8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2009

Commission file number 001-33606

VALIDUS HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

BERMUDA
(State or other jurisdiction of
incorporation or organization) 98-0501001
(I.R.S. Employer
Identification No.)

19 Par-La-Ville Road, Hamilton, HM 11 Bermuda
(Address of principal executive offices)

Registrant’s telephone number, including area code: (441) 278-9000
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On May 5, 2009, Validus Holdings, Ltd. (“Validus”) released information regarding its U.S. GAAP basis investment portfolio in a Schedule D — Part 1 format. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

     The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed herewith:

Exhibit No.	Description
99.1	Release regarding U.S. GAAP investment portfolio in a Schedule D – Part 1 format dated May 5, 2009

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 5, 2009

VALIDUS HOLDINGS, LTD.     (Registrant)
By:	/s/ Joseph E. (Jeff) Consolino
Name:	Joseph E. (Jeff) Consolino
Title:	Executive Vice President & Chief Financial Officer

EX-99.1

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7			FAIR VALUE					10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5							8		9									12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC					RATE USED TO		GAAP FAIR						GAAP						CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST			OBTAIN FAIR VALUE		MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128X4KF7	FHLMC AGENCY BND MTN						1		3,080,160.00			104.964		3,148,920.00			3,000,000.00			3,044,403.06			104,516.94			(7,223.00	)		—		—		4.75		3.708	MS		3,563.00		71,250.00		12282007		9222010
31331TKB6	FEDERAL FARM CREDIT BANK AGENCY BND						1		11,187,396.00			104.44		11,279,520.00			10,800,000.00			11,040,307.26			239,212.74			(36,621.00	)		—		—		4.1		2.662	MN		180,810.00		—		3252008		11042010
31331V4Q6	FEDERAL FARM CREDIT BANK AGENCY BND						1		6,019,931.00			105.508		6,330,480.00			6,000,000.00			6,009,253.27			321,226.73			(1,491.00	)		—		—		5		4.89	MS		8,333.00		150,000.00		5032007		9212010
31331XVG4	FEDERAL FARM CREDIT BANK AGENCY BND						1		2,031,020.00			101.467		2,003,220.00			2,000,000.00			2,000,816.05			2,403.95			(6,120.00	)		—		—		4.875		3.615	AO		45,500.00		—		1032008		4132009
31331Y3X6	FEDERAL FARM CREDIT BANK AGENCY BND						1		1,998,000.00			105.944		2,118,880.00			2,000,000.00			1,998,327.66			120,552.34			119.00			—		—		3.95		3.977	JJ		14,922.00		39,500.00		7302008		7232012
31331YJA9	FEDERAL FARM CREDIT BANK AGENCY BND						1		18,969,030.00			102.07		19,393,300.00			19,000,000.00			18,988,697.33			404,602.67			3,874.00			—		—		3.875		3.961	JD		212,694.00		—		12142007		12172009
31331YNJ5	FEDERAL FARM CREDIT BANK AGENCY BND						1		803,264.00			103.688		829,504.00			800,000.00			802,353.03			27,150.97			(314.00	)		—		—		3.5		3.33	JJ		5,678.00		14,000.00		7072008		1182011
31331YR51	FEDERAL FARM CREDIT BANK AGENCY BND						1		990,190.00			106.084		1,060,840.00			1,000,000.00			991,575.64			69,264.36			462.00			—		—		4		4.224	MN		14,444.00		—		7072008		5212013
3133XCUR2	FHLB AGENCY BND						1		8,731,924.00			101.853		9,012,886.00			8,600,000.00			8,671,336.44			341,549.56			(11,845.00	)		—		—		4.5		3.902	MS		22,575.00		193,500.00		12132007		9102010
3133XDTA9	FHLB AGENCY BND						1		8,166,480.00			105.249		8,419,920.00			8,000,000.00			8,096,455.81			323,464.19			(13,603.00	)		—		—		4.75		4.006	JD		117,167.00		—		12102007		12102010
3133XG3W2	FHLB AGENCY BND						1		797,393.00			109.119		818,392.50			750,000.00			781,241.23			37,151.27			(3,309.00	)		—		—		5.6		3.647	JD		10,850.00		—		1032008		6282011
3133XGYT5	FHLB AGENCY BND						1		1,292,650.00			102.802		1,285,025.00			1,250,000.00			1,265,866.22			19,158.78			(5,581.00	)		—		—		5		3.137	JD		19,097.00		—		1142008		12112009
3133XJUS5	FHLB AGENCY BND						1		7,027,720.00			103.718		7,260,260.00			7,000,000.00			7,009,530.43			250,729.57			(2,419.00	)		—		—		5		4.851	MS		18,472.00		175,000.00		3192007		3122010
3133XMES6	FHLB AGENCY BND						1		20,084,720.00			104.979		20,995,797.80			20,000,000.00			20,045,980.97			949,816.83			(7,010.00	)		—		—		4.375		4.221	AO		386,458.00		—		11022007		10222010
3133XS4S4	FHLB AGENCY BND						1		3,699,297.00			104.598		3,870,126.00			3,700,000.00			3,699,489.21			170,636.79			84.00			—		—		3.625		3.631	MS		5,589.00		67,063.00		8282008		9162011
3134A3M78	FHLMC AGENCY BND						1		8,275,318.00			102.837		8,098,413.75			7,875,000.00			7,931,396.74			167,017.01			(30,190.00	)		—		—		6.625		5.007	MS		23,188.00		260,859.00		3272006		9152009
31359M7X5	FNMA AGENCY BND						1		3,188,535.00			110.855		3,325,650.00			3,000,000.00			3,178,528.44			147,121.56			(4,590.00	)		—		—		5		4.129	MN		58,333.00		—		9112008		5112017
31359MMQ3	FNMA AGENCY BND						1		15,191,171.00			112.62		15,654,180.00			13,900,000.00			14,996,747.26			657,432.74			(87,084.00	)		—		—		6.125		3.299	MS		37,839.00		425,688.00		9112008		3152012
31359MNU3	FNMA AGENCY BND						1		6,397,759.00			103.991		6,676,222.01			6,420,000.00			6,404,146.09			272,075.92			1,070.00			—		—		5.25		5.332	FA		56,175.00		168,525.00		11092007		8012012
3137EABA6	FHLMC AGENCY BND						1		5,587,993.00			111.999		5,823,948.00			5,200,000.00			5,568,769.72			255,178.28			(8,816.00	)		—		—		5.125		4.139	MN		99,197.00		—		9112008		11172017
3137EABB4	FHLMC AGENCY BND						1		7,360,108.00			102.402		7,475,346.00			7,300,000.00			7,320,580.30			154,765.70			(7,612.00	)		—		—		4.125		3.69	MN		101,211.00		—		11302007		11302009
3137EABK4	FHLMC AGENCY BND						1		9,562,265.00			102.817		9,844,727.75			9,575,000.00			9,566,357.36			278,370.39			1,018.00			—		—		2.75		2.796	AO		124,342.00		—		4032008		4112011
31398AHZ8	FNMA AGENCY BND						1		26,460,984.00			109.891		28,571,660.00			26,000,000.00			26,344,378.58			2,227,281.42			(21,709.00	)		—		—		4.75		4.351	MN		452,833.00		—		11302007		11192012
31398ASH6	FNMA AGENCY BND				1		1		999,320.00			100.655		1,006,550.00			1,000,000.00			999,582.33			6,967.67			84.00			—		—		3.55		3.586	JD		10,354.00		—		7022008		6162010
31398ATZ5	FNMA AGENCY BND						1		10,995,490.00			102.63		11,289,300.00			11,000,000.00			10,996,545.20			292,754.80			543.00			—		—		2.875		2.896	AO		148,462.00		—		9102008		10122010
31398AVQ2	FNMA AGENCY BND						1		34,172,729.00			100.61		34,408,622.74			34,200,000.00			34,173,734.45			234,888.29			1,006.00			—		—		1.75		1.79	MS		13,300.00		43,225.00		3112009		3232011
912803AT0	UNITED STATES TREASURY STRIPS PO						1		873,278.00			47.959		1,022,130.00			1,500,000.00			901,456.58			120,673.42			10,259.00			—		—		0		4.631	MAT		—		—		7242008		5152020
912810EZ7	UNITED STATES TREASURY GOVT BND						1		1,481,438.00			140.746		1,688,952.02			1,200,000.00			1,473,584.24			215,367.78			(2,403.00	)		—		—		6.625		4.722	FA		9,883.00		39,750.00		5302008		2152027
912828FU9	UNITED STATES TREASURY GOVT BND						1		5,099,609.00			108.765		5,220,719.62			4,800,000.00			5,018,461.01			202,258.61			(20,823.00	)		—		—		4.5		2.605	MS		590.00		108,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND						1		4,230,469.00			109.406		4,376,239.64			4,000,000.00			4,182,596.96			193,642.68			(16,930.00	)		—		—		4.625		2.775	AO		77,761.00		—		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND						1		3,197,109.00			109.236		3,277,080.00			3,000,000.00			3,167,140.82			109,939.18			(15,008.00	)		—		—		4.5		2.331	MN		45,247.00		—		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND						1		3,286,406.00			101.75		3,294,089.82			3,000,000.00			3,209,220.39			84,869.43			(18,414.00	)		—		—		4.625		2.004	JD		34,879.00		—		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND						1		5,394,141.00			110.424		5,521,200.20			5,000,000.00			5,298,843.12			222,357.08			(25,102.00	)		—		—		4.75		2.55	JJ		39,365.00		118,750.00		4172008		1312012
912828HB9	UNITED STATES TREASURY GOVT BND						1		6,890,761.00			101.469		7,012,405.86			6,910,000.00			6,905,903.63			106,502.23			2,419.00			—		—		4		4.146	FA		24,035.00		138,200.00		8292007		8312009
912828HF0	UNITED STATES TREASURY GOVT BND						1		28,252,574.00			101.801		28,606,081.85			28,100,000.00			28,140,543.37			465,538.48			(22,585.00	)		—		—		3.625		3.32	AO		427,710.00		—		11162007		10312009
912828HJ2	UNITED STATES TREASURY GOVT BND						1		42,949,112.00			101.72		43,637,880.43			42,900,000.00			42,916,804.12			721,076.31			(6,180.00	)		—		—		3.125		3.065	MN		449,330.00		—		12122007		11302009
912828HK9	UNITED STATES TREASURY GOVT BND						1		16,403,320.00			100.438		17,704,501.82			16,500,000.00			16,427,263.57			1,277,238.25			4,589.00			—		—		3.375		3.504	MN		186,645.00		—		12072007		11302012
912828HL7	UNITED STATES TREASURY GOVT BND						1		1,004,531.00			102		1,020,000.00			1,000,000.00			1,001,659.07			18,340.93			(598.00	)		—		—		3.25		3.01	JD		8,214.00		—		1022008		12312009
912828HM5	UNITED STATES TREASURY GOVT BND						1		1,543,359.00			108.423		1,626,344.96			1,500,000.00			1,535,460.43			90,884.53			(2,253.00	)		—		—		3.625		2.952	JD		13,743.00		—		5082008		12312012
