS CO CORP BND 144A					??		1,608,465.00		105.633		1,584,495.17		1,500,000.00		1,576,325.58		8,169.59			(32,139.00	)		—		—		7		1.401	JD		8,750.00		52,500.00		2/5/2010		6/1/2011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		111.253		8,343,998.94		7,500,000.00		7,613,956.60		730,042.34			(16,796.00	)		—		—		5.5		4.965	FA		155,833.34		206,250.00		3/23/2009		8/15/2013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		1,623,326.00		107.739		1,750,763.70		1,625,000.00		1,623,757.75		127,005.95			157.00			—		—		4.125		4.148	FA		26,253.91		33,516.00		2/4/2009		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND					1FE		15,729,053.00		101.406		15,971,514.45		15,750,000.00		15,730,943.80		240,570.65			1,891.00			—		—		1.9		1.944	AO		87,281.25		—		3/9/2010		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND					1FE		20,352,249.00		102.645		20,990,820.70		20,450,000.00		20,357,397.05		633,423.65			5,148.00			—		—		2.9		3.001	AO		172,972.92		—		3/9/2010		4/24/2015
68389XAD7	ORACLE CORPORATION SENIOR CORP BND					1FE		5,412,790.00		109.277		5,819,012.88		5,325,000.00		5,386,362.73		432,650.15			(10,282.00	)		—		—		4.95		4.502	AO		55,646.25		131,794.00		3/5/2009		4/15/2013
68402LAC8	ORACLE CORP CORP BND					1FE		11,066,300.00		112.787		11,278,727.00		10,000,000.00		11,034,450.97		244,276.03			(31,849.00	)		—		—		5.25		3.197	JJ		242,083.33		—		4/20/2010		1/15/2016
68402LAE4	ORACLE CORP CORP BND					1		6,126,037.00		102.398		6,169,466.57		6,025,000.00		6,045,143.04		124,323.53			(18,321.00	)		—		—		5		4.365	JJ		138,909.73		150,625.00		3/6/2008		1/15/2011
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT					1FE		29,626,625.00		102.992		30,382,639.13		29,500,000.00		29,613,240.78		769,398.35			(10,204.00	)		—		—		2.3		2.099	JD		16,962.50		339,250.00		5/3/2010		6/22/2012
69371RJ98	PACCAR FINL CORP BND					1FE		6,366,521.00		100.263		6,391,763.38		6,375,000.00		6,366,632.45		25,130.93			111.00			—		—		2.05		2.096	JD		5,445.31		—		6/9/2010		6/17/2013
69373UAA5	PACCAR INC CORP BND					1FE		6,255,597.00		116.016		6,496,898.52		5,600,000.00		6,199,463.44		297,435.08			(56,133.00	)		—		—		6.875		3.692	FA		145,444.44		—		2/19/2010		2/15/2014
701489AA4	PARKTON RE LTD CORP BND 144A					4FE		1,750,000.00		100.913		1,765,977.50		1,750,000.00		1,750,000.00		15,977.50			—			—		—		10.5		10.646	MJSD		5,104.17		92,908.00		7/23/2009		5/6/2011
713448BF4	PEPSICO INC CORP BND					1FE		1,013,969.00		107.536		1,010,834.63		940,000.00		1,005,287.07		5,547.56			(8,682.00	)		—		—		5.15		1.379	MN		6,185.72		24,205.00		3/25/2010		5/15/2012
713448BK3	PEPSICO INC SENIOR CORP BND					1FE		19,458,660.00		106.355		20,739,173.53		19,500,000.00		19,468,899.55		1,270,273.98			3,875.00			—		—		3.75		3.797	MS		243,750.00		365,625.00		2/25/2009		3/1/2014
713448BL1	PEPSICO INC CORP BND					1FE		4,000,000.00		100.034		4,001,359.88		4,000,000.00		4,000,000.00		1,359.88			—			—		—		0.333		0.281	JAJO		2,847.37		2,844.00		1/11/2010		7/15/2011
717081CZ4	PFIZER INC. CORP BND					1FE		2,883,727.00		105.954		2,912,663.14		2,749,000.00		2,870,198.68		42,464.46			(13,694.00	)		—		—		4.45		1.806	MS		36,019.54		11,125.00		4/15/2010		3/15/2012
717081DA8	PFIZER INC. CORP BND					1FE		1,380,478.00		113.309		1,416,359.80		1,250,000.00		1,368,316.83		48,042.97			(10,068.00	)		—		—		5.35		3.168	MS		19,690.97		33,438.00		2/17/2010		3/15/2015
717081DC4	PFIZER INC. CORP BND					1FE		1,575,000.00		101.409		1,597,191.71		1,575,000.00		1,575,000.00		22,191.71			—			—		—		2.487		3.173	MJSD		1,740.94		17,560.00		3/17/2009		3/15/2011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		6,108,095.00		108.231		6,629,126.51		6,125,000.00		6,114,783.31		514,343.20			1,629.00			—		—		4.875		4.938	MN		37,324.21		149,297.00		5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		7,341,676.00		115.734		7,407,004.43		6,400,000.00		7,286,300.43		120,704.00			(51,660.00	)		—		—		6.875		2.911	MS		127,111.10		25,781.00		4/14/2010		3/17/2014
742718DA4	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,275,910.00		112.056		3,361,666.50		3,000,000.00		3,232,371.31		129,295.19			(26,194.00	)		—		—		4.95		2.942	FA		56,100.00		74,250.00		8/31/2009		8/15/2014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,571,225.00		105.703		3,699,605.39		3,500,000.00		3,561,151.11		138,454.28			(6,071.00	)		—		—		3.5		3.092	FA		46,277.78		61,250.00		8/31/2009		2/15/2015
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND					1FE		549,021.00		100.926		555,091.12		550,000.00		549,041.08		6,050.04			20.00			—		—		2.7		2.739	MN		1,691.25		—		5/17/2010		5/1/2015
771196AN2	ROCHE HOLDINGS INC CORP BND 144A					1FE		9,034,861.00		105.44		9,489,574.17		9,000,000.00		9,030,485.78		459,088.39			(9,014.00	)		—		—		4.5		4.283	MS		135,000.00		202,500.00		10/14/2009		3/1/2012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A					1FE		19,993,133.00		110.309		20,407,161.87		18,500,000.00		19,850,589.42		556,572.45			(140,140.00	)		—		—		5		2.887	MS		308,333.33		462,500.00		2/19/2010		3/1/2014
771196AX0	ROCHE HOLDINGS INC CORP BND 144A					1FE		4,673,625.00		101.108		4,658,604.09		4,600,000.00		4,639,961.17		18,642.92			(30,164.00	)		—		—		2.497		1.266	FMAN		11,804.70		52,199.00		12/9/2009		2/25/2011
78387GAH6	AT&T INC CORP BND					1FE		2,163,060.00		107.354		2,147,072.14		2,000,000.00		2,108,041.23		39,030.91			(33,125.00	)		—		—		5.875		2.382	FA		48,958.33		58,750.00		8/31/2009		2/1/2012
78387GAP8	AT&T INC CORP BND					1FE		3,235,500.00		110.756		3,322,666.86		3,000,000.00		3,199,291.25		123,375.61			(21,663.00	)		—		—		5.1		3.392	MS		45,050.00		76,500.00		8/31/2009		9/15/2014
824348AN6	SHERWIN-WILLIAMS COMPANY THE CORP BND					1FE		5,008,830.00		103.709		5,185,457.60		5,000,000.00		5,008,307.33		177,150.27			(522.00	)		—		—		3.125		3.085	JD		6,944.44		75,521.00		2/19/2010		12/15/2014
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND					1FE		49,806.00		101		50,209.00		50,000.00		49,990.66		218.34			37.00			—		—		4.875		5.029	FA		920.84		1,219.00		12/5/2007		8/15/2010
842587AB3	SOUTHERN COMPANY CORP BND					1FE		3,225,440.00		104.914		3,390,686.75		3,200,000.00		3,210,006.36		180,680.39			(3,086.00	)		—		—		5.3		5.086	JJ		78,204.44		84,800.00		10/23/2007		1/15/2012
846042AB5	SOVEREIGN BANCORP INC - GTD CORP BND					1FE		2,483,688.00		101.259		2,529,379.96		2,450,000.00		2,470,943.43		58,436.53			(5,189.00	)		—		—		2.5		2.052	JD		2,722.22		30,625.00		4/2/2009		6/15/2012
857477AC7	STATE STREET CORPORATION SENIOR CORP BND					1FE		1,101,890.00		94.838		1,136,930.49		1,140,000.00		1,122,244.06		14,686.43			4,721.00			—		—		0.438		3.897	JAJO		859.57		2,114.00		4/30/2008		4/30/2012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND					1FE		8,335,014.00		102.64		8,442,139.92		8,225,000.00		8,314,954.66		127,185.26			(20,896.00	)		—		—		2.15		1.541	AO		29,964.13		88,419.00		1/27/2010		4/30/2012
863667AA9	STRYKER CORP CORP BND					1FE		5,494,170.00		103.02		5,666,115.79		5,500,000.00		5,494,672.33		171,443.46			502.00			—		—		3		3.023	JJ		76,083.33		—		1/12/2010		1/15/2015
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR					1FE		2,574,034.00		103.348		2,583,700.18		2,500,000.00		2,543,134.92		40,565.26			(15,375.00	)		—		—		3		1.724	MN		9,375.00		37,500.00		6/24/2009		11/16/2011
88166BAA8	TEVA PHARMACEUTICAL FINANCE II SENIOR					??		2,300,000.00		100.204		2,304,692.05		2,300,000.00		2,300,000.00		4,692.05			—			—		—		0.939		0.939	MJSD		779.84		—		6/15/2010		12/19/2011
88166BAB6	TEVA PHARMACEUTICAL FINANCE II SENIOR					1FE		3,996,080.00		100.379		4,015,162.04		4,000,000.00		3,996,148.98		19,013.06			69.00			—		—		1.5		1.55	JD		2,166.67		—		6/15/2010		6/15/2012
88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND					1FE		14,631,834.00		101.959		14,937,037.46		14,650,000.00		14,631,952.92		305,084.54			119.00			—		—		3		3.027	JD		15,870.83		—		6/15/2010		6/15/2015
88579EAD7	3M COMPANY SENIOR CORP BND					??		4,363,958.00		108.391		4,416,950.28		4,075,000.00		4,286,527.79		130,422.49			(41,281.00	)		—		—		4.65		2.459	JD		8,421.66		94,744.00		7/20/2009		12/15/2012
88732JAK4	TIME WARNER CABLE INC SENIOR CORP BND					2FE		1,676,085.00		111.588		1,673,822.94		1,500,000.00		1,670,634.47		3,188.47			(5,451.00	)		—		—		6.2		2.257	JJ		46,500.00		—		5/20/2010		7/1/2013
89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN					1FE		4,744,110.00		102.141		4,851,704.34		4,750,000.00		4,744,151.88		107,552.46			42.00			—		—		3.2		3.227	JD		5,911.11		—		6/14/2010		6/17/2015
90333WAA6	US BANK NA CORP BND					1FE		1,439,603.00		105.761		1,454,213.80		1,375,000.00		1,398,702.92		55,510.88			(10,504.00	)		—		—		6.375		4.726	FA		36,523.45		43,828.00		9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND					1FE		14,757,824.00		102.188		14,950,104.99		14,630,000.00		14,741,472.29		208,632.70			(16,424.00	)		—		—		1.9		1.561	AO		55,594.00		138,985.00		3/4/2010		10/19/2012
911312AG1	UNITED PARCEL SERVICE INC SENIOR CORP					1FE		12,184,671.00		107.867		12,296,804.60		11,400,000.00		12,026,936.28		269,868.32			(116,867.00	)		—		—		4.5		2.258	JJ		236,550.00		228,375.00		1/22/2010		1/15/2013
911312AL0	UNITED PARCEL SERVICE INC CORP BND					1FE		12,414,426.00		107.131		12,641,472.87		11,800,000.00		12,386,391.88		255,080.99			(28,034.00	)		—		—		3.875		2.479	AO		114,312.50		—		4/20/2010		4/1/2014
91159HGJ3	US BANCORP CORP BND					1FE		4,538,500.00		100.257		4,486,508.90		4,475,000.00		4,477,377.65		9,131.25			(15,287.00	)		—		—		4.5		3.8	JJ		85,025.00		100,688.00		6/5/2008		7/29/2010
91159HGS3	US BANCORP CORP BND					1FE		1,250,063.00		101.115		1,263,942.91		1,250,000.00		1,250,058.40		13,884.51			(4.00	)		—		—		2.125		2.123	FA		10,034.72		11,510.00		12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN					1FE		549,043.00		102.203		562,117.14		550,000.00		549,100.58		13,016.56			58.00			—		—		3.15		3.188	MS		5,630.63		—		3/1/2010		3/4/2015
