Validus 8-K Results of Operations and Financial Condition

Exhibit 99.1

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
			3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRS6U4Y$2		GRAPHIC PACKAGING INTL LN1 TERM LOAN							??		993,628.20		99.542		990,315.29		994,871.80		993,628.20		(3,312.91	)		—			—		—			0		0.037	JAJO		—		—		12/17/2010		5/16/2014
	BRS9W7N54	MCC IOWA LLC TERM LOAN							3FE		1,980,025.06		99.125		1,977,531.33		1,994,987.47		1,980,025.06		(2,493.73	)		—			—		—			0		0.109	JAJO		—		—		12/17/2010		10/23/2017
62545LA$3		MULTICAT MEXICO 2009 LTD CORP BND 144A			F				??		4,750,000.00		106.785		5,072,287.50		4,750,000.00		4,750,000.00		322,287.50			—			—		—			11.5		11.663	JAJO		119,871.53		553,843.00		10/8/2009		10/19/2012
	6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		748,627.50		101.965		764,737.47		750,000.00		749,130.28		15,607.19			450.00			—		—			1.875		1.938	MN		1,640.63		14,063.00		11/10/2009		11/19/2012
	466247E74	JPMMT CMO_06-A1 2A2					2		??		528,975.24		87.407		461,999.39		528,562.30		528,826.96		(66,827.57	)		(6.00	)		—		—			4.199		4.171	MON		1,849.56		26,799.00		2/6/2008		1/25/2035
	00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				??		4,102,905.34		103.082		4,123,280.04		4,000,000.00		4,061,221.42		62,058.62			(41,684.00	)		—		—			3.25		2.003	AO		32,138.89		130,000.00		2/19/2010		4/2/2012
	001957BC2	AT&T CO CORP BND							1FE		3,693,193.80		105.639		3,565,312.88		3,375,000.00		3,463,187.11		102,125.77			(97,856.00	)		—		—			7.3		4.206	MN		31,481.25		246,375.00		10/29/2009		11/15/2011
	00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.804		1,441,848.65		1,350,000.00		1,403,334.59		38,514.06			(25,286.00	)		—		—			4.95		2.929	JJ		30,813.75		66,825.00		12/9/2009		1/15/2013
	00206RAQ5	AT&T INC CORP BND							1FE		1,611,715.50		107.594		1,613,905.68		1,500,000.00		1,584,576.82		29,328.86			(25,454.00	)		—		—			4.85		2.946	FA		27,483.33		72,750.00		12/16/2009		2/15/2014
	00206RAT9	AT&T INC CORP BND			O				??		1,287,375.32		109.43		1,370,634.01		800,000.00		1,279,314.41		91,319.60			(8,061.00	)		—		51,245.66			5.875		4.657	APR		49,997.86		71,070.00		3/4/2010		4/28/2017
	00206RAV4	AT&T CO CORP BND							1FE		7,578,812.50		99.289		7,496,333.47		7,550,000.00		7,577,425.70		(81,092.23	)		(1,387.00	)		—		—			2.5		2.416	FA		79,170.14		—		9/9/2010		8/15/2015
	00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,027.75		109.272		11,992,555.47		10,975,000.00		11,838,249.20		154,306.27			(632,464.00	)		—		—			8.125		2.101	MN		148,619.80		891,719.00		12/22/2009		5/1/2012
	002824AX8	ABBOTT LABORATORIES CORP BND							1FE		2,822,118.50		101.313		2,862,085.45		2,825,000.00		2,822,442.55		39,642.90			324.00			—		—			2.7		2.722	MN		7,203.75		38,138.00		5/24/2010		5/27/2015
	00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		??		360,500.00		91.625		366,500.00		400,000.00		362,093.98		4,406.02			1,594.00			—		—			1.761		2.541	MON		39.13		3,111.00		3/29/2010		12/26/2035
	00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		??		311,937.50		90.625		317,187.50		350,000.00		313,213.81		3,973.69			1,276.00			—		—			1.753		2.51	MON		319.93		3,225.00		3/29/2010		12/26/2035
	00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		??		435,625.00		89.114		445,568.00		500,000.00		440,825.44		4,742.56			5,200.00			—		—			1.753		3.582	MON		704.46		3,925.00		3/29/2010		12/27/2032
	00448MAA9	ACHMEA HYPOTHEEKBANK N.V. — LT CORP BND			F				1FE		13,297,403.75		104.055		13,735,260.00		13,200,000.00		13,280,728.38		454,531.62			(16,528.00	)		—		—			3.2		3.03	MN		68,053.33		422,400.00		3/12/2010		11/3/2014
	00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F				??		4,752,517.50		100.131		4,756,222.36		4,750,000.00		4,751,316.99		4,905.37			(842.00	)		—		—			0.413		0.612	JAJO		3,873.13		22,300.00		7/24/2009		7/22/2012
	00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F				??		5,979,360.00		101.568		6,094,079.58		6,000,000.00		5,985,392.46		108,687.12			6,032.00			—		—			1.625		1.743	FA		37,916.67		49,292.00		2/2/2010		2/11/2013
	010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,172.75		107.035		13,807,479.01		12,900,000.00		13,428,792.84		378,686.17			(231,736.00	)		—		—			4.85		2.671	JD		27,806.68		625,650.00		2/10/2010		12/15/2012
	01F052615	FNMA TBA 30 YR					2		??		1,065,000.00		107.047		1,070,468.75		1,000,000.00		1,065,000.00		5,468.75			—			—		—			5.5		2.264	MON		—		—		12/9/2010		1/14/2033
	02005MAE2	ALLYA _10-3 ABS _10-3 A4					2		??		799,714.32		98.721		789,765.62		800,000.00		799,742.90		(9,977.28	)		29.00			—		—			1.55		1.565	MON		551.11		4,030.00		8/12/2010		8/17/2015
	02005RAB7	ALLYA_10-5 ABS 10-5 A3					2	NR*Z*			4,115,600.66		99.885		4,115,250.88		4,120,000.00		4,115,720.76		(469.88	)		120.00			—		—			1.11		1.164	MON		2,667.70		—		12/6/2010		1/15/2015
	02209SAC7	ALTRIA GROUP INC. CORP BND							2FE		4,491,825.00		118.283		4,435,606.69		3,750,000.00		4,406,382.66		29,224.03			(85,442.00	)		—		—			8.5		2.148	MN		45,156.25		159,375.00		8/10/2010		11/10/2013
	02209SAK9	ALTRIA GROUP INC. SENIOR CORP BND							2FE		1,075,460.00		104.374		1,043,737.56		1,000,000.00		1,072,580.12		(28,842.56	)		(2,880.00	)		—		—			4.125		2.475	MS		22,916.67		—		10/15/2010		9/11/2015
	02364WAU9	AMERICA MOVIL SA CORP BND			F				1FE		7,088,432.66		103.024		7,211,710.10		7,000,000.00		7,082,306.19		129,403.91			(6,126.00	)		—		—			3.625		3.326	MS		64,142.36		126,875.00		8/27/2010		3/30/2015
	026609AM9	WYETH CORP BND							1FE		8,870,428.65		101.283		8,447,019.55		8,340,000.00		8,377,438.73		69,580.82			(181,883.00	)		—		—			6.95		4.672	MS		170,668.83		579,630.00		5/30/2008		3/15/2011
	02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		101.685		2,160,799.07		2,125,000.00		2,124,370.57		36,428.50			221.00			—		—			2.375		2.389	MS		14,439.67		25,515.00		3/9/2010		3/18/2013
	02R050614	FHLMC GOLD FHLMC TBA					2		??		2,092,343.75		104.875		2,097,500.00		2,000,000.00		2,092,343.75		5,156.25			—			—		—			5		4.562	MON		—		—		12/9/2010		1/1/2035
	034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		5,570,775.00		120.245		5,411,009.66		4,500,000.00		5,512,474.19		(101,464.53	)		(58,301.00	)		—		—			9.375		2.197	AO		97,265.63		—		10/19/2010		4/8/2014
	034863AC4	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		1,298,908.00		100.885		1,311,501.56		1,300,000.00		1,299,001.94		12,499.62			94.00			—		—			2.15		2.179	MS		7,298.06		—		9/20/2010		9/27/2013
	035229CY7	ANHEUSER-BUSCH SENIOR CORP BND							??		5,556,350.00		108.888		5,444,385.90		5,000,000.00		5,524,441.04		(80,055.14	)		(31,909.00	)		—		—			5		2.267	JJ		115,277.78		—		9/23/2010		1/15/2015
	03523TAD0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		7,908,880.00		109.715		7,680,053.99		7,000,000.00		7,866,097.65		(186,043.66	)		(42,782.00	)		—		—			5.375		2.034	MN		48,076.39		188,125.00		10/15/2010		11/15/2014
	03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		1,541,745.00		103.086		1,546,296.74		1,500,000.00		1,531,376.74		14,920.00			(10,368.00	)		—		—			3		1.804	AO		9,500.00		22,500.00		5/20/2010		10/15/2012
	03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		10,359,135.00		105.166		10,253,722.93		9,750,000.00		10,315,629.42		(61,906.49	)		(43,506.00	)		—		—			4.125		2.598	JJ		185,453.13		92,469.00		10/15/2010		1/15/2015
	038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,977.50		109.609		1,644,127.53		1,500,000.00		1,580,896.60		63,230.93			(15,698.00	)		—		—			4.45		3.205	MS		19,654.17		66,750.00		11/3/2009		9/15/2015
	046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		5,610,358.32		107.741		5,656,417.57		5,250,000.00		5,548,636.28		107,781.29			(61,722.00	)		—		—			5.4		1.984	MS		83,475.00		67,500.00		11/12/2010		9/15/2012
	048312AB8	ACETF ABS 02-1 A2					2		??		85,818.55		100.477		85,942.40		85,534.54		85,570.38		372.02			(102.00	)		—		—			4.21		3.988	JAJO		710.20		3,601.00		7/7/2008		4/20/2011
	048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							??		3,899,000.82		107.75		3,574,067.50		3,317,000.00		3,501,367.16		72,700.34			(141,696.00	)		—		—			8.5		3.887	AO		70,486.25		281,945.00		1/30/2008		4/1/2012
	049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				??		2,977,800.00		105.34		2,826,377.54		2,000,000.00		2,977,800.00		(151,422.46	)		—			—		(294,700.00	)		10.386		10.41	JAJO		71,214.84		222,764.00		12/4/2009		4/6/2013
	049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							??		2,500,000.00		105.898		2,647,450.00		2,500,000.00		2,500,000.00		147,450.00			—			—		—			11.79		12.954	JAJO		75,325.00		300,162.00		2/19/2009		2/24/2012
	049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							??		1,500,000.00		106.533		1,597,995.00		1,500,000.00		1,500,000.00		97,995.00			—			—		—			12.79		13.988	JAJO		49,028.33		195,305.00		2/12/2009		2/24/2012
	05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F				??		3,992,895.97		103.162		4,126,485.92		4,000,000.00		3,994,153.32		132,332.60			1,257.00			—		—			3.7		3.739	JJ		69,066.67		74,000.00		2/19/2010		1/13/2015
	05522NAA5	BANK OF AMERICA CORP BND 144A							??		14,237,391.19		105.338		14,747,343.38		14,000,000.00		14,217,854.60		529,488.78			(19,537.00	)		—		—			5.5		4.381	JD		36,361.11		385,000.00		11/12/2010		6/14/2012
	055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,163,085.27		107.473		4,298,930.68		4,000,000.00		4,154,108.22		144,822.46			(8,977.00	)		—		—			4.8		3.042	AO		40,533.33		—		11/12/2010		4/15/2013
	055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		7,503,892.00		110.644		7,490,583.09		6,770,000.00		7,371,401.73		119,181.36			(128,990.00	)		—		—			5.5		2.627	AO		93,087.50		215,050.00		4/16/2010		4/1/2014
	05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,826,299.75		108.473		6,736,202.18		6,210,000.00		6,684,307.19		51,894.99			(138,973.00	)		—		—			5.25		2.456	MN		48,903.76		286,650.00		12/16/2010		11/7/2013
	05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,578.50		102.127		7,174,409.32		7,025,000.00		7,024,828.53		149,580.79			140.00			—		—			3.125		3.127	MS		67,688.80		219,531.00		3/5/2009		3/10/2012
	05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,556,790.00		103.124		4,640,585.18		4,500,000.00		4,550,500.50		90,084.68			(6,290.00	)		—		—			3.875		3.584	MS		53,765.63		87,188.00		5/27/2010		3/10/2015
	05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,318,872.00		103.028		4,275,654.08		4,150,000.00		4,299,254.08		(23,600.00	)		(19,156.00	)		—		—			3.625		2.499	MN		22,147.74		102,406.00		10/5/2010		5/8/2014
	05565QBN7	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,977,280.00		99.216		7,937,256.48		8,000,000.00		7,978,348.52		(41,092.04	)		1,069.00			—		—			3.125		3.187	AO		62,500.00		—		9/28/2010		10/1/2015
	055669AD7	BMWLT_10-1 ABS_10-1 A4					2		??		1,019,897.90		99.87		1,018,674.00		1,020,000.00		1,019,912.32		(1,238.32	)		14.00			—		—			0.96		0.967	MON		435.20		2,230.00		9/15/2010		1/15/2014
	05567MAA3	BNP PARIBAS CORP BND 144A			F				??		5,834,042.19		104.234		6,254,045.10		6,000,000.00		5,858,261.74		395,783.36			24,220.00			—		—			4.8		5.401	JD		5,600.00		288,000.00		2/19/2010		6/24/2015
	05572FAA1	BNP PARIBAS COVERED BONDS SA CORP BND			F				1FE		2,998,860.00		95.962		2,878,859.94		3,000,000.00		2,998,895.95		(120,036.01	)		36.00			—		—			2.2		2.208	MN		10,816.67		—		10/26/2010		11/2/2015
	05947ULH9	BANK OF AMERICA CO CMBS 03-1					2	NR*Z*			1,561,926.15		101.338		1,641,310.14		1,619,646.56		1,604,389.17		36,920.97			5,889.00			—		—			3.878		5.149	MON		5,234.16		62,810.00		8/27/2008		9/11/2036
	05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		??		64,280.63		96.949		63,223.44		65,212.96		64,314.08		(1,090.64	)		8.00			—		—			3.223		3.547	MON		175.15		2,298.00		11/30/2007		11/25/2033
	05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1					2		??		2,880,262.60		81.24		2,373,111.80		2,921,112.51		2,881,768.44		(508,656.64	)		787.00			—		—			3.071		3.306	MON		7,474.45		119,176.00		10/19/2006		8/25/2035
	060505BM5	BANK OF AMERICA CORP BND							??		1,976,532.00		105.172		1,998,276.93		1,900,000.00		1,966,255.69		32,021.24			(10,276.00	)		—		—			5.375		4.278	JD		4,538.89		102,125.00		5/26/2010		6/15/2014
	06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		18,104,062.50		103.716		18,668,880.55		18,000,000.00		18,048,641.54		620,239.01			(32,547.00	)		—		—			3.125		2.933	JD		25,000.00		562,500.00		3/10/2009		6/15/2012
	06050BAG6	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		26,014,802.04		102.106		26,547,560.79		26,000,000.00		26,014,743.50		532,817.29			(9,598.00	)		—		—			2.1		2.061	AO		91,000.00		546,000.00		8/31/2009		4/30/2012
	06050TKN1	BANK OF AMERICA NA (US) CORP BND							1FE		3,126,390.00		101.289		3,038,678.97		3,000,000.00		3,123,911.32		(85,232.35	)		(2,479.00	)		—		—			5.3		4.528	MS		46,816.67		—		11/4/2010		3/15/2017
	06051GDW6	BANK OF AMERICA CORP BND MTN							1FE		3,245,196.00		104.715		3,366,580.52		3,215,000.00		3,259,499.02		107,081.50			4,694.00			—		—			4.9		4.246	MN		26,255.82		90,160.00		12/16/2010		5/1/2013
	06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,546,350.00		102.268		1,559,593.26		1,525,000.00		1,546,219.94		13,373.32			(130.00	)		—		—			4.5		4.138	AO		17,156.25		—		12/16/2010		4/1/2015
	06052DAC9	BAAT_09-1A ABS 09-1A A3 144A					2	NR*Z*			2,430,544.50		101.068		2,423,928.74		2,398,317.11		2,418,080.52		5,848.22			(12,464.00	)		—		—			2.67		1.507	MON		2,846.00		37,354.00		6/1/2010		5/15/2012
	06052JAC6	BAAT_10-1 ABS_10-1A A3 144A					2	NR*Z*			7,090,015.63		100.53		7,137,630.00		7,100,000.00		7,093,311.67		44,318.33			3,296.00			—		—			1.39		1.476	MON		4,386.22		57,569.00		5/26/2010		3/17/2014
	06052MAB1	BAAT ABS 10-2 A2					2		??		3,749,658.75		100.12		3,754,500.00		3,750,000.00		3,749,825.33		4,674.67			167.00			—		—			0.91		0.92	MON		1,516.67		16,209.00		6/16/2010		10/15/2012
	06052MAC9	BAAT ABS_10-2 A3					2	NR*Z*			999,972.40		100.37		1,003,700.00		1,000,000.00		999,978.77		3,721.23			6.00			—		—			1.31		1.315	MON		582.22		6,223.00		6/16/2010		7/15/2014
	06052MAD7	BAAT ABS 10-2 A4					2		??		1,199,768.04		101		1,212,000.00		1,200,000.00		1,199,801.46		12,198.54			33.00			—		—			1.94		1.954	MON		1,034.67		11,058.00		6/16/2010		6/15/2017
	06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,978,536.08		106.78		8,328,804.82		7,800,000.00		7,906,945.40		421,859.42			(55,524.00	)		—		—			4.95		4.159	MN		64,350.00		386,100.00		1/11/2010		11/1/2012
	06406HBQ1	BANK OF NEW YORK CO CORP BND MTN							1FE		2,996,130.00		102.042		3,061,253.14		3,000,000.00		2,996,520.02		64,733.12			390.00			—		—			2.95		2.978	JD		3,195.84		44,250.00		6/11/2010		6/18/2015
	064149B97	BANK OF NOVA SCOTIA CORP BND			A				1FE		2,989,500.00		102.387		3,071,618.98		3,000,000.00		2,991,065.68		80,553.30			1,566.00			—		—			2.375		2.48	JD		2,770.84		35,625.00		6/10/2010		12/17/2013
	06423AAS2	BANK ONE CO CORP BND							??		4,165,800.01		106.596		4,263,820.80		4,000,000.00		4,155,995.50		107,825.30			(9,805.00	)		—		—			5.25		3.293	JJ		88,083.33		—		11/12/2010		1/30/2013
	06423RBN5	BOIT ABS 04-A5 A5					2	NR*Z*			1,538,085.94		99.935		1,573,972.31		1,575,000.00		1,568,710.90		5,261.41			11,665.00			—		—			0.39		1.133	MON		290.29		6,404.00		5/6/2008		3/15/2014
	064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		29,969,700.00		102.054		30,616,200.30		30,000,000.00		29,987,295.69		628,904.61			10,047.00			—		—			2.15		2.185	MS		168,416.67		645,000.00		3/20/2009		3/27/2012
	06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		528,417.00		107.605		538,023.07		500,000.00		521,733.82		16,289.25			(5,648.00	)		—		—			5.2		3.869	JJ		12,350.00		26,000.00		10/21/2009		7/10/2014
	06739FGP0	BARCLAYS BANK PLC CORP BND			F				1FE		9,018,580.06		101.517		9,136,568.34		9,000,000.00		9,013,538.56		123,029.78			(5,042.00	)		—		—			2.5		2.425	JJ		98,750.00		150,000.00		2/19/2010		1/23/2013
	071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		106.378		4,255,106.80		4,000,000.00		4,006,964.47		248,142.33			(2,030.00	)		—		—			4		3.941	MS		53,333.34		160,000.00		2/23/2009		3/1/2014
	071813BB4	BAXTER INTERNATIONAL INC CORP BND							??		7,790,874.00		101.199		7,893,506.96		7,800,000.00		7,793,299.78		100,207.18			2,426.00			—		—			1.8		1.84	MS		41,340.00		72,540.00		3/4/2010		3/15/2013
	07384M3D2	BSARM CMO 04-9 22A1					2		??		1,373,007.04		99.25		1,389,102.42		1,399,599.42		1,373,898.95		15,203.47			284.00			—		—			3.609		4.024	MON		4,209.44		54,983.00		8/13/2007		11/25/2034
	07384MK27	BSARM CMO 04-1 21A1					2	NR*Z*			406,694.79		94.051		389,437.37		414,070.42		406,966.04		(17,528.67	)		85.00			—		—			2.614		2.998	MON		901.85		11,702.00		8/10/2007		4/25/2034
	07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		4,785,719.90		109.744		4,718,972.13		4,300,000.00		4,735,225.28		(16,253.15	)		(49,692.00	)		—		—			5.7		2.914	MN		31,318.33		131,100.00		7/16/2010		11/15/2014
	07387AAW5	BSARM CMO_05-3 2A1					2	NR*Z*			1,546,273.62		81.298		1,280,702.48		1,575,318.56		1,547,532.82		(266,830.34	)		311.00			—		—			2.845		3.146	MON		3,735.09		55,056.00		8/10/2007		6/25/2035
	07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			421,114.50		99.196		417,727.48		421,114.50		421,114.50		(3,387.02	)		—			—		—			0.411		0.411	MON		24.02		1,793.00		8/8/2006		8/25/2036
	073928X73	BEAR STEARNS CO INC CORP BND MTN							1FE		2,390,693.25		109.216		2,539,269.41		2,325,000.00		2,356,112.11		183,157.30			(17,910.00	)		—		—			6.95		6.063	FA		63,288.43		161,588.00		3/23/2009		8/10/2012
	079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		109.443		547,214.97		500,000.00		530,404.04		16,810.93			(7,579.00	)		—		—			5.2		3.436	MS		7,655.56		26,000.00		10/29/2009		9/15/2014
	09657MAC2	BMWLT_10-1 ABS 10-1 A3					2	NR*Z*			999,979.50		100.578		1,005,779.04		1,000,000.00		999,985.36		5,793.68			6.00			—		—			1.39		1.395	MON		231.67		9,421.00		4/15/2010		4/25/2014
	097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		103.589		3,107,658.24		3,000,000.00		3,018,993.05		88,665.19			(4,264.00	)		—		—			3.25		3.073	AO		17,333.34		97,500.00		1/28/2010		10/27/2014
	097023AT2	BOEING CO CORP BND							??		1,404,061.80		107.877		1,391,608.57		1,290,000.00		1,378,707.39		12,901.18			(25,354.00	)		—		—			5.125		1.807	FA		24,975.83		33,056.00		5/12/2010		2/15/2013
	097023BB0	BOEING CO CORP BND							??		685,866.90		101.82		702,560.68		690,000.00		687,375.15		15,185.53			1,353.00			—		—			1.875		2.082	MN		1,473.44		12,938.00		11/17/2009		11/20/2012
	10138MAD7	BOTTLING GROUP LLC CORP BND							??		1,530,340.01		107.714		1,615,704.87		1,500,000.00		1,525,835.23		89,869.64			(4,505.00	)		—		—			4.125		3.702	JD		2,750.00		61,875.00		2/19/2010		6/15/2015
	10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,288,185.41		113.542		4,541,684.28		4,000,000.00		4,251,627.27		290,057.01			(36,558.00	)		—		—			5.5		4.153	AO		55,000.00		220,000.00		2/19/2010		4/1/2016
	10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.076		9,781,450.65		8,500,000.00		9,360,633.71		420,816.94			(249,497.00	)		—		—			6.95		3.574	MS		173,943.06		590,750.00		2/5/2009		3/15/2014
	10620NAH1	BRHEA_05-3A ABS 05-3 A14					2		??		2,218,401.48		99.412		2,244,638.46		2,257,915.00		2,220,574.53		24,063.93			2,173.00			—		—			0.399		0.816	MJSD		125.25		6,101.00		7/2/2010		9/25/2023