912828HT0	UNITED STATES TREASURY GOVT BND						1		10,113,359.00			105.402		10,540,200.80			10,000,000.00			10,090,111.73			450,089.07			(5,398.00	)		—		—		2.75		2.507	FA		23,913.00		137,500.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND						1		2,158,178.00			101.651		2,210,909.27			2,175,000.00			2,165,533.37			45,375.90			2,141.00			—		—		2.125		2.536	AO		19,407.00		—		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND						1		9,875,391.00			107.017		10,701,699.10			10,000,000.00			9,895,163.01			806,536.09			5,925.00			—		—		3.125		3.402	AO		131,215.00		—		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND						1		1,002,109.00			102.35		1,023,499.98			1,000,000.00			1,001,302.91			22,197.07			(287.00	)		—		—		2.625		2.512	MN		8,726.00		—		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND						1		759,111.00			108.455		813,412.52			750,000.00			757,726.92			55,685.60			(428.00	)		—		—		3.5		3.234	MN		8,798.00		—		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND						1		2,017,344.00			102.797		2,055,939.94			2,000,000.00			2,011,149.04			44,790.90			(2,188.00	)		—		—		2.875		2.419	JD		14,454.00		—		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND						1		22,490,375.00			108.12		24,110,760.67			22,300,000.00			22,465,020.04			1,645,740.63			(8,480.00	)		—		—		3.375		3.187	JD		189,196.00		—		7242008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND						1		2,007,969.00			102.833		2,056,660.00			2,000,000.00			2,005,389.03			51,270.97			(980.00	)		—		—		2.75		2.543	JJ		9,116.00		27,500.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND						1		4,351,000.00			111.102		4,777,385.88			4,300,000.00			4,349,143.71			428,242.17			(1,009.00	)		—		—		4		3.854	FA		21,381.00		86,000.00		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND						1		48,017,853.00			102.006		48,656,860.58			47,700,000.00			47,941,685.08			715,175.50			(38,807.00	)		—		—		2		1.656	MS		2,607.00		477,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND						1		55,312,091.00			107.105		58,265,121.65			54,400,000.00			55,228,313.16			3,036,808.49			(41,961.00	)		—		—		3.125		2.762	MS		4,645.00		850,000.00		10102008		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND						1		51,887,259.00			105.47		54,106,110.51			51,300,000.00			51,840,981.47			2,265,129.04			(28,720.00	)		—		—		2.75		2.501	AO		589,104.00		—		11062008		10312013
912828JW1	UNITED STATES TREASURY GOVT BND						1		3,577,793.00			99.737		3,590,532.00			3,600,000.00			3,578,566.17			11,965.83			773.00			—		—		1.5		1.629	JD		13,500.00		—		1222009		12312013
01N050644	GNMA TBA 30 YR				2		1Z		13,465,156.00			98.602		13,469,218.75			13,000,000.00			13,465,156.25			4,062.50			—			—		—		5		4.642	MON		—		—		3192009		4012031
01N050644	GNMA TBA 30 YR				2		1Z		(13,463,125.00	)		98.602		(13,469,218.75	)		(13,000,000.00	)		(13,463,125.00	)		(6,093.75	)		—			—		—		5		4.644	MON		—		—		3192009		4012031
01N050669	GNMA TBA 30 YR				2		1Z		13,367,656.00			102.93		13,380,859.38			13,000,000.00			13,367,656.25			13,203.13			—			—		—		5		4.654	MON		—		—		3192009		6012033
3128JLHB8	FHLMC POOL # 1B1225				2		1		120,271.00			0		124,276.48			122,139.00			120,286.82			3,989.66			2.00			—		—		5.126		5.495	MON		522.00		1,567.00		4022007		9012033
3128JM6N2	FHLMC POOL # 1B2776				2		1		464,127.00			0		476,455.45			468,957.00			464,163.99			12,291.46			8.00			—		—		4.335		4.51	MON		1,694.00		5,083.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792				2		1		328,929.00			0		337,712.70			332,352.00			328,956.57			8,756.13			7.00			—		—		4.354		4.52	MON		1,206.00		3,616.00		4022007		2012035
3128JMW45	FHLMC POOL # 1B2566				2		1		187,338.00			0		191,976.32			188,811.00			187,345.91			4,630.41			2.00			—		—		4.393		4.493	MON		691.00		2,074.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583				2		1		3,602,272.00			101.7		3,704,182.77			3,642,264.00			3,602,889.94			101,292.83			121.00			—		—		4.53		4.683	MON		13,750.00		41,155.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632				2		1		225,605.00			0		231,072.24			227,378.00			225,614.85			5,457.39			3.00			—		—		4.359		4.457	MON		826.00		2,468.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642				2		1		321,835.00			0		333,221.21			324,365.00			321,847.22			11,373.99			3.00			—		—		4.486		4.587	MON		1,213.00		3,636.00		4022007		11012034
3128JNAL9	FHLMC POOL # 1B2810				2		1		399,471.00			0		413,555.30			403,628.00			399,501.17			14,054.13			6.00			—		—		4.424		4.604	MON		1,488.00		4,460.00		4022007		2012035
3128JRJS6	FHLMC POOL # 847473				2		1		5,104,434.00			0		5,233,398.19			5,125,255.00			5,104,313.22			129,084.97			(24.00	)		—		—		5.045		5.04	MON		21,547.00		64,621.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503				2		1		1,990,716.00			0		2,080,623.92			2,038,331.00			1,991,333.08			89,290.84			33.00			—		—		4.979		5.628	MON		8,457.00		25,031.00		5312006		12012035
3128JRP26	FHLMC POOL # 847641				2		1		917,513.00			0		942,645.71			924,912.00			917,539.34			25,106.37			(4.00	)		—		—		5.134		5.243	MON		3,957.00		11,647.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642				2		1		230,440.00			100.843		235,457.33			233,490.00			230,477.50			4,979.83			16.00			—		—		4.563		4.793	MON		888.00		3,262.00		11132006		4012035
3128JRPZ3	FHLMC POOL # 847640				2		1		1,095,819.00			0		1,135,033.32			1,101,824.00			1,095,776.03			39,257.29			(12.00	)		—		—		5.161		5.204	MON		4,739.00		14,209.00		11132006		5012036
3128NCB37	FHLMC POOL # 1G0058				2		1		553,121.00			101.84		564,622.03			554,421.00			553,098.68			11,523.35			2.00			—		—		4.597		4.565	MON		2,124.00		6,366.00		9172008		1012035
3128NCBF0	FHLMC POOL # 1G0038				2		1		380,105.00			0		388,110.15			383,286.00			380,123.58			7,986.57			6.00			—		—		4.352		4.467	MON		1,390.00		4,175.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053				2		1		472,144.00			0		485,750.33			477,058.00			472,184.63			13,565.70			13.00			—		—		4.496		4.652	MON		1,787.00		5,360.00		4022007		2012035
3128NCD68	FHLMC POOL # 1G0125				2		1		4,984,455.00			101		5,141,959.17			5,091,049.00			4,986,800.09			155,159.08			(586.00	)		—		—		4.321		4.711	MON		18,332.00		73,409.00		12132005		3012035
3128NCDH4	FHLMC POOL # 1G0104				2		1		197,212.00			0		202,045.81			198,862.00			197,220.79			4,825.02			3.00			—		—		4.508		4.62	MON		747.00		2,238.00		4032007		2012035
3128NCMS0	FHLMC POOL # 1G0369				2		1		728,240.00			101.921		738,536.61			724,617.00			728,176.97			10,359.64			1.00			—		—		4.98		4.755	MON		3,007.00		9,021.00		8272008		10012035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		5,318,727.00			103		5,560,612.27			5,398,653.00			5,319,252.47			241,359.80			39.00			—		—		5.275		5.586	MON		23,732.00		94,926.00		8102007		4012037
3128QJLG9	FHLMC POOL # 1G1227				2		1		1,344,852.00			103.807		1,368,677.29			1,318,483.00			1,344,452.74			24,224.55			(70.00	)		—		—		5.994		5.399	MON		6,586.00		19,768.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393				2		1		3,921,705.00			103.97		4,043,908.01			3,889,495.00			3,919,970.89			123,937.12			—			—		—		5.928		5.498	MON		19,214.00		76,850.00		3302007		12012036
3128QPU59	FHLMC POOL # 1B7453				2		1		341,580.00			104		349,348.24			335,912.00			341,456.84			7,891.40			(13.00	)		—		—		6.018		5.238	MON		1,685.00		5,049.00		12132007		8012037
3128S4DP9	FHLMC POOL # 1Q0110				2		1		2,392,596.00			101.519		2,452,405.08			2,415,716.00			2,392,779.42			59,625.66			63.00			—		—		4.694		4.834	MON		9,449.00		29,552.00		9272006		7012035
3128S4E86	FHLMC POOL # 1Q0159				2		1		354,748.00			101.399		364,140.61			359,115.00			354,797.99			9,342.62			24.00			—		—		4.643		4.848	MON		1,389.00		5,025.00		11132006		3012035
31295NXK9	FHLMC POOL # 789682				2		1		63,537.00			0		64,246.22			63,904.00			63,535.81			710.41			—			—		—		4.792		4.837	MON		255.00		767.00		8102006		9012032
31342A6F1	FHLMC POOL # 780870				2		1		757,870.00			0		775,093.12			769,646.00			757,996.69			17,096.43			26.00			—		—		4.558		4.884	MON		2,923.00		8,774.00		4022007		9012033
31349SJK0	FHLMC POOL # 781166				2		1		1,514,981.00			98.938		1,549,243.09			1,540,068.00			1,515,475.49			33,767.60			(358.00	)		—		—		3.394		3.739	MON		4,356.00		20,262.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785				2		1		330,841.00			0		333,971.47			333,441.00			330,853.30			3,118.17			3.00			—		—		4.446		4.549	MON		1,235.00		3,711.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837				2		1		638,423.00			0		648,806.99			643,441.00			638,449.90			10,357.09			8.00			—		—		4.372		4.471	MON		2,344.00		7,032.00		4022007		11012034
31349ULB2	FHLMC POOL # 783022				2		1		722,537.00			0		730,075.14			728,989.00			722,578.27			7,496.87			10.00			—		—		4.42		4.55	MON		2,685.00		8,057.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026				2		1		396,422.00			0		403,139.73			400,548.00			396,455.14			6,684.59			8.00			—		—		4.424		4.589	MON		1,477.00		4,433.00		4022007		2012035
31385XK48	FNMA POOL # 555715				2		1		228,957.00			0		235,092.55			231,001.00			228,979.73			6,112.82			3.00			—		—		4.534		4.757	MON		873.00		2,633.00		4022007		7012033
31400PG58	FNMA POOL # 693320				2		1		126,000.00			0		128,628.55			127,107.00			126,022.50			2,606.05			9.00			—		—		3.935		4.131	MON		417.00		1,439.00		8102006		1012033
31400QJ87	FNMA POOL # 694287				2		1		28,200.00			0		29,076.30			28,451.00			28,202.18			874.12			—			—		—		4.608		4.857	MON		109.00		328.00		4022007		3012033
31401DVW8	FNMA POOL # 705429				2		1		302,292.00			0		309,729.33			305,817.00			302,381.12			7,348.21			27.00			—		—		3.698		3.942	MON		942.00		3,672.00		8102006		4012033
31402HD32	FNMA POOL # 729222				2		1		4,432,355.00			101.875		4,565,376.55			4,481,352.00			4,433,186.85			132,189.70			175.00			—		—		4.55		4.802	MON		16,992.00		50,923.00		9172008		7012035
31402RB81	FNMA POOL # 735463				2		1		206,657.00			101.014		210,478.50			208,366.00			206,695.23			3,783.27			11.00			—		—		3.72		3.894	MON		646.00		2,730.00		9282006		3012035