91159HGW4	US BANCORP CORP BND					1FE		14,531,813.00		100.693		14,650,820.44		14,550,000.00		14,532,086.98		118,733.46			274.00			—		—		2		2.043	JD		13,741.66		—		6/9/2010		6/14/2013
91160HAC1	US BANCORP - (LT) GTD CORP BND					1FE		2,004,620.00		101.955		2,039,099.88		2,000,000.00		2,002,932.36		36,167.52			(764.00	)		—		—		1.8		1.72	MN		4,600.00		18,000.00		5/19/2009		5/15/2012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND					1FE		2,134,718.00		103.755		2,075,107.76		2,000,000.00		2,047,087.50		28,020.26			(34,321.00	)		—		—		6.35		2.767	MS		42,333.34		63,500.00		3/18/2009		3/1/2011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND					1FE		799,383.00		106.712		837,034.44		770,000.00		785,832.53		51,201.91			(3,975.00	)		—		—		6.1		4.936	MN		6,001.72		23,485.00		9/24/2008		5/15/2012
91913YAQ3	VALERO ENERGY CORPORATION CORP BND					2FE		1,531,485.00		102.302		1,534,530.72		1,500,000.00		1,530,908.26		3,622.46			(577.00	)		—		—		4.5		4.003	FA		26,812.50		—		5/20/2010		2/1/2015
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND					1FE		4,434,008.00		102.787		4,435,249.90		4,315,000.00		4,343,785.33		91,464.57			(22,460.00	)		—		—		5.35		4.254	FA		87,210.94		115,426.00		5/30/2008		2/15/2011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND					1FE		3,367,012.00		102.78		3,186,180.00		3,100,000.00		3,142,265.03		43,914.97			(49,422.00	)		—		—		7.25		3.925	JD		18,729.17		112,375.00		2/22/2008		12/1/2010
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND					1FE		6,784,125.00		101.199		6,866,995.82		6,250,000.00		6,752,631.33		114,364.49			(31,494.00	)		—		—		4.9		3.21	MS		90,173.61		153,125.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		6,369,195.00		117.126		6,475,888.09		5,529,000.00		6,322,706.97		153,181.12			(45,180.00	)		—		—		7.375		2.87	MN		52,103.14		203,882.00		4/20/2010		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,237,052.00		106.295		8,716,156.72		8,200,000.00		8,227,181.76		488,974.96			(7,983.00	)		—		—		5.25		5.028	FA		179,375.01		215,250.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		22,328,738.00		111.315		24,071,809.94		21,625,000.00		22,268,026.02		1,803,783.92			(63,089.00	)		—		—		5.55		4.617	FA		500,078.15		405,844.00		2/19/2010		2/1/2014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		1,800,000.00		102.228		1,840,103.95		1,800,000.00		1,800,000.00		40,103.95			—			—		—		3.065		3.025	FMAN		6,435.85		25,886.00		11/10/2009		5/20/2011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,869,642.00		102.496		9,096,536.78		8,875,000.00		8,871,905.69		224,631.09			1,697.00			—		—		3.75		3.79	MN		37,903.65		166,406.00		11/10/2009		5/20/2011

Validus Holdings, Ltd June 30, 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
										RATE USED
				FOREIGN	BOND	NAIC		ACTUAL		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
92976WBA3	WACHOVIA CORPORATION CORP BND MTN						1FE		527,500.00		101.414		543,491.14		500,000.00		516,289.08		27,202.06			(2,427.00	)		—		—		5.7		4.556	FA		11,875.00		14,250.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND						1FE		427,674.00		108.045		432,178.49		400,000.00		422,634.21		9,544.28			(3,755.00	)		—		—		5.5		3.389	MN		3,666.67		11,000.00		10/29/2009		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND						1FE		5,298,213.00		107.944		5,397,187.05		5,000,000.00		5,264,765.01		132,422.04			(33,448.00	)		—		—		4.25		2.28	AO		44,861.11		106,250.00		2/19/2010		4/15/2013
931142CQ4	WAL-MART STORES INC CORP BND						1FE		2,549,669.00		105.384		2,687,290.52		2,550,000.00		2,549,729.82		137,560.70			32.00			—		—		3.2		3.203	MN		10,426.67		40,800.00		5/14/2009		5/15/2014
931142CR2	WAL-MART STORES INC CORP BND						1FE		15,010,200.00		102.82		15,422,975.85		15,000,000.00		15,011,883.63		411,092.22			1,684.00			—		—		2.875		2.856	AO		107,812.50		—		5/20/2010		4/1/2015
931422AD1	WALGREEN CO CORP BND						1FE		6,200,660.00		109.693		6,828,375.99		6,225,000.00		6,209,490.89		618,885.10			2,294.00			—		—		4.875		4.963	FA		126,445.32		151,734.00		7/14/2008		8/1/2013
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND						1FE		1,298,479.00		103.122		1,345,005.87		1,300,000.00		1,298,479.00		46,526.87			—	��		—		—		3		3.658	JD		2,383.33		19,500.00		12/3/2008		12/9/2011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP						??		6,941,313.00		101.289		6,887,683.35		6,800,000.00		6,890,928.76		(3,245.41	)		(31,095.00	)		—		—		1.387		0.242	MJSD		5,764.55		37,990.00		9/8/2009		12/9/2011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND						1FE		829,784.00		102.651		852,003.31		830,000.00		829,859.69		22,143.62			35.00			—		—		2.125		2.134	JD		783.89		8,819.00		3/25/2009		6/15/2012
949746CE9	WELLS FARGO CORP CORP BND						1FE		10,690,800.00		104.927		10,492,700.20		10,000,000.00		10,504,331.06		(11,630.86	)		(186,469.00	)		—		—		6.375		1.667	FA		265,625.00		—		2/1/2010		8/1/2011
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		797,552.00		104.686		837,491.21		800,000.00		798,668.75		38,822.46			240.00			—		—		4.375		4.444	JJ		14,680.56		17,500.00		1/25/2008		1/31/2013
949748AF4	WELLS FARGO BANK CORP BND BKNT						1FE		6,681,303.12		102.953		6,614,715.48		6,425,000.00		6,540,257.49		74,457.99			(16,932.00	)		—		—		6.45		4.665	FA		172,671.88		64,500.00		12/5/2007		2/1/2011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		5,709,540.00		100.944		6,056,624.40		6,000,000.00		5,974,722.97		81,901.43			37,618.00			—		—		3.98		5.299	AO		41,126.67		119,400.00		9/7/2006		10/29/2010
94974BEU0	WELLS FARGO & COMPANY CORP BND						1FE		4,044,938.00		101.444		4,108,495.28		4,050,000.00		4,045,170.54		63,324.74			233.00			—		—		3.625		3.652	AO		37,110.94		—		3/23/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND						1FE		804,015.00		106.845		801,334.65		750,000.00		791,037.52		10,297.13			(9,449.00	)		—		—		5.5		2.781	FA		17,187.50		20,625.00		10/20/2009		8/1/2012
94980VAA6	WELLS FARGO & COMPANY CORP BND						1FE		5,001,841.00		104.857		5,242,861.55		5,000,000.00		5,001,771.27		241,090.28			(70.00	)		—		—		4.75		4.741	FA		93,680.56		—		2/19/2010		2/9/2015
94980VAE8	WELLS FARGO BANK CORP BND						1FE		11,132,218.00		107.972		11,681,451.95		10,819,000.00		11,117,357.02		564,094.93			(14,861.00	)		—		—		5.75		5.199	MN		79,489.60		311,046.00		2/19/2010		5/16/2016
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND						1FE		6,706,837.00		101.748		6,817,116.07		6,700,000.00		6,706,083.98		111,032.09			(935.00	)		—		—		1.75		1.71	MN		19,215.97		58,625.00		1/27/2010		11/2/2012
983024AA8	WYETH CORP BND						1FE		1,104,250.00		110.317		1,103,172.45		1,000,000.00		1,093,709.32		9,463.13			(10,541.00	)		—		—		5.5		1.929	MS		16,194.44		27,500.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND						1FE		8,152,990.00		112.244		8,418,328.28		7,500,000.00		8,096,079.69		322,248.59			(56,910.00	)		—		—		5.5		3.139	FA		171,875.00		—		2/19/2010		2/1/2014
98385XAP1	XTO ENERGY INC. SENIOR CORP BND						2FE		5,493,050.00		113.756		5,687,793.35		5,000,000.00		5,489,646.73		198,146.62			(3,403.00	)		—		—		5.5		4.048	JD		12,222.22		137,500.00		6/2/2010		6/15/2018
U36964ED9	GE CAPITAL CORP CORP BND EMTN						1FE		14,386,742.00		0		14,653,799.72		14,000,000.00		14,318,363.30		335,436.42			(68,379.00	)		—		—		5.25		3.758	FEB		265,416.67		735,000.00		2/19/2010		2/21/2012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND		O				1FE		742,349.00		104.722		869,705.72		525,000.00		743,308.18		126,397.54			367.00			—		37,827.19		5.5		5.634	MAR		14,171.43		43,467.00		2/25/2009		3/4/2015
064149B97	BANK OF NOVA SCOTIA CORP BND		A				1FE		7,972,000.00		101.388		8,111,072.41		8,000,000.00		7,972,294.82		138,777.59			295.00			—		—		2.375		2.48	JD		7,388.90		—		6/10/2010		12/17/2013
12201PAC0	BURLINGTON RESOURCES FINANCE CORP BND		A				1FE		1,079,590.00		105.67		1,056,698.86		1,000,000.00		1,056,008.28		690.58			(23,582.00	)		—		—		6.4		1.362	FA		24,177.78		32,000.00		1/5/2010		8/15/2011
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A				1FE		1,999,520.00		101.441		2,028,820.04		2,000,000.00		1,999,584.03		29,236.01			64.00			—		—		2		2.008	FA		16,444.44		—		1/27/2010		2/4/2013
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND		A				1FE		437,543.00		106.606		442,415.26		415,000.00		424,593.36		17,821.90			(3,550.00	)		—		—		6.375		4.508	AO		5,585.21		13,228.00		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND		A				1FE		325,323.00		107.086		331,965.86		310,000.00		322,377.68		9,588.18			(2,160.00	)		—		—		4.4		2.856	MS		4,016.22		6,820.00		10/22/2009		3/15/2013
20825UAB0	CONOCO INC CORP BND		A				1FE		1,491,704.00		106.668		1,493,348.78		1,400,000.00		1,434,713.71		58,635.07			(12,863.00	)		—		—		6.35		4.35	AO		18,767.78		44,450.00		4/21/2008		10/15/2011
780085LP9	ROYAL BANK OF CANADA CORP BND		A				1FE		2,408,128.00		104.79		2,432,175.74		2,321,000.00		2,349,769.17		82,406.57			(13,195.00	)		—		—		5.65		4.431	JJ		58,647.16		65,568.00		7/9/2008		7/20/2011
78008HX96	ROYAL BANK OF CANADA CORP BND MTN		A				1FE		5,041,250.00		101.532		5,076,601.40		5,000,000.00		5,040,531.67		36,069.73			(718.00	)		—		—		2.1		1.828	JJ		18,083.33		—		6/8/2010		7/29/2013
893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND		A				1FE		7,668,402.00		102.99		7,904,492.32		7,675,000.00		7,668,502.38		235,989.94			101.00			—		—		3.4		3.419	JD		21,745.84		—		5/27/2010		6/1/2015
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND		F				1FE		5,128,632.00		103.325		5,166,249.85		5,000,000.00		5,106,868.15		59,381.70			(21,764.00	)		—		—		3.25		2.003	AO		40,173.61		81,250.00		2/19/2010		4/2/2012
