Exhibit 99.3

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
U.S. Government Securities
912810EZ7	UNITED STATES TREASURY		6.63		2/15/2027		1,410,000		2,169,327
912828CT5	UNITED STATES TREASURY		4.25		8/15/2014		440,000		468,560
912828DH0	UNITED STATES TREASURY		1.63		1/15/2015		14,605,000		18,798,744
912828DM9	UNITED STATES TREASURY		4.00		2/15/2015		500,000		539,200
912828DV9	UNITED STATES TREASURY		4.13		5/15/2015		500,000		544,955
912828EW6	UNITED STATES TREASURY		4.50		2/15/2016		300,000		338,136
912828FY1	UNITED STATES TREASURY		4.63		11/15/2016		2,385,000		2,760,041
912828GD6	UNITED STATES TREASURY		2.38		1/15/2017		8,870,000		11,827,560
912828GX2	UNITED STATES TREASURY		2.63		7/15/2017		8,800,000		11,773,633
912828HT0	UNITED STATES TREASURY		2.75		2/28/2013		500,000		502,075
912828HV5	UNITED STATES TREASURY		2.50		3/31/2013		4,665,000		4,691,963
912828KN9	UNITED STATES TREASURY		1.88		4/30/2014		715,000		730,687
912828KY5	UNITED STATES TREASURY		2.63		6/30/2014		495,000		512,642
912828KZ2	UNITED STATES TREASURY		3.25		6/30/2016		500,000		548,600
912828LC2	UNITED STATES TREASURY		2.63		7/31/2014		10,535,000		10,931,222
912828LP3	UNITED STATES TREASURY		3.00		9/30/2016		500,000		546,560
912828LQ1	UNITED STATES TREASURY		2.38		9/30/2014		1,000,000		1,037,150
912828LS7	UNITED STATES TREASURY		2.38		10/31/2014		7,595,000		7,887,559
912828LZ1	UNITED STATES TREASURY		2.13		11/30/2014		1,000,000		1,035,460
912828ME7	UNITED STATES TREASURY		2.63		12/31/2014		1,000,000		1,047,190
912828MG2	UNITED STATES TREASURY		1.38		1/15/2013		5,000,000		5,001,800
912828MH0	UNITED STATES TREASURY		2.25		1/31/2015		1,000,000		1,040,860
912828MR8	UNITED STATES TREASURY		2.38		2/28/2015		3,420,000		3,573,729
912828NA4	UNITED STATES TREASURY		3.13		4/30/2017		1,000,000		1,108,290
912828NC0	UNITED STATES TREASURY		1.38		5/15/2013		64,600,000		64,902,974
912828NG1	UNITED STATES TREASURY		2.75		5/31/2017		1,000,000		1,093,410
912828NH9	UNITED STATES TREASURY		1.13		6/15/2013		45,000,000		45,198,451
912828NP1	UNITED STATES TREASURY		1.75		7/31/2015		1,000,000		1,036,520
912828NV8	UNITED STATES TREASURY		1.25		8/31/2015		1,200,000		1,229,196
912828NW6	UNITED STATES TREASURY		1.88		8/31/2017		500,000		528,145
912828NZ9	UNITED STATES TREASURY		1.25		9/30/2015		1,000,000		1,025,040
912828PJ3	UNITED STATES TREASURY		1.38		11/30/2015		1,000,000		1,029,450
912828PQ7	UNITED STATES TREASURY		1.00		1/15/2014		11,000,000		11,092,840
912828PS3	UNITED STATES TREASURY		2.00		1/31/2016		3,500,000		3,673,355
912828QE3	UNITED STATES TREASURY		0.63		4/30/2013		12,900,000		12,922,188
912828QF0	UNITED STATES TREASURY		2.00		4/30/2016		1,500,000		1,578,270
912828QH6	UNITED STATES TREASURY		1.25		2/15/2014		1,000,000		1,011,640
912828QJ2	UNITED STATES TREASURY		2.13		2/29/2016		15,475,000		16,319,317
912828QL7	UNITED STATES TREASURY		0.75		3/31/2013		5,000,000		5,007,800
912828QP8	UNITED STATES TREASURY		1.75		5/31/2016		500,000		522,370
912828QQ6	UNITED STATES TREASURY		2.38		5/31/2018		5,000,000		5,417,750
912828QR4	UNITED STATES TREASURY		1.50		6/30/2016		1,000,000		1,036,670
912828QX1	UNITED STATES TREASURY		1.50		7/31/2016		2,175,000		2,255,410
912828RA0	UNITED STATES TREASURY		0.38		6/30/2013		1,000,000		1,001,250
912828RB8	UNITED STATES TREASURY		0.50		8/15/2014		1,000,000		1,004,360
912828RF9	UNITED STATES TREASURY		1.00		8/31/2016		2,000,000		2,038,320
912828RG7	UNITED STATES TREASURY		0.25		9/15/2014		25,000,000		25,005,753
912828RJ1	UNITED STATES TREASURY		1.00		9/30/2016		3,000,000		3,057,150
912828RK8	UNITED STATES TREASURY		0.13		9/30/2013		20,000,000		19,993,800
912828RM4	UNITED STATES TREASURY		1.00		10/31/2016		2,950,000		3,006,669
912828RN2	UNITED STATES TREASURY		0.25		10/31/2013		10,300,000		10,306,489
912828RS1	UNITED STATES TREASURY		0.25		11/30/2013		207,630,000		207,760,807
912828RV4	UNITED STATES TREASURY		0.25		12/15/2014		30,100,000		30,100,905
912828RX0	UNITED STATES TREASURY		0.88		12/31/2016		6,006,500		6,089,269
912828RZ5	UNITED STATES TREASURY		0.25		1/15/2015		1,000,000		999,650
912828SB7	UNITED STATES TREASURY		0.25		1/31/2014		1,000,000		1,000,630
912828SC5	UNITED STATES TREASURY		0.88		1/31/2017		1,000,000		1,013,400

1

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
912828SE1	UNITED STATES TREASURY		0.25		2/15/2015		1,000,000		999,510
912828SG6	UNITED STATES TREASURY		0.25		2/28/2014		1,000,000		1,000,490
912828SJ0	UNITED STATES TREASURY		0.88		2/28/2017		7,095,000		7,188,724
912828SK7	UNITED STATES TREASURY		0.38		3/15/2015		1,000,000		1,001,940
912828SL5	UNITED STATES TREASURY		0.25		3/31/2014		26,255,000		26,267,337
912828SM3	UNITED STATES TREASURY		1.00		3/31/2017		1,000,000		1,017,990
912828SP6	UNITED STATES TREASURY		0.38		4/15/2015		2,000,000		2,003,400
912828SQ4	UNITED STATES TREASURY		0.13		4/15/2017		23,350,000		25,463,543
912828SR2	UNITED STATES TREASURY		0.25		4/30/2014		74,879,000		74,913,448
912828SS0	UNITED STATES TREASURY		0.88		4/30/2017		1,000,000		1,012,410
912828SU5	UNITED STATES TREASURY		0.25		5/15/2015		1,000,000		998,760
912828SW1	UNITED STATES TREASURY		0.25		5/31/2014		1,000,000		1,000,430
912828SY7	UNITED STATES TREASURY		0.63		5/31/2017		1,000,000		1,001,530
912828SZ4	UNITED STATES TREASURY		0.38		6/15/2015		1,000,000		1,001,560
912828TA8	UNITED STATES TREASURY		0.25		6/30/2014		280,848,000		280,963,128
912828TB6	UNITED STATES TREASURY		0.75		6/30/2017		750,000		754,478
912828TC4	UNITED STATES TREASURY		1.00		6/30/2019		22,000,000		21,938,180
912828TD2	UNITED STATES TREASURY		0.25		7/15/2015		750,000		748,733
912828TF7	UNITED STATES TREASURY		0.13		7/31/2014		2,505,000		2,500,666
912828TG5	UNITED STATES TREASURY		0.50		7/31/2017		1,000,000		994,010
912828TH3	UNITED STATES TREASURY		0.88		7/31/2019		18,500,000		18,274,670
912828TL4	UNITED STATES TREASURY		0.25		8/31/2014		750,000		750,233
912828TM2	UNITED STATES TREASURY		0.63		8/31/2017		21,200,000		21,181,768
912828TP5	UNITED STATES TREASURY		0.25		9/15/2015		600,000		598,710
912828TQ3	UNITED STATES TREASURY		0.25		9/30/2014		700,000		700,154
912828TR1	UNITED STATES TREASURY		1.00		9/30/2019		32,500,000		32,283,875
912828TS9	UNITED STATES TREASURY		0.63		9/30/2017		3,000,000		2,994,630
912828TT7	UNITED STATES TREASURY		0.25		10/15/2015		750,000		748,260
912828TU4	UNITED STATES TREASURY		0.25		10/31/2014		125,440,000		125,458,815
912828TW0	UNITED STATES TREASURY		0.75		10/31/2017		26,006,000		26,092,078
912828TX8	UNITED STATES TREASURY		0.38		11/15/2015		11,460,000		11,470,429
912828TZ3	UNITED STATES TREASURY		0.25		11/30/2014		49,975,000		49,982,996
912828UA6	UNITED STATES TREASURY		0.63		11/30/2017		1,200,000		1,196,040
912828UC2	UNITED STATES TREASURY		0.25		12/15/2015		500,000		498,495
912828UD0	UNITED STATES TREASURY		0.13		12/31/2014		20,790,000		20,737,194
912828UF5	UNITED STATES TREASURY		1.13		12/31/2019		185,250,000		184,744,262
							1,512,124,500		1,529,158,067
U.S. Government Agencies
31398AU34	FNMA		2.38		7/28/2015		250,000		262,897
3128X23A1	FHLMC		4.50		4/2/2014		250,000		263,242
31331KHW3	FEDERAL FARM CREDIT BANK		1.63		11/19/2014		750,000		768,645
313375RN9	FEDERAL HOME LOAN BANKS		1.00		3/11/2016		1,750,000		1,775,812
3133762C8	FEDERAL HOME LOAN BANKS		0.38		11/27/2013		2,000,000		2,003,200
3133802C0	FEDERAL HOME LOAN BANKS		1.05		7/26/2017		50,000		50,022
3133802Q9	FEDERAL HOME LOAN BANKS		1.65		7/18/2013		5,000,000		5,016,100
313380AP2	FEDERAL HOME LOAN BANKS		0.40		5/14/2013		125,000		125,134
313380AV9	FEDERAL HOME LOAN BANKS		0.45		2/13/2013		100,000		100,041
313380LK1	FEDERAL HOME LOAN BANKS		0.40		2/28/2013		150,000		150,075
3133812C8	FEDERAL HOME LOAN BANKS		1.50		2/8/2020		4,990,000		4,980,220
3133EAA24	FEDERAL FARM CREDIT BANK		0.73		7/26/2016		100,000		100,022
3133EAZF8	FEDERAL FARM CREDIT BANK		0.63		3/23/2016		100,000		100,052
3133EAZU5	FEDERAL FARM CREDIT BANK		0.45		4/24/2015		100,000		100,000
3133XVNU1	FEDERAL HOME LOAN BANKS		2.75		12/12/2014		74,500,000		77,920,297
3134G3NC0	FHLMC		0.55		2/27/2013		2,800,000		2,801,792
3134G3PD6	FHLMC		0.55		2/27/2014		250,000		250,890
3134G3S50	FHLMC		0.63		11/1/2016		750,000		749,715
3134G3W63	FHLMC		1.03		5/28/2013		14,400,000		14,405,903
3134G3YZ7	FHLMC		1.10		1/25/2013		50,000		50,027
3134G3ZH6	FHLMC		1.00		7/25/2014		75,000		75,534

2

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3135G0BR3	FNMA		0.50		8/9/2013		4,750,000		4,758,978
3135G0BY8	FNMA		0.88		8/28/2014		4,750,000		4,797,595
3135G0CL5	FNMA		0.22		5/17/2013		17,000,000		17,000,745
3135G0CM3	FNMA		1.25		9/28/2016		10,000,000		10,250,801
3135G0ES8	FNMA		1.38		11/15/2016		1,000,000		1,029,420
3135G0HG1	FNMA		0.38		3/16/2015		1,500,000		1,501,995
3135G0MN0	FNMA		1.13		6/28/2013		150,000		150,473
3135G0NB5	FNMA		0.54		2/7/2013		150,000		150,053
3135G0NJ8	FEDERAL NATIONAL MORTGAGE ASSO		0.60		2/22/2013		100,000		100,021
3135G0NU3	FNMA		0.70		5/22/2013		150,000		150,000
3135G0NZ2	FNMA		1.13		9/12/2013		200,000		200,758
3135G0PE7	FNMA		0.38		9/25/2013		150,000		150,185
3135G0PQ0	FNMA		0.88		10/26/2017		400,000		401,316
3135G0QM8	FNMA		1.50		10/23/2013		9,925,000		9,927,977
3135G0RK1	FNMA		0.90		11/7/2017		100,000		99,912
3135G0RL9	FNMA		1.55		7/29/2019		2,755,000		2,752,686
3135G0SY0	FNMA		1.60		12/24/2020		1,505,000		1,495,910
3136G02M2	FNMA		1.18		10/30/2018		3,690,000		3,684,354
3136G0M73	FNMA		1.13		10/3/2014		8,000,000		8,017,760
3137EAAJ8	FHLMC		5.13		10/18/2016		250,000		292,465
3137EACR8	FHLMC		1.38		2/25/2014		1,000,000		1,013,010
3137EACW7	FHLMC		2.00		8/25/2016		40,000,000		42,088,800
3137EACX5	FHLMC AGENCY		0.38		10/30/2013		2,000,000		2,002,860
3137EADA4	FHLMC		0.63		12/29/2014		1,000,000		1,006,530
3137EADC0	FHLMC		1.00		3/8/2017		82,000,000		83,099,629
3137EADF3	FHLMC		1.25		5/12/2017		6,000,000		6,137,940
3137EADL0	FHLMC		1.00		9/29/2017		200,000		201,934
31398A4M1	FNMA		1.63		10/26/2015		21,500,000		22,241,105
							328,765,000		336,754,830
Non U.S. Government Securities & Agencies
013051DA2	ALBERTA PROVINCE OF		2.75		12/1/2014		950,000		981,571
038461AC3	AID-EGYPT		4.45		9/15/2015		25,000,000		27,683,402
135087YN8	CANADA GOVERNMENT		3.50		6/1/2013		7,850,000		7,964,880
135087YS7	CANADA GOVERNMENT		3.00		6/1/2014		2,015,000		2,076,669
135087YU2	CANADA GOVERNMENT		2.00		12/1/2014		8,860,000		9,041,503
135087ZC1	CANADA GOVERNMENT		2.50		6/1/2015		2,500,000		2,590,756
135087ZF4	CANADA GOVERNMENT		3.00		12/1/2015		1,100,000		1,160,158
135087ZG2	CANADA GOVERNMENT		2.50		9/1/2013		1,700,000		1,723,259
135087ZN7	CANADA GOVERNMENT		2.00		3/1/2014		400,000		405,837
135087ZP2	CANADA GOVERNMENT		2.00		8/1/2013		1,250,000		1,262,405
135087ZQ0	CANADA GOVERNMENT		2.75		9/1/2016		5,450,000		5,751,192
135087ZR8	CANADA GOVERNMENT		2.25		8/1/2014		5,200,000		5,313,728
135087ZT4	CANADA GOVERNMENT		1.50		11/1/2013		650,000		654,969
135087ZV9	CANADA GOVERNMENT		1.50		3/1/2017		4,400,000		4,444,838
135087ZX5	CANADA GOVERNMENT		1.00		2/1/2015		3,000,000		3,004,275
282645AQ3	EKSPORTFINANS ASA		5.50		5/25/2016		200,000		208,475
28264QGC2	EKSPORTFINANS ASA		5.50		6/26/2017		3,500,000		3,662,660
28264QR63	EKSPORTFINANS A/S		3.00		11/17/2014		2,000,000		1,989,097
500769BM5	KREDITANSTALT FUER WIDERAUFBAU		4.38		2/9/2016		900,000		975,078
642866FT9	NEW BRUNSWICK PROVINCE OF		4.50		2/4/2015		900,000		962,460
683234WM6	ONTARIO PROVINCE		4.50		3/8/2015		900,000		964,557
68323AAW4	ONTARIO PROVINCE		3.15		6/2/2022		12,400,000		12,891,825
68323ABJ2	ONTARIO PROVINCE		0.95		5/26/2015		3,800,000		3,839,596
748148RK1	QUEBEC PROVINCE OF		5.25		10/1/2013		850,000		879,161
803854JF6	SASKATCHEWAN PROVINCE		5.25		6/3/2014		900,000		954,835
D20658J64	DEUTSCHE BUNDESREPUBLIK		3.50		1/4/2016		19,300,000		28,120,929
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU		2.50		5/28/2013		42,000,000		42,368,645
G924507Q5	UNITED KINGDOM GILT		2.75		1/22/2015		6,950,000		11,855,308
G92451GE0	UNITED KINGDOM GILT		1.75		1/22/2017		8,290,000		14,046,752

3

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
H7351MFG3	SWITZERLAND (CONFEDERATION OF)		4.25		6/5/2017		1,850,000		2,398,219
H7351PL38	SWITZERLAND (CONFEDERATION OF)		2.00		10/12/2016		1,850,000		2,175,294
H7351PL46	SWITZERLAND (CONFEDERATION OF)		2.00		11/9/2014		1,850,000		2,107,991
H7351PMW3	SWITZERLAND (CONFEDERATION OF)		4.00		2/11/2013		1,850,000		2,028,772
H7351PRV0	SWITZERLAND (CONFEDERATION OF)		3.75		6/10/2015		1,850,000		2,222,587
J1348FAB1	EKSPORTFINANS ASA		0.89		6/16/2015		100,000,000		1,065,448
P4R0C9EK5	MEXICAN BONOS		7.75		11/13/2042		1,072,816		9,722,502
Q0819ACW8	AUSTRALIA COMMONWEALTH OF		5.75		5/15/2021		26,500,000		32,773,202
S69124FF7	REPUBLIC OF SOUTH AFRICA		10.50		12/21/2026		61,910,000		9,353,812
							371,947,816		261,626,648
State and Municipal
4521518T3	ILLINOIS ST		3.32		1/1/2013		10,000,000		10,000,000
4521518V8	ILLINOIS ST		4.42		1/1/2015		10,998,000		11,659,530
463655GW4	IRVINE RANCH CALIF WTR DIST JT		2.61		3/15/2014		3,500,000		3,589,950
64966B3L5	NEW YORK N Y		1.04		1/15/2016		5,250,000		5,257,823
64971M5E8	NEW YORK NY CITY TRANSITIONAL		4.08		11/1/2020		3,000,000		3,372,780
74526QZL9	PUERTO RICO ELEC PWR AUTH		5.00		7/1/2020		2,000,000		2,091,580
83714RBA0	SOUTH CAROLINA STUDENT LN		0.40		12/2/2019		3,661,438		3,637,894
98458PAB1	YALE UNIVERSITY		2.90		10/15/2014		800,000		834,110
							39,209,438		40,443,666
Agency MBS
01F022410	FNMA		2.50		1/15/2021		40,000,000		41,843,750
01F030611	FNMA		3.00		4/18/2030		51,805,000		54,314,305
01F032617	FNMA		3.50		12/27/2029		13,840,000		14,761,225
01F040420	FNMA		4.00		1/9/2019		1,000,000		1,068,594
01F040610	FNMA		4.00		12/17/2028		74,000,000		79,341,875
01F040628	FNMA		4.00		5/6/2028		13,000,000		13,929,297
01F042616	FNMA		4.50		4/26/2027		27,000,000		29,168,438
01F050619	FNMA		5.00		6/3/2027		4,000,000		4,333,125
01F060618	FNMA TBA		6.00		3/17/2025		14,000,000		15,290,625
01N042617	GNMA		4.50		12/1/2029		11,720,000		12,833,400
01N052616	GNMA TBA		5.50		1/2/2025		750,000		823,242
02R022415	FHLMC GOLD		2.50		1/5/2021		11,000,000		11,486,406
02R032612	FHLMC GOLD		3.50		8/17/2030		3,100,000		3,297,625
02R040615	FHLMC GOLD		4.00		8/11/2029		8,425,000		8,996,320
02R050614	FHLMC GOLD		5.00		1/11/2026		18,000,000		19,380,938
21H030617	GNMA		3.00		4/13/2030		4,900,000		5,211,992
31283HVE2	FHLMC GOLD		6.00		3/30/2025		11,797		13,019
31283HWZ4	FHLMC GOLD		6.00		5/2/2025		8,034		8,866
31283K4C9	FHLMC GOLD		5.00		1/1/2017		4,799,709		5,170,466
31283KJU3	FHLMC GOLD		6.50		1/8/2014		164,392		170,238
31283KN87	FHLMC GOLD		5.00		6/22/2015		1,265		1,361
3128GNW87	FHLMC GOLD		5.00		1/12/2015		1,952		2,092
3128GNY77	FHLMC GOLD		5.00		1/12/2015		8,135		8,626
3128GP3U5	FHLMC GOLD		5.00		2/12/2015		1,380		1,479
3128GP3V3	FHLMC GOLD		5.00		2/13/2015		8,448		8,957
3128GP4U4	FHLMC GOLD		5.00		2/19/2015		3,034		3,251
3128GP7M9	FHLMC GOLD		5.00		2/13/2015		1,005		1,082
3128GPSA2	FHLMC GOLD		5.00		1/25/2015		1,669		1,788
3128GQ3Q2	FHLMC GOLD		5.00		2/28/2015		2,638		2,838
3128GQ6E6	FHLMC GOLD		5.00		2/28/2015		3,006		3,222
3128GQGA3	FHLMC GOLD		5.00		2/12/2015		3,048		3,232
3128GQJT9	FHLMC GOLD		5.00		2/14/2015		3,201		3,430
3128GQK26	FHLMC GOLD		5.00		2/12/2015		5,834		6,254
3128GQK34	FHLMC GOLD		5.00		2/13/2015		1,223		1,311
3128GQKB6	FHLMC GOLD		5.00		2/13/2015		1,472		1,577
3128GQP54	FHLMC GOLD		5.00		2/13/2015		4,661		5,014
3128GQQQ7	FHLMC GOLD		5.00		2/28/2015		3,359		3,599
3128GQQZ7	FHLMC GOLD		5.00		2/28/2015		7,361		7,890

4

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3128GQSG7	FHLMC GOLD		5.00		2/28/2015		1,760		1,893
3128GQU58	FHLMC GOLD		5.00		2/28/2015		3,250		3,483
3128GQU90	FHLMC GOLD		5.00		2/28/2015		995		1,070
3128GQVB4	FHLMC GOLD		5.00		2/28/2015		2,092		2,241
3128GQW31	FHLMC GOLD		5.00		2/28/2015		4,973		5,331
3128GQW49	FHLMC GOLD		5.00		2/28/2015		7,960		8,533
3128GR3Y3	FHLMC GOLD		5.00		2/28/2015		7,025		7,531
3128GR6N4	FHLMC GOLD		5.00		4/2/2015		9,432		10,111
3128GRBH1	FHLMC GOLD		5.00		2/28/2015		3,695		3,976
3128GRFT1	FHLMC GOLD		5.00		3/15/2015		5,873		6,296
3128GRJD2	FHLMC GOLD		5.00		3/15/2015		1,769		1,896
3128GRK81	FHLMC GOLD		5.00		3/14/2015		716		768
3128GRLA5	FHLMC GOLD		5.00		3/16/2015		9,404		10,081
3128GRM71	FHLMC GOLD		5.00		3/15/2015		1,812		1,950
3128GRP94	FHLMC GOLD		5.00		3/13/2015		862		923
3128GRQA0	FHLMC GOLD		5.00		3/14/2015		3,197		3,440
3128GRSP5	FHLMC GOLD		5.00		3/15/2015		3,002		3,217
3128GRSY6	FHLMC GOLD		5.00		3/15/2015		4,460		4,781
3128GRUF4	FHLMC GOLD		5.00		3/16/2015		903		971
3128GRUT4	FHLMC GOLD		5.00		3/16/2015		4,916		5,268
3128GRWQ8	FHLMC GOLD		5.00		2/28/2015		366		392
3128GRYD5	FHLMC GOLD		5.00		4/2/2015		2,113		2,274
3128GS5Y9	FHLMC GOLD		5.00		4/1/2015		4,057		4,365
3128GSDJ3	FHLMC GOLD		5.00		4/1/2015		6,098		6,536
3128GSGB7	FHLMC GOLD		5.00		4/1/2015		5,933		6,360
3128GSGU5	FHLMC GOLD		5.00		4/1/2015		11,380		12,199
3128GSKE6	FHLMC GOLD		5.00		4/1/2015		9,658		10,353
3128GSKV8	FHLMC GOLD		5.00		4/1/2015		4,610		4,959
3128GSLX3	FHLMC GOLD		5.00		4/2/2015		1,841		1,981
3128GSLY1	FHLMC GOLD		5.00		4/1/2015		6,392		6,852
3128GSNL7	FHLMC GOLD		5.00		4/1/2015		2,541		2,733
3128GSQN0	FHLMC GOLD		5.00		4/1/2015		4,793		5,136
3128GSSN8	FHLMC GOLD		5.00		4/2/2015		9,680		10,376
3128GV2N9	FHLMC GOLD		5.00		7/7/2015		16,938		18,157
3128GV3C2	FHLMC GOLD		5.00		7/8/2015		7,466		8,003
3128GV3D0	FHLMC GOLD		5.00		7/8/2015		15,083		16,169
3128GV3Z1	FHLMC GOLD		5.00		7/9/2015		17,054		18,281
3128GV7G9	FHLMC GOLD		5.00		7/8/2015		3,502		3,768
3128GVBY5	FHLMC GOLD		5.00		6/8/2015		865		927
3128GVH94	FHLMC GOLD		5.00		6/21/2015		1,926		2,073
3128GVJA9	FHLMC GOLD		5.00		6/22/2015		6,839		7,331
3128GVJB7	FHLMC GOLD		5.00		6/23/2015		4,964		5,340
3128GVJQ4	FHLMC GOLD		5.00		6/23/2015		7,395		7,927
3128GVLF5	FHLMC GOLD		5.00		6/23/2015		3,534		3,786
3128GVLH1	FHLMC GOLD		5.00		6/23/2015		5,484		5,879
3128GVLJ7	FHLMC GOLD		5.00		6/24/2015		10,494		11,249
3128GVMM9	FHLMC GOLD		5.00		6/8/2015		833		896
3128GVNL0	FHLMC GOLD		5.00		6/23/2015		4,290		4,615
3128GVNM8	FHLMC GOLD		5.00		6/24/2015		4,931		5,286
3128GVNN6	FHLMC GOLD		5.00		6/25/2015		7,458		8,097
3128GVNV8	FHLMC GOLD		5.00		6/20/2015		2,164		2,328
3128GVNX4	FHLMC GOLD		5.00		6/23/2015		36,928		39,585
3128GVPM6	FHLMC GOLD		5.00		6/24/2015		4,113		4,408
3128GVPN4	FHLMC GOLD		5.00		6/25/2015		3,485		3,749
3128GVPP9	FHLMC GOLD		5.00		6/24/2015		8,311		8,909
3128GVQH6	FHLMC GOLD		5.00		6/24/2015		9,496		10,179
3128GVRA0	FHLMC GOLD		5.00		6/25/2015		1,974		2,123
3128GVRC6	FHLMC GOLD		5.00		6/25/2015		5,949		6,377
3128GVRE2	FHLMC GOLD		5.00		6/21/2015		5,667		6,097