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	10778XAA4	BRFKREDIT AS CORP BND 144A			F				??		12,486,250.00		101.861		12,732,625.00		12,500,000.00		12,489,449.39		243,175.61			3,199.00			—		—		2.05		2.088	AO		54,097.23		128,125.00		4/8/2010		4/15/2013
	110122AL2	BRISTOL MYERS SQUIBB CO CORP BND							1FE		7,448,280.00		109.749		7,682,451.92		7,000,000.00		7,274,035.28		408,416.64			(97,842.00	)		—		—		5.25		3.67	FA		138,833.34		367,500.00		3/5/2009		8/15/2013
	BRS448NT2	COMMUNITY HLTH SYST INC TERM LOAN							3FE		1,853,644.16		97.45		1,850,321.37		1,898,739.22		1,853,644.16		(3,322.79	)		—			—		—		0		0.678	JD		—		—		12/14/2010		7/25/2014
	126650AV2	CVS CAREMARK CORP CORP BND							2FE		5,776,192.50		108.929		5,718,794.55		5,250,000.00		5,722,845.98		(4,051.43	)		(53,347.00	)		—		—		4.875		2.32	MS		75,359.38		127,969.00		8/10/2010		9/15/2014
	12668AZL2	CWALT CMO_05-64CB 1A					2	NR*Z*			847,099.66		91		785,840.80		863,561.32		846,047.16		(60,206.36	)		389.00			—		—		5.5		5.931	MON		3,957.99		47,496.00		1/2/2008		12/25/2035
	12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			134,942.40		98.84		133,366.65		134,931.86		134,932.58		(1,565.93	)		(1.00	)		—		—		0.341		0.337	MON		6.38		479.00		1/29/2007		3/25/2011
	12764RAA9	CAELUS RE II LTD CORP BND 144A			F				??		2,900,000.00		100.953		2,927,637.00		2,900,000.00		2,900,000.00		27,637.00			—			—		—		6.5		6.552	FMAN		16,755.56		101,057.00		5/18/2010		5/24/2013
	135087ZA5	CANADA GOVERNMENT GOVT BND			A				1FE		4,076,425.00		103.076		4,226,115.83		4,100,000.00		4,082,334.78		143,781.05			4,519.00			—		—		2.375		2.498	MS		30,023.96		97,375.00		9/2/2009		9/10/2014
	136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A				1FE		1,999,520.00		101.786		2,035,720.06		2,000,000.00		1,999,662.95		36,057.11			143.00			—		—		2		2.008	FA		16,333.33		20,111.00		1/27/2010		2/4/2013
	136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,542.80		104.441		433,428.15		415,000.00		420,906.32		12,521.83			(7,237.00	)		—		—		6.375		4.508	AO		5,585.21		26,456.00		8/13/2008		10/15/2011
	136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				??		325,323.30		106.498		330,144.47		310,000.00		320,139.57		10,004.90			(4,398.00	)		—		—		4.4		2.856	MS		4,016.22		13,640.00		10/22/2009		3/15/2013
	14041NBY6	COMET ABS 05-A1 A1					2		??		4,021,523.44		99.661		4,036,270.62		4,050,000.00		4,030,756.11		5,514.51			9,233.00			—		—		0.33		0.723	MON		631.72		8,725.00		5/28/2010		1/15/2015
	14041NEF4	COMET ABS 08-A5 A5					2	NR*Z*			1,169,999.53		101.197		1,146,562.01		1,133,000.00		1,145,815.92		746.09			(24,184.00	)		—		—		4.85		0.929	MON		2,442.24		32,054.00		6/9/2010		4/15/2011
	14170TAF8	CAREFUSION CORP CORP BND							2FE		4,962,285.00		107.293		4,828,170.87		4,500,000.00		4,932,617.94		(104,447.07	)		(29,667.00	)		—		—		5.125		2.314	FA		96,093.75		—		9/23/2010		8/1/2014
	141781AP9	CARGILL INC CORP BND 144A							??		2,764,425.00		107.247		2,681,187.45		2,500,000.00		2,655,048.86		26,138.59			(107,041.00	)		—		—		6.375		1.91	JD		13,281.26		159,375.00		12/21/2009		6/1/2012
	141784DG0	CARGILL INC CORP BND 144A							1FE		4,764,583.20		107.161		4,736,504.54		4,420,000.00		4,656,716.35		79,788.19			(107,867.00	)		—		—		5.2		2.512	JJ		101,512.66		229,840.00		1/6/2010		1/22/2013
	14312RAD6	CARMX_07-1 ABS 07-1					2	NR*Z*			501,232.80		100.97		496,171.34		491,404.71		497,145.81		(974.47	)		(4,087.00	)		—		—		5.24		2.111	MON		1,144.43		15,021.00		6/8/2010		9/15/2011
	14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,403.75		107.055		1,204,368.67		1,125,000.00		1,124,752.67		79,616.00			119.00			—		—		4.85		4.862	JD		3,637.50		54,563.00		12/3/2007		12/7/2012
	14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							??		5,268,195.25		105.998		5,591,382.90		5,275,000.00		5,271,962.40		319,420.50			1,353.00			—		—		4.25		4.279	FA		89,052.25		224,188.00		2/4/2008		2/8/2013
	14912L4J7	CATERPILLAR FINL SERV CORP BND							??		649,226.50		101.647		660,704.63		650,000.00		649,489.94		11,214.69			253.00			—		—		1.9		1.941	JD		480.28		12,350.00		12/10/2009		12/17/2012
	14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							??		1,967,291.01		101.561		2,000,747.88		1,970,000.00		1,967,448.48		33,299.40			157.00			—		—		2		2.059	AO		9,412.22		—		11/12/2010		4/5/2013
	14912L4M0	CATERPILLAR FINL SERV CORP BND							??		5,175,000.00		101.206		5,237,398.34		5,175,000.00		5,175,000.00		62,398.34			—			—		—		2.75		2.75	JD		2,767.18		71,156.00		11/12/2010		6/24/2015
	14912L4Q1	CATERPILLAR FINL SERV CORP BND							1FE		3,396,226.00		100.444		3,415,079.14		3,400,000.00		3,396,266.65		18,812.49			41.00			—		—		1.55		1.588	JD		1,610.27		—		12/13/2010		12/20/2013
	14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,041,143.35		107.677		3,230,310.96		3,000,000.00		3,039,597.33		190,713.63			(1,180.00	)		—		—		4.6		4.133	JJ		63,633.33		—		11/12/2010		1/15/2014
	15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		??		667,961.40		97.875		668,815.58		683,336.48		676,625.62		(7,810.04	)		4,195.00			—		—		4.903		6.864	MON		2,792.25		33,500.00		4/17/2008		10/25/2033
	15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2					2		??		580,492.75		102.803		578,417.29		562,646.31		568,282.50		10,134.79			(3,354.00	)		—		—		4.97		3.748	FA		11,651.47		27,964.00		2/8/2008		8/1/2012
	16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		101.37		5,068,479.15		5,000,000.00		5,002,600.77		65,878.38			(7,992.00	)		—		—		5.5		5.331	AO		49,652.78		275,000.00		1/31/2007		4/26/2011
	161571CH5	CHAIT ABS_07-A17 A					2	NR*Z*			1,413,140.63		107.245		1,394,185.04		1,300,000.00		1,388,388.81		5,796.23			(24,752.00	)		—		—		5.12		1.277	MON		2,958.22		33,280.00		6/23/2010		10/15/2012
	161582AG6	CHASE MANHATTAN BANK CMBS 99-1-E					2	NR*Z*			387,583.01		100.76		377,848.28		375,000.00		375,521.78		2,326.50			(1,899.00	)		—		—		7.514		6.418	MON		2,347.76		28,600.00		11/28/2007		8/15/2011
	161630AG3	CHASE CMO_07-A1-2A1					2	NR*Z*			2,824,931.23		94.57		2,719,554.59		2,875,705.39		2,828,000.28		(108,445.69	)		1,754.00			—		—		2.892		3.276	MON		6,929.97		97,418.00		2/22/2007		2/25/2037
	161630AL2	CHASE CMO_07-A1 3A1					2		??		1,782,760.73		90.024		1,620,995.85		1,800,626.33		1,783,223.78		(162,227.93	)		240.00			—		—		3.069		3.239	MON		4,604.35		61,967.00		5/17/2007		2/25/2037
	161630AQ1	CHASE CMO_07-A1 5A1					2		??		433,702.12		93.45		412,448.00		441,356.88		434,272.15		(21,824.15	)		251.00			—		—		2.905		3.277	MON		1,068.38		14,880.00		5/8/2007		2/25/2037
	161630AU2	CHASE CMO_07-A1 7A1					2		??		737,478.44		98.404		737,432.30		749,392.61		738,276.03		(843.73	)		307.00			—		—		2.93		3.378	MON		1,829.83		27,169.00		5/17/2007		2/25/2037
	161630BD9	CHASE CMO_07-A1 11M1					2		??		4,314,612.39		82		3,504,443.51		4,273,711.60		4,303,503.99		(799,060.48	)		(716.00	)		—		—		5.373		5.168	MON		19,136.00		231,590.00		1/18/2008		2/25/2037
	166751AH0	CHEVRONTEXACO CORPORATION CORP BND							1FE		9,198,500.25		105.76		9,280,443.51		8,775,000.00		9,103,096.10		177,347.41			(95,404.00	)		—		—		3.95		2.71	MS		113,611.88		346,613.00		1/6/2010		3/3/2014
	166751AK3	CHEVRONTEXACO CORPORATION CORP BND							1FE		3,295,695.00		103.145		3,352,225.28		3,250,000.00		3,276,096.15		76,129.13			(19,635.00	)		—		—		3.45		2.743	MS		36,752.08		112,125.00		2/9/2010		3/3/2012
	17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		261,020.00		100.656		251,638.90		250,000.00		250,552.34		1,086.56			(3,854.00	)		—		—		5.25		3.658	FA		4,703.12		13,125.00		3/6/2008		2/22/2011
	17275RAC6	CISCO SYSTEMS INC CORP BND							1FE		14,068,550.00		113.694		14,268,577.92		12,550,000.00		13,903,721.20		364,856.72			(164,829.00	)		—		—		5.5		3.207	FA		247,339.58		345,125.00		4/20/2010		2/22/2016
	17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		103.099		4,123,945.60		4,000,000.00		3,991,997.86		131,947.74			1,922.00			—		—		2.9		2.955	MN		14,177.78		116,000.00		11/9/2009		11/17/2014
	172967CK5	CITIGROUP INC CORP BND							1FE		3,904,747.45		106.01		4,240,383.32		4,000,000.00		3,908,219.50		332,163.82			3,472.00			—		—		5.125		5.891	MN		31,888.89		—		11/12/2010		5/5/2014
	172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,137.50		103.136		773,516.25		750,000.00		761,349.50		12,166.75			(14,947.00	)		—		—		5.1		3.015	MS		9,775.00		38,250.00		10/20/2009		9/29/2011
	172967EL1	CITIBANK N.A. CORP BND							??		520,145.00		105.969		529,843.68		500,000.00		512,409.06		17,434.62			(6,568.00	)		—		—		5.3		3.852	AO		5,447.22		26,500.00		10/22/2009		10/17/2012
	172967EY3	CITIGROUP INC CORP BND							1FE		22,616,908.00		110.52		23,651,212.38		21,400,000.00		22,407,054.81		1,244,157.57			(209,853.00	)		—		—		6.375		4.937	FA		526,752.08		886,125.00		5/25/2010		8/12/2014
	172967FA4	CITIGROUP INC CORP BND							??		5,153,500.00		108.734		5,436,720.30		5,000,000.00		5,136,994.87		299,725.43			(16,505.00	)		—		—		6.01		5.249	JD		13,355.56		300,500.00		6/9/2010		1/15/2015
	172967FD8	CITIGROUP INC CORP BND							1FE		13,009,699.09		104.357		13,305,517.76		12,750,000.00		12,998,068.63		307,449.13			(11,630.00	)		—		—		4.75		4.256	MN		70,656.25		302,813.00		11/12/2010		5/19/2015
	172967FE6	CITIGROUP INC CORP BND							1FE		3,229,160.60		109.304		3,279,134.91		3,000,000.00		3,219,467.48		59,667.43			(9,693.00	)		—		—		6		3.372	JD		8,000.00		90,000.00		11/12/2010		12/13/2013
	17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR							1FE		798,016.00		102.325		818,599.98		800,000.00		799,361.82		19,238.16			662.00			—		—		2.875		2.962	JD		1,405.56		23,000.00		12/2/2008		12/9/2011
	17313UAE9	CITIGROUP INC — GTD CORP BND GOVT GUAR							1FE		23,839,461.14		102.126		23,999,609.77		23,500,000.00		23,708,981.23		290,628.54			(134,483.00	)		—		—		2.125		1.445	AO		84,616.31		499,375.00		2/19/2010		4/30/2012
	17313YAL5	CITIGROUP FUNDING INC — GTD CORP BND							1FE		15,058,950.00		102.149		15,322,349.10		15,000,000.00		15,036,115.62		286,233.48			(19,400.00	)		—		—		1.875		1.739	AO		53,906.25		304,688.00		10/20/2009		10/22/2012
	17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND							1FE		13,079,283.56		102.174		13,282,621.43		13,000,000.00		13,054,665.92		227,955.51			(24,618.00	)		—		—		1.875		1.646	MN		31,145.84		270,156.00		2/19/2010		11/15/2012
	17314AAF9	CITIGROUP FUNDING INC — GTD CORP BND							1FE		7,380,094.00		101.879		7,539,045.85		7,400,000.00		7,391,604.87		147,440.98			6,601.00			—		—		2		2.093	MS		37,411.11		148,000.00		3/23/2009		3/30/2012
	17314JAT0	CITIBANK NA CORP BND GOVT GUAR							1FE		12,312,160.74		101.986		12,340,306.00		12,100,000.00		12,296,046.73		44,259.27			(16,114.00	)		—		—		1.75		0.926	JD		1,764.59		105,875.00		11/12/2010		12/28/2012
	191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.25		105.07		12,214,380.42		11,625,000.00		11,590,252.86		624,127.56			10,042.00			—		—		3.625		3.725	MS		124,080.74		421,406.00		3/3/2009		3/15/2014
	191216AN0	COCA-COLA COMPANY THE CORP BND							1FE		2,049,036.50		98.323		2,015,630.99		2,050,000.00		2,049,077.80		(33,446.81	)		41.00			—		—		0.75		0.766	MN		1,964.58		—		11/4/2010		11/15/2013
	191216AP5	COCA-COLA COMPANY THE CORP BND							1FE		10,500,796.50		95.777		10,080,507.57		10,525,000.00		10,501,403.41		(420,895.84	)		607.00			—		—		1.5		1.548	MN		20,172.92		—		11/15/2010		11/15/2015
	191219BS2	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,334,777.00		109.515		5,366,243.18		4,900,000.00		5,245,859.77		120,383.41			(88,917.00	)		—		—		5		2.214	FA		92,555.55		122,500.00		4/14/2010		8/15/2013
	19122TAA7	COCA-COLA ENTERPRISES INC. CORP BND							??		8,888,786.00		98.961		8,807,500.35		8,900,000.00		8,889,294.81		(81,794.46	)		509.00			—		—		1.125		1.168	MN		13,628.12		—		11/8/2010		11/12/2013
	19416QDQ0	COLGATE PALMOLIVE CO. CORP BND MTN							1FE		7,195,480.00		95.691		6,937,597.50		7,250,000.00		7,197,197.96		(259,600.46	)		1,718.00			—		—		1.375		1.532	MN		16,060.76		—		10/29/2010		11/1/2015
	194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		??		805,000.00		90		900,000.00		1,000,000.00		810,847.29		89,152.71			3,914.00			—		—		1.756		3.499	MON		439.00		13,202.00		8/25/2009		3/1/2042
	20030NAB7	COMCAST CORPORATION CORP BND							2FE		5,868,400.00		113.365		5,668,246.10		5,000,000.00		5,819,026.80		(150,780.70	)		(49,373.00	)		—		—		6.5		2.235	JJ		149,861.12		—		9/24/2010		1/15/2015
	20030NAE1	COMCAST CORPORATION CORP BND							2FE		5,816,842.50		108.713		5,707,414.76		5,250,000.00		5,748,440.92		(41,026.16	)		(68,402.00	)		—		—		5.3		2.059	JJ		128,304.16		39,750.00		8/10/2010		1/15/2014
	20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F				1FE		15,447,801.60		103.695		16,051,986.00		15,480,000.00		15,455,686.73		596,299.27			6,121.00			—		—		2.9		2.945	MS		129,688.00		448,920.00		9/10/2009		9/17/2014
	2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,340.75		102.466		7,505,664.38		7,325,000.00		7,324,601.28		181,063.10			215.00			—		—		2.75		2.753	AO		42,525.68		201,438.00		10/8/2009		10/15/2012
	2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		1,991,660.00		102.186		2,043,728.18		2,000,000.00		1,992,863.30		50,864.88			1,203.00			—		—		3.5		3.592	MS		19,833.33		34,417.00		3/15/2010		3/19/2015
	20825CAE4	CONOCOPHILLIPS CORP BND							1FE		4,249,488.80		106.817		4,272,676.40		4,000,000.00		4,231,809.72		40,866.68			(17,679.00	)		—		—		4.75		1.452	AO		40,111.11		—		11/12/2010		10/15/2012
	20825CAM6	CONOCOPHILLIPS CORP BND							??		3,862,918.25		106.619		3,811,617.63		3,575,000.00		3,819,560.67		(7,943.04	)		(41,572.00	)		—		—		4.4		1.448	MN		20,099.44		113,300.00		11/3/2010		5/15/2013
	20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		108.967		7,137,331.16		6,550,000.00		6,729,726.74		407,604.42			(38,344.00	)		—		—		4.6		3.85	JJ		138,932.78		256,795.00		1/27/2010		1/15/2015
	209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,497.60		109.577		438,309.97		400,000.00		427,328.56		10,981.41			(7,839.00	)		—		—		5.55		3.313	AO		5,550.00		22,200.00		10/29/2009		4/1/2014
	21685WBL0	RABOBANK NEDERLAND UTRECHT CORP BND MTN			F				1FE		3,421,596.50		96.586		3,312,893.21		3,430,000.00		3,421,948.15		(109,054.94	)		352.00			—		—		2.125		2.177	AO		15,792.29		—		10/5/2010		10/13/2015
	22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							??		212,574.00		105.051		210,102.81		200,000.00		207,068.55		3,034.26			(4,750.00	)		—		—		5.8		3.252	JD		773.33		11,600.00		10/29/2009		6/7/2012
	22540A3F3	CSFB CMBS 01-CK3					2	NR*Z*			2,612,246.42		100.496		2,555,231.39		2,542,622.27		2,539,604.98		15,626.41			(10,403.00	)		—		—		6.53		5.766	MON		13,836.10		166,033.00		6/29/2006		4/15/2011
	22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		??		91,846.36		99.95		89,698.42		89,743.01		89,743.93		(45.51	)		(833.00	)		—		—		6.505		4.455	MON		486.48		5,838.00		9/12/2008		3/1/2011
	22540VC75	CS FIRST BOSTON CMBS_02-CKP1 A3					2	NR*Z*			4,775,786.44		103.724		4,772,915.62		4,601,548.43		4,659,407.89		113,507.73			(6,732.00	)		—		—		6.439		5.439	MON		24,691.14		296,294.00		12/18/2007		11/15/2013
	22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,372.50		104.777		5,715,558.08		5,455,000.00		5,478,545.77		237,012.31			(25,736.00	)		—		—		6.125		5.609	MN		42,692.95		334,119.00		7/11/2007		11/15/2011
	22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		2,186,460.00		109.219		2,184,370.12		2,000,000.00		2,159,207.63		25,162.49			(27,252.00	)		—		—		5.5		2.972	MN		18,333.33		55,000.00		5/19/2010		5/1/2014
	22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		8,486,485.00		102.112		8,679,507.68		8,500,000.00		8,488,433.84		191,073.84			1,949.00			—		—		3.5		3.535	MS		80,986.12		148,750.00		3/18/2010		3/23/2015
	2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F				1FE		4,324,000.00		107.646		4,305,847.76		4,000,000.00		4,278,692.19		27,155.57			(45,308.00	)		—		—		5		1.976	MN		25,555.56		100,000.00		8/4/2010		5/15/2013
	23636UAA5	DANSKE BANK A/S CORP BND GOVT GUAR 144A			F				??		9,236,402.50		102.368		9,469,039.63		9,250,000.00		9,243,363.35		225,676.28			4,751.00			—		—		2.5		2.554	MN		32,760.42		231,250.00		6/23/2009		5/10/2012
	239753BK1	TARGET CORPORATION CORP BND							??		580,657.40		107.492		569,706.93		530,000.00		546,946.32		22,760.61			(15,471.00	)		—		—		8.6		5.39	JJ		21,017.44		45,580.00		9/24/2008		1/15/2012
	24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,035.75		107.248		4,209,475.38		3,925,000.00		3,928,947.95		280,527.43			(1,879.00	)		—		—		4.95		4.895	JD		7,555.64		194,288.00		7/24/2008		12/17/2012
	24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		1,123,807.50		102.322		1,151,120.86		1,125,000.00		1,123,991.34		27,129.52			184.00			—		—		2.95		2.973	MS		10,325.00		16,686.00		3/3/2010		3/9/2015
	24424DAA7	JOHN DEERE CAPITAL CORP — GTD CORP BND							1FE		1,028,470.52		103.377		1,033,769.99		1,000,000.00		1,015,076.42		18,693.57			(10,069.00	)		—		—		2.875		1.827	JD		958.33		28,750.00		8/27/2009		6/19/2012
	2515A0T45	DEUTSCHE BK LDN CORP BND			F				??		999,020.00		101.446		1,014,458.39		1,000,000.00		999,330.16		15,128.23			310.00			—		—		2.375		2.409	JJ		11,215.28		11,875.00		1/5/2010		1/11/2013
	25459HAN5	DIRECTV HOLDINGS LLC CORP BND							??		3,067,385.51		101.505		3,045,160.23		3,000,000.00		3,065,387.83		(20,227.60	)		(1,998.00	)		—		—		3.55		2.994	MS		31,358.33		—		11/12/2010		3/15/2015
	25459HAV7	DIRECTV HOLDINGS LLC CORP BND							2FE		6,890,313.75		98.327		6,710,786.21		6,825,000.00		6,888,149.59		(177,363.38	)		(2,164.00	)		—		—		3.125		2.928	FA		79,388.02		—		10/15/2010		2/15/2016
	25600WAA8	DNB NOR BLGKRDIT CORP BND 144A			F				??		13,436,662.00		96.624		12,850,992.13		13,300,000.00		13,433,084.31		(582,092.18	)		(3,578.00	)		—		—		2.1		1.88	AO		59,739.17		—		11/9/2010		10/14/2015
	260543CC5	CORTS TRUST DOW CORP BND					1		2FE		7,978,000.00		95.302		7,624,151.04		8,000,000.00		7,978,254.29		(354,103.25	)		254.00			—		—		4.25		4.284	MN		49,111.11		—		11/4/2010		11/15/2020
	263534BU2	EI DUPONT DE NEMOURS & CO CORP BND							1FE		9,363,568.00		108.564		9,743,605.55		8,975,000.00		9,262,827.03		480,778.52			(109,077.00	)		—		—		5		3.647	JJ		206,923.61		448,750.00		12/21/2009		7/15/2013
	26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND							1FE		9,123,448.75		101.691		9,279,304.67		9,125,000.00		9,123,895.35		155,409.32			429.00			—		—		2.1		2.105	JD		8,516.67		190,560.00		12/14/2009		6/15/2013
	268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		14,880,439.77		109.448		14,884,925.69		13,600,000.00		14,594,215.37		290,710.32			(286,224.00	)		—		—		5.5		2.988	JJ		322,055.56		610,500.00		2/19/2010		1/26/2014
	26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		1,640,475.00		110		1,649,999.09		1,500,000.00		1,624,810.19		25,188.90			(15,665.00	)		—		—		5.6		3.512	MN		14,000.00		42,000.00		5/27/2010		5/1/2015
	278642AA1	EBAY INC. CORP BND							1FE		2,993,790.00		98.712		2,961,366.57		3,000,000.00		2,994,158.76		(32,792.19	)		369.00			—		—		0.875		0.946	AO		4,593.75		—		10/21/2010		10/15/2013
	278642AB9	EBAY INC. CORP BND							1FE		6,799,747.50		95.574		6,522,948.23		6,825,000.00		6,800,615.44		(277,667.21	)		868.00			—		—		1.625		1.703	AO		19,408.59		—		10/21/2010		10/15/2015

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2	NR*Z*			1,075,962.26		100.077		1,076,794.41		1,075,962.26		1,075,962.26		832.15			—			—		—		1.138		1.14	JAJO		2,313.73		8,962.00		2/23/2010		7/25/2023
	28264QR63	EKSPORTFINANS A/S CORP BND			F				??		5,319,022.92		103.479		5,173,949.45		5,000,000.00		5,308,307.33		(134,357.88	)		(10,716.00	)		—		—		3		1.361	MN		18,333.33		90,000.00		11/12/2010		11/17/2014
	285661AD6	ELECTRONIC DATA SYSTEMS CORP BND							??		9,874,595.25		111.368		9,772,506.20		8,775,000.00		9,658,124.75		114,381.45			(216,471.00	)		—		—		6		1.985	FA		219,375.00		263,250.00		4/30/2010		8/1/2013
	291011AZ7	EMERSON ELECTRIC CO CORP BND							??		3,276,666.54		106.928		3,421,708.74		3,200,000.00		3,274,461.57		147,247.17			(2,205.00	)		—		—		4.125		3.535	AO		27,866.67		—		11/12/2010		4/15/2015
	29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F				1FE		3,268,698.75		100.802		3,250,855.69		3,225,000.00		3,261,966.46		(11,110.77	)		(6,732.00	)		—		—		3.875		3.547	AO		29,159.38		124,969.00		3/30/2010		10/7/2014
	29364DAQ3	ENTERGY ARKANSAS INC. CORP BND					1		1FE		1,749,492.50		95.495		1,671,162.41		1,750,000.00		1,749,492.50		(78,330.09	)		—			—		—		3.75		3.754	FA		8,932.29		—		11/9/2010		2/15/2021
	293791AN9	ENTERPRISE PROD OPER LP CORP BND							??		6,442,930.00		109.753		6,310,785.14		5,750,000.00		6,392,359.52		(81,574.38	)		(50,570.00	)		—		—		5.6		2.488	AO		67,977.77		105,000.00		10/15/2010		10/15/2014
	298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				??		4,822,865.42		110.752		4,928,463.96		4,450,000.00		4,747,506.83		180,957.13			(56,637.00	)		—		—		4.625		3.114	AO		40,590.80		205,813.00		8/31/2009		10/20/2015
	298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,887,520.00		102.068		3,980,664.01		3,900,000.00		3,896,719.21		83,944.80			4,073.00			—		—		3.25		3.36	AO		27,110.42		126,750.00		8/26/2008		10/14/2011
	298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,551,186.37		104.886		3,671,010.32		3,500,000.00		3,540,922.14		130,088.18			(10,264.00	)		—		—		3		2.624	AO		24,208.33		105,000.00		2/19/2010		4/8/2014
	30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				??		5,242,350.00		101.766		5,088,300.00		5,000,000.00		5,070,171.18		18,128.82			(129,320.00	)		—		—		3.75		1.126	JJ		86,458.33		187,500.00		8/31/2009		7/15/2011
	30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A					2		1		1,561,511.42		100		1,561,511.42		1,561,511.42		1,561,511.42		—			—			—		—		0.811		0.812	MON		105.48		10,732.00		3/5/2010		2/25/2048
	302570BB1	FPL GROUP CAPITAL INC CORP BND							??		1,350,000.00		100.284		1,353,840.22		1,350,000.00		1,350,000.00		3,840.22			—			—		—		1.182		3.694	MJSD		664.81		20,645.00		6/11/2008		6/17/2011
	302570BC9	FPL GROUP CAPITAL INC CORP BND							2FE		7,402,175.00		120.684		7,301,372.20		6,050,000.00		7,219,527.24		81,844.96			(182,648.00	)		—		—		7.875		3.581	JD		21,175.00		476,438.00		2/17/2010		12/15/2015
	3128JLHB8	FHLMC POOL # 1B1225					2		??		80,445.22		105.66		86,318.91		81,695.13		80,480.64		5,838.27			10.00			—		—		2.919		3.232	MON		198.72		2,661.00		4/2/2007		9/1/2033
	3128JM6N2	FHLMC POOL # 1B2776					2		??		264,708.18		102.631		274,499.93		267,463.04		264,782.26		9,717.67			41.00			—		—		2.712		2.877	MON		604.47		8,072.00		4/2/2007		2/1/2035
	3128JM7E1	FHLMC POOL # 1B2792					2		??		195,106.12		102.698		202,454.48		197,136.62		195,163.05		7,291.43			32.00			—		—		2.688		2.849	MON		441.59		6,004.00		4/2/2007		2/1/2035
	3128JMW45	FHLMC POOL # 1B2566					2		??		113,129.18		105.597		120,399.64		114,018.52		113,150.31		7,249.33			8.00			—		—		2.968		3.069	MON		282.01		3,759.00		4/2/2007		11/1/2034
	3128JMXM4	FHLMC POOL # 1B2583					2		1		2,049,258.45		104.56		2,166,492.77		2,072,009.16		2,050,005.48		116,487.29			228.00			—		—		2.954		3.133	MON		5,100.59		68,121.00		9/17/2008		10/1/2034
	3128JMY68	FHLMC POOL # 1B2632					2		??		145,917.30		104.759		154,062.57		147,064.40		145,946.35		8,116.22			13.00			—		—		2.718		2.822	MON		333.10		4,681.00		4/3/2007		11/1/2034
	3128JMZG5	FHLMC POOL # 1B2642					2		??		208,777.39		106.414		223,915.38		210,418.70		208,815.63		15,099.75			16.00			—		—		2.898		3.002	MON		508.16		6,861.00		4/2/2007		11/1/2034
	3128JNAL9	FHLMC POOL # 1B2810					2		??		225,223.19		106.048		241,329.56		227,567.13		225,280.75		16,048.81			30.00			—		—		3.054		3.217	MON		579.16		7,427.00		4/2/2007		2/1/2035
	3128JRJS6	FHLMC POOL # 847473					2		??		2,584,603.95		105		2,724,904.08		2,595,146.74		2,584,619.03		140,285.05			117.00			—		—		3.164		3.189	MON		6,842.54		126,077.00		9/26/2007		12/1/2035
	3128JRKQ8	FHLMC POOL # 847503					2		??		1,242,871.18		103.392		1,315,766.92		1,272,598.30		1,243,864.10		71,902.82			400.00			—		—		2.93		3.412	MON		3,107.26		48,142.00		5/31/2006		12/1/2035
	3128JRP26	FHLMC POOL # 847641					2		??		712,781.35		105.494		758,003.30		718,529.58		713,015.74		44,987.56			167.00			—		—		2.714		2.89	MON		1,625.07		24,395.00		11/13/2006		12/1/2033
	3128JRP34	FHLMC POOL # 847642					2		??		163,430.13		104.702		173,378.86		165,592.77		163,527.31		9,851.55			45.00			—		—		2.694		2.869	MON		371.76		4,972.00		11/13/2006		4/1/2035
	3128JRPZ3	FHLMC POOL # 847640					2		??		448,765.18		103.627		467,592.19		451,224.36		448,748.81		18,843.38			5.00			—		—		5.08		5.116	MON		1,910.18		23,294.00		11/13/2006		5/1/2036
	3128KW5Q2	FHLMC GOLD POOL # A66255					2		??		2,563,516.26		109.228		2,768,291.88		2,534,410.15		2,562,572.11		205,719.77			(127.00	)		—		—		6		5.487	MON		12,672.05		152,065.00		11/2/2007		9/1/2037
	3128KWBZ5	FHLMC GOLD POOL # A65456					2		??		30,586.43		110.228		32,447.42		29,436.57		30,558.54		1,888.88			(8.00	)		—		—		6		4.631	MON		147.18		1,766.00		2/4/2009		9/1/2037
	3128KWFX6	FHLMC GOLD POOL # A65582					2		??		64,994.42		110.228		68,948.87		62,551.00		64,933.16		4,015.71			(17.00	)		—		—		6		4.502	MON		312.76		3,753.00		2/4/2009		9/1/2037
	3128KWFY4	FHLMC GOLD POOL # A65583					2		??		94,048.06		110.228		99,770.27		90,512.43		93,959.54		5,810.73			(26.00	)		—		—		6		4.5	MON		452.56		5,431.00		2/4/2009		9/1/2037
	3128KWNV1	FHLMC GOLD POOL # A65804					2		??		3,700,516.13		109.791		4,016,695.24		3,658,500.56		3,699,158.34		317,536.90			(237.00	)		—		—		6		5.494	MON		18,292.50		219,510.00		11/2/2007		9/1/2037
	3128KWNX7	FHLMC GOLD POOL # A65806					2		??		3,561,980.90		109.791		3,866,323.28		3,521,538.24		3,560,657.66		305,665.62			(230.00	)		—		—		6		5.465	MON		17,607.69		211,292.00		11/2/2007		9/1/2037
	3128KWT29	FHLMC GOLD POOL # A65969					2		??		54,324.90		110.228		57,630.22		52,282.62		54,273.71		3,356.51			(15.00	)		—		—		6		4.503	MON		261.41		3,137.00		2/4/2009		9/1/2037
	3128KWTK9	FHLMC GOLD POOL # A65954					2		??		84,043.08		110.228		89,156.53		80,883.56		83,964.03		5,192.50			(22.00	)		—		—		6		4.496	MON		404.42		4,853.00		2/4/2009		9/1/2037
	3128KWTP8	FHLMC GOLD POOL # A65958					2		??		74,187.77		110.228		78,701.62		71,398.77		74,118.06		4,583.56			(19.00	)		—		—		6		4.505	MON		356.99		4,284.00		2/4/2009		9/1/2037
	3128KWTZ6	FHLMC GOLD POOL # A65968					2		??		58,406.59		110.228		61,960.26		56,210.87		58,351.75		3,608.51			(15.00	)		—		—		6		4.521	MON		281.05		3,373.00		2/4/2009		9/1/2037
	3128KYXE4	FHLMC GOLD POOL # A67877					2		??		36,832.49		110.228		39,073.51		35,447.82		36,797.71		2,275.80			(10.00	)		—		—		6		4.538	MON		177.24		2,127.00		2/4/2009		4/1/2037
	3128M4HY2	FHLMC GOLD POOL # G02647					2		??		2,998,566.57		106.775		3,245,834.33		3,039,890.08		2,999,824.74		246,009.59			304.00			—		—		5.5		6.308	MON		13,932.83		167,194.00		4/9/2007		2/1/2037
	3128M4ZG1	FHLMC GOLD POOL # G03143					2		??		6,790.91		110.228		7,204.08		6,535.60		6,784.50		419.58			(2.00	)		—		—		6		4.523	MON		32.68		392.00		2/4/2009		7/1/2037
	3128M5HK9	FHLMC GOLD POOL # G03534					2		??		14,077,533.28		112.159		15,364,310.19		13,698,679.16		14,066,140.85		1,298,169.34			(2,148.00	)		—		—		6.5		5.225	MON		74,201.19		890,414.00		11/6/2007		10/1/2037
	3128M6UB2	FHLMC GOLD POOL # G04778					2		??		176,463.68		110.228		187,200.33		169,829.72		176,306.35		10,893.98			(49.00	)		—		—		6		4.62	MON		849.15		10,190.00		2/4/2009		7/1/2038
	3128M7AZ9	FHLMC GOLD POOL # G05124					2		??		483,557.63		110.228		512,978.88		465,378.77		483,130.82		29,848.06			(124.00	)		—		—		6		4.607	MON		2,326.89		27,923.00		2/4/2009		12/1/2038
	3128MBBR7	FHLMC GOLD POOL # G12548					2		??		2,333,044.54		107.193		2,495,410.30		2,327,952.16		2,332,101.29		163,309.01			(162.00	)		—		—		5.5		5.355	MON		10,669.78		128,037.00		3/30/2007		1/1/2022
	3128MCLV5	FHLMC GOLD POOL # G13740					2		??		1,549,681.83		106.852		1,543,938.15		1,444,924.78		1,548,396.74		(4,458.59	)		(1,285.00	)		—		—		5		2.007	MON		6,020.52		18,062.00		9/23/2010		9/1/2021
	3128MTB72	FHLMC GOLD POOL # H00962					2		??		352,962.41		109.409		378,745.88		346,174.14		352,722.66		26,023.22			(43.00	)		—		—		6.5		5.334	MON		1,875.11		22,501.00		10/31/2007		7/1/2037
	3128MTEE4	FHLMC GOLD POOL # H01033					2		??		8,926,430.36		109.409		9,578,495.49		8,754,755.07		8,920,528.82		657,966.67			(1,000.00	)		—		—		6.5		5.386	MON		47,421.59		569,059.00		10/31/2007		7/1/2037
	3128MTF29	FHLMC GOLD POOL # H01085					2		??		4,872,536.93		109.409		5,228,469.97		4,778,827.12		4,869,424.10		359,045.87			(454.00	)		—		—		6.5		5.453	MON		25,885.31		310,624.00		10/31/2007		7/1/2037
	3128NCB37	FHLMC POOL # 1G0058					2		??		378,550.21		103.16		391,429.82		379,439.53		378,534.62		12,895.20			8.00			—		—		2.97		2.961	MON		939.11		12,193.00		9/17/2008		1/1/2035
	3128NCBF0	FHLMC POOL # 1G0038					2		??		227,754.96		105.055		241,270.91		229,661.17		227,798.36		13,472.55			25.00			—		—		2.895		3.014	MON		554.06		6,981.00		4/2/2007		1/1/2035
	3128NCBW3	FHLMC POOL # 1G0053					2		??		259,093.19		103.632		271,297.89		261,789.63		259,164.93		12,132.96			39.00			—		—		2.798		2.961	MON		610.41		8,081.00		4/2/2007		2/1/2035
	3128NCD68	FHLMC POOL # 1G0125					2		??		2,968,593.48		103.719		3,144,832.99		3,032,077.60		2,971,785.04		173,047.95			1,182.00			—		—		2.756		3.095	MON		6,963.67		94,411.00		12/13/2005		3/1/2035
	3128NCDH4	FHLMC POOL # 1G0104					2		??		128,650.54		104.13		135,084.93		129,727.27		128,677.24		6,407.69			15.00			—		—		2.68		2.8	MON		289.72		3,946.00		4/3/2007		2/1/2035
	3128NCMS0	FHLMC POOL # 1G0369					2		1		601,248.30		106.311		636,012.01		598,257.05		601,056.76		34,955.25			(61.00	)		—		—		2.746		2.633	MON		1,369.01		20,012.00		8/27/2008		10/1/2035
	3128QJ3B0	FHLMC POOL # 1G1694					2		??		2,979,004.20		105.6		3,193,101.29		3,023,770.16		2,979,544.43		213,556.86			128.00			—		—		5.255		5.555	MON		13,241.59		159,217.00		8/10/2007		4/1/2037
	3128QJLG9	FHLMC POOL # 1G1227					2		??		599,931.47		104.985		617,488.67		588,168.10		599,538.35		17,950.32			(115.00	)		—		—		5.993		5.425	MON		2,937.41		35,218.00		1/4/2008		10/1/2036
	3128QJRN8	FHLMC POOL # 1G1393					2		??		1,751,515.48		105.11		1,825,897.23		1,737,129.89		1,750,500.97		75,396.26			(166.00	)		—		—		5.936		5.609	MON		8,593.00		102,919.00		3/30/2007		12/1/2036
	3128QPU59	FHLMC POOL # 1B7453					2		??		226,812.67		106.35		237,212.31		223,048.72		226,688.52		10,523.79			(28.00	)		—		—		6.043		5.411	MON		1,123.24		13,499.00		12/13/2007		8/1/2037
	3128S4E86	FHLMC POOL # 1Q0159					2		1		259,612.20		104.989		275,919.73		262,807.95		259,751.22		16,168.51			71.00			—		—		2.867		3.024	MON		627.89		8,290.00		11/13/2006		3/1/2035
	3128X2TM7	FHLMC AGENCY BND							1		16,521,334.00		111.06		16,547,939.69		14,900,000.00		16,053,008.87		494,930.82			(357,218.00	)		—		—		5		2.377	JJ		312,486.12		745,000.00		11/30/2009		1/30/2014
	3128X9ZK9	FHLMC AGENCY BND					1		??		6,000,000.00		100.202		6,012,120.18		6,000,000.00		6,000,000.00		12,120.18			—			—		—		1.8		1.8	FA		37,800.00		54,000.00		2/17/2010		2/25/2013
	312929CM2	FHLMC GOLD POOL # A82776					2		??		18,387.39		110.228		19,506.13		17,696.13		18,371.03		1,135.10			(4.00	)		—		—		6		4.582	MON		88.48		1,062.00		2/4/2009		1/1/2039
	31292KJH1	FHLMC GOLD POOL # C02964					2		??		3,628.38		110.228		3,849.14		3,491.97		3,624.99		224.15			(1.00	)		—		—		6		4.555	MON		17.46		209.00		2/4/2009		7/1/2037
	312930LH1	FHLMC GOLD POOL # A83928					2		??		61,174.67		110.228		64,896.74		58,874.87		61,120.38		3,776.36			(13.00	)		—		—		6		4.574	MON		294.37		3,532.00		2/4/2009		1/1/2039
	312930LQ1	FHLMC GOLD POOL # A83935					2		??		73,617.93		110.228		78,097.07		70,850.32		73,553.78		4,543.29			(16.00	)		—		—		6		4.62	MON		354.25		4,251.00		2/4/2009		1/1/2039
	312930RC6	FHLMC GOLD POOL # A84083					2		??		45,595.75		108.368		47,553.63		43,881.62		45,558.09		1,995.54			(10.00	)		—		—		6		4.858	MON		219.41		2,633.00		2/4/2009		1/1/2039
	312930RV4	FHLMC GOLD POOL # A84100					2		??		22,464.44		110.228		23,831.26		21,619.92		22,444.38		1,386.88			(6.00	)		—		—		6		4.569	MON		108.10		1,297.00		2/4/2009		1/1/2039
	312930TB6	FHLMC GOLD POOL # A84146					2		??		22,914.81		108.368		23,898.79		22,053.36		22,894.64		1,004.15			(5.00	)		—		—		6		4.603	MON		110.27		1,323.00		2/4/2009		1/1/2039
	31295NXK9	FHLMC POOL # 789682					2		??		49,295.30		103.944		51,535.41		49,580.00		49,302.04		2,233.37			2.00			—		—		2.561		2.637	MON		105.81		1,355.00		8/10/2006		9/1/2032
	31331GVD8	FFCB AGENCY BND							??		3,381,186.00		103.022		3,492,444.14		3,390,000.00		3,384,789.27		107,654.87			2,216.00			—		—		2.2		2.27	AO		17,194.83		74,580.00		5/4/2009		4/8/2013
	31331JG49	FFCB AGENCY BND							??		6,492,395.00		99.976		6,498,407.50		6,500,000.00		6,493,315.42		5,092.08			920.00			—		—		0.3		0.347	MON		921.79		4,858.00		9/17/2010		1/15/2013
	31331Y3X6	FFCB AGENCY BND							??		999,000.00		105.068		1,050,682.59		1,000,000.00		999,592.62		51,089.97			248.00			—		—		3.95		3.977	JJ		17,336.11		39,500.00		7/30/2008		7/23/2012
	31331YNJ5	FFCB AGENCY BND							??		803,264.00		100.137		801,098.62		800,000.00		800,061.78		1,036.84			(1,324.00	)		—		—		3.5		3.33	JJ		12,677.78		28,000.00		7/7/2008		1/18/2011
	31331YR51	FFCB AGENCY BND							1		990,190.00		107.393		1,073,930.07		1,000,000.00		994,964.81		78,965.26			1,966.00			—		—		4		4.224	MN		4,444.44		40,000.00		7/7/2008		5/21/2013
	3133TJP56	FHLMC CMO AGENCY CMO_2130 QS					2		??		2,663,193.87		108.522		2,850,062.12		2,626,262.05		2,660,739.67		189,322.45			255.00			—		—		6		5.511	MON		13,131.31		157,576.00		2/6/2007		5/15/2028
	3133XG3W2	FHLB AGENCY BND							??		797,392.50		102.599		769,496.00		750,000.00		757,034.35		12,461.65			(14,006.00	)		—		—		5.6		3.647	JD		350.00		42,000.00		1/3/2008		6/28/2011
	3133XH2V3	FHLB AGENCY BND							??		8,473,060.25		103.584		8,286,720.00		8,000,000.00		8,224,960.52		61,759.48			(248,100.00	)		—		—		5		1.362	AO		86,666.67		400,000.00		2/19/2010		10/13/2011
	3133XHPH9	FHLB AGENCY BND							1		12,743,702.31		103.94		12,472,786.92		12,000,000.00		12,375,970.54		96,816.38			(367,732.00	)		—		—		4.875		1.276	MN		69,875.00		585,000.00		2/19/2010		11/18/2011
	3133XSP93	FHLB AGENCY BND							1		3,612,678.30		105.481		3,654,916.75		3,465,000.00		3,573,823.38		81,093.37			(35,478.00	)		—		—		3.125		2.022	JD		5,414.06		108,281.00		11/25/2009		12/13/2013
	3133XUE41	FHLB AGENCY BND							??		12,098,988.00		101.877		12,225,239.88		12,000,000.00		12,063,804.36		161,435.52			(35,184.00	)		—		—		1.75		1.421	FA		75,250.00		226,917.00		1/28/2010		8/22/2012
	3133XWE70	FHLB AGENCY BND							??		7,690,298.00		103.275		7,952,175.16		7,700,000.00		7,692,432.67		259,742.49			2,078.00			—		—		2.5		2.53	JD		9,625.00		190,361.00		12/21/2009		6/13/2014
	3133XX7F8	FHLB AGENCY BND							1		9,981,800.00		101.831		10,183,100.90		10,000,000.00		9,986,807.32		196,293.58			5,007.00			—		—		1.625		1.686	MS		45,590.27		95,243.00		2/18/2010		3/20/2013
	3133XXYX9	FHLB AGENCY BND							??		4,600,116.00		102.315		4,604,174.78		4,500,000.00		4,583,348.22		20,826.56			(16,768.00	)		—		—		1.875		1.113	JD		2,343.75		42,188.00		6/29/2010		6/21/2013
	31342A6F1	FHLMC POOL # 780870					2		??		513,714.99		104.834		546,913.65		521,696.95		513,958.39		32,955.26			55.00			—		—		2.569		2.88	MON		1,116.87		14,115.00		4/2/2007		9/1/2033
	31342AZE2	FHLMC POOL # 780741					2		??		722,291.16		105.125		735,964.70		700,085.33		721,858.45		14,106.25			(292.00	)		—		—		2.684		1.89	MON		1,565.86		19,459.00		11/16/2009		7/1/2033
	31349SJK0	FHLMC POOL # 781166					2		??		1,142,093.62		104.754		1,216,194.09		1,161,005.32		1,142,868.09		73,326.00			227.00			—		—		2.605		2.912	MON		2,520.35		31,480.00		1/9/2006		1/1/2034
	31349UCW6	FHLMC POOL # 782785					2		??		234,295.20		103.374		244,104.06		236,137.09		234,343.15		9,760.91			17.00			—		—		2.367		2.483	MON		465.78		6,088.00		4/2/2007		10/1/2034
	31349UEJ3	FHLMC POOL # 782837					2		??		427,340.02		104.845		451,568.66		430,699.46		427,427.32		24,141.34			29.00			—		—		2.5		2.61	MON		897.29		11,434.00		4/2/2007		11/1/2034
	31349UJL3	FHLMC GOLD POOL # 782967					2		1		139,440.35		104.41		147,783.33		141,541.36		139,501.18		8,282.15			30.00			—		—		2.622		2.881	MON	��	309.27		4,058.00		9/30/2008		1/1/2035
	31349ULB2	FHLMC POOL # 783022					2		??		439,173.66		102.419		453,813.53		443,095.06		439,276.58		14,536.95			65.00			—		—		2.616		2.748	MON		965.95		13,377.00		4/2/2007		2/1/2035
	31349ULF3	FHLMC POOL # 783026					2		??		258,539.05		103.675		270,829.69		261,229.72		258,606.03		12,223.66			37.00			—		—		2.478		2.664	MON		539.44		7,270.00		4/2/2007		2/1/2035
	31359MA45	FNMA AGENCY BND							??		15,785,794.70		112.637		16,219,726.99		14,400,000.00		15,566,762.09		652,964.90			(219,033.00	)		—		—		5		2.972	AO		152,000.00		720,000.00		2/19/2010		4/15/2015
	31359MRK1	FNMA AGENCY BND							??		12,610,421.01		107.432		12,999,271.88		12,100,000.00		12,477,271.89		521,999.99			(133,149.00	)		—		—		4.625		3.225	MN		93,270.83		559,625.00		2/19/2010		5/1/2013