00254EBP6	SWEDISH EXPORT CREDIT GOVT BND GMTN		F				1FE		30,384,420.00		104.659		29,827,814.15		28,500,000.00		29,634,648.11		193,166.04			(445,822.00	)		—		—		4.875		1.629	MS		355,062.50		694,688.00		8/31/2009		9/29/2011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP		F				1FE		3,691,380.00		111.798		3,912,930.14		3,500,000.00		3,672,946.94		239,983.20			(10,992.00	)		—		—		5.125		4.266	MS		59,791.67		89,688.00		8/31/2009		3/1/2017
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND		F				1FE		13,297,404.00		103.322		13,638,502.82		13,200,000.00		13,290,665.46		347,837.36			(6,591.00	)		—		—		3.2		3.029	MN		68,053.33		211,200.00		3/12/2010		11/3/2014
02364WAR6	AMERICA MOVIL SA CORP BND 144A		F				1FE		14,079,170.00		102.638		14,369,251.96		14,000,000.00		14,076,921.11		292,330.85			(2,249.00	)		—		—		3.625		3.498	MS		128,284.72		—		4/27/2010		3/30/2015
046353AC2	ASTRAZENECA PLC CORP BND		F				1FE		5,758,675.00		109.06		5,725,659.50		5,250,000.00		5,635,455.45		90,204.05			(81,859.00	)		—		—		5.4		1.981	MS		83,475.00		141,750.00		1/15/2010		9/15/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND		F				1FE		9,982,240.00		102.113		10,211,316.70		10,000,000.00		9,983,692.98		227,623.72			1,453.00			—		—		3.7		3.739	JJ		172,666.67		—		2/19/2010		1/13/2015
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND		F				1FE		4,239,400.00		108.384		4,335,344.24		4,000,000.00		4,186,710.57		148,633.67			(31,599.00	)		—		—		4.8		3.042	AO		40,533.33		96,000.00		8/31/2009		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND		F				1FE		7,503,892.00		111.677		7,560,535.61		6,770,000.00		7,460,232.87		100,302.74			(40,159.00	)		—		—		5.5		2.626	AO		93,087.50		28,875.00		4/16/2010		4/1/2014
05565QBF4	BP CAPITAL MARKETS PLC CORP BND		F				1FE		8,769,134.00		92.25		7,343,100.00		7,960,000.00		8,665,137.27		(1,322,037.27	)		(99,594.00	)		—		—		5.25		2.478	MN		62,685.00		208,950.00		12/21/2009		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND		F				1FE		7,024,579.00		92.5		6,498,125.00		7,025,000.00		7,024,757.45		(526,632.45	)		69.00			—		—		3.125		3.127	MS		67,554.94		109,766.00		6/4/2010		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND		F				1FE		4,556,790.00		85.25		3,836,250.00		4,500,000.00		4,555,976.50		(719,726.50	)		(814.00	)		—		—		3.875		3.584	MS		53,765.63		—		5/27/2010		3/10/2015
05565QBJ6	BP CAPITAL MARKETS PLC CORP BND		F				1FE		2,532,900.00		83.5		2,505,000.00		3,000,000.00		2,533,309.87		(28,309.87	)		410.00			—		—		4.75		7.181	MS		44,140.96		—		6/29/2010		3/10/2019
05565QBL1	BP CAPITAL MARKETS PLC CORP BND		F				1FE		1,555,770.00		86		1,290,000.00		1,500,000.00		1,549,332.18		(259,332.18	)		(5,976.00	)		—		—		3.625		2.72	MN		8,005.21		27,188.00		12/15/2009		5/8/2014
05567MAA3	BNP PARIBAS CORP BND 144A		F				1FE		7,778,723.00		88.394		8,269,800.40		8,000,000.00		7,792,472.56		477,327.84			13,750.00			—		—		4.8		5.401	JD		7,466.67		192,000.00		2/19/2010		6/24/2015
06739FFZ9	BARCLAYS BANK PLC LOCAL BND		F				1FE		528,417.00		105.579		527,892.53		500,000.00		524,588.64		3,303.89			(2,793.00	)		—		—		5.2		3.869	JJ		12,350.00		13,000.00		10/21/2009		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND		F				1FE		16,033,031.00		99.414		15,906,164.48		16,000,000.00		16,029,630.49		(123,466.01	)		(3,401.00	)		—		—		2.5		2.425	JJ		242,222.22		—		2/19/2010		1/23/2013
10778XAA4	BRFKREDIT AS CORP BND 144A		F				1FE		12,486,250.00		101.969		12,746,185.25		12,500,000.00		12,487,189.39		258,995.86			939.00			—		—		2.05		2.088	AO		54,097.23		—		4/8/2010		4/15/2013
12764RAA9	CAELUS RE II LTD CORP BND 144A		F				3FE		2,900,000.00		98.515		2,856,935.00		2,900,000.00		2,900,000.00		(43,065.00	)		—			—		—		6.5		6.552	FMAN		21,468.06		—		5/18/2010		5/24/2013
20272BAA2	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F				1FE		10,242,816.00		101.866		10,186,599.70		10,000,000.00		10,176,229.97		10,369.73			(56,795.00	)		—		—		2.4		1.234	JJ		112,666.67		120,000.00		11/24/2009		1/12/2012
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR		F				1FE		15,447,802.00		102.665		15,892,540.92		15,480,000.00		15,452,574.64		439,966.28			3,009.00			—		—		2.9		2.945	MS		129,688.00		224,460.00		9/10/2009		9/17/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F				1FE		7,324,341.00		101.842		7,459,898.22		7,325,000.00		7,324,492.18		135,406.04			106.00			—		—		2.75		2.753	AO		42,525.68		100,719.00		10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F				1FE		1,991,660.00		101.321		2,026,417.24		2,000,000.00		1,992,080.00		34,337.24			420.00			—		—		3.5		3.592	MS		19,250.00		—		3/15/2010		3/19/2015
22546QAA5	CREDIT SUISSE GROUP CORP BND		F				1FE		2,186,460.00		108.248		2,164,963.54		2,000,000.00		2,181,841.35		(16,877.81	)		(4,619.00	)		—		—		5.5		2.972	MN		18,333.33		—		5/19/2010		5/1/2014
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND		R				1FE		9,484,895.00		101.104		9,604,907.17		9,500,000.00		9,485,652.73		119,254.44			758.00			—		—		3.5		3.535	MS		90,513.89		—		3/18/2010		3/23/2015
23636UAA5	DANSKE BANK A/S CORP BND 144A		F				1		9,236,403.00		100.32		9,465,062.23		9,250,000.00		9,240,961.59		224,100.64			2,349.00			—		—		2.5		2.554	MN		32,760.42		115,625.00		6/23/2009		5/10/2012
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND		F				1FE		1,426,581.00		101.075		1,420,102.44		1,405,000.00		1,407,889.04		12,213.40			(5,033.00	)		—		—		5		4.254	AO		15,415.97		35,125.00		7/31/2008		10/12/2010
2515A0T45	DEUTSCHE BK LDN CORP BND		F				1FE		999,020.00		0		997,243.65		1,000,000.00		999,169.72		(1,926.07	)		150.00			—		—		2.375		2.409	JJ		11,215.28		—		1/5/2010		1/11/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		F				1FE		15,963,205.00		110.74		16,167,991.82		14,600,000.00		15,823,761.58		344,230.24			(139,444.00	)		—		—		5.5		3.005	JJ		345,736.11		236,500.00		2/19/2010		1/26/2014
268317AD6	ELECTRICITE DE FRANCE CORP BND 144A		F				1FE		3,983,160.00		101.91		4,076,398.92		4,000,000.00		3,983,724.40		92,674.52			564.00			—		—		4.6		4.653	JJ		79,222.22		—		3/15/2010		1/27/2020
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND		F				1FE		3,268,699.00		100.502		3,241,201.01		3,225,000.00		3,266,557.23		(25,356.22	)		(2,142.00	)		—		—		3.875		3.547	AO		29,159.38		62,484.00		3/30/2010		10/7/2014
35047BAA4	FOUNDATION RE III LTD CORP BND 144A		F				3FE		1,400,000.00		97.317		1,362,438.00		1,400,000.00		1,400,000.00		(37,562.00	)		—			—		—		5.907		5.95	FMAN		11,945.27		23,034.00		1/21/2010		2/3/2014
35177PAK3	FRANCE TELECOM CORP BND		F				1FE		5,902,350.00		104.125		5,674,808.52		5,450,000.00		5,555,919.34		118,889.18			(76,395.00	)		—		—		7.75		4.756	MS		140,791.66		211,188.00		2/25/2008		3/1/2011
35177PAS6	FRANCE TELECOM CORP BND		F				1FE		6,246,739.00		107.344		6,312,898.53		5,881,000.00		6,230,522.27		82,376.26			(16,217.00	)		—		—		4.375		2.801	JJ		123,643.94		—		4/14/2010		7/8/2014
44328MAB0	HSBC BANK PLC CORP BND 144A		F				1FE		3,497,130.00		101.303		3,545,598.39		3,500,000.00		3,497,134.34		48,464.05			4.00			—		—		3.5		3.518	JD		1,020.83		—		6/21/2010		6/28/2015
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A		F				1FE		10,247,790.00		101.071		10,230,899.80		10,000,000.00		10,172,531.69		58,368.11			(52,562.00	)		—		—		2.625		1.534	FA		103,541.67		131,250.00		10/7/2009		2/9/2012
478160AP9	J & J MEDICAL CORP BND		R				1FE		4,921,425.00		109.115		4,903,775.01		4,500,000.00		4,805,213.09		98,561.92			(69,786.00	)		—		—		5.15		1.877	FA		87,550.00		115,875.00		8/31/2009		8/15/2012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND		F				1FE		4,203,150.00		100.05		4,187,092.96		4,185,000.00		4,192,997.78		(5,904.82	)		(5,907.00	)		—		—		0.811		0.648	MJSD		2,734.93		11,194.00		8/19/2009		3/2/2011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		22,014,834.00		108.089		22,428,466.88		20,750,000.00		21,825,288.79		603,178.09			(115,772.00	)		—		—		4.125		2.833	AO		180,697.92		427,969.00		1/13/2010		10/15/2014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND		F				1FE		9,468,811.00		102.171		9,195,381.09		9,000,000.00		9,187,142.12		8,238.97			(168,491.00	)		—		—		4.625		0.844	JJ		186,156.25		208,125.00		8/31/2009		1/20/2011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		3,192,160.00		104.453		3,290,528.06		3,200,000.00		3,197,319.52		93,208.54			1,310.00			—		—		3.75		3.837	JD		1,333.33		60,000.00		6/19/2008		6/27/2011
500769DG6	KFW GROUP CORP BND		F				1FE		10,137,931.00		102.078		10,207,801.10		10,000,000.00		10,114,924.67		92,876.43			(23,006.00	)		—		—		2.25		1.597	AO		46,875.00		112,500.00		2/19/2010		4/16/2012
500769DN1	KFW GROUP - (LT) GTD CORP BND		F				1FE		5,993,340.00		101.45		6,087,000.30		6,000,000.00		5,994,358.17		92,642.13			1,018.00			—		—		1.875		1.913	JJ		52,812.50		—		1/5/2010		1/14/2013
51218TAA5	LAKESIDE RE II LTD CORP BND 144A		F				3FE		9,750,000.00		102.663		10,009,642.50		9,750,000.00		9,750,000.00		259,642.50			—			—		—		7.92		7.824	MJSD		2,098.96		396,946.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F				1FE		6,037,356.00		101.37		6,132,885.19		6,050,000.00		6,040,529.57		92,355.62			2,049.00			—		—		1.875		1.947	MS		30,565.10		56,719.00		9/15/2009		9/24/2012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND		F				1FE		20,428,846.00		100.948		20,845,801.01		20,230,000.00		20,375,188.05		470,612.96			(38,115.00	)		—		—		3		2.598	MN		91,035.00		303,450.00		12/11/2009		5/7/2012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A		F				1FE		5,105,375.00		101.296		5,064,799.90		5,000,000.00		5,079,279.52		(14,479.62	)		(22,285.00	)		—		—		1.292		0.393	JAJO		16,317.45		32,781.00		11/25/2009		4/2/2012
54313TAA3	LONGPOINT RE LTD CORP BND 144A		F				3FE		2,500,000.00		97.937		2,448,425.00		2,500,000.00		2,500,000.00		(51,575.00	)		—			—		—		5.545		5.436	MJSD		6,000.00		67,125.00		12/14/2009		12/24/2012