5

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3128GVRS1	FHLMC GOLD		5.00		6/24/2015		2,617		2,816
3128GVRT9	FHLMC GOLD		5.00		6/25/2015		7,686		8,239
3128GVRY8	FHLMC GOLD		5.00		6/25/2015		35,705		38,275
3128GVT83	FHLMC GOLD		5.00		6/24/2015		12,726		13,642
3128GVTN0	FHLMC GOLD		5.00		6/23/2015		4,772		5,134
3128GVTW0	FHLMC GOLD		5.00		6/25/2015		8,059		8,639
3128GVUD0	FHLMC GOLD		5.00		6/24/2015		1,106		1,190
3128GVUE8	FHLMC GOLD		5.00		6/25/2015		6,848		7,341
3128GVUX6	FHLMC GOLD		5.00		7/8/2015		2,813		3,027
3128GVVE7	FHLMC GOLD		5.00		7/8/2015		17,590		18,855
3128GVVF4	FHLMC GOLD		5.00		7/9/2015		8,672		9,296
3128GVVJ6	FHLMC GOLD		5.00		7/7/2015		14,247		15,272
3128GVVY3	FHLMC GOLD		5.00		7/8/2015		7,451		7,987
3128GVW22	FHLMC GOLD		5.00		6/25/2015		2,470		2,648
3128GVW89	FHLMC GOLD		5.00		7/9/2015		3,832		4,122
3128GVZV5	FHLMC GOLD		5.00		7/9/2015		9,375		10,050
3128GW5Q7	FHLMC GOLD		5.00		7/25/2015		7,156		7,699
3128GW6G8	FHLMC GOLD		5.00		7/24/2015		4,160		4,459
3128GWAQ1	FHLMC GOLD		5.00		7/7/2015		1,747		1,872
3128GWAT5	FHLMC GOLD		5.00		7/8/2015		13,183		14,132
3128GWAU2	FHLMC GOLD		5.00		7/9/2015		15,831		16,970
3128GWB49	FHLMC GOLD		5.00		7/8/2015		1,277		1,369
3128GWB80	FHLMC GOLD		5.00		7/9/2015		9,196		9,857
3128GWBH0	FHLMC GOLD		5.00		7/8/2015		11,450		12,274
3128GWC89	FHLMC GOLD		5.00		7/11/2015		4,885		5,236
3128GWCL0	FHLMC GOLD		5.00		7/12/2015		8,030		8,608
3128GWCW6	FHLMC GOLD		5.00		7/10/2015		3,428		3,674
3128GWDP0	FHLMC GOLD		5.00		7/12/2015		5,973		6,403
3128GWEG9	FHLMC GOLD		5.00		7/12/2015		22,015		23,600
3128GWEK0	FHLMC GOLD		5.00		7/8/2015		5,267		5,666
3128GWEP9	FHLMC GOLD		5.00		7/9/2015		2,370		2,550
3128GWF86	FHLMC GOLD		5.00		7/8/2015		6,191		6,636
3128GWFN3	FHLMC GOLD		5.00		7/12/2015		6,075		6,536
3128GWHH4	FHLMC GOLD		5.00		7/9/2015		5,296		5,677
3128GWJG4	FHLMC GOLD		5.00		7/26/2015		14,858		15,927
3128GWK31	FHLMC GOLD		5.00		7/10/2015		7,080		7,589
3128GWK56	FHLMC GOLD		5.00		7/26/2015		7,767		8,326
3128GWMS4	FHLMC GOLD		5.00		7/26/2015		4,461		4,799
3128GWP85	FHLMC GOLD		5.00		7/23/2015		3,974		4,275
3128GWQ27	FHLMC GOLD		5.00		7/26/2015		10,504		11,260
3128GWQ92	FHLMC GOLD		5.00		7/25/2015		8,185		8,774
3128GWQN1	FHLMC GOLD		5.00		7/23/2015		7,627		8,176
3128GWQY7	FHLMC GOLD		5.00		7/25/2015		3,554		3,823
3128GWR42	FHLMC GOLD		5.00		7/26/2015		10,467		11,220
3128GWRF7	FHLMC GOLD		5.00		7/24/2015		5,202		5,576
3128GWV21	FHLMC GOLD		5.00		7/24/2015		9,524		10,210
3128GWVL9	FHLMC GOLD		5.00		7/23/2015		1,245		1,335
3128GWWM6	FHLMC GOLD		5.00		7/24/2015		1,254		1,344
3128GWXD5	FHLMC GOLD		5.00		7/23/2015		4,941		5,316
3128GWXW3	FHLMC GOLD		5.00		7/24/2015		8,216		8,808
3128GWYS1	FHLMC GOLD		5.00		7/26/2015		1,037		1,112
3128GWZQ4	FHLMC GOLD		5.00		7/23/2015		6,102		6,541
3128GX3H7	FHLMC GOLD		5.00		8/10/2015		8,227		8,819
3128GX5V4	FHLMC		5.00		8/7/2015		11,280		12,092
3128GXAX4	FHLMC GOLD		5.00		7/27/2015		18,869		20,227
3128GXBC9	FHLMC GOLD		5.00		7/26/2015		3,195		3,437
3128GXEA0	FHLMC GOLD		5.00		8/10/2015		7,136		7,649
3128GXEK8	FHLMC GOLD		5.00		8/9/2015		3,381		3,624
3128GXFT8	FHLMC GOLD		5.00		8/11/2015		8,586		9,204

6

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3128GXHA7	FHLMC GOLD		5.00		8/13/2015		13,662		14,645
3128GXHQ2	FHLMC GOLD		5.00		8/9/2015		14,077		15,090
3128GXN36	FHLMC GOLD		5.00		8/10/2015		11,244		12,053
3128GY2H6	FHLMC GOLD		5.00		9/13/2015		9,483		10,168
3128GYF66	FHLMC GOLD		5.00		8/27/2015		2,871		3,088
3128GYG73	FHLMC GOLD		5.00		8/26/2015		11,330		12,149
3128GYKK9	FHLMC GOLD		5.00		8/27/2015		1,896		2,033
3128GYLX0	FHLMC GOLD		5.00		8/27/2015		1,015		1,092
3128GYNT7	FHLMC GOLD		5.00		9/13/2015		1,111		1,195
3128GYQC1	FHLMC GOLD		5.00		9/16/2015		10,298		11,041
3128GYS88	FHLMC GOLD		5.00		9/13/2015		1,502		1,616
3128GYTW4	FHLMC GOLD		5.00		9/13/2015		1,490		1,603
3128GYU44	FHLMC GOLD		5.00		9/13/2015		7,903		8,474
3128GYU51	FHLMC GOLD		5.00		9/14/2015		7,977		8,553
3128GYV35	FHLMC GOLD		5.00		9/15/2015		12,776		13,698
3128GYVB7	FHLMC GOLD		5.50		9/18/2015		40,049		42,774
3128GYVZ4	FHLMC GOLD		5.00		9/13/2015		9,506		10,193
3128GYZE7	FHLMC GOLD		5.00		9/13/2015		5,665		6,074
3128H22V4	FHLMC GOLD		5.00		10/17/2015		5,184		5,558
3128H25K5	FHLMC GOLD		5.00		10/15/2015		1,898		2,042
3128H26F5	FHLMC GOLD		5.00		9/28/2015		150		159
3128H26M0	FHLMC GOLD		5.50		10/3/2015		612,279		653,935
3128H26W8	FHLMC GOLD		5.50		9/16/2015		274,278		292,939
3128H27K3	FHLMC GOLD		5.00		10/16/2015		2,922		3,143
3128H2B69	FHLMC GOLD		5.00		9/12/2015		13,696		14,685
3128H2B77	FHLMC GOLD		5.00		9/16/2015		13,079		14,023
3128H2B85	FHLMC GOLD		5.00		9/14/2015		10,405		11,156
3128H2C84	FHLMC GOLD		5.00		9/13/2015		2,162		2,326
3128H2E41	FHLMC GOLD		5.00		10/1/2015		15,223		16,322
3128H2ED1	FHLMC GOLD		5.00		9/13/2015		24,007		25,740
3128H2EG4	FHLMC GOLD		5.00		9/16/2015		14,602		15,656
3128H2LV3	FHLMC GOLD		5.00		9/13/2015		10,934		11,724
3128H2LY7	FHLMC GOLD		5.00		10/1/2015		6,201		6,649
3128H2QV8	FHLMC GOLD		5.00		9/30/2015		15,403		16,516
3128H2T86	FHLMC GOLD		5.00		9/30/2015		1,708		1,831
3128H2TF0	FHLMC GOLD		5.00		9/30/2015		15,407		16,519
3128H2TJ2	FHLMC GOLD		5.00		9/30/2015		3,464		3,727
3128H2TW3	FHLMC GOLD		5.00		10/3/2015		12,081		12,954
3128H2VW0	FHLMC GOLD		5.00		10/1/2015		16,789		18,002
3128H2YM9	FHLMC GOLD		5.00		10/2/2015		3,746		4,030
3128H2YN7	FHLMC GOLD		5.00		9/29/2015		4,915		5,288
3128H2YS6	FHLMC GOLD		5.00		10/3/2015		6,046		6,505
3128H2ZJ5	FHLMC GOLD		5.00		9/30/2015		4,598		4,947
3128H2ZT3	FHLMC GOLD		5.00		10/16/2015		5,889		6,336
3128H2ZU0	FHLMC GOLD		5.00		10/17/2015		11,062		11,861
3128H32W0	FHLMC GOLD		5.00		10/17/2015		6,494		6,961
3128H3C25	FHLMC GOLD		5.00		10/18/2015		1,865		2,006
3128H3CD1	FHLMC GOLD		5.00		10/17/2015		3,343		3,584
3128H3FG1	FHLMC GOLD		5.00		10/19/2015		10,111		10,841
3128H3MN8	FHLMC GOLD		5.00		10/19/2015		14,727		15,791
3128H3N72	FHLMC GOLD		5.00		10/16/2015		4,160		4,475
3128H3RY9	FHLMC GOLD		5.00		11/1/2015		15,658		16,789
3128H3S36	FHLMC GOLD		5.00		10/20/2015		6,117		6,559
3128H3SZ5	FHLMC GOLD		5.00		11/4/2015		7,904		8,475
3128H3V65	FHLMC GOLD		5.00		11/2/2015		3,359		3,614
3128H3WF4	FHLMC GOLD		5.00		10/18/2015		6,161		6,606
3128H3XU0	FHLMC GOLD		5.00		11/2/2015		7,693		8,277
3128H45V7	FHLMC GOLD		5.00		11/23/2015		10,394		11,144
3128H4J59	FHLMC GOLD		5.00		11/19/2015		7,157		7,674

7

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3128H4JG5	FHLMC GOLD		5.00		11/5/2015		7,447		8,012
3128H4JT7	FHLMC GOLD		5.00		11/19/2015		16,227		17,399
3128H5JX5	FHLMC GOLD		5.00		12/6/2015		13,320		14,282
3128H5RP3	FHLMC GOLD		5.00		12/7/2015		7,198		7,744
3128H5TK2	FHLMC GOLD		5.00		12/6/2015		18,225		19,541
3128H6BG8	FHLMC GOLD		5.00		12/8/2015		16,074		17,235
3128H6CZ5	FHLMC GOLD		5.00		12/5/2015		13,200		14,153
3128H6FR0	FHLMC GOLD		5.00		12/20/2015		10,985		11,778
3128H6FU3	FHLMC GOLD		5.00		12/22/2015		8,924		9,602
3128H6WU4	FHLMC GOLD		5.50		12/27/2015		191,561		207,468
3128H6XM1	FHLMC GOLD		5.00		12/23/2015		3,411		3,657
3128H6ZC1	FHLMC GOLD		5.50		12/10/2015		52,820		57,206
3128H77K2	FHLMC GOLD		5.50		2/6/2016		150,491		162,988
3128JLDM8	FHLMC		2.90		6/26/2024		183,824		195,374
3128JLEY1	FHLMC		2.90		6/27/2024		307,196		324,942
3128JLHB8	FHLMC		2.88		6/24/2024		59,484		63,715
3128JMW45	FHLMC		2.97		3/20/2025		75,987		81,710
3128JMY68	FHLMC		2.90		3/10/2025		97,076		104,387
3128JMZG5	FHLMC		2.91		3/11/2025		141,322		151,965
3128JNAL9	FHLMC		2.87		4/29/2025		155,143		166,827
3128JRP26	FHLMC		2.69		7/24/2024		1,654,964		1,770,636
3128K17K1	FHLMC GOLD		5.00		1/9/2027		3,446,758		3,721,844
3128K9KT0	FHLMC GOLD		5.50		4/6/2027		94,876		102,340
3128KA4Z1	FHLMC GOLD		6.00		7/29/2027		49,773		54,243
3128KALC3	FHLMC GOLD		6.00		8/8/2027		5,463		5,934
3128KE5H2	FHLMC GOLD		6.50		1/24/2028		115,868		128,288
3128KJ6T4	FHLMC GOLD		6.00		1/22/2028		296,707		322,337
3128KU3J4	FHLMC GOLD		6.00		6/6/2028		282,403		307,121
3128KULK1	FHLMC GOLD		6.00		6/7/2028		6,565		7,131
3128KVAR6	FHLMC GOLD		6.50		8/25/2028		103,175		117,425
3128KWBZ5	FHLMC GOLD		6.00		6/28/2028		10,984		12,251
3128KWFX6	FHLMC GOLD		6.00		8/8/2028		23,567		26,285
3128KWFY4	FHLMC GOLD		6.00		8/28/2028		31,170		34,765
3128KWH30	FHLMC GOLD		6.00		8/8/2028		53,465		58,080
3128KWMW0	FHLMC GOLD		6.00		9/18/2028		388,464		423,437
3128KWT29	FHLMC GOLD		6.00		8/8/2028		19,203		21,418
3128KWT78	FHLMC GOLD		6.00		8/22/2028		70,788		76,984
3128KWTK9	FHLMC GOLD		6.00		9/18/2028		28,559		31,853
3128KWTP8	FHLMC GOLD		6.00		8/28/2028		24,166		26,953
3128KWTZ6	FHLMC GOLD		6.00		7/18/2028		20,801		23,200
3128KYXE4	FHLMC GOLD		6.00		4/3/2028		16,225		18,096
3128L0SP8	FHLMC GOLD		6.00		9/11/2028		10,346		11,277
3128L0SR4	FHLMC GOLD		6.00		9/19/2028		323,893		353,964
3128L1WN6	FHLMC GOLD		5.50		8/27/2028		327,858		353,697
3128L1WP1	FHLMC GOLD		6.00		11/1/2028		62,910		68,340
3128LAFP0	FHLMC GOLD		6.00		11/13/2028		2,278,170		2,475,437
3128LXUJ7	FHLMC GOLD		6.00		12/30/2027		265,496		288,431
3128M4GD9	FHLMC GOLD		6.00		2/15/2028		80,903		87,892
3128M4XA6	FHLMC GOLD		5.50		3/20/2028		2,215,474		2,420,389
3128M4YR8	FHLMC GOLD		6.00		6/23/2028		205,353		223,077
3128M4ZG1	FHLMC GOLD		6.00		5/20/2028		2,751		3,069
3128M5GA2	FHLMC GOLD		6.00		8/7/2028		694,755		754,718
3128M5J27	FHLMC GOLD		6.00		10/16/2028		380,069		414,286
3128M5NP1	FHLMC GOLD		6.00		10/3/2028		4,665		5,068
3128M5R93	FHLMC GOLD		5.50		9/23/2028		44,609		48,124
3128M5RA0	FHLMC GOLD		6.00		11/7/2028		26,352		28,627
3128M6AV0	FHLMC GOLD		5.50		10/2/2028		98,823		106,608
3128M6SA7	FHLMC GOLD		6.00		5/2/2029		790,552		859,007
3128M6UB2	FHLMC GOLD		6.00		2/18/2029		65,638		73,209

8

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3128M7AZ9	FHLMC GOLD		6.00		7/8/2029		181,222		202,124
3128M7E28	FHLMC GOLD		5.00		3/7/2029		2,127,520		2,285,972
3128M7PN0	FHLMC GOLD		5.00		6/30/2029		818,497		910,662
3128M7QZ2	FHLMC GOLD		5.00		3/2/2029		1,646,398		1,773,971
3128M83K8	FHLMC GOLD		4.50		9/25/2030		20,038,339		21,463,287
3128M83X0	FHLMC GOLD		4.00		12/27/2029		66,274		70,743
3128M8AV6	FHLMC GOLD		5.50		12/20/2029		5,894,404		6,358,713
3128M8TX2	FHLMC GOLD		6.00		10/22/2028		2,030,312		2,205,695
3128M8VG6	FHLMC GOLD		4.00		2/26/2030		4,734,813		5,244,773
3128M9CM2	FHLMC GOLD		4.00		12/24/2015		928,267		997,167
3128MCUW3	FHLMC GOLD		4.00		2/9/2020		5,629,469		5,960,712
3128MJH94	FHLMC GOLD		5.00		6/19/2028		1,331,383		1,430,540
3128MJP95	FHLMC GOLD		4.50		5/17/2030		1,736,151		1,866,223
3128MJQD5	FHLMC GOLD		4.50		6/5/2030		1,209,272		1,299,871
3128MJR51	FHLMC GOLD		3.00		6/22/2030		1,000,000		1,046,414
3128MJR85	FHLMC GOLD		3.00		7/13/2030		3,999,602		4,185,240
3128MJRV4	FHLMC GOLD		3.00		5/17/2030		310,027		324,417
3128MMAC7	FHLMC GOLD		5.00		6/20/2016		403,365		434,523
3128MMM67	FHLMC GOLD		3.50		3/8/2020		626,238		659,296
3128MMNX7	FHLMC GOLD		3.50		7/13/2020		8,350,807		8,791,627
3128NCBH6	FHLMC		2.36		1/28/2025		242,322		255,875
3128P7JE4	FHLMC GOLD		5.00		9/2/2021		9,967		10,703
3128P7JH7	FHLMC GOLD		5.00		9/5/2021		197,439		212,027
3128PR7G8	FHLMC GOLD		4.00		11/11/2019		1,292,772		1,368,839
3128PRVD8	FHLMC GOLD		4.00		10/25/2019		1,045,291		1,106,797
3128PRWU9	FHLMC GOLD		4.00		11/13/2019		1,168,142		1,236,877
3128PRZ85	FHLMC GOLD		4.00		11/14/2019		699,069		740,203
3128PSBA4	FHLMC GOLD		4.00		11/30/2019		1,958,360		2,073,591
3128PUGE6	FHLMC GOLD		3.50		2/18/2020		865,753		910,408
3128PUQT2	FHLMC GOLD		3.50		4/6/2020		756,141		796,056
3128PURZ7	FHLMC GOLD		3.50		4/2/2020		868,792		913,604
3128PUVC3	FHLMC GOLD		3.50		3/28/2020		776,318		817,298
3128PUVP4	FHLMC GOLD		3.50		4/2/2020		694,316		730,128
3128PUW73	FHLMC GOLD		3.50		4/16/2020		866,503		911,197
3128PUXF4	FHLMC GOLD		3.50		3/28/2020		669,559		704,094
3128PVBD1	FHLMC GOLD		4.00		5/18/2020		4,479,352		4,750,891
3128PVCG3	FHLMC GOLD		4.00		5/10/2020		4,248,894		4,506,463
3128PWV21	FHLMC GOLD		3.00		6/22/2020		5,032,145		5,286,121
3128PWWS3	FHLMC GOLD		3.00		6/8/2020		2,807,483		2,949,178
312906J50	FHLMC		8.50		4/6/2016		51,577		57,855
312929CM2	FHLMC GOLD		6.00		7/10/2029		7,707		8,596
31292K6L6	FHLMC GOLD		4.00		9/23/2029		25,277		26,981
31292K7B7	FHLMC GOLD		5.00		3/20/2030		6,738,358		7,314,083
31292KJH1	FHLMC GOLD		6.00		5/25/2028		1,310		1,461
31292LAN5	FHLMC GOLD		4.00		9/5/2029		18,289		19,522
31292LF67	FHLMC GOLD		4.00		10/7/2030		418,627		447,279
31292SAD2	FHLMC GOLD		3.50		8/18/2030		1,422,504		1,513,459
31292SAN0	FHLMC GOLD		3.00		6/25/2030		2,000,000		2,092,829
31292SAU4	FHLMC GOLD		3.00		9/14/2030		239,859		250,992
31292SAX8	FHLMC GOLD		3.00		9/5/2030		17,525,000		18,338,409
312930LH1	FHLMC GOLD		6.00		9/3/2029		15,731		17,545
312930LQ1	FHLMC GOLD		6.00		10/2/2029		32,783		36,565
312930RC6	FHLMC GOLD		6.00		7/28/2029		18,497		20,630
312930RV4	FHLMC GOLD		6.00		7/19/2029		7,542		8,412
312930TB6	FHLMC GOLD		6.00		8/17/2029		9,989		11,141
312931D62	FHLMC GOLD		4.00		10/13/2028		1,179,445		1,257,085
312931GN2	FHLMC GOLD		6.00		9/4/2029		32,340		35,243
312931TJ7	FHLMC GOLD		5.00		3/23/2029		2,179,877		2,345,679
312932CX2	FHLMC GOLD		4.50		12/7/2028		2,019,582		2,225,049

9

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
312932ZE9	FHLMC GOLD		5.00		4/15/2029		64,413		72,149
312933F41	FHLMC GOLD		4.50		1/8/2029		566,629		606,923
3129345K4	FHLMC GOLD		5.00		6/16/2029		150,178		167,088
312934CX8	FHLMC GOLD		4.00		11/4/2028		798,625		851,197
312934ML3	FHLMC GOLD		4.00		12/10/2028		24,175		25,767
312934PJ5	FHLMC GOLD		5.00		5/20/2029		78,591		88,030
312934R38	FHLMC GOLD		5.00		5/3/2029		60,014		67,222
312934SQ6	FHLMC GOLD		4.00		12/21/2028		53,789		57,330
312935AT6	FHLMC GOLD		5.00		6/3/2029		143,175		159,297
312935KY4	FHLMC GOLD		4.50		2/21/2029		209,096		224,378
312935LV9	FHLMC GOLD		4.50		3/15/2029		153,872		165,119
312935MV8	FHLMC GOLD		4.50		3/24/2029		1,448,715		1,554,602
312936LH8	FHLMC GOLD		5.00		7/22/2029		272,257		292,965
312936LM7	FHLMC GOLD		5.00		7/18/2029		450,615		501,356
3129385D1	FHLMC GOLD		5.00		9/2/2029		75,847		83,771
312938TU7	FHLMC GOLD		5.00		9/22/2029		650,631		710,272
312941TK3	FHLMC GOLD		4.00		10/20/2029		989,865		1,095,859
312942ER2	FHLMC GOLD		5.00		2/20/2030		2,668,105		2,905,176
312942F83	FHLMC GOLD		4.00		9/13/2029		1,304,289		1,443,951
312942L52	FHLMC GOLD		4.50		12/7/2029		1,424,733		1,528,957
312942NF8	FHLMC GOLD		4.00		10/10/2029		719,547		768,072
312943EE9	FHLMC GOLD		5.00		4/4/2030		6,330,933		6,871,847
312943HT3	FHLMC GOLD		4.00		10/27/2029		12,547,968		13,695,535
312943LY7	FHLMC GOLD		4.00		10/4/2029		370,212		409,854
312943UJ0	FHLMC GOLD		4.00		6/30/2029		48,114		51,359
312943ZY2	FHLMC GOLD		4.00		1/4/2030		872,344		931,174
312944BJ9	FHLMC GOLD		4.00		9/22/2029		3,445,250		3,773,253
312944BN0	FHLMC GOLD		4.00		10/13/2029		1,873,929		2,023,055
312944PJ4	FHLMC GOLD		4.00		10/10/2029		755,485		806,435
3129455Y0	FHLMC GOLD		4.50		9/13/2026		302,783		325,467
312946FN1	FHLMC GOLD		4.50		3/17/2030		2,160,589		2,322,461
312946JE7	FHLMC GOLD		4.50		9/27/2026		485,936		522,343
312946X35	FHLMC GOLD		4.50		11/6/2026		2,101,418		2,258,856
31294KDZ5	FHLMC GOLD		5.00		12/10/2014		933		989
31294KFJ9	FHLMC GOLD		5.00		1/11/2015		1,071		1,136
31294KHD0	FHLMC GOLD		5.00		2/28/2015		3,283		3,519
31294KHL2	FHLMC GOLD		5.00		3/15/2015		5,793		6,210
31294KJT3	FHLMC GOLD		5.00		4/17/2015		2,119		2,270
31294KKU8	FHLMC GOLD		5.00		6/23/2015		3,112		3,336
31294MAK7	FHLMC GOLD		4.00		12/12/2019		2,100,551		2,224,149
31294MJP7	FHLMC GOLD		3.50		7/16/2020		4,002,705		4,213,999
31294NSD2	FHLMC GOLD		2.50		1/2/2021		15,521,221		16,214,749
312962CQ4	FHLMC GOLD		5.00		12/22/2015		4,593		4,942
312962CT8	FHLMC GOLD		5.00		12/22/2015		667		715
312962KD4	FHLMC GOLD		5.50		1/29/2016		72,580		78,607
312962KT9	FHLMC GOLD		5.00		1/23/2016		9,636		10,367
312962MD2	FHLMC GOLD		5.00		2/10/2016		17,592		18,862
312962Q63	FHLMC GOLD		5.50		2/2/2016		11,770		12,747
312962UW1	FHLMC GOLD		5.50		2/16/2016		821,483		889,699
312963VY4	FHLMC GOLD		5.50		3/8/2016		198,306		214,773
312963WH0	FHLMC GOLD		5.50		3/5/2016		15,652		16,952
312963ZG9	FHLMC GOLD		5.50		2/16/2016		23,746		25,718
3129642B4	FHLMC GOLD		5.50		4/22/2016		43,825		47,542
312964KG3	FHLMC GOLD		5.00		4/2/2016		2,954		3,178
312964WX3	FHLMC GOLD		5.50		2/1/2016		293,822		318,221
312965QA7	FHLMC GOLD		5.50		2/16/2016		120,907		130,947
312966WU4	FHLMC GOLD		5.50		5/27/2016		1,059,450		1,149,304
312968QL7	FHLMC GOLD		5.50		3/3/2016		1,147,718		1,225,802
31296NEK9	FHLMC GOLD		5.00		4/19/2025		1,919,531		2,074,062

