Validus 8-K Results of Operations and Financial Condition

Exhibit 99.1

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

Codes FAIR VALUE CHANGE IN BOOK/ADJUSTED CARRYING VALUE INTEREST DATES

1	2	3	4	5	6	7	8	9	10	11	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
BRSCE52V7	ALERE INC					3,514,588.75	99.328	3,508,513.28	3,532,250.00	3,516,575.25	(8,061.97	)	786.41		—	—	0	0.085	JD	—	42,425.00		6/30/2011	6/30/2017
BRS9PGQM2	ARAMARK CORP LOAN TERM			2		216,407.28	99.556	215,014.96	215,973.89	216,367.74	(1,352.78	)	(22.75	)	—	—	0	0.652	JAJO	—	33,169.00		11/1/2011	7/26/2016
BRS9PGR33	ARAMARK CORP LOAN TERM			2		3,184,500.77	99.556	3,269,445.03	3,284,026.11	3,190,735.12	78,709.91		5,204.65		—	—	0	0.652	JAJO	—	33,169.00		11/1/2011	7/26/2016
BRSEARBD9	AVIS BUDGET CAR RENTAL LLC TERM NOTES					2,400,750.00	99.525	2,413,481.25	2,425,000.00	2,400,750.00	12,731.25		—		—	—	0	0.143	MJSD	—	—		3/13/2012	3/1/2019
BRS8ABJG2	CABLEVISION SYSTEMS CORPORATIO TERM LOAN			2		7,894,995.38	99.25	7,851,514.61	7,910,845.96	7,895,981.38	(44,466.77	)	912.68		—	—	0	0.046	FMAN	—	58,135.00		12/2/2011	3/29/2016
BRSDYT4C1	CEQUEL COMMUNICATIONS LLC TERM LOAN			1		6,534,000.00	99.125	6,542,250.00	6,600,000.00	6,534,852.23	7,397.77		852.23		—	—	0	0.142	MJSD	—	11,000.00		2/10/2012	2/14/2019
BRSAZTC86	COMMUNITY HLTH SYST INC TERM LOAN			2		5,730,573.15	98.513	5,712,937.61	5,799,171.29	5,739,488.43	(26,550.82	)	2,255.88		—	—	0	0.211	FMAN	—	67,875.00		6/20/2011	1/25/2017
BRSDTEYU7	CROWN CASTLE OPERATING CO TERM LOAN			2		2,073,802.50	99.569	2,085,721.63	2,094,750.00	2,074,251.95	11,469.68		501.95		—	—	0	0.142	JAJO	—	5,353.00		1/25/2012	1/31/2019
BRSC106K2	DELPHI CORP LN1 TERM LOAN			2		811,650.00	99.821	812,227.72	813,684.21	811,946.68	281.04		86.54		—	—	0	0.042	FMAN	—	7,357.00		5/13/2011	3/31/2017
BRSDALFV0	ENTERCOM RADIO LLC TERM LOAN					1,139,870.68	100.5	1,168,949.01	1,163,133.34	1,140,975.20	27,973.81		1,453.57		—	—	0	0.286	FMAN	—	18,509.00		11/17/2011	11/17/2018
BRSDVRW37	GENESYS TELECOMMUNICATIONS LAB TERM LOAN					1,264,200.00	100.625	1,298,062.50	1,290,000.00	1,264,534.14	33,528.36		334.14		—	—	0	0.288	JAJO	—	—		1/25/2012	1/25/2019
BRSC106T3	HCA INC Term loan			2		3,927,500.00	97.85	3,914,000.00	4,000,000.00	3,930,472.24	(16,472.24	)	2,191.87		—	—	0	0.283	FMAN	—	27,516.00		1/10/2012	5/1/2018
BRSBH14P6	HOUGHTON INTERNATIONAL INC LN1 TERM LOAN					1,835,046.29	100	1,823,667.31	1,823,667.31	1,832,410.71	(8,743.40	)	(676.99	)	—	—	0	-0.123	JAJO	—	—		9/19/2011	1/29/2016
BRSBQFU50	IMS HEALTH INCORPORATED			2		4,849,404.67	100.107	4,854,593.53	4,849,404.67	4,849,404.67	5,188.86		—		—	—	0	0	FA	—	29,244.00		3/10/2011	8/26/2017
BRSBVKNS1	JARDEN CORP TERM LOAN					983,010.01	99.988	982,892.05	983,010.01	983,010.01	(117.96	)	—		—	—	0	0	MS	—	5,391.00		3/30/2011	3/31/2018
BRSECQ3T3	LAWSON SOFTWARE INC. SENIOR SECURED TERM					2,133,450.00	99	2,133,450.00	2,155,000.00	2,133,450.00	—		—		—	—	0	0.168	MJSD	—	—		3/30/2012	3/30/2018
BRSBPKAQ6	LESLIES POOLMART INC. TERM LOAN					4,398,586.62	99.5	4,446,243.69	4,468,586.62	4,406,372.75	39,870.94		3,161.89		—	—	0	0.244	FMAN	—	45,639.00		2/14/2012	11/30/2017
BRSBLUUU7	MICHAEL FOODS INC. TERM LOAN			2		2,183,710.78	99.797	2,160,374.57	2,164,769.05	2,180,850.41	(20,475.84	)	(783.89	)	—	—	0	-0.123	FMAN	—	28,215.00		3/2/2011	2/25/2018
BRSBL01Z4	PHILLIPS-VAN HEUSEN CORP TERM LOAN			2		2,982,328.12	100.041	2,971,217.70	2,970,000.00	2,980,342.00	(9,124.30	)	(665.91	)	—	—	0	-0.084	FMAN	—	26,878.00		6/21/2011	5/6/2016
BRSDU55R3	PRESTIGE BRANDS HOLDINGS INC TERM LOAN			1		663,382.58	100.542	677,135.14	673,484.85	663,587.22	13,547.92		602.37		—	—	0	0.214	MJSD	—	1,964.00		1/27/2012	1/31/2019
BRSE61FE5	REXNORD CORP TERM LOAN			2		1,338,275.00	99.896	1,343,601.20	1,345,000.00	1,338,281.12	5,320.08		6.12		—	—	0	0.082	JAJO	—	—		3/13/2012	4/1/2018
BRS9M4ZE0	SOLUTIA INC LN1 TERM LOAN					2,873,203.12	100.13	2,859,069.10	2,855,357.14	2,870,140.61	(11,071.51	)	(744.86	)	—	—	0	-0.103	MJSD	—	24,984.00		3/1/2011	3/17/2017
BRSE9K3Z6	WCA WASTE SECURED TERM LOAN					311,850.00	99.92	314,748.00	315,000.00	311,854.33	2,893.67		4.33		—	—	0	0.167	MJSD	—	—		3/9/2012	3/9/2018
466247E74	JPMMT CMO_06-A1 2A2			2		297,394.63	78.869	234,369.95	297,162.46	297,296.65	(62,926.70	)	(17.47	)	—	—	2.782	2.744	MON	688.99	2,068.00		2/6/2008	2/25/2036
00084DAB6	ABN AMRO BANK NV CORP BND 144A		F			2,273,000.00	100.256	2,278,818.97	2,273,000.00	2,273,000.00	5,818.97		—		—	—	2.323	2.074	JAJO	9,094.03	12,629.00		1/27/2011	1/30/2014
BRS1D0A10	SUNGARD DATA SYSTEMS INC. TERM LOAN			2		1,431,483.70	99.563	1,458,126.92	1,464,526.90	1,438,315.04	19,811.88		15,237.36		—	—	0	0.932	MON	—	16,159.00		9/30/2011	2/28/2014
00206RAF9	AT&T INC CORP BND					349,706.00	103.422	361,977.00	350,000.00	349,954.44	12,022.56		(15,442.49	)	—	—	4.95	4.967	JJ	3,657.50	8,663.00		12/3/2007	1/15/2013
00206RAQ5	AT&T INC CORP BND					1,611,715.50	107.536	1,613,047.04	1,500,000.00	1,551,660.46	61,386.58		(6,650.62	)	—	—	4.85	2.946	FA	9,295.83	36,375.00		12/16/2009	2/15/2014
00206RAT9	AT&T INC CORP BND		O			2,116,010.52	0	2,317,340.25	1,250,000.00	2,087,756.69	229,583.56		(7,286.69	)	—	79,138.06	5.875	3.937	APR	108,678.93	—		11/9/2011	4/28/2017
00206RAV4	AT&T CO CORP BND					5,989,142.50	104.196	5,991,269.94	5,750,000.00	5,977,001.12	14,268.82		(11,730.42	)	—	—	2.5	1.3	FA	18,368.06	71,875.00		1/19/2012	8/15/2015
00206RAW2	AT&T INC CORP BND					6,694,297.50	105.421	6,984,163.83	6,625,000.00	6,683,261.98	300,901.85		(3,330.11	)	—	—	2.95	2.723	MN	73,831.95	—		2/22/2012	5/15/2016
00206RBB7	AT&T INC SENIOR CORP BND					19,560,542.75	99.547	19,486,279.84	19,575,000.00	19,561,157.75	(74,877.91	)	615.00		—	—	0.875	0.9	FA	22,837.50	—		2/23/2012	2/13/2015
00206RBC5	AT&T INC SENIOR CORP BND					6,991,600.00	99.553	6,968,680.74	7,000,000.00	6,991,812.11	(23,131.37	)	212.11		—	—	1.6	1.625	FA	14,933.33	—		2/8/2012	2/15/2017
002824AX8	ABBOTT LABORATORIES CORP BND					2,822,118.50	105.89	2,991,382.13	2,825,000.00	2,823,137.77	168,244.36		141.07		—	—	2.7	2.722	MN	26,272.50	—		5/24/2010	5/27/2015
00432CAY7	AGSL_03-1 ABS_03-1 A2			2		2,279,563.16	99.446	2,285,504.09	2,298,236.32	2,285,457.08	47.01		3,432.02		—	—	0.734	1.248	MJSD	281.02	4,790.00		3/31/2011	12/26/2013
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1			2		360,500.00	81.565	326,260.00	400,000.00	365,745.49	(39,485.49	)	1,589.74		—	—	1.748	2.66	MON	114.62	1,455.00		3/29/2010	9/25/2023
00432CBB6	AGSL_03-1 ABS_03-1-2003-1					311,937.50	81.573	285,505.15	350,000.00	312,382.04	(26,876.89	)	11.80		—	—	1.725	13.023	APR	181.45	1,323.00		3/29/2010	12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1			2		435,625.00	81.608	408,042.00	500,000.00	454,933.34	(46,891.34	)	7,338.10		—	—	1.73	4.113	MON	609.00	2,540.00		3/29/2010	6/25/2018
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND		F			1,337,331.00	104.797	1,402,183.86	1,338,000.00	1,337,640.53	64,543.33		33.15		—	—	3.2	3.211	MN	17,602.13	—		10/26/2009	11/3/2014
BRS29NQV0	HELIX ENERGY SOLUTIONS TERM LOAN					1,408,237.95	99.69	1,406,947.78	1,411,322.88	1,409,794.24	(2,846.46	)	321.28		—	—	0	0.086	JAJO	—	12,217.00		2/22/2011	7/1/2013
BRS2ZVNV6	HCA INC TERM LOAN			2		1,995,000.00	99.5	1,990,000.00	2,000,000.00	1,996,713.03	(6,713.03	)	501.39		—	—	0	0.099	MON	—	8,217.00		5/16/2011	11/18/2013
BRS3D32G6	GRAY TELEVISION INC. TERM LOAN			2		3,561,269.42	98.929	3,589,302.62	3,628,160.22	3,574,521.95	14,780.67		5,261.69		—	—	0	0.528	MJSD	—	39,294.00		8/22/2011	12/31/2014
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND		F			5,979,360.00	100.914	6,054,860.58	6,000,000.00	5,993,969.16	60,891.42		1,723.80		—	—	1.625	1.743	FA	13,541.67	48,780.00		2/2/2010	2/11/2013
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND					13,664,172.75	103.023	13,289,967.00	12,900,000.00	13,093,005.33	196,961.67		(67,608.89	)	—	—	4.85	2.69	JD	184,219.18	—		2/10/2010	12/15/2012
BRS448NT2	COMMUNITY HLTH SYST INC TERM LOAN			2		1,492,469.71	98.645	1,508,063.26	1,528,778.20	1,505,026.25	3,037.01		8,650.77		—	—	0	0.668	JD	—	12,191.00		12/14/2010	7/25/2014
02005AAA6	AMOT_10-3 ABS_10-1 A			2		15,919,609.38	100.96	15,749,760.00	15,600,000.00	15,715,860.84	33,899.16		(53,409.82	)	—	—	1.992	0.633	MON	14,672.55	79,694.00		5/11/2011	10/15/2012
02005ACC0	AMOT_10-3 ABS 12-1			2		2,499,806.75	100.295	2,507,384.00	2,500,000.00	2,499,809.08	7,574.92		2.33		—	—	1.44	1.447	MON	1,600.00	2,300.00		2/15/2012	2/15/2017
02005HAB9	ALLY AUTO RECEIVABLES TRUST AA ABS_10-1			2		576,746.39	100.42	575,035.65	572,630.60	574,573.94	461.71		(1,445.17	)	—	—	1.45	0.704	MON	369.03	2,076.00		5/10/2011	2/15/2013
02005MAE2	ALLYA _10-3 ABS _10-3 A4			2		799,714.32	101.262	810,097.90	800,000.00	799,848.00	10,249.90		20.90		—	—	1.55	1.566	MON	551.11	3,100.00		8/12/2010	7/15/2014
02005RAB7	ALLYA_10-5 ABS 10-5 A3			2		4,008,702.42	100.455	4,031,236.95	4,012,987.49	4,011,342.71	19,894.24		489.66		—	—	1.11	1.166	MON	1,979.74	11,136.00		12/6/2010	9/15/2013
02005TAD9	ALLYA _11-1 ABS_11-1 A4			2		5,999,457.60	103.137	6,188,196.24	6,000,000.00	5,999,570.80	188,625.44		25.44		—	—	2.23	2.242	MON	5,946.67	33,450.00		2/4/2011	2/15/2015
02005VAC6	ALLY AUTO RECEIVABLES TRUST ABS _11-2-A3			2		749,998.28	100.637	754,778.71	750,000.00	749,993.47	4,785.24		(1.34	)	—	—	1.18	1.182	MON	393.33	2,213.00		4/27/2011	12/15/2013
02005XAC2	ALLYA_11-4 ABS_11-4 A3			2		7,369,541.58	99.832	7,357,651.04	7,370,000.00	7,369,632.50	(11,981.46	)	40.33		—	—	0.79	0.794	MON	2,587.69	14,556.00		9/8/2011	6/15/2014
02006AAD9	ALLY AUTO RECEIVABLES TRUST AL ABS 12-2			2		5,148,818.08	99.549	5,126,768.20	5,150,000.00	5,148,839.19	(22,070.99	)	21.11		—	—	1	1.011	MON	2,431.94	—		3/7/2012	10/17/2016
02209SAC7	ALTRIA GROUP INC. CORP BND					11,190,603.00	111.872	10,571,902.03	9,450,000.00	10,439,523.00	132,379.03		(151,302.45	)	—	—	8.5	1.855	MN	314,606.25	—		3/22/2011	11/10/2013
02364WAU9	AMERICA MOVIL SA CORP BND		F			5,276,400.00	105.069	5,253,450.00	5,000,000.00	5,259,011.20	(5,561.20	)	(17,388.80	)	—	—	3.625	1.839	MS	503.47	90,625.00		1/11/2012	3/30/2015
02582JCU2	AMERICAN EXPRESS CREDIT ACCOUN ABS 04-2			2		5,007,812.50	100.148	5,007,400.00	5,000,000.00	5,005,805.29	1,594.71		(680.20	)	—	—	0.412	0.358	MON	972.19	5,573.00		7/1/2011	5/15/2014
02582JEV8	AMXCA ABS 07-8 A			2		5,211,171.88	100.153	5,207,956.00	5,200,000.00	5,204,280.80	3,675.20		(1,975.10	)	—	—	0.542	0.391	MON	1,330.30	7,505.00		5/16/2011	10/15/2012
02582JFV7	AMXCA ABS_09-2 A			2		13,104,761.72	102.67	13,013,422.50	12,675,000.00	13,007,466.14	5,956.36		(34,782.32	)	—	—	1.492	0.396	MON	8,928.75	48,731.00		7/18/2011	8/15/2014
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A					2,124,150.00	101.716	2,161,474.48	2,125,000.00	2,124,721.93	36,752.55		70.99		—	—	2.375	2.389	MS	1,822.48	25,234.00		3/9/2010	3/18/2013
03064RAB3	AMCAR_11-4 ABS_11-4 A2			2		3,299,798.04	100.188	3,306,201.03	3,300,000.00	3,299,860.51	6,340.52		39.15		—	—	0.92	0.925	MON	1,939.67	7,590.00		9/8/2011	10/8/2013
03064TAB9	AMCAR_11-5 ABS_11-5-A2			2		2,599,885.60	100.284	2,607,383.92	2,600,000.00	2,599,905.17	7,478.75		15.98		—	—	1.19	1.195	MON	1,976.72	7,735.00		10/26/2011	2/8/2014
BRS4QJRM5	PINNACLE FOODS FINANCE TERM LOAN			2		4,907,810.14	99.725	4,949,677.53	4,963,326.68	4,928,565.87	21,111.66		4,469.85		—	—	0	0.351	AO	—	35,313.00		3/8/2011	4/2/2014
034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A		F			5,570,775.00	114.489	5,152,018.32	4,500,000.00	5,134,500.95	17,517.37		(76,040.62	)	—	—	9.375	2.197	AO	202,734.37	—		10/19/2010	4/8/2014
034863AE0	ANGLO AMERICAN CAPITAL PLC SENIOR CORP		F			6,547,629.22	99.996	6,561,717.11	6,562,000.00	6,547,629.22	14,087.89		1.03		—	—	2.625	2.672	AO	—	—		3/26/2012	4/3/2017
035229CY7	ANHEUSER-BUSCH SENIOR CORP BND					5,556,350.00	99.717	5,533,203.50	5,000,000.00	5,367,147.65	166,055.85		(31,820.59	)	—	—	5	2.267	JJ	52,777.78	125,000.00		9/23/2010	1/15/2015
03523TBC1	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND					19,037,734.58	100.51	19,134,089.08	19,037,000.00	19,037,632.91	96,456.17		(85.00	)	—	—	1.107	0.855	JAJO	38,036.46	47,299.00		12/9/2011	1/27/2014
038461AC3	AID-EGYPT GOVT BND		F			1,598,977.50	111.847	1,677,705.80	1,500,000.00	1,560,596.63	117,109.17		(4,115.14	)	—	—	4.45	3.205	MS	2,966.67	33,375.00		11/3/2009	9/15/2015
039483BA9	ARCHER DANIELS MIDLAND CO CORP BND					600,000.00	100.144	600,863.94	600,000.00	600,000.00	863.94		—		—	—	0.67	0.472	FMAN	536.00	940.00		2/9/2011	8/13/2012
03979GAL9	ARDEN REALTY LP SENIOR CORP BND			1		3,226,650.00	107.708	3,231,254.43	3,000,000.00	3,171,255.90	59,998.53		(15,287.84	)	—	—	5.25	3.007	MS	13,125.01	78,750.00		4/28/2011	12/1/2014
04044TAG1	ARISTOTLE HOLDING INC CORP BND 144A					11,940,960.00	101.237	12,148,381.32	12,000,000.00	11,943,680.38	204,700.94		2,720.38		—	—	2.1	2.27	FA	36,400.00	—		2/6/2012	2/12/2015
04044TAL0	ARISTOTLE HOLDING INC CORP BND 144A					4,060,025.00	100.93	4,138,133.77	4,100,000.00	4,061,086.41	77,047.36		1,061.41		—	—	2.65	2.86	FA	15,693.89	—		2/6/2012	2/15/2017
046353AC2	ASTRAZENECA PLC CORP BND		F			5,610,358.32	102.255	5,368,387.50	5,250,000.00	5,330,576.56	37,810.94		(43,948.28	)	—	—	5.4	1.984	MS	12,600.00	141,750.00		11/12/2010	9/15/2012
BRS5BXCY7	ALLISON TRANSMIS LN1 TERM LOAN			2		1,357,217.71	99.17	1,373,421.23	1,384,916.03	1,363,796.81	9,624.42		2,823.15		—	—	0	0.645	MON	—	24,306.00		6/20/2011	8/7/2014
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND					3,899,000.82	113.983	3,317,000.00	3,317,000.00	3,317,000.00	—		(37,317.32	)	—	—	8.5	3.887	AO	140,972.50	—		1/30/2008	4/1/2012
BRS748CX8	FEDERAL MOGUL TL B TERM LOAN			2		4,212,021.89	96.052	4,246,739.97	4,421,292.59	4,253,968.45	(7,228.48	)	14,993.67		—	—	0	1.377	MJSD	—	24,767.00		8/23/2011	12/29/2014
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND		F			3,992,895.97	105.117	4,204,694.84	4,000,000.00	3,995,873.97	208,820.87		351.09		—	—	3.7	3.739	JJ	32,066.67	74,000.00		2/19/2010	1/13/2015
BRS748CY6	FEDERAL MOGUL CORP TERM LOAN			2		2,148,990.79	96.052	2,166,704.07	2,255,761.54	2,165,595.78	1,108.29		5,958.34		—	—	0	1.067	MJSD	—	12,599.00		8/23/2011	12/28/2015
BRS7AQH73	SUNGARD DATA SYSTEMS INC. LN1 TERM LOAN			2		2,317,574.65	99.687	2,313,212.15	2,320,475.24	2,318,423.58	(5,211.43	)	946.44		—	—	0	0.046	MON	—	26,132.00		6/8/2011	2/28/2014
05522NAA5	BANK OF AMERICA CORP BND 144A					5,084,782.57	100.923	5,046,150.00	5,000,000.00	5,011,072.59	35,077.41		(13,616.30	)	—	—	5.5	4.381	JD	81,736.11	—		11/12/2010	6/14/2012
05522RAB4	BACCT ABS_06 A7 A7			2		4,980,664.06	99.816	4,990,795.50	5,000,000.00	4,985,548.33	5,247.17		2,964.39		—	—	0.282	0.407	MON	665.24	3,948.00		6/17/2011	7/15/2014
05522RBD9	BACCT ABS 07-A8 A8			2		2,974,441.60	101.068	2,885,500.25	2,855,000.00	2,884,610.01	890.24		(35,968.78	)	—	—	5.59	0.541	MON	7,093.09	39,899.00		8/11/2011	6/15/2012
05523RAA5	BAE SYSTEMS PLC CORP BND 144A		F			7,571,528.50	102.974	7,769,411.24	7,545,000.00	7,569,667.81	199,743.43		(1,251.86	)	—	—	3.5	3.421	AO	124,702.08	—		10/31/2011	10/11/2016
05541VAD8	BG ENERGY CAPITAL CORP BND 144A		F			4,292,819.00	103.005	4,429,227.99	4,300,000.00	4,293,455.71	135,772.28		340.80		—	—	2.875	2.911	AO	58,035.07	—		10/6/2011	10/15/2016
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND		F			1,040,771.32	104.304	1,043,040.77	1,000,000.00	1,017,827.67	25,213.10		(4,176.99	)	—	—	4.8	3.042	AO	22,133.33	—		11/12/2010	4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND		F			7,503,892.00	109.063	7,383,563.81	6,770,000.00	7,146,453.18	237,110.63		(45,305.21	)	—	—	5.5	2.627	AO	186,175.00	—		4/16/2010	4/1/2014
055451AK4	BHP BILLITON FINANCE (USA) LTD CORP BND		F			2,586,194.00	100.661	2,617,187.87	2,600,000.00	2,587,151.36	30,036.51		1,111.90		—	—	1.875	1.987	MN	17,604.17	—		11/16/2011	11/21/2016
055451AM0	BHP BILLITON FINANCE (USA) LTD SENIOR		F			3,650,000.00	100.116	3,654,234.19	3,650,000.00	3,650,000.00	4,234.19		—		—	—	0.735	0.735	FMAN	2,761.70	—		2/21/2012	2/18/2014
055451AN8	BHP BILLITON FINANCE (USA) LTD SENIOR		F			4,989,550.00	99.614	4,980,691.55	5,000,000.00	4,989,899.37	(9,207.82	)	544.32		—	—	1	1.071	FA	5,138.89	—		2/21/2012	2/24/2015
055451AP3	BHP BILLITON FINANCE (USA) LTD SENIOR		F			9,997,732.00	99.202	9,944,957.30	10,025,000.00	9,998,265.70	(53,308.40	)	533.70		—	—	1.625	1.682	FA	16,743.15	—		2/21/2012	2/24/2017
05564UAF7	BMW FLOORPLAN MASTER OWNER TRU ABS 09-1A			2		3,738,156.25	100.498	3,718,426.04	3,700,000.00	3,704,534.71	13,891.33		(4,530.84	)	—	—	1.392	0.404	MON	2,431.70	13,303.00		4/28/2011	6/15/2012
05565QBF4	BP CAPITAL MARKETS PLC CORP BND		F			6,826,299.75	106.784	6,631,264.85	6,210,000.00	6,480,318.95	150,945.90		(41,307.21	)	—	—	5.25	2.456	MN	130,410.00	—		12/16/2010	11/7/2013
05565QBH0	BP CAPITAL MARKETS PLC CORP BND		F			3,182,550.00	107.3	3,219,003.51	3,000,000.00	3,165,550.63	53,452.88		(13,570.53	)	—	—	3.875	1.935	MS	6,781.25	58,125.00		12/6/2011	3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND		F			4,318,872.00	105.091	4,361,289.95	4,150,000.00	4,245,041.07	116,248.88		(10,978.32	)	—	—	3.625	2.499	MN	59,757.12	—		10/5/2010	5/8/2014
05565QBN7	BP CAPITAL MARKETS PLC CORP BND		F			2,991,480.00	105.746	3,172,381.20	3,000,000.00	2,993,896.13	178,485.07		406.83		—	—	3.125	3.187	AO	46,875.00	—		9/28/2010	10/1/2015
05565QBQ0	BP CAPITAL MARKETS PLC CORP BND		F			2,997,240.00	105.793	3,173,795.01	3,000,000.00	2,997,787.55	176,007.46		266.14		—	—	3.2	3.22	MS	5,333.33	48,000.00		3/8/2011	3/11/2016
05565QBS6	BP CAPITAL MARKETS PLC CORP BND		F			1,490,000.00	100.662	1,499,863.84	1,490,000.00	1,490,000.00	9,863.84		—		—	—	1.074	0.91	MJSD	888.66	4,294.00		3/8/2011	3/11/2014
05565QBT4	BP CAPITAL MARKETS PLC CORP BND		F			8,773,490.00	102.069	8,930,994.10	8,750,000.00	8,771,654.73	159,339.37		(1,120.87	)	—	—	2.248	2.191	MN	81,958.33	—		11/1/2011	11/1/2016
05565QBX5	BP CAPITAL MARKETS PLC CORP BND		F			7,724,536.50	101.614	7,849,709.71	7,725,000.00	7,724,584.07	125,125.64		37.01		—	—	1.7	1.702	JD	41,951.04	—		12/1/2011	12/5/2014
055669AD7	BMWLT_10-1 ABS_10-1 A4			2		1,019,897.90	100.097	1,020,986.75	1,020,000.00	1,019,954.03	1,032.72		7.25		—	—	0.96	0.966	MON	435.20	2,448.00		9/15/2010	10/15/2012
BRS8CFLV5	SUNGARD DATA SYSTEMS INC. TERM LOAN			2		482,301.86	99.999	499,789.67	499,794.67	484,528.24	15,261.43		7,455.56		—	—	0	0.784	MJSD	—	7,108.00		8/9/2011	2/28/2016

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
05948XYC9	BOAMS WHOLE CMO 03-J-2A1			2		52,421.96	96.108	51,112.37	53,182.28	52,469.69	(1,357.32	)	23.39		—	—	2.839	3.242	MON	125.81	377.00	11/30/2007	11/25/2033
05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1			2		2,412,726.72	66.75	1,997,074.74	2,446,945.71	2,414,590.50	(417,515.76	)	890.32		—	—	2.805	3.163	MON	5,719.33	17,209.00	10/19/2006	8/25/2035
060505DP6	BANK OF AMERICA SENIOR CORP BND					1,046,450.00	106.979	1,069,788.97	1,000,000.00	1,045,447.28	24,341.69		(1,634.06	)	—	—	5.75	4.823	JD	19,166.67	—	2/2/2012	12/1/2017
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT					1,299,337.00	100.588	1,307,644.00	1,300,000.00	1,299,973.95	7,670.05		31.60		—	—	3.125	3.135	JD	11,961.81	—	12/1/2008	6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND GOVT					14,921,651.85	100.142	15,021,300.00	15,000,000.00	14,997,974.27	23,325.73		6,356.59		—	—	2.1	2.272	AO	132,125.00	—	2/25/2009	4/30/2012
06051GDX4	BANK OF AMERICA CORP BND					3,851,697.00	104.724	3,874,798.14	3,700,000.00	3,848,800.11	25,998.03		(2,896.89	)	—	—	5.65	4.877	MN	87,104.17	—	2/3/2012	5/1/2018
06051GEQ8	BANK OF AMERICA CORP BND					7,577,808.00	100.58	7,644,089.43	7,600,000.00	7,577,918.30	66,171.13		110.30		—	—	3.875	3.94	MS	7,362.51	—	3/19/2012	3/22/2017
06052JAC6	BAAT_10-1 ABS_10-1A A3 144A			2		2,106,185.55	100.31	2,115,689.89	2,109,151.52	2,108,618.13	7,071.76		733.58		—	—	1.39	1.482	MON	1,302.99	7,329.00	5/26/2010	10/15/2012
06052MAC9	BAAT ABS_10-2 A3			2		549,657.23	100.28	551,211.48	549,672.40	549,668.44	1,543.04		2.69		—	—	1.31	1.315	MON	320.03	1,800.00	6/16/2010	3/15/2013
06052MAD7	BAAT ABS 10-2 A4			2		1,199,768.04	101.55	1,218,600.00	1,200,000.00	1,199,891.27	18,708.73		17.78		—	—	1.94	1.954	MON	1,034.67	5,820.00	6/16/2010	4/15/2014
06366QGN1	BANK OF MONTREAL CORP BND		A			9,350,000.00	100.171	9,365,987.57	9,350,000.00	9,350,000.00	15,987.57		—		—	—	1.023	0.743	JAJO	16,474.75	21,225.00	4/26/2011	4/29/2014
06366QW86	BANK OF MONTREAL CORP BND MTN		A			4,490,775.00	101.37	4,561,668.68	4,500,000.00	4,491,162.60	70,506.08		676.84		—	—	2.5	2.544	JJ	25,000.00	—	1/6/2012	1/11/2017
063679WH3	BANK OF MONTREAL CORP BND 144A		A			5,298,622.00	100.981	5,351,992.73	5,300,000.00	5,298,811.93	53,180.80		112.97		—	—	1.3	1.309	AO	28,899.72	—	10/26/2011	10/31/2014
063679ZT4	BANK OF MONTREAL CORP BND 144A		A			4,791,600.00	101.411	4,867,728.53	4,800,000.00	4,791,873.60	75,854.93		273.60		—	—	1.95	1.987	JJ	15,860.00	—	1/23/2012	1/30/2017
06406HBE8	BANK OF NEW YORK CO CORP BND MTN					6,894,348.00	102.61	6,977,480.00	6,800,000.00	6,816,858.14	160,621.86		(19,816.69	)	—	—	4.95	4.552	MN	140,250.02	—	3/23/2009	11/1/2012
06406HBN8	BANK OF NEW YORK CO CORP BND					4,215,760.00	105.038	4,201,502.40	4,000,000.00	4,210,476.28	(8,973.88	)	(5,283.72	)	—	—	3.1	1.175	JJ	26,177.77	—	3/1/2012	1/15/2015
06406HBQ1	BANK OF NEW YORK CO CORP BND MTN					2,996,130.00	105.157	3,154,719.54	3,000,000.00	2,997,448.54	157,271.00		188.04		—	—	2.95	2.978	JD	25,320.84	—	6/11/2010	6/18/2015
06406HBW8	BANK OF NEW YORK MELLON/THE CORP BND					3,350,000.00	100.146	3,354,891.36	3,350,000.00	3,350,000.00	4,891.36		—		—	—	0.823	0.523	JAJO	4,748.83	6,077.00	7/21/2011	7/28/2014
06406HCA5	BANK OF NEW YORK MELLON CORP BND MTN			1		2,994,570.00	101.837	3,055,121.62	3,000,000.00	2,994,882.12	60,239.50		238.08		—	—	2.4	2.438	JJ	14,800.00	10,800.00	11/17/2011	1/17/2017
06406HCC1	BANK OF NEW YORK CO CORP BND MTN			1		9,291,537.00	100.125	9,311,609.38	9,300,000.00	9,291,842.35	19,767.03		305.35		—	—	1.2	1.231	FA	12,400.00	—	2/13/2012	2/20/2015
064149B97	BANK OF NOVA SCOTIA CORP BND		A			2,989,500.00	102.78	3,083,414.62	3,000,000.00	2,994,757.92	88,656.70		745.68		—	—	2.375	2.48	JD	20,583.34	—	6/10/2010	12/17/2013
064149C39	BANK OF NOVA SCOTIA CORP BND 144A		A			202,420.00	101.201	202,402.00	200,000.00	201,516.88	885.12		(284.96	)	—	—	1.45	0.87	JJ	523.62	1,450.00	6/13/2011	7/26/2013
064149D87	BANK OF NOVA SCOTIA CORP BND		A			4,121,760.00	104.237	4,169,493.12	4,000,000.00	4,114,318.71	55,174.41		(6,771.72	)	—	—	2.9	2.149	MS	644.44	58,000.00	12/20/2011	3/29/2016
064159AM8	BANK OF NOVA SCOTIA CORP BND		A			4,491,000.00	102.283	4,602,735.24	4,500,000.00	4,491,373.05	111,362.19		466.31		—	—	2.55	2.593	JJ	25,181.25	—	1/5/2012	1/12/2017
06415CAB5	BANK OF NOVA SCOTIA CORP BND 144A		A			1,999,700.00	100.86	2,017,200.02	2,000,000.00	1,999,739.49	17,460.53		32.73		—	—	1.25	1.255	MN	10,000.00	—	10/28/2011	11/7/2014
06415CAD1	BANK OF NOVA SCOTIA SECURED CORP BND		A			4,895,688.00	100.045	4,902,204.90	4,900,000.00	4,895,726.56	6,478.34		38.56		—	—	1.05	1.08	MS	1,286.25	—	3/15/2012	3/20/2015
06415CAE9	BANK OF NOVA SCOTIA SECURED LOCAL BND		A			2,197,580.00	100.264	2,205,808.00	2,200,000.00	2,197,592.64	8,215.36		12.64		—	—	1.75	1.773	MS	962.50	—	3/15/2012	3/22/2017
06423RBC9	BOIT ABS 03-A8			2		901,828.13	100.353	903,173.74	900,000.00	901,145.69	2,028.05		(195.08	)	—	—	0.492	0.406	MON	208.99	1,188.00	5/12/2011	9/16/2013
06739FFZ9	BARCLAYS BANK PLC LOCAL BND		F			528,417.00	106.259	531,295.32	500,000.00	514,354.48	16,940.84		(1,507.63	)	—	—	5.2	3.869	JJ	5,850.00	13,000.00	10/21/2009	7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND		F			3,006,193.35	100.914	3,027,420.00	3,000,000.00	3,001,801.10	25,618.90		(548.44	)	—	—	2.5	2.425	JJ	14,166.67	37,500.00	2/19/2010	1/23/2013
067901AF5	BARRICK GOLD CORP CORP BND		A			2,747,701.82	104.205	2,865,624.96	2,750,000.00	2,748,023.16	117,601.80		111.46		—	—	2.9	2.137	MN	26,804.86	—	9/8/2011	5/30/2016
071813AZ2	BAXTER INTERNATIONAL INC CORP BND					4,010,640.00	106.397	4,255,881.36	4,000,000.00	4,004,320.31	251,561.05		(537.71	)	—	—	4	3.941	MS	13,333.34	80,000.00	2/23/2009	3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND					6,042,921.50	101.251	6,125,662.87	6,050,000.00	6,047,722.72	77,940.15		650.19		—	—	1.8	1.84	MS	4,840.00	54,450.00	3/4/2010	3/15/2013
071813BD0	BAXTER INTERNATIONAL INC CORP BND					2,668,424.70	101.165	2,701,117.75	2,670,000.00	2,668,507.91	32,609.84		79.84		—	—	1.85	1.862	JJ	13,995.25	—	12/14/2011	1/15/2017
07384M3D2	BSARM CMO 04-9 22A1			2		1,204,167.45	82.72	1,202,448.94	1,227,489.73	1,204,984.61	(2,535.67	)	198.05		—	—	3.207	3.793	MON	3,280.21	9,841.00	8/13/2007	11/25/2034
07384MK27	BSARM CMO 04-1 21A1			2		300,139.37	89.898	274,712.62	305,582.57	300,518.03	(25,805.41	)	444.00		—	—	2.572	3.069	MON	654.88	1,915.00	8/10/2007	3/1/2034
07385TAJ5	BEAR STEARNS CO INC CORP BND					325,959.90	110.386	331,159.15	300,000.00	314,107.28	17,051.87		(14,220.53	)	—	—	5.7	3.797	MN	6,460.00	—	10/29/2009	11/15/2014
07387AAW5	BSARM CMO_05-3 2A1			2		1,339,469.87	77.087	1,051,952.51	1,364,630.23	1,341,016.77	(289,064.26	)	639.68		—	—	2.71	3.107	MON	3,082.04	9,212.00	8/10/2007	5/1/2035
075887BB4	BECTON DICKINSON AND COMPANY CORP BND					1,249,587.50	101.259	1,265,743.25	1,250,000.00	1,249,619.09	16,124.16		55.11		—	—	1.75	1.757	MN	8,689.24	—	11/3/2011	11/8/2016
079860AG7	BELLSOUTH CORPORATION CORP BND					1,257,904.09	109.455	1,257,634.04	1,149,000.00	1,223,749.58	33,884.46		(7,367.80	)	—	—	5.2	2.445	MS	2,655.47	29,874.00	7/6/2011	9/15/2014
09657MAC2	BMWLT_10-1 ABS 10-1 A3			2		583,798.01	100.469	586,546.59	583,809.98	583,807.07	2,739.52		2.11		—	—	1.39	1.395	MON	135.25	2,029.00	4/15/2010	3/25/2013
097014AK0	BOEING CAPITAL CORPORATION CORP BND					3,023,300.00	106.525	3,195,739.05	3,000,000.00	3,013,029.47	182,709.58		(1,204.97	)	—	—	3.25	3.073	AO	41,708.34	—	1/28/2010	10/27/2014
097014AN4	BOEING CAPITAL CORPORATION CORP BND			1		5,034,707.25	102.866	5,117,605.73	4,975,000.00	5,031,984.25	85,621.48		(2,842.68	)	—	—	2.125	1.845	FA	13,508.50	56,971.00	1/5/2012	7/15/2016
097023BB0	BOEING CO CORP BND					526,825.30	100.924	534,897.20	530,000.00	529,312.43	5,584.77		306.99		—	—	1.875	2.082	MN	3,616.15	—	11/17/2009	11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND					1,530,340.01	109.483	1,642,248.44	1,500,000.00	1,519,008.68	123,239.76		(1,387.87	)	—	—	4.125	3.702	JD	18,218.75	—	2/19/2010	6/15/2015
10138MAH8	BOTTLING GROUP LLC CORP BND					9,826,255.00	111.729	9,496,965.34	8,500,000.00	9,036,825.98	460,139.36		(65,744.22	)	—	—	6.95	3.574	MS	26,255.56	295,375.00	2/5/2009	3/15/2014
10620NAC2	BRHEA_05-2 ABS_05—2 A10			2		4,224,000.00	97.5	4,290,003.96	4,400,000.00	4,256,033.55	33,970.41		10,836.59		—	—	0.594	1.625	MJSD	435.34	7,631.00	2/22/2012	9/26/2016
10620NAH1	BRHEA_05-3A ABS 05-3 A14			2		2,153,076.33	98.401	2,150,350.50	2,185,293.33	2,158,734.39	(8,383.89	)	4,172.58		—	—	0.584	0.947	MJSD	212.58	3,735.00	5/26/2011	9/25/2018
10620NCG1	BRHEA_05-2 ABS 11-1 A2			2		3,748,794.81	97.416	3,701,808.00	3,800,000.00	3,756,697.74	(54,889.74	)	3,535.23		—	—	1.291	1.51	FMAN	4,631.82	12,902.00	3/10/2011	5/25/2021
10778XAA4	BRFKREDIT AS CORP BND 144A		F			12,486,250.00	100.98	12,622,501.37	12,500,000.00	12,495,144.93	127,356.44		1,145.32		—	—	2.05	2.088	AO	118,159.73	—	4/8/2010	4/15/2013
110122AL2	BRISTOL MYERS SQUIBB CO CORP BND					7,448,280.00	106.435	7,450,448.26	7,000,000.00	7,146,758.56	303,689.70		(25,810.73	)	—	—	5.25	3.67	FA	46,958.34	183,750.00	3/5/2009	8/15/2013
1107098W5	BRITISH COLUMBIA PROVINCE OF CORP BND		A			10,569,800.00	106.532	10,653,199.80	10,000,000.00	10,473,704.31	179,495.49		(35,954.36	)	—	—	2.85	1.335	JD	83,916.67	—	7/27/2011	6/15/2015
1107098Z8	BRITISH COLUMBIA PROVINCE OF CORP BND		A			6,998,670.00	104.578	7,320,460.21	7,000,000.00	6,998,891.88	321,568.33		64.08		—	—	2.1	2.104	MN	54,308.33	—	5/11/2011	5/18/2016
BRS8ZGYZ5	MICHAELS STORES INC. TERM LOAN			2		3,985,000.00	100.297	4,011,880.00	4,000,000.00	3,987,183.32	24,696.68		735.98		—	—	0	0.073	FMAN	—	51,192.00	6/22/2011	7/31/2016
BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING TERM LOAN			2		5,928,472.57	99.438	5,964,082.23	5,997,789.81	5,937,803.52	26,278.71		3,463.32		—	—	0	0.22	MJSD	—	—	8/15/2011	9/6/2016
BRS9W7N54	MCC IOWA LLC TERM LOAN					1,955,150.36	99.25	1,955,150.38	1,969,924.82	1,957,481.91	(2,331.53	)	588.75		—	—	0	0.112	JAJO	—	15,059.00	12/17/2010	10/23/2017
BRSAQNGR3	ADVANCE PIERRE FOODS TERM LOAN			2		1,970,062.50	99.9	1,973,025.00	1,975,000.00	1,971,150.59	1,874.41		223.27		—	—	0	0.043	MJSD	—	36,543.00	12/14/2010	9/30/2016
12668AZL2	CWALT CMO_05-64CB 1A			2		402,924.60	77.75	319,361.72	410,754.62	402,532.43	(83,170.71	)	(10.87	)	—	—	5.5	5.89	MON	1,882.63	5,697.00	1/2/2008	12/25/2035
126802BS5	CABMT_10-IA ABS_11-2A A2			2		3,500,000.00	100.758	3,526,530.11	3,500,000.00	3,500,000.00	26,530.11		—		—	—	0.849	0.85	MON	1,402.38	7,718.00	6/22/2011	6/15/2016
12800UAK6	CAISSE CENTRALE CORP BND 144A		A			397,592.00	104.455	417,820.04	400,000.00	398,034.31	19,785.73		116.29		—	—	2.55	2.681	MS	198.33	5,100.00	4/18/2011	3/24/2016
12800UAL4	CAISSE CENTRALE SECURED LOCAL BND 144A		A			2,699,352.00	99.193	2,678,211.02	2,700,000.00	2,699,360.83	(21,149.81	)	8.92		—	—	1.6	1.605	MS	3,000.00	—	2/28/2012	3/6/2017
BRSAR9KL1	GRIFOLS SA LN1 TERM LOAN		R	2		2,752,204.38	100.073	2,768,053.76	2,766,034.55	2,752,384.77	15,668.99		3,721.67		—	—	0	0.094	JAJO	—	10,587.00	2/13/2012	6/1/2017
135087ZA5	CANADA GOVERNMENT GOVT BND		A			695,975.00	104.684	732,787.99	700,000.00	697,973.46	34,814.53		199.95		—	—	2.375	2.498	MS	969.79	8,313.00	9/2/2009	9/10/2014
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A			3,684,599.00	100.887	3,682,370.39	3,650,000.00	3,667,264.28	15,106.11		(5,078.71	)	—	—	2	1.433	FA	11,558.33	36,500.00	5/13/2011	2/4/2013
136069DM0	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A			1,144,473.00	104.752	1,152,272.08	1,100,000.00	1,139,809.30	12,462.78		(2,987.94	)	—	—	2.6	1.457	JJ	7,070.56	14,300.00	11/7/2011	7/2/2015
136069EC1	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A			9,987,600.00	100.162	10,016,200.30	10,000,000.00	9,989,778.44	26,421.86		1,021.40		—	—	0.9	0.942	MS	2,750.00	45,000.00	9/13/2011	9/19/2014
136069EH0	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A			3,000,000.00	101.474	3,044,219.97	3,000,000.00	3,000,000.00	44,219.97		—		—	—	1.5	1.5	JD	13,625.00	—	12/5/2011	12/12/2014
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND		A			325,323.30	103.579	321,096.07	310,000.00	314,470.79	6,625.28		(1,147.45	)	—	—	4.4	2.856	MS	606.22	6,820.00	10/22/2009	3/15/2013
136375BU5	CANADIAN NATIONAL RAILWAY CORP BND		A	1		3,721,350.00	99.115	3,716,822.73	3,750,000.00	3,723,410.71	(6,587.98	)	1,369.25		—	—	1.45	1.607	JD	20,541.66	—	11/7/2011	12/15/2016
BRSAWQ120	UNIVISION COMMUNICATIONS INC. TERM LOAN			2		3,294,470.66	92.694	3,211,700.37	3,464,841.70	3,315,313.62	(103,613.25	)	8,836.00		—	—	0	0.862	MJSD	—	40,473.00	8/5/2011	3/31/2017
14041NCK5	COMET ABS_05-A9 A			2		5,826,577.15	99.68	5,856,213.04	5,875,000.00	5,835,221.50	20,991.54		2,777.89		—	—	0.332	0.523	MON	920.38	5,382.00	6/17/2011	10/15/2015
14041NDB4	COMET ABS 06-A11 A11			2		5,248,035.16	99.517	5,274,392.41	5,300,000.00	5,255,790.43	18,601.98		2,493.01		—	—	0.332	0.523	MON	830.30	4,855.00	6/17/2011	8/15/2016
14170TAF8	CAREFUSION CORP CORP BND					6,453,470.60	108.192	6,340,042.36	5,860,000.00	6,252,798.42	87,243.94		(40,800.41	)	—	—	5.125	2.165	FA	50,054.17	150,163.00	9/12/2011	8/1/2014
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN					1,124,403.75	102.996	1,158,705.00	1,125,000.00	1,124,910.05	33,794.95		32.19		—	—	4.85	4.862	JD	17,278.12	—	12/3/2007	12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN					5,268,195.25	100.299	5,443,747.25	5,275,000.00	5,273,734.46	170,012.79		360.91		—	—	4.25	4.279	FA	33,005.38	112,094.00	2/4/2008	2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND					649,226.50	101.051	656,831.50	650,000.00	649,812.92	7,018.58		65.03		—	—	1.9	1.941	JD	3,567.78	—	12/10/2009	12/17/2012
14912L4M0	CATERPILLAR FINL SERV CORP BND					2,000,000.00	104.877	2,097,546.08	2,000,000.00	2,000,000.00	97,546.08		—		—	—	2.75	2.75	JD	14,819.44	—	11/12/2010	6/24/2015
14912L4Q1	CATERPILLAR FINL SERV CORP BND					3,396,226.00	101.559	3,453,019.94	3,400,000.00	3,397,816.75	55,203.19		311.52		—	—	1.55	1.588	JD	14,785.28	—	12/13/2010	12/20/2013
14912L4U2	CATERPILLAR FINL SERV CORP BND GMTN					4,219,068.00	100.455	4,219,110.00	4,200,000.00	4,214,083.32	5,026.68		(1,733.00	)	—	—	0.871	0.37	JAJO	9,198.38	7,107.00	7/12/2011	4/1/2014
14912L4Y4	CATERPILLAR FINL SERV CORP BND MTN					4,989,810.90	100.77	5,038,497.90	5,000,000.00	4,990,699.83	47,798.07		842.63		—	—	1.125	1.195	JD	16,562.50	—	12/27/2011	12/15/2014
BRSAZMN71	MEDASSETS INC LN1 TERM LOAN			2		949,662.44	100.375	995,533.86	991,814.56	954,463.75	41,070.11		2,078.98		—	—	0	0.819	FMAN	—	7,301.00	8/19/2011	11/16/2016
15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2			2		46,269.90	101.484	45,512.74	44,847.40	45,025.03	487.71		(785.36	)	—	—	4.97	3.748	FA	371.49	1,114.00	2/8/2008	8/1/2012
BRSB5PYE8	INTELSAT JACKSON TERM LOAN		F	2		3,544,920.62	100.656	3,643,009.35	3,619,266.96	3,552,402.89	90,606.46		2,765.52		—	—	0	0.304	MJSD	—	—	8/17/2011	4/2/2018
161630AG3	CHASE CMO_07-A1-2A1			2		2,387,301.49	99.374	2,414,996.78	2,430,209.89	2,389,689.09	25,307.69		2,305.73		—	—	2.754	3.294	MON	5,577.80	16,744.00	2/22/2007	3/1/2027
161630AL2	CHASE CMO_07-A1 3A1			2		1,419,990.89	91.77	1,316,184.67	1,434,221.06	1,420,575.13	(104,390.46	)	531.09		—	—	2.818	3.063	MON	3,368.45	9,995.00	5/17/2007	6/1/2036
161630AQ1	CHASE CMO_07-A1 5A1			2		354,175.29	83.133	335,376.77	360,426.41	354,779.76	(19,402.99	)	107.68		—	—	2.757	3.334	MON	828.12	2,484.00	5/8/2007	10/1/2027
161630AU2	CHASE CMO_07-A1 7A1			2		507,739.86	90.4	494,221.37	515,942.55	508,332.55	(14,111.18	)	171.59		—	—	2.718	3.261	MON	1,168.55	3,532.00	5/17/2007	12/1/2022
161630BD9	CHASE CMO_07-A1 11M1			2		3,493,708.11	67.281	2,532,718.69	3,460,589.16	3,491,156.05	(958,437.36	)	(909.69	)	—	—	2.844	2.613	MON	8,201.71	22,764.00	1/18/2008	2/1/2037
166751AH0	CHEVRONTEXACO CORPORATION CORP BND					8,595,814.00	106.419	8,726,390.39	8,200,000.00	8,389,043.83	337,346.56		(23,782.69	)	—	—	3.95	2.71	MS	25,192.23	161,950.00	1/6/2010	3/3/2014
167562LV7	CHICAGO ILL MIDWAY ARPT REV MUNI BND REV					3,083,400.00	103.078	3,092,340.00	3,000,000.00	3,082,188.91	10,151.09		(424.66	)	—	—	3.532	3.382	JJ	26,490.00	52,980.00	7/5/2011	1/1/2041
BRSB7CXP1	SYNIVERSE HLDGS LN1 TERM LOAN					508,365.00	100.25	514,783.75	513,500.00	509,249.73	5,534.02		196.02		—	—	0	0.143	MJSD	—	7,347.00	12/21/2010	12/21/2017
17275RAG7	CISCO SYSTEMS INC CORP BND					3,989,840.00	105.889	4,235,553.60	4,000,000.00	3,994,479.12	241,074.48		503.84		—	—	2.9	2.955	MN	43,177.78	—	11/9/2009	11/17/2014
17275RAJ1	CISCO SYSTEMS INC CORP BND					509,680.00	102.112	510,558.21	500,000.00	507,579.97	2,978.24		(959.63	)	—	—	1.625	0.84	MS	383.68	4,063.00	9/12/2011	3/14/2014
17275RAL6	CISCO SYSTEMS INC CORP BND					20,325,000.00	100.51	20,428,657.92	20,325,000.00	20,325,000.00	103,657.92		—		—	—	0.724	0.559	MJSD	7,353.09	40,768.00	3/9/2011	3/14/2014
172967CK5	CITIGROUP INC CORP BND					3,904,747.45	105.141	4,205,621.32	4,000,000.00	3,940,484.11	265,137.21		6,627.33		—	—	5.125	5.891	MN	83,138.89	—	11/12/2010	5/5/2014
172967EL1	CITIBANK N.A. CORP BND					520,145.00	102.184	510,920.00	500,000.00	503,856.53	7,063.47		(1,732.84	)	—	—	5.3	3.852	AO	12,072.22	—	10/22/2009	10/17/2012
172967EZ0	CITIGROUP INC CORP BND					6,105,220.50	106.986	6,044,734.43	5,650,000.00	5,962,253.52	82,480.91		(29,171.12	)	—	—	5.5	3.215	AO	143,290.28	—	1/3/2011	10/15/2014
172967FA4	CITIGROUP INC CORP BND					5,153,500.00	108.676	5,433,795.55	5,000,000.00	5,097,683.45	336,112.10		(8,059.81	)	—	—	6.01	5.249	JD	88,480.56	—	6/9/2010	1/15/2015
172967FD8	CITIGROUP INC CORP BND					8,216,221.50	105.482	8,174,849.89	7,750,000.00	8,103,656.97	71,192.92		(26,766.45	)	—	—	4.75	3.206	MN	134,979.16	—	5/24/2011	5/19/2015
172967FM8	CITIGROUP INC CORP BND					3,225,000.00	99.52	3,209,519.91	3,225,000.00	3,225,000.00	(15,480.09	)	—		—	—	1.353	1.242	FMAN	5,573.84	10,774.00	1/5/2012	2/15/2013
17305ECH6	CCCIT ABS_04-A8 A8			2		2,116,867.19	110.822	2,105,609.41	1,900,000.00	2,096,827.58	8,781.83		(18,034.93	)	—	—	4.9	0.99	JD	28,705.83	—	12/14/2011	12/10/2014