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31402YSV7	FNMA POOL # 742232					2		1		20,512.00		0		21,258.71		20,831.00		20,517.66		741.05			2.00			—		—			4.375		4.717	MON		76.00		276.00		4022007		9012033
31403H3P3	FNMA POOL # 749706					2		1		1,744,957.00		0		1,802,559.80		1,766,905.00		1,745,317.06		57,242.74			74.00			—		—			5.029		5.35	MON		7,405.00		22,250.00		5152006		11012033
31403KDB6	FNMA POOL # 750798					2		1		29,485.00		0		30,645.42		29,943.00		29,491.69		1,153.73			2.00			—		—			5.079		5.457	MON		127.00		399.00		4022007		12012033
31404CLB4	FNMA POOL # 764522					2		1		76,376.00		100.69		78,460.14		77,922.00		76,402.54		2,057.60			(10.00	)		—		—			3.913		4.402	MON		254.00		765.00		9302008		6012034
31404LRF9	FNMA POOL # 771886					2		1		193,050.00		0		200,632.02		196,278.00		193,114.80		7,517.22			(8.00	)		—		—			4.848		5.337	MON		793.00		2,383.00		8102006		2012034
31404NBP0	FNMA POOL # 773246					2		1		291,759.00		0		298,381.65		294,201.00		291,785.80		6,595.85			6.00			—		—			4.29		4.474	MON		1,052.00		3,156.00		4022007		2012035
31404VGA0	FNMA POOL # 779693					2		1		1,588,858.00		100.763		1,616,132.10		1,603,894.00		1,589,077.89		27,054.21			36.00			—		—			4.787		5.026	MON		6,398.00		19,189.00		2242006		7012034
31405AQ71	FNMA POOL # 783578					2		1		1,268,254.00		100.588		1,306,275.49		1,298,640.00		1,269,148.04		37,127.45			338.00			—		—			4.266		4.71	MON		4,617.00		13,867.00		2282006		12012034
31405PAG5	FNMA POOL # 794807					2		1		376,402.00		100.81		378,417.71		375,377.00		376,365.85		2,051.86			(16.00	)		—		—			4.805		4.72	MON		1,503.00		4,506.00		6302007		10012034
31405UMM8	FNMA POOL # 799664					2		1		113,681.00		0		115,848.10		114,575.00		113,690.50		2,157.60			2.00			—		—			4.736		4.905	MON		452.00		1,359.00		4022007		10012034
31405UR84	FNMA POOL # 799811					2		1		340,047.00		100.58		341,124.84		339,159.00		340,017.95		1,106.89			(13.00	)		—		—			4.481		4.392	MON		1,264.00		3,804.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868					2		1		42,093.00		0		42,884.08		42,423.00		42,095.62		788.46			—			—		—			4.607		4.796	MON		163.00		490.00		4022007		11012034
31406BB90	FNMA POOL # 804764					2		1		489,675.00		0		500,499.63		493,525.00		489,712.86		10,786.77			7.00			—		—			4.478		4.661	MON		1,842.00		5,525.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852					2		1		409,559.00		0		418,067.87		412,779.00		409,591.88		8,475.99			7.00			—		—			4.539		4.714	MON		1,561.00		4,681.00		4022007		12012034
31406BJF8	FNMA POOL # 804962					2		1		528,999.00		0		541,934.56		533,158.00		529,039.93		12,894.63			7.00			—		—			4.454		4.636	MON		1,979.00		5,933.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163					2		1		566,345.00		0		580,909.38		571,085.00		566,392.29		14,517.09			8.00			—		—			4.522		4.721	MON		2,152.00		6,456.00		4022007		1012035
31406DG67	FNMA POOL # 806721					2		1		890,852.00		0		913,701.80		897,856.00		890,931.00		22,770.80			23.00			—		—			4.554		4.714	MON		3,407.00		10,229.00		4022007		11012034
31406GLK3	FNMA POOL # 809530					2		1		137,539.00		101.813		141,023.54		138,513.00		137,555.16		3,468.38			6.00			—		—			4.707		4.844	MON		543.00		1,778.00		9282006		2012035
31406MYP5	FNMA POOL # 814418					2		1		494,436.00		0		504,207.78		498,851.00		494,498.17		9,709.61			23.00			—		—			4.411		4.576	MON		1,834.00		5,497.00		4022007		3012035
31406PKU2	FNMA POOL # 815807					2		1		498,669.00		101.175		509,341.45		503,428.00		498,776.24		10,565.21			31.00			—		—			4.281		4.471	MON		1,796.00		6,305.00		9282006		2012035
31406TLC3	FNMA POOL # 819423					2		1		753,347.00		0		782,506.85		760,074.00		753,422.65		29,084.20			19.00			—		—			4.683		4.873	MON		2,966.00		8,889.00		4022007		4012035
31406VHE9	FNMA POOL # 821129					2		1		695,525.00		0		716,009.09		701,735.00		695,593.40		20,415.69			14.00			—		—			4.369		4.57	MON		2,555.00		7,666.00		4022007		5012035
31407CB89	FNMA POOL # 826363					2		1		3,236,982.00		100.979		3,326,100.72		3,293,853.00		3,238,413.64		87,687.08			470.00			—		—			4.425		4.766	MON		12,146.00		36,438.00		1262006		7012035
31407D5R2	FNMA POOL # 828056					2		1		2,343,909.00		102.73		2,367,556.41		2,304,640.00		2,343,360.40		24,196.01			(134.00	)		—		—			4.864		4.318	MON		9,341.00		17,310.00		2202009		6012035
31407E6W8	FNMA POOL # 828985					2		1		1,197,166.00		100.927		1,249,858.61		1,238,381.00		1,198,050.57		51,808.04			135.00			—		—			4.06		4.926	MON		4,190.00		12,570.00		3162006		8012035
31407GC22	FNMA POOL # 829989					2		1		3,458,280.00		102.344		3,572,988.94		3,491,146.00		3,458,680.54		114,308.40			34.00			—		—			4.566		4.856	MON		13,287.00		39,750.00		1202006		4012035
31408C6D3	FNMA POOL # 847868					2		1		2,005,830.00		100.814		2,043,873.43		2,027,371.00		2,006,192.98		37,680.45			110.00			—		—			4.653		4.877	MON		7,861.00		23,695.00		5122006		11012035
31409UBQ7	FNMA POOL # 878547					2		1		1,735,990.00		101.233		1,771,587.66		1,750,004.00		1,736,230.37		35,357.29			113.00			—		—			3.592		3.75	MON		5,238.00		21,699.00		5042006		3012036
31410GC35	FNMA POOL # 888490					2		1		620,406.00		0		625,433.81		621,811.00		620,398.61		5,035.20			4.00			—		—			3.83		3.857	MON		1,985.00		7,458.00		6182007		5012035
31410GC50	FNMA POOL # 888492					2		1		232,798.00		0		235,031.68		232,356.00		232,776.05		2,255.63			(3.00	)		—		—			3.664		3.59	MON		709.00		2,692.00		6182007		5012033
31410GD83	FNMA POOL # 888527					2		1		91,034.00		0		94,144.42		92,749.00		91,058.16		3,086.26			2.00			—		—			4.368		4.881	MON		338.00		1,014.00		6182007		4012034
31410GDC4	FNMA POOL # 888499					2		1		2,065,618.00		0		2,087,747.67		2,077,224.00		2,065,730.33		22,017.34			29.00			—		—			4.083		4.193	MON		7,066.00		21,794.00		6182007		8012033
31410GDF7	FNMA POOL # 888502					2		1		328,010.00		0		337,546.37		332,273.00		328,064.70		9,481.67			7.00			—		—			4.664		5.015	MON		1,291.00		3,873.00		6182007		6012033
31410GDL4	FNMA POOL # 888507					2		1		1,297,773.00		0		1,331,333.52		1,320,491.00		1,298,145.00		33,188.52			106.00			—		—			4.428		4.778	MON		4,873.00		14,620.00		6182007		2012035
31410GDM2	FNMA POOL # 888508					2		1		1,267,425.00		0		1,298,729.01		1,285,145.00		1,267,675.15		31,053.86			42.00			—		—			3.842		4.202	MON		4,115.00		13,242.00		6182007		3012034
31410GDQ3	FNMA POOL # 888511					2		1		191,658.00		0		195,913.67		193,398.00		191,674.07		4,239.60			2.00			—		—			5.339		5.574	MON		861.00		2,583.00		6182007		12012033
31410GDS9	FNMA POOL # 888513					2		1		273,948.00		0		277,563.42		275,383.00		273,962.82		3,600.60			5.00			—		—			3.331		3.441	MON		764.00		2,564.00		6182007		2012034
31410GDW0	FNMA POOL # 888517					2		1		2,993,073.00		0		3,103,438.87		3,021,143.00		2,993,345.53		110,093.34			38.00			—		—			5.091		5.303	MON		12,817.00		38,394.00		6182007		12012035
31410GDX8	FNMA POOL # 888518					2		1		320,646.00		0		325,161.83		321,676.00		320,648.55		4,513.28			6.00			—		—			3.997		4.043	MON		1,071.00		4,170.00		6182007		4012035
31410GDY6	FNMA POOL # 888519					2		1		158,680.00		0		163,826.40		161,405.00		158,718.49		5,107.91			7.00			—		—			4.324		4.736	MON		582.00		1,745.00		6182007		1012035
31410GDZ3	FNMA POOL # 888520					2		1		1,509,687.00		0		1,536,862.77		1,519,310.00		1,509,779.97		27,082.80			18.00			—		—			4.523		4.654	MON		5,727.00		17,152.00		6182007		7012033
31411DA33	FNMA POOL # 904626					2		1		5,055,913.00		103.45		5,205,534.27		5,031,933.00		5,055,085.49		150,448.78			(122.00	)		—		—			5.501		5.362	MON		23,067.00		69,227.00		12132006		12012036
31411GUY6	FNMA POOL # 907899					2		1		5,689,233.00		103.402		5,834,464.29		5,642,506.00		5,687,995.06		146,469.23			(172.00	)		—		—			5.777		5.531	MON		27,169.00		81,459.00		12142006		1012037
31411LBP5	FNMA POOL # 910946					2		1		23,962.00		105.356		24,217.74		22,987.00		23,947.45		270.29			(14.00	)		—		—			6.5		5.184	MON		125.00		249.00		1232009		2012037
36202KME2	GNMA POOL # 008457					2		1		680,679.00		0		672,917.30		671,239.00		680,621.47		(7,704.17	)		(57.00	)		—		—			4.625		4.214	MON		2,587.00		—		3182009		7202024
36204J4C7	GNMA POOL # 371719					2		1		887,569.00		0		889,347.28		835,359.00		886,333.53		3,013.75			(288.00	)		—		—			6.5		4.957	MON		4,525.00		13,575.00		9112008		4152024
36204SV60	GNMA POOL # 378737					2		1		728,056.00		0		726,502.02		685,229.00		727,026.15		(524.13	)		(237.00	)		—		—			6.5		4.92	MON		3,712.00		11,135.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		1		743,981.00		0		745,471.89		700,217.00		742,954.02		2,517.87			(233.00	)		—		—			6.5		4.921	MON		3,793.00		11,379.00		9112008		4152024
36211V6Q8	GNMA POOL # 524779					2		1		723,275.00		0		723,880.59		692,647.00		723,274.53		606.06			—			—		—			5		3.507	MON		1,443.00		—		3262009		1152024
36225BPY8	GNMA POOL # 781339					2		1		500,230.00		110.529		500,930.04		453,210.00		499,498.88		1,431.16			408.00			—		—			8		5.063	MON		3,021.00		9,064.00		3072008		9152031
36225CD29	GNMA POOL # 080120					2		1		571,951.00		0		567,704.97		566,113.00		571,916.41		(4,211.44	)		(34.00	)		—		—			4.125		3.837	MON		1,946.00		—		3182009		10202027
36225DAS3	GNMA POOL # 080916					2		1		492,790.00		100.094		495,652.53		495,188.00		492,806.99		2,845.54			2.00			—		—			3.75		3.877	MON		1,547.00		4,642.00		4172008		5202034
36225DJA3	GNMA POOL # 081156					2		1		1,356,484.00		100.43		1,358,495.65		1,352,679.00		1,356,441.16		2,054.49			(42.00	)		—		—			3.75		3.622	MON		4,227.00		—		3182009		11202034
36225DJZ8	GNMA POOL # 081179					2		1		1,430,749.00		98.244		1,401,682.54		1,426,736.00		1,430,707.98		(29,025.44	)		(41.00	)		—		—			3.75		3.634	MON		4,459.00		—		3182009		12202034
36225DLE2	GNMA POOL # 081224					2		1		845,519.00		0		840,540.12		849,501.00		845,532.24		(4,992.12	)		13.00			—		—			4		4.12	MON		2,832.00		—		3182009		1202035
36241KBP2	GNMA POOL # 781846					2		1		9,588,759.00		106.512		9,891,690.10		9,286,933.00		9,585,868.82		305,821.28			(901.00	)		—		—			6.5		5.55	MON		50,304.00		150,913.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		1		6,494,150.00		106.409		6,692,858.95		6,289,733.00		6,492,252.37		200,606.58			(594.00	)		—		—			6.5		5.571	MON		34,069.00		102,208.00		8152008		5152035
36241KKB3	GNMA POOL # 782090					2		1		9,168,999.00		103.546		9,387,507.31		8,821,647.00		9,160,472.27		227,035.04			(1,621.00	)		—		—			6.5		5.354	MON		47,784.00		143,352.00		11302007		5152036
36292DWW8	GNMA POOL # 646061					2		1		818,445.00		102.525		823,686.42		784,844.00		817,044.87		6,641.55			(668.00	)		—		—			6.5		4.003	MON		4,251.00		12,754.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		707,984.00		104.949		712,518.13		678,918.00		706,862.30		5,655.83			(491.00	)		—		—			6.5		4.191	MON		3,677.00		11,032.00		1312008		12152037
36295P4L3	GNMA POOL # 676827					2		1		2,932,161.00		0		2,938,475.75		2,806,316.00		2,932,161.36		6,314.39			—			—		—			5		3.346	MON		5,846.00		—		3262009		5152023
36295PZJ4	GNMA POOL # 676745					2		1		948,040.00		0		950,650.46		907,894.00		948,040.21		2,610.25			—			—		—			5		3.307	MON		1,891.00		—		3262009		3152023
36295TVQ4	GNMA POOL # 680223					2		1		422,428.00		102.525		425,133.41		405,086.00		421,684.99		3,448.42			(369.00	)		—		—			6.5		3.929	MON		2,194.00		6,583.00		1312008		1152038
36296E5H5	GNMA POOL # 689448					2		1		731,581.00		0		733,595.43		700,601.00		731,581.17		2,014.26			—			—		—			5		3.422	MON		1,460.00		—		3262009		7152023
36296U3C2	GNMA POOL # 701995					2		1		1,358,742.00		0		1,362,483.47		1,301,205.00		1,358,742.42		3,741.05			—			—		—			5		3.515	MON		2,711.00		—		3262009		1152024
36296UC73	GNMA POOL # 701294					2		1		1,029,267.00		0		1,029,051.83		984,650.00		1,029,267.22		(215.39	)		—			—		—			5		4.342	MON		2,051.00		—		3272009		1152024
36297DTR8	GNMA POOL # 708960					2		1		2,373,696.00		0		2,375,685.17		2,273,179.00		2,373,696.14		1,989.03			—			—		—			5		3.585	MON		4,736.00		—		3262009		3152024
BRS7ZPNG1	GNMA					2		1		1,035,000.00		0		1,042,270.83		1,000,000.00		1,035,000.00		7,270.83			—			—		—			4.5		4.001	MON		1,875.00		—		3262009		3262024
BRS7ZPNQ9	GNMA POOL # 487832					2		1		992,750.00		0		999,063.54		950,000.00		992,750.00		6,313.54			—			—		—			5		4.355	MON		1,979.00		—		3262009		3262024
BRS7X5P83	UK CONV GILT GOVT BND			D				1FE		17,432,295.00		98.71		17,332,032.37		12,250,000.00		17,433,452.83		(101,420.46	)		1,158.00			—		(119,585.00	)		2.25		2.552	MS		12,883.00		—		3202009		3072014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00		104.157		2,836,566.30		1,900,000.00		3,729,657.97		(893,091.67	)		451.00			—		(8,473.00	)		4.75		4.748	JAN		23,391.00		123,363.00		1162008		1252011
G92444AB7	UK CONV GILT GOVT BND			D				1FE		7,147,419.00		105.85		5,446,751.50		3,590,000.00		7,136,919.97		(1,690,168.47	)		(2,458.00	)		—		(15,165.00	)		4.25		4.096	MS		14,857.00		108,607.00		3032008		3072011
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		43,517,385.00		109.54		33,408,408.84		21,278,000.00		43,093,657.61		(9,685,248.77	)		(97,364.00	)		—		(70,593.00	)		5.25		4.161	JD		505,870.00		—		3032008		6072012
G92450TF5	UNITED KINGDOM GOVT BND			D				1FE		591,678.00		101.78		495,284.06		330,000.00		588,648.23		(93,364.17	)		(1,599.00	)		—		(1,179.00	)		4.75		3.576	JD		7,098.00		—		10072008		6072010
31371LNH8	FNMA POOL # 255192					2		1		3,201,866.00		0		3,404,651.96		3,317,728.00		3,223,386.96		181,265.00			(461.00	)		—		—			4		5.549	MON		11,059.00		33,177.00		1032007		4012014
31371MXX0	FNMA POOL # 256394					2		1		175,452.00		0		177,375.39		168,359.00		175,313.77		2,061.62			(138.00	)		—		—			6.5		4.811	MON		912.00		912.00		2042009		9012036
31371N7K5	FNMA POOL # 257498					2		1		24,216.00		0		24,474.65		23,231.00		24,198.38		276.27			(18.00	)		—		—			6.5		4.921	MON		126.00		126.00		1232009		12012038
31371NAC9	FNMA POOL # 256603					2		1		2,767,766.00		104.227		2,882,063.63		2,765,174.00		2,767,438.37		114,625.26			(58.00	)		—		—			5.5		5.334	MON		12,674.00		38,021.00		7172008		2012022
31371NN68	FNMA POOL # 257013					2		1		45,887.00		0		48,266.11		46,542.00		45,899.14		2,366.97			4.00			—		—			5		5.551	MON		194.00		582.00		8222008		11012022
31371NZX6	FNMA POOL # 257358					2		1		46,579.00		0		48,992.14		47,243.00		46,590.21		2,401.93			3.00			—		—			5		5.519	MON		197.00		591.00		8222008		9012023
31379T6G4	FNMA POOL # 429371					2		1		60,307.00		0		62,810.07		60,801.00		60,350.48		2,459.59			5.00			—		—			5		5.277	MON		253.00		760.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388					2		1		194,934.00		104.972		208,287.39		198,422.00		195,269.98		13,017.41			(53.00	)		—		—			5.5		6.056	MON		909.00		2,728.00		6282006		3012018
31385XEW3	FNMA POOL # 555549					2		1		629,428.00		104.474		662,974.28		634,584.00		629,634.01		33,340.27			1.00			—		—			5		5.223	MON		2,644.00		7,932.00		12142007		6012018
31388UJF8	FNMA POOL # 615062					2		1		263,842.00		104.972		281,916.70		268,563.00		264,396.21		17,520.49			(38.00	)		—		—			5.5		6.071	MON		1,231.00		3,693.00		6282006		1012017
31389FPM8	FNMA POOL # 624228					2		1		175,873.00		104.972		187,920.63		179,019.00		176,237.90		11,682.73			(33.00	)		—		—			5.5		6.077	MON		821.00		2,462.00		6282006		1012017
31389FQ62	FNMA POOL # 624277					2		1		124,644.00		104.972		133,182.95		126,875.00		124,902.88		8,280.07			(31.00	)		—		—			5.5		6.077	MON		582.00		1,745.00		6282006		1012017
31391PUF1	FNMA POOL # 672982					2		1		671,150.00		0		707,773.40		676,648.00		671,382.68		36,390.72			6.00			—		—			5		5.231	MON		2,819.00		8,458.00		12142007		12012017
31400EGH7	FNMA POOL # 685200					2		1		553,929.00		0		583,451.87		558,467.00		554,119.25		29,332.62			4.00			—		—			5		5.223	MON		2,327.00		6,981.00		12142007		3012018
31400GJN6	FNMA POOL # 687069					2		1		1,733,884.00		101.28		1,759,652.29		1,737,413.00		1,732,830.51		26,821.78			(73.00	)		—		—			5.5		5.501	MON		7,963.00		23,889.00		4212006		1012013
31400SA33	FNMA POOL # 695826					2		1		516,167.00		0		543,677.67		520,396.00		516,335.98		27,341.69			8.00			—		—			5		5.23	MON		2,168.00		6,505.00		12142007		4012018
31401A3C9	FNMA POOL # 702895					2		1		643,177.00		0		677,625.73		648,446.00		643,392.22		34,233.51			6.00			—		—			5		5.225	MON		2,702.00		8,106.00		12142007		4012018
31402DGQ7	FNMA POOL # 725707					2		1		2,179,721.00		104.293		2,291,927.25		2,197,576.00		2,180,301.08		111,626.17			(34.00	)		—		—			5		5.224	MON		9,157.00		27,470.00		12142007		8012019
31402DQB9	FNMA POOL # 725950					2		1		912,332.00		0		960,204.17		920,676.00		912,503.69		47,700.48			35.00			—		—			5		5.264	MON		3,836.00		11,508.00		7172008		11012019