10

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31296QYE4	FHLMC GOLD		6.00		10/28/2025		4,285		4,727
31296SBH8	FHLMC GOLD		6.00		10/14/2025		9,121		10,061
31297SFC4	FHLMC GOLD		5.50		10/20/2026		83,867		90,881
31297US50	FHLMC GOLD		5.50		11/3/2026		94,954		102,895
3132GDC67	FHLMC GOLD		4.00		1/13/2030		468,696		500,775
3132GDRC8	FHLMC GOLD		4.50		11/4/2026		3,196,261		3,435,725
3132GDS86	FHLMC GOLD		4.50		5/26/2030		5,219,795		5,610,861
3132GE6P0	FHLMC GOLD		5.00		10/13/2030		991,546		1,082,438
3132GJ3K3	FHLMC GOLD		4.00		5/27/2030		1,339,408		1,431,081
3132GLCK8	FHLMC GOLD		4.00		7/5/2030		1,279,864		1,367,462
3132GLLL6	FHLMC GOLD		4.00		6/6/2030		454,302		491,449
3132GLWW0	FHLMC GOLD		4.00		6/28/2030		487,100		523,255
3132GMHA3	FHLMC GOLD		3.50		4/26/2030		1,981,508		2,108,205
3132GRNF4	FHLMC GOLD		4.00		7/30/2030		2,056,252		2,208,875
3132GUKK9	FHLMC GOLD		3.50		7/28/2030		3,756,159		3,996,327
3132GUX90	FHLMC GOLD		3.50		8/13/2030		1,487,857		1,594,616
3132HM5D9	FHLMC GOLD		3.50		10/17/2030		1,096,325		1,166,423
3132HNUM9	FHLMC GOLD		3.00		7/25/2030		1,000,000		1,046,414
3132HP2J2	FHLMC GOLD		3.00		8/20/2030		536,216		561,104
3132HP4Q4	FHLMC GOLD		3.00		8/28/2030		559,041		584,988
3132HP6H2	FHLMC GOLD		3.00		8/24/2030		463,784		485,310
3132HPFM1	FHLMC GOLD		3.00		9/25/2030		1,534,209		1,605,418
3132HPG73	FHLMC GOLD		3.00		7/2/2030		4,294,348		4,493,666
3132HPNG5	FHLMC GOLD		3.00		8/2/2030		26,945		28,195
3132HPQ80	FHLMC GOLD		3.00		7/17/2030		198,789		208,015
3132HPQE7	FHLMC GOLD		3.00		7/4/2030		3,191,952		3,340,104
3132HPR30	FHLMC GOLD		3.00		9/1/2030		24,937		26,094
3132HPYD0	FHLMC GOLD		3.00		8/21/2030		8,000,797		8,372,147
3132HQBG6	FHLMC GOLD		3.00		8/7/2030		8,000,005		8,371,318
3132HQD82	FHLMC GOLD		3.00		8/26/2030		665,036		695,903
3132HQEQ1	FHLMC GOLD		3.00		6/11/2030		499,198		522,368
3132HQNW8	FHLMC GOLD		3.00		8/17/2030		440,959		461,426
31342A6F1	FHLMC		2.41		4/25/2024		328,477		348,923
31349UCW6	FHLMC		2.28		11/24/2024		145,225		153,569
31349UEJ3	FHLMC		2.38		12/26/2024		279,079		296,854
31349ULB2	FHLMC		2.37		2/18/2025		274,892		292,469
31349UMF2	FHLMC		2.38		3/6/2025		453,517		482,578
3136A77K2	FNMA		2.71		2/14/2015		1,196,411		1,256,547
313602YQ1	FANNIE MAE FNMA_89-44		9.00		8/27/2015		52,753		59,024
31368HM26	FNMA		5.00		8/12/2027		853,860		924,110
31371LHQ5	FNMA		4.00		7/11/2013		31,230		31,821
31371LNH8	FNMA		4.00		9/12/2013		9,226		9,528
31371LZJ1	FNMA		4.00		2/1/2014		135,973		140,416
31371M5M5	FNMA		5.50		12/12/2027		178,522		193,577
31371MEP8	FNMA		5.00		9/23/2026		6,492		7,026
31371MG92	FNMA		4.00		6/6/2014		42,617		44,490
31371MSW8	FNMA		6.00		7/21/2027		5,434		5,926
31371N4F9	FNMA		6.00		4/10/2022		259,836		284,235
31371NP25	FNMA		5.50		8/30/2028		687,695		745,546
31379T6G4	FNMA		5.00		8/12/2013		4,084		4,422
3137A83K2	FHR_3820D DA		4.00		8/15/2014		19,937,094		20,799,971
3137AEH65	FHLMC_3917		0.71		9/14/2015		3,445,775		3,470,378
3137AEV77	FHLMC		2.70		3/25/2018		8,300,000		8,911,378
3137ANMN2	FHLMC MULTIFAMILY STRUCTURED P		2.22		11/10/2018		500,000		523,364
31381QFF8	FNMA		3.75		10/18/2015		8,415,402		9,374,674
31382NR20	FNMA		5.50		7/6/2022		374		409
31385RB58	FNMA		8.50		11/8/2023		837,556		967,070
31385XK48	FNMA		2.36		2/23/2024		205,204		217,870
31388XVV3	FNMA		2.29		3/2/2024		5,404,979		5,640,233

11

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31389EVA0	FNMA		6.50		2/13/2015		800,964		886,370
31389EVB8	FNMA		6.50		2/13/2015		1,017,906		1,126,446
3138A1BA8	FNMA		4.00		12/1/2029		2,673,721		2,865,978
3138A1CT6	FNMA		4.00		11/26/2025		73,414		78,693
3138A1HR5	FNMA		4.00		10/16/2029		1,579,721		1,709,379
3138A1K59	FNMA		4.00		11/5/2029		224,700		240,685
3138A1MA6	FNMA		4.00		12/17/2029		259,188		277,826
3138A1SU6	FNMA		4.00		11/16/2029		253,632		274,767
3138A2CK3	FNMA		4.00		2/17/2020		2,916,657		3,118,394
3138A2DD8	FNMA		4.00		10/29/2029		53,243		57,031
3138A2FJ3	FNMA		4.00		2/20/2020		144,692		154,700
3138A2HF9	FNMA		4.00		12/10/2029		818,461		886,661
3138A2HG7	FNMA		4.00		11/26/2029		516,964		553,742
3138A2PD5	FNMA		3.50		2/9/2020		5,079,747		5,387,617
3138A2ZZ5	FNMA		4.00		4/28/2030		730,518		783,047
3138A3BH9	FNMA		4.00		10/30/2029		723,389		774,851
3138A3DJ3	FNMA		4.00		4/12/2020		162,533		174,074
3138A3VB0	FNMA		4.00		11/10/2029		3,701,273		4,068,677
3138A3WC7	FNMA		4.00		12/17/2029		258,686		277,090
3138A44L6	FNMA		4.50		4/3/2030		4,025,959		4,358,740
3138A4CC7	FNMA		4.00		4/28/2030		218,355		234,056
3138A4J89	FNMA		4.00		12/17/2029		896,163		960,603
3138A4KH7	FNMA		4.00		11/9/2029		61,443		65,814
3138A4NR2	FNMA		4.00		11/26/2029		31,854		34,145
3138A4PA7	FNMA		4.00		12/17/2029		39,415		42,249
3138A54P4	FNMA		4.00		12/2/2029		147,029		157,601
3138A5RN4	FNMA		4.00		3/25/2020		56,390		60,394
3138A5YL0	FNMA		4.50		3/23/2030		435,754		470,916
3138A6E97	FNMA		4.00		12/5/2029		627,672		672,806
3138A6JV3	FNMA		4.00		11/17/2029		358,802		384,602
3138A6LD0	FNMA		5.00		7/5/2030		233,537		254,971
3138A6LJ7	FNMA		4.00		3/23/2020		14,133,949		15,137,629
3138A6RH5	FNMA		4.00		11/23/2029		25,093		26,897
3138A7FR4	FNMA		4.00		12/16/2029		381,736		409,185
3138A7G69	FNMA		4.00		3/23/2020		77,378		82,872
3138A7HY7	FNMA		3.50		9/5/2029		1,006,458		1,072,320
3138A7ZQ4	FNMA		4.00		1/12/2030		650,674		697,461
3138A8A48	FNMA		4.00		12/28/2029		782,864		839,157
3138A8E77	FNMA		4.00		12/17/2029		284,506		304,964
3138A8MD5	FNMA		4.00		12/20/2029		4,198,934		4,500,863
3138A8UL8	FNMA		4.50		4/6/2030		38,917		42,134
3138A9CZ5	FNMA		4.00		1/12/2030		3,973,636		4,299,778
3138A9N26	FNMA		4.00		12/21/2029		153,820		164,880
3138AA4M0	FNMA		4.50		4/20/2030		4,691,723		5,247,877
3138AAKX8	FNMA		4.00		2/6/2030		127,689		139,925
3138AALT6	FNMA		5.00		8/11/2030		41,378		45,176
3138AARE3	FNMA		4.00		12/28/2029		297,384		318,768
3138AAYW5	FNMA		4.00		1/8/2030		485,589		520,506
3138AB2D0	FNMA		4.00		12/22/2029		92,540		99,194
3138ABZC6	FNMA		5.50		12/11/2030		272,583		296,335
3138ADER2	FNMA		4.00		2/3/2030		318,712		341,630
3138ADUG8	FNMA		5.00		9/15/2030		933,373		1,019,039
3138AEZG1	FNMA		4.00		5/7/2030		806,984		865,011
3138AFH86	FNMA		4.00		2/25/2030		472,271		506,230
3138AFKH2	FNMA		4.00		5/15/2020		72,945		78,125
3138AFRR3	FNMA		4.00		3/3/2030		134,149		143,796
3138AFXZ8	FNMA		4.00		5/29/2020		211,449		226,465
3138AG6Q6	FNMA		4.00		6/5/2020		275,573		295,142
3138AGQB7	FNMA		4.00		5/4/2020		228,784		245,030

12

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3138AGQQ4	FNMA		4.00		5/26/2020		78,642		84,226
3138AHLW4	FNMA		4.00		7/15/2030		385,976		413,730
3138AHQC3	FNMA		4.50		10/4/2030		684,751		741,352
3138AHTD8	FNMA		5.00		9/23/2030		170,774		187,529
3138AJK50	FNMA		4.50		7/2/2030		3,080,301		3,334,916
3138AKEL9	FNMA		4.00		5/29/2020		145,743		156,092
3138AMFV2	FNMA		4.00		6/5/2030		467,516		501,133
3138AMXV2	FNMA		4.00		5/1/2030		582,707		624,607
3138ANBY8	FNMA		4.00		5/20/2030		156,297		167,535
3138ANWY5	FNMA		4.00		5/18/2030		214,491		229,915
3138ANZG1	FNMA		4.50		8/17/2030		196,505		212,748
3138AS4N9	FNMA		4.50		9/29/2030		2,523,248		2,731,817
3138AT4B3	FNMA		4.00		11/7/2030		836,069		901,422
3138AUMZ7	FNMA		4.00		7/6/2030		1,698,922		1,821,085
3138AUP84	FNMA		4.50		11/1/2030		53,143		57,536
3138AUW37	FNMA		4.00		6/13/2030		381,233		408,646
3138AVH24	FNMA		4.00		7/1/2030		199,022		213,333
3138AVWL5	FNMA		4.00		5/30/2030		158,508		169,906
3138AW3N1	FNMA		4.00		6/17/2030		57,476		61,609
3138AX5G2	FNMA		4.00		9/15/2030		243,100		262,102
3138AXHV6	FNMA		4.00		6/14/2030		131,872		141,354
3138AXRL7	FNMA		4.00		7/16/2030		739,100		792,245
3138AXST9	FNMA		4.50		9/23/2030		940,049		1,017,752
3138E03K3	FNMA		4.00		8/17/2030		404,676		436,308
3138E04T3	FNMA		3.50		5/23/2030		452,345		482,444
3138E2GH2	FNMA		4.00		7/25/2030		2,687,526		2,880,775
3138E47K1	FNMA		4.00		8/11/2030		335,227		359,332
3138E4AC5	FNMA		4.00		8/5/2030		315,240		337,907
3138E4EB3	FNMA		2.50		9/2/2020		1,305,783		1,366,527
3138E4F89	FNMA		4.00		8/13/2030		92,675		99,919
3138E4UV1	FNMA		4.00		7/14/2030		6,141,429		6,583,036
3138E6KZ8	FNMA		4.00		8/9/2030		600,777		647,738
3138E7HR8	FNMA		2.50		9/14/2020		3,955,039		4,138,790
3138E7JB1	FNMA		2.50		9/15/2020		973,662		1,018,956
3138E8KX9	FNMA		2.50		9/22/2020		4,122,706		4,314,491
3138E8L75	FNMA		2.50		10/5/2020		5,481,800		5,736,484
3138EBLJ2	FNMA		4.00		12/6/2030		173,638		187,211
3138ECAA1	FNMA		2.50		9/23/2020		2,495,296		2,611,227
3138ECLK7	FNMA		4.00		12/11/2030		491,927		530,379
3138ECLU5	FNMA		4.00		12/5/2030		494,371		533,015
3138ECTY9	FNMA		2.50		9/9/2020		770,245		806,077
3138ECWS8	FNMA		2.50		9/21/2020		4,720,858		4,940,189
3138ECYM9	FNMA		2.50		9/6/2020		811,029		848,758
3138ECYV9	FNMA		2.50		9/20/2020		945,542		989,528
3138EGDE1	FNMA		6.00		3/23/2030		48,218		52,583
3138EGH72	FNMA		4.00		4/13/2020		993,623		1,062,350
3138EGHV9	FNMA		4.00		3/10/2020		145,240		155,286
3138EGKX1	FNMA		6.00		1/28/2030		6,457,075		7,040,874
3138EGTA2	FNMA		5.00		6/7/2028		2,874,736		3,117,661
3138EHBB7	FNMA		5.00		12/30/2030		16,274,535		17,768,219
3138EHCM2	FNMA		5.00		2/4/2028		840,409		911,426
3138EHXZ0	FNMA		6.00		1/28/2030		5,715,484		6,232,234
3138EJ4B1	FNMA		6.00		12/28/2030		4,770,449		5,201,757
3138EJCC0	FNMA		4.00		5/17/2030		3,634,533		3,895,878
3138EJRB6	FNMA		3.50		12/9/2030		6,242,213		6,730,148
3138EJRP5	FNMA		4.38		8/5/2017		6,376,874		7,257,392
3138LQES9	FNMA		4.00		9/26/2030		805,748		868,731
3138LQSU9	FNMA		2.50		11/2/2020		6,315,059		6,608,830
3138LTLA4	FNMA		3.00		10/25/2020		1,494,165		1,578,753

13

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3138LUZP3	FNMA		2.50		10/3/2020		1,268,156		1,327,074
3138LVEU3	FNMA		4.00		1/20/2031		727,758		792,038
3138LVJ87	FNMA		3.00		11/16/2020		2,704,883		2,858,012
3138LX5F2	FNMA		4.00		2/2/2031		210,052		226,471
3138M13D8	FNMA		3.50		11/15/2030		3,710,862		3,967,062
3138M13G1	FNMA		3.50		12/8/2030		7,091,902		7,581,532
3138M3MH4	FNMA		4.00		1/16/2031		1,334,750		1,439,084
3138M6NL7	FNMA		3.50		10/26/2030		2,941,204		3,136,910
3138M6RS8	FNMA		2.50		11/25/2020		1,980,685		2,072,825
3138MJXK0	FNMA		3.00		10/13/2030		1,493,866		1,567,210
3138MPWD3	FNMA		2.50		9/20/2020		5,603,326		5,861,759
3138NJAE8	FNMA		3.63		5/3/2017		2,239,793		2,457,973
3138NJAK4	FNMA		3.42		3/23/2017		3,016,292		3,267,169
31391YV87	FNMA		6.00		2/24/2025		2,485		2,746
31393QDY5	FHLMC		5.50		10/7/2013		2,770,101		2,854,534
31397BRY9	FHLMC_3221		5.00		7/17/2013		3,029,756		3,086,776
31400JM55	FNMA		5.50		4/6/2025		1,365		1,520
31400QJ87	FNMA		2.73		1/29/2024		19,857		21,108
31402DCV0	FNMA		5.00		11/22/2025		31,832		34,522
31402GP98	FNMA		5.00		3/30/2025		6,120		6,841
31402LQU9	FNMA		5.00		3/28/2025		55,051		59,744
31402QXK2	FNMA		8.50		6/30/2024		563,430		659,232
31402RAB5	FNMA		5.00		6/10/2026		691,597		750,039
31402RCV9	FNMA		5.00		6/27/2026		849,843		919,763
31402RF87	FNMA		5.00		7/21/2026		4,283,382		4,645,343
31402RFT1	FNMA		5.00		8/5/2026		27,230		29,470
31402RSN0	FNMA		5.00		10/25/2026		2,932,399		3,173,659
31402YSV7	FNMA		3.00		6/20/2024		25,179		27,022
31403DC56	FNMA		4.50		4/16/2017		1,578,667		1,696,708
31403DC72	FNMA		4.50		3/29/2017		1,262,304		1,361,344
31403DGY9	FNMA		5.00		4/1/2027		744,603		805,864
31403DJG5	FNMA		5.50		2/13/2026		17,212		18,806
31403DJS9	FNMA		5.00		4/14/2027		397,307		429,519
31403DUJ6	FNMA		6.00		12/4/2027		601,807		656,292
31403KDB6	FNMA		2.55		6/15/2024		10,617		10,897
31404BPJ5	FNMA		4.00		3/17/2025		340,557		365,312
31404DG28	FNMA		5.00		9/16/2025		11,932		12,941
31404MAB4	FNMA		5.50		10/25/2025		7,366		8,049
31404NBP0	FNMA		2.60		3/1/2025		106,650		113,695
31404NHA7	FNMA		5.00		11/1/2025		57,208		62,042
31404SFP5	FNMA		5.50		11/5/2025		4,978		5,545
31405NQY4	FNMA		6.00		4/27/2026		20,300		22,423
31405QNR5	FNMA		5.50		3/16/2026		807		899
31405SGK4	FNMA		5.00		10/24/2026		420,485		455,080
31405UMM8	FNMA		2.62		12/23/2024		113,080		120,392
31405UTZ2	FNMA		2.53		12/27/2024		28,482		30,336
31406BB90	FNMA		2.49		1/27/2025		163,059		173,752
31406BEZ9	FNMA		2.52		1/13/2025		145,273		155,129
31406BJF8	FNMA		2.56		2/8/2025		155,699		163,660
31406BQQ6	FNMA		2.66		2/22/2025		217,491		231,324
31406DG67	FNMA		2.78		2/2/2025		732,276		782,981
31406EDN1	FNMA		5.00		4/6/2026		43,781		47,480
31406HLF2	FNMA		6.00		9/14/2026		132,534		145,559
31406MYP5	FNMA		2.49		3/3/2025		330,169		348,537
31406RHF5	FNMA		5.00		10/20/2026		29,306		31,717
31406RNA9	FNMA		6.00		3/1/2027		2,808		3,084
31406TLC3	FNMA		2.93		5/25/2025		335,357		360,380
31406TWR8	FNMA		2.16		12/10/2024		851,448		893,398
31406VHE9	FNMA		2.79		5/23/2025		178,106		190,339

14

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31406YZV5	FNMA		5.00		9/9/2026		44,396		48,049
31407CE29	FNMA		5.50		12/1/2026		791		881
31407D4E2	FNMA		5.00		8/28/2026		51,523		55,762
31407FG53	FNMA		5.50		10/22/2026		1,776		1,979
31407FGQ7	FNMA		5.00		7/19/2026		454,294		491,671
31407FUW8	FNMA		2.35		5/10/2025		2,967,091		3,179,897
31407JBS0	FNMA		6.00		11/5/2027		826,017		900,801
31407PFA1	FNMA		5.00		11/5/2026		5,781,055		6,256,687
31407QDJ2	FNMA		5.00		8/14/2026		13,480		14,589
31407VS22	FNMA		5.00		10/11/2026		43,711		47,307
31407VS89	FNMA		5.00		9/30/2026		39,264		42,495
31407VXP5	FNMA		5.00		11/7/2026		99,822		108,035
31408AG53	FNMA		6.00		5/19/2027		30,575		33,780
31408FYG8	FNMA		6.00		4/29/2027		3,762		4,103
31408GFA0	FNMA		6.00		3/20/2027		338,968		372,281
31408JD32	FNMA		5.00		2/16/2027		1,342,940		1,453,429
31409A5P0	FNMA		6.00		6/7/2027		102,103		112,805
31409AYE3	FNMA		6.00		6/25/2027		308,922		338,211
31409CRY3	FNMA		6.00		5/11/2027		200,169		221,150
31409GML7	FNMA		6.50		11/12/2027		781,250		869,948
31409HEH3	FNMA		6.00		8/24/2027		16,833		18,413
31409JVL1	FNMA		6.00		8/25/2027		1,233,690		1,345,383
31409UB38	FNMA		6.00		6/22/2027		33,112		36,110
31409VYW7	FNMA		6.00		7/1/2027		52,126		57,590
31409WAE1	FNMA		6.00		6/23/2027		436,768		477,771
31410CJV5	FNMA		6.00		7/18/2027		17,858		19,551
31410FUS2	FNMA		5.50		11/23/2027		68,782		74,583
31410FVW2	FNMA		5.50		1/4/2028		4,474		4,851
31410GD83	FNMA		2.44		10/11/2024		61,924		65,948
31410GDF7	FNMA		2.11		3/18/2024		242,560		253,099
31410GDL4	FNMA		2.32		4/10/2025		1,001,956		1,055,845
31410GDN0	FNMA		2.33		4/10/2024		163,554		172,230
31410GDP5	FNMA		2.38		6/23/2025		2,690,389		2,865,528
31410GDY6	FNMA		2.54		5/16/2025		56,225		59,908
31410GJX2	FNMA		5.00		9/2/2027		929,711		1,006,203
31410KE42	FNMA		6.00		2/17/2029		2,848,783		3,106,348
31410KEM2	FNMA		5.50		11/7/2028		4,010,910		4,348,318
31410KHA5	FNMA		5.00		3/23/2027		50,324		54,464
31410KLD4	FNMA		5.50		11/9/2028		609,406		660,601
31410KMQ4	FNMA		5.50		11/25/2028		344,149		373,060
31410KNA8	FNMA		5.50		1/2/2029		140,697		152,517
31410KS47	FNMA		5.50		2/2/2027		7,984		8,723
31410KX74	FNMA		5.50		8/5/2027		4,317,040		4,721,973
31410LBU5	FNMA		4.00		1/3/2020		1,685,374		1,800,933
31410LC91	FNMA		5.50		11/19/2030		2,531,901		2,744,602
31410MMX5	FNMA		6.00		7/8/2027		309,913		342,397
31410NT24	FNMA		6.00		9/6/2027		24,022		26,225
31410QR86	FNMA		5.50		11/12/2027		167,103		181,195
31410RDL0	FNMA		6.00		11/2/2027		32,582		35,531
31410TBR5	FNMA		6.00		9/17/2027		6,779		7,393
31410UNH1	FNMA		6.00		11/13/2027		111,397		121,482
31411A5M3	FNMA		5.50		11/29/2027		10,233,661		11,096,637
31411A7C3	FNMA		5.50		12/8/2027		2,818,681		3,056,372
31411E2F3	FNMA		5.50		1/3/2028		20,210		21,915
31411EFN2	FNMA		5.50		12/3/2027		376,445		408,190
31411KLN1	FNMA		5.50		2/1/2028		254,237		275,624
31411NUT2	FNMA		5.50		11/6/2027		342,279		371,072
31411VMN6	FNMA		5.50		12/26/2027		8,401,694		9,108,467
31412DXY9	FNMA		5.50		12/21/2027		38,004		41,209

15

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31412ESY3	FNMA		6.00		2/17/2028		37,192		41,090
31412HXU8	FNMA		6.00		5/20/2029		263,435		287,261
31412MYZ5	FNMA		5.50		11/8/2028		294,851		319,621
31412N3V6	FNMA		4.50		11/11/2028		274,548		296,110
31412N6G6	FNMA		4.50		11/20/2028		54,896		61,301
31412NXE1	FNMA		5.00		4/26/2029		1,659,444		1,807,965
31412NZ33	FNMA		5.00		2/20/2029		56,764		63,806
31412PA50	FNMA		4.50		11/19/2028		276,861		298,605
31412PBJ9	FNMA		4.50		2/26/2019		17,161,712		18,442,763
31412PBN0	FNMA		4.00		9/7/2028		329,955		353,160
31412PP88	FNMA		5.00		3/29/2029		169,599		189,577
31412PR60	FNMA		4.50		1/6/2029		289,083		311,787
31412PRN3	FNMA		4.00		3/20/2019		3,067,467		3,277,792
31412PXF3	FNMA		4.50		1/25/2029		94,255		101,848
31412Q2V0	FNMA		4.50		7/10/2029		2,951,001		3,188,734
31412QE70	FNMA		5.00		6/19/2029		3,683,632		4,140,586
31412QKA6	FNMA		4.00		6/2/2019		43,800		46,803
31412QPQ6	FNMA		6.00		5/16/2027		1,471,600		1,616,225
31412RAP2	FNMA		4.00		5/25/2026		15,965		17,196
31412RG76	FNMA		4.00		10/2/2019		2,642,754		2,861,887
31412RGG6	FNMA		5.00		12/9/2029		349,427		380,264
31412RH42	FNMA		5.00		11/30/2029		9,052,582		9,806,210
31412RL54	FNMA		4.00		10/26/2029		3,006,381		3,220,258
31412RL62	FNMA		4.00		10/27/2029		811,364		869,086
31412RNY9	FNMA		4.00		11/25/2029		86,915		93,885
31412TM26	FNMA		5.50		12/4/2028		2,803,978		3,046,550
31412UEQ9	FNMA		4.50		4/4/2029		386,797		434,340
31412URR3	FNMA		4.00		4/23/2019		4,273,312		4,566,316
31413BTW1	FNMA		5.50		3/16/2028		1,425,710		1,545,644
31413CG52	FNMA		6.00		5/27/2028		15,005		16,362
31413CLH0	FNMA		6.00		5/29/2028		3,117,039		3,412,566
31413HKW7	FNMA		6.00		7/25/2028		13,869		15,122
31413NY66	FNMA		6.00		8/21/2028		1,160,003		1,270,715
31413R2P0	FNMA		6.00		11/3/2028		1,805,606		1,994,863
31413TWV0	FNMA		5.50		8/21/2028		211,514		229,308
31413UKQ1	FNMA		6.50		10/21/2028		1,001,282		1,114,896
31413USS9	FNMA		6.00		9/29/2028		944,900		1,030,331
31414ANH1	FNMA		5.50		8/19/2028		357,404		387,470
31414HZ67	FNMA		5.50		7/18/2028		126,617		137,268
31414NCH5	FNMA		6.00		8/3/2029		1,445,707		1,597,242
31414NH31	FNMA		5.00		4/19/2029		1,756,508		1,974,402
31414NH49	FNMA		5.00		4/18/2029		1,935,431		2,163,425
31414S4C4	FNMA		6.00		11/22/2028		834,681		913,040
31414SX81	FNMA		5.50		11/15/2028		399,111		432,639
31415LM38	FNMA		6.00		3/20/2029		955,766		1,042,206
31415P3Y2	FNMA		5.50		11/8/2025		4,890		5,348
31415SPY2	FNMA		6.00		8/6/2029		497,161		542,124
31415SRP9	FNMA		5.50		3/18/2029		183,973		199,428
31415WA60	FNMA		4.50		12/25/2028		44,104		49,525
31415YLZ0	FNMA		4.00		4/25/2019		1,066,681		1,139,819
31416AQ29	FNMA		4.00		4/25/2019		215,675		230,463
31416B3Y2	FNMA		4.50		12/29/2028		414,316		446,856
31416BMK1	FNMA		5.00		7/5/2028		339,767		367,313
31416BRM2	FNMA		5.00		6/21/2028		4,780,686		5,174,012
31416BRU4	FNMA		6.00		4/17/2028		733,589		805,684
31416BTB4	FNMA		5.00		12/10/2026		960,482		1,039,505
31416CEJ1	FNMA		5.00		7/1/2028		1,466,840		1,587,523
31416JZM6	FNMA		5.00		2/10/2029		2,181,027		2,362,597
31416M5A8	FNMA		5.00		2/25/2029		1,433,351		1,582,492