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	31359MZC0	FNMA AGENCY BND						1		5,904,904.90		109.985		5,829,205.42		5,300,000.00		5,855,179.83		(25,974.41	)		(49,725.00	)		—		—		4.375		2.065	AO		48,951.39		115,938.00		7/16/2010		10/15/2015
	31371NAC9	FNMA POOL # 256603				2		1		1,349,276.07		107.671		1,451,413.47		1,348,012.31		1,348,909.32		102,504.15			(102.00	)		—		—		5.5		5.337	MON		6,178.39		74,141.00		7/17/2008		2/1/2022
	31371NE35	FNMA POOL # 256754				2		??		529,555.16		107.671		537,901.34		499,580.34		528,339.52		9,561.82			(722.00	)		—		—		5.5		2.494	MON		2,289.74		27,477.00		9/29/2009		6/1/2022
	31379T6G4	FNMA POOL # 429371				2		??		21,974.93		106.141		23,515.47		22,154.94		22,017.92		1,497.55			16.00			—		—		5		5.266	MON		92.31		1,108.00		12/14/2007		2/1/2014
	3137EABX6	FHLMC AGENCY BND						1		19,529,496.07		103.787		20,238,465.59		19,500,000.00		19,523,359.17		715,106.42			(6,137.00	)		—		—		2.5		2.459	JJ		235,625.00		243,750.00		2/19/2010		1/7/2014
	3137EACC1	FHLMC AGENCY BND						1		9,100,620.00		101.757		9,158,130.36		9,000,000.00		9,061,881.29		96,249.07			(38,739.00	)		—		—		1.75		1.271	JD		7,000.00		157,500.00		1/28/2010		6/15/2012
	31385XEW3	FNMA POOL # 555549				2		??		379,841.90		107.174		410,425.64		382,953.40		380,102.62		30,323.02			49.00			—		—		5		5.258	MON		1,595.64		19,148.00		12/14/2007		6/1/2018
	31385XK48	FNMA POOL # 555715				2		??		127,460.53		104.796		134,765.89		128,598.62		127,491.43		7,274.46			13.00			—		—		2.61		2.828	MON		279.70		4,176.00		4/2/2007		7/1/2033
	31391PUF1	FNMA POOL # 672982				2		??		360,063.39		106.953		388,253.14		363,012.86		360,324.63		27,928.51			50.00			—		—		5		5.27	MON		1,512.56		18,151.00		12/14/2007		12/1/2017
	31394BPP3	FNMA AGENCY CMO_04-88 HA				2		??		64,841.60		108.531		68,055.11		62,705.69		64,141.41		3,913.70			(499.00	)		—		—		6.5		5.194	MON		339.66		4,076.00		1/14/2008		12/25/2015
	31394CVB5	FNMA_05-15 CMO_05-15 EA				2		??		1,764,199.11		103.75		1,846,370.69		1,779,634.40		1,770,705.59		75,665.10			1,806.00			—		—		5		5.458	MON		7,415.14		88,982.00		5/24/2007		10/25/2028
	31394DA42	FNMA CMO_05-48 AR				2		??		271,565.81		109.626		295,582.92		269,627.87		271,099.74		24,483.18			(168.00	)		—		—		5.5		5.252	MON		1,235.79		14,830.00		12/20/2007		11/25/2019
	31394FRP2	FNMA CMO_05-80 PB				2		1		788,741.57		101.313		770,793.29		760,805.73		766,896.01		3,897.28			(12,156.00	)		—		—		5.5		0.199	MON		3,487.02		41,844.00		6/18/2009		5/25/2011
	31395BH89	FNMA_06-10 AGENCY CMO_06-26 QA				2		??		147,838.77		100.75		147,071.10		145,976.28		145,769.14		1,301.96			(851.00	)		—		—		5.5		3.985	MON		669.06		8,029.00		9/30/2008		3/25/2011
	31395L4F5	FHLMC CMO_2914 AJ				2		??		1,311,696.58		100.848		1,286,631.16		1,275,814.30		1,286,112.39		518.77			(17,538.00	)		—		—		5		1.801	MON		5,315.89		63,791.00		6/30/2009		8/1/2011
	31395NKX4	FNR CMO_06-53 WA				2		??		72,066.75		100.5		70,941.74		70,588.80		70,520.70		421.04			(610.00	)		—		—		6		3.985	MON		352.94		4,235.00		8/11/2008		3/25/2011
	31395VGR4	FHR AGENCY CMO_2989 WD				2		??		502,968.75		105.559		527,797.24		500,000.00		499,999.74		27,797.50			(1,357.00	)		—		—		5.5		5.261	MON		2,291.67		27,500.00		10/8/2008		11/15/2011
	31396CLF5	FHLMC AGENCY CMO_3054 DW				2		??		165,364.61		108.278		179,727.48		165,987.07		165,440.22		14,287.26			35.00			—		—		5.5		5.692	MON		760.77		9,129.00		6/17/2008		5/15/2034
	31396GSK8	FHLMC CMO_3098 PB				2		1		34,213.48		99.969		34,293.90		34,304.60		34,237.35		56.55			6.00			—		—		5		5.089	MON		142.94		1,715.00		1/30/2006		7/15/2025
	31396GU58	FHLMC CMO_3099 OA				2		??		47,364.87		99.978		47,480.43		47,491.02		47,397.91		82.52			8.00			—		—		5		5.089	MON		197.88		2,375.00		1/30/2006		7/15/2025
	31396H6B0	FHLMC CMO_3102 PE				2		1		185,482.47		101.375		188,259.04		185,705.59		185,366.66		2,892.38			(133.00	)		—		—		5		4.898	MON		773.77		9,285.00		8/20/2008		2/1/2011
	31396UWM8	FHLMC AGENCY CMO 3184 FA				2		??		2,727,859.24		99.781		2,724,865.55		2,730,846.10		2,728,355.91		(3,490.36	)		497.00			—		—		0.41		0.505	MON		498.00		8,022.00		4/23/2010		2/15/2033
	31397B7F2	FHLMC_3221 CMO_3211 QD				2		??		1,786,475.55		106		1,889,732.65		1,782,766.65		1,782,032.11		107,700.54			(1,533.00	)		—		—		5.5		5.296	MON		8,171.01		98,052.00		4/19/2007		7/15/2012
	31397G7M6	FHRR CMO_R011 AB				2		1		3,842,359.17		104.188		3,969,763.09		3,810,210.52		3,822,876.47		146,886.62			(9,901.00	)		—		—		5.5		4.531	MON		17,463.46		209,562.00		9/4/2008		5/15/2012
	31397MTX5	FNR CMO_08-81 KA				2		1		4,924,844.77		106		5,238,342.23		4,941,832.30		4,924,972.89		313,369.34			62.00			—		—		5		5.058	MON		20,590.97		247,092.00		7/29/2008		10/25/2022
	31397Y5H0	FHLMC CMO_3484 DA				2		1		4,839,217.56		104.828		4,876,279.92		4,651,696.03		4,795,240.74		81,039.18			(28,799.00	)		—		—		5		2.246	MON		19,382.07		232,585.00		6/1/2009		7/15/2014
	31398A2W1	FNMA AGENCY BND				1		??		1,953,022.50		99.665		1,943,467.52		1,950,000.00		1,951,088.10		(7,620.58	)		(1,934.00	)		—		—		1.35		0.968	FA		9,286.88		—		9/24/2010		2/24/2011
	31398A3D2	FNMA AGENCY BND				1		??		4,923,128.50		99.607		4,905,644.85		4,925,000.00		4,923,195.16		(17,550.31	)		67.00			—		—		1.125		1.139	MS		17,237.50		—		11/26/2010		9/9/2013
	31398AD33	FNMA AGENCY BND				1		1		13,271,510.12		100.113		13,185,883.10		13,171,000.00		13,178,619.70		7,263.40			(92,890.00	)		—		—		2.125		1.232	JJ		121,282.96		139,942.00		3/10/2010		1/25/2011
	31398AD90	FNMA AGENCY BND				1		1		20,067,642.67		100.116		20,023,201.00		20,000,000.00		20,005,296.81		17,904.19			(62,346.00	)		—		—		2.05		1.686	JJ		174,250.00		205,000.00		2/19/2010		1/28/2011
	31398AE24	FNMA AGENCY BND						1		2,995,680.00		102.086		3,062,579.97		3,000,000.00		2,996,980.40		65,599.57			1,300.00			—		—		1.75		1.798	FA		18,812.50		31,646.00		1/14/2010		2/22/2013
	31398AHZ8	FNMA AGENCY BND						??		20,093,607.56		107.551		20,434,690.57		19,000,000.00		19,684,645.14		750,045.43			(313,184.00	)		—		—		4.75		2.763	MN		105,291.67		902,500.00		2/19/2010		11/19/2012
	31398AJ94	FNMA AGENCY BND						1		4,991,950.00		102.091		5,104,550.15		5,000,000.00		4,993,916.99		110,633.16			1,967.00			—		—		1.75		1.803	MN		13,125.00		56,389.00		3/11/2010		5/7/2013
	31398AS45	FNMA AGENCY BND				1		??		62,681,380.00		100.732		62,453,841.24		62,000,000.00		62,334,043.41		119,797.83			(347,337.00	)		—		—		2		0.868	JD		24,111.11		723,333.00		6/29/2010		6/24/2011
	31398AU34	FNMA AGENCY BND						1		6,730,020.00		101.449		6,847,807.30		6,750,000.00		6,731,965.40		115,841.90			1,945.00			—		—		2.375		2.437	JJ		68,132.81		19,594.00		6/10/2010		7/28/2015
	31398TX22	FNMA_10-87 AGENCY CMO_10-103 MA				2		??		7,382,996.40		104.15		7,312,347.82		7,020,977.26		7,376,388.15		(64,040.33	)		(6,608.00	)		—		—		4		1.914	MON		23,403.26		—		12/9/2010		1/1/2016
	31400EGH7	FNMA POOL # 685200				2		??		338,314.63		107.174		365,554.72		341,085.96		338,554.15		27,000.57			43.00			—		—		5		5.263	MON		1,421.19		17,054.00		12/14/2007		3/1/2018
	31400GJN6	FNMA POOL # 687069				2		??		601,584.24		103.26		622,460.26		602,808.70		600,960.92		21,499.34			(148.00	)		—		—		5.5		5.501	MON		2,762.87		33,155.00		4/21/2006		1/1/2013
	31400PG58	FNMA POOL # 693320				2		??		83,938.73		104.378		88,383.53		84,676.34		83,967.76		4,415.77			8.00			—		—		2.506		2.704	MON		176.83		2,212.00		8/10/2006		1/1/2033
	31400QJ87	FNMA POOL # 694287				2		??		14,289.92		104.882		15,121.34		14,417.52		14,293.66		827.68			2.00			—		—		2.52		2.731	MON		30.28		430.00		4/2/2007		3/1/2033
	31400SA33	FNMA POOL # 695826				2		??		242,649.55		107.174		262,187.00		244,637.25		242,813.16		19,373.84			28.00			—		—		5		5.27	MON		1,019.32		12,232.00		12/14/2007		4/1/2018
	31401A3C9	FNMA POOL # 702895				2		??		394,961.30		107.174		426,762.44		398,196.67		395,255.17		31,507.27			68.00			—		—		5		5.249	MON		1,659.16		19,910.00		12/14/2007		4/1/2018
	31401DVW8	FNMA POOL # 705429				2		??		239,460.74		104.68		253,588.89		242,252.32		239,573.49		14,015.40			18.00			—		—		2.58		2.852	MON		520.84		6,543.00		8/10/2006		4/1/2033
	31402DQB9	FNMA POOL # 725950				2		1		555,816.64		107.241		601,517.28		560,899.80		556,120.93		45,396.35			83.00			—		—		5		5.297	MON		2,337.08		28,045.00		7/17/2008		11/1/2019
	31402HD32	FNMA POOL # 729222				2		??		2,367,514.38		104.181		2,493,768.24		2,393,685.91		2,368,654.13		125,114.11			550.00			—		—		2.734		2.932	MON		5,453.61		90,573.00		9/17/2008		7/1/2035
	31402RB81	FNMA POOL # 735463				2		??		136,924.84		105.077		145,066.72		138,057.39		136,987.40		8,079.32			25.00			—		—		2.58		2.697	MON		296.82		3,911.00		9/28/2006		3/1/2035
	31402RF87	FNMA POOL # 735591				2		??		14,319,776.46		105.524		14,560,336.88		13,798,103.04		14,305,688.11		254,648.77			(14,088.00	)		—		—		5		3.03	MON		57,492.09		432,987.00		4/30/2010		6/1/2035
	31402YSV7	FNMA POOL # 742232				2		??		13,339.44		105.655		14,312.75		13,546.70		13,345.75		967.00			1.00			—		—		2.908		3.291	MON		32.83		389.00		4/2/2007		9/1/2033
	31403C2L4	FNMA POOL # 745179				2		??		1,323,338.88		107.174		1,429,890.16		1,334,179.07		1,324,108.16		105,782.00			125.00			—		—		5		5.258	MON		5,559.07		66,709.00		12/14/2007		4/1/2019
	31403DCE7	FNMA POOL # 745369				2		??		842,358.79		107.241		910,757.95		849,258.98		842,848.73		67,909.22			110.00			—		—		5		5.233	MON		3,538.58		42,463.00		12/14/2007		12/1/2019
	31403DCZ0	FNMA POOL # 745388				2		??		2,350,694.60		107.174		2,539,965.51		2,369,950.43		2,352,170.96		187,794.55			257.00			—		—		5		5.259	MON		9,874.79		118,498.00		12/14/2007		11/1/2018
	31403H3P3	FNMA POOL # 749706				2		??		896,287.47		103.891		942,877.85		907,561.08		896,736.06		46,141.79			110.00			—		—		2.816		3.086	MON		2,129.74		28,442.00		5/15/2006		11/1/2033
	31403KDB6	FNMA POOL # 750798				2		??		5,563.73		102.037		5,765.28		5,650.18		5,566.60		198.68			1.00			—		—		2.324		2.686	MON		10.94		152.00		4/2/2007		12/1/2033
	31403VBR9	FNMA POOL # 758848				2		??		418,222.80		107.174		451,896.83		421,648.67		418,464.51		33,432.32			40.00			—		—		5		5.27	MON		1,756.87		21,082.00		12/14/2007		1/1/2019
	31404CLB4	FNMA POOL # 764522				2		??		53,198.66		104.12		56,511.87		54,275.71		53,235.06		3,276.81			11.00			—		—		2.683		3.124	MON		121.35		1,521.00		9/30/2008		6/1/2034
	31404LRF9	FNMA POOL # 771886				2		??		111,828.58		106.15		120,690.55		113,698.41		111,900.25		8,790.30			18.00			—		—		2.643		3.064	MON		250.42		3,534.00		8/10/2006		2/1/2034
	31404NBP0	FNMA POOL # 773246				2		??		160,885.99		104.962		170,282.00		162,232.52		160,929.30		9,352.70			19.00			—		—		2.682		2.835	MON		362.45		4,698.00		4/2/2007		2/1/2035
	31404VGA0	FNMA POOL # 779693				2		??		852,262.71		102.473		881,604.20		860,328.28		852,640.57		28,963.63			147.00			—		—		2.639		2.803	MON		1,892.01		26,414.00		2/24/2006		7/1/2034
	31405AQ71	FNMA POOL # 783578				2		??		783,369.34		104.118		835,173.90		802,138.11		784,408.89		50,765.01			217.00			—		—		2.482		2.9	MON		1,659.09		20,870.00		2/28/2006		12/1/2034
	31405PAG5	FNMA POOL # 794807				2		??		236,829.25		103.483		244,409.78		236,184.48		236,772.17		7,637.61			(18.00	)		—		—		2.584		2.526	MON		508.59		6,791.00		6/30/2007		10/1/2034
	31405UMM8	FNMA POOL # 799664				2		??		72,970.05		104.908		77,153.06		73,543.69		72,990.42		4,162.64			7.00			—		—		2.636		2.77	MON		161.55		2,170.00		4/2/2007		10/1/2034
	31405UR84	FNMA POOL # 799811				2		??		219,713.42		102.353		224,296.06		219,139.29		219,660.58		4,635.48			(18.00	)		—		—		2.222		2.17	MON		405.77		5,675.00		6/30/2007		11/1/2034
	31405UTZ2	FNMA POOL # 799868				2		??		20,524.13		104.782		21,674.69		20,685.48		20,529.26		1,145.43			2.00			—		—		2.585		2.731	MON		44.56		594.00		4/2/2007		11/1/2034
	31406BB90	FNMA POOL # 804764				2		??		244,719.52		104.408		257,516.22		246,643.34		244,783.70		12,732.52			24.00			—		—		2.368		2.511	MON		486.71		7,047.00		4/2/2007		1/1/2035
	31406BEZ9	FNMA POOL # 804852				2		??		219,011.37		104.752		231,223.26		220,733.08		219,070.72		12,152.54			23.00			—		—		2.368		2.508	MON		435.58		6,263.00		4/2/2007		12/1/2034
	31406BJF8	FNMA POOL # 804962				2		??		249,259.26		103.6		260,263.20		251,218.75		249,324.66		10,938.54			28.00			—		—		2.45		2.591	MON		512.90		7,102.00		4/2/2007		1/1/2035
	31406BQQ6	FNMA POOL # 805163				2		??		305,581.78		104.774		322,849.87		308,139.35		305,665.50		17,184.37			40.00			—		—		2.548		2.702	MON		654.28		8,516.00		4/2/2007		1/1/2035
	31406DG67	FNMA POOL # 806721				2		??		520,147.11		104.404		547,322.62		524,236.13		520,282.70		27,039.92			47.00			—		—		2.692		2.832	MON		1,176.04		16,213.00		4/2/2007		11/1/2034
	31406GLK3	FNMA POOL # 809530				2		??		86,587.97		104.71		91,308.49		87,201.16		86,620.18		4,688.31			16.00			—		—		2.65		2.748	MON		192.57		2,557.00		9/28/2006		2/1/2035
	31406MYP5	FNMA POOL # 814418				2		??		242,970.50		103.37		253,401.99		245,139.99		243,046.13		10,355.86			33.00			—		—		2.319		2.481	MON		473.73		6,810.00		4/2/2007		3/1/2035
	31406PKU2	FNMA POOL # 815807				2		??		339,268.05		103.671		355,080.22		342,505.68		339,464.76		15,615.46			85.00			—		—		2.595		2.725	MON		740.67		9,482.00		9/28/2006		2/1/2035
	31406TLC3	FNMA POOL # 819423				2		??		480,176.12		105.676		511,959.54		484,463.64		480,315.38		31,644.16			69.00			—		—		2.811		2.973	MON		1,134.86		15,839.00		4/2/2007		4/1/2035
	31406TTE1	FNMA POOL # 819649				2		??		3,347,013.70		104.218		3,372,268.98		3,235,783.63		3,344,631.60		27,637.38			(2,382.00	)		—		—		2.529		1.948	MON		6,819.41		88,769.00		12/4/2009		3/1/2035
	31406VHE9	FNMA POOL # 821129				2		??		261,773.32		103.835		274,240.33		264,110.70		261,855.28		12,385.05			43.00			—		—		2.564		2.72	MON		564.32		8,301.00		4/2/2007		5/1/2035
	31407D5R2	FNMA POOL # 828056				2		??		1,218,462.10		104.31		1,249,683.95		1,198,048.08		1,217,724.37		31,959.58			(324.00	)		—		—		2.737		2.387	MON		2,732.55		45,357.00		2/20/2009		6/1/2035
	31407E6W8	FNMA POOL # 828985				2		??		671,293.69		103.732		720,319.23		694,404.34		672,378.44		47,940.79			439.00			—		—		2.519		3.192	MON		1,457.67		23,347.00		3/16/2006		8/1/2035
	31407GC22	FNMA POOL # 829989				2		??		1,734,408.80		105.534		1,847,793.33		1,750,891.80		1,734,997.55		112,795.78			259.00			—		—		2.748		2.942	MON		4,009.54		56,169.00		1/20/2006		4/1/2035
	31408C6D3	FNMA POOL # 847868				2		??		1,774,545.86		105.18		1,886,508.88		1,793,602.90		1,775,634.79		110,874.09			311.00			—		—		2.489		2.639	MON		3,720.23		50,795.00		5/12/2006		11/1/2035
	31409UBQ7	FNMA POOL # 878547				2		??		1,236,928.68		105.435		1,314,677.68		1,246,913.72		1,237,410.18		77,267.50			169.00			—		—		2.656		2.771	MON		2,759.84		35,686.00		5/4/2006		3/1/2036
	31410FU60	FNMA POOL # 888105				2		??		1,072,150.88		107.174		1,158,477.30		1,080,933.48		1,072,675.60		85,801.70			89.00			—		—		5		5.244	MON		4,503.89		54,047.00		12/14/2007		8/1/2020
	31410GC35	FNMA POOL # 888490				2		??		319,016.37		104.162		333,045.36		319,739.06		319,027.90		14,017.46			13.00			—		—		2.363		2.386	MON		629.62		8,559.00		6/18/2007		5/1/2035
	31410GC50	FNMA POOL # 888492				2		??		184,018.75		104.701		192,303.36		183,669.11		183,992.41		8,310.95			(4.00	)		—		—		2.58		2.504	MON		394.89		4,985.00		6/18/2007		5/1/2033
	31410GD83	FNMA POOL # 888527				2		??		42,729.61		105.384		45,878.33		43,534.46		42,753.85		3,124.48			10.00			—		—		2.687		3.157	MON		97.48		1,454.00		6/18/2007		4/1/2034
	31410GDC4	FNMA POOL # 888499				2		??		1,424,648.78		104.768		1,500,959.93		1,432,653.23		1,424,856.72		76,103.21			52.00			—		—		2.637		2.748	MON		3,148.26		38,874.00		6/18/2007		8/1/2033
	31410GDF7	FNMA POOL # 888502				2		??		164,846.10		103.406		172,677.06		166,988.80		164,917.93		7,759.13			32.00			—		—		2.03		2.339	MON		282.49		4,148.00		6/18/2007		6/1/2033
	31410GDL4	FNMA POOL # 888507				2		??		783,513.17		104.466		832,833.40		797,228.57		784,012.11		48,821.29			159.00			—		—		2.517		2.86	MON		1,671.52		21,226.00		6/18/2007		2/1/2035
	31410GDM2	FNMA POOL # 888508				2		??		769,868.46		104.276		814,011.10		780,632.03		770,231.04		43,780.06			125.00			—		—		2.654		2.953	MON		1,726.50		22,256.00		6/18/2007		3/1/2034
	31410GDQ3	FNMA POOL # 888511				2		??		107,502.56		105.14		114,054.52		108,479.01		107,532.95		6,521.57			11.00			—		—		2.431		2.625	MON		219.76		3,586.00		6/18/2007		12/1/2033
	31410GDS9	FNMA POOL # 888513				2		??		187,805.22		104.24		196,793.29		188,788.65		187,829.33		8,963.96			7.00			—		—		2.626		2.726	MON		413.13		5,100.00		6/18/2007		2/1/2034
	31410GDX8	FNMA POOL # 888518				2		??		164,855.23		103.862		171,771.57		165,384.93		164,867.82		6,903.75			9.00			—		—		2.648		2.686	MON		364.95		4,768.00		6/18/2007		4/1/2035
	31410GDY6	FNMA POOL # 888519				2		??		89,233.31		103.747		94,166.33		90,765.61		89,293.68		4,872.65			21.00			—		—		2.368		2.686	MON		179.11		2,574.00		6/18/2007		1/1/2035
	31410GDZ3	FNMA POOL # 888520				2		??		1,111,876.82		105.65		1,182,188.01		1,118,963.60		1,112,076.51		70,111.50			72.00			—		—		2.617		2.745	MON		2,440.27		33,911.00		6/18/2007		7/1/2033
	31410GFD0	FNMA POOL # 888564				2		??		17,172,322.00		106.966		17,822,777.66		16,662,046.83		17,140,248.63		682,529.03			(12,209.00	)		—		—		5		3.515	MON		69,425.20		833,102.00		2/26/2009		10/1/2021