54313TAB1	LONGPOINT RE LTD CORP BND 144A		F				3FE		3,000,000.00		97.475		2,924,250.00		3,000,000.00		3,000,000.00		(75,750.00	)		—			—		—		5.4		5.436	MJSD		7,200.00		80,550.00		12/14/2009		12/24/2013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A		F				1FE		4,678,890.00		107.245		4,826,025.14		4,500,000.00		4,662,778.58		163,246.56			(16,112.00	)		—		—		4.1		2.992	JD		7,175.00		92,250.00		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A		F				1FE		3,549,726.00		102.12		3,574,200.11		3,500,000.00		3,540,376.57		33,823.54			(9,349.00	)		—		—		2.6		1.843	JJ		40,697.22		—		2/19/2010		1/20/2012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND		F				1FE		6,439,323.00		104.283		6,778,394.81		6,500,000.00		6,449,435.43		328,959.38			5,780.00			—		—		3.3		3.508	JJ		97,716.67		107,250.00		8/13/2009		7/17/2014
62864WAB0	EAST LANE RE III LTD CORP BND 144A		F				3		10,000,000.00		0		10,503,800.00		10,000,000.00		10,000,000.00		503,800.00			—			—		—		12.538		13.55	FMAN		104,487.00		622,869.00		3/13/2009		3/20/2012
62914AAB8	NIBC BANK NV - GTD CORP BND 144A		F				1FE		5,088,882.00		101.511		5,177,061.10		5,100,000.00		5,090,091.97		86,969.13			1,038.00			—		—		2.8		2.847	JD		11,503.33		71,400.00		11/24/2009		12/2/2014
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F				1FE		10,247,950.00		104.699		10,469,899.00		10,000,000.00		10,230,267.93		239,631.07			(13,597.00	)		—		—		3.375		2.764	JJ		162,187.50		84,375.00		4/29/2010		7/8/2014
6325C0AZ4	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F				1FE		7,000,000.00		100.15		7,010,519.32		7,000,000.00		7,000,000.00		10,519.32			—			—		—		2.5		2.5	JJ		84,097.22		—		1/4/2010		1/8/2013
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A		F				1FE		14,077,820.00		99.74		14,295,155.16		13,600,000.00		14,035,455.32		259,699.84			(42,365.00	)		—		—		4.2		3.311	MN		76,160.00		285,600.00		2/19/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND		F				1FE		15,080,378.00		102.138		15,320,759.55		15,000,000.00		15,068,918.69		251,840.86			(11,460.00	)		—		—		2.65		2.427	FA		147,958.33		—		2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A		F				1FE		9,993,100.00		101.325		10,132,548.51		10,000,000.00		9,993,490.50		139,058.01			391.00			—		—		3.2		3.215	MS		97,777.78		—		3/4/2010		3/11/2015
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A		F				1F		5,000,000.00		100.813		5,040,650.00		5,000,000.00		5,000,000.00		40,650.00			—			—		—		6.25		6.297	JAJO		74,652.78		83,382.00		12/15/2009		1/7/2011
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND		F				1FE		2,540,825.00		100.083		2,502,075.20		2,500,000.00		2,530,287.88		(28,212.68	)		(8,012.00	)		—		—		1.121		0.514	FMAN		3,893.23		12,085.00		11/2/2009		5/11/2012

Validus Holdings, Ltd June 30, 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
											RATE USED
				FOREIGN	BOND		NAIC		ACTUAL		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
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND		F					1FE		22,880,250.00		101.945		22,937,623.20		22,500,000.00		22,765,876.78		171,746.42			(69,481.00	)		—		—			2.625		1.975	MN		80,390.63			295,313.00		8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND		F					1FE		1,996,200.00		100.161		2,003,220.06		2,000,000.00		1,997,478.79		5,741.27			949.00			—		—			1.45		1.548	AO		5,719.44			14,500.00		10/23/2009		10/20/2011
822582AF9	SHELL INTL FINAN CORP BND		F					1FE		11,034,169.00		105.789		11,054,922.70		10,450,000.00		10,989,854.32		65,068.38			(44,314.00	)		—		—			4		2.537	MS		116,111.12			209,000.00		3/2/2010		3/21/2014
822582AL6	SHELL INTL FINAN CORP BND		F					1FE		7,990,480.00		100.47		8,037,579.36		8,000,000.00		7,991,305.06		46,274.30			825.00			—		—			1.875		1.916	MS		40,000.00			—		3/18/2010		3/25/2013
822582AQ5	SHELL INTL FINAN CORP BND		F					1FE		5,621,119.00		101.457		5,706,938.25		5,625,000.00		5,621,124.68		85,813.57			6.00			—		—			3.1		3.115	JD		1,453.12			—		6/21/2010		6/28/2015
85771SAB2	STATOIL ASA CORP BND		F					1FE		8,220,819.00		105.848		8,361,957.63		7,900,000.00		8,203,591.54		158,366.09			(17,227.00	)		—		—			3.875		2.799	AO		64,626.40			153,063.00		4/6/2010		4/15/2014
85771SAC0	STATOIL ASA CORP BND		F					1FE		303,690.00		102.207		306,622.17		300,000.00		303,313.77		3,308.40			(355.00	)		—		—			2.9		2.626	AO		1,836.67			4,350.00		12/16/2009		10/15/2014
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		F					1FE		7,060,839.00		105.674		7,291,506.28		6,900,000.00		7,035,471.39		256,034.89			(15,510.00	)		—		—			4.875		4.328	JD		19,621.88			168,188.00		8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND		F					1FE		17,692,582.00		102.035		17,886,734.80		17,530,000.00		17,664,867.33		221,867.47			(28,183.00	)		—		—			2.875		2.513	MS		149,796.28	��		251,994.00		1/5/2010		9/14/2012
92924SAA6	WESTFIELD GROUP CORP BND 144A		R					1FE		2,968,684.00		93.983		3,193,648.74		3,025,000.00		2,991,604.04		202,044.70			6,759.00			—		—			5.4		5.929	AO		40,837.50			81,675.00		12/24/2008		10/1/2012
92928WAF2	WMC FINANCE LTD BND		F					1FE		10,811,300.00		108.947		10,894,746.40		10,000,000.00		10,712,416.23		182,330.17			(98,884.00	)		—		—			5.125		2.537	MN		65,486.11			256,250.00		1/27/2010		5/15/2013
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A		F					1FE		984,970.00		97.032		1,004,715.99		995,000.00		993,423.13		11,292.86			2,072.00			—		—			4.375		4.811	MN		5,562.33			21,766.00		5/20/2008		11/15/2010
9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND 144A		F					1FE		3,139,587.00		104.62		3,243,220.09		3,100,000.00		3,133,334.58		109,885.51			(3,786.00	)		—		—			3.45		3.167	JJ		45,453.75			53,475.00		8/31/2009		7/28/2014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A		F					1FE		11,864,124.00		102.667		11,848,449.88		11,500,000.00		11,730,148.83		118,301.05			(77,006.00	)		—		—			3.25		1.853	JD		15,572.92			186,875.00		8/13/2009		12/16/2011
9612EMAH2	WESTPAC BANKING CORP - GTD SENIOR CORP		F					1FE		10,104,800.00		102.625		10,262,500.00		10,000,000.00		10,101,227.13		161,272.87			(3,573.00	)		—		—			2.9		2.643	MS		89,416.67			—		4/28/2010		9/10/2014
BRS4F0R06	DANSKE BANK A/S CORP BND		D					1F		1,879,788.00		103.176		1,425,046.89		950,000.00		1,877,811.48		(452,764.59	)		(618.00	)		—		(456,449.28	)		6.25		6.087	JUL		90,965.34			—		5/6/2008		7/27/2010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND		D			1		1FE		827,691.00		95.267		628,677.44		400,000.00		827,942.66		(199,265.22	)		32.00			—		(229,919.16	)		6.375		6.387	FA		15,080.61			20,107.00		11/28/2007		8/13/2017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND		D					1FE		6,545,425.00		105.161		5,237,434.88		3,300,000.00		6,564,634.09		(1,327,199.21	)		4,797.00			—		(1,640,298.06	)		4.875		4.978	MAR		77,202.37			242,921.00		4/22/2008		3/7/2012
BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND		F					1FE		9,991,200.00		100.034		10,003,399.70		10,000,000.00		9,992,081.04		11,318.66			881.00			—		—			0.875		0.93	NOV		52,743.06			—		5/3/2010		11/23/2011
BRS95J848	WEST BROMWICH BUILDING SOCIETY LOCAL BND		D					2FE		2,743,325.00		101.247		2,726,562.00		1,800,000.00		2,743,274.31		(16,712.31	)		(51.00	)		—		(17,490.49	)		2		1.29	APR		12,920.14			—		6/29/2010		4/5/2012
BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND		D					1FE		3,403,270.00		102.541		3,451,770.20		2,250,000.00		3,402,449.48		49,320.72			(821.00	)		—		(18,546.89	)		2.625		2.447	DEC		49,413.94			—		4/27/2010		12/10/2013
BRS9S21J4	COMMONWEALTH BANK OF AUSTRALIA CORP BND		D					1FE		1,359,425.00		101.373		1,364,972.33		900,000.00		1,359,664.00		5,308.33			239.00			—		(21,731.02	)		3.875		3.97	DEC		11,341.24			—		4/7/2010		12/14/2015
BRS9T6NV3	NORDEA BANK AB CORP BND MTN		D					1FE		1,375,265.00		101.369		1,364,926.81		900,000.00		1,375,444.57		(10,517.76	)		180.00			—		(36,252.44	)		3.875		3.951	DEC		10,570.96			—		4/13/2010		12/15/2015
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F					1FE		15,146,935.00		102.792		15,418,800.00		15,000,000.00		15,118,765.93		300,034.07			(19,013.00	)		—		—			2.5		2.204	MAY		34,375.00			375,000.00		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND		D					1FE		3,688,345.00		103.759		3,415,130.32		2,200,000.00		3,682,224.60		(267,094.28	)		(4,924.00	)		—		(359,661.21	)		3		2.668	SEP		93,241.47			—		11/11/2009		9/9/2013
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND		D					1FE		4,140,525.00		106.242		3,183,312.71		2,000,000.00		4,141,992.18		(958,679.47	)		188.00			—		(1,150,228.65	)		5.25		5.193	JAN		79,180.64			170,006.00		11/28/2007		1/12/2012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F					1FE		17,230,404.00		106.807		17,409,539.70		16,300,000.00		17,009,048.94		400,490.76			(133,763.00	)		—		—			4.375		2.567	JAN		328,829.86			713,125.00		8/31/2009		1/15/2013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN		F					1FE		294,146.00		103.877		303,687.68		300,000.00		299,376.46		4,311.22			910.00			—		—			4.75		5.324	NOV		9,460.42			—		6/30/2007		11/2/2010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F					1FE		4,099,836.00		99.935		4,185,772.12		4,100,000.00		4,100,094.05		85,678.07			(47.00	)		—		—			3.125		3.099	JUN		5,694.44			128,125.00		7/9/2008		6/15/2011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN		F					1FE		28,086,820.00		107.086		28,377,791.59		26,500,000.00		27,619,706.04		758,085.55			(278,704.00	)		—		—			5.125		2.806	MAY		116,949.65			1,358,125.00		8/31/2009		5/31/2012
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN		D					1FE		1,890,267.00		101.29		1,345,238.92		900,000.00		1,868,007.43		(522,768.51	)		(4,602.00	)		—		(518,744.50	)		6.8		6.176	NOV		59,429.96			—		11/28/2007		11/29/2010