16

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31416MLA0	FNMA		4.50		3/7/2029		24,977		27,891
31416MTR5	FNMA		5.00		5/13/2029		26,359		28,592
31416MVP6	FNMA		4.50		12/19/2028		61,915		69,139
31416N5T5	FNMA		4.50		2/3/2029		170,611		190,515
31416NC42	FNMA		4.50		12/25/2028		14,189,567		15,303,987
31416NRD6	FNMA		4.50		2/8/2029		17,787		19,862
31416QJZ9	FNMA		5.00		4/19/2029		76,742		86,262
31416QMS1	FNMA		4.00		4/6/2019		650,315		694,905
31416RSJ3	FNMA		4.00		12/26/2028		147,450		157,820
31416S6B2	FNMA		4.50		2/18/2029		95,208		102,878
31416SD40	FNMA		4.50		2/24/2029		86,971		93,977
31416SED9	FNMA		5.00		6/5/2029		67,575		73,201
31416SLC3	FNMA		4.50		3/6/2029		102,082		110,305
31416TAG4	FNMA		4.50		2/24/2029		139,136		150,345
31416TAL3	FNMA		5.00		5/29/2029		75,091		84,406
31416TE47	FNMA		4.50		3/14/2029		92,659		103,469
31416TEE5	FNMA		4.50		3/15/2029		125,517		135,628
31416TEF2	FNMA		4.50		3/9/2029		90,292		100,826
31416TKG3	FNMA		5.00		4/25/2029		84,494		91,528
31416VKN3	FNMA		6.00		7/8/2029		1,956,153		2,139,184
31416WD66	FNMA		5.00		1/1/2030		569,078		619,299
31416WE57	FNMA		5.00		12/23/2029		9,037,720		9,790,110
31416WFG2	FNMA		4.00		10/18/2019		16,931		18,102
31416XJ92	FNMA		4.00		11/15/2029		407,020		435,976
31416XKB5	FNMA		4.00		11/16/2029		158,503		169,779
31416XYZ7	FNMA		4.00		1/11/2030		811,597		869,956
31416Y6N3	FNMA		4.00		7/1/2030		2,658,171		2,849,309
31416YDN5	FNMA		4.00		2/9/2030		31,358		33,613
31416YLM8	FNMA		4.50		6/14/2030		1,628,613		1,763,233
31416YVF2	FNMA		4.50		7/26/2030		8,052,681		8,718,307
31417A5Q8	FNMA		4.00		9/17/2030		104,047		112,782
31417ASC4	FNMA		4.00		6/29/2030		256,373		274,808
31417ASD2	FNMA		4.00		6/29/2030		1,331,847		1,427,615
31417CVV4	FNMA		4.00		4/8/2031		324,733		350,117
31417DRG0	FNMA		3.50		12/4/2030		2,972,716		3,170,519
31417DSX2	FNMA		3.50		12/1/2030		34,855,167		37,272,485
31417FBQ0	FNMA		5.00		8/11/2028		854,051		924,318
31417J2B5	FNMA		5.00		7/20/2029		47,113		51,035
31417JSB7	FNMA		4.50		3/21/2029		29,977		32,392
31417KUM7	FNMA		4.00		1/2/2029		121,072		129,586
31417KXH5	FNMA		4.50		3/9/2029		2,764,879		3,104,722
31417LLX1	FNMA		5.00		6/1/2029		100,857		113,368
31417M2V4	FNMA		4.50		5/8/2029		61,221		68,746
31417M2W2	FNMA		4.50		5/9/2029		13,446		15,015
31417MFB4	FNMA		4.50		3/16/2029		180,563		201,628
31417MPN7	FNMA		5.00		7/7/2029		79,420		86,032
31417MQT3	FNMA		5.00		7/29/2029		56,112		60,784
31417MTC7	FNMA		4.50		4/3/2029		417,858		469,219
31417MVC4	FNMA		4.50		4/25/2029		378,403		424,914
31417MYL1	FNMA		4.50		5/19/2029		2,821,902		3,043,528
31417QR97	FNMA		4.00		4/6/2029		105,045		112,518
31417QS62	FNMA		4.00		6/16/2019		14,178		15,151
31417QT20	FNMA		4.00		1/20/2029		20,580		22,027
31417SYT1	FNMA		4.50		5/14/2029		76,889		85,860
31417UXN0	FNMA		4.00		8/25/2019		78,486		83,915
31417VJS3	FNMA		4.50		6/3/2029		16,300		17,613
31417VQR7	FNMA		4.00		3/26/2029		580,997		622,330
31417VQT3	FNMA		4.50		7/26/2029		1,501,255		1,685,781
31417VYY3	FNMA		4.00		8/26/2019		201,458		215,393

17

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31417Y3H8	FNMA		4.00		6/5/2020		1,077,572		1,154,093
31417Y6F9	FNMA		4.00		7/2/2030		57,962		62,130
31417YF44	FNMA		4.00		1/5/2029		53,403		57,159
31417YTT4	FNMA		4.00		10/20/2029		324,134		347,194
31417YUH8	FNMA		4.00		7/30/2029		349,843		374,731
31417YVG9	FNMA		4.00		11/12/2029		308,738		330,702
31417YW37	FNMA		4.00		12/26/2029		296,282		317,587
31417YX51	FNMA		4.00		2/18/2030		402,837		431,804
31417YXX0	FNMA		4.50		2/14/2030		1,720,433		1,862,642
31418AEA2	FNMA		4.00		10/11/2030		379,691		409,370
31418AGR3	FNMA		3.50		2/1/2024		2,383,034		2,543,562
31418AKQ0	FNMA		4.00		4/11/2031		441,698		476,224
31418ALS5	FNMA		3.50		11/17/2030		2,781,719		2,966,813
31418AM47	FNMA		2.50		3/25/2018		28,058,656		29,331,830
31418AMX3	FNMA		3.50		8/7/2030		396,906		423,316
31418MC91	FNMA		6.00		6/28/2029		453,428		494,424
31418MDZ2	FNMA		6.00		3/29/2029		6,598,421		7,217,876
31418MP97	FNMA		6.00		12/2/2029		887,685		967,968
31418MT93	FNMA		4.50		7/29/2029		1,353,547		1,459,852
31418MUL4	FNMA		4.50		6/13/2029		633,377		684,402
31418PCP8	FNMA		5.00		4/1/2030		191,984		209,366
31418RHE4	FNMA		4.00		9/30/2019		283,728		303,352
31418SJB6	FNMA		4.00		9/30/2019		22,255		23,795
31418UCZ5	FNMA		4.00		10/17/2019		129,514		138,472
31418UVY7	FNMA		4.00		11/4/2019		239,208		255,754
31418UYE8	FNMA		4.00		10/28/2028		22,310		23,933
31418VQY1	FNMA		4.00		9/10/2029		88,837		95,157
31418W6Y1	FNMA		5.00		3/4/2030		415,889		452,591
31418W7J3	FNMA		5.00		3/8/2030		335,547		365,159
31418XF52	FNMA		4.50		12/16/2029		8,937,325		9,658,501
31419AG27	FNMA		4.00		9/12/2029		27,947		29,936
31419AMV6	FNMA		6.00		2/13/2030		2,838,949		3,095,625
31419ANB9	FNMA		4.00		10/13/2029		151,495		162,272
31419ANK9	FNMA		5.50		11/30/2029		778,410		843,803
31419AQ83	FNMA		4.00		11/12/2029		12,620,128		13,517,937
31419BBT1	FNMA		4.00		12/15/2029		5,054,094		5,413,647
31419BW68	FNMA		4.00		9/12/2029		135,812		145,473
31419DJY8	FNMA		4.00		12/7/2019		3,895,759		4,165,218
31419DLW9	FNMA		4.00		9/24/2029		152,583		163,438
31419DTQ4	FNMA		5.00		4/9/2030		686,596		748,761
31419E6N4	FNMA		4.00		1/5/2030		1,702,564		1,824,989
31419ED71	FNMA		4.00		11/8/2029		397,695		425,988
31419EJR1	FNMA		4.00		10/1/2029		268,727		287,845
31419EK40	FNMA		4.00		11/11/2029		111,730		121,598
31419EK65	FNMA		4.00		11/6/2029		1,338,767		1,434,008
31419ENB1	FNMA		5.00		3/5/2030		1,323,077		1,454,954
31419ESN0	FNMA		4.00		11/7/2029		1,905,813		2,041,394
31419EU80	FNMA		5.00		3/8/2030		235,127		255,877
31419EW70	FNMA		4.00		10/23/2029		212,550		227,671
31419FCP9	FNMA		4.00		6/5/2020		1,739,623		1,863,157
31419FEM4	FNMA		4.50		1/14/2030		3,046,097		3,291,894
31419FFW1	FNMA		4.00		10/23/2029		64,768		69,376
31419FSH0	FNMA		4.00		2/17/2020		52,168		55,777
31419FVA1	FNMA		4.00		10/28/2029		812,149		869,926
31419FVW3	FNMA		4.00		10/18/2029		69,575		74,525
31419G2T0	FNMA		4.00		10/9/2029		28,765		30,812
31419GB94	FNMA		4.00		10/22/2029		495,684		530,947
31419GJA3	FNMA		4.00		10/3/2029		330,129		353,615
31419GYT5	FNMA		4.00		11/25/2029		26,956,261		28,873,956

18

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
31419H6Y3	FNMA		4.00		10/7/2029		46,829		50,161
31419HBS0	FNMA		4.00		10/5/2029		146,993		157,450
31419HC67	FNMA		4.00		12/14/2029		1,893,968		2,030,156
31419HKN1	FNMA		4.00		10/4/2029		310,508		332,598
31419HVP4	FNMA		4.00		10/22/2029		183,633		196,697
31419JEA2	FNMA		4.00		11/2/2029		296,484		317,576
31419JLP1	FNMA		4.00		9/26/2029		121,839		130,506
31419JWT1	FNMA		4.00		10/8/2029		98,398		105,399
31419KR49	FNMA		4.00		10/8/2029		61,397		65,764
31419L5A7	FNMA		4.00		10/14/2029		1,109,486		1,210,951
31419LN66	FNMA		4.00		7/30/2029		68,345		73,207
31419LZ63	FNMA		4.00		10/17/2029		85,246		91,310
31419LZZ9	FNMA		4.00		9/29/2029		364,976		390,941
31421AAU7	FNMA		5.50		4/30/2029		4,591		4,989
36176ABB4	GNMA		3.50		2/11/2030		307,983		334,696
36176FUE6	GNMA		3.50		5/21/2030		116,165		126,241
36176QLG7	GNMA		2.50		11/27/2020		1,763,744		1,861,438
36176QPR9	GNMA		3.50		2/11/2030		827,401		899,167
36176R7D8	GNMA		3.50		2/11/2030		967,055		1,051,792
36176V5Q2	GNMA		3.50		6/11/2030		38,089		41,392
36176WGG0	GNMA		3.50		4/10/2030		1,514,400		1,645,755
36176XCT4	GNMA		3.50		5/21/2030		1,385,852		1,506,057
36176XEZ8	GNMA		2.50		9/1/2020		791,059		834,875
36177NXQ8	GNMA		3.50		6/11/2030		457,957		497,679
36177R5R8	GNMA		3.50		6/11/2030		1,682,498		1,829,925
36177RXF3	GNMA		3.50		4/30/2030		3,338,274		3,627,826
36177S3E7	GNMA		3.50		5/21/2030		2,052,913		2,230,977
36177X2H0	GNMA		2.50		10/5/2020		1,314,049		1,386,834
36177YR32	GNMA		2.50		10/22/2020		790,148		833,915
36178GHC1	GNMA		2.50		11/10/2020		441,048		465,478
36178NB99	GNMA		2.50		10/25/2020		9,265,475		9,778,690
36179MQN3	GNMA		3.00		6/16/2030		497,889		530,309
36179MQP8	GNMA		3.50		1/18/2031		994,830		1,082,619
36179MVR8	GNMA		3.00		10/24/2030		1,000,000		1,065,114
36202F4S2	GNMA		4.50		4/14/2031		1,940,706		2,127,181
36202FZY5	GNMA		4.00		6/28/2030		2,146,457		2,338,794
36202FZZ2	GNMA		4.50		11/6/2030		1,230,416		1,348,642
36206XC43	GNMA		7.00		4/17/2024		906		1,065
3620A9SW2	GNMA		4.50		1/11/2029		409,012		449,676
3620C04Y1	GNMA		4.50		11/23/2029		1,775,397		1,951,920
3620C1WV4	GNMA		3.50		4/30/2030		3,076,339		3,343,172
36212PPP1	GNMA		7.00		3/25/2024		8,866		10,422
36212U5G2	GNMA		7.00		4/17/2024		11,999		14,104
36213HGU7	GNMA		7.00		3/4/2024		1,609		1,892
36225DM43	GNMA		1.63		11/10/2024		9,306,716		9,751,968
36230PCQ1	GNMA		2.50		8/14/2020		1,391,770		1,468,861
36230PCY4	GNMA		3.50		1/1/2030		335,756		364,878
36230RVV5	GNMA		3.50		7/14/2029		19,619,319		21,470,368
36241LG59	GNMA		5.50		3/17/2030		688,894		755,515
36241LY91	GNMA		3.50		2/21/2030		376,591		409,255
36296QL49	GNMA		5.00		3/16/2029		1,768,983		1,938,215
36296QRY7	GNMA		5.00		4/8/2029		1,330,870		1,458,190
36297FYL0	GNMA		4.50		2/2/2029		85,075		93,534
38374CP54	GNMA_03-75		4.50		4/16/2013		1,105,030		1,114,158
							1,307,470,490		1,400,916,940
Non Agency RMBS
05948X6X4	BANK OF AMERICA MTG SEC		4.75		8/8/2014		2,198,946		2,255,312
07384MWF5	BSARM		3.03		5/29/2018		96,898		96,190
12669EYQ3	COUNTRYWIDE HOME LOANS TR		3.25		10/2/2017		70,701		66,887

19

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
16162WLM9	CHASE		5.50		8/2/2017		7,477,066		7,588,228
161630AC2	CHASE		3.04		6/5/2016		8,751,080		8,756,314
161630AN8	CHASE		3.00		10/28/2016		2,536,528		2,561,650
161630AQ1	CHASE		3.01		2/19/2016		2,100,907		2,082,368
1729733P2	CMSI		5.00		3/11/2014		5,321,360		5,524,013
38741YCA5	GRANITE MASTER ISSUER PLC GRAN		0.29		1/4/2016		2,445,196		2,402,405
449670EQ7	IMC HOME EQUITY LOAN TRUST		6.26		10/13/2022		99,313		98,089
46630GAA3	JPMMT		3.05		6/19/2016		5,507,168		5,593,212
46630GAD7	JPMMT		3.03		1/8/2017		1,882,719		1,898,540
46630GAN5	JPMMT_07-A1		2.99		11/11/2016		1,309,181		1,328,701
46630GAS4	JPMMT		3.03		6/4/2017		5,696,802		5,789,330
525170BL9	LABS		5.00		7/27/2016		7,281,807		7,305,691
576433QQ2	MARM_04-8		2.02		1/22/2015		1,210,755		1,103,580
589929W53	MLMI		2.72		9/14/2019		143,763		146,068
62889EAA3	NGN_11-R3		0.61		12/2/2016		1,380,185		1,381,055
76110H2P3	RES ASSET SEC		3.23		2/26/2019		1,070,476		611,143
76110HHG7	RFMSI_03-Q16		5.00		12/21/2014		4,149,877		4,263,073
863579KY3	SARM		2.85		8/5/2020		2,347,485		1,947,079
86359BGD7	STRUCTURED ASSET SEC CORP		2.76		5/22/2018		114,377		113,076
86359BVE8	STRUCTURED ASSET SEC CORP		2.71		9/10/2017		8,622,493		8,570,387
92922F4M7	WASHINGTON MUTUAL		0.50		2/13/2020		1,044,987		992,052
92922F4P0	WAMU		0.99		4/9/2021		5,145,940		5,134,212
92922FB49	WASHINGTON MUTUAL		0.61		5/7/2018		321,630		318,261
92922FZF8	WAMU_04-A12		0.58		5/25/2018		6,062,463		5,736,121
949781AA6	WFMBS		2.61		3/10/2018		2,845,933		2,818,365
94982BAG5	WFMBS		2.70		12/12/2016		3,778,815		3,775,324
							91,014,851		90,256,724
Non Agency RMBS/CMBS—High Yield Mandate
02660BAA0	AHMA_07-1		0.87		9/11/2027		8,064,645		4,699,752
02660UAE0	AHMA_06-3		1.11		8/17/2028		9,766,820		6,276,705
026930AA5	AHMA_07-2		0.33		7/17/2021		4,678,510		3,146,836
05949QAH8	BANC OF AMERICA FUNDING CORPOR		6.25		9/19/2018		1,250,000		1,254,974
05954DAG1	BAFC		3.02		3/19/2020		4,546,315		3,398,329
07384MWF5	BSARM		3.03		5/29/2018		19,380		19,238
07401YAQ8	BEAR STEARNS MORTGAGE FUNDING		0.42		8/20/2025		11,768,438		8,251,146
12543TAZ8	CWHL_06-13		6.25		8/9/2018		4,212,232		3,593,232
12566VAE2	CMALT_07-A4		5.75		8/22/2020		3,836,805		3,196,784
12566XAK4	CMA_07-A7		0.61		6/30/2020		5,932,067		3,703,211
12668BCG6	CWALT		6.00		5/4/2020		629,116		484,173
12668BPY3	CWALT		5.50		5/29/2019		10,918,236		9,390,480
126694MS4	COUNTRYWIDE HOME LOANS		5.50		5/6/2017		3,943,836		3,812,656
12669EYQ3	COUNTRYWIDE HOME LOANS TR		3.25		10/2/2017		23,567		22,296
22541QUJ9	CS FIRST BOSTON MORTGAGE SECUR		2.98		7/29/2019		116,719		116,345
232434AE0	CWALT_06-OC8		0.46		3/22/2028		19,889,712		4,926,284
23245GAD3	CWALT_06-OC9		0.46		8/9/2024		4,927,724		1,599,810
23332QAC7	DSLA		0.41		6/10/2017		1,380,826		1,058,656
25150UAA6	DBALT_07-OA2		0.94		8/11/2023		3,068,573		2,316,889
25151AAG6	DBALT		0.49		3/27/2021		25,972,793		10,409,194
25151TAC4	DBALT_07-BAR1		0.37		9/14/2025		11,500,000		5,625,904
32052DAG6	FHAMS_06-FA8		6.00		1/12/2020		5,133,487		4,343,464
40431HAJ6	HALO		0.51		7/15/2019		4,673,801		1,345,779
41161VAC4	HVMLT		0.41		8/1/2018		4,336,923		3,168,222
45660NQ24	INDX		2.61		4/13/2021		361,400		292,630
456687AC6	INDX_07-FL4		0.39		2/28/2019		2,729,504		2,185,386
45668WAC1	INX		0.46		2/28/2026		5,000,000		1,638,955
466306AA5	JPALT_08-R2		6.00		12/17/2020		3,818,555		2,802,663
52520MBY8	LMT_05-2		0.96		10/16/2019		3,996,477		2,582,667
525221HA8	LXS		0.47		6/30/2023		3,662,277		2,310,241
52524HAJ9	LXS		0.92		10/29/2015		2,537,122		1,929,702

20

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
55027WAA0	LUM_07-2		0.44		5/17/2021		3,962,314		2,230,212
55027XAA8	LUM_06-5		0.40		10/14/2021		6,219,641		3,483,782
57643LLC8	MABS		5.65		11/28/2019		10,000,000		7,088,180
59024KAX1	MLA_07-AF1		3.05		12/4/2019		3,202,268		2,000,639
61748HJV4	MORGAN STANLEY MTG LOAN TRUST		5.00		10/18/2014		563,697		569,116
61748HVE8	MORGAN STANLEY MTG LOAN TRUST		5.25		12/1/2015		889,827		902,741
68383NDW0	OPTEUM MORTGAGE ACCEPT CORP		0.51		8/30/2022		7,000,000		4,317,425
74923LAB8	RALI		0.40		8/13/2024		4,640,078		3,413,891
74958XAB0	RFMSI		3.35		1/18/2019		4,416,626		3,654,542
751153AA5	RALI_06-Q010		0.37		12/23/2023		3,543,166		2,518,497
76110H2P3	RES ASSET SEC		3.23		2/26/2019		215,717		123,155
761118QM3	RALI		1.17		11/24/2022		3,809,640		2,476,308
863579J90	SARM		2.63		6/29/2019		9,295,441		5,487,573
86359A5B5	SASC		2.81		9/7/2017		347,784		349,007
86359AH71	SASC		2.77		5/24/2017		497,161		487,877
86359BGD7	STRUCTURED ASSET SEC CORP		2.76		5/22/2018		28,594		28,269
86359LQM4	SAMI_06-AR1		2.32		4/17/2021		3,570,818		2,570,764
92922F7P7	WASHINGTON MUTUAL		0.48		4/15/2020		6,903,188		6,438,582
92922FJ25	WASHINGTON MUTUAL		0.44		7/27/2018		1,464,957		1,369,698
92922FR75	WASHINGTON MUTUAL		0.50		12/8/2017		4,786,141		4,517,356
92925DAB6	WAMU		0.98		9/8/2020		3,156,262		2,688,981
933635AB0	WAMU_07-OA2		2.26		6/9/2016		2,763,297		2,062,878
93363RAA4	EAST PACES FERRY LLC		1.05		11/19/2021		7,269,116		5,283,542
93364BAA8	WAMU MORTGAGE PASS-THROUGH CER		0.92		9/29/2021		1,597,512		1,298,186
9393362N2	WASHINGTON MUTUAL MSC MORTGAGE		6.00		5/4/2018		3,311,063		3,239,637
93936RAA2	WAL		1.01		3/17/2024		7,664,159		5,207,773
94981QAA6	WFMBS		2.76		5/30/2015		391,212		401,070
94985KAA5	WFA_07-PA6		2.90		11/26/2019		3,581,882		2,663,341
							277,787,420		176,775,626
CMBS
055236AA1	BAMLL_11-07C1		5.38		1/24/2015		6,300,000		7,057,260
05947UR83	BANK OF AMERICA CO		4.67		5/10/2015		1,000,000		1,087,130
059500AD0	BACM		5.89		11/16/2014		14,500,000		16,566,105
05950EAE8	BACM		5.73		10/27/2015		8,615,000		9,869,947
059511AH8	BACM		5.64		2/28/2018		2,550,000		2,901,645
059512AB9	BACM_07-3		5.59		2/11/2013		119,547		119,513
059512AQ6	BANC OF AMERICA COMMERCIAL MOR		0.38		2/10/2013		119,547		119,559
05956VAC8	BAMLL_11-STRP		2.15		7/18/2013		6,243,902		6,276,432
07387BEB5	BSCMS		5.41		9/7/2014		2,500,000		2,784,100
07388LAE0	BEAR STEARNS		5.54		11/15/2015		7,500,000		8,613,375
07388NAE6	BEAR STEARNS COMMERCIAL MORTGA		5.54		4/14/2015		4,520,000		5,205,729
07388PAE1	BSCMS		5.20		7/8/2015		19,480,000		22,323,496
07388YAG7	BSCMS		5.72		12/14/2017		2,850,000		3,246,863
12513YAC4	CD		5.21		2/11/2013		1,136,357		1,152,584
12513YAF7	CD		5.32		8/13/2016		5,000,000		5,735,550
126192AE3	COMM_12-LC4		4.06		1/25/2022		1,000,000		1,094,180
12622DAA2	COMM_10-C1		3.16		1/11/2015		9,167,499		9,679,229
12622QAA3	COMM_11-THL		3.38		10/7/2014		7,525,347		7,629,348
14986DAE0	CD		5.66		6/16/2013		1,500,000		1,546,035
17310MAE0	CITIGROUP		5.43		10/22/2015		2,026,000		2,324,815
17313KAD3	CGCMT		6.06		7/10/2013		3,150,000		3,204,590
190749AE1	CWCAPITAL COBALT		5.22		8/25/2015		5,000,000		5,667,850
20046GAC2	COMM_06-FL12		0.31		4/30/2013		737,100		730,540
20047QAE5	COMM		5.75		10/30/2014		4,000,000		4,542,800
20173QAE1	GCCFC		5.44		12/26/2016		5,000,000		5,758,600
225458DM7	CSFB		5.01		8/17/2014		1,000,000		1,077,130
22545DAD9	CREDIT SUISSE MORTGAGE CAPITAL		5.80		10/20/2014		5,000,000		5,675,950
22545RAB2	CSMC		0.38		11/20/2013		514,163		503,288
23306AAA8	DBRR_12-EZ1		0.95		12/12/2013		4,560,481		4,571,037