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7			FAIR VALUE					10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5							8		9									12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC					RATE USED TO		GAAP FAIR						GAAP						CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST			OBTAIN FAIR VALUE		MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31403C2L4	FNMA POOL # 745179				2		1		2,285,258.00			0		2,407,055.82			2,303,978.00			2,285,915.71			121,140.11			(6.00	)		—		—		5		5.22	MON		9,600.00		28,800.00		12142007		4012019
31403C3B5	FNMA POOL # 745194				2		1		1,087,504.00			104.972		1,162,002.94			1,106,963.00			1,089,101.58			72,901.36			(327.00	)		—		—		5.5		6.034	MON		5,074.00		15,221.00		6282006		5012019
31403C3T6	FNMA POOL # 745210				2		1		2,093,393.00			104.972		2,236,799.19			2,130,850.00			2,096,624.22			140,174.97			(551.00	)		—		—		5.5		6.038	MON		9,766.00		29,299.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		1		997,101.00			104.972		1,065,406.65			1,014,942.00			998,634.05			66,772.60			(299.00	)		—		—		5.5		6.047	MON		4,652.00		13,955.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		1		1,307,084.00			0		1,374,369.33			1,317,791.00			1,307,429.87			66,939.46			(5.00	)		—		—		5		5.214	MON		5,491.00		16,472.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		1		4,448,270.00			0		4,685,349.53			4,484,709.00			4,449,628.67			235,720.86			(17.00	)		—		—		5		5.222	MON		18,686.00		56,059.00		12142007		11012018
31403DSK6	FNMA POOL # 745822				2		1		918,762.00			0		960,252.75			918,762.00			918,761.56			41,491.19			—			—		—		6		5.944	MON		4,594.00		13,781.00		8082008		9012036
31403DVZ9	FNMA POOL # 745932				2		1		18,007.00			105.356		18,227.46			17,301.00			17,992.20			235.26			(11.00	)		—		—		6.5		4.828	MON		94.00		2,575.00		1232009		11012036
31403DWH8	FNMA POOL # 745948				2		1		642,169.00			0		649,124.17			616,126.00			641,621.35			7,502.82			(547.00	)		—		—		6.5		4.682	MON		3,337.00		3,337.00		2042009		10012036
31403VBR9	FNMA POOL # 758848				2		1		658,402.00			0		693,492.76			663,795.00			658,588.22			34,904.54			(13.00	)		—		—		5		5.232	MON		2,766.00		8,297.00		12142007		1012019
31405GWJ5	FNMA POOL # 789149				2		1		9,057.00			0		9,580.50			9,186.00			9,060.17			520.33			1.00			—		—		5		5.427	MON		38.00		115.00		8222008		9012019
31408JFT3	FNMA POOL # 852578				2		1		294,068.00			0		305,423.94			293,655.00			294,023.68			11,400.26			(18.00	)		—		—		5.5		5.249	MON		1,346.00		4,038.00		10082008		1012036
31409JBS8	FNMA POOL # 872249				2		1		21,612.00			0		21,843.00			20,733.00			21,594.22			248.78			(18.00	)		—		—		6.5		4.728	MON		112.00		112.00		1232009		5012036
31410F2S3	FNMA POOL # 888285				2		1		25,233.00			0		25,502.54			24,206.00			25,210.45			292.09			(23.00	)		—		—		6.5		4.599	MON		131.00		131.00		1232009		3012037
31410FU60	FNMA POOL # 888105				2		1		1,808,489.00			104.456		1,904,546.82			1,823,304.00			1,808,924.35			95,622.47			(164.00	)		—		—		5		5.212	MON		7,597.00		22,791.00		12142007		8012020
31410FYT6	FNMA POOL # 888222				2		1		920,891.00			0		962,478.14			920,891.00			920,890.79			41,587.35			—			—		—		6		5.989	MON		4,604.00		13,813.00		8082008		2012037
31410G6M0	FNMA POOL # 889276				2		1		928,239.00			0		936,757.58			893,813.00			928,238.61			8,518.97			—			—		—		6		4.294	MON		1,788.00		—		3112009		3012038
31410GFD0	FNMA POOL # 888564				2		1		30,223,762.00			0		30,482,665.52			29,325,663.00			30,210,494.87			272,170.65			(13,267.00	)		—		—		5		3.747	MON		122,190.00		—		2262009		10012021
31410GJ46	FNMA POOL # 888683				2		1		6,234,334.00			0		6,568,246.02			6,285,403.00			6,235,931.06			332,314.96			(90.00	)		—		—		5		5.221	MON		26,189.00		78,568.00		12142007		12012019
31410GPR8	FNMA POOL # 888832				2		1		13,676,459.00			105.7		13,902,050.54			13,152,417.00			13,666,009.36			236,041.18			1,157.00			—		—		6.5		5.162	MON		71,242.00		213,727.00		1252008		11012037
31410GRA3	FNMA POOL # 888881				2		1		29,286.00			105.361		29,600.13			28,094.00			29,259.70			340.43			(26.00	)		—		—		6.5		4.605	MON		152.00		152.00		1232009		12012037
31410GRK1	FNMA POOL # 888890				2		1		54,503.00			105.356		54,908.06			52,117.00			54,451.22			456.84			(51.00	)		—		—		6.5		4.555	MON		282.00		—		3112009		10012037
31410KJY1	FNMA POOL # 889579				2		1		731,427.00			104.496		756,567.51			724,012.00			731,163.98			25,403.53			(174.00	)		—		—		6		5.351	MON		3,620.00		15,547.00		9082008		5012038
31410QRW3	FNMA POOL # 894301				2		1		2,792,423.00			0		2,892,975.08			2,708,626.00			2,790,565.41			102,409.67			(252.00	)		—		—		7		6.021	MON		15,800.00		47,401.00		9272007		10012036
31410RMP1	FNMA POOL # 895066				2		1		16,483.00			0		16,659.23			15,812.00			16,471.67			187.56			(12.00	)		—		—		6.5		4.986	MON		86.00		86.00		1232009		8012036
31410VR69	FNMA POOL # 898809				2		1		188,319.00			0		189,919.09			181,212.00			188,319.37			1,599.72			—			—		—		6		5.659	MON		362.00		—		3122009		11012036
31411AJE6	FNMA POOL # 902161				2		1		12,247.00			0		12,381.74			11,749.00			12,237.67			144.07			(10.00	)		—		—		6.5		4.821	MON		64.00		64.00		1232009		11012036
31411BGA5	FNMA POOL # 902993				2		1		18,360.00			0		18,556.12			17,613.00			18,338.72			217.40			(21.00	)		—		—		6.5		4.083	MON		95.00		95.00		1232009		12012036
31411BQJ5	FNMA POOL # 903257				2		1		93,342.00			0		94,339.34			89,544.00			93,257.25			1,082.09			(85.00	)		—		—		6.5		4.567	MON		485.00		485.00		1232009		10012036
31411DJB6	FNMA POOL # 904858				2		1		18,734.00			0		18,933.86			17,971.00			18,721.41			212.45			(12.00	)		—		—		6.5		5.064	MON		97.00		97.00		1232009		1012037
31411KCZ4	FNMA POOL # 910088				2		1		10,460,585.00			101.582		10,861,355.60			10,363,427.00			10,459,490.13			401,865.47			4,319.00			—		—		6		5.619	MON		51,817.00		155,451.00		3292007		3012037
31411KLQ4	FNMA POOL # 910335				2		1		22,306.00			0		22,545.39			21,398.00			22,286.05			259.34			(20.00	)		—		—		6.5		4.602	MON		116.00		116.00		1232009		3012037
31412APH1	FNMA POOL # 919424				2		1		53,048.00			0		53,247.86			51,254.00			53,018.38			229.48			(30.00	)		—		—		5.5		4.291	MON		235.00		—		3052009		5012038
31412CEK2	FNMA POOL # 920938				2		1		51,481.00			0		52,031.08			49,386.00			51,431.88			599.20			(49.00	)		—		—		6.5		4.475	MON		268.00		268.00		1232009		1012037
31412NU87	FNMA POOL # 930407				2		1		24,027.00			0		24,174.21			23,120.00			24,026.68			147.53			—			—		—		6		5.679	MON		46.00		—		3122009		1012039
31412S3T0	FNMA POOL # 933810				2		1		26,070.00			0		26,348.54			25,009.00			26,057.60			290.94			(12.00	)		—		—		6.5		5.42	MON		135.00		135.00		1232009		5012038
31412S4K8	FNMA POOL # 933826				2		1		89,335.00			0		92,422.84			89,042.00			89,322.24			3,100.60			(7.00	)		—		—		5.5		5.258	MON		408.00		2,417.00		9232008		4012038
31412SR31	FNMA POOL # 933506				2		1		25,820.00			0		26,039.41			24,846.00			25,820.08			219.33			—			—		—		6		5.672	MON		50.00		—		3122009		2012038
31412TN90	FNMA POOL # 934316				2		1		193,249.00			0		198,542.19			188,450.00			193,140.52			5,401.67			(52.00	)		—		—		6.5		5.31	MON		1,021.00		3,062.00		10062008		6012038
31412TRJ4	FNMA POOL # 934389				2		1		26,388.00			0		26,669.79			25,314.00			26,360.94			308.85			(27.00	)		—		—		6.5		4.344	MON		137.00		137.00		1232009		8012038
31412TRS4	FNMA POOL # 934397				2		1		71,230.00			0		71,498.06			68,821.00			71,195.89			302.17			(34.00	)		—		—		5.5		4.452	MON		315.00		—		3052009		9012038
31412WJ98	FNMA POOL # 936888				2		1		41,799.00			0		42,621.21			40,452.00			41,759.34			861.87			(24.00	)		—		—		6.5		4.7	MON		219.00		657.00		9052008		8012037
31412WNS1	FNMA POOL # 937001				2		1		2,148.00			0		2,154.01			2,075.00			2,146.90			7.11			(1.00	)		—		—		5.5		4.36	MON		10.00		—		3052009		6012037
31412XGW8	FNMA POOL # 937713				2		1		2,031.00			0		2,036.73			1,962.00			2,030.25			6.48			(1.00	)		—		—		5.5		4.579	MON		9.00		—		3052009		6012037
31413D2T3	FNMA POOL # 942786				2		1		22,359.00			0		22,549.04			21,515.00			22,359.10			189.94			—			—		—		6		5.667	MON		43.00		—		3122009		8012037
31413DFD4	FNMA POOL # 942164				2		1		484,625.00			0		501,337.25			483,040.00			484,545.03			16,792.22			(53.00	)		—		—		5.5		5.197	MON		2,214.00		6,642.00		9232008		7012037
31413DT23	FNMA POOL # 942569				2		1		30,302.00			0		30,559.77			29,159.00			30,302.36			257.41			—			—		—		6		5.667	MON		58.00		—		3122009		8012037
31413EBT1	FNMA POOL # 942950				2		1		87,805.00			0		88,551.08			84,492.00			87,805.19			745.89			—			—		—		6		5.668	MON		169.00		—		3122009		9012037
31413HV62	FNMA POOL # 946237				2		1		19,251.00			0		20,249.46			19,526.00			19,256.55			992.91			2.00			—		—		5		5.576	MON		81.00		244.00		8222008		9012022
31413N4W2	FNMA POOL # 950937				2		1		29,829.00			0		30,148.96			28,615.00			29,799.06			349.90			(30.00	)		—		—		6.5		4.399	MON		155.00		155.00		1232009		11012037
31413SA20	FNMA POOL # 953725				2		1		37,055.00			0		37,369.70			35,657.00			37,054.92			314.78			—			—		—		6		5.67	MON		71.00		—		3122009		11012037
31413UN88	FNMA POOL # 955915				2		1		26,780.00			0		27,067.58			25,690.00			26,754.87			312.71			(25.00	)		—		—		6.5		4.502	MON		139.00		139.00		1232009		10012037
31413YFK2	FNMA POOL # 959270				2		1		26,469.00			0		26,753.05			25,392.00			26,447.34			305.71			(22.00	)		—		—		6.5		4.75	MON		138.00		138.00		1232009		12012037
31414EFY5	FNMA POOL # 963783				2		1		44,801.00			0		47,122.45			45,440.00			44,812.32			2,310.13			3.00			—		—		5		5.517	MON		189.00		568.00		8222008		6012023
31414GTY5	FNMA POOL # 965967				2		1		24,881.00			0		25,146.90			23,869.00			24,863.47			283.43			(18.00	)		—		—		6.5		4.957	MON		129.00		129.00		1232009		1012038
31414HE60	FNMA POOL # 966457				2		1		52,980.00			0		53,127.73			51,189.00			52,938.96			188.77			(41.00	)		—		—		5.5		3.862	MON		235.00		—		3052009		1012038
31414HNC7	FNMA POOL # 966687				2		1		55,302.00			0		58,167.33			56,091.00			55,316.05			2,851.28			4.00			—		—		5		5.537	MON		234.00		701.00		8222008		4012023
31414KAN0	FNMA POOL # 968113				2		1		8,325,397.00			0		8,382,438.74			8,026,897.00			8,322,046.32			60,392.42			(3,351.00	)		—		—		6		5.07	MON		40,134.00		—		2262009		2012038
31414KJM3	FNMA POOL # 968368				2		1		45,372.00			0		45,542.76			43,837.00			45,347.25			195.51			(25.00	)		—		—		5.5		4.323	MON		201.00		—		3052009		9012038
31414LXZ6	FNMA POOL # 969696				2		1		28,402.00			0		28,705.09			27,246.00			28,386.28			318.81			(15.00	)		—		—		6.5		5.288	MON		148.00		148.00		1232009		3012038
31414MDQ6	FNMA POOL # 970011				2		1		42,811.00			0		45,029.01			43,422.00			42,821.36			2,207.65			3.00			—		—		5		5.489	MON		181.00		543.00		8222008		6012023
31414NCG7	FNMA POOL # 970871				2		1		28,340.00			0		28,671.09			27,187.00			28,305.67			365.42			(34.00	)		—		—		6.5		3.978	MON		147.00		147.00		1232009		11012038
31414NU69	FNMA POOL # 971405				2		1		72,036.00			0		72,307.72			69,600.00			72,009.64			298.08			(27.00	)		—		—		5.5		4.654	MON		319.00		—		3052009		5012038
31414SGR8	FNMA POOL # 974608				2		1		78,247.00			0		82,206.12			79,654.00			78,265.15			3,940.97			12.00			—		—		5		5.574	MON		332.00		996.00		10082008		3012038
31414SYR8	FNMA POOL # 975120				2		1		164,064.00			0		164,682.19			158,516.00			163,913.39			768.80			(151.00	)		—		—		5.5		3.598	MON		727.00		—		3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		1		101,876.00			0		102,260.04			98,431.00			101,837.89			422.15			(38.00	)		—		—		5.5		4.642	MON		451.00		—		3052009		5012038
31414TE31	FNMA POOL # 975454				2		1		634,952.00			0		667,078.60			646,364.00			635,057.69			32,020.91			55.00			—		—		5		5.427	MON		2,693.00		8,677.00		10082008		3012038
31414TLV1	FNMA POOL # 975640				2		1		40,477.00			0		40,629.71			39,108.00			40,461.44			168.27			(16.00	)		—		—		5.5		4.616	MON		179.00		—		3052009		7012038
31414TUV1	FNMA POOL # 975896				2		1		518,173.00			0		545,018.81			525,564.00			518,297.88			26,720.93			35.00			—		—		5		5.497	MON		2,190.00		6,570.00		8222008		7012023
31414YE97	FNMA POOL # 979960				2		1		69,561.00			0		69,822.99			67,209.00			69,518.94			304.05			(42.00	)		—		—		5.5		4.204	MON		308.00		—		3052009		5012038
31415AV40	FNMA POOL # 981335				2		1		8,328,609.00			0		8,414,615.75			8,099,544.00			8,325,963.34			88,652.41			(2,645.00	)		—		—		5.5		4.79	MON		37,123.00		—		2262009		7012038
31415AWU1	FNMA POOL # 981359				2		1		750,063.00			0		790,808.83			767,696.00			750,348.68			40,460.15			85.00			—		—		4.5		5.557	MON		2,879.00		10,618.00		10012008		4012023
31415L5A1	FNMA POOL # 983841				2		1		21,986.00			0		22,242.42			21,091.00			21,972.86			269.56			(13.00	)		—		—		6.5		5.219	MON		114.00		114.00		1232009		11012038
31415LK55	FNMA POOL # 983316				2		1		24,877.00			0		25,058.57			23,785.00			24,851.61			206.96			(26.00	)		—		—		6.5		4.285	MON		129.00		—		3102009		7012038
31415MDG7	FNMA POOL # 984003				2		1		9,558,794.00			0		10,254,196.01			9,846,496.00			9,562,315.23			691,880.78			1,311.00			—		—		5.5		6.36	MON		45,130.00		135,389.00		7252008		6012038
31415RRQ9	FNMA POOL # 987095				2		1		35,583.00			0		35,962.74			34,135.00			35,542.58			420.16			(40.00	)		—		—		6.5		4.142	MON		185.00		185.00		1232009		8012038
31415SLU4	FNMA POOL # 987839				2		1		29,088.00			0		29,427.83			27,904.00			29,072.06			355.77			(16.00	)		—		—		6.5		5.279	MON		151.00		151.00		1232009		8012038
31415TMG2	FNMA POOL # 988759				2		1		29,648.00			0		29,964.50			28,441.00			29,602.97			361.53			(45.00	)		—		—		6.5		3.396	MON		154.00		154.00		1232009		8012038
31415V6L4	FNMA POOL # 991075				2		1		81,363.00			0		81,669.47			78,611.00			81,356.55			312.92			(6.00	)		—		—		5.5		5.218	MON		360.00		—		3052009		11012038
31415VZE8	FNMA POOL # 990941				2		1		143,608.00			0		144,149.08			138,752.00			143,596.79			552.29			(11.00	)		—		—		5.5		5.218	MON		636.00		—		3052009		9012038
31415XVS7	FNMA POOL # 992625				2		1		76,776.00			0		80,660.72			78,156.00			76,795.31			3,865.41			15.00			—		—		5		5.619	MON		326.00		977.00		10082008		11012038
31415YEW5	FNMA POOL # 993049				2		1		10,357,239.00			0		10,464,195.20			10,072,380.00			10,353,540.55			110,654.65			(3,699.00	)		—		—		5.5		4.713	MON		46,165.00		—		2262009		12012038
31416B4M7	FNMA POOL # 995528				2		1		10,828,961.00			0		10,820,923.89			10,423,424.00			10,828,033.07			(7,109.18	)		(928.00	)		—		—		5		4.33	MON		43,431.00		—		3202009		12012021
31416B4N5	FNMA POOL # 995529				2		1		20,845,996.00			104.227		20,926,123.40			20,077,407.00			20,835,821.54			90,301.86			(10,174.00	)		—		—		5.5		4.07	MON		92,021.00		—		2272009		11012022
31416B4P0	FNMA POOL # 995530				2		1		8,943,648.00			0		8,939,810.76			8,576,468.00			8,942,820.01			(3,009.25	)		(828.00	)		—		—		5.5		4.756	MON		39,309.00		—		3202009		12012021
31416KEN4	FNMA POOL # AA1940				2		1		119,411.00			0		119,861.43			115,373.00			119,402.29			459.14			(9.00	)		—		—		5.5		5.22	MON		529.00		—		3052009		1012039
31416M5A8	FNMA POOL # AA4440				2		1		7,236,250.00			103.25		7,227,500.00			7,000,000.00			7,236,250.00			(8,750.00	)		—			—		—		5		4.732	MON		11,667.00		—		3192009		3012039
977056D31	WISCONSIN ST MUNI BND GO				1		1FE		5,131,104.00			109.83		5,271,840.00			4,800,000.00			5,069,504.23			202,335.77			(31,053.00	)		—		—		5.75		2.95	MN		115,000.00		—		9302008		5012011
646135SG9	NEW JERSEY ST TRANSN TR FD AUT MUNI BND						1FE		9,915,300.00			114.954		10,345,860.00			9,000,000.00			9,794,738.80			551,121.20			(58,270.00	)		—		—		6		3.085	JD		159,000.00		—		9182008		6152012
01F050643	FNMA TBA 30 YR				2		1Z		24,570,000.00			95.211		24,750,000.00			24,000,000.00			24,570,000.00			180,000.00			—			—		—		5		4.777	MON		—		—		3172009		4012033
01F050643	FNMA TBA 30 YR				2		1Z		(20,631,875.00	)		95.211		(20,625,000.00	)		(20,000,000.00	)		(20,631,875.00	)		6,875.00			—			—		—		5		4.699	MON		—		—		3192009		4012033
01F052649	FNMA TBA 30 YR				2		1Z		22,557,500.00			97.609		22,825,000.00			22,000,000.00			22,557,500.00			267,500.00			—			—		—		5.5		5.254	MON		—		—		3102009		1142033
01F052649	FNMA TBA 30 YR				2		1Z		(22,635,938.00	)		97.609		(22,825,000.00	)		(22,000,000.00	)		(22,635,937.50	)		(189,062.50	)		—			—		—		5.5		5.217	MON		—		—		3112009		1142033