G29330DW7	EDF ENRGYNET LPN LOCAL BND		D					1FE		911,019.00		106.292		874,630.44		550,000.00		911,209.20		(36,578.76	)		149.00			—		(90,413.19	)		5.125		5.107	NOV		29,629.14			—		11/6/2009		11/11/2016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND		F					1FE		5,101,200.00		96.51		5,150,000.00		5,000,000.00		5,072,967.11		77,032.89			(16,857.00	)		—		—			5.5		4.647	JUN		12,222.22			275,000.00		8/31/2009		6/15/2012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN		D			1		1FE		2,622,227.00		99.122		2,099,225.11		1,350,000.00		2,658,612.44		(559,387.33	)		7,402.00			—		(627,643.55	)		5.75		6.218	JUN		1,274.15			116,267.00		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC - GTD LOCAL BND EMTN		D					1FE		2,216,051.00		0		2,014,926.86		1,300,000.00		2,185,167.75		(170,240.89	)		(15,618.00	)		—		(200,026.74	)		4		2.441	NOV		54,076.91			—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC - GTD CORP BND		D					1FE		1,867,254.00		102.443		1,839,181.64		1,200,000.00		1,860,796.04		(21,614.40	)		(6,458.00	)		—		(32,145.91	)		2.75		1.634	MAR		14,697.66			50,137.00		2/26/2010		3/16/2012
G63983GA5	NATIONWIDE BUILDING SOCIETY -G LOCAL BND		D					1FE		2,421,014.00		103.297		2,395,421.15		1,550,000.00		2,420,860.44		(25,439.29	)		(154.00	)		—		(23,792.83	)		3.75		1.284	NOV		53,416.23			—		6/28/2010		11/21/2011
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND		F					1FE		10,325,657.00		104.922		10,492,199.70		10,000,000.00		10,291,903.34		200,296.36			(33,754.00	)		—		—			3.5		2.451	JUN		13,611.11			350,000.00		2/19/2010		6/17/2013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND		D					1FE		2,217,335.00		103.747		2,017,803.80		1,300,000.00		2,185,836.47		(168,032.67	)		(15,939.00	)		—		(200,087.95	)		4.125		2.53	NOV		55,934.73			—		6/30/2009		11/14/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND		F					1FE		687,853.00		102.362		716,534.00		700,000.00		696,189.13		20,344.87			1,437.00			—		—			5		5.388	OCT		25,958.33			—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND		F					1FE		15,921,300.00		110.317		16,547,550.15		15,000,000.00		15,770,352.57		777,197.58			(90,294.00	)		—		—			5		3.526	MAY		93,750.00			750,000.00		8/31/2009		5/16/2014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN		F					1FE		5,441,401.00		107.841		5,392,050.15		5,000,000.00		5,300,761.29		91,288.86			(84,081.00	)		—		—			6		2.398	MAR		79,166.67			300,000.00		8/31/2009		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND		F					1FE		5,478,027.00		105.018		5,565,953.89		5,300,000.00		5,441,410.29		124,543.60			(21,801.00	)		—		—			3.75		2.802	JUL		191,020.83			—		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN		D					1FE		813,092.00		103.973		777,766.96		500,000.00		813,547.79		(35,780.83	)		280.00			—		(68,521.87	)		4		4.047	SEP		26,318.24			—		9/3/2009		9/10/2015
N7660FAX5	RWE FINANCE BV CORP BND EMTN		D					1FE		1,733,854.00		100.36		1,313,799.29		875,000.00		1,774,673.56		(460,874.27	)		9,097.00			—		(467,326.26	)		4.625		5.637	AUG		57,505.33			—		3/13/2008		8/17/2010
N8155ZAC7	SOVRISC CORP BND		F					1FE		6,361,208.00		103.085		6,409,078.72		6,217,266.05		6,290,291.34		118,787.38			(42,640.00	)		—		—			5.25		3.8	AO		55,307.76			163,203.00		8/31/2009		4/30/2011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR		D					1FE		1,703,032.00		101.398		1,290,795.42		850,000.00		1,751,564.56		(460,769.14	)		9,976.00			—		(486,408.39	)		4.625		5.752	DEC		35,141.41			—		11/28/2007		12/12/2010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN		D			1		1FE		896,199.00		93.657		658,527.54		450,000.00		904,711.35		(246,183.81	)		1,701.00			—		(251,237.78	)		5.5		6.058	DEC		21,154.88			—		11/28/2007		12/19/2016
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		193,720.00		100.077		194,947.92		193,756.11		193,688.95		1,258.97			3.00			—		—			5.42		5.488	MON		729.28			5,251.00		5/9/2006		8/8/2011
06052DAC9	BAAT_09-1A ABS 09-1A A3 144A					2		1FE		2,888,297.00		101.762		2,900,209.02		2,850,000.00		2,885,840.72		14,368.30			(2,456.00	)		—		—			2.67		1.505	MON		3,382.00			6,341.00		6/1/2010		5/15/2012
06052JAC6	BAAT_10-1 ABS 10-1 A3 144A					2		1FE		7,090,016.00		99.81		7,086,510.00		7,100,000.00		7,090,508.49		(3,998.49	)		493.00			—		—			1.39		1.48	MON		4,386.22			8,224.00		5/26/2010		3/17/2014
06052MAB1	BAAT ABS 10-2 A2					2		1FE		3,749,659.00		100.054		3,752,025.04		3,750,000.00		3,749,664.11		2,360.93			5.00			—		—			0.91		0.919	MON		663.54			—		6/16/2010		10/15/2012
06052MAD7	BAAT ABS 10-2 A4					2		1FE		1,199,768.00		100.678		1,208,136.01		1,200,000.00		1,199,768.99		8,367.02			1.00			—		—			1.94		1.954	MON		452.67			—		6/16/2010		6/15/2017
07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			580,890.00		95.44		554,400.82		580,889.98		580,889.98		(26,489.16	)		—			—		—			0.497		0.498	MON		48.14			1,178.00		8/8/2006		8/25/2036
09657MAC2	BMWLT_10-1 ABS 10-1 A3					2		1FE		999,980.00		99.796		997,959.98		1,000,000.00		999,980.80		(2,020.82	)		1.00			—		—			1.39		1.395	MON		231.67			2,471.00		4/15/2010		4/25/2014
12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			469,857.00		97.21		456,711.85		469,819.82		469,823.47		(13,111.62	)		(1.00	)		—		—			0.427		0.424	MON		33.45			789.00		1/29/2007		10/25/2010
14312RAD6	CARMX_07-1 ABS 07-1					2		1FE		973,359.00		102.11		974,408.38		954,273.22		972,926.06		1,482.32			(433.00	)		—		—			5.24		2.111	MON		2,222.40			4,167.00		6/8/2010		9/15/2011
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		36,167.00		100.148		36,864.47		36,809.99		36,799.95		64.52			127.00			—		—			5.38		6.873	MON		126.52			990.00		9/29/2008		3/8/2011
34528RAE2	FORDO ABS 09-A A3B					2		1FE		4,486,797.00		101.986		4,487,384.00		4,400,000.00		4,482,258.32		5,125.68			(4,539.00	)		—		—			2.85		0.653	MON		5,572.73			10,055.00		6/9/2010		2/15/2012
34529LAD6	FORDO_10-A ABS 10-A-A3					2		1FE		1,999,635.00		100.011		2,000,220.04		2,000,000.00		1,999,662.19		557.85			27.00			—		—			1.32		1.332	MON		1,173.33			3,447.00		4/21/2010		6/15/2014
43812KAC7	HAROT_10-2 ABS 10-2 A3					2		1FE		3,899,525.00		100.351		3,913,689.00		3,900,000.00		3,899,547.16		14,141.84			23.00			—		—			1.34		1.352	MON		1,887.17			4,355.00		5/12/2010		5/20/2013
44923WAB7	HART ABS 10-A A2					2		1FE		4,249,741.00		99.98		4,249,150.00		4,250,000.00		4,249,759.18		(609.18	)		18.00			—		—			0.86		0.866	MON		1,624.44			3,249.00		5/5/2010		11/15/2012
44923WAD3	HART ABS 10-A 4					2		1FE		8,149,864.00		101.61		8,281,244.34		8,150,000.00		8,149,864.44		131,379.90			1.00			—		—			2.45		2.463	MON		8,874.44			17,749.00		5/5/2010		12/15/2016
477874AC5	JDOT_09 ABS 09 A3					2		1FE		1,747,763.00		101.226		1,748,765.32		1,727,585.16		1,746,875.00		1,890.32			(888.00	)		—		—			2.59		1.921	MON		1,988.64			3,729.00		5/13/2010		10/15/2013
47787AAD9	JDOT_10-A ABS 10-A-A3					2		1FE		1,049,848.00		100.35		1,053,675.00		1,050,000.00		1,049,859.00		3,816.00			11.00			—		—			1.32		1.329	MON		616.00			2,041.00		4/15/2010		5/15/2014
587682AC9	MBART_10-A ABS 10-A-A3					2		1FE		799,846.00		99.5		796,000.00		800,000.00		799,858.26		(3,858.26	)		12.00			—		—			1.42		1.432	MON		504.89			1,704.00		4/13/2010		8/15/2014
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		51.241		719,378.79		939,550.16		940,628.83		(221,250.04	)		(46.00	)		—		—			1.087		1.072	MON		170.24			4,662.00		2/25/2010		1/25/2034
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS					2	NR*Z*			360,808.00		97.875		353,140.50		360,808.03		360,808.03		(7,667.53	)		—			—		—			0.393		0.393	MON		23.62			552.00		1/11/2007		11/25/2036
65475FAD7	NAROT ABS 08-A A3					2		1FE		270,326.00		100.29		271,140.97		270,356.93		270,354.71		786.26			4.00			—		—			3.89		3.927	MON		467.42			5,258.00		1/15/2008		8/15/2011
65475VAC4	NAROT ABS 09-1 A3					2		1FE		4,966,500.00		103.685		4,976,879.90		4,800,000.00		4,954,271.74		22,608.16			(12,228.00	)		—		—			5		2.236	MON		10,666.67			20,000.00		5/24/2010		9/15/2012
90290FAC0	USAOT_1-1 ABS 10-1-A3					2		1FE		2,652,898.00		100.096		2,652,544.03		2,650,000.00		2,652,665.69		(121.66	)		(233.00	)		—		—			1.3		1.25	MON		1,531.11			5,742.00		4/28/2010		4/15/2013
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B					2		1FE		952,408.00		100.832		960,355.44		952,431.21		952,426.87		7,928.57			3.00			—		—			5.28		5.34	MON		2,235.04			25,144.00		9/17/2007		1/17/2012
BRS9WB7G9	ARKEL_10-1 ABS_10-1-5A		D			2		1FE		918,390.00		101.855		914,311.62		600,000.00		918,390.00		(4,078.38	)		—			—		(20,730.00	)		4.681		4.678	FA		6,124.57			—		4/30/2010		5/17/2060
007036EP7	ARMT WHOLE CMO 04-5 2A1					2	NR*Z*			387,221.00		83.584		329,627.96		394,368.43		388,134.14		(58,506.18	)		270.00			—		—			3.092		3.514	MON		1,016.03			6,208.00		8/10/2007		4/25/2035
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NR*Z*			70,321.00		97.651		69,665.14		71,340.81		70,352.21		(687.07	)		4.00			—		—			3.615		3.943	MON		214.90			1,289.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO					2		1FE		3,057,922.00		66.75		2,879,023.42		3,101,292.09		3,059,158.14		(180,134.72	)		207.00			—		—			4.888		5.161	MON		12,631.55			76,080.00		10/19/2006		8/25/2035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1FE		1,536,192.00		82.72		1,476,059.54		1,565,944.77		1,537,008.59		(60,949.05	)		137.00			—		—			4.069		4.512	MON		5,309.94			32,291.00		8/13/2007		11/25/2034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2	NR*Z*			438,902.00		91.443		408,623.04		446,861.47		439,161.35		(30,538.31	)		58.00			—		—			2.613		2.988	MON		973.05			6,743.00		8/10/2007		4/25/2034
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO					2		1FE		1,489,705.00		84.28		1,289,623.26		1,513,927.56		1,490,399.96		(200,776.70	)		103.00			—		—			3.416		3.816	MON		4,309.69			25,929.00		8/14/2007		2/19/2034