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
17305EDL6	CITIBANK CREDIT CARD ISSUANCE ABS_06-A8			2		2,588,682.81	99.25	2,600,348.79	2,620,000.00	2,592,443.65	7,905.14		1,223.23		—	—	0.607	0.812	JAJO	3,313.21	2,967.00	7/6/2011	12/15/2016
17305EEH4	CCCIT ABS 08-A5 A5			2		1,608,339.84	104.503	1,567,544.87	1,500,000.00	1,568,563.63	(1,018.76	)	(16,136.79	)	—	—	4.85	0.513	AO	32,131.25	—	8/16/2011	4/22/2013
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR					3,484,373.48	100.144	3,505,039.65	3,500,000.00	3,499,595.88	5,443.77		1,268.09		—	—	2.125	2.272	AO	31,196.18	—	2/25/2009	4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND					15,058,950.00	100.919	15,137,850.00	15,000,000.00	15,011,272.15	126,577.85		(4,989.34	)	—	—	1.875	1.739	AO	124,218.75	—	3/8/2011	10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND					3,017,959.95	101.025	3,030,750.00	3,000,000.00	3,004,152.13	26,597.87		(6,084.88	)	—	—	1.875	1.65	MN	21,250.00	—	2/19/2010	11/15/2012
17314JAT0	CITIBANK NA CORP BND GOVT GUAR					25,229,009.24	101.114	25,025,715.00	24,750,000.00	24,958,304.92	67,410.08		(69,822.74	)	—	—	1.75	0.609	JD	111,890.63	—	6/7/2011	12/28/2012
191216AL4	COCA-COLA COMPANY THE CORP BND					11,572,106.25	105.899	12,310,788.28	11,625,000.00	11,603,306.70	707,481.58		2,652.09		—	—	3.625	3.725	MS	18,729.18	210,703.00	2/22/2012	3/15/2014
191216AN0	COCA-COLA COMPANY THE CORP BND					2,049,036.50	100.506	2,060,376.53	2,050,000.00	2,049,476.74	10,899.79		80.14		—	—	0.75	0.766	MN	5,808.33	—	11/4/2010	11/15/2013
191216AP5	COCA-COLA COMPANY THE CORP BND					997,700.00	102.112	1,021,124.11	1,000,000.00	998,316.95	22,807.16		112.78		—	—	1.5	1.548	MN	5,666.67	—	11/4/2010	11/15/2015
191216AU4	COCA-COLA COMPANY THE CORP BND					6,956,079.93	101.725	7,018,993.33	6,900,000.00	6,952,730.24	66,263.09		(2,782.71	)	—	—	1.8	1.649	MS	10,350.00	69,345.00	12/14/2011	9/1/2016
191216AX8	COCA-COLA COMPANY THE SENIOR CORP BND					6,992,160.00	99.809	6,986,598.92	7,000,000.00	6,992,286.66	(5,687.74	)	126.66		—	—	0.75	0.788	MS	2,479.16	—	3/9/2012	3/13/2015
19416QDW7	COLGATE PALMOLIVE CO. CORP BND MTN					8,442,879.75	100.035	8,477,970.40	8,475,000.00	8,447,081.89	30,888.51		2,637.20		—	—	0.6	0.727	MN	20,198.76	—	11/3/2011	11/15/2014
20030NAB7	COMCAST CORPORATION CORP BND					5,868,400.00	113.587	5,679,343.80	5,000,000.00	5,573,267.14	106,076.66		(49,707.55	)	—	—	6.5	2.235	JJ	68,611.12	162,500.00	9/24/2010	1/15/2015
20030NAE1	COMCAST CORPORATION CORP BND					4,178,362.50	107.629	4,036,068.83	3,750,000.00	3,977,172.80	58,896.03		(31,174.12	)	—	—	5.3	1.84	JJ	41,958.33	99,375.00	8/10/2010	1/15/2014
20030NAP6	COMCAST CORPORATION CORP BND					3,543,450.00	118.211	3,546,331.56	3,000,000.00	3,502,754.73	43,576.83		(24,529.36	)	—	—	6.5	2.741	JJ	41,166.67	97,500.00	10/27/2011	1/15/2017
20271RAA8	COMMONWEALTH BANK OF AUSTRALIA SENIOR		F			4,448,309.00	100.615	4,477,357.89	4,450,000.00	4,448,332.91	29,024.98		25.59		—	—	1.95	1.963	MS	3,615.63	—	3/5/2012	3/16/2015
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR		F			4,611,321.60	104.734	4,692,083.24	4,480,000.00	4,571,847.53	120,235.71		(9,066.33	)	—	—	2.9	2.04	MS	5,052.44	64,960.00	2/22/2011	9/17/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F			7,324,340.75	100.788	7,382,727.75	7,325,000.00	7,324,877.76	57,849.99		55.76		—	—	2.75	2.753	AO	92,885.06	—	10/8/2009	10/15/2012
2027A0FP9	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F			15,429,116.00	99.872	15,405,256.31	15,425,000.00	15,428,035.16	(22,778.85	)	(383.16	)	—	—	1.204	1.009	MJSD	6,704.50	50,265.00	7/12/2011	3/17/2014
20825CAE4	CONOCOPHILLIPS CORP BND					1,062,372.20	102.276	1,022,760.00	1,000,000.00	1,017,614.21	5,145.79		(8,082.00	)	—	—	4.75	1.452	AO	21,902.78	—	11/12/2010	10/15/2012
20825CAM6	CONOCOPHILLIPS CORP BND					3,336,256.05	103.014	3,249,455.58	3,115,000.00	3,226,825.35	22,630.23		(35,544.46	)	—	—	4.4	1.165	MN	51,778.22	—	10/14/2011	5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND					6,767,478.00	110.15	7,214,808.12	6,550,000.00	6,676,350.30	538,457.82		(10,841.32	)	—	—	4.6	3.857	JJ	63,607.78	150,650.00	1/27/2010	1/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND					436,497.60	108.911	435,645.14	400,000.00	417,180.34	18,464.80		(2,049.52	)	—	—	5.55	3.313	AO	11,100.00	—	10/29/2009	4/1/2014
21685WBL0	RABOBANK NEDERLAND  UTRECHT CORP BND MTN		F			3,421,596.50	100.404	3,443,868.69	3,430,000.00	3,423,969.12	19,899.57		406.52		—	—	2.125	2.177	AO	34,014.17	—	10/5/2010	10/13/2015
21685WCY1	RABOBANK NEDERLAND NV CORP BND		F			7,660,000.00	99.756	7,641,309.37	7,660,000.00	7,660,000.00	(18,690.63	)	—		—	—	0.76	0.452	JAJO	10,836.07	12,104.00	7/20/2011	7/25/2013
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn					212,574.00	100.817	201,634.00	200,000.00	200,917.95	716.05		(1,246.77	)	—	—	5.8	3.252	JD	3,673.33	—	10/29/2009	6/7/2012
22541LBK8	CREDIT SUISSE FIRST BOSTON SENIOR CORP					4,276,160.00	109.264	4,370,552.68	4,000,000.00	4,247,771.55	122,781.13		(17,214.09	)	—	—	5.125	3.174	FA	26,194.44	102,500.00	10/28/2011	8/15/2015
225448AL3	CREDIT SUISSE GG LOCAL BND 144A		F			1,993,480.00	100.172	2,003,439.94	2,000,000.00	1,993,630.25	9,809.69		150.25		—	—	1.625	1.737	MS	2,256.94	—	3/1/2012	3/6/2015
22546QAA5	CREDIT SUISSE GROUP CORP BND		F			2,186,460.00	107.56	2,151,190.34	2,000,000.00	2,101,341.74	49,848.60		(11,741.16	)	—	—	5.5	2.972	MN	45,833.33	—	5/19/2010	5/1/2014
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND		F			1,996,820.00	104.151	2,083,010.26	2,000,000.00	1,998,040.97	84,969.29		154.78		—	—	3.5	3.535	MS	1,555.56	35,000.00	3/18/2010	3/23/2015
22546QAG2	CREDIT SUISSE NEW YORK NY CORP BND		F			5,800,000.00	99.541	5,773,378.00	5,800,000.00	5,800,000.00	(26,622.00	)	—		—	—	1.527	1.263	JAJO	18,451.25	20,828.00	1/11/2011	1/14/2014
22546QAH0	CREDIT SUISSE NEW YORK NY CORP BND		E			1,997,580.00	100.987	2,019,737.54	2,000,000.00	1,998,540.62	21,196.92		199.89		—	—	2.2	2.242	JJ	9,411.11	22,000.00	1/11/2011	1/14/2014
BRSB9FG89	ADVANTAGE SALES & MARKETING IN TERM LOAN					1,701,961.71	99.844	1,745,173.10	1,747,899.82	1,705,952.15	39,220.95		1,812.82		—	—	0	0.417	MJSD	—	15,448.00	8/15/2011	12/18/2017
233851AH7	DAIMLER FINANCE NORTH AMERICA CORP BND					4,967,500.00	102.325	5,116,234.95	5,000,000.00	4,970,856.19	145,378.76		2,072.45		—	—	2.625	2.765	MS	5,833.33	65,990.00	9/7/2011	9/15/2016
235851AJ1	DANAHER CORPORATION CORP BND					3,900,000.00	100.267	3,910,412.65	3,900,000.00	3,900,000.00	10,412.65		—		—	—	0.724	0.496	MJSD	862.35	8,054.00	6/20/2011	6/21/2013
235851AL6	DANAHER CORPORATION CORP BND					3,993,600.00	103.074	4,122,942.80	4,000,000.00	3,994,542.73	128,400.07		305.43		—	—	2.3	2.334	JD	25,044.45	—	6/20/2011	6/23/2016
23636UAA5	DANSKE BANK A/S CORP BND GOVT GUAR 144A		F			2,496,325.00	100.179	2,504,474.88	2,500,000.00	2,499,856.70	4,618.18		415.93		—	—	2.5	2.554	MN	24,479.17	—	6/23/2009	5/10/2012
BRSBBKBD9	UCI INTERNATIONAL TL B TERM LOAN					167,875.00	100.281	168,346.73	167,875.00	167,875.00	471.73		—		—	—	0	0	JAJO	—	—	1/20/2011	7/26/2017
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND					2,009,980.00	103.189	2,063,780.00	2,000,000.00	2,001,777.17	62,002.83		(573.51	)	—	—	4.95	4.821	JD	28,600.00	—	7/24/2008	12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND					1,123,807.50	106.065	1,193,228.45	1,125,000.00	1,124,279.06	68,949.39		58.26		—	—	2.95	2.973	MS	2,028.13	16,594.00	3/3/2010	3/9/2015
24422ERD3	JOHN DEERE CAPITAL CORPORATION CORP BND					1,900,780.90	100.038	1,900,722.04	1,900,000.00	1,900,501.34	220.70		(96.28	)	—	—	0.717	0.328	JAJO	2,838.13	2,685.00	7/7/2011	7/15/2013
24422ERN1	JOHN DEERE CAPITAL CORPORATION SENIOR					10,272,020.25	99.211	10,193,944.22	10,275,000.00	10,272,056.60	(78,112.38	)	36.35		—	—	1.4	1.406	MS	13,585.83	—	2/22/2012	3/15/2017
BRSBGXH81	DEL MONTE FOODS CO TERM LOAN			2		5,889,289.18	98.486	5,831,038.28	5,920,677.34	5,892,023.20	(60,984.92	)	1,196.72		—	—	0	0.078	FMAN	—	—	8/29/2011	3/8/2018
24702RAP6	DELL INC CORP BND					6,668,948.00	106.006	6,943,364.76	6,550,000.00	6,649,434.93	293,929.83		(5,816.42	)	—	—	3.1	2.697	AO	101,525.00	—	5/24/2011	4/1/2016
BRSBH1FB5	TWCC HOLDING CORP TERM LOAN			2		3,753,087.03	100.018	3,813,648.05	3,812,961.72	3,758,697.81	54,950.24		2,718.30		—	—	0	0.287	FMAN	—	54,690.00	8/23/2011	2/13/2017
25156PAQ6	DEUTSCHE TELEKOM INTL UNSEC CORP BND		F			3,977,480.00	98.636	3,945,444.32	4,000,000.00	3,977,781.61	(32,337.29	)	310.31		—	—	2.25	2.37	MS	6,250.00	—	2/28/2012	3/6/2017
2515A0T45	DEUTSCHE BK LDN  CORP BND		F			999,020.00	100.935	1,009,350.00	1,000,000.00	999,739.47	9,610.53		82.92		—	—	2.375	2.409	JJ	5,277.78	11,875.00	1/5/2010	1/11/2013
25459HAV7	DIRECTV HOLDINGS LL/DIR TV FIN CORP BND					3,569,208.75	103.429	3,645,881.70	3,525,000.00	3,557,848.40	88,033.30		(1,996.61	)	—	—	3.125	2.868	FA	14,075.52	55,078.00	10/15/2010	2/15/2016
25459HAY1	DIRECTV HOLDINGS LLC/DIRECTV F SENIOR					2,994,330.00	104.676	3,140,266.56	3,000,000.00	2,995,439.03	144,827.53		269.12		—	—	3.5	3.542	MS	8,750.00	52,500.00	3/7/2011	3/1/2016
25459HBC8	DIRECTV HOLDINGS LLC/DIRECTV F SENIOR					7,092,616.00	99.693	7,078,215.50	7,100,000.00	7,092,691.53	(14,476.03	)	75.53		—	—	2.4	2.422	MS	10,886.67	—	3/5/2012	3/15/2017
254683AC9	DCENT_07-A1 ABS 07-A1 A1			2		5,448,691.41	119.434	5,374,511.73	4,500,000.00	5,422,112.66	(47,600.93	)	(26,578.75	)	—	—	5.65	1.719	MON	11,300.00	42,375.00	1/26/2012	9/15/2017
254683AQ8	DCENT ABS_11-2A A			2		1,400,000.00	100.214	1,402,995.10	1,400,000.00	1,400,000.00	2,995.10		—		—	—	0.452	0.452	MON	298.65	1,707.00	5/26/2011	5/15/2013
254683AT2	DCENT ABS 12-A1			2		4,998,866.00	99.752	4,987,600.00	5,000,000.00	4,998,905.36	(11,305.36	)	39.36		—	—	0.81	0.819	MON	1,800.00	4,163.00	2/1/2012	8/15/2017
25600WAA8	DNB NOR BLGKRDIT CORP BND 144A		F			10,162,969.51	101.589	10,260,488.69	10,100,000.00	10,144,442.13	116,046.56		(3,018.75	)	—	—	2.1	1.97	AO	98,390.83	—	7/26/2011	10/14/2015
25600WAB6	DNB NOR BLGKRDIT CORP BND 144A		F			7,291,240.00	103.804	7,577,692.07	7,300,000.00	7,292,607.50	285,084.57		394.15		—	—	2.9	2.922	MS	998.89	105,850.00	3/22/2011	3/29/2017
BRSBH8VK2	VERTAFORE INC TERM LOAN			2		3,972,405.16	99.25	3,950,037.09	3,979,886.23	3,972,405.16	(22,368.07	)	—		—	—	0	0.044	JAJO	—	26,015.00	3/13/2012	7/29/2016
BRSBHFX32	AXCAN INTER HLDG TERM LOAN			2		2,474,984.20	98.75	2,462,516.09	2,493,687.18	2,475,264.43	(12,748.34	)	308.64		—	—	0	0.151	FMAN	—	—	2/15/2012	2/10/2017
26138EAM1	DR PEPPER SNAPPLE GROUP INC CORP BND					1,423,418.25	103.467	1,474,403.71	1,425,000.00	1,423,786.08	50,617.63		75.59		—	—	2.9	2.924	JJ	8,724.17	20,663.00	1/6/2011	1/15/2016
BRSBHPM99	TRANSUNION CORP TERM LOAN			2		2,877,553.02	100.75	2,988,550.29	2,966,303.02	2,885,184.82	103,365.47		3,383.96		—	—	0	0.465	FMAN	—	—	8/29/2011	2/10/2018
263534BU2	EI DUPONT DE NEMOURS & CO  CORP BND					9,363,568.00	105.525	9,470,837.44	8,975,000.00	9,122,995.46	347,841.98		(28,268.85	)	—	—	5	3.67	JJ	94,736.11	224,375.00	12/21/2009	7/15/2013
263534CH0	EI DUPONT DE NEMOURS & CO CORP BND					11,977,313.20	100.731	12,047,427.97	11,960,000.00	11,972,869.22	74,558.75		(1,610.10	)	—	—	0.894	0.678	MJSD	1,781.34	29,713.00	10/20/2011	3/25/2014
264399EM4	DUKE ENERGY CORP  CORP BND					5,868,267.80	114.175	5,817,225.37	5,095,000.00	5,853,087.93	(35,862.56	)	(15,179.87	)	—	—	5.3	0.966	AO	135,017.50	—	3/1/2012	10/1/2015
26441CAG0	DUKE ENERGY CORP CORP BND					4,999,750.00	100.676	5,033,808.50	5,000,000.00	4,999,765.67	34,042.83		10.48		—	—	2.15	2.151	MN	40,013.89	—	11/14/2011	11/15/2016
26442CAL8	DUKE ENERGY CAROLINAS LLC CORP BND					4,033,414.80	100.922	4,077,243.43	4,040,000.00	4,033,812.04	43,431.39		319.12		—	—	1.75	1.784	JD	22,191.94	—	12/5/2011	12/15/2016
26442EAB6	DUKE ENERGY OHIO INC CORP BND					9,123,448.75	101.633	9,274,016.45	9,125,000.00	9,124,450.59	149,565.86		111.89		—	—	2.1	2.105	JD	56,422.92	—	12/14/2009	6/15/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		F			9,449,250.00	107.27	9,225,182.33	8,600,000.00	8,994,253.50	230,928.83		(52,556.92	)	—	—	5.5	2.893	JJ	85,402.78	236,500.00	1/6/2010	1/26/2014
26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A					1,640,475.00	110.219	1,653,286.86	1,500,000.00	1,590,730.82	62,556.04		(6,931.76	)	—	—	5.6	3.512	MN	35,000.00	—	5/27/2010	5/1/2015
26884TAC6	ERAC USA FINANCE COMPANY CORP BND 144A					1,247,587.50	100.893	1,261,157.23	1,250,000.00	1,248,551.74	12,605.49		199.63		—	—	2.25	2.317	JJ	6,328.13	14,063.00	1/4/2011	1/10/2014
273323AA3	EAST LANE RE LTD CORP BND		F			5,000,000.00	100.125	5,006,250.00	5,000,000.00	5,000,000.00	6,250.00		—		—	—	5.75	5.912	MJSD	13,576.39	72,750.00	3/1/2011	3/14/2016
273323AB1	EAST LANE RE IV LTD CORP BND 144A		F			2,000,000.00	100.93	2,018,600.00	2,000,000.00	2,000,000.00	18,600.00		—		—	—	6.65	6.704	MJSD	6,280.56	33,650.00	3/1/2011	3/13/2017
278642AA1	EBAY INC. CORP BND					2,993,790.00	100.672	3,020,154.42	3,000,000.00	2,996,754.44	23,399.98		519.78		—	—	0.875	0.946	AO	12,104.17	—	10/21/2010	10/15/2013
278642AB9	EBAY INC. CORP BND					3,586,680.00	102.499	3,689,968.97	3,600,000.00	3,590,385.89	99,583.08		653.19		—	—	1.625	1.703	AO	26,975.00	—	10/21/2010	10/15/2015
281379AA5	EDUSA_10-1 ABS 10-1-A1  144A			2		819,817.08	99.379	814,726.02	819,817.08	819,817.08	(5,091.06	)	—		—	—	1.41	1.412	JAJO	2,151.49	2,657.00	2/23/2010	7/27/2020
28264QR63	EKSPORTFINANS A/S CORP BND		F			2,127,609.17	95.123	1,902,454.40	2,000,000.00	2,084,272.71	(181,818.31	)	(7,867.47	)	—	—	3	1.361	MN	22,333.33	—	11/12/2010	11/17/2014
28264QV27	EKSPORTFINANS AS CORP BND		F			1,520,000.00	88.294	1,765,874.46	2,000,000.00	1,548,751.11	217,123.35		22,361.97		—	—	2.375	9.018	MN	16,625.00	—	12/1/2011	5/25/2016
285661AD6	ELECTRONIC DATA SYSTEMS CORP BND					7,877,170.00	105.456	7,381,932.88	7,000,000.00	7,368,370.42	13,562.46		(67,733.17	)	—	—	6	1.985	FA	70,000.00	210,000.00	4/30/2010	8/1/2013
291011AZ7	EMERSON ELECTRIC CO  CORP BND					3,276,666.54	108.684	3,477,903.07	3,200,000.00	3,253,952.62	223,950.45		(4,153.86	)	—	—	4.125	3.535	AO	60,866.67	—	11/12/2010	4/15/2015
BRSBHT2D4	ACOSTA TERM LOAN			2		4,428,216.29	99.792	4,405,231.47	4,414,413.45	4,425,765.90	(20,534.43	)	(618.77	)	—	—	0	-0.043	FMAN	—	36,381.00	2/29/2012	3/1/2018
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND		F			1,241,598.75	100.928	1,236,366.24	1,225,000.00	1,234,594.37	1,771.87		(899.31	)	—	—	3.875	3.547	AO	22,943.23	—	3/30/2010	10/7/2014
29364WAP3	ENTERGY LOUS CORP BND					824,678.25	100.893	832,370.00	825,000.00	824,699.78	7,670.22		21.53		—	—	1.875	1.889	JD	3,394.53	—	1/5/2012	12/15/2014
293791AN9	ENTERPRISE PROD OPER LP  CORP BND					6,442,930.00	110.211	6,337,145.15	5,750,000.00	6,187,298.47	149,846.68		(41,303.67	)	—	—	5.6	2.489	AO	148,477.77	—	10/15/2010	10/15/2014
298785EK8	EUROPEAN INVESTMENT BANK SENIOR CORP BND		F			9,877,400.00	102.368	9,724,959.62	9,500,000.00	9,697,492.95	27,466.67		(51,428.21	)	—	—	2.875	0.684	MS	12,138.89	136,563.00	6/14/2011	3/15/2013
30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A			2		1,062,822.68	100	1,062,822.68	1,062,822.68	1,062,822.68	—		—		—	—	0.791	0.793	MON	70.14	2,912.00	3/5/2010	7/1/2015
302570BC9	FPL GROUP CAPITAL INC CORP BND					7,402,175.00	119.863	7,251,723.42	6,050,000.00	6,943,680.82	308,042.60		(56,043.51	)	—	—	7.875	3.581	JD	140,284.38	—	2/17/2010	12/15/2015
3128JLHB8	FHLMC POOL # 1B1225			2		70,014.55	106.413	75,662.22	71,102.40	70,056.75	5,605.47		7.13		—	—	2.5	2.834	MON	148.13	444.00	4/2/2007	9/1/2033
3128JMW45	FHLMC POOL # 1B2566			2		101,076.15	107.224	109,229.98	101,870.74	101,097.84	8,132.14		11.69		—	—	2.651	2.778	MON	225.05	675.00	4/2/2007	11/1/2034
3128JMXM4	FHLMC POOL # 1B2583			2		1,704,564.28	104.92	1,808,283.83	1,723,488.21	1,705,283.02	103,000.81		587.14		—	—	2.65	2.866	MON	3,806.04	11,418.00	9/17/2008	10/1/2034
3128JMZG5	FHLMC POOL # 1B2642			2		177,857.69	107.201	192,164.24	179,255.93	177,894.58	14,269.66		25.92		—	—	2.657	2.787	MON	396.90	1,191.00	4/2/2007	11/1/2034
3128JNAL9	FHLMC POOL # 1B2810			2		183,817.25	106.333	197,492.98	185,730.27	183,872.39	13,620.59		113.23		—	—	2.861	3.053	MON	442.81	1,268.00	4/2/2007	2/1/2035
3128JR6Z4	FHLMC POOL # 848088			2		9,328,598.98	106.169	9,425,477.09	8,877,774.51	9,320,298.46	105,178.63		(16,070.62	)	—	—	2.41	1.226	MON	17,829.53	54,465.00	3/8/2011	4/1/2035
3128JRJS6	FHLMC POOL # 847473			2		2,164,021.82	104.06	2,276,493.93	2,172,849.03	2,164,129.15	112,364.78		147.38		—	—	2.358	2.397	MON	4,269.65	12,863.00	9/26/2007	12/1/2035
3128JRKQ8	FHLMC POOL # 847503			2		1,080,400.47	106.318	1,176,135.88	1,106,241.60	1,081,420.87	94,715.01		510.38		—	—	2.562	3.106	MON	2,361.83	7,038.00	5/31/2006	12/1/2035
3128JRP26	FHLMC POOL # 847641			2		568,910.23	103.178	610,233.14	573,498.22	569,058.80	41,174.34		31.75		—	—	2.581	2.718	MON	1,233.50	1,234.00	2/22/2012	12/1/2033
3128JRPZ3	FHLMC POOL # 847640			2		382,043.58	103.204	410,529.26	384,137.12	382,079.75	28,449.51		88.55		—	—	2.729	2.799	MON	873.59	2,436.00	11/13/2006	5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255			2		1,828,779.12	104.722	2,009,724.48	1,808,015.20	1,828,001.59	181,722.89		(2,322.86	)	—	—	6	5.559	MON	9,040.08	27,120.00	11/2/2007	9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456			2		20,702.37	111.594	22,234.07	19,924.09	20,678.70	1,555.37		(59.59	)	—	—	6	4.767	MON	99.62	299.00	2/4/2009	9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582			2		50,369.93	111.594	54,096.60	48,476.31	50,312.77	3,783.83		(71.27	)	—	—	6	4.757	MON	242.38	727.00	2/4/2009	9/1/2037
3128KWFY4	FHLMC GOLD POOL # A65583			2		72,797.68	111.594	78,183.73	70,060.94	72,715.43	5,468.30		(96.64	)	—	—	6	4.745	MON	350.30	1,051.00	2/4/2009	9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804			2		2,431,789.38	104.94	2,673,901.17	2,404,178.91	2,430,753.94	243,147.23		(6,421.65	)	—	—	6	5.566	MON	12,020.89	36,063.00	11/2/2007	9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806			2		2,213,175.60	104.94	2,433,521.94	2,188,047.26	2,212,244.16	221,277.78		(3,176.70	)	—	—	6	5.537	MON	10,940.24	32,821.00	11/2/2007	9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969			2		46,275.14	111.594	49,698.89	44,535.49	46,222.85	3,476.04		(100.47	)	—	—	6	4.683	MON	222.68	668.00	2/4/2009	9/1/2037