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7			FAIR VALUE					10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5							8		9									12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC					RATE USED TO		GAAP FAIR						GAAP						CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST			OBTAIN FAIR VALUE		MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
01F060642	FNMA TBA 30 YR				2		1		26,945,156.00			104.406		27,145,625.00			26,000,000.00			26,945,156.25			200,468.75			—			—		—		6		5.647	MON		—		—		3172009		4142033
01F060642	FNMA TBA 30 YR				2		1		(4,135,781.00	)		104.406		(4,176,250.00	)		(4,000,000.00	)		(4,135,781.25	)		(40,468.75	)		—			—		—		6		5.672	MON		—		—		3122009		4142033
01F062648	FNMA TBA 30 YR				2		1Z		1,051,875.00			105.266		1,052,656.25			1,000,000.00			1,051,875.00			781.25			—			—		—		6.5		5.975	MON		—		—		3272009		4012033
01F062648	FNMA TBA 30 YR				2		1Z		(2,086,719.00	)		105.266		(2,105,312.50	)		(2,000,000.00	)		(2,086,718.75	)		(18,593.75	)		—			—		—		6.5		6.065	MON		—		—		3122009		4012033
02R050648	FHLMC GOLD TBA MBS						1Z		(3,060,586.00	)		103.055		(3,091,640.63	)		(3,000,000.00	)		(3,060,585.94	)		(31,054.69	)		—			—		—		5		4.91	MON		—		—		3112009		4012034
02R060647	FHLMC TBA 30 YR				2		1Z		623,906.00			104.5		627,000.00			600,000.00			623,906.25			3,093.75			—			—		—		6		5.627	MON		—		—		3122009		4012033
02R060647	FHLMC TBA 30 YR				2		1Z		(623,906.00	)		104.5		(627,000.00	)		(600,000.00	)		(623,906.26	)		(3,093.74	)		—			—		—		6		5.627	MON		—		—		3122009		4012033
3128KW5Q2	FHLMC GOLD POOL # A66255				2		1		4,291,368.00			0		4,457,800.69			4,242,644.00			4,290,223.04			167,577.65			(186.00	)		—		—		6		5.573	MON		21,213.00		63,640.00		11022007		9012037
3128KWBZ5	FHLMC GOLD POOL # A65456				2		1		67,302.00			0		68,441.51			64,772.00			67,271.31			1,170.20			(31.00	)		—		—		6		4.982	MON		324.00		324.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582				2		1		111,310.00			0		113,194.20			107,125.00			111,256.88			1,937.32			(53.00	)		—		—		6		4.946	MON		536.00		536.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583				2		1		145,958.00			0		148,428.88			140,471.00			145,891.36			2,537.52			(67.00	)		—		—		6		4.986	MON		702.00		702.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		7,212,304.00			0		7,509,846.93			7,130,416.00			7,210,549.76			299,297.17			(139.00	)		—		—		6		5.655	MON		35,652.00		106,956.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		7,792,346.00			0		8,113,818.25			7,703,872.00			7,790,440.52			323,377.73			(209.00	)		—		—		6		5.644	MON		38,519.00		115,558.00		11022007		9012037
3128KWT29	FHLMC GOLD POOL # A65969				2		1		72,134.00			0		73,354.66			69,422.00			72,100.89			1,253.77			(33.00	)		—		—		6		4.994	MON		347.00		347.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		105,417.00			0		107,201.43			101,454.00			105,367.48			1,833.95			(50.00	)		—		—		6		4.962	MON		507.00		507.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		75,845.00			0		77,128.31			72,993.00			75,804.27			1,324.04			(40.00	)		—		—		6		4.841	MON		365.00		365.00		2042009		9012037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		52,368.00			0		53,254.87			50,400.00			52,343.79			911.08			(25.00	)		—		—		6		4.963	MON		252.00		252.00		2042009		4012037
3128LXAT7	FHLMC GOLD POOL # G01818				2		1		3,971,313.00			0		4,017,411.10			3,889,869.00			3,969,929.46			47,481.64			(1,383.00	)		—		—		5		4.29	MON		16,208.00		16,208.00		1292009		5012035
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		6,021,662.00			0		6,334,699.15			6,104,647.00			6,023,662.32			311,036.83			460.00			—		—		5.5		6.197	MON		27,980.00		83,939.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		9,579.00			0		9,741.23			9,219.00			9,574.46			166.77			(5.00	)		—		—		6		4.938	MON		46.00		46.00		2042009		7012037
3128M5EW6	FHLMC GOLD POOL # G03449				2		1		89,242.00			0		90,013.89			85,822.00			89,241.98			771.91			—			—		—		6		4.174	MON		172.00		—		3122009		10012037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		20,781,763.00			0		21,465,528.72			20,222,485.00			20,771,201.68			694,327.04			(1,174.00	)		—		—		6.5		5.716	MON		109,538.00		328,615.00		11062007		10012037
3128M6AM0	FHLMC GOLD POOL # G04212				2		1		50,182.00			0		50,616.04			48,259.00			50,181.99			434.05			—			—		—		6		4.682	MON		97.00		—		3122009		11012037
3128M6LZ9	FHLMC GOLD POOL # G04544				2		1		296,073.00			104.884		298,633.42			284,728.00			296,072.51			2,560.91			—			—		—		6		5.37	MON		569.00		—		3122009		8012038
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		237,998.00			0		242,026.28			229,050.00			237,897.09			4,129.19			(101.00	)		—		—		6		5.056	MON		1,145.00		1,145.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		703,189.00			0		715,092.18			676,754.00			702,880.34			12,211.84			(309.00	)		—		—		6		5.02	MON		3,384.00		3,384.00		2042009		12012038
3128M7FW1	FHLMC GOLD POOL # G05281				2		1		188,410.00			0		190,039.20			181,190.00			188,409.53			1,629.67			—			—		—		6		5.686	MON		362.00		—		3122009		11012038
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		5,008,422.00			104.271		5,210,946.35			4,997,490.00			5,007,113.51			203,832.84			290.00			—		—		5.5		5.337	MON		22,905.00		68,715.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962				2		1		859,707.00			105.116		886,305.81			843,173.00			859,272.12			27,033.69			(150.00	)		—		—		6.5		5.557	MON		4,567.00		13,702.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		19,248,413.00			105.116		19,843,954.96			18,878,223.00			19,239,542.76			604,412.20			(2,504.00	)		—		—		6.5		5.671	MON		102,257.00		306,771.00		10312007		7012037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		19,176,356.00			105.116		19,769,669.02			18,807,552.00			19,167,148.75			602,520.27			(2,864.00	)		—		—		6.5		5.621	MON		101,874.00		305,623.00		10312007		7012037
312929CM2	FHLMC GOLD POOL # A82776				2		1		22,968.00			0		23,356.86			22,105.00			22,957.70			399.16			(10.00	)		—		—		6		4.995	MON		111.00		111.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		5,314.00			0		5,404.09			5,114.00			5,311.60			92.49			(3.00	)		—		—		6		4.944	MON		26.00		26.00		2042009		7012037
312930LH1	FHLMC GOLD POOL # A83928				2		1		88,920.00			0		90,424.93			85,577.00			88,879.81			1,545.12			(40.00	)		—		—		6		4.999	MON		428.00		428.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		94,253.00			0		95,847.91			90,709.00			94,211.95			1,635.96			(41.00	)		—		—		6		5.038	MON		454.00		454.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083				2		1		60,100.00			0		60,524.27			57,840.00			60,076.24			448.03			(24.00	)		—		—		6		5.114	MON		289.00		289.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100				2		1		35,136.00			0		35,730.96			33,815.00			35,121.95			609.01			(14.00	)		—		—		6		5.088	MON		169.00		169.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146				2		1		26,646.00			0		26,834.35			25,644.00			26,635.54			198.81			(11.00	)		—		—		6		5.101	MON		128.00		128.00		2042009		1012039
31349UJL3	FHLMC GOLD POOL # 782967				2		1		221,662.00			101.185		227,667.91			225,002.00			221,697.57			5,970.34			(9.00	)		—		—		4.397		4.676	MON		824.00		2,473.00		9302008		1012035
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		1		3,980,701.00			105.871		4,155,959.21			3,925,499.00			3,977,806.92			178,152.29			153.00			—		—		6		5.591	MON		19,628.00		58,883.00		2062007		7012026
31393TE28	FNR AGENCY CMO 03-110 KA				2		1FE		2,978.00			99.912		2,997.69			3,000.00			3,000.32			(2.63	)		16.00			—		—		3		4.867	MON		8.00		23.00		9302008		8252032
31393TPM2	FNMA AGENCY CMO 03-97				2		1		14,463.00			99.731		14,478.88			14,502.00			14,451.21			27.67			(7.00	)		—		—		5.5		5.263	MON		66.00		199.00		9302008		9252028
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		1		167,970.00			100.625		166,701.98			165,667.00			166,419.16			282.82			(802.00	)		—		—		6		4.132	MON		828.00		2,485.00		1142008		2012010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		1		168,514.00			104.547		170,373.47			162,964.00			168,112.86			2,260.61			194.00			—		—		6.5		3.311	MON		883.00		2,648.00		1142008		12012015
31394CVB5	FNMA 05-15 AGENCY CMO 05-15				2		1		4,458,641.00			102.189		4,596,123.98			4,497,650.00			4,466,447.17			129,676.81			275.00			—		—		5		5.377	MON		18,740.00		56,221.00		5242007		10252028
31394DA42	FNMA AGENCY CMO 05-48				2		1		392,546.00			104.79		408,415.42			389,745.00			392,280.23			16,135.19			(17.00	)		—		—		5.5		5.25	MON		1,786.00		5,359.00		12202007		11012019
31394HP88	FHR AGENCY CMO 2663				2		1FE		934,625.00			101.342		941,282.78			928,820.00			931,210.26			10,072.52			(1,579.00	)		—		—		4.5		3.891	MON		3,483.00		10,449.00		7162008		9012010
31395BH89	FNMA 06-10 AGENCY CMO 06-26				2		1		937,383.00			101.08		935,570.01			925,574.00			932,275.20			3,294.81			(1,383.00	)		—		—		5.5		4.116	MON		4,242.00		12,727.00		9302008		12012010
31395K5J8	FHR AGENCY CMO 2898 PH				2		1		761,778.00			100.664		760,420.72			755,404.00			758,093.49			2,327.23			(1,900.00	)		—		—		5		3.633	MON		3,148.00		9,443.00		7082008		1012010
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1		658,423.00			101.34		653,561.60			644,920.00			653,939.95			(378.35	)		(2,087.00	)		—		—		6		3.151	MON		3,225.00		9,674.00		8112008		8012010
31395VGR4	FHR AGENCY CMO 2989 WD				2		1		502,969.00			103.875		519,375.00			500,000.00			502,615.24			16,759.76			(191.00	)		—		—		5.5		5.366	MON		2,292.00		6,875.00		10082008		12152013
31396CLF5	FHLMC AGENCY CMO 3054 DW				2		1		231,714.00			104.7		243,517.66			232,586.00			231,739.53			11,778.13			9.00			—		—		5.5		5.658	MON		1,066.00		3,198.00		6172008		5152034
31396GL41	FHLMC 3084 AGENCY CMO 3101-PA				2		1		3,277,643.00			100.93		3,292,690.91			3,262,351.00			3,266,304.92			26,385.99			(2,015.00	)		—		—		5.5		4.958	MON		14,952.00		44,857.00		3232007		7012010
31396GSK8	FHLMC AGENCY CMO 3098				2		1		2,151,112.00			102		2,199,978.05			2,156,841.00			2,152,000.89			47,977.16			99.00			—		—		5		5.089	MON		8,987.00		26,961.00		1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099				2		1		2,157,811.00			101.554		2,197,190.45			2,163,558.00			2,158,648.88			38,541.57			45.00			—		—		5		5.1	MON		9,015.00		27,044.00		1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		2,918,887.00			101.688		2,971,713.41			2,922,398.00			2,920,396.45			51,316.96			(775.00	)		—		—		5		4.866	MON		12,177.00		36,530.00		8202008		11012010
31396HE39	FHLMC AGENCY CMO 3113				2		1		2,336,599.00			101.879		2,391,902.12			2,347,787.00			2,339,916.89			51,985.23			632.00			—		—		5		5.212	MON		9,782.00		29,347.00		2022006		11152025
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		4,306,163.00			101.625		4,334,709.79			4,265,397.00			4,280,854.90			53,854.89			(7,602.00	)		—		—		6		5.052	MON		21,327.00		63,981.00		10242007		8012010
31397B7F2	FHLMC 3221 AGENCY CMO 3211 qd				2		1		2,987,651.00			103.531		3,086,730.68			2,981,448.00			2,984,233.02			102,497.66			(572.00	)		—		—		5.5		5.332	MON		13,665.00		40,995.00		4192007		11012012
31397FYM8	FHLMC AGENCY CMO 3291 XC				2		1		611,386.00			94.35		604,024.22			640,195.00			624,860.16			(20,835.94	)		12,891.00			—		—		0		3.817	MON		—		—		4042007		3152037
31397G7M6	FHRR AGENCY CMO R011 AB				2		1		8,167,277.00			103.688		8,397,590.96			8,098,942.00			8,157,299.64			240,291.32			(7,760.00	)		—		—		5.5		4.744	MON		37,120.00		111,360.00		9042008		10012012
31397MTX5	FNR AGENCY CMO 08-81 KA				2		1		8,842,392.00			104		9,227,807.89			8,872,892.00			8,842,442.02			385,365.87			22.00			—		—		5		5.057	MON		36,970.00		110,911.00		7292008		10252022
38373YBQ6	GNMA AGENCY CMO 02-79 LN				2		1		1,736,258.00			102.75		1,753,860.44			1,706,920.00			1,728,181.93			25,678.51			(4,699.00	)		—		—		5.5		4.108	MON		7,823.00		23,470.00		4032008		10012011
38374FCH5	GNMA 04-18 AGENCY CMO 04-2-BA				2		1		527,003.00			100.225		532,849.15			531,655.00			528,309.25			4,539.90			550.00			—		—		3.25		3.945	MON		1,440.00		4,320.00		4162008		1162034
001957BC2	AT&T CO CORP BND						1FE		3,247,867.00			107.22		3,189,792.77			2,975,000.00			3,174,207.31			15,585.46			(17,702.00	)		—		—		7.3		4.56	MN		82,044.00		—		3062008		11152011
00206RAC6	AT&T INC CORP BND						1		7,005,000.00			99.729		6,986,016.17			7,005,000.00			7,005,000.00			(18,983.83	)		—			—		—		1.334		5.46	FMAN		14,274.00		52,967.00		2012007		2052010
00206RAF9	AT&T INC CORP BND						1FE		349,706.00			101.277		354,469.10			350,000.00			349,795.97			4,673.13			12.00			—		—		4.95		4.967	JJ		3,658.00		8,663.00		12032007		1152013
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND						1FE		11,344,910.00			106.403		11,225,488.36			10,550,000.00			11,229,238.23			(3,749.87	)		(37,777.00	)		—		—		7.875		4.333	MS		69,234.00		139,781.00		3052009		3012011
002824AR1	ABBOTT LABORATORIES SENIOR CORP BND						1FE		2,643,375.00			100.397		2,660,518.01			2,650,000.00			2,649,714.59			10,803.42			584.00			—		—		5.375		5.466	MN		53,810.00		—		5092006		5152009
010392EA2	ALABAMA POWER COMPANY CORP BND						1FE		3,404,799.00			103.083		3,576,975.42			3,470,000.00			3,439,884.89			137,090.53			4,260.00			—		—		4.7		5.251	JD		54,363.00		—		2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND						1FE		2,994,840.00			103.672		3,110,167.02			3,000,000.00			2,996,076.61			114,090.41			239.00			—		—		4.85		4.889	JD		42,842.00		—		12042007		12152012
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT						1FE		1,172,262.00			87.046		1,022,785.90			1,175,000.00			1,172,731.07			(149,945.17	)		123.00			—		—		5.5		5.554	AO		29,620.00		—		4112008		4162013
02581FXK0	AMERICAN EXPRESS CENTURION BAN CORP BND						1FE		3,450,000.00			96.858		3,341,601.07			3,450,000.00			3,450,000.00			(108,398.93	)		—			—		—		0.583		5.39	MON		503.00		4,382.00		9192006		9222009
02581FYM5	AMER EXPRESS BK CORP BND						1FE		2,223,665.00			93.832		2,087,764.56			2,225,000.00			2,224,240.03			(136,475.47	)		109.00			—		—		5.2		5.222	MN		40,174.00		—		11192007		11262010
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND						2FE		3,431,190.00			47		1,645,000.00			3,500,000.00			3,477,849.36			(1,832,849.36	)		4,736.00			—		—		4.875		5.465	MN		64,458.00		—		8242006		5152010
026609AM9	WYETH CORP BND						1FE		12,080,939.00			106.652		12,094,366.29			11,340,000.00			11,891,375.18			202,991.11			(52,209.00	)		—		—		6.95		4.325	MS		35,028.00		394,065.00		2202009		3152011
02666QB93	AMERICAN HONDA FINANCE CORP BND 144A						1FE		1,350,000.00			99.854		1,348,033.05			1,350,000.00			1,350,000.00			(1,966.95	)		—			—		—		1.591		3.12	FMAN		3,043.00		9,342.00		5022008		11092009
02666QXM0	AMERICAN HONDA FINANCE CORP BND 144A						1FE		2,006,800.00			99.063		1,981,266.18			2,000,000.00			2,002,515.80			(21,249.62	)		(349.00	)		—		—		5.125		5.047	JD		30,181.00		—		12162005		12152010
031162AG5	AMGEN INC CORP BND						1FE		4,070,808.00			101.451		4,260,934.19			4,200,000.00			4,169,194.08			91,740.11			11,914.00			—		—		4		5.201	MN		62,067.00		—		2052007		11182009
046003DC0	ASSOCIATES CORP OF NORT CORP BND						1FE		1,844,361.00			101.173		1,674,407.74			1,655,000.00			1,671,831.87			2,575.87			(14,337.00	)		—		—		8.55		4.957	JJ		29,873.00		70,751.00		1102006		7152009
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND						1FE		3,899,001.00			114.717		3,805,154.90			3,317,000.00			3,746,344.75			58,810.15			(33,062.00	)		—		—		8.5		3.887	AO		140,973.00		—		1302008		4012012
05565QBG2	BP CAPITAL MARKETS PLC CORP BND						1FE		7,024,579.00			101.089		7,101,469.87			7,025,000.00			7,024,586.58			76,883.29			8.00			—		—		3.125		3.127	MS		12,806.00		—		3052009		3102012
060505BF0	BANK OF AMERICA CORP BND						1FE		1,347,542.00			102.148		1,276,929.89			1,348,000.00			1,347,719.77			(70,789.88	)		40.00			—		—		4.375		4.388	JD		19,658.00		—		7312008		12012010
060505BU7	BANK OF AMERICA CORP BND						1FE		1,724,837.00			95.883		1,630,002.62			1,700,000.00			1,715,271.08			(85,268.46	)		(2,747.00	)		—		—		4.5		3.804	FA		12,750.00		38,250.00		5082008		8012010
06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT						1FE		18,104,063.00			103.735		18,672,300.00			18,000,000.00			18,104,956.82			567,343.18			(1,455.00	)		—		—		3.125		2.931	JD		182,813.00		—		3102009		6152012
06050BAG6	BANK OF AMERICA CORP — GTD CORP BND						1FE		16,523,242.00			100.546		16,700,690.60			16,610,000.00			16,525,366.34			175,324.26			2,124.00			—		—		2.1		2.272	AO		59,104.00		—		2252009		4302012
06050BAJ0	BANK OF AMERICA CORP — GTD SENIOR CORP B						1FE		923,973.00			101.434		938,264.50			925,000.00			923,985.55			14,278.95			12.00			—		—		2.375		2.408	JD		1,159.00		—		3092009		6222012
06050TKT8	BANK OF AMERICA NA (USA) SENIOR CORP BND						1FE		941,742.00			99.892		943,979.38			945,000.00			944,464.26			(484.88	)		670.00			—		—		1.331		3.189	MJSD		699.00		4,958.00		3252008		6122009
06050TKU5	BANK OF AMERICA NT & SA / SAN CORP BND						1FE		1,782,260.00			99.614		1,783,093.64			1,790,000.00			1,788,730.40			(5,636.76	)		1,593.00			—		—		0.574		3.305	MON		571.00		3,480.00		3252008		6122009
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN						1FE		13,255,804.00			90.091		12,252,313.18			13,600,000.00			13,261,829.18			(1,009,516.00	)		2,469.00			—		—		4.9		5.572	MN		277,667.00		—		3232009		5012013
06052AAF8	BANK OF AMERICA NA — (LT) GTD CORP BND						1FE		2,600,000.00			100.749		2,619,474.00			2,600,000.00			2,600,000.00			19,474.00			—			—		—		1.361		1.364	MJSD		1,966.00		—		3092009		9132010
06406HBE8	BANK OF NEW YORK CO CORP BND						1FE		6,894,348.00			101.711		6,916,375.41			6,800,000.00			6,897,422.91			18,952.50			252.00			—		—		4.95		4.51	MN		140,250.00		—		3232009		11012012
06420AFV3	BANK OF NEW YORK CO CORP BND						1FE		2,573,800.00			100.501		2,512,512.53			2,500,000.00			2,507,205.95			5,306.58			(14,739.00	)		—		—		5.41		3.003	MN		51,094.00		—		2062008		5152009