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		992,058.00		95.527		989,996.41		1,014,893.00		1,000,958.14		(10,961.73	)		2,263.00			—		—			4.9		6.463	MON		4,144.43			24,882.00		4/17/2008		10/25/2033
161630AG3	CHASE CMO_07-A1-2A1					2	NR*Z*			3,187,131.00		93.6		3,036,772.52		3,244,415.09		3,189,954.79		(153,182.27	)		1,340.00			—		—			2.982		3.402	MON		8,061.83			62,986.00		2/22/2007		2/25/2037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1FE		864,040.00		90.4		869,171.64		877,999.13		864,823.01		4,348.63			208.00			—		—			3.452		3.905	MON		2,525.64			18,981.00		5/17/2007		2/25/2037
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1FE		64,235.00		97.053		64,092.67		64,883.44		64,623.22		(530.55	)		66.00			—		—			5.25		6.093	MON		283.87			1,703.00		4/17/2008		6/25/2034
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			177,140.00		98.841		178,924.24		181,021.63		177,482.52		1,441.72			89.00			—		—			3.007		3.54	MON		453.65			2,722.00		8/10/2007		12/25/2034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NR*Z*			234,279.00		94		222,412.02		236,608.53		234,461.52		(12,049.50	)		44.00			—		—			2.93		3.192	MON		577.76			3,560.00		11/21/2007		9/25/2035
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1FE		1,375,075.00		57.39		1,085,923.93		1,414,509.25		1,375,698.45		(289,774.52	)		199.00			—		—			4.94		5.505	MON		5,822.92			38,437.00		3/18/2009		10/25/2035
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		1,054,782.00		94.686		989,694.43		1,044,015.88		1,054,165.92		(64,471.49	)		(162.00	)		—		—			6.5		6.232	MON		5,655.09			33,931.00		10/3/2007		1/1/2032
863579AQ1	SARM WHOLE CMO 04-12 3A2					2	NR*Z*			317,257.00		77.835		250,219.98		321,476.74		317,610.96		(67,390.98	)		113.00			—		—			2.548		2.79	MON		682.64			4,354.00		8/10/2007		9/25/2034
863579EK0	SARM WHOLE CMO 04-16 3A1					2	NR*Z*			1,491,006.00		78.371		1,182,041.41		1,508,269.02		1,492,483.51		(310,442.10	)		322.00			—		—			2.628		2.843	MON		3,303.03			21,394.00		8/10/2007		11/25/2034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1FE		809,237.00		74.72		662,770.28		825,751.67		812,814.78		(150,044.50	)		208.00			—		—			2.543		2.928	MON		1,749.74			11,040.00		8/14/2007		9/25/2033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2	NR*Z*			742,630.00		79.194		601,418.51		759,420.67		743,314.52		(141,896.01	)		(600.00	)		—		—			2.469		2.854	MON		1,562.28			10,420.00		8/10/2007		5/25/2034
86386MAS3	STUDENT LOAN CON ABS 02-2 A16					2		1FE		819,000.00		85		765,000.00		900,000.00		819,880.35		(54,880.35	)		880.00			—		—			1.848		2.486	MON		774.64			3,692.00		4/1/2010		7/1/2042
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1FE		1,373,323.00		35		941,866.71		1,371,608.66		1,373,186.61		(431,319.90	)		(10.00	)		—		—			0.663		0.65	MON		151.52			4,004.00		12/15/2005		8/25/2036

Validus Holdings, Ltd June 30, 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
											RATE USED
				FOREIGN	BOND		NAIC		ACTUAL		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
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8					2	NR*Z*			4,345,916.00		87.6		3,846,082.15		4,390,507.24		4,347,132.11		(501,049.96	)		174.00			—		—			4.8		4.992	MON		17,561.19		105,701.00		1/10/2008		10/25/2035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1FE		1,837,694.00		48.382		1,200,723.99		1,837,693.94		1,837,693.94		(636,969.95	)		—			—		—			0.607		0.608	MON		185.97		4,807.00		12/15/2005		11/25/2045
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			829,346.00		91.875		780,681.80		849,725.76		830,052.81		(49,371.01	)		116.00			—		—			2.709		3.199	MON		1,918.10		12,522.00		8/10/2007		6/25/2034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1FE		1,477,847.00		46.672		1,051,362.53		1,476,462.66		1,477,692.77		(426,330.24	)		(11.00	)		—		—			0.637		0.626	MON		156.80		4,086.00		12/16/2005		3/25/2031
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1FE		2,939,883.00		58		2,464,121.40		3,000,000.00		2,953,328.50		(489,207.10	)		2,477.00			—		—			4.735		4.96	MON		11,838.05		71,581.00		3/24/2006		9/25/2035
949781AA6	WFMBS WHOLE CMO 05-AR1					2	NR*Z*			3,176,061.00		93		3,025,927.27		3,253,685.24		3,182,985.27		(157,058.00	)		959.00			—		—			2.866		3.462	MON		7,769.83		46,688.00		12/5/2006		2/25/2035
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2	NR*Z*			261,683.00		97		256,073.60		263,993.40		261,767.49		(5,693.89	)		31.00			—		—			2.969		3.108	MON		653.20		3,922.00		1/14/2008		12/25/2034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4					2	NR*Z*			2,477,280.00		91.919		2,342,901.44		2,548,867.80		2,480,514.73		(137,613.29	)		1,981.00			—		—			2.966		3.583	MON		6,300.93		41,296.00		7/19/2006		4/25/2035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2	NR*Z*			964,723.00		92.141		904,305.96		981,438.49		965,360.00		(61,054.04	)		92.00			—		—			2.922		3.292	MON		2,389.44		15,932.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2					2		1FE		4,436,563.00		76.28		4,156,239.73		4,448,030.53		4,436,981.50		(280,741.77	)		(18.00	)		—		—			5.093		5.119	MON		18,879.25		113,523.00		1/28/2008		9/25/2035
G7014VBF9	PERMM 2010-1 CMO 10-1 3A		D			2		1FE		2,003,000.00		101.189		1,892,367.71		1,250,000.00		2,003,000.00		(110,632.29	)		—			—		(132,875.00	)		4.805		4.802	JJ		38,761.33		—		1/29/2010		7/15/2017
02660BAA0	AHMA_07-1 CMO 07-1 A1					2		1FE		6,267,986.00		34.58		3,713,693.61		6,442,983.80		6,272,835.51		(2,559,141.90	)		1,233.00			—		—			1.121		1.35	MON		6,018.82		37,699.00		10/23/2007		2/25/2047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		3FE		5,493,386.00		73.454		4,083,778.50		5,559,623.70		5,495,195.27		(1,411,416.77	)		353.00			—		—			1.391		1.509	MON		6,443.74		40,033.00		10/16/2007		10/25/2046
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11					2		1FE		3,552,275.00		40.8		2,363,704.03		3,600,591.50		3,554,092.04		(1,190,388.01	)		398.00			—		—			1.361		1.47	MON		4,083.16		25,387.00		10/16/2007		10/25/2046
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2	NR*Z*			1,638,300.00		80.062		1,336,294.84		1,669,073.98		1,639,460.71		(303,165.87	)		156.00			—		—			2.811		3.122	MON		3,909.58		34,710.00		8/10/2007		6/25/2035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2					2		1FE		581,889.00		59.46		502,124.70		595,283.00		581,242.99		(79,118.29	)		115.00			—		—			5.75		6.425	MON		2,852.40		17,114.00		8/17/2007		7/25/2036
07389KAA9	BSA_20-701 WHOLE CMO 20-701 1A1					2		1FE		5,128,901.00		47		3,458,675.99		5,136,096.69		5,115,515.50		(1,656,839.51	)		(14.00	)		—		—			5.746		5.76	MON		24,591.50		151,000.00		9/17/2007		9/25/2047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1FE		293,913.00		45.66		203,999.23		294,280.95		293,788.61		(89,789.38	)		1.00			—		—			1.921		1.928	MON		471.05		2,899.00		8/6/2007		9/25/2035
12668AZL2	CWALT CMO 2005-64CB 1A1					2	NR*Z*			1,049,946.00		91.563		980,049.50		1,070,349.83		1,048,422.49		(68,372.99	)		292.00			—		—			5.5		5.877	MON		4,905.77		29,435.00		1/2/2008		12/25/2035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2	NR*Z*			504,989.00		80.161		414,287.14		516,819.62		505,729.22		(91,442.08	)		224.00			—		—			3.479		3.911	MON		1,498.47		9,153.00		8/10/2007		11/20/2034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		5FE		1,951,324.00		73.61		1,466,843.15		1,992,735.94		1,953,112.25		(486,269.10	)		395.00			—		—			3.59		3.946	MON		5,962.27		43,767.00		8/10/2007		8/20/2035
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		4FE		1,907,455.00		94.901		1,828,339.30		1,926,570.51		1,907,940.51		(79,601.21	)		146.00			—		—			3.319		3.494	MON		5,328.89		35,869.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1					2		1FE		472,968.00		83.133		441,174.53		481,316.31		473,520.79		(32,346.26	)		166.00			—		—			3.003		3.4	MON		1,204.61		9,236.00		5/8/2007		2/25/2037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1FE		4,780,544.00		67.281		3,694,956.36		4,735,226.41		4,768,292.41		(1,073,336.05	)		(231.00	)		—		—			5.421		5.164	MON		21,390.99		128,396.00		1/18/2008		2/1/2037
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1					2		1FE		69,011.00		91		69,011.49		69,011.49		51,525.71		17,485.78			—			—		—			0.417		0.418	MON		4.80		112.00		8/17/2006		7/25/2046
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		5FE		125,257.00		100		125,461.59		125,461.59		125,409.39		52.20			3.00			—		—			0.447		0.475	MON		9.35		223.00		10/12/2007		3/25/2028
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1FE		1,803,241.00		55.58		1,321,612.39		1,873,497.26		1,805,988.45		(484,376.06	)		298.00			—		—			5.699		6.549	MON		8,897.44		53,524.00		8/16/2007		12/19/2035
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A					2		1FE		3,241,857.00		39		2,197,579.90		3,241,856.61		3,241,856.61		(1,044,276.71	)		—			—		—			0.538		0.538	MON		484.03		7,313.00		10/19/2006		12/19/2036
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1					2		1FE		1,327,248.00		37		1,086,690.28		1,432,423.01		1,330,393.72		(243,703.44	)		3,586.00			—		—			0.568		2.635	MON		225.81		3,449.00		3/18/2009		7/19/2047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1FE		1,108,836.00		64.06		917,990.54		1,130,969.48		1,108,837.03		(190,846.49	)		288.00			—		—			3.153		3.504	MON		2,971.16		24,372.00		8/13/2007		8/25/2035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		3FE		1,031,225.00		81.393		885,270.74		1,087,646.31		1,032,592.69		(147,321.95	)		132.00			—		—			5.185		6.577	MON		4,699.39		28,411.00		8/16/2007		9/25/2035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO					2		1Z		1,321,105.00		38.587		817,210.74		1,321,104.62		1,321,104.62		(503,893.88	)		—			—		—			0.567		0.568	MON		124.89		3,139.00		2/13/2006		4/25/2046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2	NR*Z*			626,498.00		85		532,107.52		626,008.84		626,333.51		(94,225.99	)		(18.00	)		—		—			5.245		5.205	MON		2,735.97		16,542.00		2/6/2008		7/1/2031