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIRVALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	12		13		14	15	16	17	18	19	20	21	22
			FOREIGN	BOND	NAIC		RATEUSED 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	INB/A. C.V.	RATE	RATEOF	PAID	INTEREST	DURING YEAR	ACQUIRED	MATURITY
3128KWTK9	FHLMC GOLD POOL # A65954			2		70,402.80	111.594	75,611.64	67,756.07	70,323.77	5,287.87		(92.60	)	—	—	6	4.66	MON	338.78	1,016.00	2/4/2009	9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958			2		63,836.51	111.594	68,559.56	61,436.66	63,764.61	4,794.95		(46.70	)	—	—	6	4.68	MON	307.18	922.00	2/4/2009	9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968			2		46,319.79	111.594	49,746.84	44,578.46	46,267.26	3,479.58		(71.93	)	—	—	6	4.696	MON	222.89	669.00	2/4/2009	9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877			2		30,128.91	111.594	32,358.06	28,996.26	30,093.87	2,264.19		(78.66	)	—	—	6	4.762	MON	144.98	435.00	2/4/2009	4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647			2		1,997,018.50	103.318	2,200,606.68	2,024,539.60	1,997,832.38	202,774.30		2,476.54		—	—	5.5	6.157	MON	9,279.14	27,837.00	4/9/2007	2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143			2		5,545.18	111.594	5,955.41	5,336.68	5,538.83	416.58		(8.45	)	—	—	6	4.68	MON	26.68	80.00	2/4/2009	7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534			2		11,026,329.07	106.822	12,071,980.15	10,729,588.84	11,016,304.29	1,055,675.86		(14,323.17	)	—	—	6.5	5.438	MON	58,118.62	174,356.00	11/6/2007	10/1/2037
3128M6UB2	FHLMC GOLD POOL # G04778			2		137,320.49	111.594	147,480.34	132,158.07	137,170.33	10,310.01		(373.90	)	—	—	6	4.686	MON	660.79	1,982.00	2/4/2009	7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124			2		379,919.51	111.594	408,028.37	365,636.83	379,513.35	28,515.02		(737.43	)	—	—	6	4.703	MON	1,828.18	5,485.00	2/4/2009	12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548			2		1,429,093.40	104.5	1,544,676.04	1,425,974.08	1,428,344.20	116,331.84		(257.59	)	—	—	5.5	5.349	MON	6,535.72	19,607.00	3/30/2007	1/1/2022
3128MCLV5	FHLMC GOLD POOL # G13740			2		1,010,269.06	0	1,014,012.60	941,975.80	1,006,157.07	7,855.53		(6,019.11	)	—	—	5	1.92	MON	3,924.90	11,775.00	9/23/2010	9/1/2021
3128MCRQ0	FHLMC GOLD POOL # G13895			2		5,520,646.62	107.647	5,520,193.57	5,128,031.70	5,504,981.81	15,211.76		(45,866.16	)	—	—	5	1.831	MON	21,366.80	64,100.00	11/10/2011	11/1/2019
3128MJQ37	FHLMC GOLD POOL # G08473			2		1,407,246.57	102.549	1,394,529.60	1,359,863.81	1,406,290.14	(11,760.54	)	(1,084.93	)	—	—	3.5	2.347	MON	3,966.27	3,966.00	2/3/2012	1/1/2042
3128MTB72	FHLMC GOLD POOL # H00962			2		204,721.32	105.947	221,888.73	200,784.08	204,576.84	17,311.89		(305.82	)	—	—	6.5	5.486	MON	1,087.58	3,263.00	10/31/2007	7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033			2		5,746,388.90	105.947	6,228,266.08	5,635,872.94	5,742,296.77	485,969.31		(10,523.71	)	—	—	6.5	5.458	MON	30,527.65	91,583.00	10/31/2007	7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085			2		2,478,743.95	105.947	2,686,604.97	2,431,072.16	2,477,030.73	209,574.24		(8,199.35	)	—	—	6.5	5.562	MON	13,168.31	39,505.00	10/31/2007	7/1/2037
3128NCB37	FHLMC POOL # 1G0058			2		260,712.51	104.7	273,607.26	261,324.99	260,702.19	12,905.07		15.32		—	—	2.755	2.743	MON	599.96	1,740.00	9/17/2008	1/1/2035
3128NCD68	FHLMC POOL # 1G0125			2		2,140,107.48	102.031	2,309,171.19	2,185,874.22	2,142,389.80	166,781.39		1,540.59		—	—	2.69	3.111	MON	4,900.00	13,725.00	12/13/2005	3/1/2035
3128NCMS0	FHLMC POOL # 1G0369			2		403,166.47	105.597	423,613.95	401,160.69	403,050.73	20,563.22		(148.03	)	—	—	2.48	2.302	MON	829.07	2,487.00	8/27/2008	10/1/2035
3128PV4J6	FHLMC GOLD POOL # J16225			2		3,207,384.66	0	3,277,318.56	3,036,128.06	3,202,745.83	74,572.73		(5,723.46	)	—	—	4	2.333	MON	10,120.43	30,361.00	8/2/2011	8/1/2026
3128PVWH9	FHLMC GOLD POOL # J16048			2		9,111,105.55	0	9,309,764.35	8,624,622.92	9,097,789.32	211,975.03		(15,339.65	)	—	—	4	2.345	MON	28,748.75	86,246.00	8/2/2011	7/1/2026
3128QJ3B0	FHLMC POOL # 1G1694			2		1,996,464.05	106	2,148,053.14	2,026,465.23	1,996,860.74	151,192.40		1,387.10		—	—	4.954	5.366	MON	8,365.92	26,128.00	8/10/2007	4/1/2037
3128QJLG9	FHLMC POOL # 1G1227			2		351,320.15	104.309	365,616.75	344,431.52	351,096.90	14,519.85		(209.59	)	—	—	2.647	1.923	MON	759.76	2,279.00	1/4/2008	10/1/2036
3128QJRN8	FHLMC POOL # 1G1393					2,579,750.34	104.69	2,592,283.28	2,476,151.76	2,577,283.06	15,000.22		(1,921.62	)	—	—	2.836	0.985	MON	5,851.97	9,932.00	3/9/2012	12/1/2036
3128X2TM7	FHLMC AGENCY BND			2		8,382,000.00	108.347	8,126,025.00	7,500,000.00	7,896,726.75	229,298.25		(52,955.91	)	—	—	5	2.039	JJ	63,541.67	187,500.00	11/30/2009	1/30/2014
312929CM2	FHLMC GOLD POOL # A82776			2		14,810.01	111.594	15,905.75	14,253.24	14,794.10	1,111.65		(35.32	)	—	—	6	4.613	MON	71.27	214.00	2/4/2009	1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964			2		2,814.49	111.594	3,022.71	2,708.67	2,811.27	211.44		(5.93	)	—	—	6	4.676	MON	13.54	41.00	2/4/2009	7/1/2037
312930LH1	FHLMC GOLD POOL # A83928			2		41,796.32	111.594	44,888.68	40,225.03	41,751.86	3,136.82		(53.61	)	—	—	6	4.635	MON	201.13	603.00	2/4/2009	1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935			2		63,996.17	111.594	68,731.01	61,590.30	63,928.65	4,802.36		(11.26	)	—	—	6	4.703	MON	307.95	924.00	2/4/2009	1/1/2039
312930RC6	FHLMC GOLD POOL # A84083			2		36,722.62	111.594	39,439.59	35,342.07	36,681.31	2,758.28		(107.47	)	—	—	6	5.021	MON	176.71	530.00	2/4/2009	1/1/2039
312930RV4	FHLMC GOLD POOL # A84100			2		17,860.10	111.594	19,181.52	17,188.68	17,841.03	1,340.49		(42.83	)	—	—	6	4.679	MON	85.94	258.00	2/4/2009	1/1/2039
312930TB6	FHLMC GOLD POOL # A84146			2		18,953.50	111.594	20,355.81	18,240.97	18,933.19	1,422.62		(4.66	)	—	—	6	4.586	MON	91.20	274.00	2/4/2009	1/1/2039
31295NXK9	FHLMC POOL # 789682			2		41,383.56	102.028	43,345.66	41,622.56	41,391.88	1,953.78		2.39		—	—	2.352	2.431	MON	81.58	245.00	8/10/2006	9/1/2032
3132GLQP2	FHLMC GOLD POOL # Q05262					6,083,295.67	102.549	6,028,322.30	5,878,467.81	6,082,175.73	(53,853.43	)	(2,090.80	)	—	—	3.5	3.242	MON	17,145.53	17,146.00	2/3/2012	12/1/2041
31331GVD8	FEDERAL FARM CREDIT BANK AGENCY BND					3,381,186.00	101.97	3,456,782.08	3,390,000.00	3,387,623.51	69,158.57		570.23		—	—	2.2	2.27	AO	35,839.83	—	5/4/2009	4/8/2013
31331JG49	FEDERAL FARM CREDIT BANK AGENCY BND					4,994,150.00	100.093	5,004,630.00	5,000,000.00	4,998,001.21	6,628.79		705.41		—	—	0.282	0.347	MON	665.24	3,952.00	9/17/2010	1/15/2013
31331K2T6	FEDERAL FARM CREDIT BANK AGENCY BND					1,800,000.00	100.022	1,800,398.86	1,800,000.00	1,800,000.00	398.86		—		—	—	0.39	0.35	MJSD	378.00	1,594.00	1/27/2012	6/13/2014
31331KEF3	FEDERAL FARM CREDIT BANK AGENCY BND					1,999,640.00	99.968	1,999,367.92	2,000,000.00	1,999,797.82	(429.90	)	48.22		—	—	0.212	0.177	MON	176.46	1,226.00	6/7/2011	4/17/2013
31331KHC7	FEDERAL FARM CREDIT BANK AGENCY BND					1,998,404.00	99.987	1,999,732.02	2,000,000.00	1,999,059.31	672.71		176.78		—	—	0.191	0.196	MON	31.88	1,112.00	4/28/2011	7/29/2013
31331KHV5	FEDERAL FARM CREDIT BANK AGENCY BND					998,457.50	100.163	1,001,634.20	1,000,000.00	998,676.50	2,957.70		80.67		—	—	0.312	0.289	MON	103.92	862.00	7/28/2011	4/20/2016
31331KKH2	FEDERAL FARM CREDIT BANK AGENCY BND					2,499,022.50	100.013	2,500,332.20	2,500,000.00	2,499,419.22	912.98		110.28		—	—	0.212	0.194	MON	117.64	1,532.00	5/5/2011	7/24/2013
313372RK2	FHLB AGENCY BND					9,032,850.00	100.736	9,066,240.00	9,000,000.00	9,016,680.56	49,559.44		(4,200.29	)	—	—	1	0.811	MS	1,000.00	45,000.00	4/12/2011	3/27/2013
313372VR2	FHLB AGENCY BND					10,112,500.00	101.276	10,127,636.30	10,000,000.00	10,081,566.45	46,069.85		(11,543.42	)	—	—	1.2	0.729	JD	30,333.33	—	7/29/2011	12/30/2013
313373JR4	FHLB AGENCY BND					4,079,320.87	102.032	4,091,483.12	4,010,000.00	4,062,444.63	29,038.49		(6,026.12	)	—	—	1.375	0.762	MN	18,838.64	—	7/18/2011	5/28/2014
313376GY5	FHLB AGENCY BND					2,002,860.00	100.045	2,000,899.96	2,000,000.00	2,002,499.95	(1,599.99	)	(360.05	)	—	—	0.33	0.23	MN	2,218.33	—	1/25/2012	7/1/2013
313376UF0	FHLB AGENCY BND					2,274,545.00	100.003	2,275,068.39	2,275,000.00	2,274,589.30	479.09		51.49		—	—	0.375	0.385	JJ	1,682.55	—	1/19/2012	1/29/2014
3133TJP56	FHLMC CMO AGENCY CMO_2130 QS					1,825,105.49	109.991	1,979,612.74	1,799,795.86	1,822,359.95	157,252.79		(1,716.93	)	—	—	6	5.535	MON	8,998.98	26,997.00	2/6/2007	7/1/2026
3133XSP93	FHLB AGENCY BND					3,612,678.30	104.579	3,623,662.70	3,465,000.00	3,528,507.75	95,154.95		(9,127.33	)	—	—	3.125	2.022	JD	32,484.38	—	11/25/2009	12/13/2013
3133XUE41	FHLB AGENCY BND					12,098,988.00	100.615	12,073,800.00	12,000,000.00	12,015,398.92	58,401.08		(9,699.36	)	—	—	1.75	1.421	FA	22,750.00	105,000.00	1/28/2010	8/22/2012
3133XWE70	FHLB AGENCY BND					5,742,755.00	104.338	5,999,435.29	5,750,000.00	5,746,339.69	253,095.60		402.06		—	—	2.5	2.53	JD	43,125.00	—	12/21/2009	6/13/2014
3133XX7F8	FHLB AGENCY BND					9,981,800.00	101.334	10,133,400.00	10,000,000.00	9,994,178.42	139,221.58		1,484.91		—	—	1.625	1.686	MS	4,965.28	81,250.00	2/18/2010	3/20/2013
3133XXYX9	FHLB AGENCY BND					9,188,566.41	101.936	9,097,787.73	8,925,000.00	9,098,368.15	(580.42	)	(38,828.89	)	—	—	1.875	0.281	JD	46,484.38	—	8/10/2011	6/21/2013
31342A6F1	FHLMC POOL # 780870			2		410,241.51	105.214	438,339.12	416,615.73	410,517.92	27,821.20		302.28		—	—	2.365	2.675	MON	821.08	821.00	2/22/2012	9/1/2033
31342AZE2	FHLMC POOL # 780741			2		631,512.93	105.75	647,293.58	612,097.95	630,844.07	16,449.51		(684.53	)	—	—	2.463	1.609	MON	1,256.33	3,770.00	11/16/2009	7/1/2033
31349SJK0	FHLMC POOL # 781166			2		870,667.49	102.249	927,391.18	885,084.69	871,414.97	55,976.21		978.91		—	—	2.355	2.679	MON	1,736.98	5,361.00	1/9/2006	1/1/2034
31349UCW6	FHLMC POOL # 782785			2		182,792.61	105.494	194,351.99	184,229.63	182,834.08	11,517.91		36.02		—	—	2.232	2.375	MON	342.67	1,028.00	4/2/2007	10/1/2034
31349UEJ3	FHLMC POOL # 782837			2		355,436.21	106.146	380,248.08	358,230.40	355,525.54	24,722.54		152.74		—	—	2.375	2.5	MON	709.00	2,127.00	4/2/2007	11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967			2		113,916.79	105.77	122,305.27	115,633.23	113,985.45	8,319.82		34.66		—	—	2.375	2.658	MON	228.86	706.00	9/30/2008	1/1/2035
31349ULB2	FHLMC POOL # 783022			2		359,542.99	106.125	384,971.80	362,753.35	359,651.67	25,320.13		88.77		—	—	2.368	2.516	MON	715.83	2,247.00	4/2/2007	2/1/2035
3134G2MJ8	FHLMC AGENCY BND					14,685,125.07	99.988	14,698,204.54	14,700,000.00	14,690,997.21	7,207.33		1,851.42		—	—	0.192	0.185	MON	1,174.46	8,267.00	6/9/2011	6/17/2013
3134G2U42	FHLMC AGENCY BND					6,743,392.79	99.964	6,757,566.19	6,760,000.00	6,747,248.48	10,317.71		2,050.66		—	—	0.375	0.498	AO	11,689.18	—	10/18/2011	10/15/2013
3134G2UA8	FHLMC AGENCY BND					19,167,610.00	101.156	19,219,639.62	19,000,000.00	19,146,715.39	72,924.23		(14,559.17	)	—	—	1	0.673	FA	21,638.88	107,667.00	1/17/2012	8/20/2014
3134G2WG3	FHLMC AGENCY BND					1,704,960.60	100.409	1,706,952.95	1,700,000.00	1,703,996.15	2,956.80		(399.70	)	—	—	0.75	0.654	MS	318.75	6,375.00	8/24/2011	9/22/2014
3134G3LA6	FHLMC AGENCY BND					4,601,452.68	99.901	4,595,446.05	4,600,000.00	4,601,329.18	(5,883.13	)	(123.50	)	—	—	0.375	0.36	FA	3,258.33	—	1/26/2012	2/27/2014
3134G3NL0	FHLMC AGENCY BND			1		5,991,600.00	99.71	5,982,608.76	6,000,000.00	5,991,882.68	(9,273.92	)	282.68		—	—	0.5	0.547	FA	3,083.33	—	2/6/2012	2/24/2015
BRSBJK2P4	REYNOLDS GROUP HOLDINGS INC TERM LOAN			2		6,192,002.32	100.972	6,301,393.50	6,240,733.57	6,195,249.81	106,143.69		1,871.90		—	—	0	0.12	FMAN	—	102,539.00	8/16/2011	2/9/2018
BRSBK2348	GYMBOREE CORP TERM LOAN			2		2,650,368.62	94.588	2,605,958.47	2,755,062.45	2,659,913.34	(53,954.87	)	3,807.94		—	—	0	0.572	FMAN	—	45,040.00	8/15/2011	2/23/2018
31359MA45	FNMA AGENCY BND					10,962,357.43	113.129	11,312,899.80	10,000,000.00	10,584,949.65	727,950.15		(45,474.94	)	—	—	5	2.972	AO	230,555.56	—	2/19/2010	4/15/2015
31359MRK1	FNMA AGENCY BND					3,126,550.66	104.448	3,133,439.94	3,000,000.00	3,044,288.95	89,150.99		(10,004.38	)	—	—	4.625	3.225	MN	57,812.50	—	2/19/2010	5/1/2013
31359MZC0	FNMA AGENCY BND					5,904,904.90	112.453	5,960,009.58	5,300,000.00	5,715,712.89	244,296.69		(28,042.82	)	—	—	4.375	2.065	AO	106,920.14	—	7/16/2010	10/15/2015
3135G0CL5	FNMA AGENCY BND					14,292,278.00	100.197	14,328,126.53	14,300,000.00	14,295,026.55	33,099.98		1,097.52		—	—	0.405	0.406	FMAN	7,080.25	13,725.00	12/14/2011	5/17/2013
3135G0EE9	FNMA AGENCY BND			1		7,997,600.00	100.029	8,002,327.60	8,000,000.00	7,998,122.18	4,205.42		296.99		—	—	0.6	0.615	AO	20,933.33	—	10/5/2011	10/24/2013
3135G0EL3	FNMA AGENCY BND			1		6,399,360.00	100.09	6,405,777.47	6,400,000.00	6,399,497.80	6,279.67		79.37		—	—	0.6	0.605	AO	16,640.00	—	10/25/2011	10/25/2013
3136A4ZN2	FNMA_12-M2 AGENCY CMO 12-25			2		3,184,177.29	103.025	3,179,162.83	3,085,816.87	3,182,936.72	(3,773.89	)	(8,067.65	)	—	—	6.5	6.101	MON	16,714.84	16,715.00	2/16/2012	6/25/2030
3136FREN9	FNMA AGENCY BND			1		5,046,093.75	100.056	5,002,804.15	5,000,000.00	5,002,119.53	684.62		(16,073.09	)	—	—	2	0.703	AO	46,666.67	—	7/25/2011	4/13/2012
3136FRX73	FNMA AGENCY BND			1		6,999,930.00	99.94	6,995,765.00	7,000,000.00	6,999,939.68	(4,174.68	)	4.29		—	—	1	1	MS	4,277.78	35,000.00	8/31/2011	9/9/2015
31371NAC9	FNMA POOL # 256603			2		848,157.24	109.181	925,155.97	847,362.83	847,810.63	77,345.34		(68.59	)	—	—	5.5	5.336	MON	3,883.75	11,651.00	7/17/2008	2/1/2022
31371NE35	FNMA POOL # 256754			2		335,992.85	0	346,074.61	316,974.40	334,629.42	11,445.19		(1,693.12	)	—	—	5.5	2.45	MON	1,452.80	4,358.00	9/29/2009	6/1/2022
3137A7SR2	FHLMC CMO_3824 FA			2		4,114,479.12	99.723	4,103,071.69	4,114,479.12	4,114,479.12	(11,407.43	)	—		—	—	0.392	0.392	MON	716.38	4,342.00	2/28/2011	12/15/2017
3137EABX6	FHLMC AGENCY BND					5,007,563.09	103.747	5,187,350.10	5,000,000.00	5,003,559.79	183,790.31		(492.67	)	—	—	2.5	2.459	JJ	29,166.67	62,500.00	2/19/2010	1/7/2014
3137EACC1	FHLMC AGENCY BND					7,583,850.00	100.326	7,524,450.00	7,500,000.00	7,507,315.79	17,134.21		(10,261.60	)	—	—	1.75	1.271	JD	38,645.84	—	1/28/2010	6/15/2012
3137EACH0	FHLMC AGENCY BND					8,563,258.24	106.527	8,522,159.44	8,000,000.00	8,493,353.04	28,806.40		(42,536.20	)	—	—	2.875	0.691	FA	33,222.22	115,000.00	11/2/2011	2/9/2015
3137EACV9	FHLMC AGENCY BND					5,068,250.00	101.226	5,061,299.90	5,000,000.00	5,054,090.04	7,209.86		(5,539.63	)	—	—	1	0.547	FA	4,722.22	25,000.00	8/9/2011	8/27/2014
3137EACX5	FHLMC AGENCY AGENCY BND					7,975,120.00	100.051	8,004,079.60	8,000,000.00	7,979,828.47	24,251.13		3,173.86		—	—	0.375	0.536	AO	12,583.33	—	11/17/2011	10/30/2013
3137EACY3	FHLMC AGENCY BND					15,020,700.00	100.497	15,074,551.35	15,000,000.00	15,020,451.72	54,099.63		(231.66	)	—	—	0.75	0.698	MN	39,375.00	—	3/22/2012	11/25/2014
31385W2S7	FNMA POOL # 555285			2		3,836,203.88	111.401	3,878,448.24	3,481,523.66	3,827,185.98	51,262.26		(28,680.09	)	—	—	6	2.447	MON	17,407.62	52,223.00	1/5/2011	3/1/2033
31385XAZ0	FNMA POOL # 555424			2		5,122,167.86	109.292	5,142,880.34	4,705,644.77	5,113,743.01	29,137.33		(22,541.99	)	—	—	5.5	1.858	MON	21,567.54	21,568.00	1/25/2012	5/1/2033
31385XEW3	FNMA POOL # 555549			2		247,455.47	104.727	269,653.84	249,482.50	247,718.42	21,935.42		169.25		—	—	5	5.257	MON	1,039.51	3,119.00	12/14/2007	6/1/2018
31385XK48	FNMA POOL # 555715			2		111,401.56	106.098	119,249.75	112,396.25	111,445.16	7,804.59		29.50		—	—	2.415	2.608	MON	226.20	682.00	4/2/2007	7/1/2033
3138A9YZ1	FNMA POOL # AH7927			2		4,014,998.65	105.04	4,074,140.28	3,878,640.21	4,011,050.40	63,089.88		(26,714.93	)	—	—	3.5	1.61	MON	11,312.70	33,938.00	8/3/2011	8/1/2026
3138ATD31	FNMA POOL# AJ1921			2		764,881.09	106.637	764,354.25	716,778.53	764,407.32	(53.07	)	(1,225.46	)	—	—	4.5	1.9	MON	2,687.92	8,064.00	9/20/2011	9/1/2041
31393RDQ0	FHLMC CMO_2613 BV			2		3,134,930.98	104.398	3,122,761.36	2,991,212.56	3,084,293.64	38,467.72		(33,860.31	)	—	—	5	0.19	MON	12,463.39	37,390.00	2/24/2011	12/1/2013
31394BPP3	FNMA AGENCY CMO_04-88 HA			2		32,846.88	107.058	34,007.00	31,764.89	32,315.35	1,691.65		(125.89	)	—	—	6.5	5.194	MON	172.06	516.00	1/14/2008	12/1/2015
31394CGZ9	FANNIE MAE FNR_05-13 CMO_05-13 PC			2		263,804.92	101.245	255,663.51	252,520.41	254,801.10	862.41		(3,918.72	)	—	—	5	-0.582	MON	1,052.17	3,156.00	2/4/2011	8/1/2012
31394DA42	FNMA CMO_05-48 AR			2		192,898.24	108.937	208,638.52	191,521.69	192,403.45	16,235.07		(106.68	)	—	—	5.5	5.252	MON	877.81	2,633.00	12/20/2007	11/1/2019
31394FQ81	FNW_05-W3 AGENCY CMO 05-87			2		5,960,894.53	102.343	5,705,640.09	5,575,000.00	5,665,573.38	40,066.71		(281,670.74	)	—	—	5	-0.457	MON	23,229.17	69,688.00	4/8/2011	12/1/2012
31395VGR4	FHLMC AGENCY CMO_2989 WD			2		135,794.23	101.73	137,327.90	134,992.71	134,731.99	2,595.91		361.37		—	—	5.5	5.292	MON	618.72	1,856.00	10/8/2008	5/1/2012
31396CLF5	FHLMC AGENCY CMO_3054 DW			2		111,597.63	106.226	118,991.92	112,017.70	111,668.55	7,323.37		54.26		—	—	5.5	5.666	MON	513.41	1,540.00	6/17/2008	12/1/2014
31396L5J5	FNMA CMO_06-129 FA			2		1,491,814.51	99.394	1,483,700.39	1,492,747.48	1,491,981.83	(8,281.44	)	211.07		—	—	0.442	0.474	MON	109.90	1,759.00	3/23/2011	12/25/2015
31396UWM8	FHLMC AGENCY CMO 3184 FA			2		1,952,793.30	99.844	1,951,881.81	1,954,931.50	1,953,565.07	(1,683.26	)	291.91		—	—	0.392	0.463	MON	340.38	2,063.00	4/23/2010	8/15/2014
31397B7F2	FHLMC_3221 CMO_3211 QD			2		1,005,319.21	102.321	1,026,519.60	1,003,232.08	1,002,225.31	24,294.29		(236.24	)	—	—	5.5	5.341	MON	4,598.15	13,794.00	4/19/2007	5/1/2013

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIRVALUE					CHANGEINBOOK/ADJUSTEDCARRYINGVALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11		12		13		14	15	16	17	18	19	20	21	22
			FOREIGN	BOND	NAIC		RATE USED TO	GAAP FAIR		GAAP				CURRENT YEAR			TOTALFXCHG	INTEREST	EFFECTIVE	HOW	ACCRUED	GROSSREC’D
CUSIP	DESCRIPTION	*	CODE	CHAR	DESIG	ACTUAL COST	OBTAIN FAIR VALUE	MARKET VALUE	PAR VALUE	BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS	INB/A. C.V.	RATE	RATEOF	PAID	INTEREST	DURING YEAR	ACQUIRED	MATURITY
31397G7M6	FHLMC CMO_R011 AB			2		1,952,757.37	103.903	2,011,994.16	1,936,418.83	1,940,475.06		71,519.10		(2,250.76	)	—	—	5.5	4.773	MON	8,875.25	26,626.00	9/4/2008	7/1/2013
31397JAB0	FHLMC_3346A AGNECY CMO_3335-AF			2		843,605.83	99.352	838,076.08	843,539.94	843,601.77		(5,525.69	)	(6.52	)	—	—	0.392	0.388	MON	146.87	890.00	7/22/2011	9/15/2018
31397JAJ3	FHLMC_3346A AGENCY CMO 3335			2		316,506.02	99.844	315,986.80	316,481.30	316,504.34		(517.54	)	(3.26	)	—	—	0.392	0.388	MON	55.10	334.00	7/22/2011	7/15/2018
31397MTX5	FNMA CMO_08-81 KA			2		3,073,425.97	106.439	3,264,923.29	3,067,413.14	3,069,294.64		195,628.65		(1,301.95	)	—	—	5	4.684	MON	12,780.89	38,343.00	1/7/2011	12/1/2014
31397Y5H0	FHLMC CMO_3484 DA			2		2,598,954.23	103.084	2,575,298.98	2,498,243.77	2,553,653.46		21,645.52		(13,373.50	)	—	—	5	2.157	MON	10,409.35	31,228.00	6/1/2009	6/1/2014
31398A2W1	FNMA AGENCY BND					1,953,022.50	101.645	1,982,077.29	1,950,000.00	1,950,000.00		32,077.29		—		—	—	1.35	0.968	FA	2,705.63	13,163.00	9/24/2010	2/24/2014
31398AE24	FNMA AGENCY BND					2,995,680.00	101.327	3,039,810.00	3,000,000.00	2,998,727.11		41,082.89		350.63		—	—	1.75	1.798	FA	5,687.50	26,250.00	1/14/2010	2/22/2013
31398AHZ8	FNMA AGENCY BND					8,242,536.00	102.86	8,228,800.00	8,000,000.00	8,033,617.13		195,182.87		(13,089.98	)	—	—	4.75	4.069	MN	139,333.34	—	11/30/2007	11/19/2012
31398AJ94	FNMA AGENCY BND					4,991,950.00	101.583	5,079,150.40	5,000,000.00	4,997,121.55		82,028.85		646.86		—	—	1.75	1.803	MN	35,000.00	—	3/11/2010	5/7/2013
31398AT44	FNMA AGENCY BND					37,769,600.00	101.497	37,553,893.33	37,000,000.00	37,474,681.83		79,211.50		(95,301.82	)	—	—	1.5	0.457	JD	146,458.33	—	6/23/2011	6/26/2013
31398AU34	FNMA AGENCY BND					5,234,460.00	105.414	5,534,234.69	5,250,000.00	5,239,652.79		294,581.90		925.63		—	—	2.375	2.437	JJ	21,820.31	62,344.00	6/10/2010	7/28/2015
31398EXU3	FHLMC AGENCY CMO 3566-DE			2		2,387,971.38	101.313	2,325,564.20	2,295,436.59	2,338,466.69		(12,902.49	)	(36,087.29	)	—	—	4	-1.033	MON	7,651.46	22,954.00	4/6/2011	2/1/2013
31398T6X4	FNMA CMO 10-113 FA			2		4,101,572.02	99.79	4,102,575.77	4,111,207.66	4,102,478.55		97.22		1,361.58		—	—	0.642	0.729	MON	439.73	6,900.00	8/10/2011	5/25/2033
31398TX22	FNMA_10-87 AGENCY  CMO_10-103 MA			2		6,093,891.43	102.894	5,962,792.19	5,795,082.50	5,954,388.13		8,404.06		(54,698.58	)	—	—	4	-0.806	MON	19,316.94	57,951.00	9/7/2011	11/1/2013
31398WV35	FHLMC_3629 AGENCY CMO 3654			2		217,262.08	108.102	218,860.09	202,457.38	215,792.77		3,067.32		(1,672.77	)	—	—	5	-1.952	MON	843.57	844.00	2/1/2012	12/1/2014
31400EGH7	FNMA POOL # 685200			2		225,136.90	104.727	245,333.16	226,981.12	225,385.34		19,947.82		141.43		—	—	5	5.26	MON	945.76	2,837.00	12/14/2007	3/1/2018
31400GJN6	FNMA POOL # 687069			2		141,348.80	101.55	154,316.79	141,636.50	141,153.46		13,163.33		195.09		—	—	5.5	5.502	MON	649.17	1,948.00	4/21/2006	1/1/2013
31400PG58	FNMA POOL # 693320			2		74,703.05	101.606	79,671.30	75,359.50	74,736.86		4,934.44		5.98		—	—	2.28	2.481	MON	143.18	437.00	8/10/2006	1/1/2033
31400QJ87	FNMA POOL # 694287			2		11,594.01	107.041	12,521.19	11,697.53	11,598.28		922.91		4.56		—	—	2.727	2.928	MON	26.58	70.00	4/2/2007	3/1/2033
31400SA33	FNMA POOL # 695826			2		121,412.94	104.727	132,304.48	122,407.50	121,543.04		10,761.44		141.07		—	—	5	5.263	MON	510.03	1,530.00	12/14/2007	4/1/2018
31401A3C9	FNMA POOL # 702895			2		245,176.29	104.727	267,170.25	247,184.70	245,483.05		21,687.20		173.62		—	—	5	5.229	MON	1,029.93	3,090.00	12/14/2007	4/1/2018
31401DVW8	FNMA POOL # 705429			2		173,212.25	102.235	183,692.98	175,231.52	173,319.67		10,373.31		177.71		—	—	2.374	2.645	MON	346.67	1,073.00	8/10/2006	4/1/2033
31401MKS9	FNMA POOL # 712305			2		1,260,213.04	106.785	1,263,585.80	1,183,298.63	1,259,681.57		3,904.23		(778.67	)	—	—	2.675	0.91	MON	2,637.77	2,638.00	2/23/2012	5/1/2033
31402DQB9	FNMA POOL # 725950			2		361,827.43	108.347	395,615.01	365,136.48	362,151.53		33,463.48		290.29		—	—	5	5.294	MON	1,521.40	4,564.00	7/17/2008	11/1/2019
31402HD32	FNMA POOL # 729222			2		1,925,787.19	105.333	2,050,903.56	1,947,075.67	1,926,857.39		124,046.17		1,350.49		—	—	2.354	2.577	MON	3,817.89	11,449.00	9/17/2008	7/1/2035
31402RB81	FNMA POOL # 735463			2		106,085.07	104.41	111,679.82	106,962.53	106,127.18		5,552.64		72.66		—	—	2.769	2.939	MON	246.82	654.00	9/28/2006	3/1/2035
31402RF87	FNMA POOL # 735591			2		9,794,945.87	108.013	10,194,388.63	9,438,113.28	9,784,085.47		410,303.16		(34,731.02	)	—	—	5	3.213	MON	39,325.47	117,976.00	4/30/2010	6/1/2035
31402YSV7	FNMA POOL # 742232			2		12,749.35	106.293	13,762.21	12,947.44	12,756.93		1,005.28		1.01		—	—	3	3.407	MON	32.37	86.00	4/2/2007	9/1/2033
31403C2L4	FNMA POOL # 745179			2		848,880.34	104.727	925,030.51	855,833.99	849,662.03		75,368.48		611.53		—	—	5	5.25	MON	3,565.98	10,698.00	12/14/2007	4/1/2019
31403DCE7	FNMA POOL # 745369			2		588,005.76	104.52	642,306.22	592,822.39	588,538.02		53,768.20		380.14		—	—	5	5.228	MON	2,470.09	7,410.00	12/14/2007	12/1/2019
31403DCZ0	FNMA POOL # 745388			2		1,522,763.42	104.727	1,659,365.35	1,535,237.21	1,524,304.64		135,060.71		1,109.38		—	—	5	5.248	MON	6,396.82	19,190.00	12/14/2007	11/1/2018
31403H3P3	FNMA POOL # 749706			2		798,600.42	102.509	855,001.45	808,645.32	799,062.90		55,938.55		684.90		—	—	2.535	2.841	MON	1,708.26	5,125.00	5/15/2006	11/1/2033
31403KDB6	FNMA POOL # 750798			2		5,354.18	103.313	5,617.50	5,437.37	5,357.55	��	259.95		0.43		—	—	2.324	2.723	MON	10.53	32.00	4/2/2007	12/1/2033
31403VBR9	FNMA POOL # 758848			2		282,713.26	104.727	308,074.53	285,029.14	282,954.51		25,120.02		130.94		—	—	5	5.278	MON	1,187.62	3,563.00	12/14/2007	1/1/2019
31404CLB4	FNMA POOL # 764522			2		36,408.46	105.5	39,188.58	37,145.57	36,441.78		2,746.80		7.17		—	—	2.522	2.996	MON	78.07	234.00	9/30/2008	6/1/2034
31404LRF9	FNMA POOL # 771886			2		96,525.62	102.15	104,664.77	98,139.59	96,596.07		8,068.70		9.02		—	—	2.592	3.075	MON	211.98	626.00	8/10/2006	2/1/2034
31404NBP0	FNMA POOL # 773246			2		135,406.67	107.243	146,429.96	136,539.95	135,447.27		10,982.69		28.84		—	—	2.6	2.782	MON	295.72	865.00	4/2/2007	2/1/2035
31404VGA0	FNMA POOL # 779693			2		612,341.85	101.97	653,071.81	618,136.89	612,636.99		40,434.82		22.36		—	—	2.382	2.576	MON	1,227.00	3,681.00	2/24/2006	7/1/2034
31405AQ71	FNMA POOL # 783578			2		628,082.89	102.231	681,987.74	643,131.15	628,966.48		53,021.26		79.65		—	—	2.361	2.855	MON	1,265.36	1,265.00	2/22/2012	12/1/2034
31405PAG5	FNMA POOL # 794807			2		170,413.11	101.253	179,926.98	169,949.14	170,384.07		9,542.91		(2.15	)	—	—	2.209	2.108	MON	312.84	938.00	6/30/2007	10/1/2034
31405UMM8	FNMA POOL # 799664			2		59,904.28	105.962	63,974.99	60,375.23	59,922.38		4,052.61		22.86		—	—	2.328	2.496	MON	117.13	352.00	4/2/2007	10/1/2034
31405UR84	FNMA POOL # 799811			2		211,058.50	101.424	222,759.71	210,506.99	211,023.61		11,736.10		(1.71	)	—	—	2.147	2.051	MON	376.63	1,130.00	6/30/2007	11/1/2034
31405UTZ2	FNMA POOL # 799868			2		15,047.73	104.341	15,824.42	15,166.02	15,052.26		772.16		14.07		—	—	2.273	2.441	MON	28.73	86.00	4/2/2007	11/1/2034
31406BB90	FNMA POOL # 804764			2		207,156.85	106.153	221,632.20	208,785.37	207,215.49		14,416.71		52.11		—	—	2.489	2.659	MON	433.06	1,300.00	4/2/2007	1/1/2035
31406BEZ9	FNMA POOL # 804852			2		172,182.54	105.074	182,341.54	173,536.13	172,231.90		10,109.64		121.15		—	—	2.453	2.623	MON	354.74	1,064.00	4/2/2007	12/1/2034
31406BJF8	FNMA POOL # 804962			2		208,554.28	106.088	222,989.85	210,193.78	208,612.32		14,377.53		10.92		—	—	2.571	2.741	MON	450.34	1,327.00	4/2/2007	1/1/2035
31406BQQ6	FNMA POOL # 805163			2		266,671.26	107.107	288,015.05	268,903.18	266,750.69		21,264.36		41.01		—	—	2.668	2.851	MON	597.86	1,723.00	4/2/2007	1/1/2035
31406DG67	FNMA POOL # 806721			2		424,634.48	106.679	456,555.62	427,972.67	424,749.61		31,806.01		131.31		—	—	2.527	2.704	MON	901.24	2,703.00	4/2/2007	11/1/2034
31406GLK3	FNMA POOL # 809530			2		71,751.63	106.921	77,261.04	72,259.76	71,774.95		5,486.09		2.73		—	—	2.594	2.742	MON	156.20	452.00	9/28/2006	2/1/2035
31406MYP5	FNMA POOL # 814418			2		190,474.70	106.261	204,207.60	192,175.47	190,524.19		13,683.41		8.19		—	—	2.493	2.735	MON	399.40	1,054.00	4/2/2007	3/1/2035
31406PKU2	FNMA POOL # 815807			2		295,470.66	104.896	312,896.08	298,290.34	295,612.24		17,283.84		276.75		—	—	2.547	2.755	MON	633.12	1,797.00	9/28/2006	2/1/2035
31406TLC3	FNMA POOL # 819423			2		413,440.81	107.123	446,845.67	417,132.45	413,572.50		33,273.17		36.33		—	—	2.931	3.121	MON	1,018.85	2,808.00	4/2/2007	4/1/2035
31406TTE1	FNMA POOL # 819649			2		3,034,384.34	0	3,120,087.80	2,933,543.75	3,031,674.36		88,413.44		(164.83	)	—	—	2.61	1.623	MON	6,380.46	17,469.00	12/4/2009	3/1/2035
31406VHE9	FNMA POOL # 821129			2		214,482.91	106.807	231,127.95	216,398.01	214,558.05		16,569.90		69.19		—	—	2.597	2.779	MON	468.32	1,319.00	4/2/2007	5/1/2035
31407D5R2	FNMA POOL # 828056			2		1,032,419.04	106.5	1,081,104.93	1,015,122.00	1,031,655.79		49,449.14		(576.02	)	—	—	2.504	2.066	MON	2,118.22	6,345.00	2/20/2009	6/1/2035
31407E6W8	FNMA POOL # 828985			2		529,438.66	101.73	578,971.30	547,665.66	530,407.62		48,563.68		371.66		—	—	2.289	3.05	MON	1,044.67	3,135.00	3/16/2006	8/1/2035
31407GC22	FNMA POOL # 829989			2		1,500,361.03	105.883	1,603,721.48	1,514,619.75	1,500,922.55		102,798.93		1,025.97		—	—	2.697	2.919	MON	3,383.91	9,824.00	1/20/2006	4/1/2035
31408C6D3	FNMA POOL # 847868			2		1,495,542.37	106.583	1,611,109.60	1,511,603.15	1,496,173.51		114,936.09		800.38		—	—	2.264	2.521	MON	2,851.89	8,568.00	5/12/2006	11/1/2035
31409UBQ7	FNMA POOL # 878547			2		1,148,406.91	102.763	1,242,161.77	1,157,677.37	1,148,652.60		93,509.17		15.35		—	—	2.862	3.091	MON	2,761.06	7,326.00	5/4/2006	3/1/2036
31410FU60	FNMA POOL # 888105			2		673,340.01	108.085	733,743.04	678,855.70	673,850.11		59,892.93		550.33		—	—	5	5.238	MON	2,828.56	8,486.00	12/14/2007	8/1/2020
31410GC35	FNMA POOL # 888490			2		276,572.90	106.392	294,917.09	277,199.44	276,579.50		18,337.59		7.95		—	—	2.447	2.478	MON	565.26	1,553.00	6/18/2007	5/1/2035
31410GC50	FNMA POOL # 888492			2		149,199.23	102.692	156,717.00	148,915.76	149,172.12		7,544.88		(14.91	)	—	—	2.374	2.296	MON	294.61	910.00	6/18/2007	5/1/2033
31410GD83	FNMA POOL # 888527			2		36,002.89	106.896	39,210.74	36,681.05	36,035.26		3,175.48		19.41		—	—	2.462	2.877	MON	75.26	228.00	6/18/2007	4/1/2034
31410GDC4	FNMA POOL # 888499			2		1,146,815.88	106.071	1,223,278.97	1,153,259.30	1,147,056.95		76,222.02		216.83		—	—	2.429	2.54	MON	2,334.39	2,335.00	2/22/2012	8/1/2033
31410GDF7	FNMA POOL # 888502			2		137,765.77	105.899	147,788.38	139,556.47	137,852.52		9,935.86		86.67		—	—	2.069	2.361	MON	240.62	670.00	6/18/2007	6/1/2033
31410GDL4	FNMA POOL # 888507			2		617,243.52	106.336	667,843.56	628,048.37	617,718.89		50,124.67		357.93		—	—	2.32	2.708	MON	1,214.75	3,682.00	6/18/2007	2/1/2035
31410GDM2	FNMA POOL # 888508			2		669,373.74	101.875	724,811.64	678,732.29	669,745.42		55,066.22		222.51		—	—	2.788	3.126	MON	1,576.92	4,330.00	6/18/2007	3/1/2034
31410GDQ3	FNMA POOL # 888511			2		93,721.76	101.764	100,803.21	94,573.04	93,754.76		7,048.45		13.76		—	—	2.536	2.744	MON	199.86	600.00	6/18/2007	12/1/2033
31410GDS9	FNMA POOL # 888513			2		155,182.77	102.089	165,830.24	155,995.38	155,210.84		10,619.40		26.48		—	—	2.413	2.516	MON	313.68	956.00	6/18/2007	2/1/2034
31410GDX8	FNMA POOL # 888518			2		132,554.61	105.997	140,955.11	132,980.52	132,561.66		8,393.45		15.56		—	—	2.779	2.833	MON	307.96	837.00	6/18/2007	4/1/2035
31410GDY6	FNMA POOL # 888519			2		71,673.07	106.246	77,457.36	72,903.82	71,723.87		5,733.49		26.75		—	—	2.48	2.879	MON	150.67	451.00	6/18/2007	1/1/2035
31410GDZ3	FNMA POOL # 888520			2		887,232.16	102.108	953,986.11	892,887.11	887,449.63		66,536.48		35.47		—	—	2.327	2.462	MON	1,731.46	5,194.00	6/18/2007	7/1/2033
31410GFD0	FNMA POOL # 888564			2		10,891,957.34	104.202	11,461,096.19	10,568,303.07	10,860,249.52		600,846.67		(31,872.17	)	—	—	5	3.419	MON	44,034.60	132,104.00	2/26/2009	10/1/2021
31410GPR8	FNMA POOL # 888832			2		5,689,518.40	106.7	6,133,805.44	5,471,512.80	5,682,048.77		451,756.67		(12,531.68	)	—	—	6.5	4.736	MON	29,637.36	88,912.00	1/25/2008	11/1/2037
31411DA33	FNMA POOL # 904626			2		1,195,299.10	104	1,237,214.96	1,189,629.77	1,195,047.32		42,167.64		(590.91	)	—	—	2.725	2.502	MON	2,701.45	8,098.00	12/13/2006	12/1/2036
31411GUY6	FNMA POOL # 907899			2		1,757,283.39	103.669	1,806,800.65	1,742,850.41	1,756,699.69		50,100.96		(984.33	)	—	—	2.4	2.081	MON	3,485.70	10,457.00	12/14/2006	1/1/2037
31411KCZ4	FNMA POOL # 910088			2		4,932,046.69	104.822	5,421,190.99	4,886,238.20	4,931,019.16		490,171.83		(2,975.27	)	—	—	6	5.488	MON	24,431.19	73,294.00	3/29/2007	3/1/2037
31411LEA5	FNMA POOL # 911029			2		404,789.36	0	416,935.40	381,876.75	402,990.96		13,944.44		(2,163.42	)	—	—	5.5	2.793	MON	1,750.27	5,251.00	9/29/2009	7/1/2022
31411WPJ0	FNMA POOL # 916725			2		1,465,655.10	106.451	1,474,493.11	1,385,143.63	1,465,217.53		9,275.58		(691.24	)	—	—	2.53	1.321	MON	2,920.34	2,955.00	2/14/2012	10/1/2036
31412LMG2	FNMA POOL # 928359			2		389,944.77	0	401,645.38	367,872.42	388,404.36		13,241.02		(2,304.40	)	—	—	5.5	2.291	MON	1,686.08	5,058.00	9/29/2009	5/1/2022
31412LQN3	FNMA POOL # 928461			2		529,066.01	109.181	544,941.09	499,118.89	526,844.87		18,096.22		(2,468.77	)	—	—	5.5	2.568	MON	2,287.63	6,863.00	9/29/2009	6/1/2022
31412LVF4	FNMA POOL # 928614			2		3,036,461.90	0	3,119,755.67	2,857,426.28	3,025,797.75		93,957.92		(33,426.44	)	—	—	5.5	2.226	MON	13,096.54	39,290.00	10/21/2009	8/1/2022
31412SRH0	FNMA POOL # 933488			2		1,358,863.71	0	1,398,442.86	1,294,541.20	1,354,677.86		43,765.00		(4,856.88	)	—	—	5	2.488	MON	5,393.92	16,182.00	9/29/2009	3/1/2023
31414ARA2	FNMA POOL # 960481			2		1,816,606.40	0	1,873,937.16	1,730,616.39	1,810,873.47		63,063.69		(8,979.43	)	—	—	5	2.45	MON	7,210.90	21,633.00	9/29/2009	12/1/2022
31414CRJ9	FNMA POOL # 962289			2		2,447,658.67	108.026	2,518,950.75	2,331,797.47	2,439,935.01		79,015.74		(5,652.55	)	—	—	5	2.565	MON	9,715.82	29,147.00	9/29/2009	3/1/2023
31414GD22	FNMA POOL # 965521			2		271,560.21	0	279,708.61	256,188.89	270,453.06		9,255.55		(1,214.67	)	—	—	5.5	2.733	MON	1,174.20	3,523.00	9/29/2009	12/1/2022
31414NB45	FNMA POOL # 970859			2		2,655,811.70	0	2,729,104.22	2,526,336.93	2,649,282.23		79,821.99		(8,789.17	)	—	—	5	2.427	MON	10,526.40	31,579.00	10/21/2009	12/1/2023
31414RB79	FNMA POOL # 973562			2		2,145,129.68	0	2,204,740.36	2,023,707.24	2,136,823.19		67,917.17		(16,959.67	)	—	—	5.5	2.692	MON	9,275.32	27,826.00	9/29/2009	3/1/2023
31415MDG7	FNMA POOL # 984003			2		3,879,246.89	103.51	4,369,316.80	3,996,005.16	3,882,020.34		487,296.46		14,303.13		—	—	5.5	6.589	MON	18,315.02	54,945.00	7/25/2008	6/1/2038
31415MFS9	FNMA POOL # 984077			2		1,680,590.81	0	1,729,540.79	1,601,039.18	1,675,262.59		54,278.20		(10,862.32	)	—	—	5	2.684	MON	6,671.00	20,013.00	9/29/2009	6/1/2023
31416B4M7	FNMA POOL # 995528			2		3,597,159.03	103.842	3,755,061.08	3,462,448.14	3,586,284.45		168,776.63		(16,518.81	)	—	—	5	2.939	MON	14,426.87	43,281.00	3/20/2009	12/1/2021
31416B4N5	FNMA POOL # 995529			2		6,110,534.29	109.181	6,425,541.32	5,885,239.92	6,092,927.50		332,613.82		(20,203.24	)	—	—	5.5	3.434	MON	26,974.02	80,922.00	2/27/2009	11/1/2022
31416B4P0	FNMA POOL # 995530			2		2,999,971.50	104.595	3,144,702.35	2,876,808.16	2,989,531.25		155,171.10		(13,152.62	)	—	—	5.5	3.338	MON	13,185.37	39,556.00	3/20/2009	12/1/2021
31416B7J1	FNMA POOL # 995597			2		340,893.13	0	351,121.92	321,597.30	339,800.27		11,321.65		(2,041.17	)	—	—	5.5	2.507	MON	1,473.99	4,422.00	9/29/2009	3/1/2024
31416BLV8	FNMA POOL # 995040			2		1,539,842.87	0	1,582,337.96	1,464,773.24	1,535,825.10		46,512.86		(11,226.70	)	—	—	5	2.375	MON	6,103.22	18,310.00	10/21/2009	6/1/2023
31416BSE9	FNMA POOL # 995217			2		2,782,244.04	0	2,863,269.09	2,622,506.76	2,773,449.04		89,820.05		(15,546.36	)	—	—	5.5	2.432	MON	12,019.82	36,059.00	10/21/2009	12/1/2023
31416BSX7	FNMA POOL # 995234			2		6,316,788.25	108.085	6,358,573.13	5,882,922.71	6,298,854.57		59,718.56		(51,634.47	)	—	—	5	1.626	MON	24,512.18	73,537.00	11/10/2011	7/1/2019
31416CME3	FNMA POOL # 995957			2		6,305,594.79	108.026	6,473,596.83	5,992,620.81	6,292,468.93		181,127.90		(37,254.78	)	—	—	5	2.338	MON	24,969.25	74,908.00	9/28/2009	6/1/2024
31416TL49	FNMA POOL # AA9346			2		12,217,536.61	107.831	13,034,111.26	12,087,488.54	12,213,344.74		820,766.52		(6,437.21	)	—	—	4.5	4.059	MON	45,328.07	135,984.00	2/2/2010	8/1/2039
31419ESP5	FNMA POOL # AE4125			2		5,936,858.54	104.887	6,007,358.35	5,727,448.71	5,930,055.99		77,302.36		(23,124.41	)	—	—	4	2.098	MON	19,091.50	57,274.00	11/5/2010	10/1/2040
31737UAE8	FINANCE FOR DANISH IND SENIOR CORP BND		F			14,740,425.00	99.977	14,696,618.56	14,700,000.00	14,715,346.91		(18,728.35	)	(5,599.62	)	—	—	0.706	0.382	MJSD	7,492.71	28,224.00	2/14/2011	12/6/2012