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6			7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5							8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC					RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG			ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	31410GPR8	FNMA POOL # 888832					2		??			7,737,540.08		111.693		8,311,166.72		7,441,060.32		7,727,888.50		583,278.22			(1,610.00	)		—		—		6.5		4.41	MON		40,305.74		483,669.00		1/25/2008		11/1/2037
	31411DA33	FNMA POOL # 904626					2		1			1,887,315.39		105.16		1,975,287.38		1,878,363.81		1,886,805.43		88,481.95			(92.00	)		—		—		5.519		5.379	MON		8,638.91		103,399.00		12/13/2006		12/1/2036
	31411GUY6	FNMA POOL # 907899					2		1			2,686,662.53		106.512		2,838,115.67		2,664,596.33		2,685,687.57		152,428.10			(182.00	)		—		—		5.754		5.517	MON		12,776.74		153,507.00		12/14/2006		1/1/2037
	31411KCZ4	FNMA POOL # 910088					2		??			6,512,946.10		109.277		7,051,058.00		6,452,454.33		6,512,128.40		538,929.60			(74.00	)		—		—		6		5.369	MON		32,262.27		387,147.00		3/29/2007		3/1/2037
	31411LEA5	FNMA POOL # 911029					2		??			520,918.93		107.671		529,129.00		491,432.95		519,645.36		9,483.64			(779.00	)		—		—		5.5		2.884	MON		2,252.40		27,029.00		9/29/2009		7/1/2022
	31412LMG2	FNMA POOL # 928359					2		??			680,675.61		107.671		691,403.55		642,146.79		679,129.43		12,274.12			(896.00	)		—		—		5.5		2.334	MON		2,943.17		35,318.00		9/29/2009		5/1/2022
	31412LQN3	FNMA POOL # 928461					2		??			892,911.41		107.671		906,984.36		842,369.26		890,866.96		16,117.40			(1,198.00	)		—		—		5.5		2.471	MON		3,860.86		46,330.00		9/29/2009		6/1/2022
	31412LVF4	FNMA POOL # 928614					2		??			5,424,958.90		107.671		5,496,686.18		5,105,092.93		5,415,146.33		81,539.85			(6,736.00	)		—		—		5.5		2.334	MON		23,398.34		280,780.00		10/21/2009		8/1/2022
	31412SRH0	FNMA POOL # 933488					2		??			2,140,817.54		106.061		2,163,097.28		2,039,480.84		2,136,997.00		26,100.28			(2,251.00	)		—		—		5		2.531	MON		8,497.84		101,974.00		9/29/2009		3/1/2023
	31414ARA2	FNMA POOL # 960481					2		??			2,768,635.34		106.106		2,798,638.34		2,637,580.55		2,763,557.78		35,080.56			(2,924.00	)		—		—		5		2.531	MON		10,989.92		131,879.00		9/29/2009		12/1/2022
	31414CRJ9	FNMA POOL # 962289					2		??			3,632,731.22		106.061		3,670,537.48		3,460,774.01		3,626,257.43		44,280.05			(3,715.00	)		—		—		5		2.523	MON		14,419.89		173,039.00		9/29/2009		3/1/2023
	31414GD22	FNMA POOL # 965521					2		??			472,925.04		107.671		480,378.69		446,155.70		471,853.19		8,525.50			(622.00	)		—		—		5.5		2.779	MON		2,044.88		24,539.00		9/29/2009		12/1/2022
	31414NB45	FNMA POOL # 970859					2		??			4,029,386.74		106.061		4,065,269.73		3,832,948.15		4,024,298.15		40,971.58			(3,381.00	)		—		—		5		2.435	MON		15,970.62		191,647.00		10/21/2009		12/1/2023
	31414RB79	FNMA POOL # 973562					2		??			4,323,991.12		107.618		4,390,009.50		4,079,236.88		4,314,670.51		75,338.99			(5,481.00	)		—		—		5.5		2.664	MON		18,696.50		224,358.00		9/29/2009		3/1/2023
	31415MDG7	FNMA POOL # 984003					2		??			6,370,176.78		107.583		7,059,481.53		6,561,907.50		6,374,333.34		685,148.19			1,069.00			—		—		5.5		6.765	MON		30,075.41		360,905.00		7/25/2008		6/1/2038
	31415MFS9	FNMA POOL # 984077					2		??			3,162,713.55		106.061		3,195,628.28		3,013,004.87		3,157,114.69		38,513.59			(3,346.00	)		—		—		5		2.65	MON		12,554.19		150,650.00		9/29/2009		6/1/2023
	31416B4M7	FNMA POOL # 995528					2		??			5,752,056.39		106.549		5,899,266.74		5,536,646.25		5,741,600.31		157,666.43			(4,359.00	)		—		—		5		3.042	MON		23,069.36		276,832.00		3/20/2009		12/1/2021
	31416B4N5	FNMA POOL # 995529					2		1			9,736,799.06		107.671		10,097,142.50		9,377,804.94		9,718,311.84		378,830.66			(6,928.00	)		—		—		5.5		3.525	MON		42,981.60		515,779.00		2/27/2009		11/1/2022
	31416B4P0	FNMA POOL # 995530					2		??			4,881,873.75		107.688		5,041,340.27		4,681,449.23		4,872,029.56		169,310.71			(4,337.00	)		—		—		5.5		3.378	MON		21,456.64		257,480.00		3/20/2009		12/1/2021
	31416B7J1	FNMA POOL # 995597					2		??			560,252.88		107.671		569,082.89		528,540.46		559,169.94		9,912.95			(576.00	)		—		—		5.5		2.638	MON		2,422.48		29,070.00		9/29/2009		3/1/2024
	31416BLV8	FNMA POOL # 995040					2		??			3,026,140.72		106.061		3,053,089.48		2,878,611.86		3,022,074.47		31,015.01			(2,721.00	)		—		—		5		2.416	MON		11,994.22		143,931.00		10/21/2009		6/1/2023
	31416BSE9	FNMA POOL # 995217					2		??			4,480,673.46		107.671		4,547,387.67		4,223,424.05		4,472,470.75		74,916.92			(4,702.00	)		—		—		5.5		2.571	MON		19,357.36		232,288.00		10/21/2009		12/1/2023
	31416CME3	FNMA POOL # 995957					2		??			10,532,320.58		106.061		10,616,252.28		10,009,555.88		10,521,342.21		94,910.07			(7,759.00	)		—		—		5		2.461	MON		41,706.48		500,478.00		9/28/2009		6/1/2024
	31416TL49	FNMA POOL # AA9346					2		1			14,142,959.12		102.928		14,402,152.01		13,992,416.15		14,139,375.68		262,776.33			(3,583.00	)		—		—		4.5		4.115	MON		52,471.57		524,715.00		2/2/2010		8/1/2039
	31419ESP5	FNMA POOL # AE4125					2		1			8,078,022.59		99.626		7,763,962.40		7,793,087.82		8,071,987.57		(308,025.17	)		(6,035.00	)		—		—		4		2.608	MON		25,976.96		25,977.00		11/5/2010		10/1/2040
	32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NR*Z*				166,354.65		93.895		159,622.34		170,000.35		166,714.47		(7,092.13	)		121.00			—		—		2.769		3.285	MON		392.28		5,022.00		8/10/2007		12/25/2034
	33736XBZ1	FUNBC CMBS_01-C2 A2					2	NR*Z*				509,854.08		99.958		490,847.25		491,055.85		491,289.82		(442.57	)		(5,085.00	)		—		—		6.663		4.491	MON		2,726.59		32,719.00		12/21/2007		3/12/2011
	341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE			2,779,404.80		107.065		2,912,160.60		2,720,000.00		2,747,618.99		164,541.61			(12,405.00	)		—		—		4.85		4.335	FA		54,966.67		131,920.00		4/25/2008		2/1/2013
	34528RAE2	FORDO ABS 09-A A3B					2	NR*Z*				3,098,670.86		101.176		3,074,462.73		3,038,727.21		3,078,148.08		(3,685.35	)		(20,523.00	)		—		—		2.76		0.565	MON		3,960.92		50,031.00		6/9/2010		2/15/2012
	34529LAD6	FORDO_10-A ABS 10-A-A3					2		??			1,999,634.80		100.29		2,005,800.62		2,000,000.00		1,999,746.73		6,053.89			112.00			—		—		1.32		1.332	MON		1,173.33		16,647.00		4/21/2010		6/15/2014
	34529MAD4	FORDO_10-B ABS_10-B A4					2		??			899,948.88		99.926		899,330.25		900,000.00		899,954.29		(624.04	)		5.00			—		—		1.58		1.587	MON		632.00		5,175.00		7/27/2010		9/15/2015
	35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F				??			1,400,000.00		100.272		1,403,808.00		1,400,000.00		1,400,000.00		3,808.00			—			—		—		5.75		5.79	FMAN		11,627.78		64,741.00		1/21/2010		2/3/2014
	35177PAS6	FRANCE TELECOM CORP BND			F				1FE			6,246,739.39		107.102		6,298,676.56		5,881,000.00		6,189,134.25		109,542.31			(57,605.00	)		—		—		4.375		2.801	JJ		123,643.94		128,647.00		4/14/2010		7/8/2014
	35177PAU1	FRANCE TELECOM CORP BND			F				1FE			3,986,400.00		97.195		3,887,803.96		4,000,000.00		3,987,165.03		(99,361.07	)		765.00			—		—		2.125		2.197	MS		24,791.67		—		9/7/2010		9/16/2015
	354613AE1	FRANKLIN RESOURCES INC. CORP BND							1FE			1,974,114.25		100.822		1,991,235.37		1,975,000.00		1,974,294.94		16,940.43			181.00			—		—		2		2.015	MN		4,498.61		19,750.00		5/19/2010		5/20/2013
	36158YDC0	GECMC CMBS_01-3 A1					2	NR*Z*				49,383.56		100.387		49,563.24		49,372.14		49,308.93		254.31			(25.00	)		—		—		5.56		5.519	MON		228.76		2,745.00		12/21/2007		3/10/2011
	361849QE5	GMACC CMBS 01_C1 A2					2	NR*Z*				131,156.84		99.965		127,311.69		127,356.06		128,665.40		(1,353.71	)		45.00			—		—		6.465		5.161	MON		686.13		8,234.00		12/21/2007		11/15/2012
	36186CBF9	GMAC LLC CORP BND GOVT GUAR							1FE			4,687,534.95		102.861		4,829,323.95		4,695,000.00		4,690,785.02		138,538.93			2,076.00			—		—		2.2		2.247	JD		3,443.00		103,290.00		6/3/2009		12/19/2012
	36201YER3	GNMA POOL # 606844					2		??			1,556,738.85		106.798		1,586,648.59		1,485,648.26		1,556,147.56		30,501.03			(591.00	)		—		—		5		3.623	MON		6,190.20		49,522.00		4/23/2010		9/15/2033
	36202E5P0	GNMA POOL # 004454					2		??			22,674.86		105.896		22,569.45		21,312.83		22,650.55		(81.10	)		(24.00	)		—		—		4.5		1.826	MON		79.92		160.00		10/7/2010		6/20/2024
	36202EVU0	GNMA POOL # 004227					2		??			40,019.60		105.449		39,665.40		37,615.72		39,973.18		(307.78	)		(46.00	)		—		—		4.5		1.608	MON		141.06		282.00		10/7/2010		7/20/2023
	36202FAE6	GNMA POOL # 004505					2		??			77,829.75		105.818		77,411.13		73,154.71		77,747.02		(335.89	)		(83.00	)		—		—		4.5		1.838	MON		274.33		549.00		10/7/2010		8/20/2024
	36202FBR6	GNMA POOL # 004548					2		??			46,207.78		105.818		45,959.24		43,432.19		46,158.91		(199.67	)		(49.00	)		—		—		4.5		1.837	MON		162.87		326.00		10/7/2010		10/20/2024
	36202FD78	GNMA POOL # 004626					2		??			1,989,835.49		105.872		1,980,144.32		1,870,310.93		1,987,789.06		(7,644.74	)		(2,046.00	)		—		—		4.5		1.909	MON		7,013.67		14,027.00		10/7/2010		2/20/2025
	36202FET9	GNMA POOL # 004646					2		??			312,432.94		105.872		310,911.28		293,665.85		312,114.49		(1,203.21	)		(318.00	)		—		—		4.5		1.927	MON		1,101.25		2,203.00		10/7/2010		3/20/2025
	36202FF43	GNMA POOL # 004687					2		??			885,042.21		105.872		880,731.76		831,879.89		884,160.62		(3,428.86	)		(882.00	)		—		—		4.5		1.998	MON		3,119.55		6,239.00		10/7/2010		5/20/2025
	36202FFH4	GNMA POOL # 004668					2		??			1,250,457.05		105.872		1,244,366.91		1,175,345.15		1,249,204.23		(4,837.32	)		(1,253.00	)		—		—		4.5		1.985	MON		4,407.54		8,815.00		10/7/2010		4/20/2025
	36202KME2	GNMA POOL # 008457					2		??			555,109.57		103.88		568,651.17		547,411.60		554,669.10		13,982.07			(229.00	)		—		—		2.625		2.186	MON		1,197.46		18,931.00		3/18/2009		7/20/2024
	36204J4C7	GNMA POOL # 371719					2		??			436,903.47		113.344		466,073.20		411,203.26		434,902.77		31,170.43			(754.00	)		—		—		6.5		4.863	MON		2,227.35		26,728.00		9/11/2008		4/15/2024
	36204SV60	GNMA POOL # 378737					2		??			429,494.64		113.749		459,807.83		404,230.24		427,527.77		32,280.06			(739.00	)		—		—		6.5		4.8	MON		2,189.58		26,275.00		9/11/2008		1/15/2024
	36205BKY7	GNMA POOL # 385611					2		??			539,498.44		113.344		575,517.90		507,763.24		537,125.71		38,392.19			(882.00	)		—		—		6.5		4.789	MON		2,750.38		33,005.00		9/11/2008		4/15/2024
	3620A2KC9	GNMA POOL # 716791					2		??			2,107,774.81		106.557		2,124,480.78		1,993,756.84		2,105,295.52		19,185.26			(1,701.00	)		—		—		5		2.326	MON		8,307.32		99,688.00		9/29/2009		4/15/2024
	3620A32R4	GNMA POOL # 718184					2		??			133,265.76		105.961		132,688.01		125,224.03		133,123.96		(435.95	)		(142.00	)		—		—		4.5		1.762	MON		469.59		939.00		10/7/2010		3/15/2025
	3620A5FJ3	GNMA POOL # 719369					2		??			1,385,527.93		105.961		1,375,482.24		1,298,108.45		1,384,072.11		(8,589.87	)		(1,456.00	)		—		—		4.5		1.66	MON		4,867.91		14,604.00		8/31/2010		4/15/2025
	3620A6AC1	GNMA POOL # 720103					2		??			855,535.79		103.997		874,429.90		840,821.42		855,228.11		19,201.79			(150.00	)		—		—		4.5		4.187	MON		3,153.08		37,837.00		6/18/2009		6/15/2039
	3620A6DZ7	GNMA POOL # 720220					2		??			1,949,687.23		106.557		1,978,003.38		1,856,292.52		1,947,445.38		30,558.00			(1,260.00	)		—		—		5		2.703	MON		7,734.55		92,815.00		7/29/2009		7/15/2024
	3620A7R64	GNMA POOL # 721509					2		??			545,845.41		105.961		543,479.00		512,907.15		545,257.96		(1,778.96	)		(587.00	)		—		—		4.5		1.726	MON		1,923.40		3,847.00		10/7/2010		2/15/2025
	3620A7RQ0	GNMA POOL # 721495					2		??			710,931.40		105.961		707,849.29		668,031.27		710,166.46		(2,317.17	)		(765.00	)		—		—		4.5		1.737	MON		2,505.12		5,010.00		10/7/2010		1/15/2025
	3620A9MU2	GNMA POOL # 723171					2		1			73,879.71		105.896		73,514.68		69,421.54		73,798.19		(283.51	)		(82.00	)		—		—		4.5		1.663	MON		260.33		521.00		10/7/2010		10/15/2024
	3620A9QJ3	GNMA POOL # 723257					2		??			1,108,886.07		105.896		1,103,407.35		1,041,971.93		1,107,653.73		(4,246.38	)		(1,232.00	)		—		—		4.5		1.643	MON		3,907.39		7,815.00		10/7/2010		9/15/2024
	3620A9WS6	GNMA POOL # 723457					2		??			937,767.12		105.896		933,133.85		881,178.91		936,759.01		(3,625.16	)		(1,008.00	)		—		—		4.5		1.75	MON		3,304.42		6,609.00		10/7/2010		12/15/2024
	3620A9WW7	GNMA POOL # 723461					2		??			531,141.04		105.896		528,516.81		499,090.10		530,565.92		(2,049.11	)		(575.00	)		—		—		4.5		1.721	MON		1,871.59		3,743.00		10/7/2010		12/15/2024
	3620A9ZN4	GNMA POOL # 723549					2		??			1,256,191.49		105.961		1,250,745.51		1,180,388.42		1,254,841.09		(4,095.58	)		(1,350.00	)		—		—		4.5		1.74	MON		4,426.46		8,853.00		10/7/2010		1/15/2025
	3620ADCM2	GNMA POOL # 726476					2		??			14,871,453.76		105.896		14,949,425.46		14,117,072.69		14,847,016.37		102,409.09			(16,966.00	)		—		—		4.5		2.166	MON		52,939.02		635,268.00		12/8/2009		11/15/2024
	3620AFY35	GNMA POOL # 728930					2		??	��		164,400.03		105.896		163,587.78		154,479.55		164,223.34		(635.56	)		(177.00	)		—		—		4.5		1.751	MON		579.30		1,159.00		10/7/2010		12/15/2024
	3620AKQR0	GNMA POOL # 732264					2		??			396,230.81		105.961		394,513.03		372,320.84		395,810.09		(1,297.06	)		(421.00	)		—		—		4.5		1.762	MON		1,396.20		2,792.00		10/7/2010		4/15/2025
	3620AKR57	GNMA POOL # 732308					2		??			132,382.33		105.961		131,808.40		124,393.90		132,243.92		(435.52	)		(138.00	)		—		—		4.5		1.823	MON		466.48		933.00		10/7/2010		4/15/2025
	3620AL5N0	GNMA POOL # 733553					2		??			870,711.86		105.961		866,937.06		818,170.01		869,792.54		(2,855.48	)		(919.00	)		—		—		4.5		1.784	MON		3,068.14		6,136.00		10/7/2010		4/15/2025
	3620AQ5X7	GNMA POOL # 737162					2		??			468,225.35		105.961		466,195.44		439,970.96		467,734.92		(1,539.48	)		(490.00	)		—		—		4.5		1.816	MON		1,649.89		3,300.00		10/7/2010		4/15/2025
	3620AQ6A6	GNMA POOL # 737165					2		??			1,894,469.29		105.961		1,886,256.18		1,780,150.27		1,892,457.76		(6,201.58	)		(2,012.00	)		—		—		4.5		1.762	MON		6,675.56		13,351.00		10/7/2010		4/15/2025
	3620AQG72	GNMA POOL # 736522					2		??			1,075,924.79		105.961		1,071,260.33		1,010,999.66		1,074,793.32		(3,532.99	)		(1,131.00	)		—		—		4.5		1.8	MON		3,791.25		7,583.00		10/7/2010		4/15/2025
	3620AQHC0	GNMA POOL # 736527					2		??			492,489.43		105.961		490,354.33		462,770.86		491,973.20		(1,618.87	)		(516.00	)		—		—		4.5		1.813	MON		1,735.39		3,471.00		10/7/2010		4/15/2025
	3620AQXC2	GNMA POOL # 736975					2		??			660,400.12		105.961		657,537.07		620,549.22		659,692.82		(2,155.75	)		(707.00	)		—		—		4.5		1.746	MON		2,327.06		4,654.00		10/7/2010		2/15/2025
	3620AWE48	GNMA POOL # 741855					2		??			421,978.40		105.961		420,148.98		396,514.71		421,538.91		(1,389.93	)		(439.00	)		—		—		4.5		1.829	MON		1,486.93		2,974.00		10/7/2010		5/15/2025
	3620AWE63	GNMA POOL # 741857					2		??			303,357.80		105.961		302,042.65		285,052.11		303,041.33		(998.68	)		(316.00	)		—		—		4.5		1.822	MON		1,068.95		2,138.00		10/7/2010		5/15/2025
	36210B4N2	GNMA POOL # 487829					2		??			676,971.68		105.896		692,643.89		654,078.93		675,947.32		16,696.57			(345.00	)		—		—		4.5		2.884	MON		2,452.80		29,434.00		3/26/2009		4/15/2024
	36210B4Q5	GNMA POOL # 487831					2		??			177,111.52		106.557		178,515.30		167,530.86		176,910.31		1,604.99			(139.00	)		—		—		5		2.249	MON		698.05		8,377.00		9/29/2009		4/15/2024
	36210B4R3	GNMA POOL # 487832					2		??			678,731.62		106.557		692,089.74		649,503.95		677,453.96		14,635.78			(469.00	)		—		—		5		2.85	MON		2,706.27		32,475.00		3/26/2009		4/15/2024
	36210BZH1	GNMA POOL # 487744					2		??			849,861.96		106.557		856,597.87		803,889.53		848,903.40		7,694.47			(659.00	)		—		—		5		2.201	MON		3,349.54		40,194.00		9/29/2009		3/15/2024
	36210BZJ7	GNMA POOL # 487745					2		??			773,724.20		106.557		779,856.64		731,870.36		772,849.01		7,007.63			(607.00	)		—		—		5		2.208	MON		3,049.46		36,594.00		9/29/2009		3/15/2024
	36211V6Q8	GNMA POOL # 524779					2		??			500,654.77		106.557		510,890.10		479,453.92		499,706.63		11,183.47			(349.00	)		—		—		5		2.873	MON		1,997.72		23,973.00		3/26/2009		1/15/2024
	36225BPY8	GNMA POOL # 781339					2		1			359,019.81		114.125		371,217.53		325,272.75		357,935.44		13,282.09			(367.00	)		—		—		8		5.033	MON		2,168.49		26,022.00		3/7/2008		9/15/2031
	36225CD29	GNMA POOL # 080120					2		??			450,312.99		103.75		462,430.91		445,716.54		450,114.40		12,316.51			(94.00	)		—		—		3.125		2.818	MON		1,160.72		14,300.00		3/18/2009		10/20/2027
	36225DAS3	GNMA POOL # 080916					2		??			370,328.86		102.25		380,504.33		372,131.37		370,365.27		10,139.06			14.00			—		—		1.875		2.003	MON		581.46		8,877.00		4/17/2008		5/20/2034
	36225DJA3	GNMA POOL # 081156					2		??			961,840.20		103.24		990,218.85		959,142.63		961,760.26		28,458.59			(29.00	)		—		—		2.75		2.647	MON		2,198.04		27,176.00		3/18/2009		11/20/2034
	36225DJZ8	GNMA POOL # 081179					2		??			969,056.67		101.743		983,182.14		966,338.85		968,981.16		14,200.98			(24.00	)		—		—		2.75		2.634	MON		2,214.52		27,380.00		3/18/2009		12/20/2034
	36225DLE2	GNMA POOL # 081224					2		??			614,033.98		103.038		635,670.35		616,925.81		614,077.28		21,593.07			23.00			—		—		2		2.111	MON		1,028.21		14,395.00		3/18/2009		1/20/2035
	36225EVZ2	GNMA POOL # 082431					2		??			3,985,941.90		103		4,054,834.73		3,936,732.75		3,984,316.98		70,517.75			(1,556.00	)		—		—		3		2.909	MON		9,841.84		118,102.00		10/28/2009		12/20/2039
	36225EWE8	GNMA POOL # 082444					2		??			909,436.17		104		926,133.28		890,512.77		909,198.97		16,934.31			(214.00	)		—		—		3.75		3.016	MON		2,782.85		33,394.00		11/3/2009		12/20/2039
	362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2		??			216,077.39		96		209,496.52		218,225.54		216,120.96		(6,624.44	)		(84.00	)		—		—		2.864		3.086	MON		520.85		6,438.00		11/21/2007		9/25/2035
	36241K6L7	GNMA POOL # 782675					2		??			106,665.90		105.896		106,138.89		100,229.30		106,547.15		(408.26	)		(119.00	)		—		—		4.5		1.666	MON		375.86		752.00		10/7/2010		6/15/2024
	36241KBP2	GNMA POOL # 781846					2		1			6,158,417.10		113.212		6,752,624.15		5,964,568.64		6,154,143.22		598,480.93			(1,430.00	)		—		—		6.5		5.538	MON		32,308.08		387,697.00		8/15/2008		9/15/2034
	36241KEC8	GNMA POOL # 781931					2		??			4,292,171.58		113.229		4,707,013.05		4,157,066.90		4,289,267.41		417,745.64			(988.00	)		—		—		6.5		5.578	MON		22,517.44		270,209.00		8/15/2008		5/15/2035

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	36241KEH7	GNMA POOL # 781936				2		??		3,492,501.98		104.373		3,525,677.59		3,377,967.77		3,491,245.90		34,431.69			(1,256.00	)		—		—		4.5		3.727	MON		12,667.38		76,004.00		6/3/2010		6/15/2035
	36241KGU6	GNMA POOL # 782011				2		??		262,822.63		106.604		274,181.61		257,196.28		262,724.75		11,456.86			(44.00	)		—		—		5		4.317	MON		1,071.65		12,860.00		7/14/2009		12/15/2035
	36241KKB3	GNMA POOL # 782090				2		??		5,268,577.30		112.719		5,713,697.66		5,068,986.00		5,261,642.47		452,055.19			(1,206.00	)		—		—		6.5		5.382	MON		27,457.00		329,484.00		11/30/2007		5/15/2036
	36241LHQ2	GNMA POOL # 782939				2		??		8,900,538.68		106.499		9,046,117.89		8,494,083.49		8,897,800.95		148,316.94			(2,738.00	)		—		—		5		3.66	MON		35,392.02		283,136.00		4/23/2010		9/15/2036
	36241LN36	GNMA POOL # 783110				2		??		2,032,560.77		108.615		2,038,822.59		1,877,112.40		2,032,219.39		6,603.20			(341.00	)		—		—		5.5		2.293	MON		8,603.43		25,810.00		9/23/2010		4/15/2036
	36290SJB8	GNMA POOL # 615958				2		??		9,932,656.59		106.798		10,123,493.44		9,479,068.36		9,928,719.15		194,774.29			(3,937.00	)		—		—		5		3.698	MON		39,496.12		315,969.00		4/23/2010		9/15/2033
	36292DWW8	GNMA POOL # 646061				2		??		325,770.67		112.764		352,269.46		312,396.21		325,298.46		26,971.00			113.00			—		—		6.5		4.755	MON		1,692.15		20,306.00		1/31/2008		11/15/2037
	36295KAT0	GNMA POOL # 672418				2		??		287,792.07		112.764		311,201.60		275,976.80		287,394.51		23,807.09			89.00			—		—		6.5		4.912	MON		1,494.87		17,938.00		1/31/2008		12/15/2037
	36295P4L3	GNMA POOL # 676827				2		??		1,144,980.69		106.509		1,167,162.59		1,095,839.16		1,142,690.78		24,471.81			(838.00	)		—		—		5		2.664	MON		4,566.00		54,792.00		3/26/2009		5/15/2023
	36295PZJ4	GNMA POOL # 676745				2		??		434,609.00		106.509		443,293.92		416,204.94		433,738.25		9,555.67			(320.00	)		—		—		5		2.681	MON		1,734.19		20,810.00		3/26/2009		3/15/2023
	36295QJE1	GNMA POOL # 677161				2		??		2,099,874.03		106.509		2,131,153.56		2,000,922.18		2,097,100.79		34,052.77			(1,181.00	)		—		—		5		2.495	MON		8,337.18		100,046.00		4/27/2009		8/15/2023
	36295TVQ4	GNMA POOL # 680223				2		??		236,691.58		112.764		255,944.48		226,974.22		236,337.82		19,606.66			70.00			—		—		6.5		4.647	MON		1,229.44		14,753.00		1/31/2008		1/15/2038
	36296A5Y6	GNMA POOL # 685863				2		??		200,268.87		105.857		199,206.11		188,183.93		200,035.37		(829.26	)		(234.00	)		—		—		4.5		1.623	MON		705.69		1,411.00		10/7/2010		5/15/2023
	36296DR67	GNMA POOL # 688209				2		??		166,141.70		106.509		168,578.88		158,277.29		165,939.22		2,639.66			(115.00	)		—		—		5		2.547	MON		659.49		7,914.00		7/29/2009		7/15/2023
	36296E5H5	GNMA POOL # 689448				2		??		518,544.72		106.509		528,906.96		496,586.30		517,529.81		11,377.15			(375.00	)		—		—		5		2.758	MON		2,069.11		24,829.00		3/26/2009		7/15/2023
	36296TPY3	GNMA POOL # 700739				2		??		1,216,768.02		107.751		1,241,712.84		1,152,395.91		1,213,126.49		28,586.35			(1,199.00	)		—		—		5.5		2.688	MON		5,281.81		63,382.00		6/3/2009		10/15/2023
	36296U3C2	GNMA POOL # 701995				2		??		875,610.92		106.509		893,108.52		838,532.09		873,965.98		19,142.54			(600.00	)		—		—		5		2.819	MON		3,493.88		41,927.00		3/26/2009		1/15/2024
	36296UC73	GNMA POOL # 701294				2		??		407,889.74		106.557		415,793.07		390,208.42		407,107.73		8,685.34			(284.00	)		—		—		5		2.747	MON		1,625.87		19,510.00		3/27/2009		1/15/2024
	36296URS1	GNMA POOL # 701697				2		??		1,431,736.59		106.557		1,443,084.37		1,354,288.24		1,430,137.90		12,946.47			(1,104.00	)		—		—		5		2.146	MON		5,642.87		67,714.00		9/29/2009		2/15/2024
	36296UUL2	GNMA POOL # 701787				2		??		950,218.99		106.557		976,954.41		916,840.27		948,821.39		28,133.02			(577.00	)		—		—		5		3.202	MON		3,820.17		45,842.00		6/11/2009		3/15/2024
	36296UXG0	GNMA POOL # 701879				2		??		638,929.53		105.896		635,772.75		600,374.25		638,211.93		(2,439.18	)		(718.00	)		—		—		4.5		1.64	MON		2,251.40		4,503.00		10/7/2010		5/15/2024
	36296XHH0	GNMA POOL # 704132				2		??		278,405.46		106.509		280,485.40		263,345.39		278,084.22		2,401.18			(219.00	)		—		—		5		2.159	MON		1,097.27		13,167.00		9/29/2009		12/15/2023
	36296XLY8	GNMA POOL # 704243				2		??		645,243.96		106.557		663,398.58		622,578.22		644,292.69		19,105.89			(385.00	)		—		—		5		3.084	MON		2,594.08		31,129.00		6/11/2009		1/15/2024
	36296XWP5	GNMA POOL # 704554				2		??		4,106,887.28		106.557		4,224,986.78		3,965,014.13		4,100,948.76		124,038.02			(2,507.00	)		—		—		5		3.368	MON		16,520.89		198,251.00		6/11/2009		6/15/2024
	36297A3K7	GNMA				2		??		852,453.67		106.557		869,881.12		816,355.44		850,859.34		19,021.78			(579.00	)		—		—		5		2.785	MON		3,401.48		40,818.00		3/26/2009		1/15/2024
	36297AKC6	GNMA POOL # 705991				2		??		124,691.98		105.896		124,075.91		117,167.62		124,550.40		(474.49	)		(142.00	)		—		—		4.5		1.638	MON		439.38		879.00		10/7/2010		1/15/2024
	36297AKF9	GNMA POOL # 705994				2		??		1,094,564.47		106.557		1,103,239.86		1,035,355.10		1,093,325.23		9,914.63			(850.00	)		—		—		5		2.146	MON		4,313.98		51,768.00		9/29/2009		1/15/2024
	36297CV22	GNMA POOL # 708133				2		??		82,877.10		105.896		82,467.63		77,876.00		82,784.17		(316.54	)		(93.00	)		—		—		4.5		1.693	MON		292.04		584.00		10/7/2010		1/15/2024
	36297DFF9	GNMA POOL # 708566				2		??		2,133,502.43		106.557		2,150,412.32		2,018,092.76		2,131,015.67		19,396.65			(1,714.00	)		—		—		5		2.306	MON		8,408.72		100,905.00		9/29/2009		4/15/2024
	36297DP35	GNMA POOL # 708842				2		??		99,219.14		105.896		98,728.93		93,231.91		99,105.48		(376.55	)		(114.00	)		—		—		4.5		1.556	MON		349.62		699.00		10/7/2010		5/15/2024
	36297DTR8	GNMA POOL # 708960				2		??		1,489,841.60		106.557		1,520,299.77		1,426,752.41		1,487,058.48		33,241.29			(1,026.00	)		—		—		5		2.891	MON		5,944.81		71,338.00		3/26/2009		3/15/2024
	36297G2R0	GNMA POOL # 711884				2		??		3,509,036.58		106.557		3,536,848.79		3,319,218.77		3,504,960.23		31,888.56			(2,801.00	)		—		—		5		2.299	MON		13,830.08		165,961.00		9/29/2009		4/15/2024
	36297GCD0	GNMA POOL # 711168				2		??		1,270,478.47		105.961		1,264,970.55		1,193,813.27		1,269,118.00		(4,147.45	)		(1,360.00	)		—		—		4.5		1.746	MON		4,476.80		8,954.00		10/7/2010		2/15/2025
	36297JJ54	GNMA POOL # 713184				2		??		1,825,918.83		106.557		1,840,390.83		1,727,147.57		1,823,816.83		16,574.00			(1,440.00	)		—		—		5		2.279	MON		7,196.45		86,357.00		9/29/2009		4/15/2024
	36297KZF1	GNMA POOL # 714542				2		??		568,271.74		106.557		584,084.56		548,144.56		567,429.92		16,654.64			(355.00	)		—		—		5		3.327	MON		2,283.94		27,407.00		6/11/2009		6/15/2024
	36828QHU3	GECCMC CMBS 04-C3 A2				2		??		105,280.64		100.568		106,443.64		105,842.94		105,689.92		753.72			54.00			—		—		4.433		4.703	MON		391.00		4,692.00		3/25/2008		7/10/2039
	368710AG4	GENENTECH INC CORP BND						1FE		802,027.50		109.085		818,137.04		750,000.00		792,243.86		25,893.18			(8,469.00	)		—		—		4.75		3.4	JJ		16,427.08		35,625.00		10/29/2009		7/15/2015
	369550AM0	GENERAL DYNAMICS CORPORATION CORP BND						??		4,489,680.00		112.874		4,514,960.32		4,000,000.00		4,418,039.24		96,921.08			(71,641.00	)		—		—		5.375		2.94	FA		81,222.22		107,500.00		2/17/2010		8/15/2015
	369550AP3	GENERAL DYNAMICS CORPORATION CORP BND						1FE		2,140,411.00		100.725		2,165,586.32		2,150,000.00		2,147,459.17		18,127.15			4,653.00			—		—		1.8		2.022	JJ		17,845.00		40,958.00		6/19/2009		7/15/2011
	36962G3T9	GE CAPITAL CORP CORP BND						1FE		104,630.90		106.949		106,948.53		100,000.00		103,141.46		3,807.07			(1,274.00	)		—		—		4.8		3.387	MN		800.00		4,800.00		10/29/2009		5/1/2013
	36962G4D3	GE CAPITAL CORP CORP BND MTN						1FE		261,337.50		110.191		275,476.97		250,000.00		260,298.69		15,178.28			(911.00	)		—		—		6		5.395	FA		6,000.00		15,000.00		10/29/2009		8/7/2019
	36962G4E1	GE CAPITAL CORP CORP BND						??		230,445.00		103.672		233,261.67		225,000.00		228,188.45		5,073.22			(1,904.00	)		—		—		3.5		2.599	FA		3,018.75		7,875.00		10/20/2009		8/13/2012
	36962G4Q4	GE CAPITAL CORP CORP BND MTN						1FE		5,015,736.32		99.994		4,999,690.65		5,000,000.00		5,015,000.32		(15,309.67	)		(736.00	)		—		—		1.875		1.761	MS		27,343.75		—		11/12/2010		9/16/2013
	36962G4T8	GE CAPITAL CORP CORP BND						??		14,988,750.00		95.696		14,354,410.20		15,000,000.00		14,989,062.97		(634,652.77	)		313.00			—		—		2.25		2.266	MN		48,750.00		—		11/4/2010		11/9/2015
	36962GK86	GE CAPITAL CORP CORP BND						1FE		1,589,400.00		106.763		1,601,450.85		1,500,000.00		1,577,590.60		23,860.25			(11,809.00	)		—		—		4.75		3.255	MS		20,979.17		35,625.00		5/19/2010		9/15/2014
	36962GXS8	GENERAL ELEC CAP CO CORP BND MTN						1FE		4,511,962.00		105.368		4,794,260.47		4,550,000.00		4,536,637.60		257,622.87			11,179.00			—		—		5.875		6.15	FA		100,984.72		267,313.00		9/24/2008		2/15/2012
	36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00		106.981		3,209,436.27		3,000,000.00		3,056,511.86		152,924.41			(36,770.00	)		—		—		6		4.644	JD		8,000.00		180,000.00		1/14/2008		6/15/2012
	36962GZY3	GENERAL ELEC CAP CO CORP BND MTN						1FE		159,667.65		107.594		161,390.63		150,000.00		156,263.18		5,127.45			(2,922.00	)		—		—		5.45		3.314	JJ		3,769.59		8,175.00		10/29/2009		1/15/2013
	36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		1,296,269.00		102.441		1,331,733.03		1,300,000.00		1,298,798.26		32,934.77			1,246.00			—		—		3		3.101	JD		2,383.33		39,000.00		12/4/2008		12/9/2011
	36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		4,306,742.40		102.348		4,400,963.66		4,300,000.00		4,303,006.27		97,957.39			(2,043.00	)		—		—		2.2		2.15	JD		6,043.89		94,600.00		2/20/2009		6/8/2012
	36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		9,896,931.00		100.293		9,928,967.50		9,900,000.00		9,899,702.92		29,264.58			1,546.00			—		—		1.8		1.816	MS		54,450.00		178,200.00		3/9/2009		3/11/2011
	36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND						??		3,000,000.00		100.215		3,006,460.83		3,000,000.00		3,000,000.00		6,460.83			—			—		—		0.502		1.531	MJSD		795.13		16,221.00		3/9/2009		3/12/2012
	373334JM4	GEORGIA POWER COMPANY CORP BND						1FE		14,714,084.40		111.704		14,610,914.47		13,080,000.00		14,394,876.19		216,038.28			(319,208.00	)		—		—		6		2.311	MN		130,800.00		784,800.00		4/9/2010		11/1/2013
	373334JQ5	GEORGIA POWER COMPANY CORP BND				1		??		4,600,000.00		100.493		4,622,678.18		4,600,000.00		4,600,000.00		22,678.18			—			—		—		0.622		0.576	MJSD		1,350.16		23,905.00		3/9/2010		3/15/2013
	377372AC1	GLAXOSK CAP INC CORP BND						1FE		19,423,974.50		108.321		19,931,131.16		18,400,000.00		19,062,939.54		868,191.62			(259,621.00	)		—		—		4.85		3.255	MN		114,028.88		892,400.00		1/28/2010		5/15/2013
	38141EA33	GOLDMAN SACHS GROUP INC CORP BND						1FE		819,037.50		110.065		825,487.18		750,000.00		802,251.84		23,235.34			(14,465.00	)		—		—		6		3.755	MN		7,500.00		45,000.00		10/29/2009		5/1/2014
	38141EA74	GOLDMAN SACHS GROUP INC CORP BND						1FE		8,856,835.97		101.414		8,893,989.83		8,770,000.00		8,854,639.95		39,349.88			(2,196.00	)		—		—		3.7		3.47	FA		137,908.25		—		11/12/2010		8/1/2015
	38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00		105.827		4,233,092.36		4,000,000.00		4,029,419.38		203,672.98			(26,735.00	)		—		—		6.6		5.859	JJ		121,733.33		264,000.00		8/14/2007		1/15/2012
	38141GCG7	GOLDMAN SACHS GROUP INC CORP BND						??		1,402,821.06		107.058		1,428,158.39		1,334,000.00		1,385,504.28		42,654.11			(17,317.00	)		—		—		5.7		3.294	MS		25,346.00		38,019.00		5/28/2010		9/1/2012
	38141GDB7	GOLDMAN SACHS GROUP INC CORP BND						1FE		53,919.00		107.234		53,616.92		50,000.00		53,311.45		305.47			(608.00	)		—		—		5.25		2.212	AO		656.25		1,313.00		7/26/2010		4/1/2013
	38141GEA8	GOLDMAN SACHS GROUP INC CORP BND						1FE		9,821,774.00		106.792		10,038,442.27		9,400,000.00		9,779,957.51		258,484.76			(41,816.00	)		—		—		5.125		4.028	JJ		222,140.27		240,875.00		7/8/2010		1/15/2015
	38143UAB7	GOLDMAN SACHS GROUP INC CORP BND						1FE		213,708.00		106.908		213,815.19		200,000.00		211,067.62		2,747.57			(2,640.00	)		—		—		5.15		3.223	JJ		4,749.44		5,150.00		3/18/2010		1/15/2014
	38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		6,284,090.84		107.022		6,568,985.26		6,138,000.00		6,219,639.19		349,346.07			(33,115.00	)		—		—		5.45		4.681	MN		55,753.50		303,511.00		5/28/2010		11/1/2012
	38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND						1FE		12,173,000.00		103.889		12,206,957.50		11,750,000.00		11,939,723.70		267,233.80			(127,237.00	)		—		—		3.25		2.116	JD		16,972.22		381,875.00		2/20/2009		6/15/2012
	38373MV23	GNR CMBS_08-45 A				2		??		776,132.57		101.91		776,995.08		762,432.62		770,193.57		6,801.51			(5,341.00	)		—		—		3.576		1.879	MON		2,272.05		27,264.00		12/15/2009		6/16/2012
	38373YBQ6	GNMA CMO_02-79 LN				2		??		1,325,208.70		102.125		1,317,728.06		1,290,309.00		1,300,062.17		17,665.89			(13,952.00	)		—		—		5.5		2.612	MON		5,913.91		70,967.00		6/15/2009		9/20/2011
	38373YNS9	GNMA CMO_02-88 GB				2		??		826,405.87		100.584		808,985.01		804,287.96		808,726.08		258.93			(12,477.00	)		—		—		5		1.16	MON		3,351.20		40,214.00		9/29/2009		5/20/2011
	38374EEE3	GNMA CMO_03-106 B				2		??		845,904.91		100.837		839,859.47		832,891.01		834,449.14		5,410.33			(4,453.00	)		—		—		5.5		3.852	MON		3,817.41		45,809.00		8/21/2008		7/20/2011
	38374FT87	GNMA CMO_04-18 BJ				2		??		275,039.72		99.996		269,304.62		269,316.74		269,576.87		(272.25	)		(4,111.00	)		—		—		4.25		0.941	MON		953.83		11,446.00		9/29/2009		2/1/2011
	38374H7F1	GNMA AGENCY CMO 04-69-FG				2		??		4,581,682.87		99.37		4,548,557.66		4,577,391.56		4,580,852.00		(32,294.34	)		(831.00	)		—		—		0.561		0.464	MON		784.12		15,863.00		5/21/2010		11/20/2012
	38374VHH5	GNMA CMO_09-45 AB				2		??		2,792,017.74		102.307		2,738,758.61		2,676,990.80		2,725,743.84		13,014.77			(66,274.00	)		—		—		5		-0.207	MON		11,154.13		111,541.00		1/28/2010		10/20/2011
	38375PXQ9	GNMA CMO 08-11 FB				2		1		2,335,228.30		99.593		2,319,933.42		2,329,404.78		2,335,207.87		(15,274.45	)		(20.00	)		—		—		0.861		0.761	MON		612.56		17,049.00		3/8/2010		10/20/2037
	38375XTH7	GNMA_08-72 CMO_08-72 V				2		??		5,310,555.09		105.125		5,266,717.97		5,009,957.64		5,243,225.42		23,492.55			(67,330.00	)		—		—		6		-3.979	MON		25,049.79		100,199.00		8/18/2010		2/20/2012
	40429CAA0	HSBC FINANCE CORPORATION CORP BND						1FE		488,635.00		102.162		510,809.27		500,000.00		498,269.56		12,539.71			4,462.00			—		—		6.75		7.721	MN		4,312.50		33,750.00		9/30/2008		5/15/2011
	40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.20		100.112		200,223.83		200,000.00		199,976.01		247.82			669.00			—		—		5.25		5.599	JJ		4,870.83		10,500.00		6/30/2007		1/14/2011
	40429CFV9	HSBC FINANCE CORP CORP BND						??		9,139,665.00		95.956		9,115,820.10		9,500,000.00		9,203,687.37		(87,867.27	)		64,022.00			—		��		0.539		1.592	JAJO		11,095.66		32,113.00		4/26/2010		1/15/2014
	4042EPAA5	HSBC USA INC CORP BND GOVT GUAR						??		1,859,164.20		102.607		1,846,926.03		1,800,000.00		1,820,007.64		26,918.39			(20,539.00	)		—		—		3.125		1.946	JD		2,343.75		56,250.00		1/28/2009		12/16/2011
	41283KAC1	HDMOT_10-1 ABS 10-1 A3				2		1FE		1,099,844.68		99.852		1,098,371.97		1,100,000.00		1,099,848.99		(1,477.02	)		4.00			—		—		1.16		1.169	MON		567.11		780.00		11/17/2010		2/15/2015
	419791YG7	HAWAII ST MUNI BND GO						??		2,007,940.00		102.762		2,055,240.02		2,000,000.00		2,006,612.46		48,627.56			(1,328.00	)		—		—		3		2.914	FA		25,000.00		27,167.00		2/10/2010		2/1/2015
	BRS29NQV0	HELIX ENERGY SOLUTIONS TERM LOAN						3FE		742,418.74		99		740,548.67		748,028.96		742,479.37		(1,930.70	)		61.00			—		—		0		0.294	JAJO		—		241.00		12/16/2010		7/1/2013
	428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,223.70		105.157		3,012,746.90		2,865,000.00		2,864,551.71		148,195.19			365.00			—		—		5.25		5.264	MS		50,137.50		150,413.00		2/22/2007		3/1/2012
	428236AT0	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,127,236.50		111.731		7,234,557.72		6,475,000.00		6,902,864.12		331,693.60			(124,867.00	)		—		—		6.125		3.884	MS		132,197.91		396,594.00		10/26/2009		3/1/2014
	428236AU7	HEWLETT-PACKARD COMPANY CORP BND						??		1,024,549.00		103.991		1,065,903.89		1,025,000.00		1,024,819.71		41,084.18			150.00			—		—		4.25		4.266	FA		15,367.87		43,563.00		2/23/2009		2/24/2012
	428236AV5	HEWLETT-PACKARD COMPANY CORP BND						1FE		10,351,763.65		108.477		10,391,056.85		9,579,000.00		10,206,063.11		184,993.74			(145,034.00	)		—		—		4.75		2.73	JD		36,652.98		455,003.00		4/9/2010		6/2/2014
	428236AZ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,100,307.54		100.424		5,068,399.48		5,047,000.00		5,061,933.94		6,465.54			(37,252.00	)		—		—		1.342		0.69	FMAN		6,584.35		69,360.00		12/16/2009		5/27/2011
	428236BB8	HEWLETT-PACKARD COMPANY CORP BND						1FE		499,605.00		99.743		498,716.43		500,000.00		499,644.38		(927.95	)		39.00			—		—		1.25		1.277	MS		1,875.00		—		9/8/2010		9/13/2013
	429827AB4	HEF_10-401 ABS 04-1 A2 144A				2		??		164,000.00		87.682		175,363.80		200,000.00		166,633.07		8,730.73			1,936.00			—		—		1.635		3.203	MON		9.08		2,668.00		9/10/2009		1/1/2044
	429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		??		164,000.00		87.722		175,443.00		200,000.00		166,554.57		8,888.43			2,228.00			—		—		0		1.187	MON		—		2,610.00		9/10/2009		1/1/2044
	429827AF5	HEF_10-401 ABS 04-1 A6 144A				2		??		164,000.00		87.687		175,373.60		200,000.00		165,982.16		9,391.44			1,426.00			—		—		1.758		3.058	MON		48.83		2,679.00		9/10/2009		1/1/2044
	429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		??		164,224.00		87.68		175,360.80		200,000.00		166,344.26		9,016.54			1,598.00			—		—		0.412		1.486	MON		66.38		2,842.00		9/10/2009		1/1/2044
	429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS_04-1				2		??		164,196.00		87.677		175,354.80		200,000.00		166,275.52		9,079.28			1,407.00			—		—		6.32		9.86	MON		173.15		3,110.00		9/10/2009		1/1/2044
	429827AN8	HEF_04-1 ABS 04-1 A13 144A				2		??		164,000.00		87.727		175,453.00		200,000.00		165,806.11		9,646.89			1,379.00			—		—		0		0.84	MON		—		2,810.00		9/10/2009		1/1/2044