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes			6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5					8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND	NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR	DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
06423AAG8	BANK ONE CO CORP BND					1FE		3,062,781.00		102.609		2,924,347.84		2,850,000.00		2,962,798.82		(38,450.98	)		(20,147.00	)		—		—		7.875		4.781	FA		37,406.00		112,219.00		12202007		8012010
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND					1FE		39,959,600.00		100.666		40,266,400.00		40,000,000.00		39,959,778.04		306,621.96			178.00			—		—		2.15		2.185	MS		9,556.00		—		3202009		3272012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND					1FE		4,010,640.00		101.888		4,075,517.57		4,000,000.00		4,010,435.60		65,081.97			(204.00	)		—		—		4		3.941	MS		15,556.00		—		2232009		3012014
073902CE6	BEAR STEARNS CO INC CORP BND					1FE		486,000.00		99.168		495,840.80		500,000.00		489,218.74		6,622.06			1,601.00			—		—		4.5		5.956	AO		9,563.00		—		9302008		10282010
073928X73	BEAR STEARNS CO INC CORP BND					1FE		2,390,693.00		100.716		2,360,945.15		2,325,000.00		2,386,611.95		(25,666.80	)		(1,677.00	)		—		—		6.95		6.063	FA		22,892.00		19,981.00		3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND					1FE		3,188,430.00		104.285		3,128,553.00		3,000,000.00		3,093,840.00		34,713.00			(25,863.00	)		—		—		7.75		4.074	FA		29,708.00		116,250.00		4252008		2152010
097014AC8	BOEING CAPITAL CORP CORP BND					1FE		648,185.00		106.545		644,594.56		605,000.00		635,190.31		9,404.25			(4,858.00	)		—		—		7.375		3.887	MS		496.00		22,309.00		7302008		9272010
10138MAH8	BOTTLING GROUP LLC CORP BND					1FE		9,826,255.00		112.771		9,585,515.87		8,500,000.00		9,792,216.36		(206,700.49	)		(34,039.00	)		—		—		6.95		3.574	MS		26,256.00		231,377.00		2052009		3152014
110122AL2	BRISTOL MYERS SQUIBB CO NT					1FE		7,448,280.00		106.295		7,440,644.54		7,000,000.00		7,442,671.05		(2,026.51	)		(5,609.00	)		—		—		5.25		3.67	FA		46,958.00		—		3052009		8152013
12572QAC9	CME GROUP INC SENIOR CORP BND					2FE		975,000.00		97.721		952,779.76		975,000.00		975,000.00		(22,220.24	)		—			—		—		1.886		3.454	FMAN		2,758.00		8,363.00		8072008		8062010
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN					1FE		1,124,404.00		95.048		1,069,286.02		1,125,000.00		1,124,547.22		(55,261.20	)		28.00			—		—		4.85		4.862	JD		17,278.00		—		12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN					1FE		5,268,195.00		92.505		4,879,663.97		5,275,000.00		5,269,628.52		(389,964.55	)		315.00			—		—		4.25		4.279	FA		33,005.00		112,094.00		2042008		2082013
16132NAW6	CHARTER ONE BANK FSB CORP BND					1FE		5,031,150.00		95.9		4,795,004.25		5,000,000.00		5,016,342.75		(221,338.50	)		(1,832.00	)		—		—		5.5		5.331	AO		118,403.00		—		1312007		4262011
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN					1FE		10,999,340.00		103.125		11,343,757.60		11,000,000.00		10,999,356.60		344,401.00			17.00			—		—		3.45		3.452	MS		29,517.00		—		2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND					1FE		3,950,517.00		105.611		4,066,041.41		3,850,000.00		3,915,107.27		150,934.14			(8,146.00	)		—		—		5.25		4.305	FA		21,897.00		101,063.00		10092008		2222011
172967CU3	CITIGROUP INC CORP BND					1FE		2,005,297.00		97.587		1,957,077.55		2,025,000.00		2,016,842.17		(59,764.62	)		2,188.00			—		—		4.125		4.59	FA		9,049.00		41,766.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND					1FE		7,225,893.00		92.17		6,613,168.37		7,175,000.00		7,210,839.42		(597,671.05	)		(4,489.00	)		—		—		5.125		4.843	FA		48,008.00		183,859.00		6022008		2142011
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND					1FE		1,750,088.00		89.992		1,574,860.21		1,750,000.00		1,750,087.50		(175,227.29	)		—			—		—		5.1		5.096	MS		496.00		44,625.00		12282007		9292011
172967EL1	CITIBANK N.A. CORP BND					1FE		3,253,904.00		87.12		2,840,127.75		3,260,000.00		3,255,517.03		(415,389.28	)		281.00			—		—		5.3		5.343	AO		78,711.00		—		10102007		10172012
17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR					1FE		6,284,376.00		102.78		6,475,140.00		6,300,000.00		6,285,933.94		189,206.06			1,241.00			—		—		2.875		2.962	JD		56,350.00		—		12022008		12092011
17313UAE9	CITIGROUP INC — GTD CORP BND GOVT GUAR					1FE		43,679,904.00		100.592		44,109,592.00		43,850,000.00		43,684,618.48		424,973.52			4,714.00			—		—		2.125		2.253	AO		157,890.00		—		3102009		4302012
17314AAF9	CITIGROUP FUNDING INC — GTD CORP BND					1FE		8,377,404.00		100.266		8,422,344.00		8,400,000.00		8,377,443.88		44,900.12			40.00			—		—		2		2.093	MS		467.00		—		3232009		3302012
191216AL4	COCA-COLA COMPANY THE CORP BND					1FE		11,572,106.00		101.348		11,781,713.84		11,625,000.00		11,572,717.27		208,996.57			611.00			—		—		3.625		3.725	MS		29,264.00		—		3032009		3152014
20825RAA9	CONOCOPHILLIPS SENIOR CORP BND					1FE		3,093,000.00		99.728		3,093,000.00		3,093,000.00		3,093,000.00		—			—			—		—		1.498		5.128	JAJO		10,550.00		34,937.00		4062006		4092009
20825VAA0	CONOCOPHILLIPS CORP BND					1FE		1,728,344.00		104.332		1,747,559.37		1,675,000.00		1,717,009.11		30,550.26			(3,168.00	)		—		—		5.3		4.409	AO		40,935.00		—		5052008		4152012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND					1FE		5,561,373.00		103.213		5,630,245.69		5,455,000.00		5,522,705.66		107,540.03			(5,927.00	)		—		—		6.125		5.609	MN		126,223.00		—		7112007		11152011
239753BK1	TARGET CORPORATION CORP BND					1FE		580,657.00		102.332		595,077.39		530,000.00		573,504.65		21,572.74			(3,577.00	)		—		—		8.6		5.39	JJ		9,622.00		22,790.00		9242008		1152012
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		3,933,036.00		100.069		3,927,725.00		3,925,000.00		3,932,182.34		(4,457.34	)		(437.00	)		—		—		4.95		4.895	JD		56,128.00		—		7242008		12172012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND					1FE		1,621,295.00		102.955		1,673,017.54		1,625,000.00		1,622,190.24		50,827.30			173.00			—		—		4.7		4.752	JD		25,458.00		—		11292007		12012012
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN					1FE		4,133,584.00		103.592		4,324,958.78		4,175,000.00		4,138,537.47		186,421.31			1,873.00			—		—		5		5.23	JJ		44,069.00		96,837.00		7232008		7152013
302570AV8	FPL GROUP CAPITAL INC CORP BND					1FE		6,390,313.00		105.346		6,373,445.52		6,050,000.00		6,379,561.75		(6,116.23	)		(10,751.00	)		—		—		5.625		3.261	MS		28,359.00		—		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND					1FE		1,350,000.00		92.653		1,250,820.71		1,350,000.00		1,350,000.00		(99,179.29	)		—			—		—		2.196		3.694	MJSD		1,235.00		9,285.00		6112008		6172011
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					1FE		2,779,405.00		104.153		2,832,967.20		2,720,000.00		2,769,011.93		63,955.27			(2,896.00	)		—		—		4.85		4.335	FA		21,987.00		65,960.00		4252008		2012013
36962GR48	GE CAPITAL CORP CORP BND					1FE		9,716,700.00		100.547		10,054,666.80		10,000,000.00		9,965,756.83		88,909.97			20,036.00			—		—		4.125		4.969	MS		34,375.00		206,250.00		12132005		9012009
36962GS62	GE CAPITAL CORP CORP BND					1FE		769,305.00		98.265		747,996.48		750,000.00		763,360.83		(15,364.35	)		(2,051.00	)		—		—		4.875		3.685	AO		16,250.00		—		7072008		10212010
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN					1FE		1,631,384.00		100.605		1,534,218.63		1,525,000.00		1,553,841.40		(19,622.77	)		(8,745.00	)		—		—		7.375		4.934	JJ		22,494.00		56,234.00		11302006		1192010
36962GXS8	GENERAL ELEC CAP CO CORP BND					1FE		4,511,962.00		96.289		4,381,166.56		4,550,000.00		4,517,472.55		(136,305.99	)		2,662.00			—		—		5.875		6.15	FA		34,157.00		133,656.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND					1FE		3,161,025.00		96.118		2,883,552.93		3,000,000.00		3,119,839.18		(236,286.25	)		(8,567.00	)		—		—		6		4.644	JD		53,000.00		—		1142008		6152012
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		6,281,919.00		103.033		6,491,079.00		6,300,000.00		6,283,718.79		207,360.21			1,433.00			—		—		3		3.101	JD		58,800.00		—		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		28,950,595.00		100.848		29,145,072.00		28,900,000.00		28,949,397.09		195,674.91			(1,198.00	)		—		—		2.2		2.144	JD		146,587.00		—		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		10,896,621.00		100.643		10,970,087.00		10,900,000.00		10,896,711.49		73,375.51			90.00			—		—		1.8		1.816	MS		10,355.00		—		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		3,000,000.00		100.027		3,000,810.00		3,000,000.00		3,000,000.00		810.00			—			—		—		1.531		1.531	MJSD		2,424.00		—		3092009		3122012
377372AC1	GLAXOSK CAP INC SENIOR CORP BND					1FE		7,108,040.00		103.669		7,049,517.36		6,800,000.00		7,104,031.14		(54,513.78	)		(4,009.00	)		—		—		4.85		3.67	MN		124,591.00		—		3052009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP					1FE		587,587.00		100.195		586,140.75		585,000.00		586,577.74		(436.99	)		(352.00	)		—		—		1.856		3.064	FMAN		1,418.00		4,186.00		7072008		5132010
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND					1FE		4,113,480.00		100.296		4,011,847.84		4,000,000.00		4,075,234.47		(63,386.63	)		(6,154.00	)		—		—		6.6		5.859	JJ		55,733.00		132,000.00		8142007		1152012
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					1FE		5,092,400.00		96.447		4,822,356.80		5,000,000.00		5,075,907.22		(253,550.42	)		(4,778.00	)		—		—		5.45		4.982	MN		113,542.00		—		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					1FE		12,276,600.00		104.28		12,357,180.00		11,850,000.00		12,264,542.82		92,637.18			(12,057.00	)		—		—		3.25		2.116	JD		128,375.00		—		2202009		6152012
39538FAA3	GREENPOINT BK CORP BND MTN					2FE		1,168,090.00		110.145		961,900.00		1,000,000.00		1,057,514.79		(95,614.79	)		(9,003.00	)		—		—		9.25		5.214	AO		46,250.00		—		12212005		10012010
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND					1FE		488,635.00		90.957		454,783.94		500,000.00		490,670.67		(35,886.73	)		999.00			—		—		6.75		7.721	MN		12,750.00		—		9302008		5152011
40429CCX8	HSBC FINANCE CORP CORP BND					1FE		197,781.00		88.251		176,501.27		200,000.00		198,829.09		(22,327.82	)		154.00			—		—		5.25		5.599	JJ		2,246.00		5,250.00		6302007		1142011
4042EPAA5	HSBC USA INC — GTD CORP BND GOVT GUAR					1FE		9,089,247.00		103.516		9,109,407.21		8,800,000.00		9,072,539.03		36,868.18			(16,708.00	)		—		—		3.125		1.946	JD		80,208.00		—		1282009		12162011
423328BM4	HELLER FINANCIAL INC. CORP BND					1FE		1,266,672.00		99.715		1,162,674.57		1,166,000.00		1,182,785.87		(20,111.30	)		(7,014.00	)		—		—		7.375		4.837	MN		35,830.00		—		1202006		11012009
428236AL7	HEWLETT-PACKARD COMPANY CORP BND					1FE		2,863,224.00		103.191		2,956,425.70		2,865,000.00		2,863,924.28		92,501.42			84.00			—		—		5.25		5.264	MS		12,534.00		75,206.00		2222007		3012012
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					1FE		6,596,880.00		106.289		6,377,368.02		6,000,000.00		6,581,512.82		(204,144.80	)		(15,367.00	)		—		—		6.125		3.937	MS		30,625.00		87,792.00		2052009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND					1FE		3,598,416.00		103.15		3,713,416.82		3,600,000.00		3,598,461.70		114,955.12			46.00			—		—		4.25		4.266	FA		14,875.00		—		2232009		2242012
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP					1FE		2,623,957.00		106.7		2,660,033.39		2,493,000.00		2,597,944.60		62,088.79			(7,219.00	)		—		—		5.625		4.258	FA		23,372.00		70,116.00		4292008		8012012
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR					1FE		8,132,925.00		99.017		8,416,424.77		8,500,000.00		8,430,332.00		(13,907.23	)		27,140.00			—		—		4.125		5.481	MN		131,484.00		—		6202006		11162009
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					1FE		11,100,025.00		105.735		11,493,356.47		10,870,000.00		11,070,327.40		423,029.07			(7,800.00	)		—		—		5.05		4.477	AO		242,446.00		—		3052009		10222012
459200GN5	IBM CORP CORP BND					1FE		124,559.00		110.381		137,976.07		125,000.00		124,593.81		13,382.26			19.00			—		—		6.5		6.584	AO		3,747.00		—		10092008		10152013
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND					1FE		5,658,883.00		65		3,688,750.00		5,675,000.00		5,664,883.03		(1,976,133.03	)		1,296.00			—		—		4.95		5.053	FA		46,819.00		140,456.00		1242008		2012011
46625HAJ9	JP MORGAN CHASE & CO CORP BND					1FE		6,522,813.00		100.322		6,270,120.13		6,250,000.00		6,407,661.37		(137,541.24	)		(20,146.00	)		—		—		6.75		5.29	FA		70,313.00		210,938.00		10052007		2012011
46625HGG9	JP MORGAN & COMPANY INC CORP BND					1FE		480,584.00		101.613		477,580.20		470,000.00		476,771.50		808.70			(730.00	)		—		—		5.6		4.891	JD		8,773.00		—		11282007		6012011
46625HGT1	JPMORGAN CHASE & CO CORP BND					1FE		5,222,250.00		99.679		4,983,937.85		5,000,000.00		5,171,277.59		(187,339.74	)		(11,100.00	)		—		—		5.375		4.31	AO		134,375.00		—		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND					1FE		4,986,300.00		97.367		4,868,352.90		5,000,000.00		4,988,618.44		(120,265.54	)		623.00			—		—		4.75		4.812	MN		98,958.00		—		5132008		5012013
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GU					1FE		9,993,800.00		103.535		10,353,500.00		10,000,000.00		9,994,451.87		359,048.13			489.00			—		—		3.125		3.147	JD		103,299.00		—		11262008		12012011
481247AD6	JPMORGAN CHASE BANK NA — GTD CORP BND					1FE		18,320,040.00		102.419		18,435,420.00		18,000,000.00		18,275,404.29		160,015.71			(40,172.00	)		—		—		2.625		1.69	JD		147,000.00		—		12182008		12012010
481247AG9	JPMORGAN CHASE BANK NA — GTD CORP BND					1FE		13,194,852.00		100.527		13,269,564.00		13,200,000.00		13,195,111.82		74,452.18			260.00			—		—		1.65		1.67	FA		22,990.00		—		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA — GTD CORP BND					1FE		8,974,432.00		100.935		9,063,963.00		8,980,000.00		8,974,561.32		89,401.68			129.00			—		—		2.2		2.22	JD		20,854.00		—		2182009		6152012
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		7,192,656.00		102.132		7,353,474.05		7,200,000.00		7,192,821.36		160,652.69			165.00			—		—		3.55		3.586	MS		17,750.00		—		3032009		3062012
55263ECH6	MBNA CORPORATION CORP BND					1FE		3,740,625.00		85.637		2,997,291.57		3,500,000.00		3,690,526.72		(693,235.15	)		(10,913.00	)		—		—		6.125		4.59	MS		17,865.00		107,188.00		1302008		3012013
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		113.597		4,969,879.12		4,375,000.00		4,893,458.08		76,421.04			(38,874.00	)		—		—		9.75		5.417	AO		213,281.00		—		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND					1FE		2,921,280.00		102.225		3,066,738.27		3,000,000.00		2,961,638.66		105,099.61			6,231.00			—		—		4.375		5.301	MS		5,833.00		65,625.00		8022007		9152010
589331AL1	MERCK & CO INC CORP BND					1FE		3,502,410.00		107.137		3,717,638.32		3,470,000.00		3,491,266.49		226,371.83			(1,881.00	)		—		—		5.125		4.873	MN		67,183.00		—		9102007		11152011
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		83.552		3,342,080.08		4,000,000.00		4,003,346.13		(661,266.05	)		(372.00	)		—		—		1.359		3.696	JAJO		9,818.00		37,765.00		12242008		7252011
61532YAA2	MONUMENTAL GLOBAL FUNDING II CORP BND 14					1FE		3,450,000.00		99.677		3,438,856.57		3,450,000.00		3,450,000.00		(11,143.43	)		—			—		—		1.277		5.437	MJSD		1,101.00		13,735.00		9192006		9222009
617446HC6	MORGAN STANLEY CORP BND					1FE		1,602,555.00		100.5		1,507,500.00		1,500,000.00		1,575,890.53		(68,390.53	)		(5,755.00	)		—		—		6.6		4.77	AO		49,500.00		—		1252008		4012012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		100.263		3,677,809.67		4,075,000.00		4,082,373.23		(404,563.56	)		(1,283.00	)		—		—		1.393		5.5	JAJO		11,191.00		49,492.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND					1FE		2,978,670.00		98		2,940,000.00		3,000,000.00		2,986,061.43		(46,061.43	)		1,151.00			—		—		5.625		5.809	JJ		38,438.00		84,375.00		8142007		1092012
61757UAA8	MORGAN STANLEY-GTD CORP BND					1FE		9,040,874.00		102.875		9,052,999.30		8,800,000.00		9,018,767.43		34,231.87			(22,106.00	)		—		—		2.9		1.387	JD		84,358.00		—		1282009		12012010
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		27,806,810.00		100.164		28,045,918.32		28,000,000.00		27,811,224.63		234,693.69			4,415.00			—		—		1.95		2.168	JD		107,683.00		—		3032009		6202012
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND					1		3,690,033.00		106.093		3,578,669.02		3,470,000.00		3,520,226.31		58,442.71			(20,957.00	)		—		—		7.75		5.193	MN		112,052.00		—		2152007		11012009
64944QAA5	NEW YORK COMMUNITY BANK — GTD CORP BND					1FE		12,355,630.00		102.837		12,391,859.22		12,050,000.00		12,351,252.62		40,606.60			(4,377.00	)		—		—		3		2.045	JD		104,433.00		—		3202009		12162011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		102.183		7,663,732.88		7,500,000.00		7,655,112.45		8,620.43			43.00			—		—		5.5		4.962	FA		52,708.00		97,319.00		3232009		8152013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		5,619,206.00		102.33		5,756,073.35		5,625,000.00		5,619,351.92		136,721.43			146.00			—		—		4.125		4.148	FA		32,871.00		—		2042009		2102014
68389XAB1	ORCALE CORP CORP BND					1FE		6,378,372.00		99.278		6,338,900.30		6,385,000.00		6,380,866.36		(41,966.06	)		908.00			—		—		1.298		4.787	FMAN		10,586.00		35,776.00		7312008		5142010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND					1FE		5,412,790.00		105.311		5,607,826.45		5,325,000.00		5,411,878.94		195,947.51			(1,105.00	)		—		—		4.95		4.498	AO		121,543.00		—		3052009		4152013
68402LAE4	ORACLE CORP CORP BND					1		6,126,037.00		104.785		6,313,314.86		6,025,000.00		6,090,376.16		222,938.70			(8,746.00	)		—		—		5		4.361	JJ		63,597.00		150,625.00		3062008		1152011
693476AV5	PNC FUNDING CORP CORP BND					1FE		4,144,253.00		99.721		4,113,486.54		4,125,000.00		4,134,513.20		(21,026.66	)		(2,442.00	)		—		—		4.5		4.247	MS		10,828.00		92,813.00		4302008		3102010
69351CAC7	PNC FUNDING CORP — GTD CORP BND GOVT GUA					1FE		24,515,075.00		101.346		24,829,770.26		24,500,000.00		24,515,256.07		314,514.19			97.00			—		—		2.3		2.28	JD		154,963.00		—		2252009		6222012
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP					1FE		1,742,958.00		97.781		1,760,058.32		1,800,000.00		1,757,772.71		2,285.61			4,572.00			—		—		1.457		3.927	MJSD		656.00		7,985.00		6042008		6222011
713448BK3	PEPSICO INC SENIOR CORP BND					1FE		19,458,660.00		101.221		19,738,188.79		19,500,000.00		19,459,275.92		278,912.87			616.00			—		—		3.75		3.797	MS		58,906.00		—		2252009		3012014
717081CZ4	PFIZER INC. CORP BND					1FE		499,315.00		102.632		513,157.54		500,000.00		499,319.50		13,838.04			5.00			—		—		4.45		4.5	MS		433.00		—		3172009		3152012
717081DC4	PFIZER INC. CORP BND					1FE		1,575,000.00		102.017		1,606,767.72		1,575,000.00		1,575,000.00		31,767.72			—			—		—		3.25		3.25	MJSD		1,138.00		—		3172009		3152011