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIRVALUE				CHANGEINBOOK/ADJUSTEDCARRYINGVALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	12		13		14	15	16	17	18	19	20	21	22
			FOREIGN	BOND	NAIC		RATE USED TO	GAAP FAIR		GAAP			CURRENT YEAR			TOTAL FXCHG	INTEREST	EFFECTIVE	HOW	ACCRUED	GROSSREC’D
CUSIP	DESCRIPTION	*	CODE	CHAR	DESIG	ACTUALCOST	OBTAIN FAIR VALUE	MARKET VALUE	PAR VALUE	BOOK VALUE	UGL		AMORTIZATION		IMPAIRMENTS	INB/A. C.V.	RATE	RATEOF	PAID	INTEREST	DURING YEAR	ACQUIRED	MATURITY
BRSBK9AU7	TRANSDIGM GROUP INC TERM LOAN			2		2,955,143.85	99.931	3,061,666.77	3,063,780.78	2,965,695.54	95,971.23		4,909.56		—	—	0	0.656	FMAN	—	—	8/29/2011	2/14/2017
BRSBKZS71	GNC CORPORATION TERM LOAN			2		1,990,000.00	99.689	1,993,780.00	2,000,000.00	1,990,537.26	3,242.74		397.49		—	—	0	0.079	FMAN	—	21,958.00	11/16/2011	3/2/2018
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6			2		149,535.74	93.648	143,106.34	152,812.86	150,048.46	(6,942.12	)	82.72		—	—	2.628	3.466	MON	334.62	1,004.00	8/10/2007	4/1/2019
32113CAV2	FIRST NATIONAL MASTER NOTE TRU ABS			2		2,220,796.88	100.36	2,207,920.02	2,200,000.00	2,205,367.78	2,552.24		(4,599.91	)	—	—	1.592	0.763	MON	1,653.65	9,014.00	5/27/2011	7/16/2012
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					2,779,404.80	103.576	2,817,267.20	2,720,000.00	2,731,352.34	85,914.86		(3,318.30	)	—	—	4.85	4.335	FA	21,986.67	65,960.00	4/25/2008	2/1/2013
34528QAH7	FORD CREDIT FLOORPLAN MASTER O ABS_09-2			2		12,346,632.82	100.668	12,281,496.00	12,200,000.00	12,266,731.18	14,764.82		(31,635.37	)	—	—	1.792	0.625	MON	10,322.47	46,939.00	1/19/2012	9/17/2012
34528QAJ3	FORDF ABS 10-1 A 144A			2		4,591,757.81	101.26	4,556,700.00	4,500,000.00	4,537,248.51	19,451.49		(12,997.48	)	—	—	1.892	0.743	MON	4,019.97	6,882.00	2/22/2012	12/17/2012
34529LAD6	FORDO_10-A ABS 10-A-A3			2		1,119,257.70	100.364	1,123,536.95	1,119,462.11	1,119,415.95	4,121.00		34.59		—	—	1.32	1.333	MON	656.75	3,694.00	4/21/2010	2/15/2013
34529MAD4	FORDO_10-B ABS_10-B A4			2		899,948.88	101.038	909,345.45	900,000.00	899,972.83	9,372.62		3.45		—	—	1.58	1.587	MON	632.00	3,555.00	7/27/2010	8/15/2014
34529QAC7	FORDL_11-A ABS_11-A A3			2		3,599,883.00	100.507	3,618,252.14	3,600,000.00	3,599,919.30	18,332.84		12.99		—	—	1.03	1.034	MON	1,648.00	9,270.00	6/29/2011	8/15/2013
34529RAC5	FORDO_11-B ABS_11-B A3			2		7,228,794.04	100.293	7,251,186.58	7,230,000.00	7,229,212.54	21,974.04		177.15		—	—	0.84	0.85	MON	2,699.20	15,183.00	7/19/2011	1/15/2014
34529UAD6	FORDO_12-A ABS 12-A			2		2,339,403.30	100.159	2,343,729.45	2,340,000.00	2,339,431.29	4,298.16		27.99		—	—	1.15	1.16	MON	1,196.00	3,738.00	1/18/2012	2/15/2016
BRSBLLNC5	REGAL CINEMAS CORP					4,737,727.30	99.525	4,712,769.49	4,735,261.99	4,736,191.30	(23,421.81	)	(331.21	)	—	—	0	-0.004	JJ	—	—	3/1/2012	8/23/2017
35177PAS6	FRANCE TELECOM CORP BND		F			6,246,739.39	106.652	6,272,212.24	5,881,000.00	6,083,068.69	189,143.55		(21,545.54	)	—	—	4.375	2.801	JJ	59,320.50	128,647.00	4/14/2010	7/8/2014
35177PAU1	FRANCE TELECOM CORP BND		F			996,600.00	101.74	1,017,395.40	1,000,000.00	997,610.36	19,785.04		165.34		—	—	2.125	2.197	MS	885.42	10,625.00	9/7/2010	9/16/2015
354613AE1	FRANKLIN RESOURCES INC. CORP BND					1,974,114.25	101.484	2,004,301.63	1,975,000.00	1,974,660.06	29,641.57		73.86		—	—	2	2.015	MN	14,373.61	—	5/19/2010	5/20/2013
35671DAW5	FREEPORT-MCMORAN COPPER & GOLD SENIOR					3,345,980.00	98.498	3,299,682.03	3,350,000.00	3,346,070.02	(46,387.99	)	90.02		—	—	2.15	2.175	MS	9,603.34	—	2/8/2012	3/1/2017
36156HAV0	GCOE_06-1 ABS 06-1			2		1,795,000.00	92.31	1,846,200.00	2,000,000.00	1,828,925.87	17,274.13		20,596.01		—	—	0.621	3.389	FMAN	1,172.24	3,291.00	2/22/2012	2/25/2019
36201YER3	GNMA POOL # 606844			2		1,344,111.88	111.039	1,424,331.21	1,282,731.18	1,342,770.55	81,560.66		(993.90	)	—	—	5	3.667	MON	5,344.71	16,034.00	4/23/2010	9/15/2033
36202E5P0	GNMA POOL # 004454			2		16,843.62	108.14	17,120.49	15,831.85	16,801.41	319.08		(75.68	)	—	—	4.5	1.217	MON	59.37	178.00	10/7/2010	6/20/2024
36202EVU0	GNMA POOL # 004227			2		23,450.41	0	23,894.18	22,041.79	23,388.75	505.43		(820.94	)	—	—	4.5	0.628	MON	82.66	248.00	10/7/2010	7/20/2023
36202FAE6	GNMA POOL # 004505			2		54,870.73	0	55,766.44	51,574.78	54,736.29	1,030.15		(235.18	)	—	—	4.5	1.159	MON	193.41	580.00	10/7/2010	8/20/2024
36202FBR6	GNMA POOL # 004548			2		35,179.75	108.127	35,754.01	33,066.58	35,095.20	658.81		(154.33	)	—	—	4.5	1.121	MON	124.00	372.00	10/7/2010	10/20/2024
36202FD78	GNMA POOL # 004626	��		2		1,592,898.89	0	1,619,407.93	1,497,217.34	1,589,133.24	30,274.69		(4,566.74	)	—	—	4.5	1.306	MON	5,614.57	16,844.00	10/7/2010	2/20/2025
36202FET9	GNMA POOL # 004646			2		251,330.42	108.161	255,513.07	236,233.62	250,742.89	4,770.18		(1,137.00	)	—	—	4.5	1.269	MON	885.88	2,658.00	10/7/2010	3/20/2025
36202FF43	GNMA POOL # 004687			2		714,938.59	0	726,836.60	671,993.97	713,287.30	13,549.30		(2,429.93	)	—	—	4.5	1.341	MON	2,519.98	7,560.00	10/7/2010	5/20/2025
36202FFH4	GNMA POOL # 004668			2		972,406.04	0	988,588.83	913,995.98	970,162.61	18,426.22		(4,749.71	)	—	—	4.5	1.245	MON	3,427.48	10,282.00	10/7/2010	4/20/2025
36202FZV1	GNMA POOL # 005256			2		6,867,337.00	107.14	6,862,292.05	6,404,977.67	6,862,249.82	42.23		(9,727.81	)	—	—	3.5	1.045	MON	18,681.18	37,362.00	1/18/2012	12/20/2026
36202KME2	GNMA POOL # 008457			2		478,704.83	102.84	484,434.54	472,066.40	477,972.09	6,462.45		(241.49	)	—	—	1.625	1.244	MON	639.26	1,918.00	3/18/2009	7/20/2024
36204J4C7	GNMA POOL # 371719			2		276,163.14	106.75	301,099.05	259,918.25	273,641.21	27,457.84		(1,449.90	)	—	—	6.5	5.219	MON	1,407.89	4,224.00	9/11/2008	4/15/2024
36204SV60	GNMA POOL # 378737			2		320,719.51	107.235	357,051.60	301,853.64	317,920.30	39,131.30		(2,472.36	)	—	—	6.5	5.101	MON	1,635.04	4,905.00	9/11/2008	1/15/2024
36205BKY7	GNMA POOL # 385611			2		417,286.25	106.75	454,964.74	392,740.00	413,771.84	41,192.90		(1,744.12	)	—	—	6.5	5.099	MON	2,127.34	6,382.00	9/11/2008	4/15/2024
3620A2KC9	GNMA POOL # 716791			2		1,712,583.40	0	1,749,284.36	1,619,942.90	1,708,801.86	40,482.50		(3,215.22	)	—	—	5	2.031	MON	6,749.76	20,249.00	9/29/2009	4/15/2024
3620A32R4	GNMA POOL # 718184			2		108,552.45	0	110,328.31	102,002.00	108,299.91	2,028.40		(104.50	)	—	—	4.5	1.187	MON	382.51	1,148.00	10/7/2010	3/15/2025
3620A5FJ3	GNMA POOL # 719369			2		1,294,844.06	0	1,312,174.01	1,213,146.24	1,291,865.04	20,308.97		(1,170.59	)	—	—	4.5	0.989	MON	4,549.30	13,648.00	8/31/2010	4/15/2025
3620A6AC1	GNMA POOL # 720103			2		783,895.69	110.482	851,165.45	770,413.45	783,504.94	67,660.51		(181.75	)	—	—	4.5	4.102	MON	2,889.05	8,667.00	6/18/2009	6/15/2039
3620A6DZ7	GNMA POOL # 720220			2		1,497,050.25	107.984	1,539,141.50	1,425,337.93	1,493,341.34	45,800.16		(718.07	)	—	—	5	2.816	MON	5,938.91	17,817.00	7/29/2009	7/15/2024
3620A7R64	GNMA POOL # 721509			2		489,987.17	0	498,003.14	460,419.60	488,789.52	9,213.62		(455.24	)	—	—	4.5	1.579	MON	1,726.57	5,180.00	10/7/2010	2/15/2025
3620A7RQ0	GNMA POOL # 721495			2		555,070.01	0	564,150.68	521,575.09	553,667.41	10,483.27		(3,152.15	)	—	—	4.5	1.727	MON	1,955.91	5,868.00	10/7/2010	1/15/2025
3620A9MU2	GNMA POOL # 723171			2		56,639.41	108.14	57,553.58	53,221.58	56,500.33	1,053.25		(265.56	)	—	—	4.5	1.337	MON	199.58	599.00	10/7/2010	10/15/2024
3620A9QJ3	GNMA POOL # 723257			2		803,530.19	0	816,499.41	755,042.31	801,527.55	14,971.86		(3,965.60	)	—	—	4.5	1.391	MON	2,831.41	8,494.00	10/7/2010	9/15/2024
3620A9WS6	GNMA POOL # 723457			2		737,824.30	0	749,733.03	693,301.37	735,974.60	13,758.43		(2,474.49	)	—	—	4.5	1.626	MON	2,599.88	7,800.00	10/7/2010	12/15/2024
3620A9WW7	GNMA POOL # 723461			2		419,845.89	0	426,622.33	394,510.89	418,826.94	7,795.39		(1,419.78	)	—	—	4.5	1.387	MON	1,479.42	4,438.00	10/7/2010	12/15/2024
3620A9ZN4	GNMA POOL # 723549			2		1,036,457.95	0	1,053,413.92	973,914.38	1,033,842.37	19,571.55		(3,335.03	)	—	—	4.5	1.72	MON	3,652.18	10,957.00	10/7/2010	1/15/2025
3620ADCM2	GNMA POOL # 726476			2		10,904,606.03	0	11,194,012.59	10,351,450.39	10,876,208.25	317,804.34		(24,997.15	)	—	—	4.5	1.752	MON	38,817.94	116,454.00	12/8/2009	11/15/2024
3620AFY35	GNMA POOL # 728930			2		124,010.64	0	126,012.22	116,527.41	123,707.03	2,305.19		(320.84	)	—	—	4.5	1.461	MON	436.98	1,311.00	10/7/2010	12/15/2024
3620AKQR0	GNMA POOL # 732264			2		274,432.99	0	278,922.58	257,872.72	273,745.79	5,176.79		(1,975.87	)	—	—	4.5	1.828	MON	967.02	2,901.00	10/7/2010	4/15/2025
3620AKR57	GNMA POOL # 732308			2		66,723.34	0	67,814.91	62,697.02	66,571.35	1,243.56		(1,558.73	)	—	—	4.5	0.861	MON	235.11	705.00	10/7/2010	4/15/2025
3620AL5N0	GNMA POOL # 733553			2		656,121.50	0	666,855.36	616,528.80	654,581.77	12,273.59		(5,301.12	)	—	—	4.5	1.385	MON	2,311.98	6,936.00	10/7/2010	4/15/2025
3620AQ5X7	GNMA POOL # 737162			2		384,086.86	0	390,370.37	360,909.71	383,118.06	7,252.31		(1,178.75	)	—	—	4.5	1.864	MON	1,353.41	4,060.00	10/7/2010	4/15/2025
3620AQ6A6	GNMA POOL # 737165			2		1,509,481.54	0	1,534,175.97	1,418,394.05	1,505,877.07	28,298.90		(5,608.56	)	—	—	4.5	1.537	MON	5,318.98	15,957.00	10/7/2010	4/15/2025
3620AQG72	GNMA POOL # 736522			2		677,435.62	0	688,518.15	636,556.74	675,813.88	12,704.27		(3,044.20	)	—	—	4.5	1.556	MON	2,387.09	7,161.00	10/7/2010	4/15/2025
3620AQHC0	GNMA POOL # 736527			2		295,695.63	0	300,533.08	277,852.31	294,978.71	5,554.37		(1,861.08	)	—	—	4.5	1.644	MON	1,041.95	3,126.00	10/7/2010	4/15/2025
3620AQXC2	GNMA POOL # 736975			2		504,497.01	0	512,750.36	474,053.87	503,276.90	9,473.46		(1,878.05	)	—	—	4.5	1.502	MON	1,777.70	5,333.00	10/7/2010	2/15/2025
3620ASPY9	GNMA POOL # 738539			2		6,367,622.86	107.443	6,368,893.23	5,927,678.02	6,363,334.57	5,558.66		(25,839.04	)	—	—	4	2.052	MON	19,758.93	59,277.00	10/3/2011	7/15/2041
3620AWE48	GNMA POOL # 741855			2		269,731.29	0	274,143.97	253,454.74	269,060.49	5,083.48		(888.41	)	—	—	4.5	1.841	MON	950.46	2,851.00	10/7/2010	5/15/2025
3620AWE63	GNMA POOL # 741857			2		246,848.89	0	250,887.24	231,953.16	246,254.34	4,632.90		(234.10	)	—	—	4.5	1.659	MON	869.82	2,609.00	10/7/2010	5/15/2025
36210B4N2	GNMA POOL # 487829			2		426,534.81	102.844	445,654.94	412,110.94	425,558.38	20,096.56		(2,651.24	)	—	—	4.5	2.821	MON	1,545.42	4,636.00	3/26/2009	4/15/2024
36210B4Q5	GNMA POOL # 487831			2		158,000.11	0	161,386.10	149,453.27	157,660.42	3,725.68		(89.66	)	—	—	5	1.967	MON	622.72	1,868.00	9/29/2009	4/15/2024
36210B4R3	GNMA POOL # 487832			2		554,091.99	104.229	572,566.98	530,231.58	552,541.33	20,025.65		(260.55	)	—	—	5	2.745	MON	2,209.30	6,628.00	3/26/2009	4/15/2024
36210BZH1	GNMA POOL # 487744			2		755,450.25	0	771,639.68	714,584.92	753,738.12	17,901.56		(379.17	)	—	—	5	2.059	MON	2,977.44	8,932.00	9/29/2009	3/15/2024
36210BZJ7	GNMA POOL # 487745			2		550,303.41	0	562,096.49	520,535.28	549,038.73	13,057.76		(1,663.50	)	—	—	5	2.091	MON	2,168.90	6,507.00	9/29/2009	3/15/2024
36211V6Q8	GNMA POOL # 524779			2		236,854.37	104.229	244,934.87	226,824.47	236,132.24	8,802.63		(4,310.52	)	—	—	5	3	MON	945.10	2,835.00	3/26/2009	1/15/2024
36225BPY8	GNMA POOL # 781339			2		293,401.05	113.5	301,707.97	265,822.00	291,894.50	9,813.47		(864.97	)	—	—	8	5.475	MON	1,772.15	5,316.00	3/7/2008	9/15/2031
36225C5S1	GNMA POOL # 080856			2		9,034,721.73	0	9,272,587.52	8,825,125.00	9,029,891.97	242,695.55		(6,147.26	)	—	—	1.75	1.306	MON	12,869.97	38,610.00	3/2/2011	3/20/2034
36225C6Y7	GNMA POOL # 080886			2		9,261,548.14	102.62	9,272,390.93	9,035,656.72	9,256,430.71	15,960.22		(7,894.95	)	—	—	1.75	1.279	MON	13,177.00	39,531.00	3/2/2011	4/20/2034
36225CD29	GNMA POOL # 080120			2		405,511.97	101.02	411,407.14	401,372.82	405,216.46	6,190.68		(166.06	)	—	—	1.625	1.333	MON	543.53	1,798.00	3/18/2009	10/20/2027
36225DAS3	GNMA POOL # 080916			2		321,259.16	100.563	334,424.27	322,822.82	321,339.94	13,084.33		54.88		—	—	1.75	1.827	MON	470.78	1,412.00	4/17/2008	5/20/2034
36225DJA3	GNMA POOL # 081156			2		849,470.03	102.185	875,719.19	847,087.63	849,328.31	26,390.88		(64.72	)	—	—	1.625	1.559	MON	1,147.10	3,530.00	3/18/2009	11/20/2034
36225DJZ8	GNMA POOL # 081179			2		838,048.98	97.85	845,401.05	835,698.58	837,905.60	7,495.45		(52.63	)	—	—	1.625	1.561	MON	1,131.68	3,482.00	3/18/2009	12/20/2034
36225DLE2	GNMA POOL # 081224			2		534,260.94	99.1	555,741.49	536,777.10	534,348.29	21,393.20		61.05		—	—	1.75	1.832	MON	782.80	2,348.00	3/18/2009	1/20/2035
36225EVZ2	GNMA POOL # 082431			2		3,497,238.92	104.693	3,616,174.68	3,454,063.14	3,494,076.41	122,098.27		(1,905.00	)	—	—	3	2.908	MON	8,635.16	25,905.00	10/28/2009	12/20/2039
36225EWE8	GNMA POOL # 082444			2		654,181.17	105.22	674,007.09	640,569.08	653,932.64	20,074.45		(935.15	)	—	—	3.75	2.915	MON	2,001.78	6,005.00	11/3/2009	12/20/2039
362341RT8	GSAA WHOLE CMO 05-AR6 1A1			2		180,894.29	89.5	163,509.93	182,692.66	181,182.47	(17,672.54	)	127.11		—	—	2.673	3.054	MON	406.99	1,229.00	11/21/2007	8/1/2018
36241K6L7	GNMA POOL # 782675			2		73,335.95	0	74,519.62	68,910.60	73,149.78	1,369.84		(386.46	)	—	—	4.5	1.32	MON	258.41	775.00	10/7/2010	6/15/2024
36241KBP2	GNMA POOL # 781846			2		4,827,521.30	116.759	5,459,149.30	4,675,565.44	4,821,876.99	637,272.31		(8,029.97	)	—	—	6.5	5.673	MON	25,325.98	75,978.00	8/15/2008	9/15/2034
36241KEC8	GNMA POOL # 781931			2		3,348,298.86	116.372	3,773,827.90	3,242,904.48	3,344,508.07	429,319.83		(5,882.98	)	—	—	6.5	5.699	MON	17,565.73	52,697.00	8/15/2008	5/15/2035
36241KEH7	GNMA POOL # 781936			2		2,601,480.11	108.756	2,736,485.84	2,516,166.36	2,599,637.04	136,848.80		(8,510.35	)	—	—	4.5	3.5	MON	9,435.62	28,307.00	6/3/2010	6/15/2035
36241KGU6	GNMA POOL # 782011			2		202,660.84	110.639	219,421.01	198,322.41	202,550.53	16,870.48		(269.10	)	—	—	5	4.244	MON	826.34	2,479.00	7/14/2009	12/15/2035
36241KKB3	GNMA POOL # 782090			2		4,073,218.95	107.635	4,515,321.19	3,918,911.80	4,065,955.14	449,366.05		(6,141.58	)	—	—	6.5	5.56	MON	21,227.44	63,682.00	11/30/2007	5/15/2036
36241LHQ2	GNMA POOL # 782939			2		6,926,291.54	110.698	7,317,112.83	6,609,993.03	6,920,900.19	396,212.64		(18,433.76	)	—	—	5	3.715	MON	27,541.63	82,625.00	4/23/2010	9/15/2036
36241LN36	GNMA POOL # 783110			2		1,565,605.01	111.827	1,616,865.03	1,445,869.00	1,564,477.55	52,387.48		(5,877.51	)	—	—	5.5	2.567	MON	6,626.90	19,881.00	9/23/2010	4/15/2036
36290SJB8	GNMA POOL # 615958			2		7,859,338.12	0	8,328,399.42	7,500,430.77	7,850,199.31	478,200.11		(26,986.18	)	—	—	5	3.832	MON	31,251.79	93,755.00	4/23/2010	9/15/2033
36292DWW8	GNMA POOL # 646061			2		253,531.35	106.297	280,108.66	243,122.67	253,123.40	26,985.26		(520.06	)	—	—	6.5	4.861	MON	1,316.91	3,951.00	1/31/2008	11/15/2037
36295KAT0	GNMA POOL # 672418			2		141,957.67	115.213	156,838.87	136,129.62	141,731.09	15,107.78		(1,579.67	)	—	—	6.5	4.897	MON	737.37	2,212.00	1/31/2008	12/15/2037
36295P4L3	GNMA POOL # 676827			2		784,385.07	104.785	810,327.47	750,719.95	782,016.68	28,310.79		(385.39	)	—	—	5	2.617	MON	3,128.00	9,384.00	3/26/2009	5/15/2023
36295PZJ4	GNMA POOL # 676745			2		275,639.52	104.785	284,926.35	263,967.23	274,800.24	10,126.11		(2,321.07	)	—	—	5	2.648	MON	1,099.86	3,300.00	3/26/2009	3/15/2023
36295QJE1	GNMA POOL # 677161			2		1,362,141.26	104.785	1,401,011.53	1,297,953.41	1,358,626.00	42,385.53		(6,909.30	)	—	—	5	2.55	MON	5,408.14	16,224.00	4/27/2009	8/15/2023
36295TVQ4	GNMA POOL # 680223			2		135,949.70	106.297	150,201.08	130,368.29	135,730.53	14,470.55		(520.29	)	—	—	6.5	4.812	MON	706.16	2,118.00	1/31/2008	1/15/2038
36296A5Y6	GNMA POOL # 685863			2		157,520.85	0	160,064.85	148,015.47	157,027.08	3,037.77		(220.70	)	—	—	4.5	1.749	MON	555.06	1,665.00	10/7/2010	5/15/2023
36296DR67	GNMA POOL # 688209			2		152,823.89	107.94	157,149.80	145,589.89	152,508.22	4,641.58		(83.41	)	—	—	5	2.157	MON	606.62	1,820.00	7/29/2009	7/15/2023
36296E5H5	GNMA POOL # 689448			2		369,697.71	104.785	382,153.55	354,042.41	368,590.84	13,562.71		(229.13	)	—	—	5	2.745	MON	1,475.18	4,426.00	3/26/2009	7/15/2023
36296TPY3	GNMA POOL # 700739			2		684,433.78	105.631	706,773.21	648,224.37	681,612.42	25,160.79		(4,871.79	)	—	—	5.5	2.472	MON	2,971.03	8,913.00	6/3/2009	10/15/2023
36296U3C2	GNMA POOL # 701995			2		596,830.89	104.785	616,939.27	571,557.34	595,258.42	21,680.85		(9,090.44	)	—	—	5	2.456	MON	2,381.49	7,144.00	3/26/2009	1/15/2024
36296UC73	GNMA POOL # 701294			2		327,197.72	104.229	338,006.32	313,014.25	326,259.84	11,746.48		(210.03	)	—	—	5	2.68	MON	1,304.23	3,913.00	3/27/2009	1/15/2024
36296URS1	GNMA POOL # 701697			2		988,408.13	0	1,009,589.89	934,941.18	986,065.55	23,524.34		(3,789.89	)	—	—	5	2.129	MON	3,895.59	11,687.00	9/29/2009	2/15/2024
36296UUL2	GNMA POOL # 701787			2		699,032.48	104.229	728,329.73	674,477.29	697,557.09	30,772.64		(6,533.27	)	—	—	5	2.913	MON	2,810.32	8,431.00	6/11/2009	3/15/2024
36296UXG0	GNMA POOL # 701879			2		428,831.88	0	435,753.36	402,954.64	427,734.32	8,019.04		(3,629.21	)	—	—	4.5	1.313	MON	1,511.08	4,533.00	10/7/2010	5/15/2024
36296XHH0	GNMA POOL # 704132			2		199,400.74	0	203,590.41	188,614.34	198,981.30	4,609.11		(109.22	)	—	—	5	1.765	MON	785.89	2,358.00	9/29/2009	12/15/2023
36296XLY8	GNMA POOL # 704243			2		599,296.08	104.229	624,413.25	578,244.36	597,901.89	26,511.36		(256.16	)	—	��	5	3.196	MON	2,409.35	7,228.00	6/11/2009	1/15/2024
36296XWP5	GNMA POOL # 704554			2		2,963,575.13	104.229	3,089,645.16	2,861,197.91	2,957,212.91	132,432.25		(7,741.09	)	—	—	5	3.186	MON	11,921.66	35,765.00	6/11/2009	6/15/2024