21

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
3136A56W1	FNMA		2.98		12/29/2016		1,700,000		1,812,258
3136A7MJ8	FNMA_12-M8		1.52		11/10/2014		2,000,000		2,046,500
3136A7MK5	FNMA_12-M8		1.80		12/7/2017		2,100,000		2,154,831
3136A9MN5	FNMA		2.30		2/23/2017		200,000		201,696
3137ARPY6	FHMS_19-K710		1.88		3/25/2019		10,700,000		10,980,169
3137ATRW4	FHLMC		2.37		3/25/2022		20,000,000		20,294,980
361849YU0	GMACC		5.44		5/10/2013		1,549,630		1,572,286
36191YAY4	GSMS_11-GC5		1.47		8/28/2014		883,427		894,673
36228CTH6	GSMS_04-GG2		5.40		3/12/2014		1,000,000		1,056,680
36228CZW6	GSMS		1.71		2/11/2014		5,350,000		5,358,346
36246LAC5	GS MORTGAGE SECURITIES CORPORA		5.79		9/10/2015		1,000,000		1,072,300
46625YSF1	JPMCC_05-LDP3		4.96		3/15/2013		734,703		740,231
46629GAE8	JPMCC		5.55		1/29/2015		13,500,000		15,507,990
46629PAC2	JPMCC		5.34		6/2/2015		1,900,000		2,173,562
46629PAM0	JPMCC		5.30		7/2/2013		1,556,295		1,587,483
46630EAC4	JPMCC		5.43		4/30/2015		7,334,510		8,369,996
46630JAC3	JP MORGAN CHASE COMMERCIAL MOR		5.42		9/28/2017		5,000,000		5,783,050
46635GAA8	JPMCC_2010-C2		2.75		5/8/2015		656,783		687,225
46636VAC0	JP MORGAN CHASE COMMERCIAL MOR		4.17		7/1/2021		1,000,000		1,138,880
46637WAD5	JPMCC_12-CBX		3.48		1/1/2022		1,000,000		1,089,620
46638UAC0	JP MORGAN CHASE COMMERCIAL MOR		2.83		6/30/2022		7,000,000		7,175,280
50179MAE1	LBUBS		5.37		11/5/2015		1,500,000		1,724,595
52108HZY3	LBUBS		4.37		1/19/2014		1,500,000		1,553,355
52108MAF0	LBUBS		5.20		4/2/2015		1,450,000		1,602,424
55312VAD0	MLCFC_06-4		5.17		3/18/2015		1,900,000		2,161,858
59023BAB0	MERRILL LYNCH MTG TR		5.64		7/13/2014		198,350		199,354
617458AC8	MORGAN STANLEY CAPITAL		3.88		12/30/2015		3,500,000		3,796,345
61745M5G4	MSC		4.89		12/14/2014		500,000		546,645
61745ML43	MSC		5.27		2/28/2014		4,000,000		4,225,560
61750CAF4	MSC_06-HQ9		5.73		1/14/2015		2,550,000		2,924,621
61750HAE6	MSC		5.33		1/5/2015		4,250,000		4,867,185
61750WAX1	MSC		5.33		6/2/2015		1,000,000		1,150,650
61757RAC1	MORGAN STANLEY CAPITAL I MSC_0		5.65		11/7/2014		1,598,837		1,645,906
62888XAC8	NCUA_10-C1		2.65		11/5/2014		9,743,419		10,283,740
92935JBC8	WF-RBS_11-C2		4.87		12/15/2020		750,000		887,573
92936TAB8	WF-RBS COMMERCIAL MORTGAGE TRU		3.43		1/3/2018		500,000		540,600
929766X24	WBCMT_05-C19		4.66		12/31/2012		996,894		1,016,938
92976BLJ9	WBCMT		0.29		2/15/2013		2,159,495		2,124,969
92976VAF5	WBCMT		5.74		4/15/2016		4,000,000		4,608,000
92977RAD8	WACHOVIA BANK COMMERCIAL MORTG		6.01		11/6/2014		5,000,000		5,801,100
							265,877,286		290,424,133
Corporate Debt Securities—Financials
001055AH5	AFLAC INCORPORATED		2.65		2/15/2017		250,000		261,791
00163MAL8	PROLOGIS INC		4.50		8/15/2017		250,000		267,554
00448MAA9	ACHMEA HYPOTHEEKBANK N.V.—LT		3.20		11/3/2014		34,161,000		35,767,590
02005NAB6	ALLY FINANCIAL INC		8.30		2/12/2015		3,375,000		3,763,125
025816AU3	AMER EXPRESS BK		6.80		9/1/2016		250,000		268,750
025816AW9	AMERICAN EXPRESS COMPANY		5.50		9/12/2016		4,000,000		4,594,042
0258M0DA4	AMERICAN EXPRESS CREDIT CO		2.75		9/15/2015		12,000,000		12,584,550
0258M0DD8	AMERICAN EXPRESS CREDIT CO		2.38		3/24/2017		500,000		522,755
0258M0DE6	AMERICAN EXPRESS CREDIT CO		1.75		6/12/2015		250,000		254,811
026874CV7	AMERICAN INTERNATIONAL GROUP I		2.38		8/24/2015		2,850,000		2,894,181
02687QBC1	AMERICAN INTERNATIONAL GROUP I		5.60		10/18/2016		1,250,000		1,424,216
046265AF1	ASTORIA FINANCIAL CORPORATION		5.00		5/19/2017		100,000		105,563
05348EAM1	AVALONBAY COMMUNITIES INC		5.70		3/15/2017		250,000		288,582
055299AL5	BBVA US SENIOR SA UNIPERSONAL		4.66		10/9/2015		284,000		289,989
05531FAG8	BB&T CORPORATION		3.20		2/16/2016		1,225,000		1,303,162
05567L7E1	BNP PARIBAS SA		2.38		9/14/2017		500,000		506,871
05567LU54	BNP PARIBAS SA		3.60		2/23/2016		2,870,000		3,039,264

22

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
05571AAB1	GROUP BPCE SA		2.38		10/4/2013		5,310,000		5,329,173
05572FAA1	BNP PARIBAS COVERED BONDS SA		2.20		11/2/2015		10,400,000		10,718,760
05947KAK6	BANCO BRADESCO S.A.		2.41		5/16/2014		700,000		698,577
05956NAB8	BCO CREDITO INVS		3.00		9/13/2017		250,000		249,656
060505AU8	BANK OF AMERICA		5.13		11/15/2014		100,000		107,142
060505CS1	BANK OF AMERICA		5.63		10/14/2016		7,700,000		8,707,675
060505DH4	BANK OF AMERICA		6.00		9/1/2017		250,000		292,917
06050TKN1	BANK OF AMERICA NA (US)		5.30		3/15/2017		250,000		280,783
06051GEA3	BANK OF AMERICA		6.50		8/1/2016		19,000,000		21,965,823
06051GEB1	BANK OF AMERICA		4.50		4/1/2015		750,000		798,678
06051GED7	BANK OF AMERICA		3.70		9/1/2015		12,100,000		12,759,740
06051GEK1	BANK OF AMERICA		3.75		7/12/2016		250,000		266,456
06366QW86	BANK OF MONTREAL		2.50		1/11/2017		500,000		523,138
06366RHA6	BANK OF MONTREAL		1.40		9/11/2017		300,000		300,453
063679JJ4	BANK OF MONTREAL		2.63		1/25/2016		6,000,000		6,366,480
063679ZT4	BANK OF MONTREAL		1.95		1/30/2017		2,600,000		2,711,046
06406HBN8	BANK OF NEW YORK CO		3.10		1/15/2015		4,800,000		5,027,550
06406HBX6	BANK OF NEW YORK MELLON/THE		2.30		7/28/2016		1,500,000		1,564,725
064149A64	BANK OF NOVA SCOTIA		3.40		1/22/2015		250,000		262,966
064159BA3	BANK OF NOVA SCOTIA		0.75		10/9/2015		250,000		248,958
06415CAD1	BANK OF NOVA SCOTIA		1.05		3/20/2015		1,200,000		1,215,456
06415CAE9	BANK OF NOVA SCOTIA		1.75		3/22/2017		6,000,000		6,207,060
064255AB8	BANK OF TOKYO-MITSUBISHI UFJ L		3.85		1/22/2015		8,000,000		8,466,261
064255AH5	BANK OF TOKYO-MITSUBISHI UFJ L		2.35		2/23/2017		7,500,000		7,796,155
06675EAA8	BANQUE PSA FINANCE		3.38		4/4/2014		850,000		854,250
06739FFZ9	BARCLAYS BANK PLC		5.20		7/10/2014		4,700,000		4,997,808
06739FGP0	BARCLAYS BANK PLC		2.50		1/23/2013		2,000,000		2,002,320
07385TAJ5	BEAR STEARNS CO INC		5.70		11/15/2014		2,000,000		2,171,841
073902PR3	BEAR STEARNS CO INC		6.40		10/2/2017		3,000,000		3,612,667
073902RU4	BEAR STEARNS CO INC		7.25		2/1/2018		4,500,000		5,632,315
09247XAD3	BLACKROCK CREDIT (OFFSHORE)		3.50		12/10/2014		250,000		263,961
097014AN4	BOEING CAPITAL CORPORATION		2.13		7/15/2016		150,000		155,765
10778XAA4	BRFKREDIT AS		2.05		4/15/2013		29,700,000		29,808,554
125577BA3	CIT GROUP INC		5.25		4/1/2014		4,300,000		4,472,000
12572QAD7	CME GROUP INC		5.75		2/15/2014		300,000		316,894
136069DM0	CANADIAN IMPERIAL BANK OF COMM		2.60		7/2/2015		10,500,000		11,037,914
136069EH0	CANADIAN IMPERIAL BANK OF COMM		1.50		12/12/2014		8,000,000		8,168,720
136069ET4	CANADIAN IMPERIAL BANK OF COMM		0.90		10/1/2015		300,000		300,385
14040HAS4	CAPITAL ONE FINANCIAL CORP		7.38		5/23/2014		500,000		544,370
14040HAX3	CAPITAL ONE FINANCIAL CORPORAT		3.15		7/15/2016		1,000,000		1,061,405
140420MV9	CAPITAL ONE BANK		8.80		7/15/2019		9,000,000		12,143,896
172967BW0	CITIGROUP INC		4.88		5/7/2015		500,000		533,987
172967DY4	CITIGROUP		5.50		2/15/2017		250,000		276,956
172967EY3	CITIGROUP INC		6.38		8/12/2014		8,150,000		8,801,121
172967EZ0	CITIGROUP INC		5.50		10/15/2014		19,150,000		20,548,640
172967FA4	CITIGROUP INC		6.01		1/15/2015		350,000		382,675
172967FW6	CITIGROUP INC		4.45		1/10/2017		6,400,000		7,077,534
172967FY2	CITIGROUP INC		2.65		3/2/2015		5,000,000		5,143,607
172967GB1	CITIGROUP INC		2.25		8/7/2015		250,000		256,358
20035CAB6	COMERICA BK		5.20		8/22/2017		250,000		288,689
20271RAA8	COMMONWEALTH BANK OF AUSTRALIA		1.95		3/16/2015		4,800,000		4,904,354
20271RAB6	COMMONWEALTH BANK OF AUSTRALIA		1.25		9/18/2015		250,000		251,987
20272BAF1	COMMONWEALTH BANK AUSTRALIA, G		3.63		6/25/2014		40,000,000		41,867,600
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA		2.90		9/17/2014		3,500,000		3,643,780
21685WBL0	RABOBANK NEDERLAND, UTRECHT		2.13		10/13/2015		5,000,000		5,153,638
21686CAD2	RABOBANK NEDERLAND UTREC		3.38		1/19/2017		500,000		535,958
22546QAA5	CREDIT SUISSE GROUP		5.50		5/1/2014		6,500,000		6,908,547
226566AK3	CRICKET COMMUNICATIONS INC.		7.75		5/15/2013		1,000,000		1,057,500
22966RAA4	CUBESMART		4.80		4/15/2022		4,025,000		4,279,187

23

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
23329PAA8	DEN NORSKE BANK ASA		3.20		4/3/2017		5,275,000		5,605,894
24422ERQ4	JOHN DEERE CAPITAL CORPORATION		0.88		4/17/2015		7,000,000		7,041,785
24422ERW1	JOHN DEERE CAPITAL CORPORATION		1.20		10/10/2017		200,000		199,845
251591AU7	DDR CORP		7.50		4/1/2017		350,000		422,221
2515A14E8	DEUTSCHE BK LDN		3.25		1/11/2016		1,250,000		1,323,416
25214GAA1	DEXIA CREDIT LOCAL/NEW YORK		2.00		3/5/2013		22,000,000		22,008,111
25600WAA8	DNB NOR BLGKRDIT		2.10		10/14/2015		1,200,000		1,243,776
25600WAB6	DNB NOR BLGKRDIT		2.90		3/29/2016		6,200,000		6,598,661
26441YAM9	DUKE REALTY LP		5.95		2/15/2017		300,000		343,883
302508BA3	FMR CORP		4.75		3/1/2013		1,100,000		1,106,386
316773CK4	FIFTH THIRD BANCORP		3.63		1/25/2016		500,000		533,798
31737UAH1	FINANCE FOR DANISH INDUSTRY IN		2.00		6/12/2013		4,900,000		4,931,698
354613AH4	FRANKLIN RESOURCES INC.		1.38		9/15/2017		3,250,000		3,236,505
36186CBX0	ALLY FINANCIAL INC		2.51		12/1/2014		195,000		195,488
36962G4C5	GENERAL ELECTRIC CAPITAL CORP		5.90		5/13/2014		700,000		750,889
36962G5M2	GENERAL ELECTRIC CAPITAL CORP		2.15		1/9/2015		15,025,000		15,415,002
36962G5N0	GENERAL ELECTRIC CAPITAL CORP		2.90		1/9/2017		750,000		793,350
36962G5W0	GENERAL ELECTRIC CAPITAL CORP		2.30		4/27/2017		5,000,000		5,173,867
36962G6M1	GENERAL ELECTRIC CAPITAL CORP		1.00		12/11/2015		5,725,000		5,749,491
36962GK86	GENERAL ELECTRIC CAPITAL CORP		4.75		9/15/2014		1,000,000		1,067,606
37247DAF3	GENWORTH FINANCIAL INC		4.95		10/1/2015		250,000		262,500
38141GEA8	GOLDMAN SACHS GROUP INC		5.13		1/15/2015		200,000		214,493
38141GEE0	GOLDMAN SACHS GROUP INC		5.35		1/15/2016		1,000,000		1,105,565
38141GEG5	GOLDMAN SACHS GROUP INC		0.76		3/22/2016		8,550,000		8,299,229
38141GEU4	GOLDMAN SACHS GROUP INC		5.63		1/15/2017		250,000		273,623
38143UAW1	GOLDMAN SACHS GROUP INC		5.00		10/1/2014		200,000		212,929
38143USC6	GOLDMAN SACHS GROUP INC		3.63		2/7/2016		8,500,000		8,974,395
40411EAB4	BANK OF SCOTLAND PLC		5.25		2/21/2017		23,605,000		26,972,253
40414LAB5	HEALTH CARE PROPERTY INVESTORS		2.70		2/1/2014		8,875,000		9,027,210
40414LAC3	HEALTH CARE PROPERTY INVESTORS		3.75		2/1/2016		500,000		529,628
40428HPG1	HSBC USA INC		2.38		2/13/2015		7,500,000		7,715,009
40429CCS9	HSBC FINANCE CORP		5.00		6/30/2015		250,000		270,710
4042Q1AE7	HSBC BANK USA		4.88		8/24/2020		3,500,000		3,882,988
42217KAZ9	HEALTH CARE REIT INC.		2.25		3/15/2018		4,500,000		4,496,092
44106MAH5	HOSPITALITY PROPERTIES TRUST		6.30		12/15/2015		250,000		270,829
44328MAJ3	HSBC BANK PLC		2.00		1/19/2014		2,000,000		2,023,934
44328MAL8	HSBC BANK PLC		3.10		5/24/2016		1,000,000		1,059,055
449786AM4	ING BANK NV		2.38		6/9/2014		5,925,000		5,998,279
449786AR3	ING BANK NV		2.00		9/25/2015		6,500,000		6,560,050
451102AD9	ICAHN ENTERPRISES LP / ICAHN E		7.75		1/15/2015		855,000		885,994
451102AH0	ICAHN ENTERPRISES LP / ICAHN E		8.00		1/15/2014		370,000		397,288
45324QAC0	ING BANK NV—(LT) GTD		3.90		3/19/2014		600,000		624,102
459745GJ8	INTERNATIONAL LEASE FINANCE CO		5.75		5/15/2016		3,000,000		3,162,270
46623EJE0	JPMORGAN CHASE & CO		2.05		1/24/2014		7,500,000		7,614,938
46625HHR4	JPMORGAN CHASE & CO		3.40		6/24/2015		10,000,000		10,548,028
46625HJA9	JPMORGAN CHASE & CO		3.15		7/5/2016		1,750,000		1,853,547
47102XAF2	JANUS CAPITAL GROUP INC		6.70		6/15/2017		250,000		284,763
472319AJ1	JEFFERIES GROUP INC.		3.88		11/9/2015		250,000		258,125
49326EEC3	KEYCORP		3.75		8/13/2015		500,000		535,387
49446RAH2	KIMCO REALTY CORPORATION		5.70		5/1/2017		250,000		287,459
55342UAD6	MPT OPERATING PARTNERSHIP LP		6.38		2/15/2020		5,000,000		5,250,000
55607EAL4	MACQUARIE BANK LTD—GTD		3.30		7/17/2014		2,600,000		2,713,594
564759QB7	MANUFACTURERS & TRADERS		5.63		12/1/2016		250,000		256,250
56501RAA4	MANULIFE FINANCIAL CO		3.40		9/17/2015		400,000		418,994
59018YUW9	MERRILL LYNCH & CO INC		5.00		1/15/2015		5,150,000		5,494,203
59156RAH1	METLIFE INC		5.50		6/15/2014		950,000		1,015,881
60688QAA3	MIZUHO CORPORATE BANK LTD		2.55		3/17/2017		3,225,000		3,369,844
617446V71	MORGAN STANLEY		6.25		8/28/2017		10,500,000		12,087,869
61746SBR9	MORGAN STANLEY		5.38		10/15/2015		7,000,000		7,607,173

24

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
61747WAD1	MORGAN STANLEY		2.88		1/24/2014		2,500,000		2,541,387
61747YCE3	MORGAN STANLEY		6.00		4/28/2015		3,500,000		3,811,998
61747YCK9	MORGAN STANLEY		4.20		11/20/2014		1,100,000		1,149,715
61747YDD4	MORGAN STANLEY		3.80		4/29/2016		9,300,000		9,739,186
61748AAE6	MORGAN STANLEY & CO.		4.75		4/1/2014		250,000		258,588
62914AAB8	NIBC BANK NV—GTD		2.80		12/2/2014		2,300,000		2,392,920
629491AB7	NYSE EURONEXT		2.00		10/5/2017		350,000		355,317
63254AAA6	NATIONAL AUSTRALIA BANK LIMITE		2.00		3/9/2015		5,000,000		5,107,681
63254AAB4	NATIONAL AUSTRALIA BANK LIMITE		2.75		3/9/2017		400,000		420,779
63254AAC2	NATIONAL AUSTRALIA BANK LIMITE		1.60		8/7/2015		300,000		304,588
63307A2A2	NATIONAL BK OF CANADA		1.50		6/26/2015		250,000		253,355
63307AAA3	NATIONAL BK OF CANADA		1.45		10/7/2017		5,000,000		4,984,473
637432HT5	NATIONAL RURAL UTILITIES		5.45		4/10/2017		250,000		292,246
637432ML6	NATIONAL RURAL UTILITIES		1.90		11/1/2015		7,000,000		7,194,854
638585AN9	BANK OF AMERICA CORP		7.75		8/15/2015		250,000		284,452
638612AK7	NATIONWIDE FINANCIAL SERVICES		5.38		3/25/2021		5,925,000		6,384,890
65535HAC3	NOMURA HOLDINGS INC		4.13		1/19/2016		500,000		523,464
65557CAA1	NORDEA BANK AB		3.70		11/13/2014		3,500,000		3,687,489
6656P5AA2	NORTHERN ROCK PLC		5.63		6/22/2017		6,300,000		7,318,584
686330AG6	ORIX CORP		3.75		3/9/2017		300,000		315,838
693476AT0	PNC FUNDING CORP		5.25		11/15/2015		350,000		389,871
693476BH5	PNC FUNDING CORP		3.63		2/8/2015		1,985,000		2,101,578
69349LAC2	PNC BANKCORP INC		4.88		9/21/2017		250,000		285,053
69371RK88	PACCAR FINANCIAL CORP		0.75		8/14/2015		500,000		501,913
74432QAY1	PRUDENTIAL FINANCIAL INC.		6.10		6/15/2017		100,000		117,783
74432QBL8	PRUDENTIAL FINANCIAL INC.		3.88		1/14/2015		1,000,000		1,057,747
756109AJ3	REALTY INCOME CORP		5.95		9/15/2016		200,000		228,716
756109AM6	REALTY INCOME CORP		2.00		12/31/2017		3,100,000		3,104,749
78008TLB8	ROYAL BANK OF CANADA		2.30		7/20/2016		1,000,000		1,041,108
78008TXA7	ROYAL BANK OF CANADA		1.45		10/30/2014		9,900,000		10,048,843
78010XAG6	ROYAL BANK OF SCOTLAND PLC—G		3.95		9/21/2015		1,000,000		1,065,024
78011DAC8	ROYAL BANK OF CANADA		1.20		9/19/2017		9,500,000		9,532,585
78403DAB6	SBA TOWER TRUST		5.10		4/15/2042		5,300,000		5,925,661
78442FCJ5	SLM CORP		5.38		5/15/2014		4,000,000		4,190,000
78442FEK0	SLM CORP		6.25		1/25/2016		750,000		813,750
78442FEM6	SLM CORP		6.00		1/25/2017		250,000		270,000
78442FEN4	SLM CORP		4.63		9/25/2017		250,000		254,375
78442FEP9	SLM CORP		3.88		9/10/2015		200,000		205,000
80282KAB2	SANTANDER HOLDINGS USA INC		3.00		8/24/2015		3,940,000		4,015,232
828807BM8	SIMON PROPERTY GROUP L.P.		5.10		6/15/2015		900,000		991,535
83368RAC6	SOCIETE GENERALE		2.75		10/12/2017		350,000		355,232
84603MXU5	SOVEREIGN BANK		8.75		5/30/2018		2,475,000		2,882,697
84650WAB2	SPAREBNK 1 BOLIG		2.63		5/27/2016		200,000		211,104
84650WAD8	SPAREBNK 1 BOLIG		2.30		6/30/2017		6,500,000		6,789,770
865622AU8	SUMITOMO MITSUI BANKING CORPOR		1.35		7/18/2015		300,000		302,993
865622AV6	SUMITOMO MITSUI BANKING CORPOR		1.80		7/18/2017		250,000		253,322
86787GAG7	SUNTRUST BANK		5.00		9/1/2015		100,000		108,559
867914BE2	SUNTRUST BANKS INC		3.50		12/20/2016		500,000		534,764
86960BAB8	SVENSKA HANDELSBANKEN AB		2.88		4/4/2017		7,500,000		7,918,512
87020LAA4	SWEDBANK HYPOTEK AB		2.95		3/28/2016		8,100,000		8,631,604
87020LAB2	SWEDBANK HYPOTEK AB		0.76		3/28/2014		6,700,000		6,663,170
87020PAA5	SWEDBANK		2.13		9/29/2017		5,000,000		5,092,622
875484AD9	TANGER FACTORY OUTLET CENTERS		6.15		11/15/2015		500,000		558,330
90261XBY7	UBS AG STAMFORD BRANCH		5.88		7/15/2016		185,000		205,909
90261XGD8	UBS AG STAMFORD BRANCH		4.88		8/4/2020		5,500,000		6,378,663
90331HKP7	U.S. BANK NATIONAL ASSOCIATION		4.95		10/30/2014		250,000		269,277
90520EAC5	UNION BK OF CA NA		3.00		6/6/2016		7,800,000		8,238,990
90520EAE1	UNION BK OF CA NA		2.13		6/16/2017		3,400,000		3,488,849
90520GAA4	UNION BK OF CA NA		5.95		5/11/2016		250,000		282,665

25

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
91159HHB9	US BANCORP		2.20		10/14/2016		350,000		365,008
91159HHD5	US BANCORP		1.65		4/15/2017		500,000		509,030
91529YAG1	UNUMPROVIDENT CORPORATION		7.13		9/30/2016		250,000		293,880
92890MAA9	WEA FINANCE LLC		3.38		7/3/2022		4,525,000		4,639,141
92933DAA8	WEA FINANCE LLC		7.50		6/2/2014		1,580,000		1,720,301
929903DT6	WACHOVIA CORPORATION		5.75		6/15/2017		17,300,000		20,402,826
949746QU8	WELLS FARGO & COMPANY		3.68		6/15/2016		1,650,000		1,786,916
94974BFE5	WELLS FARGO & COMPANY		1.50		7/1/2015		7,570,000		7,681,555
959802AR0	WESTERN UNION CO/THE		2.88		12/10/2017		250,000		248,384
961214BH5	WESTPAC BANKING CORP		4.20		2/27/2015		1,000,000		1,071,337
961214BV4	WESTPAC BANKING CORP		2.00		8/14/2017		4,125,000		4,232,228
BRSA6EXM7	DYNCORP INTERNATIONAL INC		0.00		7/7/2016		48,756		48,899
BRSB82CD2	NUVEEN INVESTMENT INC		0.00		5/13/2017		3,755,536		3,769,619
BRSBG70Y9	REALOGY		0.00		10/10/2016		412,838		413,697
BRSBG72X9	REALOGY		0.00		10/10/2016		6,087,749		6,100,412
BRSBHPM99	TRANSUNION CORP		0.00		2/10/2018		2,151,579		2,180,260
BRSBK3FH4	SI ORGANIZATION INC		0.00		11/22/2016		97,138		96,410
BRSC101R2	SPRINGLEAF FINANCIAL FUNDING C		0.00		5/10/2017		1,880,000		1,867,573
BRSDC7VW9	NUVEEN INVESTMENT INC		0.00		5/13/2017		335,000		336,152
BRSE46SS1	NUVEEN INVESTMENT INC		0.00		2/28/2019		1,070,000		1,088,062
BRSE78LL6	NUVEEN INVESTMENT INC		0.00		5/13/2017		449,464		451,037
BRSE9A3G0	DJO FINANCE LLC		0.00		11/1/2016		269,738		270,267
BRSE9BR07	DJO FINANCE LLC/DJO FINANCE CO		0.00		9/15/2017		1,989,964		1,997,426
BRSEFJZK0	INTERNATIONAL LEASE FINANCE CO		0.00		4/12/2016		2,065,000		2,080,488
BRSEJ2MG6	SLS LAS VEGAS		0.00		5/2/2017		130,000		129,350
BRSEL6TA0	EMDEON INC		0.00		4/25/2013		1,982,206		1,999,134
BRSEMA904	ON ASSIGNMENT, INC.		0.00		5/15/2019		361,547		365,614
BRSEU8LC0	CONSTELLIUM		0.00		5/25/2018		895,500		895,500
BRSEUZVD7	RESCAP		0.00		11/18/2013		1,835,000		1,837,863
BRSEV0088	RESCAP		0.00		11/18/2013		175,000		176,204
BRSEVCW87	RPI FINANCE TRUST		0.00		11/9/2018		188,300		190,183
BRSFP5Y76	CNO FINANCIAL GROUP INC		0.00		9/29/2013		802,750		807,269
BRSFY8S44	ISTAR FINANCIAL INC		0.00		10/16/2013		1,368,832		1,377,962
BRSG101A0	CUNNINGHAM LINDSEY GROUP INC		0.00		10/17/2019		760,000		764,750
BRSG6XW68	WINDSOR FINANCNG		0.00		11/30/2017		1,335,000		1,336,669
BRSG8Y7X3	HARBOURVEST PARTNERS LP		0.00		11/20/2017		795,000		795,994
BRSGE9A66	ALLIANT INSURANCE SERVICES INC		0.00		12/7/2019		880,000		880,880
E19794CQ2	BANCO SANTANDER SA		3.50		2/6/2014		4,000,000		5,332,582
E20930AN8	BANCO ESPANOL DE CREDITO S.A.		3.50		1/27/2015		2,100,000		2,806,385
E2423AAN7	CAIXABANK		4.75		3/18/2015		2,100,000		2,864,916
G5577Y5Y2	LLOYDS TSB BANK PLC—LT GTD		1.50		5/2/2017		3,300,000		5,486,131
N9636WAL1	WHITE NIGHTS FINANCE BV		10.50		3/8/2014		2,400,000		2,625,600
Y4864WAG4	KOREA EXC BK		4.88		1/14/2016		2,000,000		2,171,400
							814,656,898		866,140,409
Corporate Debt Securities—Industrials
00037BAA0	ABB FINANCE USA INC		1.63		5/8/2017		3,440,000		3,480,347
00101JAA4	ADT CORP		2.25		7/15/2017		200,000		196,881
00206RAV4	AT&T CO		2.50		8/15/2015		7,200,000		7,503,087
00206RBC5	AT&T INC		1.60		2/15/2017		6,000,000		6,080,087
00206RBM3	AT&T INC		1.40		12/1/2017		5,200,000		5,208,243
002447AA8	AWAS AVIATION CAPITAL LTD		7.00		10/18/2013		80,800		85,244
00287YAA7	ABBVIE INC		1.20		11/6/2015		500,000		503,466
00287YAB5	ABBVIE INC		1.75		11/6/2017		5,300,000		5,362,552
00724FAA9	ADOBE SYSTEMS INCORPORATED		3.25		2/1/2015		200,000		209,455
00817YAK4	AETNA INC		1.75		4/15/2017		750,000		760,997
00817YAL2	AETNA INC.		1.50		11/15/2017		4,000,000		4,009,999
00846UAC5	AGILENT TECHNOLOGIES INC		6.50		11/1/2017		100,000		120,802
00846UAF8	AGILENT TECHNOLOGIES INC		2.50		7/15/2013		7,000,000		7,068,460
013817AL5	ALCOA INC		5.55		2/1/2017		250,000		274,659