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	429827AQ1	HEF_04-1 ABS 04-1 A15 144A							??		246,000.00		87.117		261,349.80		300,000.00		247,865.51		13,484.29			1,429.00			—		—		0		0.579	MON		—		3,952.00		9/10/2009		1/1/2044
	43812KAC7	HAROT_10-2 ABS 10-2 A3					2		??		3,899,524.59		100.518		3,920,201.92		3,900,000.00		3,899,656.11		20,545.81			132.00			—		—		1.34		1.349	MON		1,887.17		30,485.00		5/12/2010		5/20/2013
	438516AV8	HONEYWELL INTERNATIONAL INC CORP BND							??		3,175,427.29		107.248		3,209,917.83		2,993,000.00		3,077,098.33		132,819.50			(49,919.00	)		—		—		5.625		3.775	FA		70,148.44		168,356.00		1/14/2010		8/1/2012
	438516AY2	HONEYWELL INTERNATIONAL INC CORP BND							1FE		526,105.00		105.696		528,478.82		500,000.00		520,689.78		7,789.04			(5,415.00	)		—		—		3.875		2.489	FA		7,319.44		9,688.00		2/17/2010		2/15/2014
	44328MAB0	HSBC BANK PLC CORP BND 144A			F				1FE		3,497,130.00		102.238		3,578,341.17		3,500,000.00		3,497,400.94		80,940.23			271.00			—		—		3.5		3.518	JD		1,020.83		61,250.00		6/21/2010		6/28/2015
	44328MAD6	HSBC BANK PLC CORP BOND 144A			F				1FE		7,042,386.00		99.816		7,037,042.10		7,050,000.00		7,043,345.18		(6,303.08	)		959.00			—		—		1.625		1.662	FA		44,233.85		—		8/5/2010		8/12/2013
	44923WAB7	HART ABS 10-A A2					2		??		4,249,741.18		100.11		4,254,675.00		4,250,000.00		4,249,885.67		4,789.33			144.00			—		—		0.86		0.867	MON		1,624.44		21,524.00		5/5/2010		11/15/2012
	44923WAD3	HART ABS 10-A 4					2		??		8,149,863.90		102.228		8,331,599.12		8,150,000.00		8,149,879.90		181,719.22			16.00			—		—		2.45		2.463	MON		8,874.44		117,586.00		5/5/2010		12/15/2016
	44923YAC1	HART_10-B ABS 10-B A3					2	NR*Z*			3,899,304.42		99.14		3,866,460.00		3,900,000.00		3,899,401.90		(32,941.90	)		97.00			—		—		0.97		0.979	MON		1,681.34		11,454.00		8/19/2010		4/15/2015
	44923YAD9	HART_10-B ABS_10-B A4					2		??		7,549,294.08		99		7,474,500.00		7,550,000.00		7,549,354.65		(74,854.65	)		61.00			—		—		1.63		1.638	MON		5,469.56		37,261.00		8/19/2010		3/15/2017
	44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		6,275,836.70		107.615		6,747,470.41		6,270,000.00		6,272,443.61		475,026.80			(1,294.00	)		—		—		5.05		5.027	AO		60,688.38		316,635.00		1/31/2008		10/22/2012
	4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00		99.887		3,096,497.03		3,100,000.00		3,130,726.39		(34,229.36	)		(14,193.00	)		—		—		3.321		2.808	JJ		51,475.50		47,472.00		1/12/2010		1/1/2013
	4521518V8	ILLINOIS ST MUNI BND GO							1FE		2,300,000.00		100.148		2,303,403.90		2,300,000.00		2,300,000.00		3,403.90			—			—		—		4.421		4.421	JJ		50,841.50		46,887.00		1/8/2010		1/1/2015
	45324QAB2	ING BANK NV — (LT) GTD CORP BND GOVT			F				??		10,247,789.90		102.075		10,207,498.90		10,000,000.00		10,119,130.38		88,368.52			(105,964.00	)		—		—		2.625		1.534	FA		103,541.67		262,500.00		10/7/2009		2/9/2012
	4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				??		7,418,582.14		106.051		7,635,672.22		7,200,000.00		7,407,799.25		227,872.97			(10,783.00	)		—		—		3.5		2.314	JJ		121,100.00		—		11/12/2010		7/8/2013
	4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		16,616,493.09		107.17		16,697,085.69		15,580,000.00		16,284,930.16		412,155.53			(331,563.00	)		—		—		4.75		2.168	AO		148,010.00		740,050.00		2/19/2010		10/19/2012
	4581X0BM9	INTER-AMERICAN DEV BK CORP BND			F				??		998,720.00		101.434		1,014,339.90		1,000,000.00		998,950.36		15,389.54			230.00			—		—		1.625		1.667	JJ		7,493.06		2,528.00		5/26/2010		7/15/2013
	459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F				??		5,209,150.00		102.051		5,102,546.40		5,000,000.00		5,095,396.47		7,149.93			(108,672.00	)		—		—		3.125		0.918	MN		19,965.28		156,250.00		12/10/2009		11/15/2011
	459200GN5	IBM CORP CORP BND							1FE		3,209,710.75		113.466		3,290,508.57		2,900,000.00		3,101,071.46		189,437.11			(67,307.00	)		—		—		6.5		3.847	AO		39,794.45		188,500.00		6/11/2009		10/15/2013
	459200GR6	IBM CORP CORP BND							1FE		6,794,492.00		101.967		6,933,725.07		6,800,000.00		6,796,265.21		137,459.86			1,537.00			—		—		2.1		2.124	MN		21,816.67		142,800.00		11/3/2009		5/6/2013
	459200GT2	IBM CORP CORP BND							1FE		8,972,631.90		99.371		8,943,412.14		9,000,000.00		8,974,668.29		(31,256.15	)		2,036.00			—		—		1		1.11	FA		36,500.00		—		11/12/2010		8/5/2013
	459200GU9	IBM CORP CORP BND							1FE		4,485,510.00		97.823		4,402,053.45		4,500,000.00		4,485,652.06		(83,598.61	)		142.00			—		—		2		2.067	JJ		5,500.00		—		12/6/2010		1/5/2016
	45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				??		4,683,362.00		105.923		4,978,380.86		4,700,000.00		4,691,854.93		286,525.93			3,238.00			—		—		3.5		3.577	MN		21,019.45		164,500.00		4/21/2008		5/15/2013
	45950KAZ3	INTERNATIONAL FINANCE CO CORP BND			F				??		9,756,880.00		105.115		9,985,924.81		9,500,000.00		9,697,613.88		288,310.93			(56,802.00	)		—		—		3		2.342	AO		54,625.00		285,000.00		12/11/2009		4/22/2014
	46623EHJ1	JPMORGAN CHASE & CO CORP BND							??		7,438,200.00		99.856		7,489,200.23		7,500,000.00		7,463,515.71		25,684.52			24,382.00			—		—		0.428		0.736	MJSD		710.22		35,577.00		12/15/2009		6/25/2012
	46623EJC4	JPMORGAN CHASE & CO CORP BND							??		1,647,101.20		100.321		1,645,264.27		1,640,000.00		1,646,809.81		(1,545.54	)		(291.00	)		—		—		1.053		0.887	MJSD		47.96		4,261.00		11/16/2010		9/30/2013
	466247K36	JPMMT CMO_06-A2 3A3					2		??		11,334,033.20		88.27		10,702,737.50		12,125,000.00		11,597,586.00		(894,848.50	)		42,720.00			—		—		5.686		6.757	MON		57,454.77		688,853.00		11/21/2007		4/25/2036
	46625HAJ9	JP MORGAN CHASE & CO CORP BND							1FE		6,522,812.50		100.327		6,270,453.25		6,250,000.00		6,257,489.53		12,963.72			(87,381.00	)		—		—		6.75		5.29	FA		175,781.25		421,875.00		10/5/2007		2/1/2011
	46625HCE8	JPMORGAN CHASE & CO CORP BND							1FE		182,024.50		106.343		186,099.51		175,000.00		180,607.87		5,491.64			(1,214.00	)		—		—		4.75		3.908	MS		2,770.83		8,313.00		10/29/2009		3/1/2015
	46625HGG9	JP MORGAN & COMPANY INC CORP BND							1FE		480,584.40		101.982		479,316.33		470,000.00		471,349.43		7,966.90			(3,150.00	)		—		—		5.6		4.891	JD		2,193.33		26,320.00		11/28/2007		6/1/2011
	46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		107.027		5,351,365.65		5,000,000.00		5,088,633.26		262,732.39			(47,872.00	)		—		—		5.375		4.31	AO		67,187.50		268,750.00		1/30/2008		10/1/2012
	46625HHB9	JPMORGAN CHASE & CO CORP BND							1FE		7,647,350.00		107.191		8,039,361.75		7,500,000.00		7,619,065.18		420,296.57			(32,537.00	)		—		—		4.75		4.02	MN		59,375.00		356,250.00		4/23/2010		5/1/2013
	46625HHN3	JPMORGAN CHASE & CO CORP BND							1FE		3,390,096.00		106.274		3,400,780.77		3,200,000.00		3,347,224.77		53,556.00			(40,163.00	)		—		—		4.65		3.216	JD		12,400.00		148,800.00		12/16/2009		6/1/2014
	46625HHP8	JPMORGAN CHASE & CO CORP BND							1FE		10,081,000.00		102.983		10,298,275.00		10,000,000.00		10,069,298.70		228,976.30			(11,701.00	)		—		—		3.7		3.515	JJ		165,472.22		185,000.00		3/18/2010		1/20/2015
	46625HHR4	JPMORGAN CHASE & CO CORP BND							1FE		8,309,810.00		100.978		8,078,244.00		8,000,000.00		8,298,601.38		(220,357.38	)		(11,209.00	)		—		—		3.4		2.513	JD		5,288.89		136,000.00		10/25/2010		6/24/2015
	46625HHW3	JPMORGAN CHASE & CO CORP BND							??		3,746,437.50		96.705		3,626,439.56		3,750,000.00		3,746,461.20		(120,021.64	)		24.00			—		—		2.6		2.619	JJ		11,645.83		—		11/10/2010		1/15/2016
	46625MLR8	JPMCC CMBS_02-C1-A2					2		??		44,585.43		100.47		45,197.68		44,986.07		44,826.64		371.04			88.00			—		—		4.914		5.434	MON		184.22		2,211.00		8/27/2008		7/12/2037
	477874AC5	JDOT_09 ABS 09 A3					2	NR*Z*			1,103,024.29		100.969		1,100,852.56		1,090,290.05		1,098,821.08		2,031.48			(4,203.00	)		—		—		2.59		1.414	MON		1,255.04		16,472.00		5/13/2010		4/15/2012
	47787AAD9	JDOT_10-A ABS 10-A-A3					2	NR*Z*			1,049,848.49		100.55		1,055,775.00		1,050,000.00		1,049,889.21		5,885.79			41.00			—		—		1.32		1.329	MON		616.00		8,971.00		4/15/2010		5/15/2014
	478160AP9	J & J MEDICAL CORP BND			R				1FE		4,753,433.62		107.082		4,818,675.29		4,500,000.00		4,734,170.99		84,504.30			(19,263.00	)		—		—		5.15		1.877	FA		87,550.00		—		11/12/2010		8/15/2012
	478160AW4	JOHNSON & JOHNSON CORP BND							??		1,204,040.25		95.647		1,171,674.39		1,225,000.00		1,204,718.06		(33,043.67	)		678.00			—		—		2.95		3.15	MS		13,451.18		—		8/12/2010		9/1/2020
	479403AB3	JOHNSTON RE LTD CORP BND 144A							??		5,000,000.00		100.71		5,035,500.00		5,000,000.00		5,000,000.00		35,500.00			—			—		—		6.5		0	MJSD		21,666.67		194,097.00		4/30/2010		5/8/2013
	48121CJN7	JPMORGAN CHS BNK CORP BND							??		4,488,880.00		109.39		4,375,604.68		4,000,000.00		4,479,463.95		(103,859.27	)		(9,416.00	)		—		—		5.875		3.443	JD		11,750.00		117,500.00		11/16/2010		6/13/2016
	481247AE4	JPMORGAN CHASE & CO-GTD CORP BND GOVT							1FE		10,269,800.00		102.301		10,230,100.30		10,000,000.00		10,204,675.89		25,424.41			(65,124.00	)		—		—		2.125		0.725	JD		5,312.50		106,250.00		7/7/2010		6/22/2012
	481247AF1	JPMORGAN CHASE & CO-GTD CORP BND GOVT							??		2,939,292.06		100.532		2,925,495.55		2,910,000.00		2,926,882.13		(1,386.58	)		(11,411.00	)		—		—		0.683		0.28	MJSD		551.94		21,193.00		11/24/2009		6/22/2012
	481247AK0	JPMORGAN CHASE BANK NA — GTD CORP BND							1FE		2,523,434.50		102.385		2,585,221.12		2,525,000.00		2,524,282.84		60,938.28			480.00			—		—		2.2		2.22	JD		2,468.89		55,550.00		2/18/2009		6/15/2012
	BRS3KKB54	ADESA TERM LOAN							4FE		1,995,000.00		99.438		1,988,760.00		2,000,000.00		1,995,000.00		(6,240.00	)		—			—		—		0		0.089	MON		—		—		12/20/2010		10/21/2013
	48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				??		3,480,027.71		100.025		3,465,866.32		3,465,000.00		3,466,627.74		(761.42	)		(9,885.00	)		—		—		0.575		0.648	MJSD		1,661.21		21,450.00		8/19/2009		3/2/2011
	487836BD9	KELLOGG COMPANY CORP BND							1FE		4,956,850.00		98.674		4,933,684.55		5,000,000.00		4,957,025.25		(23,340.70	)		175.00			—		—		4		4.106	JD		10,000.00		—		12/8/2010		12/15/2020
	49328CAA3	KEYBANK NA — GTD CORP BND GOVT GUAR							??		2,088,898.00		103.811		2,076,220.10		2,000,000.00		2,054,169.29		22,050.81			(34,729.00	)		—		—		3.2		1.312	JD		2,844.44		64,000.00		1/15/2010		6/15/2012
	49925JAE7	KWKF_20-10 ABS 10-1 A					2		??		960,658.08		98.559		960,093.66		974,130.89		960,930.17		(836.51	)		272.00			—		—		1.242		1.403	FMAN		1,209.90		2,353.00		9/15/2010		2/25/2042
	50075NAX2	KRAFT FOODS INC. CORP BND							2FE		4,348,650.00		113.329		4,249,852.47		3,750,000.00		4,285,341.08		(35,488.61	)		(63,309.00	)		—		—		6.75		2.024	FA		92,812.50		126,563.00		8/10/2010		2/19/2014
	50075NBB9	KRAFT FOODS INC. CORP BND							2FE		5,709,690.00		104.736		5,498,615.17		5,250,000.00		5,693,443.99		(194,828.82	)		(16,246.00	)		—		—		4.125		2.359	FA		85,421.88		—		10/14/2010		2/9/2016
	500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,891,001.50		108.886		16,332,900.30		15,000,000.00		15,670,734.35		662,165.95			(165,463.00	)		—		—		4.125		2.87	AO		130,625.00		618,750.00		8/31/2009		10/15/2014
	500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		3,192,160.00		101.641		3,252,500.26		3,200,000.00		3,198,669.80		53,830.46			2,660.00			—		—		3.75		3.837	JD		1,333.33		120,000.00		6/19/2008		6/27/2011
	500769DG6	KFW GROUP CORP BND GOVT GUAR			F				??		7,096,551.77		102.152		7,150,640.00		7,000,000.00		7,058,055.93		92,584.07			(38,496.00	)		—		—		2.25		1.597	AO		32,812.50		157,500.00		2/19/2010		4/16/2012
	51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				??		9,750,000.00		103.942		10,134,345.00		9,750,000.00		9,750,000.00		384,345.00			—			—		—		7.87		7.895	MJSD		2,131.46		783,154.00		12/18/2009		1/8/2013
	515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		2,844,043.50		101.968		2,906,088.06		2,850,000.00		2,846,530.95		59,557.11			1,958.00			—		—		1.875		1.947	MS		14,398.43		53,438.00		9/15/2009		9/24/2012
	52205VAA3	LEASEPLAN CORPORATION NV — GTD CORP BND			F				??		32,739,003.00		102.885		33,056,953.71		32,130,000.00		32,601,668.43		455,285.28			(121,792.00	)		—		—		3		1.888	MN		144,585.00		785,400.00		10/28/2010		5/7/2012
	52520MBU6	LMT WHOLE CMO 05-2					2		??		1,545,473.83		95.431		1,475,962.02		1,546,632.29		1,539,768.42		(63,806.40	)		(399.00	)		—		—		5.5		5.501	MON		7,088.72		85,065.00		5/19/2008		12/25/2035
	532457BD9	ELI LILLY AND COMPANY CORP BND							??		3,628,870.50		103.165		3,662,353.21		3,550,000.00		3,588,733.47		73,619.74			(32,326.00	)		—		—		3.55		2.599	MS		40,257.98		126,025.00		9/28/2009		3/6/2012
	532457BE7	ELI LILLY AND COMPANY CORP BND							1FE		2,087,017.00		106.859		2,030,322.62		1,900,000.00		2,077,873.07		(47,550.45	)		(9,144.00	)		—		—		4.2		1.189	MS		25,491.67		—		10/28/2010		3/6/2014
	539473AD0	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			F				??		5,105,375.00		100.99		5,049,499.91		5,000,000.00		5,056,579.51		(7,079.60	)		(44,985.00	)		—		—		1.29		0.393	JAJO		15,945.84		68,413.00		11/25/2009		4/2/2012
	54313TAA3	LONGPOINT RE LTD CORP BND 144A			F				??		2,500,000.00		101.312		2,532,800.00		2,500,000.00		2,500,000.00		32,800.00			—			—		—		5.4		5.5	MJSD		6,375.00		135,750.00		12/14/2009		12/24/2012
	54313TAB1	LONGPOINT RE LTD CORP BND 144A			F				??		2,000,000.00		101.223		2,024,460.00		2,000,000.00		2,000,000.00		24,460.00			—			—		—		5.4		5.5	MJSD		5,100.00		109,222.00		12/14/2009		12/24/2013
	55263ECH6	MBNA CORPORATION CORP BND							??		352,687.50		106.727		352,199.42		330,000.00		340,312.36		11,887.06			(4,439.00	)		—		—		6.125		4.59	MS		6,737.50		20,213.00		1/30/2008		3/1/2013
	5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT							1FE		2,393,298.11		108.79		2,502,167.38		2,300,000.00		2,387,133.03		115,034.35			(6,165.00	)		—		—		7.125		4.977	MN		20,939.58		81,938.00		11/12/2010		11/15/2012
	55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND GOVT			F				1FE		4,678,890.29		107.388		4,832,459.69		4,500,000.00		4,640,152.22		192,307.47			(38,738.00	)		—		—		4.1		2.992	JD		7,175.00		184,500.00		2/19/2010		12/17/2013
	55607EAD2	MACQUARIE BANK LTD — GTD CORP BND GOVT			F				??		3,549,726.04		101.966		3,568,810.11		3,500,000.00		3,527,470.84		41,339.27			(22,255.00	)		—		—		2.6		1.843	JJ		40,697.22		45,500.00		2/19/2010		1/20/2012
	55607EAL4	MACQUARIE BANK LTD — GTD CORP BND GOVT			F				1FE		3,962,660.00		105.113		4,204,519.64		4,000,000.00		3,972,503.10		232,016.54			7,177.00			—		—		3.3		3.508	JJ		60,133.33		132,000.00		8/13/2009		7/17/2014
	57583PEM7	MASSACHUSETTS ST MUNITAX BND REV							??		4,625,000.00		99.503		4,602,013.66		4,625,000.00		4,625,000.00		(22,986.34	)		—			—		—		2.983		2.983	JD		3,065.86		—		12/15/2010		12/15/2015
	580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.25		110.974		4,855,121.47		4,375,000.00		4,600,394.15		254,727.32			(170,403.00	)		—		—		9.75		5.417	AO		106,640.63		426,563.00		5/31/2007		4/1/2012
	585055AR7	MEDTRONIC INC CORP BND							1FE		12,439,239.50		102.935		12,635,210.12		12,275,000.00		12,418,377.38		216,832.74			(20,862.00	)		—		—		3		2.704	MS		108,429.17		183,102.00		4/30/2010		3/15/2015
	587682AC9	MBART_10-A ABS 10-A-A3					2	NR*Z*			799,846.00		100.871		806,966.48		800,000.00		799,889.65		7,076.83			44.00			—		—		1.42		1.432	MON		504.89		7,384.00		4/13/2010		8/15/2014
	589331AK3	MERCK & CO INC CORP BND							1FE		8,701,862.50		109.829		8,786,295.77		8,000,000.00		8,585,731.98		200,563.79			(115,948.00	)		—		—		4.75		2.871	MS		126,666.67		380,000.00		2/17/2010		3/1/2015
	589331AR8	MERCK & CO INC CORP BND							1FE		2,099,496.00		100.796		2,116,709.70		2,100,000.00		2,099,875.13		16,834.57			249.00			—		—		1.875		1.887	JD		109.37		39,375.00		6/22/2009		6/30/2011
	58933YAB1	MERK & CO INC CORP BND							1FE		4,588,914.00		98.942		4,551,353.48		4,600,000.00		4,589,006.84		(37,653.36	)		93.00			—		—		2.25		2.3	JJ		6,037.50		—		12/7/2010		1/15/2016
	59018YJ69	MERRILL LYNCH & CO INC CORP BND							??		5,897,310.00		106.94		5,667,814.86		5,300,000.00		5,880,451.48		(212,636.62	)		(16,859.00	)		—		—		6.4		4.461	FA		114,008.89		—		10/6/2010		8/28/2017
	59018YM40	MERRILL LYNCH & CO INC CORP BND							1FE		5,069,223.87		105.045		5,252,248.75		5,000,000.00		5,050,067.75		202,181.00			(19,156.00	)		—		—		5.45		4.941	FA		110,513.89		136,250.00		2/19/2010		2/5/2013
	59018YN56	MERRILL LYNCH & CO INC CORP BND MTN							??		6,982,495.68		106.885		7,000,964.62		6,550,000.00		6,929,209.45		71,755.17			(47,690.00	)		—		—		6.15		3.521	AO		73,851.25		95,325.00		11/12/2010		4/25/2013
	59018YTZ4	MERRILL LYNCH & CO INC CORP BND							1FE		2,251,650.00		104.692		2,224,697.57		2,125,000.00		2,226,209.37		(1,511.80	)		(25,441.00	)		—		—		5.45		3.993	JJ		53,402.43		115,813.00		1/6/2010		7/15/2014
	59018YXY2	MERRILL LYNCH & CO INC CORP BND							??		4,005,840.00		99.945		3,997,800.00		4,000,000.00		4,000,807.45		(3,007.45	)		(1,488.00	)		—		—		0.488		3.696	JAJO		3,690.44		21,685.00		12/24/2008		7/25/2011
	594918AB0	MICROSOFT CORPORATION CORP BND							1FE		3,127,590.00		103.578		3,107,328.87		3,000,000.00		3,127,192.06		(19,863.19	)		(398.00	)		—		—		2.95		1.667	JD		7,375.00		—		12/22/2010		6/1/2014
	594918AF1	MICROSOFT CORPORATION CORP BND							1FE		2,483,662.50		99.268		2,456,895.03		2,475,000.00		2,483,021.89		(26,126.86	)		(641.00	)		—		—		0.875		0.755	MS		5,654.69		—		10/7/2010		9/27/2013
	594918AG9	MICROSOFT CORPORATION CORP BND							1FE		8,641,894.80		97.146		8,432,259.86		8,680,000.00		8,643,839.43		(211,579.57	)		1,945.00			—		—		1.625		1.717	MS		36,829.73		—		9/22/2010		9/25/2015
	595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND							??		14,515,750.75		107.967		14,311,052.49		13,255,000.00		14,372,855.43		(61,802.94	)		(142,553.00	)		—		—		4.65		2.285	AO		154,089.39		382,579.00		7/29/2010		10/1/2014
	6174467N3	MORGAN STANLEY CORP BND							1FE		7,641,215.00		100.354		7,526,551.43		7,500,000.00		7,636,192.11		(109,640.68	)		(5,023.00	)		—		—		4		3.563	JJ		129,166.66		—		10/15/2010		7/24/2015
	617446B99	MORGAN STANLEY CORP BND							??		469,255.00		96.49		482,449.99		500,000.00		477,613.61		4,836.38			7,091.00			—		—		0.589		2.096	JAJO		670.87		3,282.00		10/22/2009		1/9/2014
	617446H51	MORGAN STANLEY CORP BND							1FE		4,126,668.00		104.574		4,078,385.88		3,900,000.00		4,119,507.68		(41,121.80	)		(7,160.00	)		—		—		5.55		4.516	AO		38,480.00		108,225.00		9/30/2010		4/27/2017
	617446HC6	MORGAN STANLEY CORP BND							1FE		560,894.25		106.613		559,720.33		525,000.00		536,487.70		23,232.63			(8,745.00	)		—		—		6.6		4.77	AO		8,662.50		34,650.00		1/25/2008		4/1/2012
	617446V89	MORGAN STANLEY CORP BND MTN							??		542,275.00		106.969		534,844.17		500,000.00		526,408.67		8,435.50			(15,404.00	)		—		—		5.75		2.482	FA		9,663.19		28,750.00		12/16/2009		8/31/2012
	61745MHB2	MORGAN STANLEY CAP I CMBS 98-WF2 D					2		??		199,568.20		99.946		195,423.24		195,528.61		195,063.75		359.49			(1,090.00	)		—		—		7.398		6.346	MON		1,177.76		14,256.00		12/21/2007		1/1/2011
	61745ML27	MSC CMBS 04-T15 A2					2	NR*Z*			300,023.82		99.944		303,412.06		303,581.40		302,660.98		751.08			768.00			—		—		4.69		5.36	MON		1,186.50		14,238.00		7/30/2008		6/13/2041