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST										DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20			21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		101.479		6,215,560.02		6,125,000.00		6,110,769.49		104,790.53			770.00			—		—			4.875		4.938	MN		111,973.00		—			5132008		5162013
718507BQ8	CONOCOPHILLIPS CORP BND							1FE		5,386,576.00		107.091		5,290,300.50		4,940,000.00		5,154,097.83		136,202.67			(44,934.00	)		—		—			8.75		4.822	MN		151,288.00		—			7302008		5252010
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A							1FE		2,898,386.00		94.17		2,716,809.03		2,885,000.00		2,888,651.54		(171,842.51	)		(1,323.00	)		—		—			1.304		5.399	JAJO		7,944.00		36,587.00			2022007		1152010
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO					1		1FE		915,000.00		98.983		905,694.47		915,000.00		915,000.00		(9,305.53	)		—			—		—			2.206		3.776	MJSD		1,122.00		6,802.00			3052008		3122010
771196AN2	ROCHE HOLDINGS INC CORP BND 144A							1FE		12,607,823.00		103.203		13,081,027.03		12,675,000.00		12,609,864.97		471,162.06			2,042.00			—		—			4.5		4.69	MS		57,038.00		—			2182009		3012012
771196AX0	ROCHE HOLDINGS INC CORP BND 144A							1FE		1,500,000.00		99.823		1,497,344.97		1,500,000.00		1,500,000.00		(2,655.03	)		—			—		—			3.25		3.249	FMAN		4,739.00		—			2202009		2252011
78387GAN3	AT&T INC CORP BND							1FE		8,073,849.00		101.106		8,366,491.88		8,275,000.00		8,242,213.42		124,278.46			17,522.00			—		—			4.125		5.02	MS		15,171.00		170,672.00			6032008		9152009
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND							1FE		1,677,383.00		95		1,591,250.00		1,675,000.00		1,676,700.73		(85,450.73	)		(365.00	)		—		—			4.875		4.761	MS		2,949.00		40,828.00			12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND							1FE		49,806.00		98.613		47,500.00		50,000.00		49,898.90		(2,398.90	)		17.00			—		—			4.875		5.029	FA		311.00		1,219.00			12052007		8152010
828807BU0	SIMON PROPERTY GROUP INC. CORP BND							1FE		3,232,168.00		90		2,902,500.00		3,225,000.00		3,228,659.23		(326,159.23	)		(179.00	)		—		—			5.6		5.546	MS		15,050.00		90,300.00			12242008		9012011
842587AB3	SOUTHERN COMPANY CORP BND							1FE		3,225,440.00		102.128		3,268,094.72		3,200,000.00		3,217,588.97		50,505.75			(1,455.00	)		—		—			5.3		5.086	JJ		35,804.00		84,800.00			10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND							3FE		1,045,000.00		99.869		1,043,631.08		1,045,000.00		1,045,000.00		(1,368.92	)		—			—		—			1.951		3.511	FMAN		2,266.00		7,791.00			8132008		8202010
85744RAA0	STATE STREET CORPORATION — (LT CORP BND							1FE		11,894,288.00		100.88		12,004,720.60		11,900,000.00		11,894,379.72		110,340.88			92.00			—		—			1.85		1.875	MS		6,727.00		—			3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND							1FE		1,101,890.00		89.587		1,021,291.45		1,140,000.00		1,110,269.40		(88,977.95	)		2,527.00			—		—			1.274		3.897	JAJO		2,462.00		10,386.00			4302008		4302012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		7,938,552.00		100.846		8,017,257.64		7,950,000.00		7,938,750.84		78,506.80			199.00			—		—			2.15		2.197	AO		11,870.00		—			3032009		4302012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		5,073,436.00		103.127		5,120,250.93		4,965,000.00		5,022,866.04		97,384.89			(6,381.00	)		—		—			5.45		4.867	MN		99,969.00		—			2282007		5182011
90333WAA6	US BANK NA CORP BND							1FE		1,439,603.00		103.981		1,429,737.32		1,375,000.00		1,424,605.01		5,132.31			(4,947.00	)		—		—			6.375		4.725	FA		14,609.00		43,828.00			9302008		8012011
908068AG4	UNION PLANTERS CORP BND							1FE		1,093,100.00		94.971		949,708.71		1,000,000.00		1,042,615.88		(92,907.17	)		(5,182.00	)		—		—			7.75		5.378	MS		6,458.00		38,750.00			9072006		3012011
91159HGJ3	US BANCORP CORP BND							1FE		4,538,500.00		99.926		4,471,682.45		4,475,000.00		4,515,184.76		(43,502.31	)		(7,281.00	)		—		—			4.5		3.8	JJ		34,681.00		100,688.00			6052008		7292010
91159HGP9	US BANCORP CORP BND MTN							1FE		1,365,000.00		97.556		1,331,639.40		1,365,000.00		1,365,000.00		(33,360.60	)		—			—		—			1.636		3.17	FMAN		3,349.00		10,836.00			5012008		5062010
913017BD0	UNITED TECHNOLOGIES CORP CORP BND							1FE		10,673,578.00		106.667		10,666,655.00		10,000,000.00		10,663,443.35		3,211.65			(10,134.00	)		—		—			6.35		2.767	MS		52,917.00		—			3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.00		107.08		824,518.19		770,000.00		795,627.34		28,890.85			(1,879.00	)		—		—			6.1		4.936	MN		17,744.00		—			9242008		5152012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,008.00		102.582		4,426,415.98		4,315,000.00		4,399,342.69		27,073.29			(10,608.00	)		—		—			5.35		4.254	FA		29,498.00		115,426.00			5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND							1FE		4,955,062.00		105.59		4,857,158.46		4,600,000.00		4,850,905.89		6,252.57			(25,468.00	)		—		—			7.25		3.837	JD		111,167.00		—			3132009		12012010
92344SAH3	CELLCO PARTNERSHIP CORP BND 144A							1FE		596,767.00		106.81		587,454.07		550,000.00		595,761.84		(8,307.77	)		(1,005.00	)		—		—			7.375		5.32	MN		14,648.00		—			2122009		11152013
92344SAL4	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		13,537,391.00		99.879		13,608,498.88		13,625,000.00		13,539,751.36		68,747.52			2,360.00			—		—			5.55		5.7	FA		119,730.00		—			1302009		2012014
92344SAM2	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		5,880,707.00		101.073		5,963,329.84		5,900,000.00		5,881,630.89		81,698.95			924.00			—		—			5.25		5.37	FA		49,044.00		—			1302009		2012012
92976FBD4	WACHOVIA BANK NA CORP BND							1FE		1,403,177.00		96.486		1,352,923.94		1,415,000.00		1,409,047.55		(56,123.61	)		1,290.00			—		—			1.309		5.472	FMAN		1,800.00		8,019.00			1312008		5252010
92976WBA3	WACHOVIA CORPORATION SENIOR CORP BND							1FE		4,747,500.00		93.163		4,192,341.98		4,500,000.00		4,700,482.66		(508,140.68	)		(10,313.00	)		—		—			5.7		4.556	FA		42,750.00		128,250.00			1312008		8012013
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.00		105.987		6,597,684.09		6,225,000.00		6,203,840.44		393,843.65			1,127.00			—		—			4.875		4.963	FA		50,578.00		163,536.00			7142008		8012013
949744AA4	WELLS FARGO & COMPANY — GTD CORP BND GOV							1FE		5,293,799.00		103.306		5,475,217.58		5,300,000.00		5,293,799.00		181,418.58			—			—		—			3		3.658	JD		49,025.00		—			12032008		12092011
949744AC0	WELLS FARGO & COMPANY — GTD CORP BND							1FE		829,784.00		100.738		836,125.39		830,000.00		829,784.28		6,341.11			—			—		—			2.125		2.134	JD		49.00		—			3252009		6152012
949746JD4	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		8,768,395.00		100.15		8,686,071.01		8,770,000.00		8,769,650.31		(83,579.30	)		179.00			—		—			1.42		5.467	MJSD		5,535.00		46,471.00			8102007		9152009
949746NW7	WELLS FARGO FINANCIAL INC CORP BND							1FE		6,013,197.00		96.148		5,788,114.84		6,020,000.00		6,014,978.81		(226,863.97	)		314.00			—		—			5.25		5.276	AO		138,711.00		—			10162007		10232012
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		797,552.00		92.961		743,687.50		800,000.00		798,076.19		(54,388.69	)		114.00			—		—			4.375		4.444	JJ		5,931.00		17,500.00			1252008		1312013
949748AE7	WELLS FARGO BANK CORP BND							1FE		257,200.00		101.137		252,842.87		250,000.00		255,215.41		(2,372.54	)		(1,018.00	)		—		—			7.55		5.756	JD		5,243.00		—			9302008		6212010
949748AF4	WELLS FARGO BANK CORP BND							1FE		2,103,060.00		99.388		1,987,758.79		2,000,000.00		2,062,116.44		(74,357.65	)		(7,986.00	)		—		—			6.45		4.665	FA		21,500.00		64,500.00			12052007		2012011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		5,709,540.00		98.018		5,881,086.72		6,000,000.00		5,881,833.82		(747.10	)		17,624.00			—		—			3.98		5.299	AO		100,827.00		—			9072006		10292010
98151GAA3	WACHOVIA CORP BND							1FE		1,460,415.00		100.317		1,504,754.19		1,500,000.00		1,492,279.64		12,474.55			2,658.00			—		—			4.125		4.877	JD		18,219.00		—			1202006		12152009
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			O				1FE		2,371,593.00		102.922		1,770,286.19		1,200,000.00		2,488,460.84		(718,174.65	)		(721.00	)		—		(5,091.00	)		5.75		5.536	FEB		9,213.00		99,101.00			1152008		2262010
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				1FE		742,349.00		102.344		770,147.57		525,000.00		742,403.51		27,744.06			55.00			—		5,058.00			5.5		5.634	MAR		3,175.00		—			2252009		3042015
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		437,543.00		106.414		441,619.98		415,000.00		433,388.46		8,231.52			(1,676.00	)		—		—			6.375		4.508	AO		12,199.00		—			8132008		10152011
136375BJ0	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		259,779.00		100.733		261,904.64		260,000.00		259,956.34		1,948.30			32.00			—		—			4.25		4.301	FA		1,842.00		5,525.00			12042007		8012009
20825UAB0	CONOCO INC CORP BND			F				1FE		1,491,704.00		107.485		1,504,791.93		1,400,000.00		1,466,600.52		38,191.41			(6,085.00	)		—		—			6.35		4.35	AO		40,993.00		—			4212008		10152011
780085LP9	ROYAL BANK OF CANADA SENIOR CORP BND			F				1FE		2,408,128.00		105.247		2,442,785.22		2,321,000.00		2,382,293.70		60,491.52			(6,256.00	)		—		—			5.65		4.431	JJ		25,863.00		65,568.00			7092008		7202011
055654AB3	SANT CENTR HISP SUB CORP BND			F				1FE		5,268,216.00		100.43		4,870,834.29		4,850,000.00		5,083,439.85		(212,605.56	)		(38,379.00	)		—		—			7.625		4.171	MS		17,463.00		184,906.00			1092008		9142010
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				1FE		1,355,000.00		97.115		1,315,908.22		1,355,000.00		1,355,000.00		(39,091.78	)		—			—		—			1.716		3.126	MJSD		1,809.00		9,011.00			5282008		6042010
05567LWH6	BNP PARIBAS CORP BND			F				2FE		545,000.00		97.482		531,276.91		545,000.00		545,000.00		(13,723.09	)		—			—		—			1.613		3.137	MJSD		537.00		3,419.00			9052008		3102010
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				1FE		826,755.00		108.283		783,803.50		750,000.00		775,669.09		8,134.41			(5,086.00	)		—		—			8.5		5.524	JD		18,771.00		—			2132006		6152010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		2,624,706.00		99.92		2,582,933.73		2,585,000.00		2,613,281.65		(30,347.92	)		(4,384.00	)		—		—			5		4.254	AO		60,676.00		—			7312008		10122010
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1FE		19,954,400.00		101.996		20,399,200.40		20,000,000.00		19,971,508.80		427,691.60			3,618.00			—		—			3.25		3.329	FA		83,056.00		325,000.00			1072008		2152011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00		102.564		3,999,996.12		3,900,000.00		3,889,665.56		110,330.56			959.00			—		—			3.25		3.36	AO		58,798.00		—			8262008		10142011
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00		107.128		5,838,458.02		5,450,000.00		5,745,315.58		93,142.44			(36,158.00	)		—		—			7.75		4.756	MS		35,198.00		211,188.00			2252008		3012011
44977GHB0	ING BANK INTERNATIONALE NEDERL CORP BND			F				2FE		2,550,000.00		99.986		2,549,645.55		2,550,000.00		2,550,000.00		(354.45	)		—			—		—			1.569		3.132	FMAN		4,000.00		16,117.00			8152008		8242009
45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				1FE		4,683,362.00		102.758		4,829,626.14		4,700,000.00		4,686,258.86		143,367.28			766.00			—		—			3.5		3.577	MN		62,144.00		—			4212008		5152013
500769CK8	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		28,000,000.00		101.068		28,299,040.00		28,000,000.00		28,000,000.00		299,040.00			—			—		—			4.5		4.5	MS		35,000.00		630,000.00			9122007		9212009
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		3,192,160.00		103.455		3,310,560.00		3,200,000.00		3,194,075.47		116,484.53			627.00			—		—			3.75		3.837	JD		31,333.00		—			6192008		6272011
69512EGM1	SCOTTISH POWER PLC SECURED CORP BND MTN			F				1FE		415,940.00		100.755		403,020.17		400,000.00		402,973.14		47.03			(2,534.00	)		—		—			7		4.381	JJ		5,911.00		14,000.00			12062007		7152009
74977RAQ7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		2,700,000.00		100.033		2,700,000.00		2,700,000.00		2,700,000.00		—			—			—		—			1.413		5.01	JAJO		9,005.00		29,032.00			3242006		4062009
809326AC5	SCOTLAND INTERNATIONAL FINANCE SUB CORP			F				1FE		489,340.00		96.118		480,592.27		500,000.00		492,050.17		(11,457.90	)		1,360.00			—		—			7.7		8.956	FA		4,919.00		19,250.00			9302008		8152010
822582AA0	SHELL INTL FINAN CORP BND			F				1FE		3,910,694.00		107.317		4,078,032.70		3,800,000.00		3,867,936.15		210,096.55			(7,114.00	)		—		—			5.625		4.773	JD		55,813.00		—			9102007		6272011
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00		103.758		5,187,915.00		5,000,000.00		5,106,084.65		81,830.35			(29,061.00	)		—		—			7.75		5.236	FA		49,514.00		193,750.00			2272007		2152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			F				1FE		2,968,684.00		88.962		2,691,100.20		3,025,000.00		2,974,853.47		(283,753.27	)		3,352.00			—		—			5.4		5.929	AO		81,675.00		—			12242008		10012012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00		91.958		914,977.93		995,000.00		988,315.15		(73,337.22	)		981.00			—		—			4.375		4.811	MN		16,445.00		—			5202008		11152010
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00		103.949		1,415,458.48		950,000.00		1,879,231.62		(463,773.14	)		(202.00	)		—		(4,128.00	)		6.25		6.087	JUL		57,825.00		—			5062008		7272010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,691.00		89.56		513,481.58		400,000.00		827,865.36		(314,383.78	)		15.00			—		(1,763.00	)		6.375		6.387	FA		4,706.00		18,511.00			11282007		8132017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00		105.491		4,989,762.93		3,300,000.00		6,552,775.82		(1,563,012.89	)		2,040.00			—		(15,026.00	)		4.875		4.978	MAR		15,794.00		194,598.00			4222008		3072012
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,140,525.00		106.522		3,053,666.17		2,000,000.00		4,141,531.35		(1,087,865.18	)		89.00			—		(8,825.00	)		5.25		5.193	JAN		32,574.00		155,831.00			11282007		1122012
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00		103.778		311,334.02		300,000.00		297,138.77		14,195.25			429.00			—		—			4.75		5.324	NOV		5,898.00		—			6302007		11022010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		101.514		4,162,074.33		4,100,000.00		4,100,113.89		61,960.44			96.00			—		—			3.125		3.099	JUN		112,465.00		—			7092008		6152011
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				1FE		693,074.00		99.784		698,491.33		700,000.00		697,808.26		683.07			666.00			—		—			4.875		5.218	JAN		6,732.00		34,125.00			6302007		1192010
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00		97.936		1,895,092.15		1,350,000.00		2,613,389.21		(718,297.06	)		1,028.00			—		(6,145.00	)		5.25		5.406	APR		96,022.00		—			1142008		4212015
G1081JAE1	TRANSCO PLC CORP BND 144A			D				1FE		1,573,472.00		100.946		1,157,528.08		800,000.00		1,596,021.92		(438,493.84	)		3,275.00			—		(4,428.00	)		5.375		6.159	DEC		19,517.00		—			6302007		12072009
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00		101.045		1,303,492.43		900,000.00		1,879,237.74		(575,745.31	)		(2,153.00	)		—		(3,333.00	)		6.8		6.176	NOV		29,728.00		—			11282007		11292010
G3775BEA9	GE CAPITAL UK FUNDING CORP BND			D				1FE		1,871,625.00		98.084		1,265,303.99		900,000.00		1,867,754.49		(602,450.50	)		(387.00	)		—		(3,849.00	)		5.875		5.596	APR		70,182.00		—			11282007		4262010
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00		95.165		1,841,473.65		1,350,000.00		2,640,192.05		(798,718.40	)		3,457.00			—		(6,851.00	)		5.75		6.218	JUN		84,743.00		—			1142008		6272017
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00		97.844		1,374,397.75		980,000.00		1,979,079.81		(604,682.06	)		2,904.00			—		(5,092.00	)		4.625		5.35	FA		10,145.00		32,538.00			11282007		2032013
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT			D				1FE		1,695,757.00		75		956,761.13		890,000.00		1,721,609.18		(764,848.05	)		6,744.00			—		(5,606.00	)		6		7.923	FEB		11,324.00		78,677.00			6192008		2062012
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00		108.285		1,474,499.94		950,000.00		1,963,763.51		(489,263.57	)		(4,198.00	)		—		(3,080.00	)		5.5		4.437	DEC		23,596.00		—			3102008		12072011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00		96.568		675,976.01		700,000.00		692,644.74		(16,668.73	)		678.00			—		—			5		5.388	OCT		17,208.00		—			6302007		10042011
N0265DAF3	ABN AMRO BANK N.V. SENIOR CORP BND			D				1FE		709,150.00		100.039		501,866.40		350,000.00		718,447.42		(216,581.02	)		1,415.00			—		(1,959.00	)		4.875		5.899	JAN		4,757.00		23,826.00			11282007		1202010
N7278VTA4	RABOBANK NEDERLAND NV CORP BND			D				1FE		2,041,264.00		101.084		1,448,880.63		1,000,000.00		2,063,016.25		(614,135.62	)		4,096.00			—		(5,635.00	)		4.75		5.521	SEP		34,135.00		—			11282007		9302009
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE		1,733,854.00		102.071		1,280,156.85		875,000.00		1,752,129.72		(471,972.87	)		4,279.00			—		(5,046.00	)		4.625		5.637	AUG		36,075.00		—			3132008		8172010
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			D				1FE		1,703,032.00		101.629		1,238,196.95		850,000.00		1,726,293.99		(488,097.04	)		4,271.00			—		(4,974.00	)		4.625		5.761	DEC		16,982.00		—			11282007		12132010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		896,199.00		88.49		570,767.85		450,000.00		900,565.40		(329,797.55	)		798.00			—		(2,157.00	)		5.5		6.058	DEC		10,011.00		—			11282007		12192016
030610AC3	AMCAR 06-AF ABS 06-AF-A3					2		1FE		1,041,617.00		99.4		1,035,573.10		1,041,824.00		1,041,804.38		(6,231.28	)		5.00			—		—			5.56		5.635	MON		4,023.00		14,481.00			7112006		9062011
030612AB1	AMCAR 06-RM ABS 06-RM A2					2		1FE		1,115,989.00		94.735		1,057,428.56		1,116,196.00		1,116,147.73		(58,719.17	)		7.00			—		—			5.42		5.488	MON		4,201.00		15,124.00			5092006		8062011
055670AC7	BMWOT ABS 06-A A3					2		1FE		1,185,088.00		100.05		1,188,323.00		1,187,872.00		1,187,340.92		982.08			28.00			—		—			5.13		5.352	MON		1,016.00		20,313.00			6252007		9272010
07388GAA9	BSABS ABS 06-3-A1					2		1FE		1,474,836.00		78.49		1,157,598.69		1,474,836.00		1,474,835.89		(317,237.20	)		—			—		—			0.672		0.673	MON		193.00		2,167.00			8082006		8252036
12668HAB6	CWL ABS 06-26-2A1					2		1FE		1,635,309.00		89		1,455,311.59		1,635,182.00		1,635,218.09		(179,906.50	)		(12.00	)		—		—			0.602		0.598	MON		191.00		2,120.00			1292007		1252010
13974AAD4	CARAT ABS 06-SN1A 144A					2		1FE		—		0		—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
23383VDJ6	DCAT ABS 06-A					2		1FE		219,600.00		99.685		221,103.51		220,902.00		220,858.01		245.50			62.00			—		—			5		5.387	MON		706.00		2,761.00			7312006		5082010
23383VDK3	DCAT ABS 06-A A4					2		1FE		4,124,001.00		99.859		4,119,183.75		4,125,000.00		4,124,931.91		(5,748.16	)		82.00			—		—			5.01		5.071	MON		13,203.00		51,666.00			2282006		1082011