26

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
023135AH9	AMAZON.COM, INC.		1.20		11/29/2017		150,000		148,958
02364WBC8	AMERICA MOVIL SA		2.38		9/8/2016		1,800,000		1,870,074
02377VAA0	AMERICAN AIRLINES 2011-2 CLASS		8.63		4/15/2023		94,013		97,304
02666QF32	AMERICAN HONDA FINANCE CORPORA		2.38		3/18/2013		1,500,000		1,506,040
031162BF6	AMGEN INC		2.30		6/15/2016		500,000		520,348
031162BQ2	AMGEN INC		2.13		5/15/2017		500,000		517,549
032511AX5	ANADARKO PETROLEUM CO		5.95		9/15/2016		250,000		287,832
032511BH9	ANADARKO PETROLEUM CO		6.38		9/15/2017		200,000		238,640
032654AE5	ANALOG DEVICES, INC.		5.00		7/1/2014		150,000		160,537
034863AA8	ANGLO AMERICAN CAPITAL PLC		9.38		4/8/2014		6,280,000		6,903,292
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE		4.13		1/15/2015		11,900,000		12,740,579
03523TBA5	ANHEUSER-BUSCH INBEV WORLDWIDE		2.88		2/15/2016		6,000,000		6,341,792
03523TBM9	ANHEUSER-BUSCH INBEV WORLDWIDE		0.80		7/15/2015		100,000		100,295
03523TBN7	ANHEUSER-BUSCH INBEV WORLDWIDE		1.38		7/15/2017		5,000,000		5,045,942
03746AAC4	APACHE FIN CANADA CORP		4.38		5/15/2015		770,000		834,503
038521AG5	ARAMARK SERVICES INC		3.81		2/1/2015		95,000		95,000
04044TAC0	ARISTOTLE HOLDING INC		3.50		11/15/2016		1,500,000		1,605,611
05329WAJ1	AUTONATION INC		6.75		4/15/2018		310,000		349,525
055451AG3	BHP BILLITON FINANCE (USA) LTD		5.50		4/1/2014		750,000		796,639
055451AP3	BHP BILLITON FINANCE (USA) LTD		1.63		2/24/2017		250,000		255,443
05565QBH0	BP CAPITAL MARKETS PLC		3.88		3/10/2015		6,985,000		7,442,374
05565QBY3	BP CAPITAL MARKETS PLC		1.85		5/5/2017		7,300,000		7,450,203
067901AF5	BARRICK GOLD CORP		2.90		5/30/2016		600,000		629,967
07556QBA2	BEAZER HOMES USA INC		6.63		7/15/2017		425,000		452,625
075887BB4	BECTON DICKINSON AND COMPANY		1.75		11/8/2016		500,000		512,291
079860AA0	BELLSOUTH CORPORATION		4.02		4/26/2021		5,000,000		5,051,700
097014AK0	BOEING CAPITAL CORPORATION		3.25		10/27/2014		7,000,000		7,348,382
10138MAH8	BOTTLING GROUP LLC		6.95		3/15/2014		7,000,000		7,528,393
110122AS7	BRISTOL-MYERS SQUIBB COMPANY		0.88		8/1/2017		100,000		98,924
115637AK6	BROWN-FORMAN CORPORATION		2.50		1/15/2016		1,000,000		1,050,426
120568AV2	BUNGE LIMITED FINANCE CORP		3.20		6/15/2017		300,000		312,191
12189TBB9	BURLINGTON NORTHERN SANTA FE C		7.00		2/1/2014		250,000		266,818
124857AH6	CBS CORP		1.95		7/1/2017		200,000		203,933
1248EPAU7	CCO HOLDINGS LLC		6.50		4/30/2017		5,000,000		5,393,750
12513GAW9	CDW LLC / CDW FINANCE CORP		8.00		12/15/2014		3,000,000		3,322,500
12543DAR1	CHS/COMMUNITY HEALTH SYSTEMS I		5.13		8/15/2017		635,000		661,988
12626PAG8	CRH AMERICA INC.		6.00		9/30/2016		500,000		561,890
126650BE9	CVS CAREMARK CORP		6.13		8/15/2016		500,000		587,674
126650BH2	CVS CAREMARK CORP		5.75		6/1/2017		750,000		893,985
126650BQ2	CVS PASS-THROUGH TRUST		6.94		1/10/2030		1,951,801		2,433,448
12686CAZ2	CABLEVISION SYSTEMS CORPORATIO		7.75		4/15/2018		5,000,000		5,550,000
127693AF6	CAESARS OPERATING ESCROW LLC/C		9.00		2/15/2018		293,000		294,465
12800UAL4	CAISSE CENTRALE DESJARDN		1.60		3/6/2017		6,000,000		6,163,200
134429AV1	CAMPBELL SOUP COMPANY		3.05		7/15/2017		200,000		216,144
14149YAG3	CARDINAL HEALTH INC		4.00		6/15/2015		750,000		806,860
141781BA1	CARGILL INC		1.90		3/1/2017		6,000,000		6,158,676
143658AY8	CARNIVAL CORPORATION		1.88		12/15/2017		100,000		100,134
14912L5E7	CATERPILLAR FINL SERV CORP		1.63		6/1/2017		6,000,000		6,110,255
14912L5H0	CATERPILLAR FINL SERV CORP		0.70		11/6/2015		8,000,000		7,988,171
14912L5J6	CATERPILLAR FINL SERV CORP		1.25		11/6/2017		150,000		150,094
14987BAB9	CC HLD V		2.38		12/15/2017		900,000		907,333
151020AG9	CELGENE CORPORATION		1.90		8/15/2017		300,000		304,845
159864AB3	CHARLES RIVER LABS INTL INC.		2.25		6/15/2013		6,975,000		7,007,783
17275RAC6	CISCO SYSTEMS INC		5.50		2/22/2016		4,300,000		4,908,929
17275RAG7	CISCO SYSTEMS INC		2.90		11/17/2014		1,000,000		1,046,670
184502BJ0	CLEAR CHANNEL COMMUNICATIONS		9.00		12/15/2019		360,000		329,400
18451QAJ7	CLEAR CHANNEL WORLDWIDE HOLDIN		6.50		11/15/2020		200,000		208,000
18451QAK4	CLEAR CHANNEL WORLDWIDE HOLDIN		6.50		11/15/2020		543,000		566,078
18538RAE3	CLEARWATER PAPER CORP		7.13		11/1/2014		3,000,000		3,277,500

27

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
191216AU4	COCA-COLA COMPANY THE		1.80		9/1/2016		2,000,000		2,067,226
19416QDW7	COLGATE PALMOLIVE CO.		0.60		11/15/2014		250,000		250,686
20030NAB7	COMCAST CORPORATION		6.50		1/15/2015		1,000,000		1,113,473
20030NAL5	COMCAST CORPORATION		5.90		3/15/2016		7,500,000		8,613,650
205363AM6	COMPUTER SCIENCES CORPORATION		2.50		9/15/2015		111,000		113,478
20825CAT1	CONOCOPHILLIPS		4.60		1/15/2015		500,000		540,441
20825TAA5	CONOCO INC		5.63		10/15/2016		250,000		293,119
20826FAB2	CONOCOPHILLIPS CO		1.05		12/15/2017		250,000		249,680
210795QD5	CONTINENTAL AIRLINES 2012-3 CL		6.13		4/29/2018		450,000		452,250
21079UAA3	CONTINENTAL AIRLINES		7.25		5/10/2021		4,382,899		5,045,813
21079VAA1	CONTINENTAL AIRLINES INC.		4.75		7/12/2022		2,290,426		2,496,564
22160KAE5	COSTCO WHOLESALE CORPORATION		1.13		12/15/2017		5,900,000		5,936,547
222862AH7	COVENTRY HEALTH CARE INC.		6.30		8/15/2014		250,000		270,830
22303QAK6	COVIDIEN INTERNATIONAL FINANCE		2.80		6/15/2015		10,800,000		11,283,095
224044BM8	COX COMMUNICATIONS INC.		5.45		12/15/2014		80,000		87,445
22818VAB3	CROWN AMERICAS LLC/CROWN AMERI		6.25		2/1/2016		500,000		548,125
22822RAZ3	CROWN CASTLE TOWERS LLC		4.88		8/15/2040		5,250,000		5,925,938
233835AW7	DAIMLERCHRYSLER NA HLDG		6.50		11/15/2013		13,100,000		13,747,926
24422EQY8	JOHN DEERE CAPITAL CORPORATION		2.95		3/9/2015		500,000		524,699
24422ERN1	JOHN DEERE CAPITAL CORPORATION		1.40		3/15/2017		500,000		505,392
247361ZH4	DELTA AIR LINES INC.		4.95		11/23/2020		130,400		141,973
24736TAA5	DELTA AIR LINES INC.		7.75		6/17/2021		1,533,897		1,763,981
249030AB3	DENTSPLY INTL INC.		2.75		8/15/2016		1,475,000		1,515,194
250669AA6	DETOUR GOLD CORP		5.50		12/3/2014		1,588,000		1,673,593
25179MAM5	DEVON ENERGY CORPORATION		1.88		4/15/2017		300,000		306,081
25243YAR0	DIAGEO CAPITAL PLC		1.50		5/11/2017		2,850,000		2,881,771
25459HAV7	DIRECTV HOLDINGS LL/DIR TV FIN		3.13		2/15/2016		2,400,000		2,517,259
25459HBE4	DIRECTV HOLDINGS LLC/DIRECTV F		2.40		3/15/2017		1,200,000		1,228,210
25468PCG9	WALT DISNEY COMPANY THE		6.00		7/17/2017		150,000		181,258
25468PCS3	WALT DISNEY COMPANY THE		1.13		2/15/2017		500,000		500,772
25468PCV6	WALT DISNEY COMPANY THE		1.10		12/1/2017		6,100,000		6,095,174
25470XAE5	DISH DBS CORP		6.75		6/1/2021		5,000,000		5,687,500
260543CA9	DOW CHEMICAL COMPANY THE		5.90		2/15/2015		3,100,000		3,416,583
263534BY4	EI DUPONT DE NEMOURS & CO		3.25		1/15/2015		1,000,000		1,053,149
263534CG2	EI DUPONT DE NEMOURS & CO		1.75		3/25/2014		6,838,000		6,941,029
26875PAJ0	EOG RESOURCES INC		1.06		2/3/2014		2,700,000		2,718,846
26884TAJ1	ERAC USA FINANCE COMPANY		1.40		4/15/2016		675,000		677,890
277432AM2	EASTMAN CHEMICAL COMPANY		2.40		6/1/2017		500,000		517,930
278642AD5	EBAY INC.		0.70		7/15/2015		250,000		250,298
278642AG8	EBAY INC.		1.35		7/15/2017		3,071,000		3,102,643
278865AK6	ECOLAB INC.		3.00		12/8/2016		500,000		530,796
278865AN0	ECOLAB INC.		1.00		8/9/2015		250,000		250,176
291011AZ7	EMERSON ELECTRIC CO		4.13		4/15/2015		1,000,000		1,076,379
292506AA0	ENCANA CORPORATION		5.80		5/1/2014		350,000		372,420
29264FAG1	ENDO PHARMACEUTICALS HLDGS INC		7.00		7/15/2017		1,000,000		1,070,000
29379VAA1	ENTERPRISE PROD OPER LP		6.30		9/15/2017		300,000		363,407
29379VAX1	ENTERPRISE PROD OPER LP		1.25		8/13/2015		2,222,000		2,237,885
29977HAD2	EP ENERGY LLC/EVEREST ACQUISIT		6.88		5/1/2015		300,000		327,000
302182AF7	EXPRESS SCRIPTS, INC.		3.13		5/15/2016		2,400,000		2,534,532
30249UAA9	FMC TECHNOLOGIES, INC.		2.00		10/1/2017		1,650,000		1,659,942
319963BC7	FIRST DATA CORPORATION		7.38		6/15/2017		5,000,000		5,187,500
319963BE3	FIRST DATA CORPORATION		6.75		11/1/2018		610,000		617,625
337738AK4	FISERV INC		3.13		6/15/2016		6,025,000		6,308,500
345397VJ9	FORD MOTOR CREDIT COMPANY LLC		8.00		6/1/2014		250,000		272,308
345397VN0	FORD MOTOR CREDIT COMPANY LLC		7.00		4/15/2015		3,400,000		3,790,311
345397VP5	FORD MOTOR CREDIT COMPANY LLC		6.63		8/15/2017		300,000		351,310
345397WB5	FORD MOTOR CREDIT COMPANY LLC		4.21		4/15/2016		200,000		212,882
345397WC3	FORD MOTOR CREDIT COMPANY LLC		2.75		5/15/2015		250,000		255,767
345397WD1	FORD MOTOR CREDIT COMPANY LLC		3.00		6/12/2017		200,000		205,146

28

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
345397WE9	FORD MOTOR CREDIT COMPANY LLC		2.50		1/15/2016		300,000		304,822
35168XAA9	FRAC TECH SERVICES LLC		8.13		11/15/2016		417,000		430,553
35177PAS6	FRANCE TELECOM		4.38		7/8/2014		4,700,000		4,942,067
35177PAU1	FRANCE TELECOM		2.13		9/16/2015		1,000,000		1,027,201
35671DAW5	FREEPORT-MCMORAN COPPER & GOLD		2.15		3/1/2017		250,000		250,528
35906AAB4	CITIZENS COMMUNICATIONS CO.		8.13		10/1/2018		5,000,000		5,750,000
368266AN2	GAZ CAPITAL SA		5.09		11/29/2015		2,750,000		2,945,525
369550AV0	GENERAL DYNAMICS CORPORATION		1.00		11/15/2017		8,200,000		8,135,473
369604BE2	GENERAL ELECTRIC COMPANY		0.85		10/9/2015		5,975,000		5,982,747
370334BF0	GENERAL MILLS INC.		5.20		3/17/2015		500,000		548,666
37373UAA2	GERDAU HOLDINGS INC		7.00		1/20/2020		3,000,000		3,502,500
377372AA5	GLAXOSK CAP INC		4.38		4/15/2014		1,400,000		1,469,554
377373AC9	GLAXOSMITHKLINE CAPITAL PLC		1.50		5/8/2017		7,250,000		7,339,924
38259PAC6	GOOGLE		2.13		5/19/2016		500,000		521,786
39153LAB2	GREATBATCH INC		2.25		6/15/2013		3,075,000		3,085,301
404119BK4	HCA INC		7.25		3/15/2015		8,500,000		9,435,000
404121AC9	HCA INC		6.50		2/15/2020		530,000		596,250
41283LAC9	HARLEY-DAVIDSON FINANCIAL		1.15		9/15/2015		4,860,000		4,884,260
423012AB9	HEINEKEN N.V.		1.40		10/1/2017		4,400,000		4,386,593
428236AQ6	HEWLETT-PACKARD COMPANY		4.50		3/1/2013		2,000,000		2,010,540
428236BP7	HEWLETT-PACKARD COMPANY		3.00		9/15/2016		5,950,000		5,946,414
428302AA1	HEXION US FINANCE CORP		6.63		4/15/2018		245,000		249,288
436440AA9	HOLOGIC INC.		2.00		12/15/2037		8,900,000		8,840,886
45031TAR5	ITC DELTACOM INC		10.50		4/1/2013		98,000		104,615
451055AC1	ICONIX BRAND GROUP INC		2.50		6/1/2016		4,349,000		4,477,730
457187AA0	INGREDION INC		1.80		9/25/2017		1,200,000		1,201,803
458140AH3	INTEL CORPORATION		1.95		10/1/2016		6,300,000		6,520,522
458140AL4	INTEL CORPORATION		1.35		12/15/2017		13,275,000		13,302,567
458207AH0	INTELSAT JACKSON		8.50		11/1/2014		4,000,000		4,490,000
459200GX3	IBM CORP		1.95		7/22/2016		2,000,000		2,075,764
459284AA3	INTERNATIONAL CCE INC		2.13		9/15/2015		1,000,000		1,031,237
460146BU6	INTERNATIONAL PAPER COMPANY		5.30		4/1/2015		250,000		270,052
460690BH2	INTERPUBLIC GRP OF CO, INC.		4.00		3/15/2022		4,000,000		4,078,012
460690BJ8	INTERPUBLIC GRP OF CO, INC.		2.25		11/15/2017		100,000		99,010
46122EAF2	INVENTIV HEALTH INC		9.00		1/15/2017		410,000		414,100
470355AH1	JAMES RIVER COAL CO		3.13		3/15/2018		5,070,000		1,537,665
478160AX2	JOHNSON & JOHNSON		1.20		5/15/2014		500,000		505,933
494368BB8	KIMBERLY-CLARK CORPORATION		6.13		8/1/2017		250,000		305,790
496902AD9	KINROSS GOLD CORP		1.75		3/20/2013		6,370,000		6,375,096
50075NAX2	MONDELEZ INTERNATIONAL INC		6.75		2/19/2014		9,930,000		10,606,577
50075NBB9	MONDELEZ INTERNATIONAL INC		4.13		2/9/2016		500,000		544,662
50076QAH9	KRAFT FOODS GROUP INC		1.63		6/4/2015		500,000		508,523
501044CM1	KROGER CO/THE		3.90		10/1/2015		300,000		323,091
502413AW7	L-3 COMMUNICATIONS HOLDINGS IN		3.00		8/1/2035		8,715,000		8,817,837
50540RAK8	LABORATORY CORPORATION OF AMER		2.20		8/23/2017		150,000		153,223
527298AJ2	LEVEL 3 FINANCING INC		4.47		2/15/2015		270,000		270,000
532457BB3	ELI LILLY AND COMPANY		5.20		3/15/2017		250,000		291,262
532716AT4	LIMITED BRANDS		6.63		4/1/2021		410,000		471,500
544152AF8	LORILLARD TOBACCO CO		2.30		8/21/2017		150,000		151,540
548661CY1	LOWES COMPANIES INC		1.63		3/15/2017		800,000		816,001
565849AJ5	MARATHON OIL CORP		0.90		11/1/2015		150,000		150,115
58013MEB6	MCDONALD’S CORPORATION		5.80		10/15/2017		250,000		304,446
581557AY1	MCKESSON CORP		0.95		12/4/2015		3,500,000		3,509,829
58155QAC7	MCKESSON CORP		3.25		3/1/2016		2,825,000		3,016,539
58405UAF9	MEDCO HEALTH SOLUTIONS INC.		2.75		9/15/2015		750,000		781,818
585055AP1	MEDTRONIC INC		4.50		3/15/2014		4,700,000		4,919,664
58933YAB1	MERK & CO INC		2.25		1/15/2016		1,269,000		1,328,174
594918AB0	MICROSOFT CORPORATION		2.95		6/1/2014		650,000		673,366
629568AT3	NABORS INDUSTRIES INC		9.25		1/15/2019		5,795,000		7,688,617

29

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
63946BAA8	NBC UNIVERSAL MEDIA LLC		2.10		4/1/2014		1,250,000		1,271,696
654624AE5	NIPPON TELEGRAPH AND TELEPHONE		1.40		7/18/2017		250,000		252,023
654742AA3	NISSAN MOTOR ACCEPT CO		3.25		1/30/2013		1,250,000		1,252,075
655844BB3	NORFOLK SOUTHERN CORPORATION		5.75		1/15/2016		350,000		398,321
66989HAA6	NOVARTIS CAPITAL CORP		4.13		2/10/2014		250,000		260,138
66989PAA8	NOVATEK FINANCE LIMITED		5.33		2/3/2016		4,000,000		4,247,922
670704AC9	NUVASIVE INC		2.75		7/1/2017		3,955,000		3,459,276
674599CB9	OCCIDENTAL PETROLEUM CORPORATI		1.75		2/15/2017		250,000		256,872
675757AA6	ODEBRECHT DRILL VIII/IX		6.35		6/30/2020		1,900,000		2,128,000
68268NAF0	ONEOK PARTNERS LP		3.25		1/1/2016		850,000		894,333
68389XAN5	ORACLE CORPORATION		1.20		10/15/2017		800,000		803,849
68402LAC8	ORACLE CORP		5.25		1/15/2016		500,000		563,984
70336TAA2	PATRIOT COAL CORP		3.25		5/31/2013		4,565,000		524,975
709599AC8	PENSKE TRUCK LEASING COMPANY L		3.13		5/11/2015		1,825,000		1,861,701
709599AJ3	PENSKE TRUCK LEASING COMPANY L		2.50		3/15/2016		6,775,000		6,865,555
71343PAF8	PEPSIAMERICAS, INC.		4.38		2/15/2014		500,000		520,774
713448BK3	PEPSICO INC		3.75		3/1/2014		7,000,000		7,264,063
713448CA4	PEPSICO INC		0.70		8/13/2015		500,000		500,744
713448CB2	PEPSICO INC		1.25		8/13/2017		500,000		502,093
714264AF5	PERNOD-RICARD SA		2.95		1/15/2017		2,500,000		2,626,818
717081DA8	PFIZER INC.		5.35		3/15/2015		3,400,000		3,749,133
718172AG4	PHILIP MORRIS INTERNATIONAL IN		6.88		3/17/2014		7,950,000		8,560,846
718172AJ8	PHILIP MORRIS INTERNATIONAL IN		2.50		5/16/2016		6,000,000		6,315,001
723787AE7	PIONEER NATURAL RESOURCES COMP		5.88		7/15/2016		250,000		283,702
72447XAC1	PITNEY BOWES INC		5.75		9/15/2017		350,000		374,207
72650RAX0	PLAINS ALL AMERICAN PIPELINE L		3.95		9/15/2015		250,000		269,756
742718DQ9	PROCTER & GAMBLE COMPANY		3.15		9/1/2015		2,300,000		2,454,753
742718DS5	PROCTER & GAMBLE COMPANY		1.80		11/15/2015		1,500,000		1,552,373
74913GAT2	QWEST CORPORATION		6.50		6/1/2017		500,000		580,480
74973WAA5	RTI INTL METALS, INC.		3.00		12/1/2015		1,725,000		1,876,300
75605EBX7	REALOGY CORP		7.63		1/15/2016		385,000		436,975
761713AV8	REYNOLDS AMERICAN INC		1.05		10/30/2015		83,000		82,971
761735AD1	REYNOLDS GROUP ISSUER INC / RE		6.88		2/15/2016		580,000		624,950
761735AG4	REYNOLDS GROUP ISSUER INC / RE		7.88		8/15/2015		5,000,000		5,562,500
761735AN9	REYNOLDS GROUP ISSUER INC / RE		5.75		10/15/2018		1,810,000		1,866,563
767201AF3	RIO TINTO FINANCE USA LIMITED		8.95		5/1/2014		9,175,000		10,164,232
767201AJ5	RIO TINTO FINANCE USA LIMITED		1.88		11/2/2015		4,900,000		5,023,380
76720AAA4	RIO TINTO FINANCE (USA) PLC		1.13		3/20/2015		1,050,000		1,055,118
77509NAK9	ROGERS COMMUN INC.		5.50		3/15/2014		10,000,000		10,549,857
77531QAM0	ROGERS WIRELESS INC		7.50		3/15/2015		500,000		569,497
77819RAA7	ROSNEFT INTERNATIONAL FINANCE		4.20		3/6/2022		2,090,000		2,137,922
78355HJR1	RYDER SYSTEM INC.		3.50		6/1/2017		5,875,000		6,203,200
78355HJS9	RYDER SYSTEM INC.		2.50		2/1/2017		350,000		355,222
78387GAL7	AT&T INC		5.63		6/15/2016		1,600,000		1,835,039
78572MAD7	SABMILLER PLC		6.50		7/1/2016		6,250,000		7,317,139
786514BQ1	SAFEWAY INC.		6.25		3/15/2014		250,000		264,275
790849AH6	ST. JUDE MEDICAL INC.		2.50		1/15/2016		5,000,000		5,190,872
79546VAJ5	SALLY HOLDINGS LLC/SALLY CAPIT		5.75		6/1/2017		5,000,000		5,425,000
801060AA2	SANOFI AVENTIS		1.20		9/30/2014		5,000,000		5,056,200
806854AA3	SCHLUMBERGER INVESTMENT SA		1.95		9/14/2016		1,950,000		2,006,628
80685PAC2	SCHLUMBERGER NORGE AS		1.95		9/14/2016		2,700,000		2,778,408
822582AH5	SHELL INTERNATIONAL FIN BV		3.25		9/22/2015		1,500,000		1,602,948
843452BC6	SOUTHERN NAT GAS CO		5.90		4/1/2017		250,000		292,683
84359YAA4	SOUTHERN PACIFIC RESOURCE CORP		6.00		6/30/2014		350,000		353,691
84359YAB2	SOUTHERN PACIFIC RESOURCE CORP		6.00		6/30/2016		1,800,000		1,822,236
844030AH9	SOUTHERN UNION CO		3.33		11/1/2066		4,850,000		4,152,813
844741AX6	SOUTHWEST AIRLINES CO		5.13		3/1/2017		250,000		276,155
852061AK6	SPRINT NEXTEL CORPORATION		9.00		11/15/2018		370,000		456,950
852061AQ3	SPRINT NEXTEL CORPORATION		7.00		3/1/2020		7,045,000		8,242,650