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIRVALUE				CHANGEINBOOK/ADJUSTEDCARRYINGVALUE							INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
36297A3K7	GNMA			2		616,749.02	104.229	637,789.96	590,632.00	615,099.28	22,690.68		(328.75	)	—	—		5	2.536	MON	2,460.97	7,383.00	3/26/2009	1/15/2024
36297AKC6	GNMA POOL # 705991			2		103,317.60	0	104,985.16	97,083.03	103,051.17	1,933.99		(499.28	)	—	—		4.5	1.033	MON	364.06	1,092.00	10/7/2010	1/15/2024
36297AKF9	GNMA POOL # 705994			2		746,467.07	0	762,463.99	706,087.68	744,868.04	17,595.95		(2,983.79	)	—	—		5	1.85	MON	2,942.03	8,826.00	9/29/2009	1/15/2024
36297CV22	GNMA POOL # 708133			2		76,647.44	0	77,884.55	72,022.26	76,444.50	1,440.05		(76.95	)	—	—		4.5	1.286	MON	270.08	810.00	10/7/2010	1/15/2024
36297DFF9	GNMA POOL # 708566			2		1,821,954.20	0	1,860,999.01	1,723,397.41	1,817,182.84	43,816.17		(1,001.99	)	—	—		5	2.408	MON	7,180.82	21,542.00	9/29/2009	4/15/2024
36297DP35	GNMA POOL # 708842			2		71,197.66	0	72,346.81	66,901.34	71,013.98	1,332.83		(62.21	)	—	—		4.5	1.377	MON	250.88	753.00	10/7/2010	5/15/2024
36297DTR8	GNMA POOL # 708960			2		911,408.45	104.229	942,501.98	872,813.72	908,847.09	33,654.89		(15,945.09	)	—	—		5	2.819	MON	3,636.73	10,910.00	3/26/2009	3/15/2024
36297G2R0	GNMA POOL # 711884			2		2,334,208.72	0	2,384,231.24	2,207,942.04	2,329,096.79	55,134.45		(2,837.72	)	—	—		5	2.011	MON	9,199.76	27,599.00	9/29/2009	4/15/2024
36297GCD0	GNMA POOL # 711168			2		1,001,665.08	0	1,018,051.86	941,221.04	999,302.68	18,749.18		(4,691.45	)	—	—		4.5	1.264	MON	3,529.58	10,589.00	10/7/2010	2/15/2025
36297JJ54	GNMA POOL # 713184			2		1,623,893.07	0	1,658,693.39	1,536,050.20	1,619,304.19	39,389.20		(872.02	)	—	—		5	2.559	MON	6,400.21	19,201.00	9/29/2009	4/15/2024
36297KZF1	GNMA POOL # 714542			2		459,070.27	104.229	478,166.24	442,810.80	457,862.52	20,303.72		(2,527.64	)	—	—		5	3.557	MON	1,845.05	5,535.00	6/11/2009	6/15/2024
36830HAC6	GE EQUIPMENT SMALL TICKET LLC ABS 11-1			2		1,699,745.68	100.48	1,708,160.05	1,700,000.00	1,699,851.04	8,309.01		27.12		—	—		1.45	1.46	MON	684.72	6,163.00	2/1/2011	2/21/2014
369550AK4	GENERAL DYNAMICS CORPORATION CORP BND					803,002.50	104.149	781,116.03	750,000.00	775,789.23	5,326.80		(5,707.90	)	—	—		4.25	1.153	MN	12,041.67	—	1/14/2011	5/15/2013
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND					4,489,680.00	114.271	4,570,830.68	4,000,000.00	4,310,593.00	260,237.68		(21,711.40	)	—	—		5.375	2.94	FA	27,472.22	107,500.00	2/17/2010	8/15/2015
369550AN8	GENERAL DYNAMICS CORPORATION CORP BND					7,012,114.50	108.299	6,876,979.46	6,350,000.00	6,862,127.86	14,851.60		(68,954.32	)	—	—		5.25	0.813	FA	55,562.50	166,688.00	9/12/2011	2/1/2014
36962G3T9	GE CAPITAL CORP CORP BND					104,630.90	104.32	104,320.40	100,000.00	101,488.86	2,831.54		(335.95	)	—	—		4.8	3.387	MN	2,000.00	—	10/29/2009	5/1/2013
36962G4D3	GE CAPITAL CORP  CORP BND MTN					261,337.50	116.647	291,617.51	250,000.00	259,078.92	32,538.59		(249.87	)	—	—		6	5.395	FA	2,250.00	7,500.00	10/29/2009	8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND					230,445.00	101.101	227,477.25	225,000.00	225,736.71	1,740.54		(494.74	)	—	—		3.5	2.599	FA	1,050.00	3,938.00	10/20/2009	8/13/2012
36962G4T8	GE CAPITAL CORP CORP BND					7,243,470.00	102.673	7,751,776.70	7,550,000.00	7,316,963.14	434,813.56		15,199.58		—	—		2.25	3.162	MN	67,006.26	—	2/22/2012	11/9/2015
36962G5B6	GE CAPITAL CORP CORP BND MTN					9,897,800.00	100.138	10,013,800.00	10,000,000.00	9,907,826.64	105,973.36		10,026.64		—	—		1.213	1.524	JAJO	27,954.86	13,233.00	1/5/2012	4/7/2014
36962G5D2	GE CAPITAL CORP CORP BND					5,000,000.00	98.558	4,927,899.95	5,000,000.00	5,000,000.00	(72,100.05	)	—		—	—		1.39	1.138	FMAN	10,038.89	16,757.00	5/4/2011	5/9/2016
36962G5M2	GE CAPITAL CORP CORP BND MTN					1,648,284.00	102.208	1,686,428.22	1,650,000.00	1,648,410.90	38,017.32		215.86		—	—		2.15	2.186	JJ	8,080.41	—	1/4/2012	1/9/2015
36962GK86	GE CAPITAL CORP CORP BND					1,589,400.00	108.396	1,625,933.88	1,500,000.00	1,552,469.43	73,464.45		(5,093.57	)	—	—		4.75	3.255	MS	3,166.67	35,625.00	5/19/2010	9/15/2014
36962GZY3	GENERAL ELEC CAP CO CORP BND MTN					159,667.65	103.81	155,715.00	150,000.00	152,470.17	3,244.83		(771.85	)	—	—		5.45	3.314	JJ	1,725.84	4,088.00	10/29/2009	1/15/2013
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					3,255,096.00	100.365	3,261,862.50	3,250,000.00	3,250,297.38	11,565.12		(397.97	)	—	—		2.2	2.15	JD	22,443.06	—	2/20/2009	6/8/2012
BRSBLZKK9	NBTY  INC. TERM LOAN			2		2,963,040.48	100.01	3,021,795.33	3,021,493.18	2,968,807.11	52,988.22		2,342.52		—	—		0	0.313	JAJO	—	32,460.00	8/17/2011	10/1/2017
373334JM4	GEORGIA POWER COMPANY CORP BND					14,714,084.40	107.856	14,107,586.12	13,080,000.00	13,825,348.55	282,237.57		(115,211.34	)	—	—		6	2.311	MN	327,000.00	—	4/9/2010	11/1/2013
373334JV4	GEORGIA POWER COMPANY CORP BND					3,399,082.00	105.27	3,579,172.89	3,400,000.00	3,399,239.90	179,932.99		43.77		—	—		3	3.006	AO	47,033.33	—	4/12/2011	4/15/2016
377372AC1	GLAXOSK CAP INC CORP BND					17,366,820.50	104.877	17,173,616.12	16,375,000.00	16,699,368.10	474,248.02		(72,359.73	)	—	—		4.85	3.036	MN	300,026.38	—	1/24/2011	5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND					819,037.50	106.983	802,369.94	750,000.00	783,415.76	18,954.18		(3,835.48	)	—	—		6	3.755	MN	18,750.00	—	10/29/2009	5/1/2014
38141EA74	GOLDMAN SACHS GROUP INC CORP BND					1,739,374.40	101.706	1,749,341.38	1,720,000.00	1,734,420.67	14,920.71		(1,015.48	)	—	—		3.7	3.432	FA	10,606.67	31,820.00	1/5/2011	8/1/2015
38141GCG7	GOLDMAN SACHS GROUP INC CORP BND					1,402,821.06	101.888	1,359,185.92	1,334,000.00	1,347,128.91	12,057.01		(7,780.93	)	—	—		5.7	3.294	MS	6,336.50	38,019.00	5/28/2010	9/1/2012
38141GDB7	GOLDMAN SACHS GROUP INC CORP BND					53,919.00	103.62	51,810.19	50,000.00	51,494.23	315.96		(365.43	)	—	—		5.25	2.212	AO	1,312.50	—	7/26/2010	4/1/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND					7,048,286.00	106.175	7,246,477.27	6,825,000.00	7,003,112.61	243,364.66		(33,221.37	)	—	—		5.125	4.122	JJ	73,842.70	140,938.00	1/19/2012	1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC  CORP BND					213,708.00	104.898	209,795.46	200,000.00	206,642.20	3,153.26		(900.09	)	—	—		5.15	3.223	JJ	2,174.44	5,150.00	3/18/2010	1/15/2014
38143USB8	GOLDMAN SACHS GROUP INC SENIOR CORP BND					13,978,799.50	98.192	13,697,784.14	13,950,000.00	13,968,864.69	(271,080.55	)	(2,491.13	)	—	—		1.527	1.235	FMAN	31,952.48	51,158.00	7/12/2011	2/7/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					5,092,400.00	102.427	5,121,350.00	5,000,000.00	5,013,251.80	108,098.20		(5,569.18	)	—	—		5.45	4.982	MN	113,541.67	—	5/13/2008	11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					9,324,000.00	100.61	9,054,900.90	9,000,000.00	9,020,699.49	34,201.41		(25,115.39	)	—	—		3.25	2.116	JD	86,125.00	—	2/20/2009	6/15/2012
383742TU7	GNMA CMO 08-17 EH			2		2,118,895.92	104.589	2,109,650.84	2,017,095.62	2,088,026.04	21,624.80		(22,649.45	)	—	—		5.25	1.265	MON	8,824.80	26,474.00	3/15/2011	5/1/2014
38374C3K5	GOVERNMENT NATIONAL MORTGAGE A CMO_03-85			2		1,255,766.02	102.119	1,210,589.16	1,185,471.28	1,219,864.82	(9,275.66	)	(17,112.81	)	—	—		4.5	0.036	MON	4,445.52	13,337.00	4/26/2011	9/1/2013
38374CQ53	GNMA CMO_03-86 VJ			2		4,819,765.73	102.519	4,697,489.95	4,582,070.80	4,701,496.91	(4,006.96	)	(58,428.82	)	—	—		5.5	0.601	MON	21,001.16	63,003.00	5/13/2011	6/1/2013
38374GRG9	GNMA CMO_04-38 VA			2		1,456,727.93	105.556	1,444,245.75	1,368,221.12	1,420,776.85	23,468.90		(14,053.72	)	—	—		5	-0.419	MON	5,700.92	17,103.00	1/7/2011	11/1/2013
38374H7F1	GNMA AGENCY CMO 04-69-FG			2		2,283,176.45	100.08	2,282,862.82	2,281,037.99	2,282,113.05	749.77		(451.33	)	—	—		0.542	0.468	MON	377.59	3,253.00	5/21/2010	8/20/2013
38374JUS3	GNMA CMO_04-82 MA			2		5,732,474.94	104.844	5,652,899.74	5,391,702.49	5,646,139.60	6,760.14		(66,576.07	)	—	—		5	0.474	MON	22,465.42	67,396.00	3/9/2011	11/1/2014
38374VKJ7	GNMA CMO_09-45 BA			2		6,033,205.37	104.235	5,858,464.92	5,620,453.33	5,795,641.96	62,822.96		(45,973.00	)	—	—		5	0.036	MON	23,418.56	70,256.00	3/7/2011	10/1/2013
38374YGV9	GNMA_10-86 AGENCY CMO 10-86			2		2,660,088.41	104.266	2,629,743.70	2,522,157.90	2,654,775.36	(25,031.66	)	(7,175.50	)	—	—		3.5	-0.325	MON	7,356.29	7,356.00	2/15/2012	12/1/2015
38375PXQ9	GNMA CMO 08-11 FB			2		1,682,693.59	98.25	1,649,124.23	1,678,497.35	1,682,657.62	(33,533.39	)	(307.61	)	—	—		0.842	0.735	MON	431.71	3,652.00	3/8/2010	9/20/2037
38375XTH7	GNMA_08-72 CMO_08-72 V			2		3,237,001.50	102.262	3,122,851.39	3,053,775.00	3,115,693.28	7,158.11		(45,748.75	)	—	—		6	-0.533	MON	15,268.88	45,807.00	8/18/2010	12/1/2012
38376CUM9	GNMA CMO_09-79 PA			2		13,544,907.13	104.214	13,284,381.88	12,747,210.60	13,290,521.57	(6,139.69	)	(163,605.60	)	—	—		4.5	-2.428	MON	47,802.04	143,406.00	8/2/2011	9/1/2013
38376GZ29	GNMA CMBS_11-096 AB			2		5,064,772.62	101.891	5,109,452.94	5,014,626.36	5,063,033.57	46,419.37		(1,011.76	)	—	—		2.161	2.052	MON	9,028.42	27,085.00	7/7/2011	6/1/2031
38376JSV7	GNMA AGENCY CMO 09-103			2		1,816,751.07	104.707	1,810,066.37	1,728,695.63	1,806,557.64	3,508.73		(12,756.71	)	—	—		4.5	-1.809	MON	6,482.61	6,483.00	2/6/2012	12/1/2013
38376YC58	GNMA_10-47 AGENCY CMO 10-47			2		7,611,776.53	103.178	7,605,176.87	7,370,962.33	7,608,155.11	(2,978.24	)	(3,621.42	)	—	—		3	0.294	MON	18,427.40	—	3/21/2012	12/1/2014
BRSBMD3R1	PETCO ANIMAL SUPPLIES  INC.  TERM LOAN			2		4,884,558.08	99.9	4,944,545.46	4,949,494.95	4,890,609.61	53,935.85		2,586.08		—	—		0	0.205	FMAN	—	47,635.00	8/15/2011	11/24/2017
BRSBN61P1	TOMKINS PLC TERM LOAN		R	2		3,355,112.48	100	3,460,395.87	3,460,395.87	3,366,419.32	93,976.55		5,404.28		—	—		0	0.614	FMAN	—	—	8/17/2011	9/29/2016
BRSBNUWH2	HERTZ CORPORATION TERM LOAN			2		5,477,505.39	99.625	5,544,923.15	5,565,794.88	5,484,592.68	60,330.47		3,362.70		—	—		0	0.241	FMAN	—	27,245.00	1/26/2012	3/11/2018
BRSBPYZG1	ATLANTIC BROADBAND FINANCE LLC TERM LOAN			2		1,573,361.46	99.653	1,620,219.72	1,625,861.46	1,579,598.20	40,621.52		2,856.64		—	—		0	0.719	MJSD	—	16,439.00	8/22/2011	3/8/2016
BRSBPZM15	NOVELIS INC/GA TERM LOAN			2		2,504,549.61	99.625	2,597,273.17	2,607,049.61	2,515,211.43	82,061.74		4,519.32		—	—		0	0.713	MJSD	—	—	8/19/2011	3/10/2017
40414LAB5	HEALTH CARE PROPERTY INVESTORS CORP BND					6,767,745.00	101.006	6,817,923.82	6,750,000.00	6,760,971.79	56,952.03		(1,451.53	)	—	—		2.7	2.609	FA	30,375.00	91,125.00	1/20/2011	2/1/2014
404280AN9	HSBC HOLDINGS PLC SENIOR CORP BND		F			2,980,440.00	99.36	2,980,790.64	3,000,000.00	2,980,448.72	341.92		8.72		—	—		4	4.08	MS	333.33	—	3/27/2012	3/30/2022
40428HPG1	HSBC USA INC  SENIOR CORP BND					15,705,378.50	100.744	15,665,673.50	15,550,000.00	15,701,975.87	(36,302.37	)	(3,141.58	)	—	—		2.375	2.022	FA	49,241.67	—	3/2/2012	2/13/2015
40429CFV9	HSBC FINANCE CORP CORP BND					9,139,665.00	97.181	9,232,195.00	9,500,000.00	9,323,197.23	(91,002.23	)	23,847.35		—	—		0.822	1.592	JAJO	16,258.85	15,855.00	4/26/2010	1/15/2014
41283KAC1	HDMOT_10-1 ABS 10-1 A3			2		1,099,844.68	100.284	1,103,123.97	1,100,000.00	1,099,936.39	3,187.58		17.06		—	—		1.16	1.169	MON	567.11	3,190.00	11/17/2010	6/15/2013
41283KAD9	HDMOT_10-1 ABS_10-1 A4			2		1,497,187.50	100.981	1,514,722.20	1,500,000.00	1,498,356.40	16,365.80		256.00		—	—	��	1.53	1.606	MON	1,020.00	5,738.00	2/2/2011	2/15/2014
41283LAA3	HARLEY-DAVIDSON FINANCIAL CORP BND 144A					5,354,250.00	103.633	5,440,750.72	5,250,000.00	5,345,087.05	95,663.67		(5,600.71	)	—	—		3.875	3.379	MS	9,041.67	101,719.00	10/27/2011	3/15/2016
41283NAC5	HARLEY DAVIDSON MOTORCYCLE TRU ABS_11-1			2		7,000,000.00	100	7,000,000.00	7,000,000.00	7,000,000.00	—		—		—	—		0.442	0.442	MON	1,460.23	8,334.00	8/4/2011	2/15/2013
415864AK3	HARSCO CORPORATION  CORP BND					8,486,765.00	102.705	8,729,927.13	8,500,000.00	8,491,959.97	237,967.16		514.03		—	—		2.7	2.727	AO	105,825.00	—	6/2/2011	10/15/2015
419791YG7	HAWAII ST MUNI BND GO					2,007,940.00	105.93	2,118,600.00	2,000,000.00	2,004,671.74	113,928.26		(392.98	)	—	—		3	2.914	FA	10,000.00	30,000.00	2/10/2010	2/1/2015
423012AA1	HEINEKEN N.V. CORP BND 144A		F			2,991,930.00	99.341	2,980,236.75	3,000,000.00	2,991,930.00	(11,693.25	)	—		—	—		3.4	3.432	AO	—	—	3/29/2012	4/1/2022
423074AJ2	HEINZ H. J. COMPANY  CORP BND					3,203,550.00	103.633	3,178,386.60	3,000,000.00	3,181,146.82	(2,760.22	)	(22,403.18	)	—	—		5.35	0.641	JJ	33,883.33	—	1/31/2012	7/15/2013
423074AN3	HEINZ H. J. COMPANY SENIOR CORP BND					1,472,743.25	99.079	1,461,417.32	1,475,000.00	1,472,778.77	(11,361.45	)	35.52		—	—		1.5	1.532	MS	1,782.29	—	2/28/2012	3/1/2017
BRSBQ1JW5	CALPINE CORPORATION TERM LOAN			1		3,897,481.19	99.563	3,945,165.15	3,962,481.19	3,903,254.93	41,910.22		2,381.47		—	—		0	0.242	MJSD	—	—	8/16/2011	4/1/2018
427028AA3	CANADA GOVERNMENT GOVT BND		A			2,298,551.00	98.715	2,270,444.91	2,300,000.00	2,298,587.68	(28,142.77	)	36.68		—	—		0.875	0.888	FA	2,627.43	—	2/7/2012	2/14/2017
427866AS7	HERSHEY FOODS CORPORATION CORP BND					3,117,718.75	99.139	3,098,100.19	3,125,000.00	3,118,254.68	(20,154.49	)	424.90		—	—		1.5	1.549	MN	17,838.54	—	11/8/2011	11/1/2016
BRSBR4P35	JO-ANN STORES TERM LOAN			2		2,597,892.81	99.214	2,603,508.46	2,624,134.15	2,601,735.31	1,773.15		1,507.21		—	—		0	0.142	JAJO	—	32,169.00	3/15/2011	3/16/2018
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					6,576,217.00	108.632	6,490,772.28	5,975,000.00	6,219,302.37	271,469.91		(30,428.09	)	—	—		6.125	3.889	MS	30,497.40	182,984.00	10/26/2009	3/1/2014
428236AV5	HEWLETT-PACKARD COMPANY CORP BND					9,268,533.65	106.607	9,145,850.73	8,579,000.00	8,940,786.59	205,064.14		(44,474.04	)	—	—		4.75	2.734	JD	134,702.22	—	4/9/2010	6/2/2014
428236BJ1	HEWLETT-PACKARD COMPANY CORP BND					8,105,000.00	98.843	8,011,225.31	8,105,000.00	8,105,000.00	(93,774.69	)	—		—	—		0.889	0.653	FMAN	6,205.30	18,704.00	5/25/2011	5/30/2014
428236BW2	HEWLETT-PACKARD COMPANY UNSEC CORP BND					8,473,728.75	99.616	8,442,461.60	8,475,000.00	8,473,739.91	(31,278.31	)	11.16		—	—		2.6	2.603	MS	11,629.59	—	3/7/2012	9/15/2017
429827AB4	HEF_10-401 ABS 04-1 A2 144A			2		164,000.00	84.261	168,521.60	200,000.00	173,311.60	(4,790.00	)	2,040.56		—	—		0.619	3.351	MON	3.44	339.00	9/10/2009	4/25/2022
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1			2		164,000.00	84.261	168,521.60	200,000.00	173,127.48	(4,605.88	)	2,803.39		—	—		1.076	3.891	MON	179.34	388.00	9/10/2009	6/27/2022
429827AF5	HEF_10-401 ABS 04-1 A6 144A			2		164,000.00	84.261	168,521.60	200,000.00	172,486.55	(3,964.95	)	2,836.98		—	—		0.882	3.438	MON	29.40	331.00	9/10/2009	6/26/2023
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1			2		164,224.00	84.261	168,521.60	200,000.00	170,957.14	(2,435.54	)	1,355.00		—	—		0.229	2.26	MON	37.54	299.00	9/10/2009	9/25/2026
429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS_04-1			2		164,196.00	84.261	168,521.60	200,000.00	170,910.70	(2,389.10	)	2,003.34		—	—		0	2.764	MON	—	—	9/10/2009	1/25/2023
429827AN8	HEF_04-1 ABS 04-1 A13 144A			2		164,000.00	84.261	168,521.60	200,000.00	169,441.35	(919.75	)	971.54		—	—		0.644	2.431	MON	73.90	348.00	9/10/2009	10/25/2029
429827AQ1	HEF_04-1 ABS 04-1 A15 144A					246,000.00	84.628	253,883.40	300,000.00	248,971.55	4,911.85		(331.00	)	—	—		1.097	1.807	MON	242.79	614.00	9/10/2009	1/1/2044
43812KAC7	HAROT_10-2 ABS 10-2 A3			2		2,296,640.63	100.412	2,306,383.94	2,296,920.63	2,296,843.36	9,540.58		43.93		—	—		1.34	1.349	MON	1,111.45	7,695.00	5/12/2010	5/18/2013
43813BAC6	HAROT_2010-3 ABS_10-3 A3			2		1,346,808.08	100.06	1,345,408.85	1,344,602.09	1,345,738.87	(330.02	)	(430.13	)	—	—		0.7	0.559	MON	261.45	2,353.00	8/18/2011	5/21/2013
43813TAD5	HAROT_11-1 ABS_11-1 A4			2		2,199,414.14	101.895	2,241,689.08	2,200,000.00	2,199,607.13	42,081.95		48.19		—	—		1.8	1.815	MON	1,760.00	9,900.00	2/17/2011	2/15/2015
43813UAC4	HAROT_12-1 ABS 12-1			2		2,749,835.00	100.015	2,750,402.82	2,750,000.00	2,749,838.55	564.27		3.55		—	—		0.77	0.774	MON	941.11	1,294.00	2/14/2012	1/15/2016
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND					1,061,080.00	106.114	1,061,137.24	1,000,000.00	1,041,078.05	20,059.19		(5,367.59	)	—	—		3.875	1.635	FA	4,951.38	19,375.00	10/20/2011	2/15/2014
44328MAB0	HSBC BANK PLC CORP BND 144A		F			3,497,130.00	104.665	3,663,268.63	3,500,000.00	3,498,084.05	165,184.58		138.86		—	—		3.5	3.518	JD	31,645.83	—	6/21/2010	6/28/2015
44328MAD6	HSBC BANK PLC CORP BOND 144A		F			3,046,706.00	100.186	3,055,665.01	3,050,000.00	3,048,480.97	7,184.04		552.04		—	—		1.625	1.662	FA	6,746.01	24,781.00	8/5/2010	8/12/2013
44890GAD7	HART_12-A ABS 12-A			2		4,259,591.04	99.929	4,256,963.90	4,260,000.00	4,259,600.47	(2,636.57	)	9.43		—	—		0.95	0.955	MON	2,698.00	—	2/28/2012	12/15/2016
44920UAC2	HYUNDAI CAP SVC CORP BND 144A		F			2,982,210.00	104.578	3,137,326.50	3,000,000.00	2,985,668.44	151,658.06		747.55		—	—		4.375	4.498	JJ	23,333.33	65,625.00	1/20/2011	7/27/2016
44923QAB0	HYUNDAI CAPITAL AMERICA CORP BND 144A					1,991,020.00	102.477	2,049,540.10	2,000,000.00	1,991,482.66	58,057.44		366.11		—	—		4	4.092	JD	25,111.11	—	12/1/2011	6/8/2017
44923WAD3	HART ABS 10-A 4			2		8,149,863.90	103.256	8,415,385.19	8,150,000.00	8,149,782.99	265,602.20		(10.08	)	—	—		2.45	2.462	MON	8,874.44	49,919.00	5/5/2010	8/15/2015
44923YAC1	HART_10-B ABS 10-B A3			2		3,721,898.80	100.346	3,735,430.51	3,722,562.73	3,722,322.06	13,108.45		71.20		—	—		0.97	0.979	MON	1,604.83	9,027.00	8/19/2010	12/15/2013
44923YAD9	HART_10-B ABS_10-B A4			2		7,549,294.08	101.877	7,691,698.40	7,550,000.00	7,549,560.92	142,137.48		41.36		—	—		1.63	1.638	MON	5,469.56	30,766.00	8/19/2010	9/15/2015
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					6,015,244.20	102.608	6,177,001.60	6,020,000.00	6,019,409.68	157,591.92		257.47		—	—		5.05	5.068	AO	134,271.08	—	10/17/2007	10/22/2012
449786AN2	ING BANK NV CORP BND 144A		F			2,375,000.00	98.943	2,349,896.27	2,375,000.00	2,375,000.00	(25,103.73	)	—		—	—		1.875	1.652	MJSD	2,844.37	11,649.00	6/1/2011	6/9/2014
BRSBRMCQ8	WARNER CHILCOTT CORP TERM LOAN			2		1,591,045.87	99.874	1,631,174.89	1,633,232.76	1,593,865.75	37,309.14		1,603.90		—	—		0	0.399	MJSD	—	11,762.00	11/7/2011	3/15/2018

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

			Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1		2	3	4	5	6	7	8	9	10	11	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
4521518T3		ILLINOIS ST MUNI BND GO					3,144,919.00	101.804	3,155,924.00	3,100,000.00	3,111,710.18	44,213.82		(3,867.19	)	—	—	3.321	2.808	JJ	25,737.75	51,476.00	1/12/2010	1/1/2013
4521518V8		ILLINOIS ST MUNI BND GO					2,300,000.00	104.785	2,410,055.09	2,300,000.00	2,300,000.00	110,055.09		—		—	—	4.421	4.421	JJ	25,420.75	50,842.00	1/8/2010	1/1/2015
458140AH3		INTEL CORPORATION CORP BND					1,797,246.00	102.85	1,851,304.50	1,800,000.00	1,797,530.52	53,773.98		135.55		—	—	1.95	1.982	AO	18,720.00	—	9/14/2011	10/1/2016
45818WAE6		INTER-AMERICAN DEV BK CORP BND		F			10,232,329.30	101.274	10,228,674.20	10,100,000.00	10,205,457.75	23,216.45		(8,554.75	)	—	—	0.943	0.359	FMAN	10,583.68	13,328.00	2/22/2012	5/20/2014
4581X0AF5		INTER-AMERICAN DEV BK CORP BND EMTN		F			7,418,582.14	104.007	7,488,504.29	7,200,000.00	7,306,155.12	182,349.17		(20,591.04	)	—	—	3.5	2.314	JJ	58,100.00	126,000.00	11/12/2010	7/8/2013
4581X0AT5		INTER-AMERICAN DEV BK CORP BND		F			6,399,162.94	101.981	6,118,835.52	6,000,000.00	6,084,091.43	34,744.09		(37,699.21	)	—	—	4.75	2.168	AO	128,250.00	—	2/19/2010	10/19/2012
4581X0BM9		INTER-AMERICAN DEV BK CORP BND		F			998,720.00	101.687	1,016,870.04	1,000,000.00	999,461.79	17,408.25		103.12		—	—	1.625	1.667	JJ	3,430.56	8,125.00	5/26/2010	7/15/2013
459200GN5		IBM CORP CORP BND					3,209,710.75	108.884	3,157,627.68	2,900,000.00	3,013,604.10	144,023.58		(17,710.30	)	—	—	6.5	3.851	AO	86,919.45	—	6/11/2009	10/15/2013
459200GT2		IBM CORP CORP BND					4,987,545.58	100.62	5,030,997.86	5,000,000.00	4,994,174.82	36,823.04		1,068.27		—	—	1	1.087	FA	7,777.78	25,000.00	11/12/2010	8/5/2013
459200GW5		IBM CORP CORP BND					4,995,300.00	101.286	5,064,301.30	5,000,000.00	4,996,671.92	67,629.38		387.91		—	—	1.25	1.282	MN	24,131.94	—	5/9/2011	5/12/2014
459200GZ8		IBM CORP CORP BND					7,993,280.00	100.609	8,048,754.88	8,000,000.00	7,994,308.96	54,445.92		616.02		—	—	0.875	0.903	AO	29,166.67	—	11/15/2011	10/31/2014
459200HC8		IBM CORP CORP BND					9,034,797.75	98.715	8,958,390.79	9,075,000.00	9,035,976.42	(77,585.63	)	1,178.67		—	—	1.25	1.342	FA	17,330.72	—	2/22/2012	2/6/2017
45950KAT7		INTERNATIONAL FINANCE CO CORP BND		F			4,683,362.00	102.501	4,860,505.04	4,700,000.00	4,696,064.18	164,440.86		857.21		—	—	3.5	3.576	MN	62,144.45	—	12/14/2011	5/15/2013
45950KAZ3		INTERNATIONAL FINANCE CO CORP BND		F			9,756,880.00	105.307	10,004,164.24	9,500,000.00	9,624,806.27	379,357.97		(14,660.68	)	—	—	3	2.342	AO	125,875.00	—	12/11/2009	4/22/2014
BRSBRMD53		WARNER CHILCOTT CORP TERM LOAN		E	2		795,522.95	99.874	815,587.46	816,616.40	796,932.89	18,654.57		801.95		—	—	0	0.399	MJSD	—	5,881.00	11/7/2011	3/15/2018
BRSBRMD95		WARNER CHILCOTT CORP TERM LOAN		E	2		1,093,844.03	99.874	1,121,432.74	1,122,847.53	1,095,761.70	25,671.04		1,103.51		—	—	0	0.4	MJSD	—	8,086.00	11/7/2011	3/15/2018
46623EJF7		JPMORGAN CHASE & CO CORP BND MTN					5,775,000.00	100.444	5,800,640.60	5,775,000.00	5,775,000.00	25,640.60		—		—	—	1.361	1.103	JAJO	14,847.33	17,940.00	1/14/2011	1/24/2014
46623EJH3		JPMORGAN CHASE & CO CORP BND MTN					8,854,277.80	100.17	8,865,044.20	8,850,000.00	8,853,412.67	11,631.53		(320.27	)	—	—	1.224	1.059	MJSD	5,113.84	28,998.00	2/9/2012	5/2/2014
46623EJP5		JPMORGAN CHASE & CO SENIOR CORP BND MTN					11,916,652.50	100.343	11,965,933.04	11,925,000.00	11,916,733.64	49,199.40		81.14		—	—	1.875	1.899	MS	6,210.93	—	3/14/2012	3/20/2015
46625HCE8		JPMORGAN CHASE & CO CORP BND					182,024.50	108.476	189,832.33	175,000.00	179,021.56	10,810.77		(322.54	)	—	—	4.75	3.908	MS	692.71	4,156.00	10/29/2009	3/1/2015
46625HGT1		JPMORGAN CHASE & CO CORP BND					5,222,250.00	102.391	5,119,550.00	5,000,000.00	5,026,060.77	93,489.23		(12,685.80	)	—	—	5.375	4.31	AO	134,375.00	—	1/30/2008	10/1/2012
46625HHB9		JPMORGAN CHASE & CO CORP BND					7,647,350.00	104.1	7,807,507.87	7,500,000.00	7,556,090.23	251,417.64		(12,743.67	)	—	—	4.75	4.034	MN	148,437.50	—	2/22/2012	5/1/2013
46625HHN3		JPMORGAN CHASE & CO CORP BND					3,390,096.00	106.564	3,410,041.02	3,200,000.00	3,295,220.19	114,820.83		(10,534.06	)	—	—	4.65	3.216	JD	49,600.00	—	12/16/2009	6/1/2014
46625HHP8		JPMORGAN CHASE & CO  CORP BND					8,568,850.00	105.293	8,949,879.67	8,500,000.00	8,541,606.84	408,272.83		(3,520.77	)	—	—	3.7	3.515	JJ	62,026.39	157,250.00	3/18/2010	1/20/2015
46625HHX1		JPMORGAN CHASE & CO CORP BND					5,088,650.00	104.222	5,211,082.10	5,000,000.00	5,073,655.68	137,426.42		(4,391.83	)	—	—	3.45	3.048	MS	14,375.00	86,250.00	5/16/2011	3/1/2016
46625HJA9		JPMORGAN CHASE & CO CORP BND					5,440,420.00	102.953	5,482,253.91	5,325,000.00	5,437,084.27	45,169.64		(3,335.73	)	—	—	3.15	2.624	JJ	40,070.63	—	2/10/2012	7/5/2016
BRSBRMFR3		METROPCS WIRELESS INC TERM LOAN			2		7,071,266.64	98.925	7,111,555.84	7,188,835.83	7,080,808.00	30,747.84		3,775.79		—	—	0	0.247	MJSD	—	45,385.00	3/8/2012	3/19/2018
47787AAD9		JDOT_10-A ABS 10-A-A3			2		450,215.35	100.29	451,586.13	450,280.32	450,264.41	1,321.72		17.58		—	—	1.32	1.331	MON	264.16	1,486.00	4/15/2010	3/15/2013
47787BAB1		JDOT_12-A ABS 12-A			2		499,993.30	99.99	499,950.00	500,000.00	499,993.48	(43.48	)	0.18		—	—	0.59	0.591	MON	245.83	—	2/22/2012	6/16/2014
47787BAD7		JDOT_12-A ABS 12-A			2		3,999,112.40	99.747	3,989,880.00	4,000,000.00	3,999,133.73	(9,253.73	)	21.33		—	—	0.99	0.999	MON	3,300.00	—	2/22/2012	6/15/2018
478160AP9		J & J MEDICAL CORP BND		R			1,056,318.58	101.781	1,017,810.00	1,000,000.00	1,012,114.53	5,695.47		(8,025.62	)	—	—	5.15	1.877	FA	6,580.56	25,750.00	11/12/2010	8/15/2012
478160AW4		JOHNSON & JOHNSON CORP BND					122,861.25	104.023	130,029.35	125,000.00	123,164.36	6,864.99		47.26		—	—	2.95	3.15	MS	307.29	1,844.00	8/12/2010	9/1/2020
478160AX2		JOHNSON & JOHNSON CORP BND					6,991,810.00	101.505	7,105,315.07	7,000,000.00	6,994,150.32	111,164.75		679.54		—	—	1.2	1.24	MN	31,733.33	—	5/17/2011	5/15/2014
478366AY3		JOHNSON CONTROLS INC CORP BND					5,400,000.00	100.242	5,413,067.84	5,400,000.00	5,400,000.00	13,067.84		—		—	—	0.933	0.721	FMAN	7,699.31	11,669.00	2/1/2011	2/4/2014
479403AB3		JOHNSTON RE LTD CORP BND 144A		E			5,000,000.00	99.778	4,988,900.00	5,000,000.00	5,000,000.00	(11,100.00	)	—		—	—	6.5	6.551	MJSD	21,666.67	82,162.00	4/30/2010	5/8/2013
479403AC1		JOHNSTON RE LTD CORP BND 144A		F			3,500,000.00	100.143	3,505,005.00	3,500,000.00	3,500,000.00	5,005.00		—		—	—	7.6	7.669	MJSD	17,733.33	67,246.00	5/9/2011	5/8/2014
481247AK0		JPMORGAN CHASE BANK NA - GTD CORP BND					2,523,434.50	100.404	2,535,201.00	2,525,000.00	2,524,897.80	10,303.20		124.00		—	—	2.2	2.22	JD	16,356.39	—	2/18/2009	6/15/2012
BRSBRN2H7		MEG ENERGY CORP TERM LOAN		A	2		6,983,750.00	99.75	6,947,587.50	6,965,000.00	6,965,000.00	(17,412.50	)	(5,015.22	)	—	—	0	-0.331	MJSD	—	6,965.00	5/19/2011	3/18/2018
494550BG0		KINDER MORGAN ENERGY PARTNERS CORP BND					1,149,793.00	105.252	1,210,398.33	1,150,000.00	1,149,832.40	60,565.93		9.89		—	—	3.5	3.504	MS	3,354.17	20,125.00	2/23/2011	3/1/2016
BRSBT2DD8		FIRST DATA CORPORATION TERM LOAN			2		2,513,750.00	91.05	2,731,500.00	3,000,000.00	2,548,864.04	182,635.96		17,160.21		—	—	0	2.689	MJSD	—	34,675.00	10/4/2011	3/23/2018
49925JAE7		KWKF_20-10 ABS 10-1 A			2		870,101.80	96.595	852,262.12	882,304.59	871,322.50	(19,060.38	)	639.43		—	—	1.441	1.604	FMAN	1,200.43	3,341.00	9/15/2010	8/25/2026
50075NAX2		KRAFT FOODS INC. CORP BND					2,609,190.00	110.528	2,486,879.82	2,250,000.00	2,445,614.67	41,265.15		(25,249.07	)	—	—	6.75	2.024	FA	17,718.75	75,938.00	8/10/2010	2/19/2014
50075NBB9		KRAFT FOODS INC. CORP BND					5,709,690.00	108.442	5,693,217.86	5,250,000.00	5,589,876.99	103,340.87		(35,857.62	)	—	—	4.125	2.359	FA	30,593.75	108,281.00	8/4/2011	2/9/2016
50075NBC7		KRAFT FOODS INC. CORP BND					7,000,000.00	100.638	7,044,659.52	7,000,000.00	7,000,000.00	44,659.52		—		—	—	1.457	1.457	JAJO	23,223.08	—	1/5/2012	7/10/2013
500769AX2		KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			15,891,001.50	108.4	16,260,000.30	15,000,000.00	15,457,713.24	802,287.06		(42,977.79	)	—	—	4.125	2.87	AO	285,312.50	—	8/31/2009	10/15/2014
500769DG6		KFW GROUP CORP BND GOVT GUAR		F			5,068,965.55	100.078	5,003,895.75	5,000,000.00	5,001,327.81	2,567.94		(8,055.38	)	—	—	2.25	1.597	AO	51,562.50	—	2/19/2010	4/16/2012
500769EK6		KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			10,674,685.00	101.846	10,693,830.11	10,500,000.00	10,628,472.11	65,358.00		(15,732.32	)	—	—	1.5	0.884	AO	77,437.50	—	7/12/2011	4/4/2014
500769EP5		KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			14,500,000.00	99.962	14,494,489.71	14,500,000.00	14,500,000.00	(5,510.29	)	—		—	—	0.252	0.195	MON	1,318.20	10,322.00	6/8/2011	6/17/2013
502413BB2		L-3 COMMUN CORP CORP BND					2,581,098.00	105.191	2,734,972.01	2,600,000.00	2,582,328.49	152,643.52		854.77		—	—	3.95	4.113	MN	36,800.83	—	11/17/2011	11/15/2016
51218TAA5		LAKESIDE RE II LTD CORP BND 144A		F			9,750,000.00	101.4	9,886,500.00	9,750,000.00	9,750,000.00	136,500.00		—		—	—	7.82	7.895	MJSD	186,807.29	5,776.00	12/18/2009	1/8/2013
52205VAA3		LEASEPLAN CORPORATION NV - GTD CORP BND		F			22,359,864.30	100.948	21,948,386.31	21,900,000.00	21,928,588.43	19,797.88		(76,069.21	)	—	—	3	1.673	MN	262,800.00	—	10/28/2010	5/7/2012
532457BE7		ELI LILLY AND COMPANY CORP BND					2,087,017.00	106.726	2,027,801.79	1,900,000.00	2,008,795.21	19,006.58		(13,865.46	)	—	—	4.2	1.189	MS	5,541.67	39,900.00	10/28/2010	3/6/2014
539473AD0		LLOYDS TSB BANK PLC - GTD  CORP BND GOVT		F			3,829,031.25	100	3,750,000.00	3,750,000.00	3,750,093.33	(93.33	)	(8,473.81	)	—	—	1.581	0.393	JAJO	14,657.19	13,149.00	11/25/2009	4/2/2012
541502AB6		LOMA REINSURANCE CORP BND 144A		F			4,000,000.00	98.75	3,950,000.00	4,000,000.00	4,000,000.00	(50,000.00	)	—		—	—	18	18.421	MJSD	62,000.00	128,000.00	12/22/2011	1/9/2014
55264TCX7		MBNAS ABS 05-A2			2		5,000,000.00	99.999	4,999,937.50	5,000,000.00	5,000,000.00	(62.50	)	—		—	—	0.322	0.322	MON	759.69	4,454.00	7/7/2011	5/15/2012
BRSBTMS22		WESCO AIRCRAFT LN1 TERM LOAN			2		258,376.83	99.875	258,700.61	259,024.39	258,481.34	219.27		26.95		—	—	0	0.041	MJSD	—	2,783.00	4/4/2011	4/7/2017
55607EAA8		MACQUARIE GROUP LTD -GTD CORP BND GOVT		F			4,678,890.29	105.544	4,749,479.60	4,500,000.00	4,582,480.80	166,998.80		(11,680.45	)	—	—	4.1	2.992	JD	53,300.00	—	2/19/2010	12/17/2013
55608PAA2		MACQUARIE BANK LTD CORP BND 144A		F			5,996,040.00	100.443	6,026,569.08	6,000,000.00	5,996,115.72	30,453.36		87.05		—	—	5	5.015	FA	32,500.00	—	2/14/2012	2/22/2017
BRSBU37B5		PILOT TRAVEL CENTERS LLC  TERM LOAN					1,564,383.57	100.143	1,649,977.78	1,647,621.68	1,571,631.96	78,345.82		3,082.78		—	—	0	0.777	MJSD	—	17,700.00	8/24/2011	3/30/2018
57583PEM7		MASSACHUSETTS ST MUNITAX BND REV					4,625,000.00	105.72	4,889,550.05	4,625,000.00	4,625,000.00	264,550.05		—		—	—	2.983	2.983	JD	40,622.66	—	12/15/2010	12/15/2015
577081AV4		MATTEL INC CORP BND					1,495,470.00	101.537	1,523,054.36	1,500,000.00	1,495,808.41	27,245.95		212.38		—	—	2.5	2.565	MN	14,895.83	—	11/3/2011	11/1/2016
580169AM2		MCDONNELL DOUGLAS CORP CORP BND					5,169,456.25	100	4,375,000.00	4,375,000.00	4,375,000.00	—		(45,889.85	)	—	—	9.75	5.417	AO	213,281.25	—	5/31/2007	4/1/2012
BRSBU8QR8		TRANSTAR HOLDING COMPANY LN1 TERM LOAN					790,000.00	99.458	785,718.20	790,000.00	790,000.00	(4,281.80	)	—		—	—	0	0	MJSD	—	—	3/10/2011	12/21/2016
585055AU0		MEDTRONIC INC CORP BND					3,981,960.00	104.321	4,172,821.04	4,000,000.00	3,985,536.59	187,284.45		1,412.79		—	—	2.625	2.722	MS	4,666.67	52,500.00	3/10/2011	3/15/2016
BRSBW6C87		AMERISTAR CASINOS  INC. TERM LOAN			1		1,855,366.94	100.011	1,904,086.06	1,903,876.63	1,859,519.43	44,566.63		1,808.53		—	—	0	0.383	JAJO	—	19,673.00	8/15/2011	4/16/2018
587682AC9		MBART_10-A ABS 10-A-A3			2		496,944.69	100.534	499,696.25	497,040.36	497,012.66	2,683.59		15.17		—	—	1.42	1.433	MON	313.69	1,764.00	4/13/2010	7/15/2013
58768TAC0		MBALT_12-A ABS 12-A			2		1,999,889.60	100.493	2,009,868.00	2,000,000.00	1,999,890.75	9,977.25		1.15		—	—	1.14	1.145	MON	570.00	—	3/15/2012	11/17/2014
589331AK3		MERCK & CO INC CORP BND					8,701,862.50	110.582	8,846,576.57	8,000,000.00	8,417,480.33	429,096.24		(34,048.35	)	—	—	4.75	2.871	MS	31,666.67	190,000.00	2/17/2010	3/1/2015
59018YM40		MERRILL LYNCH & CO INC CORP BND					2,027,689.55	102.759	2,055,180.00	2,000,000.00	2,008,326.60	46,853.40		(2,392.36	)	—	—	5.45	4.941	FA	16,955.56	54,500.00	2/19/2010	2/5/2013
59018YN56		MERRILL LYNCH & CO INC CORP BND MTN					3,256,943.51	104.046	3,173,415.27	3,050,000.00	3,128,124.83	45,290.44		(17,770.78	)	—	—	6.15	3.675	AO	81,282.50	—	11/12/2010	4/25/2013
BRSBWG6S8		DELTA AIR LINES INC. TERM LOAN			1		5,384,281.38	99.75	5,450,078.10	5,463,737.44	5,393,423.41	56,654.69		2,872.45		—	—	0	0.253	JAJO	—	62,740.00	2/29/2012	4/20/2017
BRSBYALT0		EMERGENCY MEDICAL SVCS CORP  TERM LOAN			1		4,733,227.50	99.929	4,748,626.08	4,752,000.00	4,735,416.33	13,209.75		725.86		—	—	0	0.056	JAJO	—	54,046.00	6/20/2011	5/25/2018
594918AB0		MICROSOFT CORPORATION CORP BND					2,254,225.19	105.303	2,254,532.69	2,141,000.00	2,253,806.87	725.82		(418.32	)	—	—	2.95	0.499	JD	21,053.17	—	3/26/2012	6/1/2014
594918AF1		MICROSOFT CORPORATION CORP BND					4,023,730.00	100.65	4,026,002.80	4,000,000.00	4,016,117.12	9,885.68		(3,400.37	)	—	—	0.875	0.602	MS	388.89	17,500.00	7/13/2011	9/27/2013
594918AG9		MICROSOFT CORPORATION CORP BND					3,395,238.00	102.808	3,446,133.31	3,352,000.00	3,390,723.72	55,409.59		(2,719.25	)	—	—	1.625	1.283	MS	907.83	27,235.00	9/29/2011	9/25/2015
595620AD7		MIDAMERICAN ENERGY HOLDINGS CO CORP BND					14,515,750.75	103.482	14,382,578.06	13,255,000.00	14,011,026.05	371,552.01		(72,756.91	)	—	—	4.65	2.288	AO	308,178.75	—	7/29/2010	10/1/2014
6174466Q7		MORGAN STANLEY CORP BND MTN					4,262,240.00	104.925	4,196,992.48	4,000,000.00	4,261,772.24	(64,779.76	)	(2,600.16	)	—	—	6.625	5.336	AO	132,500.00	—	3/21/2012	4/1/2018
6174467N3		MORGAN STANLEY CORP BND					3,035,220.00	99.671	2,990,117.35	3,000,000.00	3,025,270.80	(35,153.45	)	(1,797.71	)	—	—	4	3.726	JJ	22,333.34	60,000.00	10/15/2010	7/24/2015
617446B99		MORGAN STANLEY CORP BND					469,255.00	0	475,495.00	500,000.00	486,638.19	(11,143.19	)	1,798.75		—	—	0.883	2.096	JAJO	1,017.33	864.00	10/22/2009	1/9/2014
617446HC6		MORGAN STANLEY CORP BND					560,894.25	100	525,000.00	525,000.00	525,000.00	—		(2,333.10	)	—	—	6.6	4.77	AO	17,325.00	—	1/25/2008	4/1/2012
617446HR3		MORGAN STANLEY CORP BND					1,205,448.75	102.808	1,156,595.31	1,125,000.00	1,160,142.72	(3,547.41	)	(9,453.01	)	—	—	5.3	1.843	MS	4,968.75	29,813.00	1/12/2011	3/1/2013
617446V89		MORGAN STANLEY CORP BND MTN					542,275.00	103.6	508,715.00	500,000.00	506,667.06	2,047.94		(3,987.84	)	—	—	5.75	2.482	FA	2,475.69	14,375.00	12/16/2009	8/31/2012
61746REV9		MSAC ABS 04-H1			2		941,018.20	51.241	788,263.79	939,550.16	940,555.24	(152,291.45	)	(23.47	)	—	—	0.982	0.969	MON	153.73	2,377.00	3/23/2006	2/25/2026
61746SBQ1		MORGAN STANLEY CORP BND					5,228,135.00	89.975	4,948,624.89	5,500,000.00	5,295,391.00	(346,766.11	)	13,657.98		—	—	1.047	1.841	JAJO	11,996.88	12,412.00	1/5/2011	10/15/2015
61747WAE9		MORGAN STANLEY  CORP BND					7,041,242.50	97.29	6,810,300.07	7,000,000.00	7,025,760.85	(215,460.78	)	(3,442.19	)	—	—	2.161	1.7	JAJO	28,574.55	36,056.00	2/11/2011	1/24/2014
61747YCE3		MORGAN STANLEY CORP BND MTN					3,582,880.00	105.121	3,679,235.88	3,500,000.00	3,570,784.92	108,450.96		(17,375.16	)	—	—	6	5.273	AO	89,250.00	—	9/23/2011	4/28/2015
61747YCF0		MORGAN STANLEY CORP BND					3,497,722.25	104.665	3,375,433.74	3,225,000.00	3,401,231.71	(25,797.97	)	(20,032.66	)	—	—	6	3.303	MN	74,175.00	—	1/6/2011	5/13/2014
61747YDC6		MORGAN STANLEY CORP BND					17,775,000.00	99.132	17,620,713.72	17,775,000.00	17,775,000.00	(154,286.28	)	—		—	—	1.533	1.282	JAJO	46,932.02	63,266.00	1/5/2012	4/29/2013
61757UAH3		MORGAN STANLEY-GTD  CORP BND GOVT GUAR					9,909,200.00	100.381	10,038,100.00	10,000,000.00	9,993,798.37	44,301.63		4,637.64		—	—	1.95	2.237	JD	54,708.33	—	2/25/2009	6/20/2012
BRSBZZDX4		GOLDEN LIVING LN1 TERM LOAN			1		4,919,368.82	94.175	4,815,166.63	5,112,998.81	4,935,132.37	(119,965.74	)	6,998.27		—	—	0	0.557	JAJO	—	43,430.00	10/4/2011	5/4/2018
62888UAA8		NGN_10-R2 CMBS_10-R2 1A			2		4,296,160.51	100	4,296,160.51	4,296,160.51	4,296,160.51	—		—		—	—	0.611	0.612	MON	1,901.23	7,100.00	6/10/2011	11/6/2017
62888VAA6		NCUA GUARANTEED NOTES NGN_10-R CMO_10-R1			2		1,392,060.49	100.156	1,394,232.10	1,392,060.49	1,392,060.49	2,171.61		—		—	—	0.693	0.694	MON	669.69	2,585.00	6/10/2011	10/7/2020
62888VAB4		NCUA GUARANTEED NOTES AGENCY CMO_10-R1			2		605,485.12	101.164	612,588.28	605,539.79	605,497.84	7,090.44		6.38		—	—	1.84	1.85	MON	835.65	2,785.00	9/7/2011	12/4/2015
62888XAC8		NCUA_10-C1 CMBS_10-C1 A-PT			2		4,691,259.29	103.667	4,872,948.36	4,700,578.16	4,693,368.26	179,580.10		315.44		—	—	2.65	2.735	MON	1,384.05	31,141.00	9/7/2011	7/1/2016
62888YAA0		NGN_11-R1 CMO_11-R1 IA			2		4,041,448.67	100.172	4,046,737.10	4,039,788.67	4,041,224.76	5,512.34		(90.98	)	—	—	0.693	0.683	MON	1,865.72	7,502.00	6/10/2011	1/8/2020
62889AAA1		NCUA GUARANTEED NOTES AGENCY ABS 10-A1 A			2		2,457,685.16	100.368	2,466,729.44	2,457,685.16	2,457,685.16	9,044.28		—		—	—	0.593	0.593	MON	930.72	3,927.00	6/10/2011	11/7/2020
62889EAA3		NGN_11-R3 NGN_11-R3 1A			2		4,518,065.48	100	4,518,065.48	4,518,065.48	4,518,065.48	—		—		—	—	0.642	0.643	MON	1,695.18	7,797.00	6/10/2011	3/11/2020
62889FAA0		NGN_11-R4 CMO_11R4-1A			2		4,602,460.44	99.938	4,599,606.91	4,602,460.44	4,602,460.44	(2,853.53	)	—		—	—	0.623	0.623	MON	2,075.07	10,373.00	6/10/2011	3/6/2020
62889GAA8		NCUA GUARANTEED NOTES CMO 11-R5 1A			2		4,487,972.26	100	4,487,972.26	4,487,972.26	4,487,972.26	—		—		—	—	0.623	0.623	MON	2,018.53	7,532.00	6/10/2011	4/6/2020
62889JAA2		NCUA GUARANTEED NOTES CMO_11-R6 1A			2		4,331,915.86	99.891	4,327,194.07	4,331,915.86	4,331,915.86	(4,721.79	)	—		—	—	0.621	0.622	MON	1,932.82	9,752.00	6/10/2011	5/7/2020
62889KAA9		NATIONAL CREDIT UNION ADMINIST AGENCY					3,200,000.00	99.938	3,198,016.00	3,200,000.00	3,200,000.00	(1,984.00	)	—		—	—	0.262	0.205	MON	465.34	2,395.00	6/8/2011	6/12/2013