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	61746BCW4	MORGAN STANLEY CORP BND MTN							1FE		2,978,670.00		104.326		3,129,775.53		3,000,000.00		2,994,604.21		135,171.32			4,985.00			—		—		5.625		5.809	JJ		80,625.00		168,750.00		8/14/2007		1/9/2012
	61746REV9	MSAC ABS 04-H1					2		??		941,018.19		83.575		785,227.72		939,550.15		940,676.48		(155,448.76	)		2.00			—		—		1.001		0.99	MON		130.58		9,606.00		2/25/2010		1/25/2034
	61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		3,571,581.60		107.807		3,697,770.91		3,430,000.00		3,558,046.69		139,724.22			(13,535.00	)		—		—		6		5.028	AO		36,015.00		102,900.00		6/22/2010		4/28/2015
	61747YCF0	MORGAN STANLEY CORP BND							1FE		11,402,273.37		107.824		11,321,478.11		10,500,000.00		11,281,747.95		39,730.16			(120,525.00	)		—		—		6		3.627	MN		84,000.00		465,000.00		9/17/2010		5/13/2014
	61747YCT0	MORGAN STANLEY CORP BND							1FE		8,619,480.00		98.12		8,462,850.00		8,625,000.00		8,619,649.12		(156,799.12	)		169.00			—		—		3.45		3.464	MN		48,767.19		—		10/26/2010		11/2/2015
	617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS					2	NR*Z*			71,500.37		99.854		71,396.27		71,500.37		71,500.37		(104.10	)		—			—		—		0.306		0.306	MON		3.04		232.00		1/11/2007		11/25/2036
	61757UAH3	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		14,907,014.00		102.041		15,306,151.20		15,000,000.00		14,961,633.24		344,517.96			25,609.00			—		—		1.95		2.128	JD		8,937.50		292,500.00		1/6/2010		6/20/2012
	61757UAL4	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		3,023,745.00		100.321		3,009,619.35		3,000,000.00		3,010,883.95		(1,264.60	)		(9,783.00	)		—		—		0.566		0.421	FMAN		2,451.06		18,489.00		9/2/2009		2/10/2012
	61757UAN0	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		1,002,110.00		100.276		1,002,759.60		1,000,000.00		1,000,864.28		1,895.32			(718.00	)		—		—		0.502		1.453	MJSD		265.04		5,410.00		4/2/2009		3/13/2012
	62864WAB0	EAST LANE RE III LTD CORP BND 144A			F				??		10,000,000.00		106.398		10,639,800.00		10,000,000.00		10,000,000.00		639,800.00			—			—		—		12.294		13.55	FMAN		109,283.38		1,250,714.00		3/13/2009		3/20/2012
	62875UAJ4	NBC UNIVERSAL CORP BND 144A							2FE		11,006,960.00		96.958		10,665,344.80		11,000,000.00		11,006,845.02		(341,500.22	)		(115.00	)		—		—		2.875		2.862	AO		76,427.09		—		11/2/2010		4/1/2016
	62875UAM7	NBC UNIVERSAL CORP BND 144A							2FE		2,599,662.00		99.541		2,588,054.12		2,600,000.00		2,599,683.93		(11,629.81	)		22.00			—		—		2.1		2.104	AO		13,195.01		—		9/27/2010		4/1/2014
	62888UAA8	NGN_10-R2 CMBS_10-R2 1A					2		??		5,991,044.12		99.969		5,989,186.90		5,991,044.12		5,991,044.12		(1,857.22	)		—			—		—		0.635		0.636	MON		2,536.21		2,179.00		11/10/2010		11/6/2017
	62888VAA6	NCUA GUARANTEED NOTES NGN_10-R CMO_10-R1					2	NR*Z*			3,202,789.51		99.875		3,198,786.02		3,202,789.51		3,202,789.51		(4,003.49	)		—			—		—		0.704		0.705	MON		1,781.10		2,589.00		10/18/2010		10/7/2020
	62888VAB4	NGN_10-R1 ABS 10-R1 2A					2	NR*Z*			1,020,158.98		98.984		1,009,885.36		1,020,251.12		1,020,160.37		(10,275.01	)		1.00			—		—		1.84		1.849	MON		1,407.95		1,929.00		10/18/2010		10/7/2020
	62888XAC8	NCUA_10-C1 CMBS_10-C1 A-PT					2		??		4,866,174.03		97.372		4,747,715.99		4,875,840.39		4,866,346.84		(118,630.85	)		173.00			—		—		2.65		2.706	MON		1,435.66		16,869.00		11/3/2010		10/29/2020
	62889AAA1	NCUA GUARANTEED NOTES AGENCY ABS 10-A1 A					2		??		3,200,000.00		100.105		3,203,360.00		3,200,000.00		3,200,000.00		3,360.00			—			—		—		0.615		0.616	MON		820.00		—		12/10/2010		12/7/2020
	62944BAA2	BANK NEDERLANDSE GEMEENTEN CORP BND 144A			F				??		8,962,672.46		96.965		8,726,849.64		9,000,000.00		8,963,698.78		(236,849.14	)		1,026.00			—		—		1.75		1.839	AO		37,187.50		—		11/12/2010		10/6/2015
	62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		??		1,007,018.69		96		956,870.23		996,739.82		1,006,273.77		(49,403.54	)		(311.00	)		—		—		6.5		6.347	MON		5,399.01		64,788.00		10/3/2007		2/25/2035
	6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		8,188,453.32		105.442		8,435,360.08		8,000,000.00		8,181,892.86		253,467.22			(6,560.00	)		—		—		3.375		2.692	JJ		129,750.00		—		11/12/2010		7/8/2014
	6325C0BW0	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		4,996,500.00		99.439		4,971,934.15		5,000,000.00		4,996,569.01		(24,634.86	)		69.00			—		—		1.7		1.724	JD		4,958.33		—		12/6/2010		12/10/2013
	637432MM4	NATIONAL RURAL UTILITIES SECURED CORP							1FE		2,998,950.00		98.834		2,965,026.63		3,000,000.00		2,999,008.24		(33,981.61	)		58.00			—		—		1.125		1.137	MN		5,625.00		—		10/25/2010		11/1/2013
	63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							??		1,329,837.50		104.103		1,301,287.46		1,250,000.00		1,303,312.78		(2,025.32	)		(25,890.00	)		—		—		4.135		1.95	JJ		25,843.75		52,693.00		12/17/2009		1/1/2013
	64031BAA2	NLST_10-3A ABS_10-3A A					2		??		1,182,786.73		99.8		1,180,421.19		1,182,786.73		1,182,786.73		(2,365.54	)		—			—		—		1.068		1.07	JAJO		2,387.06		3,304.00		7/28/2010		7/27/2048
	64944QAA5	NEW YORK COMMUNITY BANK — GTD CORP BND							??		5,192,010.00		102.489		5,175,694.40		5,050,000.00		5,105,043.37		70,651.03			(56,627.00	)		—		—		3		1.844	JD		6,312.50		151,500.00		9/8/2009		12/16/2011
	65475VAC4	NAROT ABS 09-1 A3					2	NR*Z*			3,644,510.76		102.593		3,613,648.47		3,522,329.95		3,607,342.09		6,306.38			(37,169.00	)		—		—		5		2.236	MON		7,827.40		102,735.00		5/24/2010		9/15/2012
	665501AD4	NORTHERN NAT GAS CO CORP BND 144A							??		1,608,465.00		102.497		1,537,455.00		1,500,000.00		1,534,599.12		2,855.88			(73,866.00	)		—		—		7		1.401	JD		8,750.00		105,000.00		2/5/2010		6/1/2011
	665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		110.118		8,258,856.60		7,500,000.00		7,596,656.44		662,200.16			(34,096.00	)		—		—		5.5		4.967	FA		155,833.34		412,500.00		3/23/2009		8/15/2013
	666807BC5	NORTHROP GRUMMAN CORP CORP BND							2FE		4,074,736.80		95.55		3,898,422.37		4,080,000.00		4,074,883.53		(176,461.16	)		147.00			—		—		1.85		1.877	MN		11,112.33		—		11/1/2010		11/15/2015
	66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.25		106.297		1,727,321.62		1,625,000.00		1,623,919.62		103,402.00			319.00			—		—		4.125		4.148	FA		26,253.91		67,031.00		2/4/2009		2/10/2014
	66989HAB4	NOVARTIS CAPITAL CORP CORP BND							1FE		5,243,017.50		101.507		5,329,128.11		5,250,000.00		5,244,812.53		84,315.58			1,795.00			—		—		1.9		1.944	AO		18,564.58		60,404.00		3/9/2010		4/24/2013
	66989HAC2	NOVARTIS CAPITAL CORP CORP BND							1FE		15,376,149.00		102.556		15,844,963.18		15,450,000.00		15,387,295.95		457,667.23			11,147.00			—		—		2.9		3.001	AO		83,387.08		271,319.00		3/9/2010		4/24/2015
	674599CA1	OCCIDENTAL PETROLEUM CORP BND							1FE		6,542,205.50		100.239		6,565,665.38		6,550,000.00		6,542,317.67		23,347.71			112.00			—		—		1.45		1.491	JD		3,957.29		—		12/13/2010		12/13/2013
	6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		13,347,291.75		108.108		13,783,769.24		12,750,000.00		13,233,569.08		550,200.16			(113,723.00	)		—		—		4.1		2.938	JD		21,781.25		522,750.00		2/19/2010		6/16/2014
	6832348F8	ONTARIO PROVINCE CORP BND			A				??		2,800,000.00		100.071		2,801,987.97		2,800,000.00		2,800,000.00		1,987.97			—			—		—		0.434		0.42	FMAN		1,452.76		13,739.00		11/10/2009		11/19/2012
	68389XAD7	ORACLE CORPORATION CORP BND							1FE		5,412,789.50		108.566		5,781,115.23		5,325,000.00		5,375,728.15		405,387.08			(20,916.00	)		—		—		4.95		4.503	AO		55,646.25		263,588.00		3/5/2009		4/15/2013
	68402LAC8	ORACLE CORP CORP BND							1FE		11,066,300.00		111.867		11,186,693.60		10,000,000.00		10,948,327.99		238,365.61			(117,972.00	)		—		—		5.25		3.197	JJ		242,083.33		262,500.00		4/20/2010		1/15/2016
	68402LAE4	ORACLE CORP CORP BND							1		479,788.25		100.136		475,645.48		475,000.00		475,062.98		582.50			(1,634.00	)		—		—		5		4.643	JJ		10,951.40		23,750.00		12/12/2007		1/15/2011
	693506BF3	PPG INDUSTRIES INC CORP BND							??		3,256,223.40		94.823		3,114,944.26		3,285,000.00		3,256,914.23		(141,969.97	)		691.00			—		—		1.9		2.079	JJ		8,495.38		—		11/8/2010		1/15/2016
	69351CAC7	PNC FUNDING CORP — GTD CORP BND GOVT							1FE		4,089,240.00		102.556		4,102,240.00		4,000,000.00		4,062,022.39		40,217.61			(27,218.00	)		—		—		2.3		1.234	JD		2,300.00		92,000.00		5/3/2010		6/22/2012
	69362BAS1	PSE&G POWER LLC CORP BND							??		5,499,426.56		109.42		5,471,009.45		5,000,000.00		5,476,869.63		(5,860.18	)		(22,557.00	)		—		—		5.32		3.462	MS		78,322.22		—		9/15/2010		9/15/2016
	69371RJ98	PACCAR FINL CORP BND							??		6,366,521.25		101.089		6,444,413.36		6,375,000.00		6,368,020.26		76,393.10			1,499.00			—		—		2.05		2.096	JD		5,082.29		65,707.00		6/9/2010		6/17/2013
	69373UAA5	PACCAR INC CORP BND							1FE		4,021,455.09		113.335		4,080,060.50		3,600,000.00		3,934,981.29		145,079.21			(86,474.00	)		—		—		6.875		3.692	FA		93,500.00		123,750.00		2/19/2010		2/15/2014
	694308GD3	PACIFIC GAS AND ELECTRIC CO CORP BND							1FE		5,548,050.00		107.546		5,377,281.95		5,000,000.00		5,516,840.47		(139,558.52	)		(31,210.00	)		—		—		4.8		1.444	MS		80,000.00		—		10/19/2010		3/1/2014
	701489AA4	PARKTON RE LTD CORP BND 144A							??		1,750,000.00		102.598		1,795,465.00		1,750,000.00		1,750,000.00		45,465.00			—			—		—		10.5		10.646	MJSD		5,614.58		186,315.00		7/23/2009		5/6/2011
	713448BK3	PEPSICO INC CORP BND							1FE		19,458,660.00		105.392		20,551,484.28		19,500,000.00		19,472,935.47		1,078,548.81			7,911.00			—		—		3.75		3.797	MS		243,750.00		731,250.00		2/25/2009		3/1/2014
	713448BQ0	PEPSICO INC CORP BND							1FE		8,696,172.00		98.836		8,598,761.06		8,700,000.00		8,696,404.32		(97,643.26	)		232.00			—		—		0.875		0.89	AO		13,744.79		—		10/19/2010		10/25/2013
	717081CZ4	PFIZER INC. CORP BND							1FE		2,883,727.29		104.432		2,870,837.55		2,749,000.00		2,834,585.48		36,252.07			(49,307.00	)		—		—		4.45		1.813	MS		36,019.54		72,290.00		4/15/2010		3/15/2012
	717081DA8	PFIZER INC. CORP BND							1FE		1,380,477.50		112.31		1,403,869.25		1,250,000.00		1,356,441.51		47,427.74			(21,943.00	)		—		—		5.35		3.169	MS		19,690.97		66,875.00		2/17/2010		3/15/2015
	717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		100.401		1,581,315.64		1,575,000.00		1,575,000.00		6,315.64			—			—		—		2.252		3.173	MJSD		1,674.60		36,497.00		3/17/2009		3/15/2011
	71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		??		452,730.00		93.25		466,250.00		500,000.00		455,673.64		10,576.36			2,944.00			—		—		0		0.801	MON		—		4,645.00		3/9/2010		4/25/2044
	71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		??		1,177,098.00		90.604		1,177,846.80		1,300,000.00		1,186,952.30		(9,105.50	)		9,854.00			—		—		1.761		2.988	MON		815.37		13,688.00		3/9/2010		4/25/2044
	718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		107.973		6,613,367.75		6,125,000.00		6,116,466.58		496,901.17			3,312.00			—		—		4.875		4.938	MN		37,324.21		298,594.00		5/13/2008		5/16/2013
	718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		7,341,675.50		114.869		7,351,635.72		6,400,000.00		7,171,220.10		180,415.62			(166,740.00	)		—		—		6.875		2.911	MS		127,111.10		245,781.00		4/14/2010		3/17/2014
	BRS4QJRM5	PINNACLE FOODS FINANCE TERM LOAN							4FE		1,960,000.00		97.938		1,958,760.00		2,000,000.00		1,960,000.00		(1,240.00	)		—			—		—		0		0.625	AO		—		—		12/16/2010		4/2/2014
	742651DB5	PRIVATE EXPORT FUNDING CORP SECURED							??		1,646,955.00		112.085		1,681,274.99		1,500,000.00		1,626,649.08		54,625.91			(20,306.00	)		—		—		4.95		3.07	MN		9,487.50		74,250.00		2/23/2010		11/15/2015
	742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND							??		4,296,173.00		104.502		4,493,585.96		4,300,000.00		4,297,110.74		196,475.22			754.00			—		—		3.05		3.069	AO		27,687.22		136,979.00		9/22/2009		10/15/2014
	742718DS5	PROCTER & GAMBLE COMPANY CORP BND							1FE		6,446,830.00		97.193		6,317,516.79		6,500,000.00		6,448,067.09		(130,550.30	)		1,237.00			—		—		1.8		1.973	MN		13,975.00		—		11/15/2010		11/15/2015
	74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND							1FE		549,021.00		100.757		554,164.23		550,000.00		549,131.77		5,032.46			111.00			—		—		2.7		2.739	MN		2,475.00		6,641.00		5/17/2010		5/1/2015
	74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				??		5,051,420.50		105.573		5,120,299.28		4,850,000.00		5,008,848.13		111,451.15			(42,572.00	)		—		—		4.2		3.166	MN		27,160.00		203,700.00		1/8/2010		5/13/2014
	74977RBU7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		13,069,661.10		102.462		13,320,006.18		13,000,000.00		13,045,921.91		274,084.27			(23,739.00	)		—		—		2.65		2.427	FA		128,230.55		172,250.00		2/19/2010		8/17/2012
	74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		9,993,100.00		101.912		10,191,181.90		10,000,000.00		9,994,144.90		197,037.00			1,045.00			—		—		3.2		3.215	MS		97,777.78		160,000.00		3/4/2010		3/11/2015
	75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F				??		5,000,000.00		99.99		4,999,500.00		5,000,000.00		5,000,000.00		(500.00	)		—			—		—		6.313		6.361	JAJO		75,520.83		242,236.00		12/15/2009		1/7/2011
	759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND							??		8,500,000.00		100.442		8,537,570.00		8,500,000.00		8,500,000.00		37,570.00			—			—		—		2.879		2.881	JD		20,392.92		244,715.00		6/19/2009		4/1/2011
	76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1					2		??		431,878.26		79.935		351,872.27		440,198.00		432,187.80		(80,315.53	)		118.00			—		—		3.212		3.586	MON		1,178.17		19,053.00		8/14/2007		9/25/2035
	76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2					2		??		1,367,682.24		88.314		1,251,663.11		1,417,287.31		1,371,910.66		(120,247.55	)		586.00			—		—		5.209		6.624	MON		6,151.64		73,724.00		8/16/2007		9/25/2035
	767201AF3	RIO TINTO FINANCE USA LIMITED CORP BND			F				1FE		4,576,294.00		120.628		4,463,237.35		3,700,000.00		4,535,396.98		(72,159.63	)		(40,897.00	)		—		—		8.95		1.92	MN		55,191.67		—		10/28/2010		5/1/2014
	767201AJ5	RIO TINTO FINANCE USA LIMITED CORP BND			F				2FE		6,070,079.25		96		5,831,991.19		6,075,000.00		6,070,235.54		(238,244.35	)		156.00			—		—		1.875		1.892	MN		18,667.96		—		10/28/2010		11/2/2015
	771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,102,816.51		108.632		14,122,123.73		13,000,000.00		13,862,597.13		259,526.60			(237,816.00	)		—		—		5		2.793	MS		216,666.67		650,000.00		2/19/2010		3/1/2014
	771196AX0	ROCHE HOLDINGS INC CORP BND 144A							??		4,673,625.00		100.31		4,614,259.54		4,600,000.00		4,609,197.78		5,061.76			(60,927.00	)		—		—		2.288		1.272	FMAN		10,522.50		109,087.00		12/9/2009		2/25/2011
	780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		2,408,127.55		102.524		2,379,579.72		2,321,000.00		2,336,236.90		43,342.82			(26,727.00	)		—		—		5.65		4.431	JJ		58,647.16		131,137.00		7/9/2008		7/20/2011
	78008HX96	ROYAL BANK OF CANADA CORP BND MTN			A				1FE		2,014,326.69		101.519		2,030,376.74		2,000,000.00		2,013,633.07		16,743.67			(694.00	)		—		—		2.1		1.828	JJ		17,733.33		—		11/12/2010		7/29/2013
	78008KNA7	ROYAL BANK OF CANADA SENIOR CORP BND			A				1FE		4,493,578.81		98.459		4,430,658.06		4,500,000.00		4,493,845.74		(63,187.68	)		267.00			—		—		1.125		1.171	JJ		11,953.13		—		11/12/2010		1/15/2014
	78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		2,498,650.00		101.015		2,525,370.98		2,500,000.00		2,498,801.25		26,569.73			151.00			—		—		3.4		3.419	FA		29,986.11		—		8/17/2010		8/23/2013
	78011CAB2	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				??		2,540,825.00		100.701		2,517,524.90		2,500,000.00		2,522,101.85		(4,576.95	)		(16,198.00	)		—		—		0.986		0.514	FMAN		3,422.33		26,262.00		11/2/2009		5/11/2012
	78011CAC0	ROYAL BK OF STLAND GRP PLC — ( CORP BND			F				1FE		22,880,250.25		102.28		23,012,999.79		22,500,000.00		22,695,072.85		317,926.94			(140,285.00	)		—		—		2.625		1.975	MN		80,390.63		590,625.00		8/31/2009		5/11/2012
	78011CAE6	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				??		1,996,200.00		100.562		2,011,230.00		2,000,000.00		1,998,447.80		12,782.20			1,918.00			—		—		1.45		1.548	AO		5,719.44		29,000.00		10/23/2009		10/20/2011
	78355HJL4	RYDER SYSTEM INC. CORP BND							??		2,163,660.00		106.937		2,138,746.80		2,000,000.00		2,150,266.88		(11,520.08	)		(13,393.00	)		—		—		5.85		3.327	MS		39,000.00		—		9/10/2010		3/1/2014
	78387GAH6	AT&T INC CORP BND							1FE		2,083,466.23		105.128		2,102,557.84		2,000,000.00		2,074,347.27		28,210.57			(9,119.00	)		—		—		5.875		2.379	FA		48,958.33		—		11/12/2010		2/1/2012
	78387GAP8	AT&T INC CORP BND							1FE		3,183,016.41		109.277		3,278,303.82		3,000,000.00		3,176,834.04		101,469.78			(6,182.00	)		—		—		5.1		3.392	MS		45,050.00		—		11/12/2010		9/15/2014
	78442GHX7	SLMA ABS 03-10A A1B 144A					2		??		499,843.75		100		499,999.10		500,000.00		499,880.26		118.84			37.00			—		—		1.714		1.729	MON		214.25		7,601.00		1/12/2010		12/15/2016
	78442GHY5	SLMA ABS 03-10A-A1C					2		??		1,799,687.50		100		1,799,996.76		1,800,000.00		1,799,844.27		152.49			157.00			—		—		1.712		1.727	MON		599.20		23,599.00		2/4/2010		12/15/2016
	78442GHZ2	SLMA ABS 03-10A A1D 144A					2		??		1,893,765.62		100		1,899,996.58		1,900,000.00		1,896,745.30		3,251.28			2,360.00			—		—		1.703		1.842	MON		269.64		33,017.00		9/24/2009		12/15/2016
	78442GJA5	SLM STUDENT LOAN TR 2003-10A ABS_03-10A					2		??		899,718.75		100		899,998.38		900,000.00		899,783.86		214.52			65.00			—		—		1.705		1.72	MON		682.00		15,067.00		1/15/2010		12/15/2016
	78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A					2		??		650,000.00		100		649,998.83		650,000.00		650,000.00		(1.17	)		—			—		—		1.703		1.708	MON		30.75		10,395.00		1/13/2010		12/15/2016
	78444YAB1	SLMA ABS 08-5 A2					2		??		5,358,551.91		101.246		5,336,941.38		5,271,246.88		5,345,186.89		(8,245.51	)		(13,365.00	)		—		—		1.388		0.423	JAJO		13,824.42		21,290.00		8/10/2010		10/25/2013
	78444YAD7	SLMA ABS 08-5 A4					2	NR*Z*			1,943,656.25		104.009		1,924,160.95		1,850,000.00		1,936,998.07		(12,837.12	)		(6,658.00	)		—		—		1.988		1.311	JAJO		6,948.49		19,704.00		6/1/2010		4/26/2021
	78445XAA4	SLMA_10-1 ABS 10-1A					2	NR*Z*			3,354,266.80		99.75		3,345,881.13		3,354,266.80		3,354,266.80		(8,385.67	)		—			—		—		0.661		0.662	MON		307.77		9,635.00		7/30/2010		3/25/2025
	790849AE3	ST. JUDE MEDICAL INC. CORP BND							1FE		6,365,893.24		105.374		6,318,247.47		5,996,000.00		6,358,978.73		(40,731.26	)		(6,915.00	)		—		—		3.75		1.97	JJ		103,680.83		—		12/1/2010		7/15/2014
	790849AH6	ST. JUDE MEDICAL INC. CORP BND							??		4,995,350.00		98.438		4,921,920.40		5,000,000.00		4,995,396.62		(73,476.22	)		47.00			—		—		2.5		2.52	JD		8,680.56		—		12/1/2010		1/15/2016
	796269UF3	SAN ANTONIO TEX INDPT SCH DIST MUNI BND							??		1,000,000.00		98.851		988,509.98		1,000,000.00		1,000,000.00		(11,490.02	)		—			—		—		2.235		2.235	FA		124.17		—		12/15/2010		8/15/2014
	822582AF9	SHELL INTL FINAN CORP BND			F				1FE		11,034,168.50		106.421		11,121,034.95		10,450,000.00		10,919,601.18		201,433.77			(114,567.00	)		—		—		4		2.537	MS		116,111.12		418,000.00		3/2/2010		3/21/2014
	822582AQ5	SHELL INTL FINAN CORP BND			F				??		12,215,823.75		102.346		12,409,405.46		12,125,000.00		12,207,582.21		201,823.25			(8,242.00	)		—		—		3.1		2.936	JD		3,132.29		187,938.00		7/2/2010		6/28/2015