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		3FE		11,334,033.00		83.82		10,163,175.00		12,125,000.00		11,547,673.51		(1,384,498.51	)		50,324.00			—		—			5.679		6.905	MON		57,379.78		344,193.00		11/21/2007		4/25/2036
52520MBU6	LMT WHOLE CMO 05-2					2	NR*Z*			2,289,053.00		101.88		2,333,833.99		2,290,769.22		2,279,784.90		54,049.09			(287.00	)		—		—			5.5		5.509	MON		10,499.35		62,996.00		5/19/2008		12/25/2035
52525BAD4	LXS_07-16N LXS_07-16N 2A2					2		1FE		6,641,858.00		39.2		4,880,209.09		6,667,894.11		6,642,534.15		(1,762,325.06	)		117.00			—		—			1.197		1.256	MON		1,330.46		36,729.00		8/30/2007		9/25/2047
550279BA0	LUM WHOLE CMO 06-2					2		1FE		1,782,193.00		43.634		1,107,229.29		1,782,192.75		1,782,192.75		(674,963.46	)		—			—		—			0.547		0.548	MON		162.53		4,057.00		2/14/2006		2/25/2046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A					2		4FE		1,096,400.00		59.278		660,452.41		1,114,156.38		1,097,705.99		(437,253.58	)		253.00			—		—			0.537		0.714	MON		99.75		2,481.00		8/8/2007		7/25/2036
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		4,491,115.00		45		2,969,569.67		4,542,035.63		4,478,327.10		(1,508,757.43	)		23,810.00			—		—			5.418		5.632	MON		20,508.07		149,369.00		10/11/2007		6/25/2037
61756XAG0	MORGAN STANLEY MTGE LN TR CMO					2		1FE		2,291,346.00		54.41		1,766,594.69		2,298,083.29		2,291,238.27		(524,643.58	)		5.00			—		—			5.45		5.498	MON		10,436.95		65,330.00		3/18/2009		11/25/2037
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1					2		1FE		7,040,733.00		35.313		4,206,516.92		7,016,875.05		7,042,702.63		(2,836,185.71	)		(327.00	)		—		—			6.435		6.402	MON		37,629.54		226,660.00		9/26/2007		10/1/2037
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1					2		1FE		6,202,515.00		39.83		4,018,832.07		6,202,514.54		6,202,514.54		(2,183,682.47	)		—			—		—			0.497		0.498	MON		513.97		12,576.00		1/30/2007		2/25/2037
761118QM3	RALI WHOLE CMO 05-QO5 A1					2		1FE		1,796,618.00		45.266		1,117,213.94		1,815,912.48		1,797,553.98		(680,340.04	)		190.00			—		—			1.421		1.524	MON		2,150.09		13,348.00		8/3/2007		1/25/2046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1FE		469,027.00		73.92		424,622.76		478,062.23		469,333.16		(44,710.40	)		34.00			—		—			5.042		5.475	MON		2,008.69		12,379.00		8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1FE		1,558,362.00		76.58		1,388,903.00		1,614,883.12		1,562,446.05		(173,543.05	)		507.00			—		—			5.201		6.417	MON		6,998.90		41,976.00		8/16/2007		9/25/2035
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A					2		5FE		3,415,567.00		65.746		2,245,614.94		3,415,567.24		3,415,567.24		(1,169,952.30	)		—			—		—			0.547		0.548	MON		311.49		7,775.00		10/27/2006		3/25/2036
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1					2		1FE		5,673,548.00		50.94		3,780,775.26		5,700,267.92		5,673,565.04		(1,892,789.78	)		14.00			—		—			6		6.092	MON		28,501.34		171,008.00		10/11/2007		11/25/2037
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1					2		5FE		5,829,002.00		72.933		4,261,939.13		5,843,600.64		5,829,502.52		(1,567,563.39	)		20.00			—		—			1.921		1.945	MON		9,354.63		59,782.00		9/12/2007		8/25/2047
86386MAM6	STUDENT LOAN CON ABS 02-2 A11					2		1FE		364,000.00		85		340,000.00		400,000.00		364,760.94		(24,760.94	)		761.00			—		—			0		0.899	MON		—		1,633.00		4/1/2010		7/1/2042
92926WAA5	WAMU_07 CMO 07-0A1-A1A					2		1FE		4,550,419.00		40.17		2,834,575.81		4,550,419.44		4,550,419.44		(1,715,843.63	)		—			—		—			1.121		1.117	MON		4,250.21		26,652.00		2/7/2007		2/25/2047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A					2		1FE		1,378,956.00		40.69		860,797.64		1,378,955.76		1,378,955.76		(518,158.12	)		—			—		—			1.121		1.116	MON		1,287.98		8,068.00		2/21/2007		3/25/2047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		644,324.00		36		364,864.81		644,324.17		644,324.17		(279,459.36	)		—			—		—			1.333		1.327	MON		719.94		4,478.00		8/16/2006		9/25/2046
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2					2		5FE		5,495,517.00		82.794		4,965,820.43		5,997,835.32		5,514,405.91		(548,585.48	)		2,120.00			—		—			5.5		7.425	MON		27,490.08		164,941.00		12/17/2007		11/25/2035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		914,260.00		71		793,069.11		937,101.63		915,015.04		(121,945.93	)		176.00			—		—			2.868		3.367	MON		2,239.79		13,442.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NR*Z*			425,572.00		86		363,690.76		422,896.23		425,326.40		(61,635.64	)		(6.00	)		—		—			6		5.612	MON		2,114.48		12,687.00		1/17/2008		11/1/2037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		1,731,861.00		101.228		1,817,908.71		1,795,861.46		1,772,464.72		45,443.99			50.00			—		—			3.878		5.115	MON		5,803.62		34,822.00		8/27/2008		9/11/2036
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		100.687		377,577.19		375,000.00		376,280.97		1,296.22			(1,140.00	)		—		—			7.568		6.344	MON		2,424.73		14,323.00		11/28/2007		5/15/2011
22540A3F3	CSFB CMBS 01-CK3					2		1FE		5,041,401.00		102.544		5,031,858.28		4,907,032.21		4,929,948.47		101,909.81			8,663.00			—		—			6.53		5.863	MON		26,702.43		160,215.00		6/29/2006		6/1/2012
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		553,680.00		100.633		544,424.78		540,999.87		548,602.27		(4,177.49	)		2,575.00			—		—			6.505		5.4	MON		2,932.67		17,596.00		9/12/2008		6/1/2013
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3					2		1FE		4,923,549.00		105.358		4,998,094.63		4,743,920.14		4,781,004.46		217,090.17			(29,506.00	)		—		—			6.439		5.169	MON		25,455.09		152,730.00		12/18/2007		1/15/2012
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2					2		1FE		2,485,000.00		101.79		2,436,230.74		2,393,378.49		2,427,832.89		8,397.85			8,531.00			—		—			6.663		5.031	MON		13,289.23		79,735.00		12/21/2007		6/1/2012
36158YDC0	GECMC CMBS_01-3 A1					2		1FE		171,075.00		101.072		172,868.04		171,035.06		170,859.96		2,008.08			(43.00	)		—		—			5.56		5.519	MON		792.46		4,755.00		12/21/2007		3/1/2011
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		474,090.00		102.13		470,154.93		460,351.11		468,016.32		2,138.61			3,096.00			—		—			6.465		5.397	MON		2,480.14		14,881.00		12/21/2007		12/1/2013
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		132,979.00		99.779		135,623.60		133,688.97		133,393.48		2,230.12			(34.00	)		—		—			4.433		4.69	MON		493.87		2,963.00		3/25/2008		7/10/2039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		491,673.00		101.358		491,136.86		484,555.86		488,235.81		2,901.05			1,359.00			—		—			6.26		5.675	MON		2,527.77		15,167.00		4/16/2008		6/1/2013
46625MLR8	JPMCC 2002-C1 A2					2		1FE		88,805.00		100.954		91,097.35		89,603.04		89,165.49		1,931.86			56.00			—		—			4.914		5.412	MON		366.92		2,202.00		8/27/2008		7/12/2037
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		35,265.00		100.12		35,517.32		35,474.62		35,401.19		116.13			(21.00	)		—		—			4.207		4.565	MON		82.91		746.00		1/25/2008		11/15/2027
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		1,149,706.00		100.901		1,136,578.40		1,126,434.29		1,129,332.85		7,245.55			(704.00	)		—		—			7.219		6.28	MON		6,936.10		40,964.00		12/21/2007		7/1/2011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		431,303.00		100.509		438,639.57		436,417.25		434,025.59		4,613.98			36.00			—		—			4.69		5.283	MON		1,705.66		10,234.00		7/30/2008		6/13/2041
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		391,051.00		100.216		382,116.67		381,293.92		381,682.12		434.55			(1,616.00	)		—		—			6.592		4.697	MON		2,094.57		12,567.00		4/16/2008		11/1/2010
86386MAD6	STUDENT LOAN CON ABS_02-1-A4 144A					2		1FE		1,365,000.00		85		1,275,000.00		1,500,000.00		1,372,092.89		(97,092.89	)		7,093.00			—		—			0		2.238	MON		—		1,769.00		4/1/2010		3/1/2042
86386MAT1	SLCC_02-2 ABS 02-2-A17					2		1FE		1,001,000.00		85		935,000.00		1,100,000.00		1,002,080.50		(67,080.50	)		1,081.00			—		—			0		0.464	MON		—		4,510.00		4/1/2010		7/1/2042
86386MAU8	STUDENT LOAN CON ABS 02-2-A18 144A					2		1FE		819,000.00		85		765,000.00		900,000.00		819,518.05		(54,518.05	)		518.00			—		—			1.848		2.316	MON		1,002.48		3,692.00		4/1/2010		7/1/2042
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		5,734,456.00		102.657		5,849,735.56		5,698,338.68		5,712,226.21		137,509.35			(1,174.00	)		—		—			5.668		5.423	MON		18,841.17		161,510.00		12/21/2007		8/10/2012
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS					2		1FE		2,981,643.00		99.385		3,112,405.11		3,068,237.82		3,032,986.78		79,418.33			6,748.00			—		—			4.037		5.107	MON		10,322.06		61,932.00		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		361,108.00		(608.00	)		608.00			—		—			0.749		1.502	MON		8.32		830.00		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		312,431.04		(493.54	)		494.00			—		—			0.616		1.328	MON		106.32		955.00		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		437,840.64		(2,215.64	)		2,216.00			—		—			1.73		4.024	MON		672.78		1,410.00		3/29/2010		12/27/2032
048312AB8	ACETF ABS 02-1 A2					2		1FE		201,280.00		102.062		203,113.19		200,614.26		200,818.38		2,294.81			(119.00	)		—		—			4.21		3.988	JAJO		1,665.71		4,223.00		7/7/2008		4/20/2011
06052MAC9	BAAT ABS_10-2 A3					2		1FE		999,972.00		100.297		1,002,969.97		1,000,000.00		999,972.64		2,997.33			—			—		—			1.31		1.315	MON		254.72		—		6/16/2010		7/15/2014
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		99.979		1,574,669.19		1,575,000.00		1,562,799.89		11,869.30			5,754.00			—		—			0.48		1.224	MON		335.78		3,047.00		5/6/2008		3/15/2014
14041NBY6	COMET ABS 05-A1 A1					2		1FE		4,021,523.00		99.607		4,034,083.58		4,050,000.00		4,022,739.66		11,343.92			1,216.00			—		—			0.42		0.813	MON		755.44		1,327.00		5/28/2010		1/15/2015