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

			Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1	2		3	4	5	6	7	8	9	10	11	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
62944BAH7	BANK NEDERLANDSE GEMEENTEN UNSEC CORP			F			15,055,200.00	100.427	15,064,051.50	15,000,000.00	15,055,051.76	8,999.74		(148.24	)	—	—	1.375	1.249	MS	4,583.33	—	3/26/2012	3/23/2015
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO				2		891,016.04	94.686	897,121.13	881,921.22	890,137.68	6,983.45		(424.10	)	—	—	6.5	6.284	MON	4,777.07	14,331.00	10/3/2007	2/25/2035
63254AAA6	NATIONAL AUSTRALIA BANK LIMITE CORP BND			E			3,199,072.00	100.154	3,204,914.78	3,200,000.00	3,199,090.85	5,823.93		20.12		—	—	2	2.01	MS	3,911.11	—	3/1/2012	3/9/2015
63254AAB4	NATIONAL AUSTRALIA BANK LIMITE CORP BND			E			2,495,475.00	99.241	2,481,022.28	2,500,000.00	2,495,528.10	(14,505.82	)	60.03		—	—	2.75	2.789	MS	4,201.39	—	3/1/2012	3/9/2017
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F			8,188,453.32	105.497	8,439,760.16	8,000,000.00	8,119,136.33	320,623.83		(12,734.92	)	—	—	3.375	2.693	JJ	62,250.00	135,000.00	11/12/2010	7/8/2014
6325C0CA7	NATIONAL AUSTRALIA BANK LIMITE SENIOR			F			4,600,000.00	99.639	4,583,394.00	4,600,000.00	4,600,000.00	(16,606.00	)	—		—	—	1.302	1.01	JAJO	13,460.18	13,063.00	4/6/2011	4/11/2014
63307EAA5	NATIONAL BK OF CANADA CORP BND 144A			A			2,499,350.00	101.766	2,544,149.97	2,500,000.00	2,499,599.85	44,550.12		53.61		—	—	1.65	1.659	JJ	6,989.58	20,625.00	1/24/2011	1/30/2014
637432MM4	NATIONAL RURAL UTILITIES SECURED CORP						2,998,950.00	100.295	3,008,862.75	3,000,000.00	2,999,441.78	9,420.97		87.25		—	—	1.125	1.137	MN	14,062.50	—	10/25/2010	11/1/2013
637432MP7	NATIONAL RURAL UTILITIES CORP BND						2,462,145.40	99.566	2,459,285.91	2,470,000.00	2,462,563.94	(3,278.03	)	418.54		—	—	1	1.108	FA	4,048.06	—	1/26/2012	2/2/2015
63946BAA8	NBC UNIVERSAL MEDIA LLC CORP BND						2,599,743.39	102	2,651,995.04	2,600,000.00	2,599,820.72	52,174.32		21.72		—	—	2.1	1.33	AO	27,300.00	—	8/22/2011	4/1/2014
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV						1,329,837.50	102.317	1,278,962.51	1,250,000.00	1,270,218.94	8,743.57		(6,696.11	)	—	—	4.135	1.95	JJ	12,921.88	25,844.00	12/17/2009	1/1/2013
BRSBZZFY0	IASIS HLTHCARE CORP  TERM LOAN				1		3,340,208.30	99.958	3,385,618.05	3,387,040.61	3,344,820.97	40,797.08		1,728.98		—	—	0	0.2	JAJO	—	28,696.00	8/19/2011	5/3/2018
64127WAF0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F			4,988,500.00	100.258	5,012,900.15	5,000,000.00	4,989,249.26	23,650.89		749.26		—	—	0.875	0.953	JJ	8,628.47	—	1/11/2012	1/20/2015
65475HAB7	NALT_11-A ABS_11-A A2A				2		4,344,538.53	100.013	4,345,153.73	4,344,588.93	4,344,539.99	613.74		0.78		—	—	0.7	0.701	MON	1,351.65	7,603.00	7/14/2011	3/15/2013
65475NAD0	NISSAN AUTO LEASE TRUST NALT_1 ABS_11-B				2		1,199,775.12	100.14	1,201,680.00	1,200,000.00	1,199,826.89	1,853.11		25.58		—	—	0.92	0.93	MON	490.67	2,760.00	9/21/2011	2/15/2014
65475UAC6	NAROT_12-A ABS 12-A				2		2,699,638.74	99.895	2,697,177.26	2,700,000.00	2,699,653.42	(2,476.16	)	14.68		—	—	0.73	0.739	MON	876.00	1,205.00	2/15/2012	4/15/2015
65475VAC4	NAROT ABS 09-1 A3				2		567,303.62	100.807	552,710.80	548,284.99	551,511.79	1,199.01		(6,098.16	)	—	—	5	2.143	MON	1,218.41	6,854.00	5/24/2010	8/15/2012
65557CAG8	NORDEA BANK AB CORP BND 144A			F			6,975,000.00	99.733	6,956,376.89	6,975,000.00	6,975,000.00	(18,623.11	)	—		—	—	1.467	1.203	JAJO	21,317.35	23,924.00	1/11/2011	1/14/2014
65557FAB2	NORDEA BANK AB SENIOR CORP BND 144A			F			6,994,820.00	100.041	7,002,858.31	7,000,000.00	6,994,851.46	8,006.85		31.46		—	—	3.125	3.141	MS	6,684.03	—	3/14/2012	3/20/2017
65557FAC0	NORDEA BANK AB SENIOR CORP BND 144A			F			3,118,343.75	100.069	3,127,151.00	3,125,000.00	3,118,414.03	8,736.97		70.28		—	—	2.25	2.324	MS	2,148.44	—	3/14/2012	3/20/2015
65558AAA4	NORDEA EIENDOMSKREDITT CORP BND 144A			F			19,454,208.00	101.867	19,762,197.42	19,400,000.00	19,444,955.11	317,242.31		(5,492.24	)	—	—	1.875	1.757	AO	175,812.50	—	12/12/2011	4/7/2014
665859AJ3	NORTHERN TRUST CORPORATION CORP BND						7,654,145.00	106.491	7,986,813.90	7,500,000.00	7,551,969.89	434,844.01		(9,092.03	)	—	—	5.5	4.97	FA	52,708.34	206,250.00	3/23/2009	8/15/2013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND						1,623,326.25	106.395	1,728,925.26	1,625,000.00	1,624,337.29	104,587.97		84.96		—	—	4.125	4.148	FA	9,496.09	33,516.00	2/4/2009	2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND						6,008,362.50	101.552	6,093,096.78	6,000,000.00	6,004,948.14	88,148.64		(1,153.48	)	—	—	1.9	1.821	AO	49,716.66	—	1/28/2011	4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND						6,966,540.00	106.012	7,420,857.71	7,000,000.00	6,979,440.25	441,417.46		1,585.38		—	—	2.9	3.001	AO	88,530.55	—	3/9/2010	4/24/2015
BRSC095F6	IPAYMENT INC.  TERM LOAN				1		935,300.02	99.576	936,014.41	940,000.01	936,000.31	14.10		290.13		—	—	0	0.082	JAJO	—	13,679.00	5/3/2011	5/8/2017
BRSC103Q2	KAR HOLDINGS TERM LOAN				1		4,238,986.17	100.146	4,266,507.62	4,260,287.60	4,241,961.38	24,546.24		936.30		—	—	0	0.083	FMAN	—	36,094.00	5/16/2011	5/19/2017
674599CA1	OCCIDENTAL PETROLEUM CORP BND						6,542,205.50	101.458	6,645,519.50	6,550,000.00	6,545,529.30	99,990.20		645.54		—	—	1.45	1.491	JD	28,492.50	—	12/13/2010	12/13/2013
674599CB9	OCCIDENTAL PETROLEUM CORP BND						5,942,760.00	100.719	6,043,131.84	6,000,000.00	5,948,904.79	94,227.05		2,479.61		—	—	1.75	1.934	FA	13,416.67	51,625.00	8/15/2011	2/15/2017
68268NAF0	ONEOK  INC. CORP BND	��			1		2,673,395.00	104.324	2,790,678.56	2,675,000.00	2,673,757.24	116,921.32		75.62		—	—	3.25	3.263	FA	14,489.58	43,469.00	1/21/2011	2/1/2016
6832348A9	ONTARIO PROVINCE CORP BND			A			13,347,291.75	107.663	13,727,032.76	12,750,000.00	13,064,393.34	662,639.42		(34,251.78	)	—	—	4.1	2.938	JD	152,468.75	—	2/19/2010	6/16/2014
6832348Y7	ONTARIO PROVINCE CORP BND			A			5,224,450.00	105.571	5,278,549.95	5,000,000.00	5,186,861.44	91,688.51		(14,132.33	)	—	—	2.7	1.502	JD	39,375.00	—	7/28/2011	6/16/2015
68389XAD7	ORACLE CORPORATION CORP BND						7,224,846.50	104.673	7,327,120.43	7,000,000.00	7,113,076.15	214,044.28		(26,836.75	)	—	—	4.95	3.345	AO	159,775.01	—	9/7/2011	4/15/2013
BRSC10473	AEROFLEX INCORPORATED  TERM LOAN				1		3,800,936.04	98.75	3,754,917.68	3,802,448.28	3,801,158.07	(46,240.39	)	1,762.49		—	—	0	0.005	FMAN	—	41,358.00	5/19/2011	5/9/2018
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT						1,022,310.00	100.465	1,004,650.00	1,000,000.00	1,002,373.42	2,276.58		(2,633.92	)	—	—	2.3	1.234	JD	6,325.00	—	5/3/2010	6/22/2012
69353UAB7	PPL WEM HOLDINGS PLC CORP BND 144A			F			3,397,355.00	104.427	3,393,890.69	3,250,000.00	3,395,731.74	(1,841.05	)	(1,623.26	)	—	—	3.9	2.731	MN	52,812.50	—	3/9/2012	5/1/2016
69362BAS1	PSE&G POWER LLC CORP BND						1,099,885.31	110.946	1,109,461.21	1,000,000.00	1,076,072.71	33,388.50		(3,916.96	)	—	—	5.32	3.462	MS	2,364.44	26,600.00	9/15/2010	9/15/2016
69371RJ98	PACCAR FINL CORP BND						2,371,841.25	101.763	2,416,877.78	2,375,000.00	2,373,703.87	43,173.91		262.82		—	—	2.05	2.096	JD	14,065.28	—	6/9/2010	6/17/2013
69371RK54	PACCAR FINL UNSECURED CORP BND MTN						4,999,050.00	99.404	4,970,191.20	5,000,000.00	4,999,059.54	(28,868.34	)	9.54		—	—	1.6	1.604	MS	5,555.56	—	3/1/2012	3/15/2017
69373UAA5	PACCAR INC CORP BND						1,117,070.86	110.895	1,108,952.26	1,000,000.00	1,057,096.90	51,855.36		(7,291.84	)	—	—	6.875	3.692	FA	8,784.72	34,375.00	2/19/2010	2/15/2014
694308GD3	PACIFIC GAS AND ELECTRIC CO CORP BND						5,548,050.00	107.421	5,371,026.26	5,000,000.00	5,315,885.39	55,140.87		(40,415.27	)	—	—	4.8	1.444	MS	20,000.00	120,000.00	10/19/2010	3/1/2014
70659PAB7	PENAR_11-1-A1 ABS_11-1 A1 144A			F	2		7,300,000.00	100.199	7,314,520.43	7,300,000.00	7,300,000.00	14,520.43		—		—	—	0.892	0.893	MON	2,350.76	17,010.00	12/19/2011	5/20/2013
713448BK3	PEPSICO INC CORP BND						19,458,660.00	105.922	20,654,703.24	19,500,000.00	19,483,225.16	1,171,478.08		2,091.08		—	—	3.75	3.797	MS	60,937.51	365,625.00	2/25/2009	3/1/2014
713448BQ0	PEPSICO INC CORP BND						4,997,800.00	100.449	5,022,460.95	5,000,000.00	4,998,843.50	23,617.45		182.11		—	—	0.875	0.89	AO	18,958.34	—	10/19/2010	10/25/2013
713448BX5	PEPSICO INC SENIOR CORP BND						5,837,430.40	99.839	5,830,585.39	5,840,000.00	5,837,492.65	(6,907.26	)	62.25		—	—	0.75	0.765	MS	3,163.34	—	2/29/2012	3/5/2015
BRSC2UZX5	SENSATA TECHNOLOGIES FINANCE C TERM LOAN				1		3,525,512.56	99.906	3,564,658.63	3,568,012.56	3,528,696.91	35,961.72		1,555.71		—	—	0	0.175	FMAN	—	45,066.00	8/23/2011	5/12/2018
71645WAT8	PETROBRAS INTERNATIONAL FINANC CORP BND			F			797,304.00	105.006	840,045.29	800,000.00	797,893.41	42,151.88		127.07		—	—	3.875	3.95	JJ	5,511.11	15,500.00	1/20/2011	1/27/2016
71645WAV3	PETROBRAS INTERNATIONAL FINANC CORP BND			F			1,790,982.00	102.55	1,845,895.66	1,800,000.00	1,791,419.19	54,476.47		472.52		—	—	2.875	3.051	FA	7,906.25	—	2/1/2012	2/6/2015
717081DA8	PFIZER INC. CORP BND						555,530.00	112.931	564,657.40	500,000.00	533,397.54	31,259.86		(5,884.74	)	—	—	5.35	2.971	MS	1,188.89	13,375.00	2/17/2010	3/15/2015
71722TAF1	PHEAA_04-1 ABS_04-1-A2				2		452,730.00	89.728	448,641.50	500,000.00	461,539.18	(12,897.68	)	2,416.37		—	—	1.626	2.728	MON	601.40	1,891.00	3/9/2010	10/25/2021
71722TAG9	PHEAA_04-1 ABS_04-1-A3				2		1,177,098.00	89.747	1,166,707.10	1,300,000.00	1,204,384.82	(37,677.72	)	5,421.05		—	—	1.742	3.036	MON	803.73	4,956.00	3/9/2010	7/25/2018
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND						6,108,095.00	104.917	6,426,171.39	6,125,000.00	6,120,838.22	305,333.17		896.21		—	—	4.875	4.938	MN	111,972.66	—	5/13/2008	5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND						6,485,183.00	111.93	6,324,020.03	5,650,000.00	6,079,987.65	244,032.38		(58,363.98	)	—	—	6.875	2.856	MS	15,105.90	220,000.00	2/22/2012	3/17/2014
718546AD6	PHILLIPS 66 SENIOR CORP BND 144A						7,471,561.50	100.837	7,537,582.12	7,475,000.00	7,471,621.37	65,960.75		59.87		—	—	1.95	1.966	MS	7,693.03	—	3/7/2012	3/5/2015
718546AG9	PHILLIPS 66 SENIOR CORP BND 144A						5,449,019.00	101.911	5,554,163.40	5,450,000.00	5,449,019.00	105,144.40		—		—	—	2.95	2.953	MN	8,485.35	—	3/7/2012	5/1/2017
BRSC3CCP6	MANITOWOC CO  INC. TERM LOAN						396,408.00	99.7	397,204.80	398,400.00	396,672.80	532.00		75.79		—	—	0	0.076	FMAN	—	3,763.00	5/9/2011	11/13/2017
BRSC3G4F8	NEIMAN MARCUS GROUP INC. THE TERM LOAN				2		4,987,500.00	99.844	4,992,200.00	5,000,000.00	4,989,037.53	3,162.47		445.64		—	—	0	0.035	FMAN	—	60,035.00	5/10/2011	5/16/2018
BRSC4T6W0	BAKERCORP TERM LOAN				1		1,188,030.00	99.857	1,192,292.58	1,194,000.00	1,188,737.07	3,555.51		226.58		—	—	0	0.072	FMAN	—	—	5/19/2011	6/1/2018
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED						1,646,955.00	114.032	1,710,479.97	1,500,000.00	1,595,927.00	114,552.97		(6,241.18	)	—	—	4.95	3.07	MN	28,050.00	—	2/23/2010	11/15/2015
742651DF6	PRIVATE EXPORT FUNDING CORP AGENCY BND						8,367,504.00	103.359	8,268,719.52	8,000,000.00	8,263,387.63	5,331.89		(63,163.93	)	—	—	3.55	0.37	AO	130,955.55	—	11/2/2011	4/15/2013
742718DV8	PROCTER & GAMBLE COMPANY CORP BND						4,962,622.60	100.44	5,022,002.40	5,000,000.00	4,964,674.66	57,327.74		1,945.57		—	—	1.45	1.618	FA	9,263.89	36,250.00	12/27/2011	8/15/2016
742718DX4	PROCTER & GAMBLE COMPANY CORP BND						5,080,000.00	100.132	5,086,705.80	5,080,000.00	5,080,000.00	6,705.80		—		—	—	0.451	0.451	FMAN	3,547.60	—	2/1/2012	2/6/2014
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND						549,021.00	104.975	577,360.31	550,000.00	549,371.72	27,988.59		48.64		—	—	2.7	2.739	MN	6,187.50	—	5/17/2010	5/1/2015
74456QAY2	PUBLIC SERVICE ELECTRIC & GAS CORP BND						7,818,200.25	100.266	7,845,840.09	7,825,000.00	7,819,509.76	26,330.33		570.33		—	—	0.85	0.88	FA	8,498.82	33,071.00	9/12/2011	8/15/2014
74834LAT7	QUEST DIAGNOSTICS INC CORP BND						2,600,000.00	100.824	2,621,424.00	2,600,000.00	2,600,000.00	21,424.00		—		—	—	1.324	1.159	MJSD	573.58	9,357.00	3/21/2011	3/24/2014
BRSC4TTL9	SENSUS METERING TERM LOAN						389,094.76	100	391,050.00	391,050.00	389,379.87	1,670.13		85.78		—	—	0	0.083	FMAN	—	4,695.00	5/5/2011	5/9/2017
BRSC5RFN3	CHRYSLER GROUP LLC SENIOR SECURED TERM						1,939,820.58	101.489	2,162,864.45	2,131,131.90	1,958,574.71	204,289.74		10,427.89		—	—	0	1.634	FMAN	—	32,677.00	8/19/2011	5/24/2017
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F			5,051,420.50	105.203	5,102,361.94	4,850,000.00	4,951,809.55	150,552.39		(11,591.42	)	—	—	4.2	3.166	MN	78,085.00	—	1/8/2010	5/13/2014
74977RBU7	RABOBANK NEDERLAND NV  CORP BND 144A			F			5,026,792.73	100.605	5,030,256.25	5,000,000.00	5,004,171.36	26,084.89		(2,931.08	)	—	—	2.65	2.427	FA	16,194.45	66,250.00	2/19/2010	8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F			1,598,896.00	103.252	1,652,033.94	1,600,000.00	1,599,329.09	52,704.85		53.90		—	—	3.2	3.215	MS	2,844.44	25,600.00	3/4/2010	3/11/2015
BRSC6D3K2	QUINTILES TRANSNATIONAL CORP. TERM LOAN				1		2,886,853.75	100	3,027,125.00	3,027,125.00	2,899,139.20	127,985.80		4,927.19		—	—	0	0.704	MAT	—	—	8/15/2011	6/8/2018
76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1				2		393,515.44	73.92	320,483.85	401,096.16	393,899.08	(73,415.23	)	112.35		—	—	3.005	3.419	MON	1,004.53	2,992.00	8/14/2007	8/1/2035
76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2				2		1,139,743.54	76.58	967,187.55	1,181,081.39	1,143,919.08	(176,731.53	)	1,085.42		—	—	5.203	6.086	MON	5,120.72	15,379.00	8/16/2007	8/1/2035
BRSC8XG48	CHG HEALTHCARE TERM LOAN						814,728.11	99.45	811,182.08	815,668.26	814,807.37	(3,625.29	)	175.75		—	—	0	0.023	JAJO	—	11,465.00	11/1/2011	10/7/2016
767201AF3	RIO TINTO FINANCE USA LIMITED CORP BND			F			4,576,294.00	115.747	4,282,635.13	3,700,000.00	4,228,396.75	54,238.38		(61,992.93	)	—	—	8.95	1.92	MN	137,979.17	—	10/28/2010	5/1/2014
767201AJ5	RIO TINTO FINANCE USA LIMITED CORP BND			F			1,298,947.00	101.705	1,322,168.30	1,300,000.00	1,299,235.05	22,933.25		51.41		—	—	1.875	1.892	MN	10,088.54	—	10/28/2010	11/2/2015
767201AM8	RIO TINTO FINANCE LTD CORP BND			F			3,607,092.50	103.319	3,745,325.39	3,625,000.00	3,610,030.53	135,294.86		855.12		—	—	2.5	2.606	MN	32,977.43	—	5/17/2011	5/20/2016
76720AAB2	RIO TINTO FINANCE (USA) PLC SENIOR CORP			F	1		4,019,848.00	100.208	4,033,363.10	4,025,000.00	4,019,874.75	13,488.35		38.38		—	—	2	2.027	MS	2,012.50	—	3/19/2012	3/22/2017
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A						7,195,826.20	107.8	7,128,798.06	6,613,000.00	6,892,889.37	235,908.69		(41,541.62	)	—	—	5	2.717	MS	27,554.16	165,325.00	2/17/2010	3/1/2014
78008HX96	ROYAL BANK OF CANADA CORP BND MTN			A			2,014,326.69	101.932	2,038,632.20	2,000,000.00	2,007,102.12	31,530.08		(1,316.27	)	—	—	2.1	1.828	JJ	7,233.33	21,000.00	11/12/2010	7/29/2013
78008K5X7	ROYAL BANK OF CANADA CORP BND			A			9,777,835.00	100.253	9,799,730.55	9,775,000.00	9,777,064.93	22,665.62		(247.41	)	—	—	0.867	0.565	JAJO	17,656.10	17,563.00	6/20/2011	4/17/2014
78008KBS1	ROYAL BANK OF CANADA CORP BND MTN			A			5,424,562.50	104.941	5,509,418.20	5,250,000.00	5,415,797.02	93,621.18		(8,765.48	)	—	—	2.625	1.741	JD	40,578.13	—	1/12/2012	12/15/2015
78009PCC3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F			3,867,443.75	101.74	3,942,430.54	3,875,000.00	3,868,887.95	73,542.59		349.98		—	—	4.375	4.419	MS	7,063.80	84,766.00	3/14/2011	3/16/2016
78010XAC5	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F			5,251,450.00	103.53	5,176,483.90	5,000,000.00	5,198,463.36	(21,979.46	)	(15,807.09	)	—	—	4.875	3.451	MS	10,156.26	121,875.00	5/24/2011	3/16/2015
78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F			2,498,650.00	101.587	2,539,678.20	2,500,000.00	2,499,353.69	40,324.51		111.85		—	—	3.4	3.419	FA	8,972.22	42,500.00	8/17/2010	8/23/2013
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F			2,540,825.00	100.073	2,501,825.15	2,500,000.00	2,501,790.56	34.59		(4,067.15	)	—	—	1.21	0.514	FMAN	4,033.33	7,285.00	11/2/2009	5/11/2012
78355HJL4	RYDER SYSTEM INC. CORP BND						2,163,660.00	107.229	2,144,574.12	2,000,000.00	2,092,884.02	51,690.10		(11,638.84	)	—	—	5.85	3.327	MS	9,750.00	58,500.00	9/10/2010	3/1/2014
78355HJQ3	RYDER SYSTEM INC. CORP BND MTN						799,696.00	102.654	821,234.98	800,000.00	799,776.02	21,458.96		49.05		—	—	3.15	3.16	MS	2,100.00	12,600.00	2/16/2011	3/2/2015
78355HJR1	RYDER SYSTEM INC. CORP BND MTN						1,871,662.50	102.153	1,915,364.18	1,875,000.00	1,872,104.09	43,260.09		126.78		—	—	3.5	3.533	JD	21,875.00	—	5/17/2011	6/1/2017
78355HJS9	RYDER SYSTEM INC. SENIOR CORP BND				1		3,144,991.50	99.33	3,128,896.73	3,150,000.00	3,145,076.13	(16,179.40	)	84.63		—	—	2.5	2.534	MS	7,218.75	—	2/21/2012	3/1/2017
78387GAP8	AT&T INC CORP BND						1,061,005.47	110.135	1,101,347.35	1,000,000.00	1,039,894.73	61,452.62		(5,223.11	)	—	—	5.1	3.392	MS	2,266.67	25,500.00	11/12/2010	9/15/2014
78442GHW9	SLMA ABS_03-10A A1A 144A				2		350,000.00	99.969	349,890.63	350,000.00	350,000.00	(109.37	)	—		—	—	1.731	1.735	MON	269.33	1,432.00	11/7/2011	6/16/2014
78442GHX7	SLMA ABS 03-10A A1B 144A				2		549,937.50	99.969	549,828.18	550,000.00	549,970.12	(141.94	)	1.71		—	—	1.731	1.738	MON	238.02	3,146.00	11/7/2011	6/16/2014
78442GHY5	SLMA ABS 03-10A-A1C						1,499,819.44	99.969	1,499,531.29	1,500,000.00	1,499,874.81	(343.52	)	51.92		—	—	1.731	1.735	****	1,227.54	8,220.00	11/7/2011	12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A				2		1,895,406.25	99.969	1,899,406.26	1,900,000.00	1,898,171.60	1,234.66		309.17		—	—	1.747	1.836	MON	1,844.05	8,051.00	11/7/2011	6/16/2014
78442GJA5	SLM STUDENT LOAN TR 2003-10A 03-10A A1E				2		1,199,812.50	99.969	1,199,625.01	1,200,000.00	1,199,920.02	(295.01	)	9.88		—	—	1.731	1.743	MON	1,500.21	4,935.00	11/7/2011	6/16/2014
78442GJB3	SLMA ABS 03-10A A1F 144A				2		700,000.00	100	700,000.00	700,000.00	700,000.00	—		—		—	—	1.731	1.737	MON	538.53	2,849.00	11/7/2011	6/16/2014
78442GJC1	SLMA ABS_03-10A AIG 144A				2		600,000.00	99.969	599,812.51	600,000.00	600,000.00	(187.49	)	—		—	—	1.731	1.735	MON	779.55	3,284.00	11/7/2011	6/16/2014
78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A				2		650,000.00	99.969	649,796.94	650,000.00	650,000.00	(203.06	)	—		—	—	1.731	1.735	MON	755.73	2,685.00	11/7/2011	6/16/2014
78442GMK9	SLMA ABS_04-7 A5				2		3,174,637.46	99.663	3,182,837.02	3,193,599.45	3,178,110.71	4,726.31		1,653.28		—	—	0.73	0.952	JAJO	4,339.45	4,802.00	5/13/2011	7/25/2016
78442GQP4	SLMA ABS_05-8 A3				2		3,741,725.00	98.832	3,765,507.66	3,810,000.00	3,756,088.89	9,418.77		5,360.67		—	—	0.67	1.154	JAJO	4,751.56	5,144.00	6/13/2011	7/25/2016