30

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
86074QAF9	STILLWATER MINING COMPANY		1.88		3/22/2013		655,000		655,367
871503AG3	SYMANTEC CORPORATION		2.75		9/15/2015		100,000		103,321
871503AJ7	SYMANTEC CORPORATION		2.75		5/15/2017		100,000		102,970
874060AB2	TAKEDA PHARMACEUTICAL CO LTD		1.63		3/17/2017		5,000,000		5,073,243
87612EAP1	TARGET CORPORATION		5.38		5/1/2017		250,000		294,328
878237AF3	TECH DATA CORPORATION		3.75		9/21/2017		3,675,000		3,719,873
87927VAL2	TELECOM ITALIA CAPITAL		4.95		9/30/2014		1,250,000		1,306,250
87938WAJ2	TELEFONICA EMISIONES SAU		4.95		1/15/2015		12,000,000		12,539,999
87938WAN3	TELEFONICA EMISIONES SAU		3.99		2/16/2016		1,000,000		1,037,500
88033GBP4	TENET HEALTHCARE CORPORATION		6.25		11/1/2018		270,000		297,000
88165FAC6	TEVA PHARMAC FIN		2.40		11/10/2016		600,000		624,942
882508AQ7	TEXAS INSTRUMENTS INCORPORATED		1.38		5/15/2014		200,000		202,741
882508AR5	TEXAS INSTRUMENTS INCORPORATED		2.38		5/16/2016		250,000		262,089
883556AW2	THERMO FISHER SCIENTIFIC INC		2.05		2/21/2014		2,000,000		2,031,654
883556BA9	THERMO FISHER SCIENTIFIC		2.25		8/15/2016		3,850,000		3,979,457
88579YAD3	3M COMPANY		1.38		9/29/2016		250,000		255,324
88579YAE1	3M COMPANY		1.00		6/26/2017		300,000		300,440
88632QAA1	TIBCO SOFTWARE INC.		2.25		5/1/2032		3,750,000		3,552,495
887317AC9	TIME WARNER INC		5.88		11/15/2016		250,000		292,674
887317AJ4	TIME WARNER INC		3.15		7/15/2015		250,000		264,395
88732JAH1	TIME WARNER CABLE INC		5.85		5/1/2017		250,000		295,265
88732JAQ1	TIME WARNER CABLE INC		8.25		2/14/2014		200,000		216,563
89153VAA7	TOTAL CAPITAL INTERNATIONAL SA		1.50		2/17/2017		500,000		506,698
89153VAC3	TOTAL CAPITAL INTERNATIONAL SA		1.55		6/28/2017		6,500,000		6,594,465
89153VAD1	TOTAL CAPITAL INTERNATIONAL SA		0.75		1/25/2016		4,550,000		4,584,221
89233P4B9	TOYOTA MOTOR CREDIT CORP		3.20		6/17/2015		9,409,000		9,976,590
89233P6D3	TOYOTA MOTOR CREDIT CORP		1.75		5/22/2017		1,000,000		1,021,878
89233P6J0	TOYOTA MOTOR CREDIT CORP		0.88		7/17/2015		150,000		150,575
89378TAB9	TRANSNET LTD		4.50		2/10/2016		5,950,000		6,284,879
896522AF6	TRINITY INDUSTRIES INC		3.88		6/1/2018		2,850,000		3,186,756
90321NAA0	UR FINANCING ESCROW CORP		5.75		7/15/2015		145,000		156,238
90345WAD6	US AIRWAYS P-T TR		4.63		9/20/2021		1,450,000		1,479,000
904764AP2	UNILEVER CAPITAL CORP		0.85		8/2/2017		6,275,000		6,194,865
907818CV8	UNION PACIFIC CO		4.88		1/15/2015		250,000		270,018
911312AL0	UNITED PARCEL SERVICE INC		3.88		4/1/2014		350,000		364,688
913017BU2	UNITED TECHNOLOGIES CORP		1.80		6/1/2017		5,500,000		5,644,746
913017BY4	UNITED TECHNOLOGIES CORP		1.20		6/1/2015		250,000		253,578
91324PAL6	UNITED HEALTH GROUP INC		5.00		8/15/2014		450,000		481,514
91324PBY7	UNITED HEALTH GROUP INC		1.40		10/15/2017		4,725,000		4,743,224
91911TAF0	VALE OVERSEAS LIMITED		6.25		1/11/2016		600,000		672,794
91911XAS3	VALEANT PHARMACEUTICALS INTERN		7.25		7/15/2016		285,000		311,363
91913YAM2	VALERO ENERGY CORPORATION		6.13		6/15/2017		750,000		891,233
92343VAY0	VERIZON COMMUNICATIONS INC.		3.00		4/1/2016		18,600,000		19,819,417
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR		5.55		2/1/2014		1,000,000		1,049,423
92553PAE2	VIACOM INC		4.38		9/15/2014		200,000		212,253
92553PAG7	VIACOM INC		3.50		4/1/2017		250,000		270,331
92857WAP5	VODAFONE GROUP PLC		5.63		2/27/2017		10,300,000		12,079,533
92857WAT7	VODAFONE GROUP PLC		4.15		6/10/2014		500,000		524,606
928670AJ7	VOLKSWAGEN INTERNATIONAL FINAN		1.63		3/22/2015		7,500,000		7,594,135
931142CQ4	WAL-MART STORES INC		3.20		5/15/2014		2,000,000		2,077,883
931142DA8	WAL-MART STORES INC		1.63		4/15/2014		18,714,000		19,024,780
931422AJ8	WALGREEN CO		1.80		9/15/2017		250,000		251,728
942683AG8	WATSON PHARMACEUTICALS INC.		1.88		10/1/2017		200,000		202,078
947074AJ9	WEATHERFORD INTL, INC.		6.35		6/15/2017		750,000		861,922
947075AD9	WEATHERFORD INTL INC		6.00		3/15/2018		1,347,000		1,542,682
94770VAF9	WEBMD HEALTH CORP		2.50		1/31/2018		4,100,000		3,429,445
94770VAH5	WEBMD HEALTH CORP		2.25		3/31/2016		4,680,000		4,343,274
94973VAK3	WELLPOINT INC		5.25		1/15/2016		500,000		557,603
96950HAD2	WILLIAMS PARTNERS LP		7.25		2/1/2017		250,000		303,772

31

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
980888AC5	WOOLWORTHS LTD		2.55		9/22/2015		4,515,000		4,693,638
983024AJ9	WYETH		5.50		2/15/2016		1,000,000		1,141,747
98310WAH1	WYNDHAM WORLDWIDE CORP		2.95		2/1/2017		250,000		256,134
984121BY8	XEROX CORPORATION		8.25		5/15/2014		1,000,000		1,090,554
98417EAU4	XSTRATA FINANCE (CANADA) LTD		2.45		10/25/2017		8,705,000		8,777,349
98419MAA8	XYLEM INC/NY		3.55		9/20/2016		4,475,000		4,765,995
989194AG0	ZAYO GROUP LLC/ZAYO CAPITAL IN		8.13		7/1/2015		780,000		867,750
989194AH8	ZAYO GROUP LLC/ZAYO CAPITAL IN		10.13		7/1/2016		520,000		591,500
BRS3H8370	REALOGY		0.00		10/10/2013		124,222		119,409
BRS3H8L05	US AIRWAYS GROUP INC		0.00		3/21/2014		100,000		98,525
BRS47V568	CENGAGE (THOMSON LEARNING) TL		0.00		7/3/2014		177,154		139,509
BRS4BYYS7	SABRE INC		0.00		9/30/2014		94,064		93,899
BRS4QJKV2	FREESCALE SEMICONDUCTOR INC.		0.00		12/1/2016		1,560,000		1,524,900
BRS5LH024	SERVICEMASTER CO		0.00		7/24/2014		2,257,887		2,254,703
BRS5LHF93	ALTEGRITY INC		0.00		2/21/2015		505,000		467,125
BRS6C3V60	CAESARS ENTERTAINMENT OPERATIN		0.00		1/28/2015		1,640,000		1,612,251
BRS6C4BC7	HARRAHS ENTERTAINMENT INC		0.00		1/28/2015		985,000		968,334
BRS6UPUC9	COINMACH SERVICE CORP		0.00		11/14/2014		1,389,814		1,349,273
BRS6WT6X0	SERVICEMASTER CO		0.00		7/24/2014		224,845		224,528
BRS6ZY780	CENGAGE LEARNING ACQUISITIONS		0.00		7/3/2014		60,308		51,311
BRS748CX8	FEDERAL MOGUL TL B		0.00		12/29/2014		1,989,821		1,828,148
BRS748CY6	FEDERAL MOGUL CORP		0.00		12/28/2015		712,613		654,713
BRS75LWJ7	CLEAR CHANNEL COMMUNICATIONS		0.00		1/29/2016		575,672		474,481
BRS7BLBL8	CCS CORP		0.00		11/14/2014		1,897,731		1,866,893
BRS7BLBP9	CLEAR CHANNEL COMMUNICATIONS		0.00		1/29/2016		169,000		135,961
BRS7EAWX0	CLEAR CHANNEL COMMUNICATIONS		0.00		7/30/2014		1,500,296		1,455,798
BRS8E88L6	NIELSEN FINANCE LLC		0.00		5/2/2016		1,501,145		1,506,504
BRS8SPPC4	CAESARS ENTERTAINMENT OPERATIN		0.00		10/31/2016		414,895		419,737
BRS8ZGYZ5	MICHAELS STORES, INC.		0.00		7/31/2016		2,005,329		2,021,492
BRS9DRSB3	VNGD HLTH HLD II		0.00		1/29/2016		639,483		645,347
BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING		0.00		9/6/2016		792,877		795,748
BRS9PGQM2	ARAMARK CORP		0.00		7/26/2016		8,639		8,644
BRS9PGR33	ARAMARK CORP		0.00		7/26/2016		131,361		131,431
BRS9S2GC3	AFFINION GROUP		0.00		7/16/2015		288,735		264,463
BRS9SHAY8	HCA INC		0.00		3/31/2017		760,000		761,778
BRS9SYDG7	INTEGRA TELECO		0.00		4/15/2015		170,625		170,553
BRSADEPT3	ALTEGRITY INC		0.00		2/21/2015		539,696		537,445
BRSADRQZ9	VODAFONE AMERICAS FINANCE 2 IN		0.00		8/11/2015		3,634,149		3,706,832
BRSAGFDE3	CHEMTURA CORPORATION		0.00		8/29/2016		1,350,000		1,365,188
BRSAGM7B1	TOYS R US DELAWR		0.00		9/1/2016		172,035		165,941
BRSAUE236	DAVITA INC		0.00		10/20/2016		1,464,076		1,471,659
BRSAWQ120	UNIVISION COMMUNICATIONS INC.		0.00		3/31/2017		1,896,151		1,863,271
BRSAZTC86	COMMUNITY HLTH SYST INC		0.00		1/25/2017		1,227,697		1,234,290
BRSB41VP0	BRESNAN HLDG		0.00		12/14/2017		2,257,276		2,266,215
BRSB93KD0	CONVATEC INC		0.00		12/22/2016		1,375,134		1,390,027
BRSB93S67	CDW CORPORATION		0.00		7/15/2017		1,795,551		1,785,675
BRSBBKBD9	UCI INTERNATIONAL TL B		0.00		7/26/2017		122,500		123,266
BRSBGXH81	DEL MONTE FOODS CO		0.00		3/8/2018		1,765,404		1,766,516
BRSBH1CU6	J CREW GROUP INC		0.00		3/7/2018		308,434		309,168
BRSBH1FB5	TWCC HOLDING CORP		0.00		2/13/2017		1,003,952		1,013,279
BRSBH7HM6	AVAYA INC.		0.00		10/26/2017		374,725		329,818
BRSBHFX32	AXCAN INTER HLDG		0.00		2/10/2017		3,193,890		3,207,209
BRSBHYHF2	WALTER ENERGY INC		0.00		4/2/2018		1,499,463		1,506,331
BRSBJ24Q0	WALTER ENERGY INC		0.00		4/1/2016		190,000		190,000
BRSBJARY0	INTERACTIVE DATA CORP		0.00		2/11/2018		2,757,627		2,768,520
BRSBK2348	GYMBOREE CORP		0.00		2/23/2018		213,981		196,328
BRSBK71J6	SEAWORLD PARKS & ENTERTAINMENT		0.00		8/17/2017		2,080,441		2,093,423
BRSBK9AU7	TRANSDIGM GROUP INC		0.00		2/14/2017		873,075		877,143
BRSBLUS55	US TELEPACI		0.00		2/23/2017		1,809,391		1,783,390

32

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
BRSBLUUU7	MICHAEL FOODS, INC.		0.00		2/25/2018		365,433		367,260
BRSBLZKK9	NBTY, INC.		0.00		10/1/2017		299,439		302,095
BRSBMD3R1	PETCO ANIMAL SUPPLIES, INC.		0.00		11/24/2017		2,284,274		2,299,373
BRSBMSAB5	NEXEO SOLUTIONS LLC		0.00		9/8/2017		1,670,706		1,638,345
BRSBN61P1	TOMKINS PLC		0.00		9/29/2016		7,388		7,423
BRSBNJXW3	UNIVR		0.00		6/30/2017		787,031		783,725
BRSBPT1D6	GENTEK HOLDING LLC		0.00		10/6/2015		573,364		574,798
BRSBPYY56	ARMSTRONG WORLD INDUSTRIES INC		0.00		3/10/2018		1,279,608		1,288,003
BRSBPZM15	NOVELIS INC/GA		0.00		3/10/2017		2,766,705		2,790,222
BRSBQ1JW5	CALPINE CORPORATION		0.00		4/1/2018		1,757,263		1,772,340
BRSBQ2FS6	SINCLAIR TELEVISION GROUP INC		0.00		10/28/2016		694,917		697,863
BRSBQFU50	IMS HEALTH INCORPORATED		0.00		8/26/2017		3,026,440		3,047,231
BRSBQNA63	NXP BV AND NXP FUNDING LLC		0.00		3/3/2017		350,000		352,538
BRSBQPW49	UNIVERSAL HEALTH SERVICES INC		0.00		11/15/2016		147,024		147,821
BRSBR2E98	JMC STEEL GROUP		0.00		4/1/2017		765,161		770,900
BRSBR4P35	JO-ANN STORES		0.00		3/16/2018		925,197		927,704
BRSBRMCQ8	WARNER CHILCOTT CORP		0.00		3/15/2018		614,829		619,699
BRSBRMD53	WARNER CHILCOTT CORP		0.00		3/15/2018		307,415		309,849
BRSBRMD95	WARNER CHILCOTT CORP		0.00		3/15/2018		422,695		426,043
BRSBRMFR3	METROPCS WIRELESS INC		0.00		3/17/2018		956,078		956,977
BRSBRN2H7	MEG ENERGY CORP		0.00		3/18/2018		1,997,206		2,011,766
BRSBT2DD8	FIRST DATA CORPORATION		0.00		3/23/2018		5,426,168		5,154,262
BRSBW6C87	AMERISTAR CASINOS, INC.		0.00		4/16/2018		540,841		543,838
BRSBWG6S8	DELTA AIR LINES INC.		0.00		4/20/2017		985,241		993,241
BRSBXNF03	AMER ROCK SLT CO		0.00		4/25/2017		1,663,034		1,639,236
BRSBYALT0	EMERGENCY MEDICAL SVCS CORP		0.00		5/25/2018		1,663,983		1,675,564
BRSBZZDX4	GOLDEN LIVING		0.00		5/4/2018		68,430		64,039
BRSBZZFY0	IASIS HLTHCARE CORP		0.00		5/3/2018		472,943		473,681
BRSC095F6	IPAYMENT INC.		0.00		5/8/2017		775,630		771,108
BRSC103Q2	KAR HOLDINGS		0.00		5/19/2017		1,765,426		1,781,756
BRSC106T3	HCA INC		0.00		5/1/2018		490,000		491,019
BRSC3G4F8	NEIMAN MARCUS GROUP INC. THE		0.00		5/16/2018		1,515,000		1,515,379
BRSC4T6W0	BAKERCORP		0.00		6/1/2018		676,723		680,533
BRSC529Z8	DUNKIN BRANDS INC		0.00		11/23/2017		2,010,329		2,024,361
BRSC5JRR9	TOYS R US DELAWR		0.00		5/25/2018		380,040		360,802
BRSC5WJ99	ASURION CORP		0.00		5/24/2018		1,821,059		1,837,904
BRSC7W2L8	AWAS AVIATION SERVICES INC		0.00		6/10/2016		1,093,718		1,103,288
BRSC96U16	LAUREATE EDUCATION INC		0.00		6/15/2018		1,878,785		1,859,997
BRSCCYM28	DOLE FOOD CO INC.		0.00		7/8/2018		598,329		598,796
BRSCCZ003	DOLE FOOD CO INC.		0.00		7/9/2018		1,098,528		1,099,384
BRSCDGPL1	INVENTIV HEALTH INC		0.00		8/4/2016		235,496		228,431
BRSCF42A5	INVENTIV HEALTH INC		0.00		5/15/2018		711,463		693,676
BRSCH2HF0	AUTOPARTS HOLDINGS LTD		0.00		7/29/2017		1,259,063		1,256,305
BRSCHUN87	SUNCOKE ENERGY INC		0.00		7/26/2018		518,423		517,126
BRSCM14P8	STATION CASINOS, INC.		0.00		6/17/2016		1,920,000		1,844,794
BRSCYASW4	BLACKBOARD INC		0.00		10/4/2018		372,143		375,515
BRSD7AYM7	POLYONE CORP		0.00		12/20/2017		272,250		273,543
BRSD853C3	BOYD GAMING CORPORATION		0.00		12/17/2015		1,007,000		1,016,315
BRSD8QGE9	NEUSTAR		0.00		11/8/2018		56,407		56,654
BRSD8USY3	PHARMACEUTICAL PRODUCT DEV, IN		0.00		12/5/2018		3,297,098		3,345,961
BRSDB2898	NXP BV AND NXP FUNDING LLC		0.00		3/4/2015		626,515		637,674
BRSDFK6A3	NOVELIS INC/GA		0.00		3/10/2017		979,777		987,743
BRSDJJV71	DATATEL INC		0.00		1/19/2013		1,096,096		1,107,879
BRSDKAKX3	MICHAELS STORES, INC.		0.00		7/31/2016		598,051		602,871
BRSDKUDY5	SIX FLAGS THEME PARKS INC		0.00		12/20/2018		903,745		906,971
BRSDLMQR3	CAPITAL SAFETY GROUP LTD		0.00		1/19/2013		1,389,500		1,403,395
BRSDT3UA9	CCS CORP		0.00		11/14/2014		655,050		655,050
BRSDT4GL9	KABEL DEUTSCHLAND VERTRIEB UND		0.00		2/1/2019		1,500,000		1,510,005
BRSDTSN12	EASTMAN KODAK COMPANY		0.00		7/20/2013		544,455		544,591

33

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
BRSDU55R3	PRESTIGE BRANDS HOLDINGS INC		0.00		1/20/2013		747,292		755,235
BRSDWEH16	TRANSDIGM INC.		0.00		2/14/2017		256,768		258,373
BRSDWEX75	GRIFOLS INC		0.00		3/1/2013		1,123,151		1,132,821
BRSDWXL27	TRONOX INC		0.00		2/8/2018		1,360,307		1,373,067
BRSDYJ7G1	HAWAIIAN TELCOM COMMUNICATIONS		0.00		3/1/2013		1,007,475		1,025,610
BRSDYRD76	EMI MUSIC PUBLISHING LTD		0.00		6/29/2018		1,203,950		1,217,494
BRSDZCRW8	SIEMENS FINANCEIERINGSMAATS NV		1.65		8/16/2019		3,500,000		3,602,025
BRSE0V753	AMC ENTERTAINMENT INC.		0.00		2/22/2018		618,750		624,009
BRSE1DX20	TRONOX INC		0.00		2/9/2013		370,993		374,473
BRSE4TDH1	ACCO BRANDS		0.00		5/1/2019		1,319,716		1,329,614
BRSE63UD6	CAESARS ENTERTAINMENT INC		0.00		1/28/2018		485,000		432,256
BRSE76GJ1	WEIGHT WATCHERS INTL INC		0.00		3/15/2019		734,338		739,339
BRSE7U0Q9	COMMSCOPE INC.		0.00		1/14/2018		1,133,948		1,139,142
BRSE9A2P1	YANKEE CANDLE CO INC		0.00		4/2/2013		1,083,103		1,092,245
BRSE9C0N4	PROTECTION ONE, INC.		0.00		3/21/2019		918,063		927,244
BRSEC7EU0	PINACLE FOOD FIN		0.00		10/17/2018		1,162,314		1,170,194
BRSEE9HS6	ASCEND PERFORMANCE MATERIALS L		0.00		4/10/2018		2,388,965		2,374,034
BRSEEQB47	TOYS R US DELAWR		0.00		5/25/2018		393,025		375,586
BRSEF3LW4	GOODYEAR TIRE & RUBBER COMPANY		0.00		4/4/2013		1,930,000		1,940,557
BRSEF7SN8	SPIRIT AROSYSTMS		0.00		4/18/2013		466,475		468,709
BRSEFGMT1	CHARTER COM OPER		0.00		5/15/2019		460,810		464,382
BRSEFJZU8	HD SUPPLY		0.00		4/3/2013		5,532,400		5,673,033
BRSEGRYL0	WENDYS INTERNATIONAL INC.		0.00		5/15/2019		2,159,587		2,180,514
BRSEGUX00	99 CENTS ONLY STORES		0.00		1/11/2019		846,466		855,633
BRSEH00P6	TELESAT CANADA		0.00		3/28/2017		1,575,000		1,532,370
BRSEH0S92	CATALINA MARKETING CORPORATION		0.00		9/29/2017		1,177,807		1,177,807
BRSEHTXV4	FREEDOM GROUP INC		0.00		4/19/2019		791,393		781,501
BRSEKNUF1	INEOS US FINANCE LLC		0.00		5/4/2018		1,656,380		1,672,480
BRSEL02X2	BAUSCH & LOMB INCORPORATED		0.00		4/20/2013		3,303,400		3,326,986
BRSELNYG4	INEOS US FINANCE LLC		0.00		5/4/2015		183,613		186,548
BRSEN9666	WABASH NATIONAL CORPORATION		0.00		4/30/2019		1,300,610		1,314,696
BRSERR4P2	HARBOR FREIGHT TOOLS USA INC T		0.00		11/14/2017		708,225		715,307
BRSES26G4	SS&C TECHNOLOGIES INC		0.00		6/7/2019		1,422,915		1,440,701
BRSES4VS6	BURLINGTON COAT FACTORY WAREHO		0.00		2/23/2017		479,898		483,238
BRSEVBUR9	GIBSON ENERGY ULC		0.00		5/24/2013		1,838,850		1,864,135
BRSEVD0Q0	SS&C TECHNOLOGIES INC		0.00		6/7/2019		147,198		149,038
BRSEZ4VS8	ZAYO GROUP LLC		0.00		7/2/2019		3,353,150		3,389,833
BRSF21G05	WOLVERINE WORLD WIDE, INC.		0.00		7/31/2019		796,575		801,554
BRSF2MUR4	AWAS AVIATION CAPITAL LTD		0.00		7/16/2018		84,197		84,759
BRSF33TK2	US RENAL CARE INC		0.00		7/3/2019		1,009,925		1,022,549
BRSF3UA89	SHERIDAN HEALTHCARE INC		0.00		6/26/2013		1,557,175		1,574,693
BRSF6FJZ0	CERIDIAN CORP		0.00		5/9/2017		1,983,243		1,977,928
BRSF7TBV6	WIDEOPENWEST FINANCE LLC		0.00		7/17/2013		835,800		844,350
BRSF89UY2	HOLOGIC INC.		0.00		8/1/2019		3,665,813		3,706,393
BRSF8LRV5	INTELLIGRATED INC		0.00		7/25/2018		698,250		705,233
BRSF9P6B2	PARTY CITY HOLDINGS INC		0.00		7/27/2019		2,394,000		2,418,299
BRSFATQG9	BOOZ ALLEN HAMILTON HOLDING CO		0.00		7/31/2019		1,605,975		1,620,782
BRSFBH0G2	BIOMET INC		0.00		8/2/2013		1,263,527		1,269,668
BRSFCWCB6	WAVE DIVISION NETWORKS LLC		0.00		10/12/2019		1,250,000		1,261,688
BRSFD9QU9	LEVEL 3 COMMUNICATIONS, INC.		0.00		8/1/2013		1,341,638		1,355,725
BRSFD9W24	LEVEL 3 COMMUNICATIONS, INC.		0.00		8/1/2013		1,100,000		1,109,284
BRSFDBBL0	PILOT TRAVEL CENTERS LLC		0.00		8/7/2019		753,113		756,562
BRSFDC881	AMERICAN CAP STRAT LTD.		0.00		8/22/2013		1,880,000		1,898,800
BRSFEPVD4	DAVITA INC		0.00		11/1/2019		1,685,000		1,693,947
BRSFFDLB5	WEST CORPORATION		0.00		6/30/2018		1,582,050		1,604,578
BRSFGD3F5	GENPACT LTD		0.00		8/30/2019		2,124,675		2,139,293
BRSFJDVV6	CAPSUGEL HOLDINGS US INC		0.00		8/6/2013		1,642,706		1,658,624
BRSFKSBQ4	EVEREST ACQUISITION LLC		0.00		5/24/2018		3,680,000		3,703,000
BRSFKYGX1	WARNER CHILCOTT CO LLC		0.00		3/15/2018		233,494		235,344