14041NEF4	COMET ABS 08-A5 A5					2		1FE		1,170,000.00		103.076		1,167,851.08		1,133,000.00		1,167,917.10		(66.02	)		(2,082.00	)		—		—			4.85		0.929	MON		2,442.24		4,579.00		6/9/2010		4/15/2011
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE		711,927.00		103.54		714,466.76		690,039.36		699,013.02		15,453.74			(2,052.00	)		—		—			4.97		3.748	FA		14,289.57		17,147.00		2/8/2008		8/1/2012
161571CH5	CHAIT ABS_07-A17 A					2		1FE		1,413,141.00		108.648		1,412,424.04		1,300,000.00		1,412,736.14		(312.10	)		(404.00	)		—		—			5.12		1.277	MON		2,958.22		—		6/23/2010		10/15/2012
194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		1FE		805,000.00		89		890,000.00		1,000,000.00		808,714.63		81,285.37			1,781.00			—		—			1.73		3.479	MON		432.50		8,029.00		8/25/2009		3/1/2042
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		476,361.00		102.02		468,860.08		459,575.55		463,112.88		5,747.20			(2,357.00	)		—		—			6.21		4.139	MJSD		79.28		14,270.00		4/17/2008		12/30/2010
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2		1FE		1,250,000.00		101.067		1,263,336.25		1,250,000.00		1,250,000.00		13,336.25			—			—		—			1.1		1.102	MON		4,774.31		—		2/23/2010		7/25/2023
429827AB4	HEF_10-401 ABS 04-1 A2 144A					2		1FE		164,000.00		87		174,000.00		200,000.00		165,264.46		8,735.54			567.00			—		—			4.4		6.374	MON		24.44		1,554.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,000.00		87		174,000.00		200,000.00		165,014.04		8,985.96			688.00			—		—			4.44		6.245	MON		419.33		1,846.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A					2		1FE		164,000.00		87		174,000.00		200,000.00		164,897.35		9,102.65			341.00			—		—			4.4		6.099	MON		122.22		1,543.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,224.00		87		174,000.00		200,000.00		165,043.38		8,956.62			297.00			—		—			4.42		6.064	MON		712.11		1,665.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 SECURED					2		1FE		164,196.00		87		174,000.00		200,000.00		164,655.21		9,344.79			(214.00	)		—		—			0.989		2.068	MON		97.53		1,629.00		9/10/2009		1/1/2044

Validus Holdings, Ltd June 30, 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
											RATE USED
				FOREIGN	BOND		NAIC		ACTUAL		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
429827AN8	HEF_04-1 ABS 04-1 A13 144A					2		1FE		164,000.00		82		164,000.00		200,000.00		165,107.07		(1,107.07	)		680.00			—		—			0		0.84	MON		—		1,724.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A							1FE		246,000.00		82		246,000.00		300,000.00		246,377.86		(377.86	)		(59.00	)		—		—			4.46		5.712	MON		953.10		2,364.00		9/10/2009		1/1/2044
71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		1FE		452,730.00		92		460,000.00		500,000.00		453,822.36		6,177.64			1,092.00			—		—			1.728		2.695	MON		615.45		2,020.00		3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		1FE		1,177,098.00		90		1,170,000.00		1,300,000.00		1,181,174.92		(11,174.92	)		4,077.00			—		—			1.85		3.199	MON		658.90		7,055.00		3/9/2010		4/25/2044
78442GHX7	SLMA ABS 03-10A A1B 144A					2		1FE		499,844.00		99.945		499,724.20		500,000.00		499,861.98		(137.78	)		18.00			—		—			1.65		1.664	MON		206.25		3,963.00		1/12/2010		12/15/2016
78442GHY5	SLMA ABS 03-10A-A1C					2		1FE		1,799,688.00		99.945		1,799,007.12		1,800,000.00		1,799,765.76		(758.64	)		78.00			—		—			1.804		1.819	MON		631.40		11,055.00		2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		1FE		1,993,438.00		99.945		1,998,896.80		2,000,000.00		1,995,368.67		3,528.13			1,279.00			—		—			1.7		1.839	MON		188.89		18,527.00		9/24/2009		12/15/2016
78442GJA5	SLM STUDENT LOAN TR 2003-10A ABS_03-10A					2		1FE		999,688.00		99.945		999,448.40		1,000,000.00		999,722.82		(274.42	)		35.00			—		—			1.838		1.854	MON		816.89		8,067.00		1/15/2010		12/15/2016
78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A					2		1FE		650,000.00		99.945		649,641.46		650,000.00		650,000.00		(358.54	)		—			—		—			1.7		1.705	MON		92.08		4,283.00		1/13/2010		12/15/2016
78444YAD7	SLMA ABS 08-5 A4					2		1FE		1,943,656.00		105.038		1,943,204.67		1,850,000.00		1,942,762.30		442.37			(894.00	)		—		—			2.016		1.306	JAJO		6,836.85		—		6/1/2010		10/26/2020
86386MAE4	STUDENT LOAN CON ABS 02-1-A4 144A					2		1FE		1,365,000.00		85		1,275,000.00		1,500,000.00		1,370,037.13		(95,037.13	)		5,037.00			—		—			0.1		1.698	MON		57.53		1,669.00		4/1/2010		3/1/2042
86386MAK0	STUDENT LOAN CON ABS_02-02 A9 144A					2		1FE		1,183,000.00		85		1,105,000.00		1,300,000.00		1,185,360.73		(80,360.73	)		2,361.00			—		—			1.847		3.917	MON		263.13		5,343.00		4/1/2010		7/1/2042
86386MAR5	STUDENT LOAN CON ABS 02-2-A15 144A					2		1FE		819,000.00		85		765,000.00		900,000.00		819,999.15		(54,999.15	)		999.00			—		—			1.85		2.574	MON		1,094.79		3,679.00		4/1/2010		7/1/2042
BRS8WUHY9	SMI ABS 09-1 A3		D			2		1FE		833,162.00		103.452		789,352.82		510,000.00		833,411.50		(44,058.68	)		1,027.00			—		(70,150.50	)		5.063		5.061	AO		7,736.07		18,414.00		10/27/2009		10/21/2014
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND									1,575,000.00				1,743,750.00		9,000,000.00		1,575,000.00		168,750.00						—		—						JJ		—
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN		F							12,635,320.40				12,531,156.24		12,300,000.00		12,497,000.74		34,155.50						—		—						JAN		308,183.33
273325AC4	EAST LANE RE II LTD CORP BND 144A							4FE		4,893,583.06				4,806,750.00		5,000,000.00		4,893,583.06		(86,833.06	)
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A		F					4FE		4,750,000.00				5,004,455.00		4,750,000.00		4,750,000.00		254,455.00			—			—		—						JAJO		118,354.17				10/8/2009		10/19/2012
TOTAL														4,975,018,691.11		4,776,047,899.37		4,924,446,518.95		50,572,172.16

Validus Holdings, Ltd June 30, 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		912795U66		4/1/2010	NOMURA SECURITIES INTL. INC.		7/1/2010		2,870,000.00		—		1,103.00			—		—		2,870,000.00		2,868,897.00		—			0.152		0.154	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795U82		5/21/2010	BARCLAYS CAPITAL		8/26/2010		5,198,706.00		—		878.00			—		—		5,200,000.00		5,197,828.00		—			0.16		0.162	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795U82		4/29/2010	NOMURA SECURITIES INTL. INC.		8/26/2010		2,999,139.00		—		953.00			—		—		3,000,000.00		2,998,186.00		—			0.185		0.187	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795U82		2/24/2010	NOMURA SECURITIES INTL. INC.		8/26/2010		5,198,486.00		—		3,402.00			—		—		5,200,000.00		5,195,084.00		—			0.187		0.19	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795U82		3/16/2010	BA SECURITIES		8/26/2010		1,999,312.00		—		1,301.00			—		—		2,000,000.00		1,998,011.00		—			0.221		0.224	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795UK5		12/30/2009	J.P. MORGAN SECURITIES INC		12/16/2010		14,073,025.83		—		29,002.00			—		—		14,100,000.00		14,090,864.00		—			0.41		0.416	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795V65		2/17/2010	UBS WARBURG LLC		8/19/2010		13,596,619.43		—		9,167.00			—		—		13,600,000.00		13,587,452.00		—			0.182		0.185	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795VB4		4/1/2010	BA SECURITIES		9/16/2010		3,998,142.48		—		2,073.00			—		—		4,000,000.00		3,996,070.00		—			0.217		0.22	MAT		—		—
UNITED STATES TREASURY TBILL CASH		912795W31		4/14/2010	BA SECURITIES		10/14/2010		5,995,929.21		—		2,982.00			—		—		6,000,000.00		5,992,948.00		—			0.233		0.236	MAT		—		—
CISCO SYSTEMS INC CORP BND		17275RA$8		5/4/2010	BNP PARIBAS		2/22/2011		566,418.72		—		(3,827.00	)		—		—		550,000.00		570,246.00		10,347.00			5.25		0.582	FA		—		6,016.00
UNITED STATES TREASURY TBILL CASH		912795%$2		6/29/2010			8/26/2010		2,099,552.47		—									2,100,000.00		2,099,544.48		8.00
UNITED STATES TREASURY		912795U$6		6/1/2010			7/1/2010		1,100,000.00		—									1,100,000.00		1,099,880.38		120.00
UNITED STATES TREASURY TBILL CASH		912795V$4		6/28/2010			8/5/2010		1,499,849.00		—									1,500,000.00		1,499,840.44		9.00
UNITED STATES TREASURY TBILL CASH		912795V$4		6/28/2010			8/5/2010		1,299,869.00		—									1,300,000.00		1,299,861.71		7.00
UNITED STATES TREASURY TBILL CASH		912795V$7		6/25/2010			8/12/2010		999,895.59		—									1,000,000.00		999,888.13		7.00
CITI-INSTITUTION LIQ FUND USD STIF FUND		B0A0ATCJ9		6/30/2010					4,810,492.73		—									4,810,492.73		4,810,492.73		807.00
CITIFUNDS INST CASH RESERVE STIF FUND		BRS668GM8		6/30/2010					2,190,592.38		—									2,190,592.38		2,190,592.38		214.00
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20		6/30/2010					83,020,971.39		—									83,020,971.39		83,020,971.39		7,813.00
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND		S99992125		6/30/2010					26,523,884.98		—									26,523,884.98		26,523,884.98		1,434.00
GOLDMAN SACHS PLUS DOLLIQ		S999936$0		6/30/2010					18,503,056.59		—									18,503,056.59		18,503,056.59		1,933.00
ML INST LIQ FUND — AGENCY OPEN_END FUND				6/30/2010					—		—									—		—		2,766.00
CITIBANK US GOVT MMF				6/30/2010					—		—									—		—		6.00
BONY CASH RESERVE CASH RESERVE FUND		S875996$0		6/29/2010					71,238,056.50		—									71,238,056.50		71,238,056.50		5,232.00
									269,781,999.30		—		47,034.00			—		—		269,807,054.57		269,781,655.71

Validus Holdings, Ltd June 30, 2010 GAAP other investments portfolio in Schedule D format

1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				9/4/2009		18,205,470.52		19,129,399.42		18,205,470.52		923,928.90		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,725,446.16		6,919,312.69		6,725,446.16		193,866.53		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		18,956.40		17,203.14		1,753.26		—		—		—		—		—		—
						24,948,137.12		26,067,685.87		24,948,137.12		1,119,548.75