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST						DATES
1	2	3	4	5	6	7	8	9	10	11	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
784442AC9	SLMA ABS 08_2 A3			2		1,484,824.22	100.676	1,510,133.06	1,500,000.00	1,484,835.34	25,297.72		11.12		—	—	1.31	1.46	JAJO	3,657.36		—	3/27/2012	4/25/2023
78444YAB1	SLMA ABS 08-5 A2			2		3,481,437.11	101.031	3,460,024.07	3,424,715.26	3,455,846.30	4,177.77		(5,255.46	)	—	—	1.66	0.814	JAJO	10,581.10		13,289.00	8/10/2010	4/25/2014
78444YAC9	SLMA ABS 08-5 A3			2		13,936,144.69	102.14	13,983,985.21	13,691,000.00	13,900,869.67	83,115.54		(15,692.02	)	—	—	1.86	1.33	JAJO	47,396.23		60,121.00	11/29/2011	10/26/2015
78444YAD7	SLMA ABS 08-5 A4			2		2,983,031.25	103.298	2,943,990.06	2,850,000.00	2,962,846.53	(18,856.47	)	(3,002.96	)	—	—	2.26	1.692	JAJO	11,987.94		15,429.00	1/11/2011	1/25/2023
78445XAA4	SLMA_10-1 ABS 10-1A			2		2,625,958.75	99.761	2,619,682.71	2,625,958.75	2,625,958.75	(6,276.04	)	—		—	—	0.642	0.643	MON	280.87		4,410.00	7/30/2010	9/27/2021
78446JAA4	SLM STUDENT LOAN TRUST SLMA_11 ABS 11-2			2		10,690,495.75	100	10,711,259.54	10,711,259.54	10,691,652.94	19,606.60		739.69		—	—	0.842	0.867	MON	1,502.71		23,345.00	5/18/2011	11/25/2027
78446JAB2	SLMA_11-2 ABS 11-2			2		6,575,000.00	95.699	6,292,209.06	6,575,000.00	6,575,000.00	(282,790.94	)	—		—	—	1.442	1.446	MON	1,579.92		24,193.00	5/18/2011	2/25/2029
78446VAA7	SLMA_12-A ABS 12-A 144A			2		6,600,803.86	100.228	6,615,853.69	6,600,803.86	6,600,803.86	15,049.83		—		—	—	1.642	1.647	MON	5,117.41		10,634.00	2/2/2012	8/15/2025
78572MAD7	SABMILLER PLC CORP BND 144A		F			6,522,239.50	116.706	6,535,509.57	5,600,000.00	6,378,038.47	157,471.10		(42,947.39	)	—	—	6.5	2.993	JJ	91,000.00		182,000.00	5/24/2011	7/1/2016
790849AE3	ST. JUDE MEDICAL INC. CORP BND					6,365,893.24	106.238	6,370,041.87	5,996,000.00	6,233,616.52	136,425.35		(25,325.73	)	—	—	3.75	1.97	JJ	47,468.33		112,425.00	12/1/2010	7/15/2014
796269UF3	SAN ANTONIO TEX INDPT SCH DIST MUNI BND					1,000,000.00	103.904	1,039,039.99	1,000,000.00	1,000,000.00	39,039.99		—		—	—	2.235	2.235	FA	2,855.83		11,175.00	12/15/2010	8/15/2014
80105NAC9	SANOFI AVENTIS CORP BND		E			18,170,920.00	100.518	18,244,016.64	18,150,000.00	18,165,375.44	78,641.20		(1,918.88	)	—	—	0.783	0.562	MJSD	1,578.35		40,546.00	7/7/2011	3/28/2014
80282DAB8	SDART_10-1 ABS 10-1-A2			2		34,667.20	100.024	34,592.99	34,584.79	34,591.89	1.10		(195.72	)	—	—	1.36	0.833	MON	20.90		118.00	5/27/2011	4/15/2012
806854AA3	SCHLUMBERGER INVESTMENT SA CORP BND 144A		F			1,297,725.00	100.87	1,311,314.00	1,300,000.00	1,297,964.00	13,350.00		108.73		—	—	1.95	1.987	MS	1,197.08		12,675.00	9/7/2011	9/14/2016
80685PAC2	SCHLUMBERGER NORGE AS CORP BND 144A		F			1,622,156.25	100.87	1,639,142.51	1,625,000.00	1,622,454.99	16,687.52		135.91		—	—	1.95	1.987	MS	1,496.35		15,844.00	9/7/2011	9/14/2016
80705TAA4	SCHOL_11-A ABS 11-A  A 144A			2		2,698,494.77	96.188	2,647,896.75	2,752,824.51	2,700,482.09	(52,585.34	)	2,092.34		—	—	1.453	1.624	JAJO	6,889.11		9,522.00	3/22/2011	7/28/2036
BRSCB4WP3	AMC NETWORKS INC TERM LOAN			1		4,542,584.93	99.708	4,562,114.48	4,575,474.87	4,544,926.05	17,188.43		963.17		—	—	0	0.097	MJSD	(1,472.20	)	38,888.00	3/16/2012	12/31/2018
BRSCE52Q8	LAWSON SOFTWARE INC.					1,135,634.00	100.066	1,224,607.71	1,223,800.00	1,142,708.43	81,899.28		5,910.26		—	—	0	1.288	JD	—		—	8/29/2011	7/5/2017
BRSCHJ8S5	CUMULUS MED INC. TERM LOAN			1		6,071,970.19	100.469	6,210,273.24	6,181,283.02	6,079,871.81	130,401.43		4,088.41		—	—	0	0.251	MJSD	—		63,635.00	9/27/2011	9/17/2018
BRSCL40C6	ROYALTY PHARMA FINANCE TRUST TERM LOAN			1		6,817,830.71	99.843	6,837,498.25	6,848,250.00	6,819,717.10	17,781.15		1,204.13		—	—	0	0.067	MJSD	—		—	11/1/2011	5/9/2018
822582AF9	SHELL INTL FINAN CORP BND		F			11,034,168.50	106.48	11,127,132.42	10,450,000.00	10,742,026.07	385,106.35		(35,901.09	)	—	—	4	2.537	MS	11,611.12		209,000.00	3/2/2010	3/21/2014
822582AQ5	SHELL INTL FINAN CORP BND		F			14,367,563.75	106.662	15,065,980.95	14,125,000.00	14,331,950.79	734,030.16		(9,848.27	)	—	—	3.1	2.618	JD	113,117.71		—	2/14/2012	6/28/2015
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND		F			1,007,661.16	100.258	1,002,581.52	1,000,000.00	1,000,655.24	1,926.28		(793.88	)	—	—	2.25	1.909	JD	6,875.00		—	2/19/2010	6/11/2012
BRSCL92L3	OM GROUP INC. TERM LOAN					507,300.75	100.438	514,669.42	512,425.00	507,861.01	6,808.41		239.20		—	—	0	0.166	JAJO	—		1,998.00	7/28/2011	8/2/2017
83714RAX1	SOUTH CAROLINA STUDENT LN MUNI BND REV		R	2		2,893,377.88	99.58	2,913,547.86	2,925,836.37	2,906,719.86	6,828.00		8,558.46		—	—	0.588	1.085	MJSD	1,480.19		4,733.00	3/30/2011	9/3/2013
84650WAA4	SPAREBNK 1 BOLIG LOCAL BND 144A		F			15,141,383.00	100.659	15,199,509.60	15,100,000.00	15,127,800.34	71,709.26		(3,133.91	)	—	—	1.25	1.177	AO	81,791.66		—	7/27/2011	10/25/2014
84650WAB2	SPAREBNK 1 BOLIG SECURED LOCAL BND 144A		F			9,295,908.00	102.578	9,539,755.03	9,300,000.00	9,296,448.23	243,306.80		161.46		—	—	2.625	2.633	MN	84,087.49		25.00	5/23/2011	5/26/2017
84650WAD8	SPAREBNK 1 BOLIG LOCAL BND 144A		F			5,486,580.00	99.687	5,482,784.78	5,500,000.00	5,486,580.00	(3,795.22	)	—		—	—	2.3	2.35	JD	—		—	3/29/2012	6/30/2017
85235XAA3	STADSHYPOTEK AB CORP BND 144A		F			16,656,910.97	100.982	16,662,029.20	16,500,000.00	16,586,326.10	75,703.10		(14,281.67	)	—	—	1.45	1.096	MS	664.59		119,625.00	6/9/2011	9/30/2013
857477AJ2	STATE STREET CORPORATION CORP BND					5,000,000.00	100.195	5,009,726.40	5,000,000.00	5,000,000.00	9,726.40		—		—	—	0.825	0.66	MJSD	2,863.02		11,172.00	3/2/2011	3/7/2014
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND					4,078,540.00	100.146	4,005,840.40	4,000,000.00	4,002,800.93	3,039.47		(12,623.60	)	—	—	2.15	1.261	AO	35,952.77		—	1/27/2010	4/30/2012
85771PAD4	STATOIL ASA SENIOR CORP BND		F			2,995,140.00	100.909	3,027,280.65	3,000,000.00	2,995,473.06	31,807.59		233.14		—	—	1.8	1.834	MN	19,200.00		—	11/16/2011	11/23/2016
85771SAB2	STATOIL ASA CORP BND		F			8,220,819.00	106.13	8,384,245.04	7,900,000.00	8,067,271.28	316,973.76		(19,717.94	)	—	—	3.875	2.799	AO	141,157.63		—	4/6/2010	4/15/2014
863667AA9	STRYKER CORP  CORP BND					2,497,761.30	105.47	2,636,746.80	2,500,000.00	2,498,518.03	138,228.77		127.07		—	—	3	3.022	JJ	15,833.33		37,500.00	11/12/2010	1/15/2015
BRSCWX1K1	AVIS BUDGET TERM LOAN			1		376,530.00	100.688	386,857.68	384,214.29	377,003.47	9,854.21		4,478.47		—	—	0	0.288	MJSD	—		1,376.00	9/21/2011	9/22/2018
BRSD4PTL5	KINETIC CONCEPTS INC. TERM LOAN			1		1,828,916.25	101.839	1,930,103.65	1,895,250.00	1,832,669.92	97,433.73		3,150.51		—	—	0	0.542	MJSD	—		—	10/20/2011	5/4/2018
BRSDDXAW4	UNIFRAX HOLDING CO TERM LOAN					1,564,080.00	100.915	1,610,603.40	1,596,000.00	1,565,560.41	45,042.99		1,220.93		—	—	0	0.286	JAJO	—		26,378.00	11/18/2011	11/18/2018
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		F			7,060,839.00	104.907	7,238,582.86	6,900,000.00	6,978,072.77	260,510.09		(8,433.13	)	—	—	4.875	4.328	JD	103,715.63		—	8/31/2009	6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A		F			3,925,166.10	100.772	3,960,347.46	3,930,000.00	3,929,246.59	31,100.87		411.83		—	—	2.875	2.918	MS	5,335.52		56,494.00	9/9/2009	9/14/2012
87020LAB2	SWEDBANK HYPOTEK AB CORP BND 144A		F			8,200,000.00	99.781	8,182,042.00	8,200,000.00	8,200,000.00	(17,958.00	)	—		—	—	0.923	0.758	MJSD	840.64		21,220.00	3/21/2011	3/28/2014
880591CW0	TENN VALLEY AUTH AGENCY BND					1,302,900.01	105.456	1,220,126.02	1,157,000.00	1,204,009.02	16,117.00		(12,158.86	)	—	—	6	1.687	MS	3,085.33		34,710.00	3/10/2010	3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND					3,688,555.00	100.944	3,280,679.68	3,250,000.00	3,274,022.62	6,657.06		(42,039.59	)	—	—	6.79	1.575	MN	78,462.22		—	9/25/2009	5/23/2012
88165FAC6	TEVA PHARMAC FIN CORP BND		F			2,501,975.00	102.116	2,552,900.00	2,500,000.00	2,501,834.52	51,065.48		(91.97	)	—	—	2.4	2.383	MN	23,500.00		—	11/8/2011	11/10/2016
88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND		F			4,993,891.79	105.118	5,255,880.85	5,000,000.00	4,995,920.45	259,960.40		433.61		—	—	3	3.027	JD	44,166.66		—	11/12/2010	6/15/2015
88166DAB2	TEVA PHARMACEUTICAL FINANCE II CORP BND		F			2,450,000.00	100.001	2,450,026.73	2,450,000.00	2,450,000.00	26.73		—		—	—	0.974	0.809	MJSD	728.89		6,599.00	3/16/2011	3/21/2014
882508AS3	TEXAS INSTRUMENTS INCORPORATED CORP BND					14,050,000.00	100.35	14,099,174.71	14,050,000.00	14,050,000.00	49,174.71		—		—	—	0.683	0.481	FMAN	12,254.56		18,890.00	2/22/2012	5/15/2013
883556AW2	THERMO FISHER SCIENTIFIC INC CORP BND					2,999,130.00	102.554	3,076,627.80	3,000,000.00	2,999,444.73	77,183.07		71.41		—	—	2.05	2.06	FA	6,833.33		30,750.00	2/14/2011	2/21/2014
883556BA9	THERMO FISHER SCIENTIFIC CORP BND					648,869.00	103.179	670,664.89	650,000.00	649,003.14	21,661.75		53.71		—	—	2.25	2.287	FA	1,868.75		7,272.00	8/9/2011	8/15/2016
88579EAD7	3M COMPANY CORP BND					4,363,958.25	102.991	4,196,883.25	4,075,000.00	4,136,951.69	59,931.56		(21,662.28	)	—	—	4.65	2.459	JD	55,793.54		—	7/20/2009	12/15/2012
88579YAD3	3M COMPANY CORP BND					9,494,187.00	100.562	9,628,858.61	9,575,000.00	9,502,118.48	126,740.13		4,286.65		—	—	1.375	1.551	MS	731.42		65,828.00	9/26/2011	9/29/2016
88732JAV0	TIME WARNER CABLE INC CORP BND					7,823,158.00	105.653	7,818,289.22	7,400,000.00	7,684,402.39	133,886.83		(24,216.67	)	—	—	3.5	2.096	FA	43,166.67		129,500.00	10/15/2010	2/1/2015
891145TN4	TORONTO-DOMINION BANK SECURED LOCAL BND		A			8,770,080.00	99.224	8,731,711.91	8,800,000.00	8,770,378.20	(38,666.29	)	298.20		—	—	1.5	1.571	MS	6,600.00		—	3/5/2012	3/13/2017
89114QAB4	TORONTO-DOMINION BANK CORP BND MTN		A			3,486,945.00	103.1	3,608,492.20	3,500,000.00	3,488,711.09	119,781.11		621.60		—	—	2.5	2.58	JJ	18,715.28		43,750.00	7/7/2011	7/14/2016
89114QAC2	TORONTO-DOMINION BANK CORP BND		A			2,300,000.00	100.378	2,308,693.95	2,300,000.00	2,300,000.00	8,693.95		—		—	—	0.867	0.549	JAJO	4,154.38		4,254.00	7/7/2011	7/14/2014
89152UAE2	TOTAL CAPITAL S.A. CORP BND		F			2,033,440.00	100.96	2,019,205.32	2,000,000.00	2,025,064.72	(5,859.40	)	(1,515.20	)	—	—	2.3	1.969	MS	2,044.44		23,000.00	11/4/2010	3/15/2016
89153VAA7	TOTAL CAPITAL INTERNATIONAL SA CORP BND		F			3,310,503.00	96.797	3,218,494.34	3,325,000.00	3,310,841.11	(92,346.77	)	338.11		—	—	1.5	1.591	FA	6,095.84		—	2/14/2012	2/17/2017
89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN					1,997,706.43	106.164	2,123,278.66	2,000,000.00	1,998,392.27	124,886.39		118.11		—	—	3.2	3.227	JD	18,488.89		—	11/12/2010	6/17/2015
89233P5E2	TOYOTA MOTOR CREDIT CORP CORP BND MTN					3,481,835.00	101.601	3,556,042.67	3,500,000.00	3,483,728.62	72,314.05		865.89		—	—	2	2.11	MS	3,111.11		35,000.00	9/8/2011	9/15/2016
89233P5S1	TOYOTA MOTOR CREDIT CORP SENIOR CORP BND					4,991,750.00	101.526	5,076,300.05	5,000,000.00	4,992,095.95	84,204.10		345.95		—	—	2.05	2.085	JJ	22,493.06		—	1/9/2012	1/12/2017
89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT			2		4,999,209.00	100.635	5,031,738.00	5,000,000.00	4,999,595.94	32,142.06		55.62		—	—	1.09	1.098	MON	2,422.22		13,625.00	9/22/2010	3/15/2014
89235YAC9	TAOT_10-B ABS_10-B A3			2		2,718,585.01	100.225	2,724,942.15	2,718,819.91	2,718,756.51	6,185.64		41.04		—	—	1.04	1.047	MON	1,256.70		7,069.00	7/14/2010	4/15/2013
89235YAD7	TAOT_10-B ABS_10-B A4			2		1,099,799.58	100.958	1,110,540.80	1,100,000.00	1,099,911.98	10,628.82		18.19		—	—	1.47	1.481	MON	718.67		4,043.00	7/14/2010	10/15/2013
893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND		A			3,673,161.75	106.539	3,915,298.47	3,675,000.00	3,673,801.03	241,497.44		88.93		—	—	3.4	3.411	JD	41,650.00		—	5/27/2010	6/1/2015
893526DL4	TRANSCANADA PIPELINES LIMITED SENIOR		A			6,789,716.35	99.396	6,773,817.36	6,815,000.00	6,790,394.86	(16,577.50	)	678.51		—	—	0.875	1.001	MS	4,803.63		—	2/28/2012	3/2/2015
902118BK3	TYCO INTERNATIONAL GROUP SA CORP BND		F			5,616,616.50	107.625	5,327,461.66	4,950,000.00	5,305,471.14	21,990.52		(54,073.53	)	—	—	6	1.498	MN	112,200.00		—	10/14/2010	11/15/2013
90261XGX4	UBS AG CORP BND		F			2,898,753.00	100.648	2,918,790.32	2,900,000.00	2,899,232.00	19,558.32		102.64		—	—	2.25	2.265	JJ	11,418.75		32,625.00	1/25/2011	1/28/2014
902674MY3	UBS AG  LONDON BRANCH CORP BND 144A		F			4,975,000.00	101.012	5,050,600.05	5,000,000.00	4,976,518.30	74,081.75		1,518.30		—	—	1.875	2.048	JJ	17,447.92		—	1/19/2012	1/23/2015
90290FAC0	USAOT_1-1 ABS 10-1 A3			2		820,526.21	100.23	821,514.90	819,629.75	819,801.84	1,713.06		(176.45	)	—	—	1.3	1.24	MON	473.56		2,664.00	4/28/2010	12/15/2012
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND					11,720,894.30	100.918	11,736,762.24	11,630,000.00	11,649,070.51	87,691.73		(8,574.96	)	—	—	1.9	1.599	AO	99,436.50		—	3/4/2010	10/19/2012
911312AG1	UNITED PARCEL SERVICE INC CORP BND					2,802,555.00	103.192	2,708,790.00	2,625,000.00	2,669,433.94	39,356.06		(50,637.59	)	—	—	4.5	2.319	JJ	24,937.50		59,063.00	10/14/2009	1/15/2013
911312AL0	UNITED PARCEL SERVICE INC CORP BND					12,414,426.00	106.426	12,558,249.36	11,800,000.00	12,119,505.87	438,743.49		(38,511.75	)	—	—	3.875	2.478	AO	228,625.01		—	12/14/2011	4/1/2014
91159HGS3	US BANCORP CORP BND					1,250,062.50	101.442	1,268,025.00	1,250,000.00	1,250,020.27	18,004.73		(5.70	)	—	—	2.125	2.123	FA	3,394.10		13,281.00	12/16/2009	2/15/2013
91159HGU8	US BANCORP CORP BND MTN					549,043.00	105.275	579,012.80	550,000.00	549,422.17	29,590.63		46.75		—	—	3.15	3.188	MS	1,299.38		8,663.00	3/1/2010	3/4/2015
91159HGW4	US BANCORP CORP BND					8,089,875.00	101.691	8,236,998.95	8,100,000.00	8,095,870.42	141,128.53		(384.86	)	—	—	2	2.043	JD	48,150.00		—	6/9/2010	6/14/2013
91159HGX2	US BANCORP CORP BND					2,042,100.00	104.205	2,084,108.28	2,000,000.00	2,041,527.75	42,580.53		(840.30	)	—	—	2.45	1.797	JJ	8,711.12		12,250.00	3/1/2012	7/27/2015
91159HGY0	US BANCORP CORP BND			1		5,442,969.50	100.847	5,496,146.95	5,450,000.00	5,446,568.89	49,578.06		583.30		—	—	1.375	1.419	MS	3,746.88		37,469.00	9/8/2010	9/13/2013
91159HGZ7	US BANCORP CORP BND			1		1,997,060.00	100.688	2,013,760.98	2,000,000.00	1,998,436.63	15,324.35		243.41		—	—	1.125	1.175	AO	9,437.50		—	10/28/2010	10/30/2013
91159HHB9	US BANCORP CORP BND MTN			1		3,615,720.00	101.784	3,689,655.75	3,625,000.00	3,616,449.93	73,205.82		452.26		—	—	2.2	2.254	MN	32,786.11		—	10/27/2011	11/15/2016
912828JM3	UNITED STATES TREASURY GOVT BND					2,037,265.63	104.233	2,084,660.04	2,000,000.00	2,011,833.07	72,826.97		(1,915.79	)	—	—	3.125	2.719	MS	170.76		31,250.00	10/7/2008	9/30/2013
912828JZ4	UNITED STATES TREASURY GOVT BND					15,224,439.51	102.586	15,798,243.84	15,400,000.00	15,298,688.40	499,555.44		13,489.81		—	—	1.75	2.118	JJ	45,163.46		134,750.00	11/12/2010	1/31/2014
912828KF6	UNITED STATES TREASURY GOVT BND					6,158,320.31	102.913	6,174,779.64	6,000,000.00	6,089,875.59	84,904.05		(11,561.67	)	—	—	1.875	1.082	FA	9,782.60		56,250.00	12/17/2010	2/28/2014
912828LC2	UNITED STATES TREASURY GOVT BND					20,597,062.50	105.098	20,704,306.00	19,700,000.00	20,287,279.17	417,026.83		(94,201.09	)	—	—	2.625	1.323	JJ	86,661.06		258,563.00	12/23/2010	7/31/2014
912828LK4	UNITED STATES TREASURY GOVT BND					9,272,695.32	104.641	9,417,689.92	9,000,000.00	9,163,044.30	254,645.62		(47,110.53	)	—	—	2.375	1.605	FA	18,586.96		106,875.00	7/28/2010	8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND					9,873,160.16	100.645	9,762,565.00	9,700,000.00	9,743,643.55	18,921.45		(20,110.09	)	—	—	1.375	0.537	AO	61,585.72		—	8/19/2010	10/15/2012
912828LS7	UNITED STATES TREASURY GOVT BND					4,751,706.64	104.875	4,714,131.61	4,495,000.00	4,736,349.37	(22,217.76	)	(15,357.27	)	—	—	2.375	0.284	AO	44,872.82		—	1/31/2012	10/31/2014
912828LZ1	UNITED STATES TREASURY GOVT BND					4,200,000.00	104.336	4,173,439.96	4,000,000.00	4,130,253.34	43,186.62		(62,095.23	)	—	—	2.125	0.885	MN	28,565.57		—	10/14/2010	11/30/2014
912828MH0	UNITED STATES TREASURY GOVT BND					12,914,223.24	104.871	13,633,230.26	13,000,000.00	12,950,149.02	683,081.24		4,231.23		—	—	2.25	2.391	JJ	49,017.86		146,250.00	1/29/2010	1/31/2015
912828MN7	UNITED STATES TREASURY GOVT BND					15,941,238.41	100.996	16,065,433.72	15,907,000.00	15,918,258.07	147,175.65		(3,188.26	)	—	—	1.375	1.293	FA	27,640.60		109,361.00	9/9/2010	2/15/2013
912828MT4	UNITED STATES TREASURY GOVT BND					10,182,846.00	101.094	10,109,375.00	10,000,000.00	10,113,450.34	(4,075.34	)	(29,639.39	)	—	—	1.375	0.184	MS	6,351.90		68,750.00	8/31/2011	3/15/2013
912828NQ9	UNITED STATES TREASURY GOVT BND					5,011,090.97	100.156	5,007,812.80	5,000,000.00	5,001,882.03	5,930.77		(1,522.64	)	—	—	0.625	0.511	JJ	5,236.96		15,625.00	8/13/2010	7/31/2012
912828NY2	UNITED STATES TREASURY GOVT BND					6,011,035.73	100.663	6,039,780.60	6,000,000.00	6,005,436.66	34,343.94		(1,437.18	)	—	—	0.75	0.687	MS	2,078.80		22,500.00	9/24/2010	9/15/2013
912828NZ9	UNITED STATES TREASURY GOVT BND					12,293,946.45	102.035	12,244,199.52	12,000,000.00	12,255,519.64	(11,320.12	)	(17,937.67	)	—	—	1.25	0.633	MS	409.84		75,000.00	9/16/2011	9/30/2015
912828PE4	UNITED STATES TREASURY GOVT BND					74,236,548.45	101.982	73,936,946.38	72,500,000.00	74,172,794.12	(235,847.74	)	(68,420.54	)	—	—	1.25	0.597	AO	380,923.75		—	3/19/2012	10/31/2015
912828PQ7	UNITED STATES TREASURY GOVT BND					4,463,780.37	101.203	4,452,932.13	4,400,000.00	4,453,166.55	(234.42	)	(7,397.34	)	—	—	1	0.322	JJ	9,307.69		22,000.00	11/21/2011	1/15/2014
912828PU8	UNITED STATES TREASURY GOVT BND					1,793,326.34	100.311	1,805,597.80	1,800,000.00	1,796,379.07	9,218.73		555.26		—	—	0.5	0.625	MN	3,412.09		—	11/9/2010	11/15/2013
912828QE3	UNITED STATES TREASURY GOVT BND					299,872.10	100.409	301,226.99	300,000.00	299,930.58	1,296.41		19.59		—	—	0.625	0.647	AO	788.12		—	4/27/2011	4/30/2013
912828QU7	UNITED STATES TREASURY GOVT BND					12,947,453.12	100.49	12,912,964.74	12,850,000.00	12,926,310.08	(13,345.34	)	(8,289.61	)	—	—	0.625	0.364	JJ	16,989.18		40,156.00	8/9/2011	7/15/2014
912828QX1	UNITED STATES TREASURY GOVT BND					70,268,081.36	102.604	70,386,341.26	68,600,000.00	70,062,841.16	323,500.10		(88,282.08	)	—	—	1.5	0.996	JJ	172,442.31		514,500.00	8/16/2011	7/31/2016
912828RA0	UNITED STATES TREASURY GOVT BND					40,951,125.00	100.142	40,958,077.18	40,900,000.00	40,949,918.38	8,158.80		(1,206.62	)	—	—	0.375	0.277	JD	38,765.11		—	3/20/2012	6/30/2013
912828RB8	UNITED STATES TREASURY GOVT BND					2,513,289.62	100.172	2,504,299.93	2,500,000.00	2,510,525.11	(6,225.18	)	(2,643.27	)	—	—	0.5	0.322	FA	1,579.67		6,250.00	8/10/2011	8/15/2014
912828RD4	UNITED STATES TREASURY GOVT BND					9,985,580.38	99.773	9,977,300.30	10,000,000.00	9,989,633.99	(12,333.69	)	967.47		—	—	0.125	0.197	FA	1,086.96		6,250.00	9/6/2011	8/31/2013

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE				INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
912828RF9	UNITED STATES TREASURY GOVT BND					30,621,640.91	100.423	30,528,593.21	30,400,000.00	30,598,070.43	(69,477.22)	(12,540.68)	—	—	1	0.848	FA	26,434.78	152,000.00	9/21/2011	8/31/2016
912828RG7	UNITED STATES TREASURY GOVT BND					9,477,024.01	99.547	9,456,964.72	9,500,000.00	9,481,069.97	(24,105.25)	1,915.85	—	—	0.25	0.332	MS	1,097.15	11,875.00	9/21/2011	9/15/2014
912828RJ1	UNITED STATES TREASURY GOVT BND					5,960,625.00	100.34	6,020,399.76	6,000,000.00	5,964,260.84	56,138.92	1,588.02	—	—	1	1.136	MS	163.93	30,000.00	10/11/2011	9/30/2016
912828RL6	UNITED STATES TREASURY GOVT BND					12,914,152.59	100.115	12,914,834.74	12,900,000.00	12,912,053.18	2,781.56	(1,172.06)	—	—	0.5	0.463	AO	29,782.79	—	10/20/2011	10/15/2014
912828RM4	UNITED STATES TREASURY GOVT BND					47,966,233.91	100.243	47,815,909.09	47,700,000.00	47,945,522.99	(129,613.90)	(14,873.97)	—	—	1	0.885	AO	200,497.26	—	3/15/2012	10/31/2016
912828RN2	UNITED STATES TREASURY GOVT BND					13,957,083.99	99.914	13,938,003.14	13,950,000.00	13,955,608.27	(17,605.13)	(928.55)	—	—	0.25	0.224	AO	14,659.00	—	11/7/2011	10/31/2013
912828RQ5	UNITED STATES TREASURY GOVT BND					52,383,231.34	99.754	52,271,094.95	52,400,000.00	52,385,561.89	(114,466.94)	2,278.24	—	—	0.375	0.386	MN	74,497.26	—	12/13/2011	11/15/2014
912828RS1	UNITED STATES TREASURY GOVT BND					20,003,158.50	99.895	19,978,999.40	20,000,000.00	20,002,680.10	(23,680.70)	(399.40)	—	—	0.25	0.242	MN	16,803.28	—	12/13/2011	11/30/2013
912828RU6	UNITED STATES TREASURY GOVT BND					34,435,703.72	99.572	34,352,339.66	34,500,000.00	34,440,084.74	(87,745.08)	5,435.47	—	—	0.875	0.913	MN	101,449.79	—	12/19/2011	11/30/2016
912828RV4	UNITED STATES TREASURY GOVT BND					12,160,445.32	99.396	12,126,312.49	12,200,000.00	12,164,156.27	(37,843.78)	3,337.07	—	—	0.25	0.359	JD	9,000.00	—	12/19/2011	12/15/2014
912828RW2	UNITED STATES TREASURY GOVT BND					3,242,890.63	99.658	3,238,884.90	3,250,000.00	3,243,559.92	(4,675.02)	669.29	—	—	0.125	0.238	JD	1,037.95	—	1/20/2012	12/31/2013
912828RX0	UNITED STATES TREASURY GOVT BND					22,040,524.56	99.479	21,885,379.12	22,000,000.00	22,038,541.33	(153,162.21)	(1,983.23)	—	—	0.875	0.836	JD	49,182.68	—	3/14/2012	12/31/2016
912828RZ5	UNITED STATES TREASURY GOVT BND					8,378,894.21	99.359	8,346,156.08	8,400,000.00	8,380,280.04	(34,123.96)	1,707.29	—	—	0.25	0.335	JJ	4,442.31	—	1/25/2012	1/15/2015
912828SB7	UNITED STATES TREASURY GOVT BND					12,972,070.31	99.857	12,981,410.26	13,000,000.00	12,972,318.75	9,091.51	248.44	—	—	0.25	0.367	JJ	5,446.43	—	3/21/2012	1/31/2014
912828SC5	UNITED STATES TREASURY GOVT BND					23,376,603.34	99.381	23,155,772.30	23,300,000.00	23,374,520.27	(218,747.97)	(3,320.12)	—	—	0.875	0.807	JJ	34,165.86	—	2/23/2012	1/31/2017
912828SE1	UNITED STATES TREASURY GOVT BND					53,275,511.27	99.289	53,119,615.54	53,500,000.00	53,284,921.65	(165,306.11)	9,508.57	—	—	0.25	0.391	FA	16,902.47	—	2/22/2012	2/15/2015
912828SG6	UNITED STATES TREASURY GOVT BND					3,491,398.44	99.813	3,493,437.50	3,500,000.00	3,491,542.22	1,895.28	275.92	—	—	0.25	0.377	FA	760.87	—	3/19/2012	2/28/2014
912828SJ0	UNITED STATES TREASURY GOVT BND					6,916,484.36	99.292	6,950,440.00	7,000,000.00	6,916,929.87	33,510.13	476.67	—	—	0.875	1.124	FA	5,326.09	—	3/22/2012	2/28/2017
912828SK7	UNITED STATES TREASURY GOVT BND					4,770,984.38	99.617	4,781,615.86	4,800,000.00	4,771,142.53	10,473.33	158.15	—	—	0.375	0.581	MS	831.52	—	3/21/2012	3/15/2015
91412GFC4	UNIVERSITY CALIF REVS MUNI BND REV					1,300,000.00	100.503	1,306,539.08	1,300,000.00	1,300,000.00	6,539.08	—	—	—	0.887	0.887	JJ	2,914.78	5,061.00	7/20/2011	7/1/2013
914455KX7	UNIVERSITY MICH UNIV REVS MUNITAX BND					3,500,000.00	102.276	3,579,660.04	3,500,000.00	3,500,000.00	79,660.04	—	—	—	1.754	1.754	AO	30,695.00	—	10/28/2010	4/1/2015
91913YAQ3	VALERO ENERGY CORPORATION CORP BND					1,531,485.00	107.407	1,611,101.88	1,500,000.00	1,519,788.80	91,313.08	(1,637.88)	—	—	4.5	4.003	FA	11,250.00	33,750.00	5/20/2010	2/1/2015
92343VAZ7	VERIZON COMMUNICATIONS INC. CORP BND FRN					12,989,882.00	100.829	13,097,687.36	12,990,000.00	12,989,896.50	107,790.86	12.78	—	—	1.083	0.932	MJSD	1,562.63	38,869.00	12/19/2011	3/28/2014
92343VBA1	VERIZON COMMUNICATIONS INC. CORP BND					2,233,397.61	102.335	2,219,642.33	2,169,000.00	2,229,073.15	(9,430.82)	(4,324.46)	—	—	1.95	0.548	MS	352.46	21,148.00	2/7/2012	3/28/2014
92343VBD5	VERIZON COMMUNICATIONS INC. CORP BND					10,931,030.00	101.468	11,161,455.03	11,000,000.00	10,936,447.41	225,007.62	3,286.56	—	—	2	2.133	MN	90,444.44	—	10/27/2011	11/1/2016
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND					6,784,125.00	101.199	7,029,117.57	6,250,000.00	6,592,669.69	436,447.88	(23,268.54)	—	—	4.9	3.21	MS	13,611.11	153,125.00	2/17/2010	9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					6,369,194.90	110.34	6,100,707.67	5,529,000.00	5,919,502.40	181,205.27	(58,728.30)	—	—	7.375	2.879	MN	154,044.09	—	4/20/2010	11/15/2013
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					17,512,357.92	108.117	18,515,018.78	17,125,000.00	17,348,687.58	1,166,331.20	(30,114.71)	—	—	5.55	4.779	FA	158,406.25	337,856.00	2/22/2012	2/1/2014
92553PAK8	VIACOM INC SENIOR CORP BND					1,995,780.00	99.841	1,996,822.82	2,000,000.00	1,995,905.51	917.31	125.51	—	—	1.25	1.322	FA	2,291.67	—	2/23/2012	2/27/2015
928670AE8	VOLKSWAGEN INTL FIN NV CORP BND 144A		F			8,105,061.80	99.687	8,054,709.28	8,080,000.00	8,097,893.43	(43,184.15)	(2,191.49)	—	—	1.191	0.784	JAJO	24,325.52	20,279.00	7/12/2011	4/1/2014
92867DAD2	VALET_11-1 ABS_11-1 A4			2		2,062,187.50	102.629	2,052,583.60	2,000,000.00	2,052,177.03	406.57	(4,792.74)	—	—	1.98	1.01	MON	1,210.00	9,900.00	9/15/2011	8/20/2015
92867GAC7	VALET_12-1 ABS 12-1			2		3,919,954.53	100.18	3,927,050.90	3,920,000.00	3,919,954.79	7,096.11	0.26	—	—	0.85	0.852	MON	1,018.11	4,998.00	1/19/2012	7/20/2015
92869AAC8	VALET_2010-1 ABS 10-1-A3			2		290,872.35	100.203	289,844.14	289,256.59	289,901.70	(57.56)	(799.68)	—	—	1.31	0.574	MON	115.78	947.00	5/12/2011	10/20/2012
92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8			2		3,491,401.62	85.997	3,033,290.06	3,527,225.02	3,493,140.37	(459,850.31)	988.71	—	—	2.466	2.725	MON	7,248.80	21,818.00	1/10/2008	9/1/2035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2			2		622,903.07	98.785	630,455.89	638,210.14	623,471.81	6,984.08	546.71	—	—	2.553	3.324	MON	1,357.67	4,070.00	8/10/2007	5/1/2034
92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3			2		2,939,882.81	79.784	2,393,520.00	3,000,000.00	2,964,287.31	(570,767.31)	1,339.63	—	—	2.489	2.695	MON	6,222.75	18,697.00	3/24/2006	7/1/2035
92924SAA6	WESTFIELD GROUP CORP BND 144A		R			2,960,718.75	93.983	3,089,736.57	3,025,000.00	3,017,193.09	72,543.48	3,770.31	—	—	5.4	5.929	AO	81,675.00	—	12/24/2008	10/1/2012
92976WBA3	WACHOVIA CORPORATION CORP BND MTN					527,500.00	101.414	528,726.89	500,000.00	507,322.11	21,404.78	(1,321.57)	—	—	5.7	4.556	FA	4,750.00	14,250.00	1/31/2008	8/1/2013
92976WBH8	FIRST UNION CORPORATION CORP BND MTN					3,667,755.00	115.503	3,753,858.10	3,250,000.00	3,653,845.99	100,012.11	(13,909.01)	—	—	5.75	3.385	FA	31,145.83	93,438.00	1/5/2012	2/1/2018
92976WBJ4	WACHOVIA CORPORATION CORP BND MTN					427,674.40	104.929	419,715.27	400,000.00	408,897.64	10,817.63	(2,007.64)	—	—	5.5	3.389	MN	9,166.67	—	10/29/2009	5/1/2013
931142AS2	WAL-MART STORES INC CORP BND					6,759,610.00	107.919	6,259,325.38	5,800,000.00	6,197,827.76	61,497.62	(84,076.13)	—	—	7.25	1.305	JD	140,166.67	—	7/22/2010	6/1/2013
931142CL5	WAL-MART STORES INC CORP BND					7,465,408.01	104.012	7,280,867.30	7,000,000.00	7,193,011.34	87,855.96	(45,751.44)	—	—	4.25	1.561	AO	137,180.56	—	1/10/2011	4/15/2013
931142CR2	WAL-MART STORES INC CORP BND					3,024,810.00	105.968	3,179,037.78	3,000,000.00	3,015,827.86	163,209.92	(1,258.07)	—	—	2.875	2.69	AO	43,125.00	—	5/20/2010	4/1/2015
931142CX9	WAL-MART STORES INC CORP BND					3,655,118.25	102.081	3,751,463.63	3,675,000.00	3,660,660.51	90,803.12	968.74	—	—	1.5	1.613	AO	23,887.50	—	10/18/2010	10/25/2015
931142DA8	WAL-MART STORES INC CORP BND					2,094,330.00	102.245	2,147,152.26	2,100,000.00	2,096,105.05	51,047.21	465.24	—	—	1.625	1.718	AO	15,735.42	—	4/11/2011	4/15/2014
931422AD1	WALGREEN CO CORP BND					6,200,660.25	105.728	6,581,569.68	6,225,000.00	6,218,005.42	363,564.26	1,258.75	—	—	4.875	4.963	FA	50,578.14	151,734.00	7/14/2008	8/1/2013
93934FEN8	WMALT_05-5 CMO 05-9-2A2			2		4,349,069.34	78	3,702,345.54	4,746,596.84	4,378,211.62	(675,866.08)	16,925.17	—	—	5.5	7.723	MON	21,755.24	65,266.00	12/17/2007	1/1/2029
949746NY3	WELLS FARGO & COMPANY CORP BND					797,552.00	103.049	824,392.00	800,000.00	799,554.88	24,837.12	130.52	—	—	4.375	4.444	JJ	5,930.56	17,500.00	1/25/2008	1/31/2013
94974BET3	WELLS FARGO & COMPANY CORP BND					8,471,360.00	106.169	8,493,513.76	8,000,000.00	8,373,857.59	119,656.17	(36,176.71)	—	—	3.75	1.829	AO	150,000.00	—	7/26/2011	10/1/2014
94974BEU0	WELLS FARGO & COMPANY CORP BND					7,199,617.50	106.579	7,513,808.36	7,050,000.00	7,176,791.58	337,016.78	(10,004.96)	—	—	3.625	2.995	AO	117,842.72	—	1/5/2012	4/15/2015
94974BEZ9	WELLS FARGO & COMPANY SENIOR CORP BND					2,992,320.00	102.132	3,063,948.45	3,000,000.00	2,992,758.45	71,190.00	362.99	—	—	2.625	2.68	JD	23,843.75	—	12/5/2011	12/15/2016
949781AA6	WFMBS CMO 05-AR1 1A1			2		2,510,846.50	89.875	2,311,776.32	2,572,212.87	2,516,607.42	(204,831.10)	1,462.14	—	—	2.613	3.292	MON	5,600.61	16,801.00	12/5/2006	2/1/2027
949781AC2	WFMBS CMO 05-AR1 2A1			2		692,639.64	88.13	625,674.12	709,944.54	693,638.23	(67,964.11)	1,043.50	—	—	2.614	3.484	MON	1,546.73	4,640.00	5/27/2008	12/1/2034
949797AA2	WFMBS WHOLE CMO 07-15 A1			2		275,582.79	93	254,680.34	273,849.83	275,432.49	(20,752.15)	(94.96)	—	—	6	5.736	MON	1,369.25	4,107.00	1/17/2008	11/1/2037
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1			2		204,973.87	98.078	202,808.83	206,783.20	205,130.48	(2,321.65)	60.72	—	—	2.614	2.977	MON	450.49	1,352.00	1/14/2008	12/1/2018
94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2			2		1,919,826.39	92.814	1,833,351.38	1,975,304.67	1,925,980.69	(92,629.31)	3,025.07	—	—	2.69	3.852	MON	4,428.12	13,397.00	7/19/2006	6/1/2019
94982BAG5	WFMBS CMO 05-AR8 3A2			2		723,231.03	96.649	711,106.60	735,761.98	725,713.84	(14,607.24)	1,071.44	—	—	2.72	3.206	MON	1,667.93	5,009.00	12/15/2005	2/1/2035
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND					4,010,212.00	100.892	4,035,680.00	4,000,000.00	4,002,216.42	33,463.58	(772.67)	—	—	1.75	1.654	MN	28,972.22	—	1/27/2010	11/2/2012
959802AN9	WESTERN UNION CORP BND					11,100,000.00	100.563	11,162,493.44	11,100,000.00	11,100,000.00	62,493.44	—	—	—	1.055	0.89	MJSD	8,128.83	31,254.00	3/2/2011	3/7/2013
961214BR3	WESTPAC BANKING CORP CORP BND		F			9,195,216.00	100.938	9,286,275.94	9,200,000.00	9,197,275.45	89,000.49	394.61	—	—	1.85	1.868	JD	52,951.11	—	12/2/2010	12/9/2013
9612E0CD7	WESTPAC BANKING CORP CORP BND 144A		F			2,702,241.00	99.902	2,697,354.00	2,700,000.00	2,701,659.68	(4,305.68)	(205.44)	—	—	1.2	0.945	MJSD	179.94	8,936.00	7/12/2011	3/31/2014
9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND GOVT		F			3,130,512.81	105.7	3,276,699.66	3,100,000.00	3,119,581.79	157,117.87	(2,020.01)	—	—	3.45	3.166	JJ	18,716.25	53,475.00	11/12/2010	7/28/2014
9612EMAH2	WESTPAC BANKING CORP - GTD CORP BND GOVT		F			10,104,800.00	104.587	10,458,699.80	10,000,000.00	10,060,328.74	398,371.06	(5,940.32)	—	—	2.9	2.643	MS	16,916.67	145,000.00	4/28/2010	9/10/2014
981464BD1	WORLD FINANCIAL NETWORK CREDIT ABS_06-A			2		12,301,269.53	99.61	12,451,250.00	12,500,000.00	12,403,207.03	48,042.97	23,091.38	—	—	0.372	1.115	MON	2,194.36	12,670.00	2/16/2011	4/15/2013
98158KAD1	WORLD OMNI AUTO RECEIVABLES TR ABS 11-A			2		4,599,795.30	102.347	4,707,956.02	4,600,000.00	4,599,814.27	108,141.75	4.82	—	—	1.91	1.918	MON	3,904.89	21,965.00	3/2/2011	4/15/2015
98158PAC2	WOART_11-B ABS_11-B A3			2		5,999,988.61	100.41	6,024,600.00	6,000,000.00	5,999,976.86	24,623.14	(8.21)	—	—	0.96	0.961	MON	2,559.99	14,400.00	11/2/2011	1/15/2015
983024AE0	WYETH CORP BND					13,352,757.70	108.946	13,236,930.50	12,150,000.00	13,081,169.03	155,761.47	(116,626.56)	—	—	5.5	1.256	FA	111,375.00	321,750.00	3/26/2012	2/1/2014
984121CE1	XEROX CORPORATION SENIOR CORP BND					2,500,000.00	100.751	2,518,767.37	2,500,000.00	2,500,000.00	18,767.37	—	—	—	1.874	1.878	MJSD	2,081.72	—	3/8/2012	9/13/2013
984121CF8	XEROX CORPORATION SENIOR CORP BND					2,721,593.75	101.17	2,756,895.96	2,725,000.00	2,721,623.18	35,272.78	29.92	—	—	2.95	2.977	MS	3,572.77	—	3/8/2012	3/15/2017
BRS35M2T5	TPF GENERATION HOLDINGS LLC TERM LOAN			2		927,959.13	99.583	925,005.21	928,878.63	928,139.40	(3,134.19)	107.93	—	—	0	0.046	MJSD	—	6,056.00	11/1/2011	12/15/2013
BRS35M3Y3	TPF GENERATION HOLDINGS LLC TERM LOAN			2		553,846.06	99.583	552,083.05	554,394.88	553,953.66	(1,870.61)	64.42	—	—	0	0.046	MJSD	—	71,026.00	11/1/2011	12/15/2013
BRS38FMB4	UNITED AIR LINES INC. TERM LOAN					2,877,125.40	96.692	2,858,240.72	2,956,026.06	2,904,138.41	(45,897.69)	7,343.82	—	—	0	0.949	FMAN	—	17,051.00	5/13/2011	2/1/2014
BRS3BRB18	NATIONAL CINEMEDIA INC LN1 TERM LOAN			2		1,116,594.82	98.708	1,123,228.96	1,137,931.03	1,122,972.08	256.88	1,289.61	—	—	0	0.455	FMAN	—	5,897.00	12/16/2010	2/13/2015
BRS3D3LA8	CHARTER COMMUNICATIONS HOLDING LN1 TERM			2		135,529.97	99.391	134,704.59	135,529.97	135,529.97	(825.38)	—	—	—	0	0	MON	—	526.00	3/8/2011	3/6/2014
BRS42NQM3	POLYPORE INC TERM LOAN					1,953,506.01	99.125	1,951,045.69	1,968,268.04	1,958,528.50	(7,482.81)	1,103.00	—	—	0	0.217	JAJO	—	7,659.00	12/17/2010	7/3/2014
BRS47V6P5	BIOMET INC LN1 TERM LOAN			2		6,186,291.71	93.239	6,138,061.63	6,210,350.11	6,189,913.67	(51,852.04)	1,684.53	—	—	0	0.106	MON	—	52,713.00	8/15/2011	3/25/2015
BRS4BYYF5	MILLENNIUM INORGANIC CHEMICALS TERM LOAN					1,225,438.25	99.425	1,221,445.59	1,228,509.52	1,226,441.58	(4,995.99)	753.58	—	—	0	0.078	FMAN	—	—	3/8/2011	5/15/2014
BRS4QJJM4	DOLLAR GENERAL CORPORATION LN1 TERM LOAN			2		2,000,000.00	94.875	1,999,540.00	2,000,000.00	2,000,000.00	(460.00)	—	—	—	0	0	MON	—	17,837.00	6/21/2011	7/7/2014
BRS4QJKV2	FREESCALE SEMICONDUCTOR INC. TERM LOAN			2		4,894,780.36	97.175	4,827,207.18	4,967,540.19	4,904,589.91	(77,382.73)	3,309.65	—	—	0	0.267	MON	—	75,478.00	8/5/2011	12/1/2016
BRS4QJTT8	SORENSON COMMUNICATIONS INC LN1 TERM					2,097,753.76	90.875	2,134,302.42	2,172,096.91	2,129,989.91	4,312.51	8,433.38	—	—	0	1.409	MON	—	—	3/8/2011	8/16/2013
BRS58NX61	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN			2		2,381,744.34	91.411	2,377,571.10	2,384,653.52	2,382,580.77	(5,009.67)	186.46	—	—	0	0.028	MON	—	3,132.00	5/26/2011	4/24/2015
BRS58NXF1	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN			2		581,954.90	91.411	580,942.64	582,673.18	582,161.42	(1,218.78)	43.85	—	—	0	0.028	MON	—	3,489.00	5/26/2011	4/24/2015
BRS8R3U20	HUNTSMAN INTL LLC TERM LOAN					5,947,500.00	97.889	5,873,340.00	6,000,000.00	5,956,690.95	(83,350.95)	2,530.46	—	—	0	0.168	FMAN	—	49,055.00	5/13/2011	6/30/2016
BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN		D			2,949,500.73	101.907	3,175,015.09	1,950,000.00	2,941,180.46	233,834.63	(1,129.58)	—	182,711.77	2.625	2.447	DEC	25,250.51	—	4/27/2010	12/10/2013
BRS9GBGH5	BORDENINC. TERM LOAN					1,169,378.62	98.857	1,158,173.60	1,171,564.58	1,169,925.20	(11,751.60)	138.18	—	—	0	0.045	FMAN	—	—	5/13/2011	5/5/2015
BRS9GBTB4	HEXION SPECIALTY CHEMICALS TL TERM LOAN					2,751,907.76	98.857	2,725,530.30	2,757,043.31	2,753,191.33	(27,661.03)	338.71	—	—	0	0.045	FMAN	—	9,023.00	5/13/2011	5/5/2015
BRS9LY573	CINEMARK USA INC. TERM LOAN			2		947,728.42	100.063	993,010.99	992,385.79	952,907.97	40,103.02	2,466.57	—	—	0	0.982	JAJO	—	7,554.00	8/26/2011	4/30/2016
BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND		D			4,153,705.78	0	4,499,974.23	2,700,000.00	4,128,630.26	371,343.97	(3,770.33)	—	247,024.95	3	2.571	DEC	41,130.03	—	7/12/2010	12/7/2015
BRS9SHAY8	HCA INC LN1 TERM LOAN			2		1,995,000.00	98.063	1,961,260.00	2,000,000.00	1,995,995.06	(34,735.06)	199.49	—	—	0	0.04	FMAN	—	27,240.00	12/16/2010	3/31/2017
BRS9U2FN7	CABLEVISION SYSTEMS CORPORATIO TERM LOAN			2		1,384,405.05	98.75	1,470,000.00	1,488,607.59	1,397,642.58	72,357.42	5,735.75	—	—	0	1.563	FMAN	—	10,012.00	8/11/2011	3/29/2016
BRS9WB7G9	ARKEL_10-1 ABS_10-1 5A		D	1		918,390.00	105.942	1,015,608.19	600,000.00	918,390.00	97,218.19	—	—	40,260.00	4.681	4.677	FA	5,424.38	22,208.00	4/30/2010	2/17/2017
BRS9YCJN7	BUFFETS INC TERM LOAN					1,929,317.27	51.9	1,049,696.46	2,022,536.54	1,953,030.15	(903,333.69)	4,602.17	—	—	0	1.11	JAJO	—	25,842.00	3/28/2012	4/22/2015
BRS9YEPB2	UPC FINANCING PARTNERSHIP TERM LOAN			2		1,992,500.00	98.833	1,976,660.00	2,000,000.00	1,993,435.57	(16,775.57)	283.83	—	—	0	0.056	JAJO	—	19,097.00	5/27/2011	12/31/2017
BRSABN708	DEAN FOODS COMPANY TERM LOAN			2		2,913,051.90	98.719	2,921,933.59	2,959,849.26	2,922,886.52	(952.93)	2,390.49	—	—	0	0.309	MJSD	—	—	5/16/2011	4/2/2016
BRSAD09Q7	DEAN FOODS TERM LOAN			2		1,864,775.60	99.054	1,854,087.67	1,871,794.85	1,867,177.62	(13,089.95)	645.10	—	—	0	0.122	JAJO	—	10,564.00	2/1/2011	4/2/2014
BRSAG8QE5	VNU GROUP B.V. CORP BND					1,974,899.24	99.861	1,977,096.89	1,979,848.88	1,975,692.25	1,404.64	264.16	—	—	0	0.051	FMAN	—	18,650.00	6/9/2011	5/2/2016
BRSAHW6G8	LAS VEGAS SANDS LLC TERM LOAN			2		938,927.88	96.486	920,001.74	953,508.01	941,270.28	(21,268.54)	658.12	—	—	0	0.274	FMAN	—	4,746.00	5/16/2011	11/23/2016
BRSAHW876	LAS VEGAS SANDS LLC TERM LOAN					4,894,971.34	96.486	4,798,841.96	4,973,614.79	4,907,852.16	(109,010.20)	3,567.91	—	—	0	0.282	FMAN	—	24,755.00	5/16/2011	11/23/2016
BRSB5UM91	TW TELECOM INC TERM LOAN					984,415.60	99.708	981,541.11	984,415.60	984,415.60	(2,874.49)	—	—	—	0	0	FMAN	—	5,906.00	1/18/2011	12/30/2016
BRSB8N999	CCC INFORMATION SERVICES GROUP TERM LOAN					255,587.46	99.938	257,613.04	257,772.86	255,846.51	1,766.53	204.80	—	—	0	0.204	MJSD	—	—	10/1/2011	11/11/2015
BRSB98L97	CENVEO CORP TERM LOAN					405,823.22	100.024	409,440.34	409,342.10	406,107.06	3,333.28	663.57	—	—	0	0.166	MJSD	—	1,023.00	11/1/2011	12/21/2016
BRSB9YU33	AMC ENTERTAINMENT INC. TERM LOAN					571,033.20	98.958	602,755.23	609,102.07	573,925.95	28,829.28	1,903.21	—	—	0	1.25	JAJO	—	1,787.00	9/6/2011	12/15/2016