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
			3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				??		15,082,618.30		102.118		15,389,180.94		15,070,000.00		15,081,111.21		308,069.73			(5,604.00	)		—		—		2.25		2.198	JD		18,837.50		339,075.00		2/19/2010		6/11/2012
	842587AB3	SOUTHERN COMPANY CORP BND							??		3,225,440.00		104.433		3,341,868.16		3,200,000.00		3,206,834.21		135,033.95			(6,258.00	)		—		—		5.3		5.086	JJ		78,204.44		169,600.00		10/23/2007		1/15/2012
	846042AB5	SOVEREIGN BANCORP INC — GTD CORP BND							??		2,483,687.50		102.745		2,517,252.75		2,450,000.00		2,465,637.50		51,615.25			(10,495.00	)		—		—		2.5		2.052	JD		2,722.22		61,250.00		4/2/2009		6/15/2012
	84650WAA4	SPAREBNK 1 BOLIG LOCAL BND 144A			F				1FE		13,350,480.00		98.871		13,149,843.27		13,300,000.00		13,348,621.95		(198,778.68	)		(1,858.00	)		—		—		1.25		1.152	AO		30,017.36		—		11/9/2010		10/25/2014
	85235XAA3	STADSHYPOTEK AB CORP BND 144A			F				??		13,238,490.17		99.458		13,028,998.00		13,100,000.00		13,231,810.95		(202,812.95	)		(6,679.00	)		—		—		1.45		1.077	MS		48,015.14		—		11/9/2010		9/30/2013
	857477AC7	STATE STREET CORPORATION CORP BND							??		1,101,889.80		99.919		1,139,077.07		1,140,000.00		1,127,094.21		11,982.86			9,571.00			—		—		0.388		3.897	JAJO		749.74		5,032.00		4/30/2008		4/30/2012
	85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		8,335,014.00		102.186		8,404,798.26		8,225,000.00		8,290,408.11		114,390.15			(45,443.00	)		—		—		2.15		1.541	AO		29,964.13		176,838.00		1/27/2010		4/30/2012
	85771SAB2	STATOIL ASA CORP BND			F				1FE		8,220,819.00		105.924		8,367,993.23		7,900,000.00		8,165,033.16		202,960.07			(55,786.00	)		—		—		3.875		2.799	AO		64,626.40		306,125.00		4/6/2010		4/15/2014
	85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		103.067		309,200.36		300,000.00		302,943.37		6,256.99			(725.00	)		—		—		2.9		2.626	AO		1,836.67		8,700.00		12/16/2009		10/15/2014
	863667AA9	STRYKER CORP CORP BND							1FE		5,495,074.87		101.855		5,602,006.74		5,500,000.00		5,495,332.37		106,674.37			258.00			—		—		3		3.022	JJ		76,083.33		—		11/12/2010		1/15/2015
	86386MAD6	STUDENT LOAN CON ABS_02-1-A4 144A					2	NR*Z*			1,365,000.00		90.434		1,356,508.50		1,500,000.00		1,381,063.96		(24,555.46	)		16,064.00			—		—		0		3.287	MON		—		14,434.00		4/1/2010		3/1/2042
	86386MAE4	STUDENT LOAN CON ABS 02-1-A4 144A					2	NR*Z*			1,365,000.00		90.434		1,356,508.50		1,500,000.00		1,379,469.03		(22,960.53	)		14,469.00			—		—		0.1		1.545	MON		61.64		13,959.00		4/1/2010		3/1/2042
	86386MAK0	STUDENT LOAN CON ABS_02-02 A9 144A					2	NR*Z*			1,183,000.00		90.436		1,175,665.40		1,300,000.00		1,191,429.94		(15,764.54	)		8,430.00			—		—		0.648		1.676	MON		115.40		12,171.00		4/1/2010		7/1/2042
	86386MAM6	STUDENT LOAN CON ABS 02-2 A11					2	NR*Z*			919,187.50		90.431		904,314.00		1,000,000.00		922,738.65		(18,424.65	)		3,551.00			—		—		0		1.421	MON		—		4,813.00		8/18/2010		7/1/2042
	86386MAR5	STUDENT LOAN CON ABS 02-2-A15 144A					2	NR*Z*			819,000.00		90.434		813,905.10		900,000.00		822,280.24		(8,375.14	)		3,280.00			—		—		1.85		3.033	MON		1,140.41		8,052.00		4/1/2010		7/1/2042
	86386MAS3	STUDENT LOAN CON ABS_02-2 A16					2	NR*Z*			819,000.00		90.44		813,960.00		900,000.00		823,027.88		(9,067.88	)		4,028.00			—		—		0.492		1.455	MON		218.23		7,939.00		4/1/2010		7/1/2042
	86386MAT1	SLCC_02-2 ABS_02-2-A17					2	NR*Z*			1,001,000.00		90.431		994,745.40		1,100,000.00		1,004,236.27		(9,490.87	)		3,236.00			—		—		0		0.836	MON		—		9,809.00		4/1/2010		7/1/2042
	86386MAU8	STUDENT LOAN CON ABS_02-2-A18 144A					2	NR*Z*			819,000.00		90.431		813,882.60		900,000.00		820,899.31		(7,016.71	)		1,899.00			—		—		0.005		0.583	MON		3.01		7,480.00		4/1/2010		7/1/2042
	BRS8CFLV5	SUNGARD DATA SYSTEMS INC. TERM LOAN							3FE		1,997,336.54		99.25		2,035,796.16		2,051,180.01		1,997,336.54		38,459.62			—			—		—		0		0.513	MJSD		—		—		12/15/2010		2/28/2016
	86801BAB1	SUNTRUST BANK — GTD CORP BND GOVT GUAR							??		2,574,033.75		102.282		2,557,039.00		2,500,000.00		2,527,497.63		29,541.37			(31,013.00	)		—		—		3		1.724	MN		9,375.00		75,000.00		6/24/2009		11/16/2011
	86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		106.81		7,369,889.86		6,900,000.00		7,019,428.42		350,461.44			(31,553.00	)		—		—		4.875		4.328	JD		19,621.88		336,375.00		8/31/2009		6/10/2014
	86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				??		17,692,582.10		101.856		17,855,357.33		17,530,000.00		17,634,577.47		220,779.86			(58,472.00	)		—		—		2.875		2.514	MS		149,796.28		503,988.00		1/5/2010		9/14/2012
	87246AAA6	TIAA CMBS 07-C4 A1					2	NR*Z*			4,576,840.03		101.839		4,631,648.64		4,548,013.41		4,554,892.37		76,756.27			(5,142.00	)		—		—		5.638		5.381	MON		14,978.51		257,315.00		12/21/2007		7/15/2012
	87938WAL7	TLEFONICA EMISNS CORP BND			F				??		2,545,355.15		97.518		2,437,960.83		2,500,000.00		2,544,048.44		(106,087.61	)		(1,307.00	)		—		—		3.729		3.288	AO		16,573.33		—		11/12/2010		4/27/2015
	87938XAA9	TELEFONICA MOVILES CHILE SA CORP BND			F				??		3,490,445.00		96.317		3,371,082.51		3,500,000.00		3,490,706.81		(119,624.30	)		262.00			—		—		2.875		2.934	MN		14,534.72		—		11/3/2010		11/9/2015
	880591CW0	TENN VALLEY AUTH AGENCY BND							??		1,302,900.01		111.076		1,285,149.27		1,157,000.00		1,264,379.50		20,769.77			(38,521.00	)		—		—		6		1.687	MS		20,440.33		69,420.00		3/10/2010		3/15/2013
	880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							1		4,539,760.00		108.594		4,343,760.08		4,000,000.00		4,286,076.48		57,683.60			(201,702.00	)		—		—		6.79		1.575	MN		28,668.89		271,600.00		9/25/2009		5/23/2012
	88166BAA8	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				??		2,300,000.00		100.401		2,309,222.84		2,300,000.00		2,300,000.00		9,222.84			—			—		—		0.704		0.939	MJSD		539.54		9,659.00		6/15/2010		12/19/2011
	88166BAB6	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		3,996,080.00		100.765		4,030,603.32		4,000,000.00		3,997,126.69		33,476.63			1,047.00			—		—		1.5		1.55	JD		2,666.67		29,500.00		6/15/2010		6/15/2012
	88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		13,833,261.99		100.73		13,951,105.00		13,850,000.00		13,834,613.71		116,491.29			1,352.00			—		—		3		3.027	JD		18,466.66		204,288.00		11/12/2010		6/15/2015
	88579EAD7	3M COMPANY CORP BND							??		4,363,958.25		107.558		4,382,991.56		4,075,000.00		4,244,234.21		138,757.35			(83,575.00	)		—		—		4.65		2.459	JD		8,421.66		189,488.00		7/20/2009		12/15/2012
	887317AJ4	TIME WARNER INC CORP BND							2FE		7,260,260.00		100.996		7,069,692.92		7,000,000.00		7,247,054.93		(177,362.01	)		(13,205.00	)		—		—		3.15		2.326	JJ		102,287.50		—		9/23/2010		7/15/2015
	88732JAK4	TIME WARNER CABLE INC CORP BND							2FE		1,676,085.00		110.717		1,660,755.50		1,500,000.00		1,642,987.21		17,768.29			(33,098.00	)		—		—		6.2		2.257	JJ		46,500.00		46,500.00		5/20/2010		7/1/2013
	88732JAV0	TIME WARNER CABLE INC CORP BND							2FE		10,994,818.00		102.433		10,652,995.40		10,400,000.00		10,968,551.74		(315,556.34	)		(26,266.00	)		—		—		3.5		2.096	FA		151,666.67		—		10/15/2010		2/1/2015
	89152UAE2	TOTAL CAPITAL S.A. CORP BND			F				??		8,642,021.91		97.146		8,257,448.59		8,500,000.00		8,638,438.25		(380,989.66	)		(3,584.00	)		—		—		2.3		1.969	MS		57,563.89		—		11/12/2010		3/15/2016
	89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN							1FE		3,246,272.95		103.305		3,357,397.13		3,250,000.00		3,246,441.04		110,956.09			168.00			—		—		3.2		3.227	JD		4,044.45		52,000.00		11/12/2010		6/17/2015
	89233P4H6	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		4,996,098.00		100.2		5,009,978.50		5,000,000.00		4,996,302.31		13,676.19			204.00			—		—		1.375		1.404	FA		26,545.14		—		11/12/2010		8/12/2013
	89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT					2		??		4,999,209.00		99.64		4,982,000.00		5,000,000.00		4,999,271.54		(17,271.54	)		63.00			—		—		1.09		1.098	MON		2,422.22		11,506.00		9/22/2010		12/15/2014
	89235YAC9	TAOT_10-B ABS_10-B A3					2	NR*Z*			4,089,646.62		100.281		4,101,503.13		4,090,000.00		4,089,720.99		11,782.14			74.00			—		—		1.04		1.047	MON		1,890.49		16,896.00		7/14/2010		2/18/2014
	89235YAD7	TAOT_10-B ABS_10-B A4					2		??		1,099,799.58		100.672		1,107,390.63		1,100,000.00		1,099,827.98		7,562.65			28.00			—		—		1.47		1.481	MON		718.67		6,423.00		7/14/2010		1/17/2017
	893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND			A				1FE		7,668,401.75		103.13		7,915,246.62		7,675,000.00		7,669,119.40		246,127.22			718.00			—		—		3.4		3.419	JD		21,745.83		130,475.00		5/27/2010		6/1/2015
	902118BK3	TYCO INTERNATIONAL GROUP SA CORP BND			F				1FE		5,616,616.50		111.117		5,500,313.62		4,950,000.00		5,573,694.42		(73,380.80	)		(42,922.00	)		—		—		6		1.498	MN		37,950.00		148,500.00		10/14/2010		11/15/2013
	902118BN7	TYCO INTERNATIONAL FINANCE SA CORP BND			F				1FE		3,676,511.91		102.044		3,571,524.99		3,500,000.00		3,671,828.22		(100,303.23	)		(4,684.00	)		—		—		3.375		2.286	AO		24,937.50		—		11/12/2010		10/15/2015
	90261XGF3	UBS AG STAMFORD BRANCH CORP BOND							1FE		4,444,215.00		101.074		4,497,799.01		4,450,000.00		4,444,938.02		52,860.99			723.00			—		—		2.25		2.295	FA		38,659.38		—		8/5/2010		8/12/2013
	90290FAC0	USAOT_1-1 ABS 10-1 A3					2		??		2,652,898.44		100.51		2,663,515.05		2,650,000.00		2,651,902.93		11,612.12			(996.00	)		—		—		1.3		1.246	MON		1,531.11		22,967.00		4/28/2010		3/15/2013
	90333WAA6	US BANK NA CORP BND							1FE		1,439,603.25		103.324		1,420,710.50		1,375,000.00		1,387,894.91		32,815.59			(21,312.00	)		—		—		6.375		4.726	FA		36,523.45		87,656.00		9/30/2008		8/1/2011
	90345AAC6	US CENTRAL CREDIT UNION — (LT) CORP BND							1FE		14,757,824.30		102.104		14,937,814.61		14,630,000.00		14,717,376.89		220,437.72			(40,519.00	)		—		—		1.9		1.561	AO		55,594.00		277,970.00		3/4/2010		10/19/2012
	911312AG1	UNITED PARCEL SERVICE INC CORP BND							1FE		12,184,671.00		106.528		12,144,240.68		11,400,000.00		11,906,091.87		238,148.81			(237,711.00	)		—		—		4.5		2.259	JJ		236,550.00		484,875.00		1/22/2010		1/15/2013
	911312AL0	UNITED PARCEL SERVICE INC CORP BND							1FE		12,414,426.00		106.148		12,525,485.95		11,800,000.00		12,310,816.88		214,669.07			(103,609.00	)		—		—		3.875		2.479	AO		114,312.50		228,625.00		4/20/2010		4/1/2014
	911312AM8	UNITED PARCEL SERVICE INC CORP BND							??		5,214,825.00		92.626		4,862,876.97		5,250,000.00		5,215,106.01		(352,229.04	)		281.00			—		—		3.125		3.202	JJ		22,330.72		—		11/8/2010		1/15/2021
	91159HGS3	US BANCORP CORP BND							??		1,250,062.50		101.097		1,263,709.64		1,250,000.00		1,250,048.61		13,661.03			(14.00	)		—		—		2.125		2.123	FA		10,034.72		24,792.00		12/16/2009		2/15/2013
	91159HGU8	US BANCORP CORP BND MTN							1FE		549,043.00		101.51		558,302.92		550,000.00		549,191.50		9,111.42			149.00			—		—		3.15		3.188	MS		5,630.63		8,663.00		3/1/2010		3/4/2015
	91159HGW4	US BANCORP CORP BND							1FE		9,538,062.50		100.725		9,619,208.94		9,550,000.00		9,540,195.64		79,013.30			2,133.00			—		—		2		2.043	JD		9,019.44		95,500.00		6/9/2010		6/14/2013
	91159HGX2	US BANCORP CORP BND							1FE		7,492,650.00		99.083		7,431,251.93		7,500,000.00		7,493,246.84		(61,994.91	)		597.00			—		—		2.45		2.471	JJ		78,604.17		—		7/22/2010		7/27/2015
	91159HGY0	US BANCORP CORP BND							1FE		5,442,969.50		99.415		5,418,122.95		5,450,000.00		5,443,669.08		(25,546.13	)		700.00			—		—		1.375		1.419	MS		22,481.25		—		9/8/2010		9/13/2013
	91159HGZ7	US BANCORP CORP BND							??		6,839,930.50		98.698		6,760,845.26		6,850,000.00		6,840,479.35		(79,634.09	)		549.00			—		—		1.125		1.175	AO		12,629.69		—		10/28/2010		10/30/2013
	91160HAC1	US BANCORP — (LT) GTD CORP BND GOVT GUAR							1FE		2,004,620.00		101.762		2,035,239.86		2,000,000.00		2,002,154.98		33,084.88			(1,542.00	)		—		—		1.8		1.72	MN		4,600.00		36,000.00		5/19/2009		5/15/2012
	912828FU9	UNITED STATES TREASURY GOVT BND							1		2,089,062.50		103.105		2,062,100.22		2,000,000.00		2,021,695.31		40,404.91			(28,427.00	)		—		—		4.5		3.014	MS		22,994.51		90,000.00		7/29/2008		9/30/2011
	912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,468.75		103.537		4,141,480.12		4,000,000.00		4,059,693.61		81,786.51			(70,880.00	)		—		—		4.625		2.775	AO		32,019.23		185,000.00		7/15/2008		10/31/2011
	912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.25		104.226		3,126,779.70		3,000,000.00		3,077,252.75		49,526.95			(75,941.00	)		—		—		4.625		2.004	JD		383.29		138,750.00		3/7/2008		12/31/2011
	912828GF1	UNITED STATES TREASURY GOVT BND							1		1,078,359.38		104.703		1,047,029.95		1,000,000.00		1,023,226.76		23,803.19			(20,924.00	)		—		—		4.75		2.558	JJ		19,877.72		47,500.00		4/17/2008		1/31/2012
	912828GX2	UNITED STATES TREASURY GOVT BND TIPS							1		4,776,637.13		120.037		5,041,552.43		4,200,000.00		4,784,189.50		257,362.93			(50,431.00	)		—		—		2.625		1.351	JJ		53,745.65		115,521.00		10/15/2009		7/15/2017
	912828HK9	UNITED STATES TREASURY GOVT BND							??		16,403,320.31		105.4		17,391,000.33		16,500,000.00		16,460,899.57		930,100.76			19,444.00			—		—		3.375		3.504	MN		48,956.04		556,875.00		12/7/2007		11/30/2012
	912828HY9	UNITED STATES TREASURY GOVT BND							1		3,456,386.72		105.648		3,697,680.11		3,500,000.00		3,478,446.65		219,233.46			8,752.00			—		—		3.125		3.402	AO		18,732.73		109,375.00		5/30/2008		4/30/2013
	912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.33		106.655		799,912.49		750,000.00		754,600.25		45,312.24			(1,806.00	)		—		—		3.5		3.234	MN		2,307.69		26,250.00		6/4/2008		5/31/2013
	912828JD3	UNITED STATES TREASURY GOVT BND							1		14,621,953.13		106.49		15,441,048.55		14,500,000.00		14,563,930.74		877,117.81			(24,227.00	)		—		—		3.375		3.19	JD		1,351.86		489,375.00		7/21/2008		6/30/2013
	912828JM3	UNITED STATES TREASURY GOVT BND							1		41,835,864.70		106.086		43,601,348.47		41,100,000.00		41,517,026.55		2,084,321.92			(144,749.00	)		—		—		3.125		2.738	MS		328,150.76		1,284,375.00		10/7/2008		9/30/2013
	912828JQ4	UNITED STATES TREASURY GOVT BND							1		5,968,750.00		105.133		6,202,847.65		5,900,000.00		5,940,082.61		262,765.04			(13,039.00	)		—		—		2.75		2.5	AO		27,788.67		162,250.00		11/6/2008		10/31/2013
	912828JT8	UNITED STATES TREASURY GOVT BND							1		8,013,562.50		102.951		8,133,129.32		7,900,000.00		7,995,501.61		137,627.71			(18,061.00	)		—		—		2		1.574	MN		13,890.11		79,000.00		6/3/2010		11/30/2013
	912828JZ4	UNITED STATES TREASURY GOVT BND							1		22,737,799.27		102.098		23,482,540.00		23,000,000.00		22,748,677.62		733,862.38			10,878.00			—		—		1.75		2.118	JJ		168,437.50		—		11/12/2010		1/31/2014
	912828KF6	UNITED STATES TREASURY GOVT BND							1		16,268,646.66		102.408		16,180,462.42		15,800,000.00		16,226,732.39		(46,269.97	)		(41,914.00	)		—		—		1.875		1.004	FA		100,659.53		103,125.00		12/17/2010		2/28/2014
	912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,532.69		100.285		2,537,210.60		2,530,000.00		2,527,802.20		9,408.40			5,235.00			—		—		0.875		1.087	MN		1,946.15		22,138.00		6/5/2009		5/31/2011
	912828KX7	UNITED STATES TREASURY GOVT BND							1		4,376,593.75		102.112		4,390,815.66		4,300,000.00		4,347,090.49		43,725.17			(29,503.00	)		—		—		1.875		1.113	JD		3,765.45		80,625.00		1/27/2010		6/15/2012
	912828KY5	UNITED STATES TREASURY GOVT BND							1		22,424,667.77		104.635		23,124,335.44		22,100,000.00		22,332,102.98		792,232.46			(63,011.00	)		—		—		2.625		2.311	JD		1,602.56		580,125.00		7/8/2009		6/30/2014
	912828LC2	UNITED STATES TREASURY GOVT BND							1		26,828,915.19		104.59		26,984,218.98		25,800,000.00		26,797,267.40		186,951.58			(29,930.00	)		—		—		2.625		1.51	JJ		283,414.41		160,125.00		12/23/2010		7/31/2014
	912828LH1	UNITED STATES TREASURY GOVT BND							1		18,263,671.88		102.059		18,370,619.64		18,000,000.00		18,171,209.38		199,410.26			(92,463.00	)		—		—		1.75		1.156	FA		118,980.98		315,000.00		2/10/2010		8/15/2012
	912828LK4	UNITED STATES TREASURY GOVT BND							1		58,429,373.94		103.601		57,912,962.36		55,900,000.00		58,256,472.01		(343,509.65	)		(173,053.00	)		—		—		2.375		1.185	FA		452,267.86		138,938.00		11/12/2010		8/31/2014
	912828LP3	UNITED STATES TREASURY GOVT BND							??		8,406,594.50		103.721		8,297,680.08		8,000,000.00		8,381,128.42		(83,448.34	)		(25,466.00	)		—		—		3		2.115	MS		61,318.68		120,000.00		7/30/2010		9/30/2016
	912828LR9	UNITED STATES TREASURY GOVT BND							1		62,128,666.13		101.474		62,507,983.38		61,600,000.00		62,049,681.22		458,302.16			(81,723.00	)		—		—		1.375		0.96	AO		181,500.00		628,375.00		8/19/2010		10/15/2012
	912828LS7	UNITED STATES TREASURY GOVT BND							1		79,955,859.48		103.529		79,717,329.23		77,000,000.00		79,696,240.87		21,088.36			(259,619.00	)		—		—		2.375		1.428	AO		316,514.43		914,375.00		9/15/2010		10/31/2014
	912828LU2	UNITED STATES TREASURY GOVT BND							1		9,826,431.73		104.321		9,701,852.91		9,300,000.00		9,795,681.98		(93,829.07	)		(30,750.00	)		—		—		3.125		2.142	AO		48,570.21		145,313.00		7/30/2010		10/31/2016
	912828LZ1	UNITED STATES TREASURY GOVT BND							1		105,083,544.73		102.446		102,650,891.00		100,200,000.00		104,883,514.09		(2,232,623.09	)		(200,312.00	)		—		—		2.125		0.905	MN		187,186.81		1,106,063.00		11/12/2010		11/30/2014
	912828MB3	UNITED STATES TREASURY GOVT BND							??		41,543,936.97		101.028		42,249,909.60		41,820,000.00		41,638,708.76		611,200.84			90,999.00			—		—		1.125		1.351	JD		21,972.73		470,475.00		12/16/2009		12/15/2012
	912828MG2	UNITED STATES TREASURY GOVT BND							1		10,972,107.16		101.521		11,167,310.44		11,000,000.00		10,980,838.56		186,471.88			8,731.00			—		—		1.375		1.462	JJ		69,870.92		75,625.00		1/19/2010		1/15/2013
	912828MH0	UNITED STATES TREASURY GOVT BND							1		24,835,044.69		102.656		25,663,999.50		25,000,000.00		24,863,844.78		800,154.72			28,800.00			—		—		2.25		2.391	JJ		235,394.02		281,250.00		1/29/2010		1/31/2015
	912828MK3	UNITED STATES TREASURY GOVT BND							1		6,951,424.84		103.926		6,859,116.20		6,600,000.00		6,930,934.92		(71,818.72	)		(20,490.00	)		—		—		3.125		2.238	JJ		86,311.14		—		8/2/2010		1/31/2017
	912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,430.81		100.387		5,019,350.05		5,000,000.00		4,999,738.32		19,611.73			286.00			—		—		0.75		0.756	MN		3,296.70		37,500.00		12/3/2009		11/30/2011
	912828MN7	UNITED STATES TREASURY GOVT BND							1		47,230,136.84		101.51		47,513,786.63		46,807,000.00		47,173,201.04		340,585.59			(56,936.00	)		—		—		1.375		1.001	FA		243,097.49		162,298.00		9/9/2010		2/15/2013
	912828MR8	UNITED STATES TREASURY GOVT BND							1		42,074,916.81		103.056		41,480,040.00		40,250,000.00		42,024,953.50		(544,913.50	)		(49,963.00	)		—		—		2.375		1.28	FA		324,807.49		77,188.00		11/23/2010		2/28/2015
	912828MU1	UNITED STATES TREASURY GOVT BND							1		11,437,362.58		100.766		11,537,707.69		11,450,000.00		11,442,116.01		95,591.68			4,753.00			—		—		1		1.056	MS		28,943.07		57,250.00		3/30/2010		3/31/2012
	912828MZ0	UNITED STATES TREASURY GOVT BND							1		6,352,265.63		103.383		6,202,980.18		6,000,000.00		6,338,572.12		(135,591.94	)		(13,694.00	)		—		—		2.5		1.16	AO		25,690.61		75,000.00		10/27/2010		4/30/2015
	912828NC0	UNITED STATES TREASURY GOVT BND							1		1,503,579.24		101.451		1,521,764.84		1,500,000.00		1,502,884.64		18,880.20			(695.00	)		—		—		1.375		1.292	MN		2,677.83		10,313.00		5/28/2010		5/15/2013
	912828NF3	UNITED STATES TREASURY GOVT BND							1		301,395.54		101.593		304,779.01		300,000.00		301,265.57		3,513.44			(130.00	)		—		—		2.125		2.024	MN		563.54		3,188.00		6/15/2010		5/31/2015