34

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
BRSFMRGY2	PHARMACEUTICAL RSRCE INC		0.00		9/30/2019		3,491,250		3,484,721
BRSFNCAU8	IMMUCOR, INC.		0.00		8/19/2018		2,189,075		2,214,577
BRSFP5V79	CNO FINANCIAL GROUP INC		0.00		9/28/2018		1,101,665		1,110,269
BRSFP6TT2	CPG INTERNATIONAL INC		0.00		9/22/2013		1,760,588		1,768,299
BRSFPHNX5	NP OPCO LLC		0.00		9/14/2013		1,775,825		1,785,255
BRSFPRNH8	GETTY IMAGES INC.		0.00		10/18/2013		1,300,000		1,300,000
BRSFPTRK3	SAMSON RESOURCES CORP		0.00		9/25/2013		600,000		605,250
BRSFQ43Z0	FIRST DATA CORPORATION		0.00		9/24/2018		3,075,000		3,011,317
BRSFQ6PR9	FOXCO ACQSTN SUB		0.00		9/12/2013		1,431,413		1,449,305
BRSFQFK11	BJS WHOLESALE CLUB, INC.		0.00		9/26/2019		850,000		860,039
BRSFRQMG1	REYNOLDS GROUP HOLDINGS INC		0.00		9/28/2018		3,541,125		3,579,652
BRSFS71H3	BJS WHOLESALE CLUB, INC.		0.00		3/26/2020		510,000		522,113
BRSFS74F4	ALKERMES INC		0.00		9/25/2019		897,750		904,483
BRSFSK267	VALEANT PHARMA		0.00		9/19/2019		1,275,000		1,281,107
BRSFTQM53	ADS WASTE ESCROW		0.00		10/10/2013		2,315,000		2,341,044
BRSFTR0V8	INFOR US INC		0.00		4/5/2018		4,251,046		4,285,947
BRSFV16D6	ADVANCE PIERRE FOODS		0.00		7/10/2017		1,510,000		1,525,100
BRSFVFMJ4	INTELSAT JACKSON		0.00		4/2/2018		5,548,455		5,591,233
BRSFVG4M5	LEVEL 3 COMMUNICATIONS, INC.		0.00		10/4/2013		4,620,000		4,639,265
BRSFWACE6	LEAP WIRELESS INTL INC		0.00		10/11/2013		755,000		758,148
BRSFWQSC8	TRANSTAR HOLDING COMPANY		0.00		10/9/2013		1,017,450		1,025,081
BRSFWYTY2	VALEANT PHARMACEUTICALS INTERN		0.00		2/13/2019		2,603,863		2,618,262
BRSFX7D35	DAVIDS BRIDAL INC		0.00		10/11/2019		2,460,000		2,464,108
BRSFXK170	FMG RESOURCES (AUGUST 2006) PT		0.00		10/18/2013		4,618,425		4,653,063
BRSFXMS69	LESLIES POOLMART, INC.		0.00		10/16/2019		2,449,354		2,466,499
BRSFXW3C1	PROGRESSIVE WASTE SOLUTIONS LT		0.00		10/25/2013		895,000		900,594
BRSFXZ4E9	VANTAGE DRILLING CO		0.00		10/2/2017		2,567,500		2,556,280
BRSFYE413	EVERGREEN ACQCO 1 LP		0.00		7/10/2013		1,621,860		1,625,915
BRSFYGWB5	TRUVEN HEALTH ANALYTICS INC		0.00		5/25/2019		890,525		890,249
BRSFZ15K7	GCA SERVICES GROUP INC		0.00		11/1/2019		850,000		846,456
BRSFZ6L02	REXNORD CORP		0.00		4/5/2013		2,034,265		2,048,667
BRSFZCHP9	GRAY TELEVISION INC.		0.00		10/12/2013		1,455,586		1,464,072
BRSFZGGS5	GARDA WORLD SEC		0.00		11/14/2013		470,000		473,234
BRSG0NGV9	TEREX CORPORATION		0.00		10/12/2013		1,560,488		1,579,026
BRSG12397	OSI RESTAURANT PARTNERS INC		0.00		10/31/2019		1,230,000		1,241,267
BRSG12QG6	WARNER MUSIC GROUP CORP		0.00		11/2/2013		765,000		773,132
BRSG1G1D9	WILSONART LLC		0.00		10/31/2019		1,865,000		1,876,656
BRSG1GA15	SPECTRUM BRANDS INC		0.00		11/6/2019		2,065,000		2,083,709
BRSG2YW45	INSIGHT GLOBAL INC		0.00		10/24/2019		815,000		821,113
BRSG3AJ58	SPECTRUM BRANDS INC		0.00		11/6/2019		610,000		612,634
BRSG4R308	DELTA 2 (LUX) SARL		0.00		4/28/2013		1,876,721		1,901,756
BRSG65QL3	CHESAPEAKE ENERGY CORP		0.00		11/10/2015		2,110,000		2,110,528
BRSG6Y6M0	NRG ENERGY INC		0.00		11/7/2013		4,320,000		0
BRSG7CDT4	METALS USA HOLDING CORP		0.00		12/14/2019		940,000		931,775
BRSG7ST70	CHG HEALTHCARE SERVICES INC		0.00		11/19/2019		992,513		990,855
BRSG804U6	KINETIC CONCEPTS INC.		0.00		5/4/2018		1,875,484		1,893,938
BRSG82NP2	CONSOLIDATED COMMUNICATIONS IN		0.00		12/31/2018		1,860,000		1,855,927
BRSG8LKZ1	ACADEMY SPORTS & OUTDOORS INC		0.00		8/3/2018		2,318,423		2,330,433
BRSG8SYA6	BASS PRO GROUP LLC		0.00		11/16/2019		1,285,000		1,285,797
BRSG8THL9	SEALED AIR CORPORATION		0.00		10/3/2018		790,000		800,720
BRSG8U0V2	WESCO DISTRIBUTION INC		0.00		11/26/2019		1,030,000		1,034,079
BRSG8UAX7	FLEETPRIDE INC		0.00		11/15/2019		750,000		750,233
BRSG9RLL7	EQUINOX HOLD		0.00		11/16/2019		940,000		947,050
BRSG9SY49	ARDENT MEDICAL		0.00		11/21/2018		555,000		559,163
BRSGASEE7	WEB.COM GROUP INC		0.00		11/21/2013		506,535		508,753
BRSGCL7G3	HAMILTON SUNDSTRAND INDUSTRIAL		0.00		12/13/2019		2,010,000		2,027,588
BRSGCQN17	SEQUA CORP		0.00		6/30/2017		3,040,000		3,056,142
BRSGE6L11	GREEKTOWN SUPERHOLDINGS INC		0.00		11/26/2018		1,680,000		1,676,506
BRSGEARA6	PHILLIPS-VAN HEUSEN CORP		0.00		12/31/2019		1,420,000		1,426,702

35

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
BRSGEC9C8	PATHEON		0.00		12/6/2019		535,000		532,325
BRSGF7NN8	NXP BV AND NXP FUNDING LLC		0.00		1/19/2020		745,000		749,038
BRSGF9UP1	SUNGARD DATA SYSTEMS INC.		0.00		12/5/2019		1,220,000		1,229,150
BRSGFA782	RIVERBED TECHNOLOGY INC		0.00		12/19/2013		1,310,000		1,320,375
BRSGFBZT3	ALLIANCE LAUNDRY SYST LLC		0.00		12/10/2018		450,000		453,375
BRSGGZLV9	MGM RESORTS INTERNATIONAL		0.00		12/13/2019		2,005,000		2,024,549
BRSGV88K1	MEDASSETS INC		0.00		12/7/2019		520,000		519,740
BRSGVPQQ0	REDPRAIRIE CORP		0.00		12/10/2018		700,000		699,125
BRSGWBFK5	DEMATIC SA		0.00		12/31/2019		825,000		825,000
BRSGWMNN6	SCHAEFFLER AG		0.00		1/27/2017		1,215,000		1,227,915
BRSGWY6Y5	CCC INFORMATION SERVICES GROUP		5.25		12/14/2019		445,000		445,926
BRSGYZRG6	QUINTILES TRANSNATIONAL CORP.		0.00		6/30/2018		1,395,227		1,402,203
BRSGZU497	AVAYA INC.		0.00		3/31/2018		856,072		840,020
BRSGZV4B0	CUMULUS MED INC.		0.00		9/17/2018		1,404,691		1,407,767
L8882WAD4	STYRON CORP		0.00		8/2/2017		381,400		370,973
L9057MAA9	TNK-BP FINANCE SA		7.50		7/18/2016		2,750,000		3,184,968
							1,126,745,370		1,153,908,576
Corporate Debt Securities—Utilities
010392FH6	ALABAMA POWER COMPANY		0.55		10/15/2015		78,000		77,994
025537AF8	AMERICAN ELECTRIC POWER		1.65		11/15/2017		3,000,000		2,997,629
037735CQ8	APPALACHIAN POWER COMPANY		3.40		5/24/2015		725,000		757,264
131347BP0	CALPINE CORPORATION		7.25		10/15/2013		283,000		301,395
131347BW5	CALPINE CORPORATION		7.50		11/1/2015		5,000,000		5,525,000
196522AK2	COLORADO INTERSTATE GAS CO		6.80		11/15/2015		150,000		174,791
202795HW3	COMMONWEALTH EDISON COMPANY		1.63		1/15/2014		1,350,000		1,364,976
256882AD3	DPL INC		7.25		7/15/2021		5,000,000		5,350,000
25746UBJ7	DOMINION RESOURCES INC		2.25		9/1/2015		250,000		259,864
25746UBR9	DOMINION RESOURCES INC		1.40		9/15/2017		4,845,000		4,852,337
264399EQ5	DUKE ENERGY CORP		6.30		2/1/2014		4,000,000		4,236,682
26441CAE5	DUKE ENERGY CORP		3.35		4/1/2015		500,000		528,687
26441CAG0	DUKE ENERGY CORP		2.15		11/15/2016		300,000		309,178
26441CAH8	DUKE ENERGY CORP		1.63		8/15/2017		250,000		251,205
26875PAF8	EOG RESOURCES INC		2.95		6/1/2015		4,500,000		4,736,356
281020AF4	EDISON INTERNATIONAL INC		3.75		9/15/2017		250,000		271,701
283695BP8	EL PASO NATURAL GAS COMPANY		5.95		4/15/2017		150,000		173,119
29268BAE1	ENEL FINANCE INTERNATIONAL SA		5.13		10/7/2019		1,750,000		1,839,433
29269QAA5	ENERGY FUTURE INTERMEDIATE HOL		10.00		12/1/2015		2,650,000		3,021,000
29364GAG8	ENTERGY CORPORATION		4.70		12/15/2016		250,000		269,943
29379VAS2	ENTERPRISE PROD OPER LP		3.20		2/1/2016		300,000		318,421
340711AQ3	FL GAS TSMN CO		7.90		5/15/2019		4,560,000		5,924,818
373334JY8	GEORGIA POWER COMPANY		0.75		8/10/2015		300,000		300,755
373334JZ5	GEORGIA POWER COMPANY		0.63		11/15/2015		300,000		300,191
494550AU0	KINDER MORGAN ENERGY PARTNERS		6.00		2/1/2017		250,000		293,130
50064YAB9	KOREA HYDRO & NUCLEAR POWER CO		3.13		9/16/2015		3,100,000		3,233,426
595620AG0	MIDAMERICAN ENERGY COMPANY		5.95		7/15/2017		200,000		241,680
636274AC6	NATIONAL GRID PLC		6.30		8/1/2016		150,000		174,474
65339KAF7	NEXTERA ENERGY CAPITAL HOLDING		1.20		6/1/2015		167,000		168,185
69353UAB7	PPL WEM HOLDINGS PLC		3.90		5/1/2016		3,575,000		3,785,007
743263AL9	PROGRESS ENERGY INC.		5.63		1/15/2016		250,000		282,781
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS		2.70		5/1/2015		825,000		862,088
81013TAB7	SCOTTISH POWER PLC		5.38		3/15/2015		250,000		266,417
816851AQ2	SEMPRA ENERGY		2.00		3/15/2014		150,000		152,241
816851AS8	SEMPRA ENERGY		2.30		4/1/2017		300,000		309,010
893526DH3	TRANSCANADA PIPELINES LIMITED		3.40		6/1/2015		500,000		530,648
89354FAE1	TRANSCAPITALINVEST LTD FOR OJS		8.70		8/7/2018		1,700,000		2,188,750
976656CA4	WISCONSIN ELECTRIC POWER CO		6.00		4/1/2014		4,500,000		4,793,171
98389BAK6	XCEL ENERGY INC		5.61		4/1/2017		200,000		230,915
BRSC5VFR5	THE AES CORPORATION		0.00		6/1/2018		1,149,893		1,161,208
BRSCAHX41	CALPINE CORPORATION		0.00		4/1/2018		992,443		1,000,958

36

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
BRSCJPNX1	DYNEGY POWER LLC		0.00		7/25/2013		710,109		741,176
BRSCJPNY9	DYNEGY MIDWEST GENERATION LLC		0.00		7/25/2013		2,034,528		2,112,267
BRSFVVW17	PLAINS EXPLORATION & PROD		0.00		11/30/2019		2,475,000		2,482,747
							64,219,973		69,153,016
Asset Backed Securities—Credit Cards
161571FJ8	CHASE ISSUANCE TRUST CHAIT_12-		0.79		6/15/2015		1,300,000		1,308,567
17305ECJ2	CCCIT		4.85		3/10/2015		2,000,000		2,189,420
17305ECX1	CCCIT		5.10		11/20/2015		3,000,000		3,385,380
17305EDE2	CITIBANK CREDIT CARD ISSUANCE		5.30		3/15/2016		2,000,000		2,294,340
17305EDT9	CCCIT		6.15		6/15/2037		1,000,000		1,325,670
17305EDY8	CCCIT		5.65		9/20/2017		3,000,000		3,628,560
17305EEE1	CITIBANK CREDIT CARD ISSUANCE		5.35		2/7/2018		436,000		525,698
254683AC9	DCENT_07-A1		5.65		9/15/2017		3,500,000		4,235,735
70659PAD3	PENARTH MASTER ISSUER PENAR_12		0.78		3/23/2014		6,000,000		6,012,361
							22,236,000		24,905,731
Asset Backed Securities—Auto
02005ACC0	AMOT_10-3		1.44		2/16/2015		4,300,000		4,353,191
02005TAD9	ALLYA _11-1		2.23		4/17/2014		6,000,000		6,136,260
03064UAC4	AMERICREDIT AUTOMOBILE RECEIVA		1.23		7/24/2014		945,000		954,308
34529RAD3	FORDO_11-B		1.35		12/1/2014		372,000		377,582
34529UAC8	FORD CREDIT AUTO OWNER TRUST F		0.84		4/1/2014		980,000		984,920
43811AAC0	HAROT		0.88		2/22/2014		4,250,000		4,272,185
43813TAD5	HAROT_11-1		1.80		1/30/2014		1,250,000		1,269,913
44924CAA2	HCAF_10-8A		1.21		12/1/2014		2,056,987		2,061,306
65475QAD3	NISSAN AUTO RECEIVABLES OWNER		1.24		6/1/2015		1,600,000		1,627,376
L2R424AA3	ECAR_12-1		1.36		11/4/2016		1,996,742		2,651,875
Z914KPDA1	ABEST_6		1.59		6/1/2013		598,571		975,548
Z9195VUA5	CAR_12-F1F		1.38		1/27/2014		4,217,465		5,586,996
							28,566,765		31,251,461
Asset Backed Securities—Student Loans
00432CAZ4	AGSL_03-1		1.68		9/29/2019		4,100,000		3,404,390
00432CBB6	AGSL_03-1		1.71		12/26/2035		3,600,000		2,989,397
00432CBP5	AGSL_03-1		1.71		4/7/2021		5,350,000		4,444,866
041150DJ9	ASLA_10-1		1.21		4/27/2020		5,617,903		5,613,409
10620NAH1	BRHEA_05-3A		0.42		1/17/2016		615,619		614,211
12556PAC1	CITEL_05-1		0.43		11/23/2016		6,200,000		6,068,219
194262CD1	COLLE_04-1		0.48		1/25/2013		2,844,991		2,816,541
19458LBA7	COELT_05-A		0.40		4/5/2014		184,034		183,510
26845BAA7	EFSV2_ 2012-1		1.09		8/30/2015		5,002,241		5,056,665
28140VAB9	EFCT_04-1		0.47		6/22/2014		3,158,465		3,136,017
36156HAY4	GCOE_06-1		0.54		2/12/2028		2,200,000		1,912,187
429827AB4	HEF_10-401		1.71		3/2/2013		2,100,000		1,874,918
429827AE8	HIGHER EDUCATION FUNDING HEF_0		1.44		8/12/2024		2,100,000		1,874,918
429827AF5	HEF_10-401		1.74		10/16/2025		2,100,000		1,874,918
429827AJ7	HIGHER EDUCATION FUNDING HEF_0		1.73		7/6/2026		2,100,000		1,874,918
429827AK4	HIGHER EDUCATION FUNDING HEF_0		1.71		4/22/2021		2,300,000		2,053,481
429827AN8	HEF_04-1		1.74		1/17/2029		2,100,000		1,874,918
429827AQ1	HEF_04-1		1.39		1/1/2044		2,950,000		2,665,012
57563NAA6	MEFA		1.27		6/5/2027		3,013,235		3,027,277
66704JAZ1	NORTHSTAR EDUCATION FINANCE IN		0.43		9/14/2013		1,012,453		1,012,321
698475AM2	PPHEA_10-2		1.49		1/16/2018		5,938,616		6,021,591
71722TAF1	PHEAA_04-1		0.09		5/25/2021		2,000,000		1,855,418
71722TAG9	PHEAA_04-1		1.62		10/27/2022		6,000,000		5,568,240
78442GHY5	SLMA		1.70		12/15/2016		700,000		700,000
78442GHZ2	SLMA		1.71		11/30/2013		4,000,000		4,000,000
78442GJA5	SLM STUDENT LOAN TR 2003-10A		1.60		11/19/2013		900,000		900,000
78442GJC1	SLMA		1.70		11/26/2013		50,000		50,000
78442GJD9	SLM STUDENT LOAN TR 2003-10A		1.60		12/1/2013		4,550,000		4,550,000
83149TAA2	SLMA_09-D		3.50		12/15/2016		7,621,037		7,354,301

37

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon		Maturity		Par		Market Value $
83715AAK5	SOUTH CAROLINA STUDENT LN CORP		0.77		7/28/2013		3,006,133		3,011,604
86386MAY0	STUDENT LOAN CON		1.43		4/19/2022		39,142,088		39,707,691
B0A0BSZC0	SLMA_03-5		0.45		12/22/2017		1,352,468		1,721,043
U8280TAR8	SLM STUDENT LOAN TR 03-10		0.73		6/13/2021		2,670,000		3,229,717
							136,579,284		133,041,697
Asset Backed Securities—CLO
00083VAA9	ACASC_07-1		0.55		6/23/2016		6,750,000		6,477,071
04010HAB8	ARES CLO FUNDS ARES		0.55		3/18/2013		516,820		514,450
04011XAB2	ARES		0.56		10/16/2014		1,272,144		1,261,521
04011XAC0	ARES		0.56		6/1/2014		1,388,803		1,367,971
04012VAA7	ARES		0.94		6/13/2015		6,900,000		6,783,390
04963VAC2	ATR_4C-DO		0.56		5/8/2015		3,688,991		3,630,455
05615MAA5	BABSN_05-3A		0.56		7/11/2015		2,901,373		2,814,332
09202XAA2	BLACK DIAMOND CLO LTD BLACK_06		0.56		4/5/2016		3,950,000		3,795,409
16208NAA3	CHAT		0.56		11/11/2014		14,932,805		14,695,373
18971XAA2	CLYDS_05-1A		0.60		7/23/2015		3,293,161		3,257,816
26828RAA3	ECP_08-1A		1.16		1/8/2017		3,500,000		3,450,888
33736TAB4	FRST_04-2A1		0.62		12/2/2013		276,723		275,905
345447AA4	FORE_07-1A		0.56		5/7/2016		8,850,000		8,574,799
352569AB3	FCLO_5		0.57		11/17/2015		6,382,837		6,271,137
355524AB5	FRASR_06-1A		0.57		5/15/2015		3,821,592		3,774,007
363206AF0	GALE		0.56		3/17/2015		10,000,000		9,739,730
378663AA6	GLEAG_05-1A		0.59		4/1/2015		8,689,307		8,455,521
38136TAA1	GOLDS_07-5A		1.02		3/27/2016		7,550,000		7,455,406
40536TAA3	HLCLO_06-1A		0.53		3/12/2015		1,451,137		1,438,118
42822XAA3	HICDO_07-1RA		0.71		12/1/2015		11,496,786		11,165,115
482474AA1	KKR FINANCIAL CLO LTD KKR_05-1		0.58		3/26/2015		430,633		425,250
48248CAA2	KKR FINANCIAL CLO LTD KKR_07-1		0.66		12/16/2014		22,294,108		21,458,079
506828AA0	LAFC_12-1A		1.75		8/30/2015		6,146,274		6,134,292
51506DAA1	LANDM_04-1A		0.66		9/23/2014		1,657,474		1,651,710
51506JAA8	LANDM_05-1A		0.61		9/9/2014		2,028,807		2,005,702
530361AE4	LIBERTY CLO		0.56		3/23/2014		14,590,707		14,219,315
53225UAA9	LIGHT_2005-3		0.57		5/14/2015		2,883,372		2,834,749
730018AA6	PLMR_10-1A		1.81		1/9/2014		826,098		825,670
87155MAA9	SYMPH_5		1.09		3/28/2017		10,000,000		9,760,850
97314VAA6	WIND RIVER CLO LTD WINDR_04-1A		0.64		9/19/2014		1,144,907		1,130,596
BRS6DUE27	STANFIELD VEYRON		0.56		12/8/2014		17,769,008		17,594,090
BRS89G5B9	DRYD_05-10EX		0.99		9/13/2017		1,269,347		1,640,319
BRSD49XV4	WHITN_04-1X		0.60		12/3/2013		396,904		396,307
G0684GAA8	AVOVA_III-X		0.74		7/24/2017		1,325,557		1,692,914
G37116AC7	GALLATIN FUNDING LTD GALL_12-1		0.00		2/20/2019		3,445,000		3,227,965
							193,820,675		190,196,221
Asset Backed Securities—Other
00104UAC2	AEPTC TEXAS CENTRAL TRANSITION		2.84		9/22/2022		700,000		741,188
00935WAA7	AIREM_06-1A		0.53		5/22/2040		1,722,504		1,611,747
15200DAD9	CENTERPOINT ENERGY TRANSITION		5.17		11/26/2015		1,000,000		1,131,300
15200NAB1	CNP		3.46		12/5/2016		1,650,000		1,811,469
15200WAC9	CENTERPOINT ENERGY TRANSITION		3.03		11/4/2022		1,100,000		1,181,400
29365KAB9	ETI		3.65		11/1/2016		1,000,000		1,098,760
34528QBK9	FORDF		0.68		1/20/2014		6,050,000		6,070,388
BRSG270Y3	SHELL OCP_12-2A		1.28		11/3/2018		10,171,481		9,895,732
Z914HKQ87	GFUND_11-1		1.98		3/3/2015		4,800,000		7,958,448
							28,193,985		31,500,432
Total Fixed income Securities							6,609,215,750		6,626,454,178

38

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon	Maturity	Par		Market Value $
Equities
18802108	ALLIANT ENERGY CORP				141,400		6,208,874
24835100	AMER CMPS COMM				190,800		8,801,604
110122108	BRISTOL MYERS SQUIBB CO				153,100		4,989,529
156700106	CENTURYTEL INC				242,350		9,480,732
173080201	CITIGROUP CAPITAL XIII				200,000		5,580,000
253868103	DIGITAL REALTY				73,750		5,006,888
351858105	FRANCO NEVADA CORP				111,700		6,369,716
391164100	GREAT PLAINS ENERGY INCORPORAT				347,200		7,051,632
438516106	HONEYWELL INTERNATIONAL INC				48,300		3,065,601
478160104	JOHNSON & JOHNSON				113,500		7,956,350
535678106	LINEAR TECHNOLOGY CORP				282,700		9,696,610
589433101	MEREDITH CORP				256,000		8,819,200
594918104	MICROSOFT CORP				240,600		6,431,238
595017104	MICROCHIP TECHNOLOGY INC				205,600		6,700,504
646025106	NEW JERSEY RESOURCES				101,000		4,001,620
649445103	NEW YORK COMMUNITY BANCORP INC				630,000		8,253,000
651639106	NEWMONT MINING CORP HOLDING CO				127,500		5,921,100
664397106	NORTHEAST UTILITIES				158,162		6,180,971
718172109	PHILIP MORRIS INTERNATIONAL IN				60,000		5,018,400
718252604	PHILIPPINE LONG DISTANCE TEL C				127,500		7,817,025
723484101	PINNACLE WEST CAPITAL CORP				106,800		5,444,664
729251108	PLUM CREEK TIMBER COMPANY INC.				211,000		9,362,070
754907103	RAYONIER INC.				139,725		7,241,947
771195104	ROCHE HOLDING AG				152,200		7,686,100
780287108	ROYAL GOLD INC				128,600		10,456,466
816851109	SEMPRA ENERGY				129,700		9,200,918
904784709	UNILEVER N.V.				294,500		11,279,350
929042109	VORNADO REALTY TRUST				57,800		4,628,624
962166104	WEYERHAEUSER COMPANY				308,500		8,582,470
976657106	WISCONSIN ENERGY CORPORATION				157,000		5,785,450
71646E100	PETROCHINA CO LTD				51,000		7,332,780
13643E105	CANADIAN OIL SAND Ltd				313,000		6,366,420
00208D408	ARC RESOURCES LTD				252,300		6,196,488
03836W103	PHILADELPHIA SUBURBAN CORPORAT				195,700		4,974,694
09247X101	BLACKROCK INC.				41,200		8,516,452
15189T107	CENTERPOINT ENERGY INC.				493,700		9,503,725
16941M109	CHINA MOBILE HONG KONG LIMITED				168,200		9,876,704
17133Q502	CHUNGHWA TELECOM CO. LTD.				255,900		8,275,806
17275R102	CISCO SYSTEMS INC				268,000		5,266,200
22576C101	CRESCENT POINT ENERGY CORP				144,100		5,449,862
29250N105	ENBRIDGE GAS DISTRIBUTION				125,000		5,415,000
29274F104	ENERSIS S A ADS				201,800		3,676,796
29476L107	EQUITY RESIDENTIAL PROP TR				109,000		6,177,030
40414L109	HEALTH CARE PROPERTY INVESTORS				165,500		7,477,290
49456B101	KINDER MORGAN HOLDCO LLC				314,000		11,093,620
65339F101	FPL GROUP INC.				117,000		8,095,230
65473P105	NISOURCE INC				371,200		9,239,168
66987V109	NOVARTIS AG				156,900		9,931,770
67073Y106	NV ENERGY				402,800		7,306,792
74340W103	PROLOGIS INC				193,500		7,060,815
74460D109	PUBLIC STORAGE INC				47,000		6,813,120
74965L101	RLJ LODGING TRUST				310,200		6,008,574
80105N105	SANOFI AVENTIS				171,500		8,125,670
85771P102	STATOIL ASA				187,000		4,682,480
92276F100	VENTAS, INC.				133,501		8,640,196
98389B100	XCEL ENERGY INC				183,300		4,895,943
G16962204	BUNGE LTD				27,500		2,798,125
H2906T109	GARMIN LTD.				72,000		2,939,040

39

Allied World Assurance Company Holdings, AG   Securities Listing as at December 31, 2012

Cusip	Security Description	Coupon	Maturity	Par		Market Value $
S62435862	SINGAPORE AIRPORT TERMINAL SER				2,839,700		6,718,570
S64555303	ICL ISRAEL CHEMICALS LTD				675,000		8,075,903
S65638751	ASCENDAS REAL ESTATE INVESTMEN				1,353,000		2,625,141
S66371014	NEWCREST MINING LTD				196,000		4,513,346
S71336085	STATOIL ASA				138,000		3,446,745
SB02PY225	SINGAPORE TELECOM				3,911,000		10,565,944
SB04PZ723	SUNTEC REAL ESTATE INVESTMENT				2,175,000		2,982,501
SB07NL190	JAPAN LOGISTICS FD				442		3,844,145
SB0D6P437	MAPLETREE LG TR				6,090,000		5,708,596
SB23WXW97	PARKWAY HOLDINGS LIMITED				1,117,000		1,966,066
SB29VF024	FRANCO NEVADA CORP				10,400		594,568
SB3Z5T149	GARMIN LTD.				108,000		4,408,560
SB61JC671	TREASURY WINE ESTATES LTD.				833,166		4,056,817
SB67C8W83	CRESCENT POINT ENERGY CORP				900		34,004
SBOTLGM70	GZI REAL ESTATE INVESTMENT TRU				8,513,000		4,041,859
Z913G01G3	PUT OPTION				28,000		532,000
N/A	NEUBERGER BERMAN GREATER CHINA EQUITY FUND LTD				50,000		54,679,453
Total Equity Securities					39,007,396		523,948,660

40