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE							INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
BRSB9YU33	AMC ENTERTAINMENT INC. TERM LOAN					571,033.20	98.958	602,755.23	609,102.07	573,925.95	28,829.28		1,903.21		—	—		0	1.25	JAJO	—	1,787.00	9/6/2011	12/15/2016
BRSBAXKS9	REMY INTERNATIONAL INC TERM LOAN					1,113,187.35	100	1,142,282.75	1,142,282.75	1,116,139.31	26,143.44		2,234.57		—	—		0	0.484	MJSD	—	—	9/29/2011	12/16/2016
BRSBDPXK6	JPMORGAN CHASE & CO CORP BND EMTN		O			1,858,741.36	106.18	1,950,965.52	1,150,000.00	1,857,701.43	93,264.09		(980.99	)	—	467.57		4.25	3.986	JJ	14,373.71	38,087.00	11/9/2011	1/25/2017
BRSBHYHD7	SAVERS INC TERM LOAN			2		288,232.61	99.663	287,261.27	288,232.61	288,232.61	(971.34	)	—		—	—		0	0	FMAN	—	3,097.00	3/3/2011	3/4/2017
BRSBK9U01	MOMENTIVE PERFORMANCE MATERIAL TERM LOAN			2		5,906,755.31	95.813	5,678,864.23	5,927,028.93	5,911,201.31	(232,337.08	)	1,222.75		—	—		0	0.085	MJSD	—	47,389.00	5/13/2011	5/5/2015
BRSBL1YL7	BURGER KING CORP TERM LOAN					6,088,309.91	99.807	6,071,569.12	6,083,309.91	6,087,381.57	(15,812.45	)	(223.71	)	—	—		0	-0.015	FMAN	—	—	5/16/2011	10/19/2016
BRSBN8RA2	BWAY HOLDING					2,724,077.66	99.79	2,753,149.48	2,758,943.26	2,725,863.92	27,285.56		1,339.72		—	—		0	0.197	FA	—	21,382.00	8/26/2011	2/23/2018
BRSBNH1C6	DINEEQUITY INC			2		1,880,353.50	99.988	1,863,819.44	1,864,043.13	1,877,807.30	(13,987.86	)	(1,652.33	)	—	—		0	-0.133	AO	—	7,669.00	2/23/2011	10/19/2017
BRSBRMC88	BWAY CORPORATION TERM LOAN					245,270.83	99.79	247,472.90	247,993.69	245,475.67	1,997.23		102.15		—	—		0	0.164	MJSD	—	2,041.00	9/1/2011	2/23/2018
BRSBS9GD1	NTELOS INC TERM LOAN					2,791,349.55	99.438	2,826,268.32	2,842,241.72	2,796,132.64	30,135.68		3,454.89		—	—		0	0.482	FMAN	—	19,264.00	11/16/2011	8/7/2015
BRSBT4DY8	SERENA SOFTWARE TERM LOAN					2,983,750.00	96.75	2,902,500.00	3,000,000.00	2,986,552.96	(84,052.96	)	848.24		—	—		0	0.112	MJSD	—	34,411.00	6/2/2011	3/10/2016
BRSBUXKY4	KINDRED HEALTHCARE INC. TERM LOAN					3,508,141.25	94.5	3,329,589.38	3,523,375.00	3,509,953.19	(180,363.81	)	636.83		—	—		0	0.061	MJSD	—	46,464.00	5/19/2011	6/1/2018
BRSBXUEK4	HUBBARD RADIO TERM LOAN			1		1,564,798.62	100.125	1,619,797.22	1,617,775.00	1,568,607.82	51,189.40		2,396.39		—	—		0	0.597	JAJO	—	14,428.00	9/30/2011	4/28/2017
BRSBZBVS8	RANPAK CORP TERM LOAN					2,787,097.57	99.75	2,769,037.51	2,775,977.45	2,785,513.66	(16,476.15	)	199.85		—	—		0	-0.067	JAJO	—	23,561.00	5/19/2011	4/20/2017
BRSC0XRZ5	NORTEK INC TERM LOAN					2,179,547.59	99.5	2,172,047.60	2,182,962.41	2,179,990.70	(7,943.10	)	170.49		—	—		0	0.026	JAJO	—	29,256.00	7/8/2011	4/26/2017
BRSC4H8Q7	EPICOR SOFTWARE CORP TERM LOAN					5,603,646.40	99.075	5,617,273.69	5,669,718.59	5,607,927.84	9,345.85		1,623.64		—	—		0	0.175	FMAN	—	—	2/22/2012	5/31/2018
BRSC51AB1	STAR WEST GENERATION LLC TERM LOAN					3,035,923.08	98.667	3,005,548.62	3,046,153.85	3,037,155.93	(31,607.31	)	365.39		—	—		0	0.048	FMAN	—	46,708.00	5/18/2011	5/17/2018
BRSC529Z8	DUNKIN BRANDS INC TERM LOAN			2		4,268,921.14	99.848	4,247,869.30	4,254,335.89	4,267,035.81	(19,166.51	)	(562.33	)	—	—		0	-0.052	FMAN	—	29,920.00	6/1/2011	11/23/2017
BRSC71P72	XERIUM TECHNOLOGIES INC TERM LOAN					673,568.48	99.083	670,745.58	676,953.24	674,036.70	(3,291.12	)	319.38		—	—		0	0.083	MJSD	—	—	5/25/2011	5/26/2017
BRSC8PGF0	ENDO PHARMACEUTICALS HLDGS INC TERM LOAN			1		999,642.88	99.946	999,103.07	999,642.88	999,642.88	(539.81	)	—		—	—		0	0	MJSD	—	16,062.00	6/7/2011	6/17/2018
BRSC8YXG0	DAIMLER INTERNATIONAL FINANCE SENIOR		D			956,732.04	100.535	963,776.96	600,000.00	956,798.12	6,978.84		37.45		—	1,649.65		2.125	2.135	DEC	6,289.51	—	11/9/2011	12/10/2013
BRSC9TBB5	NRG ENERGY INC TERM LOAN					4,753,591.87	99.856	4,856,246.92	4,863,250.00	4,763,196.48	93,050.44		4,048.19		—	—		0	0.327	MJSD	—	27,848.00	8/23/2011	7/1/2018
BRSCAHX41	CALPINE CORPORATION TERM LOAN					4,038,730.62	99.563	4,051,467.38	4,069,250.00	4,042,000.23	9,467.15		1,198.79		—	—		0	0.11	MJSD	—	—	6/10/2011	4/1/2018
BRSCAXFG9	US SILICA CO TERM LOAN					491,296.79	99.5	490,065.47	492,528.11	491,456.19	(1,390.72	)	54.27		—	—		0	0.041	MJSD	—	1,231.00	6/8/2011	6/8/2017
BRSCB27N0	WARNACO GROUP INC. THE TERM LOAN					2,123,205.62	99.375	2,120,538.28	2,133,875.00	2,124,364.30	(3,826.02	)	405.63		—	—		0	0.071	MJSD	—	20,483.00	6/16/2011	6/17/2018
BRSCC0RV3	DUCOMMUN INC TERM LOAN					432,333.00	99.75	435,608.25	436,700.00	432,885.24	2,723.01		197.68		—	—		0	0.166	MJSD	—	—	6/17/2011	6/28/2017
BRSCC2H73	TRIMAS CORP TERM LOAN					908,534.50	99.583	909,292.37	913,100.00	909,114.48	177.89		197.71		—	—		0	0.082	MJSD	—	10,409.00	6/17/2011	6/21/2017
BRSCD57K7	HUSKY INTERNATIONAL LTD TERM LOAN		F			4,912,875.00	100.536	4,989,099.00	4,962,500.00	4,918,009.69	71,089.31		1,887.04		—	—		0	0.142	MJSD	—	—	6/24/2011	6/29/2018
BRSCDKB78	SBA SENIOR FINANCE II LLC TERM LOAN					2,673,050.62	99.396	2,663,564.31	2,679,750.00	2,673,744.80	(10,180.49	)	255.04		—	—		0	0.035	JD	—	—	6/27/2011	6/30/2018
BRSCDUPD8	TEAM HLTH INC. TERM LOAN					3,851,396.26	97.938	3,790,935.14	3,870,750.01	3,853,386.55	(62,451.41	)	736.88		—	—		0	0.071	MJSD	—	—	6/28/2011	6/29/2018
BRSCEALQ6	MERCURY PAYMENT SYSTEMS TERM LOAN					3,242,497.50	100.375	3,287,532.19	3,275,250.00	3,246,537.69	40,994.50		1,448.03		—	—		0	0.168	JAJO	—	86,748.00	6/29/2011	6/30/2017
BRSCFRW37	PRO MACH INC TL B TERM LOAN					854,840.25	97	837,570.75	863,475.00	855,857.65	(18,286.90	)	379.08		—	—		0	0.166	JAJO	—	—	7/6/2011	7/6/2017
BRSCG0YH2	NORIT HOLDING BVTERM TL TERM LOAN					1,298,599.38	99.875	1,316,727.03	1,318,375.00	1,300,920.01	15,807.02		864.90		—	—		0	0.249	MJSD	—	—	7/6/2011	7/10/2017
BRSCHUN87	SUNCOKE ENERGY INC TERM LOAN			1		1,582,807.63	99.563	1,586,436.48	1,593,399.64	1,583,620.90	2,815.58		402.17		—	—		0	0.096	MJSD	—	15,888.00	12/13/2011	7/26/2018
BRSCJU296	NUANCE COMMUNICATIONS INC TERM LOAN					975,800.21	99.873	983,574.05	984,824.78	976,647.65	6,926.40		529.19		—	—		0	0.206	MJSD	—	8,165.00	11/1/2011	3/31/2016
BRSCPUN39	SNL FINANCIAL LC TERM LOAN					2,837,250.00	99.75	2,917,687.50	2,925,000.00	2,844,832.54	72,854.96		4,164.13		—	—		0	0.43	MJSD	—	—	8/11/2011	8/17/2018
BRSCQ2G46	IMMUCOR  INC. TERM LOAN			1		2,865,600.00	101	3,014,850.00	2,985,000.00	2,875,600.11	139,249.89		4,562.21		—	—		0	0.578	MJSD	—	—	8/17/2011	8/19/2018
BRSCTV4V2	LENDER PROCESS TERM LOANS					1,466,418.75	100.75	1,499,915.63	1,488,750.00	1,468,279.25	31,636.38		848.69		—	—		0	0.214	FMAN	—	7,278.00	8/12/2011	8/14/2018
BRSD1YF59	MICROSEMI CORPORATION TERM LOAN			1		1,957,622.88	99.75	1,992,580.42	1,997,574.36	1,960,464.65	32,115.77		1,663.52		—	—		0	0.317	MJSD	—	56,094.00	10/7/2011	2/2/2018
BRSD7SFZ0	CB RICHARD ELLIS SERV  INC. TERM NOTES					1,980,000.00	99.275	1,985,500.00	2,000,000.00	1,980,000.00	5,500.00		—		—	—		0	0.135	MJSD	—	—	3/15/2012	9/4/2019
BRSD9CAS4	HEALTH MANAGEMENT ASSOCIATES I  TERM			1		5,895,773.75	99.139	5,884,023.57	5,935,125.00	5,897,045.88	(13,022.31	)	1,214.46		—	—		0	0.096	MJSD	—	22,590.00	2/29/2012	11/16/2018
BRSDCHKT6	B&G FOODS INC TERM LOAN			1		666,579.37	100.2	674,659.13	673,312.50	666,885.52	7,773.61		256.89		—	—		0	0.142	MJSD	—	7,070.00	11/18/2011	11/30/2018
BRSDFK6A3	NOVELIS INC/GA TERM LOAN			1		645,133.12	99.594	658,988.60	661,675.00	646,056.39	12,932.21		819.22		—	—		0	0.477	MJSD	—	—	12/2/2011	3/10/2017
BRSDH9178	FLEETPRIDE TERM LOAN					833,000.00	99.833	848,580.50	850,000.00	833,855.04	14,725.46		701.01		—	—		0	0.333	FMAN	—	3,984.00	11/30/2011	12/6/2017
BRSDP3SG3	AZ CHEM US TERM LOAN					1,124,873.73	101.125	1,172,709.86	1,159,663.64	1,126,121.79	46,588.07		4,348.15		—	—		0	0.506	MJSD	—	6,306.00	12/19/2011	12/22/2017
BRSDPAC33	INVERNESS MEDICAL INNOVATIONS SENIOR SEC					846,450.00	99.328	849,254.40	855,000.00	846,450.00	2,804.40		—		—	—		0	0.192	MJSD	—	—	3/27/2012	6/30/2017
BRSDR1PS2	KREDITANSTALT FUER WIEDERAUFBA CORP BND		D			3,183,652.29	100.864	3,223,093.14	2,000,000.00	3,183,609.20	39,483.94		(43.09	)	—	24,597.42		1.75	1.634	JAN	11,614.57	—	3/20/2012	1/22/2016
BRSDRTRZ3	EXPORT DEVELOPMENT CANADA(LT)G CORP BND		T			3,531,332.15	100.549	3,694,989.87	2,300,000.00	3,531,351.42	163,638.45		19.27		—	143,162.90		1	1.001	DEC	7,429.97	—	1/11/2012	12/8/2014
BRSDTJH27	TAMINCO GLOBAL CHEMICAL CORPOR TERM LOAN			1		196,000.00	100.531	201,062.00	200,000.00	196,049.84	5,012.16		49.84		—	—		0	0.286	MJSD	—	—	1/27/2012	2/15/2019
BRSDVCMH0	GE CAPITAL UK FUNDING SENIOR CORP BND		D			623,426.13	103.796	663,359.41	400,000.00	623,465.45	39,893.96		39.32		—	11,060.27		4.375	4.445	JUL	4,660.11	—	1/26/2012	7/31/2019
BRSDWEH16	TRANSDIGM INC. TERM LOAN			1		1,108,727.71	99.975	1,114,020.64	1,114,299.21	1,108,843.89	5,176.75		130.14		—	—		0	0.099	MJSD	—	—	2/14/2012	2/14/2017
BRSE0V753	AMC ENTERTAINMENT INC. TERM LOAN			2		4,162,417.87	98.958	4,160,652.00	4,204,462.50	4,163,030.59	(2,378.59	)	718.09		—	—		0	0.166	MJSD	—	—	2/16/2012	2/22/2018
BRSE456U2	RAILAMERICA  INC. SENIOR SECURED TERM			1		1,990,000.00	99.792	1,995,840.00	2,000,000.00	1,990,047.18	5,792.82		47.18		—	—		0	0.071	MJSD	—	—	2/23/2012	3/1/2019
BRSE47ZL6	JARDEN CORP SENIOR SECUREDTERM LOAN					798,000.00	99.99	799,920.00	800,000.00	798,020.77	1,899.23		20.77		—	—		0	0.041	MJSD	—	—	2/21/2012	3/31/2018
BRSE4J2V4	CATALENT PHARMA SOLUTIONS INC SENIOR					4,937,625.00	99.917	4,983,360.38	4,987,500.00	4,938,118.08	45,242.30		618.08		—	—		0	0.18	MJSD	—	5,091.00	2/22/2012	9/15/2017
BRSE4T2Q3	ENERGY TRANSFER EQUITY LP SENIOR SEC					4,870,600.00	98.24	4,882,528.00	4,970,000.00	4,870,708.23	11,819.77		108.23		—	—		0	0.4	FMAN	—	—	3/21/2012	3/23/2017
BRSE58QX7	NORANDA ALUMINUM ACQUISITION TERM LOAN					1,985,000.00	100.625	2,012,500.00	2,000,000.00	1,985,117.81	27,382.19		141.67		—	—		0	0.107	MJSD	—	8,897.00	2/24/2012	2/24/2019
BRSE76GJ1	WEIGHT WATCHERS INTL INC SECURED TERM			2		2,064,150.00	99.6	2,076,660.00	2,085,000.00	2,064,150.00	12,510.00		—		—	—		4	4.164	MJSD	—	—	3/13/2012	3/31/2019
BRSE7X6H7	SWIFT TRANSP CO SENIOR SECURED TERM LOAN					3,790,500.00	100.55	3,820,900.00	3,800,000.00	3,790,522.71	30,377.29		22.71		—	—		0	0.043	MJSD	—	—	2/29/2012	12/21/2017
BRSE99EZ9	TELESAT CANADA /  TELESAT LLC SENIOR		A	2		9,950,000.00	99.813	9,981,300.00	10,000,000.00	9,950,000.00	31,300.00		—		—	—		0	0.072	MJSD	—	—	3/26/2012	3/28/2019
BRSE9A2P1	YANKEE CANDLE CO INC SECURED TERM LOAN					2,361,150.00	100.229	2,390,461.65	2,385,000.00	2,361,150.00	29,311.65		—		—	—		0	0.144	MJSD	—	—	3/15/2012	3/12/2019
BRSE9BMN2	FIFTH THIRD PROCESSING SOLUTIO SENIOR					813,767.85	100.05	818,266.07	817,857.14	813,767.85	4,498.22		—		—	—		0	0.071	MJSD	—	—	3/7/2012	3/31/2019
BRSE9BNJ0	PINNACLE ENTERTAINMENT INC. SENIOR SEC					495,000.00	100.175	500,875.00	500,000.00	495,000.00	5,875.00		—		—	—		0	0.143	MJSD	—	—	3/8/2012	3/8/2019
BRSE9C0N4	PROTECTION ONE  INC. SENIOR SECURED TERM			1		1,576,000.00	99.125	1,586,000.00	1,600,000.00	1,576,000.00	10,000.00		—		—	—		0	0.214	MJSD	—	—	3/16/2012	3/21/2019
BRSEBGYC9	MONITRON INTL SENIOR SECURED TERM NOTES					2,653,200.00	99.979	2,679,437.20	2,680,000.00	2,653,200.00	26,237.20		—		—	—		0	0.167	JAJO	—	—	3/16/2012	3/16/2018
BRSECN1K1	ENNIS-FLINT SECURED TERM LOAN			1		1,009,625.00	98.5	1,009,625.00	1,025,000.00	1,009,625.00	—		—		—	—		6.25	6.608	MJSD	—	—	3/30/2012	3/22/2018
BRSED9GW9	GETTY IMAGES INC. TERM NOTES					1,343,250.00	100.438	1,355,906.25	1,350,000.00	1,343,250.00	12,656.25		—		—	—		0	0.14	MON	—	—	3/22/2012	11/14/2015
BRSEDF0S1	LPL HOLDINGS INC TL SENIOR SECURED TERM					1,402,950.00	100.15	1,412,115.00	1,410,000.00	1,402,950.00	9,165.00		—		—	—		0	0.071	MJSD	—	—	3/23/2012	3/22/2019
BRSEDU0V1	BARCLAYS BANK PLC - GTD SENIOR CORP BND		D			2,994,579.49	99.81	3,029,957.06	1,900,000.00	2,994,579.49	35,377.57		—		—	23,993.66		1.5	1.612	APR	—	—	3/28/2012	4/4/2017
BRSEDXBC5	MOMENTIVE PERFORMANCE MATERIAL SENIOR					1,553,725.00	95.75	1,565,991.25	1,635,500.00	1,553,725.00	12,266.25		—		—	—		0	1.689	MJSD	—	—	3/23/2012	5/5/2015
BRSEDXCH3	PETROLOGISTICS LP SECURED TERM LOAN					980,000.00	98	980,000.00	1,000,000.00	980,000.00	—		—		—	—		7	7.548	MJSD	—	—	3/23/2012	3/23/2017
BRSEFZCX1	PINACLE FOOD FIN TERM LOAN					1,237,500.00	99	1,237,500.00	1,250,000.00	1,237,500.00	—		—		—	—		0	0.145	MJSD	—	—	3/29/2012	3/1/2019
D4085B7T2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		D			3,496,559.00	109.01	3,483,407.52	2,000,000.00	3,473,220.45	10,187.07		(15,279.19	)	—	5,988.31		3.75	1.649	SEP	67,773.41	—	11/9/2011	9/7/2016
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND		D			3,688,345.49	102.917	3,617,600.18	2,200,000.00	3,663,649.98	(46,049.80	)	(2,702.04	)	—	(133,239.71	)	3	2.668	SEP	59,064.36	—	11/11/2009	9/9/2013
D4085DTN7	KREDITANSTALT FUER WIEDERAUFBA CORP BND		D			1,004,438.49	104.728	1,003,971.81	600,000.00	999,823.63	4,148.18		(3,021.25	)	—	1,723.83		2.75	1.4	SEP	14,910.16	—	11/9/2011	9/7/2015
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN		F			6,205,625.04	99.129	5,947,753.62	6,000,000.00	6,022,026.68	(74,273.06	)	(33,407.14	)	—	—		5.125	2.803	MAY	257,104.17	—	11/12/2010	5/31/2012
G089A2LK4	BARCLAYS BANK PLC LOCAL BND EMTN		D			1,188,441.14	100.272	1,201,567.58	750,000.00	1,188,154.08	13,413.50		(287.06	)	—	17,009.19		2.59	2.378	JAJO	6,121.19	—	2/10/2012	1/20/2015
G1279MKC9	BP CAPITAL MARKET PLC CORP BND MTN		D			688,967.43	108.937	739,732.48	425,000.00	688,788.08	50,944.40		(183.20	)	—	(10,695.01	)	4.325	4.339	DEC	9,072.20	—	3/7/2011	12/10/2018
G29330DW7	EDF ENRGYNET LPN LOCAL BND		D			911,019.43	111.27	977,801.32	550,000.00	911,762.53	66,038.79		83.09		—	(34,666.63	)	5.375	5.107	NOV	18,325.55	—	11/6/2009	11/11/2016
G3157R8G6	EBRD CORP BND		D			2,188,451.06	101.628	2,182,335.09	1,344,000.00	2,189,761.92	(7,426.83	)	363.90		—	(44,838.34	)	1.875	1.935	DEC	12,431.02	—	4/7/2011	12/10/2013
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND		F			5,059,594.40	96.51	5,027,016.15	5,000,000.00	5,007,974.22	19,041.93		(9,675.39	)	—	—		5.5	4.632	JUN	218,472.22	—	11/12/2010	6/15/2012
G4637EBQ7	HSBC BANK PLC LOCAL BND MTN		D	1		1,359,673.17	99.241	1,109,932.48	700,000.00	1,364,293.51	(254,361.03	)	266.02		—	(251,270.22	)	5.75	5.776	JUN	49,022.77	—	1/14/2008	6/27/2017
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI  CORP BND		F			3,097,697.05	103.539	3,106,170.03	3,000,000.00	3,036,499.43	69,670.60		(9,070.53	)	—	—		3.5	2.451	JUN	82,833.33	—	2/19/2010	6/17/2013
G6459EAB1	NETWORK RAIL INFRA FIN CORP BND GOVT		D			4,366,114.51	100.65	4,502,756.68	2,800,000.00	4,366,447.17	136,309.51		332.66		—	102,940.68		1.25	1.284	JAN	12,376.01	—	1/4/2012	1/22/2015
G6459FAE2	NETWORK RAIL INFRASTRUCTURE FI LOCAL BND		D			2,735,751.98	105.139	2,721,678.77	1,500,000.00	2,704,055.67	17,623.10		(20,773.43	)	—	4,662.17		4.875	1.207	NOV	40,222.05	—	11/9/2011	11/27/2015
G7014VBF9	PERMM 2010-1 ABS_10-1 3A		D	1		2,003,000.00	106.496	2,126,914.81	1,250,000.00	2,003,000.00	123,914.81		—		—	(5,812.50	)	4.805	4.793	JJ	20,300.26	45,903.00	1/29/2010	1/17/2017
G8162ZAD4	SILVERSTONE MASTER ISSUER PLC ABS_09-1		D	1		833,161.50	107.87	878,979.19	510,000.00	833,161.50	45,817.69		—		—	(18,309.00	)	5.063	5.059	AO	18,174.93	—	10/27/2009	10/21/2016
G92087EB0	UNILEVER PLC LOCAL BND EMTN		D			2,263,205.31	113.679	2,270,383.58	1,250,000.00	2,245,954.72	24,428.86		(11,293.55	)	—	3,872.33		4.75	2.143	JUN	75,373.31	—	11/9/2011	6/16/2017
G92435BV0	UNITED KINGDOM GILT IBND GOVT 8 MO		D			1,768,447.79	347.193	1,914,765.48	350,000.00	1,820,966.42	93,799.06		(6,336.59	)	—	12,603.06		2.5	-0.582	JJ	7,325.84	19,323.00	11/9/2011	7/26/2016
G92435JR1	UNITED KINGDOM GILT GOVT BND		D			875,090.93	111.2	888,349.00	500,000.00	858,300.29	30,048.71		(14,690.87	)	—	31,464.04		8	0.321	MS	868.35	31,339.00	12/14/2011	9/27/2013
G92435NC9	UNITED KINGDOM GILT GOVT BND		D			25,890,778.97	103.75	25,317,130.75	15,280,000.00	25,155,083.03	162,047.72		(233,197.72	)	—	59,327.67		4.5	0.956	MS	74,634.04	538,045.00	11/9/2011	3/7/2013
G924502M9	UNITED KINGDOM GILT GOVT BND		D			1,895,883.17	119.66	1,911,867.65	1,000,000.00	1,891,035.00	20,832.65		(11,791.50	)	—	27,497.66		4.5	1.446	MS	4,884.43	—	2/16/2012	3/7/2019
G924504Y1	UNITED KINGDOM GILT GOVT BND		D			12,427,778.92	103.52	12,901,128.24	7,800,000.00	12,395,742.65	505,385.59		(19,035.78	)	—	212,885.62		2.25	1.626	MS	19,049.26	139,150.00	11/9/2011	3/7/2014
G924507Q5	UNITED KINGDOM GILT GOVT BND		D			7,548,457.13	106.17	7,548,673.73	4,450,000.00	7,494,269.66	54,404.07		(36,624.57	)	—	12,921.16		2.75	0.738	JJ	37,063.74	95,006.00	11/9/2011	1/22/2015
G92450K80	UNITED KINGDOM GILT GOVT BND		D			1,158,805.35	121.37	1,163,513.50	600,000.00	1,153,390.99	10,122.51		(54,041.69	)	—	14,398.65		5	1.181	MS	3,256.28	23,786.00	1/31/2012	3/7/2018
G92450NU8	UNITED KINGDOM GILT GOVT BND		D			19,638,944.49	111.08	19,522,587.70	11,000,000.00	19,157,164.20	365,423.50		(151,791.84	)	—	(116,672.06	)	5	1.49	MS	59,698.53	436,081.00	11/9/2011	9/7/2014
G92450QY7	UNITED KINGDOM GILT GOVT BND		D			443,949.36	114	455,358.75	250,000.00	439,501.11	15,857.64		(3,890.93	)	—	16,111.47		4.75	0.603	MS	1,288.95	9,415.00	12/14/2011	9/7/2015
G92450YT9	UNITED KINGDOM GILT IBND GOVT 3 MO		D			8,322,566.81	143.323	8,474,355.05	3,700,000.00	8,261,640.82	212,714.23		(60,925.99	)	—	93,687.31		1.25	-1.311	MN	32,672.56	—	3/2/2012	11/22/2017
G92451CZ7	UNITED KINGDOM GILT GOVT BND		D			11,481,865.61	104.57	12,029,523.67	7,200,000.00	11,512,136.12	517,387.55		6,666.12		—	(40,976.01	)	2	2.069	JJ	44,245.35	111,503.00	11/9/2011	1/22/2016
G9544BAV4	WEST BROMWICH BUILDING SOCIETY LOCAL BND		D			2,743,325.17	100	2,875,949.89	1,800,000.00	2,710,466.27	165,483.62		(4,692.57	)	—	165,702.61		2	1.29	APR	57,046.24	—	6/29/2010	4/5/2012
N7277KAG6	RABOBANK NEDERLAND NV CORP BND MTN		D			813,092.49	105.551	843,223.27	500,000.00	814,587.41	28,635.86		152.26		—	(17,925.21	)	4	4.047	SEP	17,810.98	—	9/3/2009	9/10/2015

Validus Holdings, Ltd March 31, 2012 GAAP fixed maturity portfolio in Schedule D format

		Codes					FAIR VALUE				CHANGE IN BOOK/ADJUSTED CARRYING VALUE						INTEREST					DATES
1	2	3	4	5	6	7	8	9	10	11	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
Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND		D			679,712.30	104.83	753,713.53	450,000.00	681,076.36	72,637.17	195.40		—	34,649.60		3.875	3.97	DEC	8,320.06	—	4/7/2010	12/14/2015
Q6S7B5AN0	NATIONAL AUSTRALIA BANK LIMITE CORP BND		D			1,747,950.61	100.766	1,770,980.37	1,100,000.00	1,747,325.84	23,654.53	(624.77	)	—	25,014.09		2.535	2.23	JAJO	8,042.95	—	2/10/2012	1/27/2015
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND		O			742,348.77	111.572	935,889.28	525,000.00	744,792.39	191,096.89	221.85		—	91,081.63		5.5	5.634	MAR	3,539.13	45,784.00	2/25/2009	3/4/2015
U89233TU1	TOYOTA MOTOR CREDIT CORP CORP BOND		O			1,797,458.08	107.857	1,895,608.99	1,100,000.00	1,796,039.89	99,569.10	(928.57	)	—	(15,422.41	)	4	3.7	DEC	22,281.20	—	12/4/2011	12/7/2017
W5818PAC4	NORDEA BANK AB CORP BND MTN		D			1,375,264.68	104.638	1,504,673.17	900,000.00	1,377,570.00	127,103.17	337.95		—	54,821.30		3.875	3.951	DEC	16,442.41	—	4/13/2010	12/15/2015
W91297AA4	SVENSKA HANDELSBANKEN AB CORP BND		D			865,066.27	110.261	880,851.08	500,000.00	859,548.72	21,302.36	(3,832.80	)	—	10,124.18		5.5	3.16	MAY	37,335.41	—	11/17/2011	5/26/2016
073928X73	BEAR STEARNS CO INC CORP BND MTN					1,022,290.00		1,022,700.00	1,000,000.00	1,002,604.22	20,095.78	(2,887.91	)		—					9,845.83
52517PA35	LEHMAN BROS HOLDINGS INC					1,575,000.00		2,632,500.00	9,000,000.00	1,575,000.00	1,057,500.00	—			—					—
TOTAL								5,015,210,125.43	4,852,770,024.98	4,951,881,165.38	63,328,960.05

Validus Holdings, Ltd March 31, 2012 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
			DATE			GAAP			CURRENT YEAR			TOTAL FX CHG	PAR	ACTUAL	ACCRUED	NON-ADMITTED ACCRUED	INTEREST	EFFECTIVE RATE	HOW	GROSS REC’D	PAID FOR
DESCRIPTION	*	CUSIP	ACQUIRED	NAME OF VENDOR	MATURITY DATE	BOOK VALUE	UGL		AMORTIZATION		IMPAIRMENTS	IN B/A. C.V.	VALUE	COST	INTEREST	INTEREST	RATE	OF INTEREST	PAID	DURING YEAR	ACCRUED INT
UNITED STATES TREASURY		912828QK9	MULTI		2/28/2013	16,257,662.41	3,087.59		(1,876.24	)	—	—	16,200,000.00	16,259,538.65	8,804.35		0.625		Feb-Aug	—	—
UNITED STATES TREASURY		9127956E6	MULTI		3/7/2013	7,188,677.93	—		66.53		—	—	7,200,000.00	7,188,611.40	—		0			—	—
INTER-AMERICAN DEV BK		4581X0B$0	MULTI		10/22/2012	5,088,341.90	(4,214.11	)	(15,694.53	)	—	—	5,050,000.00	5,108,073.50	39,032.29		1.75		Apr-Oct	—	—
UNITED PARCEL SERVICE INC		911312AG1	1/31/2012		1/15/2013	1,762,095.36	—		(11,564.99	)	—	—	1,705,000.00	1,773,660.35	16,197.50		4.5		Jan-Jul	—	—
UNITED STATES TREASURY		9127955$1	10/12/2011		9/20/2012	2,998,673.87	—		701.43		—	—	3,000,000.00	2,997,356.04	—		0		AtMat	—	—
UNITED STATES TREASURY		9127955Q0	MULTI		12/13/2012	11,391,689.28	—		3,344.50		—	—	11,400,000.00	11,388,672.04	—		0		AtMat	—	—
UNITED STATES TREASURY		912795Y96	MULTI		8/23/2012	11,993,735.72	—		521.72		—	—	12,000,000.00	11,993,214.00	—		0		AtMat	—	—
CITI-INSTITUTION LIQ FUND USD		B0A0ATCJ9	MULTI			19,512,002.40	—		—		—	—	19,512,002.40	19,512,002.40	—		0.00112		AtMat	—	—
CITIFUNDS INST CASH RESERVE		BRS668GM8	MULTI			13,829,642.94	—		—		—	—	13,829,642.94	13,829,642.94	—		0.00112		AtMat	—	—
DREYFUS UNIVERSAL USD LIQ FD		DRFUNI$20	MULTI			663,500.79	—		—		—	—	663,500.79	663,500.79	—		0.0514		AtMat	—	—
BONY CASH RESERVE		S875996$0	MULTI			105,203,838.35	—		—		—	—	102,583,356.35	102,583,356.35	—		0.0001		AtMat	—	—
DREYFUS UNIVERSAL LIQ		S99992125	MULTI			48,133,564.53	—		—		—	—	48,133,564.53	48,133,564.53	—		0		AtMat	—	—
BLACKROCK INTL $ RESERVE		S99993578	MULTI			27,937,334.23	—		—		—	—	27,937,334.23	27,937,334.23	—		0.0502		AtMat	—	—
GOLDMAN SACHS		S999936$0	MULTI			32,189,608.51	—		—		—	—	32,189,608.51	32,189,608.51	—		0.00059		AtMat	—	—
						304,150,368.22	(1,126.52	)	(24,501.58	)	—	—	301,404,009.75	301,558,135.73	64,034.14

Validus Holdings, Ltd March 31, 2012 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	4,651,283.84	4,978,130.00	4,651,283.84	326,846.16		—	—	—	—	—	—
AIG SELECT HEDGE LTD SHARE			9/4/2009	17.30	17.36	17.30	0.06		—	—	—	—	—	—
AQUILINE FINANCIAL SERVICES FUND L.P.			12/1/2011	4,782,199.00	3,346,398.00	4,782,199.00	(1,435,801.00	)	—	—	—	—	—	—
GUARDIAN GROWTH EQUITY			9/4/2009	6,486,947.12	8,451,898.54	6,486,947.12	1,964,951.42		—	—	—	—	—	—
MFS MERIDIAN MID CAP GROWTH FUND			9/4/2009	17,203.14	26,156.05	17,203.14	8,952.91		—	—	—	—	—	—
				15,937,650.40	16,802,599.95	15,937,650.40	864,949.55