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes						6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
			3	4		5							8		9						12			13			14		15			16		17		18	19		20		21		22
				FOREIGN		BOND			NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR			DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	912828NL0	UNITED STATES TREASURY GOVT BND								1		15,410,932.95		100.398		15,360,894.46		15,300,000.00		15,403,079.92		(42,185.46	)		(7,853.00	)		—		—			1.875		1.718	JD		792.48		143,438.00		9/10/2010		6/30/2015
	912828NQ9	UNITED STATES TREASURY GOVT BND								1		5,812,906.15		100.271		5,815,717.77		5,800,000.00		5,810,389.34		5,328.43			(2,517.00	)		—		—			0.625		0.511	JJ		15,169.83		—		8/13/2010		7/31/2012
	912828NV8	UNITED STATES TREASURY GOVT BND								1		34,729,068.03		97.253		34,077,450.50		35,040,000.00		34,749,197.12		(671,746.62	)		20,129.00			—		—			1.25		1.429	FA		149,967.41		—		9/24/2010		8/31/2015
	912828NX4	UNITED STATES TREASURY GOVT BND								1		27,311,519.08		99.758		27,233,934.82		27,300,000.00		27,310,351.14		(76,416.32	)		(1,168.00	)		—		—			0.375		0.353	MS		26,156.26		—		10/20/2010		9/30/2012
	912828NY2	UNITED STATES TREASURY GOVT BND								1		10,018,392.88		99.682		9,968,199.90		10,000,000.00		10,016,764.80		(48,564.90	)		(1,628.00	)		—		—			0.75		0.687	MS		22,375.69		—		9/24/2010		9/15/2013
	912828NZ9	UNITED STATES TREASURY GOVT BND								1		19,784,499.59		97.014		19,111,758.00		19,700,000.00		19,780,619.64		(668,861.64	)		(3,880.00	)		—		—			1.25		1.16	MS		62,915.52		—		10/26/2010		9/30/2015
	912828PA2	UNITED STATES TREASURY GOVT BND								1		1,981,946.98		95.248		1,904,960.02		2,000,000.00		1,982,556.61		(77,596.59	)		610.00			—		—			1.875		2.012	MS		9,581.04		—		9/24/2010		9/30/2017
	912828PB0	UNITED STATES TREASURY GOVT BND								1		39,862,433.77		98.884		39,489,326.60		39,935,000.00		39,866,722.99		(377,396.39	)		4,289.00			—		—			0.5		0.562	AO		42,787.48		—		10/28/2010		10/15/2013
	912828PD6	UNITED STATES TREASURY GOVT BND								1		47,279,229.11		99.697		47,256,377.53		47,400,000.00		47,286,640.46		(30,262.93	)		7,411.00			—		—			0.375		0.505	AO		30,276.10		—		11/18/2010		10/31/2012
	912828PE4	UNITED STATES TREASURY GOVT BND								1		48,906,802.82		96.771		47,659,719.47		49,250,000.00		48,914,536.62		(1,254,817.15	)		7,734.00			—		—			1.25		1.395	AO		104,859.21		—		12/7/2010		10/31/2015
	912828PF1	UNITED STATES TREASURY GOVT BND								1		1,438,655.76		95.082		1,369,180.81		1,440,000.00		1,438,668.00		(69,487.19	)		12.00			—		—			1.875		1.887	AO		4,598.90		—		11/3/2010		10/31/2017
	912828PH7	UNITED STATES TREASURY GOVT BND								1		4,388,155.37		99.818		4,391,992.04		4,400,000.00		4,389,915.06		2,076.98			1,760.00			—		—			0.375		0.513	FA		5,575.55		—		9/14/2010		8/31/2012
	912828PJ3	UNITED STATES TREASURY GOVT BND								1		23,833,616.80		97.175		23,837,028.24		24,530,000.00		23,837,620.14		(591.90	)		4,003.00			—		—			1.375		1.981	MN		29,651.65		—		12/29/2010		11/30/2015
	912828PL8	UNITED STATES TREASURY GOVT BND								1		37,738,750.00		99.283		37,727,538.87		38,000,000.00		37,742,688.42		(15,149.55	)		3,938.00			—		—			0.75		0.981	JD		13,310.44		—		12/14/2010		12/15/2013
	912828PU8	UNITED STATES TREASURY GOVT BND								1		7,559,134.84		98.704		7,501,504.16		7,600,000.00		7,560,403.69		(58,899.53	)		1,269.00			—		—			0.5		0.684	MN		4,933.70		—		11/30/2010		11/15/2013
	913017BF5	UNITED TECHNOLOGIES CORP CORP BND								1FE		799,383.20		106.648		821,192.38		770,000.00		781,724.54		39,467.84			(8,083.00	)		—		—			6.1		4.936	MN		6,001.72		46,970.00		9/24/2008		5/15/2012
	914455KX7	UNIVERSITY MICH UNIV REVS MUNITAX BND								??		3,500,000.00		97.152		3,400,320.00		3,500,000.00		3,500,000.00		(99,680.00	)		—			—		—			1.754		1.754	AO		8,867.44		—		10/28/2010		4/1/2015
	91913YAQ3	VALERO ENERGY CORPORATION CORP BND								2FE		1,531,485.00		104.005		1,560,069.00		1,500,000.00		1,527,831.65		32,237.35			(3,653.00	)		—		—			4.5		4.003	FA		28,125.00		32,438.00		5/20/2010		2/1/2015
	92343VAB0	VERIZON COMMUNICATIONS INC CORP BND								1FE		4,434,007.70		100.575		4,339,792.09		4,315,000.00		4,320,661.62		19,130.47			(45,584.00	)		—		—			5.35		4.254	FA		87,210.94		230,853.00		5/30/2008		2/15/2011
	92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND								??		6,784,125.00		110.056		6,878,499.00		6,250,000.00		6,707,450.76		171,048.24			(76,674.00	)		—		—			4.9		3.21	MS		90,173.61		306,250.00		2/17/2010		9/15/2015
	92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND								1FE		6,369,194.90		115.24		6,371,602.63		5,529,000.00		6,209,061.21		162,541.42			(158,826.00	)		—		—			7.375		2.872	MN		52,103.14		407,764.00		4/20/2010		11/15/2013
	92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND								1FE		7,987,672.58		104.568		8,313,145.12		7,950,000.00		7,969,055.55		344,089.57			(16,681.00	)		—		—			5.25		5.019	FA		173,906.26		417,375.00		11/10/2009		2/1/2012
	92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND								1FE		24,052,049.92		109.574		25,339,071.68		23,125,000.00		23,960,853.94		1,378,217.74			(93,573.00	)		—		—			5.55		4.254	FA		534,765.65		867,188.00		11/12/2010		2/1/2014
	92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND								1FE		649,607.57		101.079		657,012.61		650,000.00		649,900.96		7,111.65			252.00			—		—			3.75		3.79	MN		2,776.04		24,375.00		11/10/2009		5/20/2011
	92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8					2		NR*Z*			4,003,555.85		86.325		3,491,530.45		4,044,634.18		4,004,856.90		(513,326.45	)		722.00			—		—			2.721		2.887	MON		9,170.30		165,593.00		1/10/2008		10/25/2035
	92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2		NR*Z*			773,181.32		96.661		765,730.36		792,181.29		773,913.40		(8,183.04	)		181.00			—		—			2.707		3.219	MON		1,786.78		22,397.00		8/10/2007		6/25/2034
	92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3					2			??		2,939,882.81		79.919		2,397,570.00		3,000,000.00		2,959,120.84		(561,550.84	)		6,581.00			—		—			2.77		2.955	MON		6,926.03		118,061.00		3/24/2006		9/25/2035
	92924SAA6	WESTFIELD GROUP CORP BND 144A			R					??		2,960,718.75		106.084		3,209,027.35		3,025,000.00		2,998,710.90		210,316.45			13,834.00			—		—			5.4		5.929	AO		40,837.50		163,350.00		12/24/2008		10/1/2012
	92928WAF2	WMC FINANCE LTD CORP BND			F					1FE		10,811,300.00		108.13		10,813,011.90		10,000,000.00		10,591,539.14		221,472.76			(219,761.00	)		—		—			5.125		2.537	MN		65,486.11		512,500.00		1/27/2010		5/15/2013
	929766CT8	WACHOVIA BANK COMM MTG TR CMBS 03-C3					2			??		2,290,848.69		100.925		2,379,175.26		2,357,380.81		2,334,695.78		44,479.48			9,584.00			—		—			4.037		5.078	MON		7,930.62		95,168.00		8/27/2008		2/15/2035
	92976WBA3	WACHOVIA CORPORATION CORP BND MTN								??		527,500.00		109.675		548,373.03		500,000.00		513,793.19		34,579.84			(4,923.00	)		—		—			5.7		4.556	FA		11,875.00		28,500.00		1/31/2008		8/1/2013
	92976WBJ4	WACHOVIA CORPORATION CORP BND MTN								1FE		9,141,125.82		108.662		9,127,593.47		8,400,000.00		9,093,056.08		34,537.39			(46,784.00	)		—		—			5.5		1.865	MN		77,000.00		22,000.00		11/12/2010		5/1/2013
	931142AS2	WAL-MART STORES INC CORP BND								??		6,759,610.00		114.297		6,629,244.44		5,800,000.00		6,616,990.14		12,254.30			(142,620.00	)		—		—			7.25		1.305	JD		35,041.67		210,250.00		7/22/2010		6/1/2013
	931142BT9	WAL-MART STORES INC CORP BND								1FE		2,291,772.00		107.788		2,263,538.59		2,100,000.00		2,270,404.69		(6,866.10	)		(21,367.00	)		—		—			4.55		1.019	MN		15,925.00		47,775.00		9/10/2010		5/1/2013
	931142CL5	WAL-MART STORES INC CORP BND								1FE		3,178,928.01		106.918		3,207,551.43		3,000,000.00		3,130,894.44		76,656.99			(48,034.00	)		—		—			4.25		2.28	AO		26,916.67		127,500.00		2/19/2010		4/15/2013
	931142CR2	WAL-MART STORES INC CORP BND								1FE		6,072,390.00		101.849		6,110,952.78		6,000,000.00		6,064,099.44		46,853.34			(8,291.00	)		—		—			2.875		2.607	AO		43,125.00		86,250.00		5/20/2010		4/1/2015
	931142CX9	WAL-MART STORES INC CORP BND								1FE		10,617,248.25		95.514		10,196,083.63		10,675,000.00		10,619,328.85		(423,245.22	)		2,081.00			—		—			1.5		1.613	AO		29,356.25		—		10/18/2010		10/25/2015
	931422AD1	WALGREEN CO CORP BND								1FE		6,200,660.25		108.395		6,747,579.54		6,225,000.00		6,211,854.80		535,724.74			4,658.00			—		—			4.875		4.963	FA		126,445.32		303,469.00		7/14/2008		8/1/2013
	93934FEN8	WMALT_05-5 CMO 05-9-2A2					2			??		5,075,466.24		80		4,431,512.14		5,539,390.17		5,097,255.38		(665,743.24	)		17,346.00			—		—			5.5		7.847	MON		25,388.87		304,667.00		12/17/2007		11/25/2035
	949744AA4	WELLS FARGO & COMPANY — GTD CORP BND								??		1,298,479.00		102.441		1,331,733.03		1,300,000.00		1,298,479.00		33,254.03			—			—		—			3		3.658	JD		2,383.33		39,000.00		12/3/2008		12/9/2011
	949744AB2	WELLS FARGO & COMPANY — GTD SENIOR CORP								??		6,941,312.51		100.81		6,855,078.58		6,800,000.00		6,859,101.03		(4,022.45	)		(62,922.00	)		—		—			1.152		0.242	MJSD		5,005.62		81,724.00		9/8/2009		12/9/2011
	949744AC0	WELLS FARGO & COMPANY — GTD CORP BND								1FE		829,784.20		102.307		849,148.09		830,000.00		829,895.22		19,252.87			70.00			—		—			2.125		2.134	JD		783.89		17,638.00		3/25/2009		6/15/2012
	949746NY3	WELLS FARGO & COMPANY CORP BND								1FE		797,552.00		105.662		845,292.36		800,000.00		798,915.56		46,376.80			487.00			—		—			4.375		4.444	JJ		14,680.56		35,000.00		1/25/2008		1/31/2013
	949748AF4	WELLS FARGO BANK CORP BND								1FE		2,103,060.00		100.387		2,007,741.52		2,000,000.00		2,002,938.75		4,802.77			(34,356.00	)		—		—			6.45		4.665	FA		53,750.00		129,000.00		12/5/2007		2/1/2011
	94974BEU0	WELLS FARGO & COMPANY CORP BND								1FE		4,044,937.50		103.252		4,181,701.03		4,050,000.00		4,045,690.86		136,010.17			753.00			—		—			3.625		3.652	AO		30,993.76		79,523.00		3/23/2010		4/15/2015
	94975CAL1	WELLS FARGO FINANCIAL INC CORP BND								1FE		804,015.00		106.642		799,818.53		750,000.00		781,384.44		18,434.09			(19,102.00	)		—		—			5.5		2.781	FA		17,187.50		41,250.00		10/20/2009		8/1/2012
	949781AA6	WFMBS CMO 05-AR1 1A1					2		NR*Z*			2,956,026.71		92		2,786,011.62		3,028,273.50		2,962,635.12		(176,623.50	)		1,742.00			—		—			2.838		3.391	MON		7,163.09		86,718.00		12/5/2006		2/25/2035
	949781AC2	WFMBS CMO 05-AR1 2A1					2			??		840,283.74		90.26		777,388.96		861,277.38		841,089.73		(63,700.77	)		260.00			—		—			2.836		3.343	MON		2,035.37		24,669.00		5/27/2008		2/25/2035
	949797AA2	WFMBS WHOLE CMO 07-15 A1					2			??		365,571.92		92		334,211.24		363,273.09		365,383.78		(31,172.54	)		(21.00	)		—		—			6		5.72	MON		1,816.37		21,796.00		1/17/2008		11/25/2037
	94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2			??		240,973.21		95.5		232,160.82		243,100.33		241,062.55		(8,901.73	)		41.00			—		—			2.736		2.875	MON		554.20		7,126.00		1/14/2008		12/25/2034
	94980VAF5	WELLS FARGO BANK NA CORP BND								1FE		5,406,072.80		92.454		5,487,145.02		5,935,000.00		5,421,122.68		66,022.34			15,050.00			—		—			0.494		2.28	FMAN		3,749.19		8,892.00		10/27/2010		5/16/2016
	94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2					2			??		2,308,484.10		94.634		2,247,743.12		2,375,193.64		2,312,337.50		(64,594.38	)		2,646.00			—		—			2.913		3.544	MON		5,764.88		73,498.00		7/19/2006		4/25/2035
	94982BAG5	WFMBS CMO 05-AR8 3A2					2		NR*Z*			889,467.09		94.374		853,969.84		904,878.29		890,132.52		(36,162.68	)		163.00			—		—			2.876		3.248	MON		2,168.80		27,760.00		12/15/2005		6/25/2035
	949835AB8	WFMBS CMO_05-AR15 1A2					2			??		3,971,535.05		97.53		3,883,450.17		3,981,800.65		3,971,854.25		(88,404.08	)		(63.00	)		—		—			5.067		5.087	MON		16,811.50		202,667.00		1/28/2008		9/25/2035
	95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND								1FE		6,706,837.00		101.857		6,824,419.67		6,700,000.00		6,704,794.00		119,625.67			(2,225.00	)		—		—			1.75		1.71	MN		19,215.97		117,250.00		1/27/2010		11/2/2012
	961214BN2	WESTPAC BANKING CORP BND			F					1FE		5,008,446.75		99.811		4,990,545.25		5,000,000.00		5,008,722.70		(18,177.45	)		276.00			—		—			3		2.959	FA		61,666.67		—		11/12/2010		8/4/2015
	961214BP7	WESTPAC BANKING CORP BND			F					1FE		6,667,924.50		99.299		6,628,232.41		6,675,000.00		6,668,008.01		(39,775.60	)		84.00			—		—			3		3.023	JD		12,237.51		—		12/2/2010		12/9/2015
	961214BR3	WESTPAC BANKING CORP BND			F					1FE		9,195,216.00		99.923		9,192,900.27		9,200,000.00		9,195,314.43		(2,414.16	)		98.00			—		—			1.85		1.868	JD		10,401.11		—		12/2/2010		12/9/2013
	9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND GOVT			F					??		3,130,512.81		105.693		3,276,483.25		3,100,000.00		3,129,509.54		146,973.71			(1,003.00	)		—		—			3.45		3.166	JJ		45,453.75		—		11/12/2010		7/28/2014
	9612EMAA7	WESTPAC BANKING CORP — GTD CORP BND GOVT			F					??		11,864,124.26		102.475		11,784,624.76		11,500,000.00		11,651,496.06		133,128.70			(155,659.00	)		—		—			3.25		1.853	JD		15,572.92		373,750.00		8/13/2009		12/16/2011
	9612EMAH2	WESTPAC BANKING CORP — GTD SENIOR CORP			F			��		??		10,104,800.00		103.709		10,370,899.20		10,000,000.00		10,089,706.46		281,192.74			(15,094.00	)		—		—			2.9		2.643	MS		89,416.67		145,000.00		4/28/2010		9/10/2014
	983024AA8	WYETH CORP BND								1FE		1,104,250.00		109.222		1,092,221.22		1,000,000.00		1,076,592.92		15,628.30			(27,657.00	)		—		—			5.5		1.929	MS		16,194.44		55,000.00		3/3/2010		3/15/2013
	983024AE0	WYETH CORP BND								1FE		7,066,916.13		110.464		7,180,148.37		6,500,000.00		6,948,569.33		231,579.04			(118,347.00	)		—		—			5.5		3.135	FA		148,958.33		178,750.00		2/19/2010		2/1/2014
	BRS17HYX4	PENN NTL GAMING INC. TERM LOAN								??		998,750.00		99.438		994,380.00		1,000,000.00		998,750.00		(4,370.00	)		—			—		—			0		0.076	MON		—		—		12/17/2010		10/3/2012
	BRS2VEN71	TIME WARNER TELECOM HOLDINGS I TERM LOAN								1Z		997,402.60		98.813		985,563.43		997,402.60		997,402.60		(11,839.17	)		—			—		—			0		0	JAJO		—		—		12/14/2010		1/7/2013
	BRS3BP8V0	B&G FOODS INC LN1 TERM LOAN								??		995,000.00		99.025		990,250.00		1,000,000.00		995,000.00		(4,750.00	)		—			—		—			2.31		2.558	FMAN		—		—		12/16/2010		2/26/2013
	BRS3BRB18	NATIONAL CINEMEDIA INC LN1 TERM LOAN								??		1,471,875.00		97.813		1,467,195.00		1,500,000.00		1,471,875.00		(4,680.00	)		—			—		—			2.06		2.536	FMAN		—		—		12/16/2010		2/13/2015
	BRS3NTN59	CEQUEL COMMUNICATIONS LLC TERM LOAN								??		1,974,870.47		99.146		1,977,782.91		1,994,818.66		1,974,870.47		2,912.44			—			—		—			0		0.364	MON		—		—		12/14/2010		11/5/2013
	BRS3T9YQ9	LAS VEGAS SANDS LLC LN1 TERM LOAN								??		972,500.00		97.036		970,360.00		1,000,000.00		972,500.00		(2,140.00	)		—			—		—			0		0.818	MJSD		—		—		12/30/2010		5/23/2014
	BRS42NQM3	POLYPORE INC LN1 TERM LOAN								??		1,985,000.00		99.25		1,985,000.00		2,000,000.00		1,985,000.00		—			—			—		—			2.552		2.775	JAJO		—		—		12/17/2010		7/3/2014
	BRS47V6P5	BIOMET INC LN1 TERM LOAN								??		1,989,858.25		99.613		1,987,125.31		1,994,845.36		1,989,858.25		(2,732.94	)		—			—		—			0		0.059	MON		—		—		12/16/2010		3/25/2015
	BRS47WDF7	COMMUNITY HLTH SYST INC TERM LOAN								??		95,325.64		97.45		95,154.76		97,644.70		95,325.64		(170.88	)		—			—		—			0		0.678	JD		—		—		12/14/2010		7/25/2014
	BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1			??		827,690.77		103.972		651,132.98		400,000.00		827,975.41		(176,842.43	)		64.00			—		(202,126.52	)		6.375		6.387	FA		15,422.72		39,816.00		11/28/2007		8/13/2017
	BRS4QJUM1	TEAM HLTH INC. LN1 TERM LOAN								??		954,445.89		98.75		947,251.57		959,242.10		954,445.89		(7,194.32	)		—			—		—			2.284		2.557	FMAN		—		—		12/17/2010		11/23/2012
	BRS58NX61	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN								??		993,688.95		99.612		993,559.28		997,429.31		993,688.95		(129.67	)		—			—		—			0		0.087	MON		—		—		12/14/2010		4/24/2015
	BRS59XBE5	FIRST DATA CORPORATION TERM LOAN								??		928,750.00		92.375		923,750.00		1,000,000.00		928,750.00		(5,000.00	)		—			—		—			0		1.976	MON		—		—		12/30/2010		9/24/2014
	BRS5B8108	CATALINA MARKETING CORPORATION LN1 TERM								??		1,325,917.28		99.25		1,320,926.38		1,330,908.19		1,325,928.17		(5,001.79	)		11.00			—		—			0		0.099	MON		—		156.00		12/20/2010		10/1/2014
	BRS5BXBC6	AEROFLEX INCORPORATED LN1 TERM LOAN								??		1,995,000.00		99.25		1,985,000.00		2,000,000.00		1,995,000.00		(10,000.00	)		—			—		—			4.286		4.36	FMAN		—		—		12/23/2010		8/15/2014
	BRS5LH024	SERVICEMASTER CO LN1 TERM LOAN								??		2,609,000.37		96.25		2,619,205.06		2,721,252.01		2,609,000.37		10,204.69			—			—		—			0		1.183	MON		—		—		12/15/2010		7/24/2014
	BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D					??		6,545,424.63		104.308		5,389,205.98		3,300,000.00		6,569,596.54		(1,180,390.56	)		9,760.00			—		(1,412,444.73	)		4.875		4.978	MAR		207,019.68		242,921.00		4/22/2008		3/7/2012
	BRS6WT6X0	SERVICEMASTER CO LN1 TERM LOAN								??		259,817.46		96.25		260,833.70		270,996.05		259,817.46		1,016.24			—			—		—			0		1.183	MON		—		—		12/15/2010		7/24/2014
	BRS7X5P83	UNITED KINGDOM GILT GOVT BND			D					??		3,059,545.68		102.11		3,437,173.21		2,150,000.00		3,074,513.74		362,659.47			8,493.00			—		260,745.18			2.25		2.552	MS		24,269.74		74,793.00		3/20/2009		3/7/2014
	BRS8WUHY9	SILVMA ABS_09-1 A3			D		1			??		833,161.50		103.208		824,094.55		510,000.00		833,161.50		(9,066.95	)		1,027.00			—		(34,680.00	)		5.063		5.061	AO		7,974.67		38,770.00		10/27/2009		10/21/2014
	BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F					??		6,993,840.00		100.252		7,017,632.30		7,000,000.00		6,996,475.28		21,157.02			2,635.00			—		—			0.875		0.93	NOV		6,465.28		61,080.00		5/3/2010		11/23/2011
	BRS95J848	WEST BROMWICH BUILDING SOCIETY LOCAL BND			D					??		2,743,325.17		100.925		2,844,235.82		1,800,000.00		2,733,914.88		110,320.94			(9,410.00	)		—		108,851.83			2		1.29	APR		41,847.90		—		6/29/2010		4/5/2012
	BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			D					??		3,403,270.07		102.307		3,603,980.07		2,250,000.00		3,400,095.96		203,884.11			(3,174.00	)		—		138,666.41			2.625		2.447	DEC		5,573.60		92,891.00		4/27/2010		12/10/2013
	BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND			D					??		4,153,705.78		101.31		4,282,647.68		2,700,000.00		4,147,205.59		135,442.09			(6,500.00	)		—		159,830.61			3		2.571	DEC		8,686.15		87,666.00		7/12/2010		12/7/2015
	BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING								??		1,475,648.61		98.107		1,467,898.18		1,496,221.66		1,475,648.61		(7,750.43	)		—			—		—			3.56		3.83	MJSD		—		—		12/17/2010		9/6/2016
	BRS9SHAY8	HCA INC LN1 TERM LOAN								??		1,995,000.00		99.854		1,997,080.00		2,000,000.00		1,995,000.00		2,080.00			—			—		—			3.553		3.614	FMAN		—		—		12/16/2010		3/31/2017
	BRS9WB7G9	ARKEL_10-1 ABS_10-1 5A			D		2			??		918,390.00		100.438		943,503.12		600,000.00		918,390.00		25,113.12			—			—		21,000.00			4.681		4.369	FA		16,504.88		11,869.00		4/30/2010		1/19/2016
	BRSA440T2	NUANCE COMMUNICATIONS INC LN1 TERM LOAN								??		983,701.54		98.594		983,392.34		997,416.01		983,701.54		(309.20	)		—			—		—			2.053		2.681	MJSD		—		—		12/15/2010		3/29/2013
	BRSABN708	DEAN FOODS COMPANY TERM LOAN								1Z		1,960,075.19		97.35		1,942,120.30		1,994,987.47		1,960,075.19		(17,954.89	)		—			—		—			0		0.336	MJSD		—		—		12/17/2010		4/2/2016
	BRSALFYS3	CAISSE D’AMORT DETTE SOCIALE CORP BND			D					??		2,159,930.71		97.988		2,147,810.96		1,400,000.00		2,160,187.52		(12,376.56	)		257.00			—		25,406.59			2.25		2.297	DEC		14,457.60		—		9/9/2010		12/7/2015

Validus Holdings, Ltd December 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1		2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
			3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
				FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	BRSAQNGR3	ADVANCE PIERRE FOODS TERM LOAN							??		1,995,000.00		99.917		1,998,340.00		2,000,000.00		1,995,021.33		3,318.67			21.00			—		—			0		0.043	MJSD		—		8.00		12/14/2010		9/29/2016
	BRSAZLZQ8	GREEN MOUNTAIN COFFEE ROASTERS TERM							??		2,000,000.00		99.917		1,998,340.00		2,000,000.00		2,000,000.00		(1,660.00	)		—			—		—			6		5.5	FMAN		—		—		12/15/2010		11/9/2016
	BRSB9FFC1	BIG WEST OIL LLC TERM LOAN							1Z		1,194,000.00		99.5		1,194,000.00		1,200,000.00		1,194,012.47		(12.47	)		12.00			—		—			0		0.094	MJSD		—		—		12/17/2010		3/31/2016
	BRSBBCPS9	ADVANTAGE SALES & MARKETING HO TERM LOAN							1Z		761,175.00		99.5		761,175.00		765,000.00		761,189.96		(14.96	)		15.00			—		—			0		0.071	MJSD		—		—		12/17/2010		12/15/2017
	BRSBBCR99	SHELL: CCC INFORMATION SYSTEMS TERM LOAN							1Z		267,300.00		99		267,300.00		270,000.00		267,300.00		—			—			—		—			0		0.209	MON		—		—		12/14/2010		11/11/2015
	BRSBBCS15	CENVEO CORP TERM LOAN							1Z		495,000.00		99		495,000.00		500,000.00		495,009.11		(9.11	)		9.00			—		—			0		0.166	MJSD		—		—		12/14/2010		12/21/2016
	BRSBBCSA5	DARLING INTL INC. TERM LOAN							1Z		358,200.00		99.5		358,200.00		360,000.00		358,200.00		—			—			—		—			0		0.085	MJSD		—		—		12/15/2010		12/17/2016
	BRSBBCT22	INTELSAT JACKSON HLDGS SA TERM LOAN							1Z		2,132,142.85		99.5		2,132,142.85		2,142,857.14		2,132,142.85		—			—			—		—			0		0.1	MJSD		—		—		12/17/2010		12/23/2015
	BRSBBCU12	NOVELIS TERM LOAN							1Z		603,900.00		99		603,900.00		610,000.00		603,924.99		(24.99	)		25.00			—		—			0		0.166	MJSD		—		—		12/13/2010		12/17/2016
	BRSBBCU87	REMY INTERNATIONAL INC TERM LOAN							1Z		242,550.00		99		242,550.00		245,000.00		242,550.00		—			—			—		—			0		0.171	MJSD		—		—		12/17/2010		12/28/2016
	BRSBBCUC8	SWIFT TRANSP CO TERM LOAN							1Z		2,772,000.00		99		2,772,000.00		2,800,000.00		2,772,000.00		—			—			—		—			0		0.169	MJSD		—		—		12/16/2010		12/21/2016
	BRSBBCUF1	SYNIVERSE HLDGS TERM LOAN							1Z		514,800.00		99		514,800.00		520,000.00		514,800.00		—			—			—		—			0		0.143	MJSD		—		—		12/21/2010		1/17/2018
	BRSBBCVB9	TRANSTAR HOLDING COMPANY TERM LOAN							1Z		792,000.00		99		792,000.00		800,000.00		792,000.00		—			—			—		—			0		0.169	MJSD		—		—		12/16/2010		12/21/2016
	D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		7,573,467.30		103.496		7,762,200.15		7,500,000.00		7,549,316.58		212,883.57			(19,573.00	)		—		—			2.5		2.204	MAY		110,937.50		187,500.00		9/30/2009		5/28/2013
	D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				??		3,688,345.49		103.49		3,564,634.75		2,200,000.00		3,677,014.84		(112,380.09	)		(10,134.00	)		—		(204,913.10	)		3		2.668	SEP		32,273.84		106,609.00		11/11/2009		9/9/2013
	D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		16,986,810.74		106.695		17,391,285.00		16,300,000.00		16,874,091.13		517,193.87			(112,720.00	)		—		—			4.375		2.562	JAN		685,392.36		—		7/31/2010		1/15/2013
	D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		4,099,836.00		101.18		4,148,370.86		4,100,000.00		4,100,044.46		48,326.40			(97.00	)		—		—			3.125		3.099	JUN		69,756.94		128,125.00		7/9/2008		6/15/2011
	F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				??		37,228,729.56		102.709		35,948,252.55		35,000,000.00		35,797,336.14		150,916.41			(1,029,247.00	)		—		—			5.5		1.305	JUL		855,555.55		1,375,000.00		8/31/2009		7/21/2011
	F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				??		27,408,177.25		105.562		27,973,928.94		26,500,000.00		27,329,491.83		644,437.11			(78,685.00	)		—		—			5.125		2.803	MAY		796,012.16		—		11/12/2010		5/31/2012
	F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				??		3,727,555.12		100.22		2,981,276.60		1,900,000.00		3,732,989.79		(751,713.19	)		1,936.00			—		(758,356.53	)		4.75		4.748	JAN		132,008.95		146,273.00		1/16/2008		1/25/2011
	G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				??		911,019.43		106.833		919,947.24		550,000.00		911,360.20		8,587.04			300.00			—		(52,265.08	)		5.375		5.351	NOV		6,467.15		45,405.00		11/6/2009		11/11/2016
	G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				??		5,059,594.40		103.639		5,181,949.60		5,000,000.00		5,054,785.05		127,164.55			(4,809.00	)		—		—			5.5		4.632	JUN		149,722.22		—		11/12/2010		6/15/2012
	G4637EBQ7	HSBC BANK PLC LOCAL BND MTN			D		1		??		2,622,226.84		102.577		2,168,101.40		1,350,000.00		2,628,619.31		(460,517.91	)		(22,592.00	)		—		(527,213.20	)		5.75		5.776	JUN		62,598.12		116,267.00		1/14/2008		6/27/2017
	G47188AX8	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				??		2,216,050.77		102.483		2,085,874.47		1,300,000.00		2,169,195.35		(83,320.88	)		(31,591.00	)		—		(106,954.89	)		4		2.441	NOV		10,037.32		82,787.00		6/30/2009		11/17/2011
	G4718BAV5	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				??		1,867,254.05		101.742		1,911,513.80		1,200,000.00		1,850,849.93		60,663.87			(16,404.00	)		—		52,580.96			2.75		1.634	MAR		41,191.61		50,137.00		2/26/2010		3/16/2012
	G63983GA5	NATIONWIDE BUILDING SOCIETY -G LOCAL BND			D				??		2,421,014.08		102.28		2,482,096.43		1,550,000.00		2,392,498.40		89,598.03			(28,516.00	)		—		86,614.15			3.75		1.284	NOV		10,222.31		92,721.00		6/28/2010		11/21/2011
	G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				??		7,227,959.79		105.577		7,390,390.21		7,000,000.00		7,170,406.68		219,983.53			(57,553.00	)		—		—			3.5		2.451	JUN		132,027.77		245,000.00		2/19/2010		6/17/2013
	G7014VBF9	PERMM 2010-1 ABS_10-1 3A			D		2		??		2,003,000.00		101.233		1,981,201.30		1,250,000.00		2,003,000.00		(21,798.70	)		—			—		(45,937.50	)		4.805		4.673	JJ		43,440.93		41,067.00		1/29/2010		1/17/2017
	G768FHAB7	ROYAL BANK OF SCOTLAND PLC — G LOCAL BND			D				??		2,217,335.31		102.553		2,087,315.22		1,300,000.00		2,169,528.54		(82,213.32	)		(32,247.00	)		—		(106,971.32	)		4.125		2.53	NOV		10,810.61		86,612.00		6/30/2009		11/14/2011
	G92435BV0	UNITED KINGDOM GILT IBND GOVT 8 MO			D				??		3,421,244.93		314.974		3,439,325.98		700,000.00		3,465,981.74		(26,655.76	)		44,737.00			—		(38,529.15	)		2.5		-0.106	JJ		32,318.02		—		8/5/2010		7/26/2016
	G92435JR1	UNITED KINGDOM GILT GOVT BND			D				??		10,644,597.47		118.32		10,744,367.06		5,800,000.00		10,278,190.57		466,176.49			(366,407.00	)		—		251,532.36			8		1.976	MS		192,652.79		358,057.00		4/1/2010		9/27/2013
	G92435NC9	UNITED KINGDOM GILT GOVT BND			D				??		27,544,281.43		107.32		27,388,165.96		16,300,000.00		27,131,385.33		256,780.63			(368,117.00	)		—		(383.35	)		4.5		1.541	MS		367,996.96		679,897.00		7/29/2010		3/7/2013
	G92450H50	UNITED KINGDOM GILT GOVT BND			D				??		20,680,399.42		106.34		16,649,122.10		10,000,000.00		20,129,087.94		(3,479,965.84	)		(202,887.00	)		—		(4,231,639.12	)		5.25		4.131	JD		56,453.72		790,046.00		3/3/2008		6/7/2012
	G92450HJ0	UNITED KINGDOM GILT GOVT BND			D				1FE		2,192,332.80		105.02		2,055,307.04		1,250,000.00		2,106,964.47		(51,657.43	)		(56,337.00	)		—		(84,668.66	)		5		2.122	MS		31,356.24		96,733.00		6/23/2009		3/7/2012
	G92450NU8	UNITED KINGDOM GILT GOVT BND			D				??		8,722,795.50		111.33		8,715,190.73		5,000,000.00		8,577,941.99		137,248.74			(144,854.00	)		—		(132,959.99	)		5		2.734	MS		125,425.00		386,963.00		2/1/2010		9/7/2014
	G92450UG1	UNITED KINGDOM GILT GOVT BND			D				??		4,225,449.02		110.62		4,243,208.97		2,450,000.00		4,225,351.64		17,857.33			(97.00	)		—		—			4.75		3.449	MS		58,385.34		—		12/31/2010		3/7/2020
	L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				??		1,980,724.79		104.294		1,551,232.09		950,000.00		1,933,038.96		(381,806.87	)		(17,844.00	)		—		(432,228.34	)		5.5		4.437	DEC		5,603.10		81,957.00		3/10/2008		12/7/2011
	L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				??		687,852.90		101.906		713,343.56		700,000.00		697,688.76		15,654.80			2,937.00			—		—			5		5.388	OCT		8,458.33		35,000.00		6/30/2007		10/4/2011
	N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				??		15,921,299.70		109.891		16,483,649.85		15,000,000.00		15,675,461.08		808,188.77			(185,185.00	)		—		—			5		3.526	MAY		468,750.00		750,000.00		8/31/2009		5/16/2014
	N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				??		5,237,966.40		105.729		5,286,449.80		5,000,000.00		5,214,396.99		72,052.81			(23,569.00	)		—		—			6		2.405	MAR		229,166.67		—		11/12/2010		3/26/2012
	N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				??		5,478,026.68		106.187		5,627,910.79		5,300,000.00		5,418,632.33		209,278.46			(44,579.00	)		—		—			3.75		2.802	JUL		91,645.83		198,750.00		8/31/2009		7/15/2013
	N7277KAG6	RABOBANK NEDERLAND NV CORP BND MTN			D				??		813,092.49		103.707		811,842.52		500,000.00		813,839.88		(1,997.36	)		572.00			—		(33,899.62	)		4		4.047	SEP		9,694.16		30,767.00		9/3/2009		9/10/2015
	Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND			D				??		679,712.30		101.093		712,245.20		450,000.00		680,124.00		32,121.20			412.00			—		20,241.78			3.875		3.97	DEC		1,346.35		18,483.00		4/7/2010		12/14/2015
	U36964ED9	GE CAPITAL CORP CORP BND EMTN							??		7,193,371.11		104.462		7,312,340.42		7,000,000.00		7,111,467.00		200,873.42			(81,904.00	)		—		—			5.25		3.758	FEB		316,458.33		735,000.00		2/19/2010		2/21/2012
	U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				??		742,348.77		109.916		903,469.14		525,000.00		743,688.19		159,780.95			747.00			—		74,178.15			5.5		5.634	MAR		37,528.96		43,467.00		2/25/2009		3/4/2015
	W5818PAC4	NORDEA BANK AB CORP BND MTN			D				??		1,375,264.68		100.368		1,414,263.81		900,000.00		1,375,922.72		38,341.09			658.00			—		26,012.33			3.875		3.951	DEC		2,543.12		36,048.00		4/13/2010		12/15/2015
	00254EBP6	SWEDISH EXPORT CREDIT CORP BND GMTN			F				??		15,936,844.00		103.281		16,008,544.33		15,500,000.00		15,868,280.00		140,264.33			(68,564.00	)		—		—			4.875		1.636	MS		193,104.00		—		11/12/2010		9/29/2011
	24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND							??		4,161,095.00		104.028		4,161,112.26		4,000,000.00		4,137,273.00		23,839.26			(23,822.00	)		—		—			5.4		1.039	AO		44,400.00		—		11/12/2010		10/17/2011
	273325AC4	EAST LANE RE II LTD CORP BND 144A							??		4,875,000.00		101.993		5,099,649.71		5,000,000.00		4,962,102.00		137,547.71			87,102.00			—		—			14.79		18.178	JAJO		188,983.00		379,029.00		5/7/2010		4/7/2011
	298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F				??		32,800,355.00		101.964		32,628,584.70		32,000,000.00		32,615,699.00		12,885.70			(186,656.00	)		—		—			5.25		0.998	JD		74,667.00		840,000.00		11/12/2010		6/15/2011
	N8155ZAC7	SOVRISC CORP BND			F				??		6,258,573.00		101.425		6,305,878.39		6,217,266.00		6,246,352.00		59,526.39			(12,221.00	)		—		—			5.25		3.794	AO		55,308.00		—		11/12/2010		4/30/2011
	N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F				??		12,635,320.00		100.010		12,301,230.14		12,300,000.00		12,304,192.00		(2,961.86	)		(331,129.00	)		—		—			5.125		1.954	JAN		623,371.00		—		2/19/2010		1/5/2011
	52517PA35	LEHMAN BROS HOLDINGS INC CORP BND							??		1,575,000.00		23.500		2,115,000.00		9,000,000.00		1,575,000.00		540,000.00			—			—		—			4.5					—		—		11/12/2010		7/26/2010
TOTAL															4,823,867,225.84		4,634,906,091.52		4,772,036,876.92		51,830,348.92

Validus Holdings, Ltd December 31, 2010 GAAP short-term investments portfolio in Schedule D format

											CHANGE IN BOOK/ADJUSTED CARRYING VALUE												INTEREST
1	2	3		4		5	6		7		8		9		10		11		12		13		14		15	16		17		18	19		20
																															GROSS		PAID
																	TOTAL								NON-ADMITTED			EFFECTIVE			REC'D		FOR
		FOREIGN		DATE					GAAP				CURRENT YEAR				FX CHG		PAR		ACTUAL		ACCRUED		ACCRUED	INTEREST		RATE OF		HOW	DURING		ACCRUED
DESCRIPTION	*	CODE		ACQUIRED		NAME OF VENDOR	MATURITY DATE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		IN B/A. C.V.		VALUE		COST		INTEREST		INTEREST	RATE		INTEREST		PAID	YEAR		INT
FHLMC DN			313396EN9		12/17/2010	GOLDMAN SACHS & CO.		4/19/2011		5,796,868.00		—		348.00		—		—		5,800,000.00		5,796,520.00		—			0.18		0.183	MAT		—		—
FNMA DN			313588EV3		12/6/2010	NOMURA SECURITIES INTL. INC.		4/26/2011		4,596,987.00		—		654.00		—		—		4,600,000.00		4,596,333.00		—			0.205		0.208	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952H3		12/13/2010	UBS WARBURG LLC		3/24/2011		4,998,331.00		—		366.00		—		—		5,000,000.00		4,997,965.00		—			0.149		0.149	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952V2		12/15/2010	BA SECURITIES		6/16/2011		5,195,384.00		—		444.00		—		—		5,200,000.00		5,194,939.00		—			0.21		0.195	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V40		11/10/2010	GOLDMAN SACHS & CO.		2/10/2011		19,997,233.00		—		3,458.00		—		—		20,000,000.00		19,993,775.00		—			0.2		0.126	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/10/2010	BARCLAYS CAPITAL		3/10/2011		9,897,747.00		—		629.00		—		—		9,900,000.00		9,897,117.00		—			0.12		0.122	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/10/2010	BARCLAYS CAPITAL		3/10/2011		16,796,176.00		—		1,068.00		—		—		16,800,000.00		16,795,108.00		—			0.121		0.122	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/9/2010	J.P. MORGAN SECURITIES INC		3/10/2011		1,999,473.00		—		170.00		—		—		2,000,000.00		1,999,303.00		—			0.14		0.141	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/23/2010			2/17/2011		1,599,760.00		—				—		—		1,599,999.53		1,599,720.89		—			0.115					—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/21/2010			2/17/2011		1,799,731.00		—				—		—		1,800,000.47		1,799,687.01		—			0.114					—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/21/2010			2/17/2011		4,799,282.00		—				—		—		4,800,000.00		4,799,129.80		—			0.115					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		11/30/2010			2/10/2011		599,904.00		—				—		—		600,000.00		599,829.01		—			0.144					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		11/30/2010			2/10/2011		1,499,759.00		—				—		—		1,500,000.00		1,499,572.52		—			0.183					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		12/16/2010			2/10/2011		4,199,442.00		—				—		—		4,200,000.00		4,199,233.21		—			0.16					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		2,899,343.00		—				—		—		2,900,000.00		2,899,168.67		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		10,997,507.00		—				—		—		11,000,000.00		10,996,846.67		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		14,996,600.00		—				—		—		15,000,000.00		14,995,700.00		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795X$9		11/30/2010			1/20/2011		1,799,863.00		—				—		—		1,799,998.17		1,799,636.17		—			0.361					—		—
UNITED STATES TREASURY TBILL CASH			912795X$9		11/29/2010			1/20/2011		13,898,958.00		—				—		—		13,900,001.83		13,897,206.36		—			0.362					—		—
WELLS FARGO & COMPANY CORP BND			949746NA5		11/12/2010			10/28/2015		3,788,434.00		70,285.64				—		—		4,000,000.00		3,782,660.47		3,527.62			0.488					—		—
CITI-INSTITUTION LIQ FUND USD CASH			B0A0ATCJ9		12/30/2010					2,818,621.00		—				—		—		2,818,621.36		2,818,621.36		—								—		—
CITIFUNDS INST CASH RESERVE STIF FUND			BRS668GM8		12/27/2010					4,766,935.00		—				—		—		4,766,935.02		4,766,935.02		—								—		—
GOLDMAN SACHS US LIQ RESERVE			BRS7BJXM7		12/20/2010					973,096.00		—				—		—		973,096.20		973,096.20		—								—		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20			12/28/2010					12,823,101.40		—				—		—		12,823,101.40		12,823,101.40		—								—		—
BONY CASH RESERVE CASH RESERVE FUND			S875996$0		12/31/2010					69,118,919.00		—				—		—		69,118,919.10		69,118,919.10		—								—		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND			S99992125		12/31/2010					35,174,867.08		—				—		—		35,174,866.80		35,174,866.80		—								—		—
BLACKROCK INTL $ RESERVE			S99993578		12/31/2010					7,344,315.00		—				—		—		7,344,315.37		7,344,315.37		—								—		—
GOLDMAN SACHS PLUS DOLLIQ			S999936$0		12/31/2010					8,267,300.00		—				—		—		8,267,300.03		8,267,300.03		—								—		—
										273,443,936.48		70,285.64		7,137.00		—		—		273,687,155.28		273,426,606.06		3,527.62

Validus Holdings, Ltd December 31, 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		11,767,785.75		12,891,972.10		11,767,785.75		1,124,186.35		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		8,561,183.88		6,606,428.23		1,954,755.65		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		24,671.13		17,203.14		7,467.99		—		—		—		—		—		—
						18,391,434.42		21,477,844.47		18,391,434.42		3,086,410.05