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
23383WAC2	DCAT06-B ABS 06-B				2		1FE		136,427.00		100.246		135,132.60		135,254.00		135,542.63		(410.03	)		(153.00	)		—		—		5.33		4.217	MON		461.00		1,802.00		1302008		8082009
23383WAD0	DCAT 06-B ABS 06-B				2		1FE		1,375,555.00		99.233		1,389,262.00		1,400,000.00		1,392,164.25		(2,902.25	)		8,432.00			—		—		5.38		7.995	MON		4,812.00		18,830.00		9292008		3082011
233875AC7	DCAT 06-C ABS 06-C-A4				2		1FE		3,943,905.00		99.48		3,964,278.00		3,985,000.00		3,976,896.57		(12,618.57	)		5,023.00			—		—		4.98		5.563	MON		12,679.00		49,613.00		7112007		11082011
34528AAD1	FORD CREDIT AUTO OWNER TRUST F ABS 06-B				2		1FE		2,294,572.00		100.405		2,293,926.61		2,284,674.00		2,286,962.95		6,963.66			(896.00	)		—		—		5.26		4.901	MON		5,341.00		30,043.00		1302008		9152009
34528CAD7	FORDO ABS 06-C A3				2		1FE		911,386.00		100.459		903,777.60		899,648.00		902,557.73		1,219.87			(806.00	)		—		—		5.16		4.212	MON		2,063.00		11,605.00		1302008		11152009
34528CAE5	FORDO ABS 06-C A4A				2		1FE		6,099,791.00		99.376		6,111,624.00		6,150,000.00		6,128,278.15		(16,654.15	)		4,640.00			—		—		5.15		5.537	MON		14,077.00		79,181.00		8232007		2152012
34528XAB5	FORDO ABS 08-C A2A				2		1FE		1,102,284.00		98.74		1,103,873.01		1,117,959.00		1,109,372.71		(5,499.70	)		1,786.00			—		—		3.72		5.491	MON		1,848.00		10,397.00		10062008		1152011
36297A3K7	GNMA 15YR				2		1		1,442,827.00		0		1,444,035.80		1,381,728.00		1,442,826.79		1,209.01			—			—		—		5		3.511	MON		2,879.00		—		3262009		1152024
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A				2		1FE		1,928,189.00		97.993		1,948,151.87		1,985,904.00		1,958,398.19		(10,246.32	)		2,164.00			—		—		3.76		4.734	MON		3,319.00		18,667.00		7312006		12172012
438125AC0	HAROT 07-1 ABS 07-1-A3				2		1FE		6,900,367.00		100.805		6,993,073.74		6,937,229.00		6,925,727.09		67,346.65			1,327.00			—		—		5.1		5.446	MON		12,776.00		88,450.00		8232007		3182011
43812QAC4	HAROT 06-2 ABS 06-2-A3				2		1FE		775,221.00		100.227		777,878.41		774,779.00		774,932.11		2,946.30			(139.00	)		—		—		5.3		5.212	MON		1,141.00		10,266.00		1302008		6212009
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3				2		1FE		8,895,782.00		101.148		8,954,546.95		8,852,915.00		8,876,671.63		77,875.32			(4,048.00	)		—		—		5.46		5.088	MON		13,427.00		120,867.00		9042008		6212010
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE				2		1FE		1,803,451.00		92.38		1,666,028.06		1,803,451.00		1,803,451.03		(137,422.97	)		—			—		—		0.572		0.573	MON		201.00		2,204.00		1112007		11252036
65475CAD4	NAROT ABS 2006-B A4				2		1FE		1,133,244.00		100.784		1,152,385.21		1,143,421.00		1,138,252.29		14,132.92			2,310.00			—		—		5.22		6.306	MON		2,653.00		14,922.00		9292008		11152011
65475FAD7	NAROT ABS 08-A A3				2		1FE		1,504,830.00		100.637		1,514,586.85		1,505,000.00		1,504,930.04		9,656.81			22.00			—		—		3.89		3.928	MON		2,602.00		14,636.00		1152008		8152011
903278CL1	USAA AUTO OWNER TR ABS 05-4 A4				2		1FE		2,708,119.00		101.55		2,729,743.43		2,703,894.00		2,704,895.94		24,847.49			493.00			—		—		4.89		4.896	MON		5,876.00		33,055.00		12132005		12152010
903278CQ0	USAA AUTO OWNER TR ABS 06-1				2		1FE		122,802.00		100.09		122,930.46		122,820.00		122,819.34		111.12			1.00			—		—		5.01		5.069	MON		273.00		1,538.00		2142006		9152010
90327AAB0	USAOT ABS 08-2 A2				2		1FE		1,327,172.00		100.522		1,334,138.67		1,327,211.00		1,327,195.81		6,942.86			13.00			—		—		3.91		3.945	MON		2,306.00		12,973.00		4222008		1152011
90327KAB8	USAOT ABS 08-3				2		1FE		3,199,690.00		100.22		3,207,040.00		3,200,000.00		3,199,842.50		7,197.50			106.00			—		—		3.58		3.617	MON		5,092.00		28,640.00		7152008		3152011
90327LAC4	USAOT ABS 06-4 A3				2		1FE		684,744.00		100.986		681,985.13		675,326.00		678,656.73		3,328.40			(811.00	)		—		—		5.01		3.842	MON		1,504.00		8,458.00		2052008		1152010
90327MAB4	USAOT 08-1 ABS 08-1-A2				2		1FE		708,643.00		100.302		710,822.98		708,683.00		708,674.23		2,148.75			3.00			—		—		4.27		4.313	MON		1,345.00		7,565.00		1092008		10152010
90327PAC5	USAOT ABS 07-1				2		1FE		9,122,939.00		101.478		9,226,194.57		9,091,818.00		9,109,765.21		116,429.36			(3,247.00	)		—		—		5.43		5.163	MON		21,942.00		123,421.00		9042008		6152010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS 07-B				2		1FE		5,825,760.00		101.854		5,933,917.01		5,825,905.00		5,825,833.40		108,083.61			40.00			—		—		5.28		5.34	MON		13,671.00		76,902.00		9172007		1172012
007036EP7	ARMT WHOLE CMO 04-5 2A1				2		1FE		507,724.00		55.36		456,788.50		517,097.00		507,950.29		(51,161.79	)		90.00			—		—		5.002		5.433	MON		2,155.00		6,463.00		8102007		4252035
02660BAA0	AHMA 07-1 CMO 07-1 A1				2		1FE		7,358,309.00		29.51		5,632,204.68		7,563,748.00		7,360,229.96		(1,728,025.28	)		(8,099.00	)		—		—		2.333		2.714	MON		14,705.00		51,887.00		10232007		2252047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO				2		1FE		6,361,297.00		41.327		4,887,868.03		6,438,000.00		6,362,003.31		(1,474,135.28	)		(3,036.00	)		—		—		2.603		2.804	MON		13,967.00		48,509.00		10162007		10252046
02660UAE0	AHMA 06-3 WHOLE CMO 06-3 2A11				2		1FE		4,060,404.00		27.812		3,070,786.68		4,115,632.00		4,060,891.23		(990,104.55	)		(2,234.00	)		—		—		2.573		2.768	MON		8,826.00		30,690.00		2012009		10252046
041239AE4	ARKLE 06-1A CMO 06-1A-3A 144A				2		1FE		4,400,688.00		97.67		4,297,480.00		4,400,000.00		4,400,121.36		(102,641.36	)		(76.00	)		—		—		1.288		1.282	FMAN		6,767.00		24,724.00		7112007		8172009
05948XYC9	BOAMS WHOLE CMO 03-J-2A1				2		1FE		101,455.00		62.7		64,534.93		102,927.00		101,481.09		(36,946.16	)		1.00			—		—		5.288		5.636	MON		454.00		1,362.00		11302007		11252033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2				2		1FE		4,005,033.00		64.772		2,630,928.77		4,061,835.00		4,006,028.37		(1,375,099.60	)		239.00			—		—		4.92		5.207	MON		16,654.00		49,945.00		10192006		8252035
07384M3D2	BSARM WHOLE CMO 04-9 22A1				2		1FE		2,331,515.00		73.31		1,742,338.38		2,376,672.00		2,332,282.59		(589,944.21	)		46.00			—		—		4.793		5.338	MON		9,492.00		28,461.00		8132007		11252034
07384MK27	BSARM WHOLE CMO 04-1 21A1				2		1FE		629,043.00		66.579		426,403.00		640,451.00		629,231.10		(202,828.10	)		11.00			—		—		4.861		5.364	MON		2,594.00		7,918.00		8102007		4252034
07387AAW5	BSARM WHOLE CMO 05-3 2A1				2		3FE		1,979,307.00		57.829		1,166,111.42		2,016,486.00		1,979,910.37		(813,798.95	)		77.00			—		—		5.075		5.481	MON		8,528.00		25,597.00		8102007		6252035
07387AEG6	BSARM WHOLE CMO 05-9				2		1FE		2,702,276.00		60.354		1,657,419.36		2,746,150.00		2,703,092.27		(1,045,672.91	)		228.00			—		—		4.625		4.975	MON		10,584.00		31,752.00		1062006		10252035
07389KAA9	BSA 20-701 WHOLE CMO 20-701 1A1				2		1FE		5,898,625.00		43		3,855,671.58		5,906,902.00		5,898,142.13		(2,042,470.55	)		1,593.00			—		—		6.14		6.167	MON		30,222.00		90,974.00		9172007		9252047
12667GY98	CWALT WHOLE CMO 05-38 A1				2		1FE		330,802.00		67.059		253,784.81		331,216.00		330,793.09		(77,008.28	)		1.00			—		—		3.133		3.141	MON		865.00		2,935.00		8062007		9252035
12668AZL2	CWALT CMO 2005-64CB 1A1				2		4FE		1,556,694.00		72		1,403,963.16		1,586,945.00		1,557,565.08		(153,601.92	)		(3,417.00	)		—		—		5.5		5.853	MON		7,274.00		21,821.00		1022008		10252035
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5				2		1FE		2,015,808.00		66.51		1,786,191.37		2,048,585.00		2,016,336.84		(230,145.47	)		27.00			—		—		5.266		5.794	MON		8,990.00		27,043.00		8142007		2192034
12669G3U3	CWHL WHOLE CMO 05-16 A26				2		1FE		317,793.00		91		292,020.41		320,902.00		318,669.19		(26,648.78	)		407.00			—		—		5.5		6.193	MON		1,471.00		4,412.00		4042008		9252035
12669GBA8	CWHL WHOLE CMO 04-HYB6				2		1FE		642,754.00		54.13		578,427.47		657,812.00		643,031.52		(64,604.05	)		25.00			—		—		4.537		5.112	MON		2,487.00		7,463.00		8102007		11202034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1				2		4FE		2,315,161.00		55.21		1,942,809.70		2,364,294.00		2,316,043.71		(373,234.01	)		124.00			—		—		4.895		5.351	MON		9,645.00		28,957.00		8102007		8202035
15132EFD5	CDMC WHOLE CMO 03-8 2A3				2		1FE		1,852,994.00		97.119		1,841,032.09		1,895,646.00		1,858,929.19		(17,897.10	)		3,064.00			—		—		4.91		6.133	MON		7,756.00		23,263.00		4172008		10252033
161505EY4	CCMSC SENIOR CMBS 2000-2 A2				2		1FE		725,730.00		100.842		705,894.39		700,000.00		713,651.70		(7,757.31	)		(5,417.00	)		—		—		7.631		4.455	MON		4,451.00		13,354.00		9042008		6152010
16162WLN7	CHASE WHOLE CMO 05-S2 A2`				2		1FE		287,798.00		99.522		289,223.65		290,614.00		288,711.72		511.93			434.00			—		—		5.5		6.256	MON		1,332.00		3,996.00		4042008		10252035
161630AG3	CHASE CMO 07-A1-2A1				2		1FE		4,779,317.00		71.816		3,494,017.05		4,865,219.00		4,779,361.03		(1,285,343.98	)		233.00			—		—		4.135		4.56	MON		16,764.00		50,289.00		2222007		2252037
161630AL2	CHASE WHOLE CMO 07-A1 3A1				2		1FE		2,757,169.00		62.82		1,749,411.09		2,784,800.00		2,757,465.40		(1,008,054.31	)		82.00			—		—		4.825		5.034	MON		11,196.00		33,590.00		5172007		2252037
161630AQ1	CHASE CMO 07-A1 5A1				2		1FE		711,783.00		65.853		477,003.47		724,346.00		712,049.05		(235,045.58	)		24.00			—		—		4.16		4.664	MON		2,511.00		7,541.00		5082007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1				2		1FE		1,418,464.00		63.27		911,960.94		1,441,380.00		1,419,030.05		(507,069.11	)		227.00			—		—		4.605		5.061	MON		5,532.00		16,594.00		5172007		2252037
161630BD9	CHASE WHOLE CMO 07-A1 11M1				2		1FE		7,341,242.00		54.781		3,983,500.92		7,271,650.00		7,338,515.64		(3,355,014.72	)		(126.00	)		—		—		5.428		5.142	MON		32,891.00		98,714.00		1182008		2012037
172973XT1	CMSI WHOLE CMO 04-4 A3				2		1FE		1,104,690.00		98.051		1,094,097.69		1,115,848.00		1,107,229.55		(13,131.86	)		2,051.00			—		—		5.25		5.976	MON		4,882.00		14,646.00		4172008		6252034
23243VAB6	CWALT 06-OC7 WHOLE CMO 06-OC7-2A1				2		1FE		1,434,300.00		99.99		1,329,278.83		1,434,300.00		1,434,299.61		(105,020.78	)		—			—		—		0.592		0.593	MON		165.00		1,824.00		8172006		7252036
32051GBD6	FHASI 04-AR6 WHOLE CMO 04-AR6				2		1FE		239,105.00		73		178,371.68		244,345.00		239,243.36		(60,871.68	)		(1.00	)		—		—		4.75		5.33	MON		967.00		2,902.00		8102007		12252034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1				2		1FE		2,870,735.00		68		1,975,226.54		2,904,745.00		2,871,887.97		(896,661.43	)		716.00			—		—		4.129		4.432	MON		9,995.00		31,264.00		11212007		9252035
38374EEE3	GNR AGENCY CMO 03-106 B				2		1		3,105,587.00		101.537		3,104,804.79		3,057,808.00		3,094,986.92		9,817.87			(7,147.00	)		—		—		5.5		3.917	MON		14,015.00		42,045.00		8212008		5012011
38374G3A8	GNR AGENCY CMO 04-42 AE				2		1		2,501,300.00		100.75		2,472,919.93		2,454,511.00		2,485,478.18		(12,558.25	)		(9,401.00	)		—		—		6		3.623	MON		12,273.00		36,818.00		8132008		8012010
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A				2		1FE		1,976,704.00		44.61		1,728,955.75		2,053,718.00		1,978,102.35		(249,146.60	)		156.00			—		—		5.731		6.504	MON		9,808.00		29,426.00		8162007		12192035
41162DAF6	HVMLT 06-12 CMO 06-12-2A2A				2		1FE		3,659,838.00		36		2,538,034.27		3,659,838.00		3,659,838.00		(1,121,803.73	)		—			—		—		0.746		0.747	MON		986.00		6,053.00		10192006		1192038
41164YAB7	HVMLT 07-4 CMO 2007-4-2A1				2		1FE		1,595,125.00		36		1,227,132.74		1,721,528.00		1,594,133.52		(367,000.78	)		(992.00	)		—		—		0.776		2.891	MON		483.00		919.00		3182009		7192047
45660LRE1	INDX WHOLE CMO 05-A13 4A1				2		1FE		1,332,052.00		55.73		1,186,787.33		1,358,641.00		1,332,523.52		(145,736.19	)		(610.00	)		—		—		5.27		5.637	MON		5,967.00		17,964.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1				2		1FE		1,181,903.00		55.97		1,098,039.99		1,246,569.00		1,183,083.25		(85,043.26	)		90.00			—		—		5.369		6.455	MON		5,578.00		16,767.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A				2		1Z		1,626,824.00		30.99		1,120,591.31		1,626,824.00		1,626,824.49		(506,233.18	)		—			—		—		0.742		0.743	MON		235.00		2,672.00		2132006		4252046
466247K36	JPMMT WHOLE CMO 06-A2-3A3				2		1FE		11,334,033.00		56.205		6,814,856.25		12,125,000.00		11,452,502.85		(4,637,646.60	)		22,913.00			—		—		5.676		6.888	MON		57,355.00		172,084.00		11212007		4252036
466247K51	JPMMT CMO 06-A2 4A1				2		1FE		6,765,872.00		77.2		5,366,442.85		6,951,351.00		6,769,366.08		(1,402,923.23	)		311.00			—		—		3.882		4.637	MON		22,486.00		67,464.00		12112007		8252034
466247XG3	JPMMT CMO 05-ALT1-2A1				2		1FE		1,589,311.00		53.27		1,393,992.91		1,634,889.00		1,589,496.39		(195,503.48	)		186.00			—		—		5.595		6.149	MON		7,623.00		—		3182009		10252035
46630GAM7	JPMMT 07-A1 WHOLE CMO 07-A1 4A1				2		1FE		871,866.00		85.125		757,201.93		889,518.00		872,146.73		(114,944.80	)		7.00			—		—		4.068		4.595	MON		3,015.00		9,046.00		12112007		7252035
52525BAD4	LXS 07-16N LXS07-16N 2A2				2		1FE		7,469,220.00		36.24		5,286,510.62		7,498,500.00		7,469,682.07		(2,183,171.45	)		(660.00	)		—		—		1.372		1.429	MON		2,000.00		23,996.00		8302007		9252047
550279BA0	LUM WHOLE CMO 06-2				2		1FE		1,935,101.00		35.597		1,300,994.15		1,935,101.00		1,935,101.08		(634,106.93	)		—			—		—		0.722		0.723	MON		272.00		3,083.00		2142006		2252046
55027XAA8	LUM 06-5 WHOLE CMO 06-5 A1A				2		1FE		1,240,466.00		34.12		905,849.19		1,260,556.00		1,241,235.01		(335,385.82	)		534.00			—		—		0.712		0.982	MON		174.00		1,977.00		8082007		7252036
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A				2		1FE		2,658,332.00		50.29		1,935,803.20		2,666,149.00		2,658,298.18		(722,494.98	)		(34.00	)		—		—		6.44		6.5	MON		14,308.00		—		3182009		11252037
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO				2		1FE		1,181,318.00		97.758		1,143,042.85		1,169,260.00		1,180,714.91		(37,672.06	)		(202.00	)		—		—		6.5		5.732	MON		6,333.00		19,000.00		10032007		2012035
749241AA3	RALI 07-QH9 WHOLE CMO 07-QH9 A1				2		1FE		7,646,307.00		31.5		6,144,387.34		7,620,398.00		7,645,136.96		(1,500,749.62	)		(196.00	)		—		—		6.546		6.477	MON		41,570.00		124,728.00		9262007		10012037
75115YAA7	RALI 07-Q01 WHOLE CMO 07-Q01 A1				2		1FE		7,323,676.00		33.93		5,205,813.62		7,323,676.00		7,323,675.84		(2,117,862.22	)		—			—		—		0.672		0.673	MON		957.00		10,763.00		1302007		2252037
761118QM3	RALI 05-QS17 WHOLE CMO 05-QO5 A1				2		1FE		2,102,176.00		35.879		1,580,372.88		2,124,752.00		2,102,665.94		(522,293.06	)		126.00			—		—		2.633		2.786	MON		4,662.00		16,169.00		8032007		1252046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1				2		1FE		609,427.00		62.06		385,496.18		621,167.00		609,599.55		(224,103.37	)		20.00			—		—		5.205		5.65	MON		2,694.00		8,082.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2				2		1FE		2,024,826.00		64.51		1,353,590.93		2,098,265.00		2,027,322.14		(673,731.21	)		1,365.00			—		—		5.18		6.195	MON		9,058.00		27,174.00		8162007		9252035
863579AQ1	SARM WHOLE CMO 04-12 3A2				2		1FE		375,385.00		63.22		328,532.70		380,377.00		375,525.32		(46,992.62	)		(136.00	)		—		—		5.25		5.53	MON		1,664.00		4,992.00		8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1				2		1FE		1,709,557.00		60.53		1,493,808.24		1,729,350.00		1,710,095.60		(216,287.36	)		(397.00	)		—		—		5.45		5.691	MON		7,854.00		23,562.00		8102007		11252034
86359AS95	SASC WHOLE CMO 03-26A 3A5				2		1FE		941,075.00		72.2		811,807.49		960,280.00		945,010.12		(133,202.63	)		(1,096.00	)		—		—		4.455		4.907	MON		3,565.00		11,393.00		8142007		9252033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5				2		1FE		858,013.00		60.87		756,413.48		877,412.00		858,619.55		(102,206.07	)		289.00			—		—		4.38		4.881	MON		3,203.00		9,608.00		8102007		5252034
86361WAA9	SAMI 06-AR8 CMO 06-AR8-A1A				2		1FE		3,912,889.00		37.85		2,817,753.64		3,912,889.00		3,912,889.48		(1,095,135.84	)		—			—		—		0.722		0.723	MON		549.00		6,234.00		10272006		3252036
86364PAA1	SARM 07-1O WHOLE CMO 07-10 1A1				2		1FE		7,076,051.00		52.99		5,050,123.83		7,109,376.00		7,076,102.30		(2,025,978.47	)		11.00			—		—		6		6.09	MON		35,547.00		106,641.00		10112007		11252037
86364RAA7	SAMI 07-AR6 WHOLE CMO 07-AR6 A1				2		1Z		6,605,760.00		36.262		4,829,402.82		6,622,304.00		6,606,364.69		(1,776,961.87	)		(24.00	)		—		—		3.133		3.159	MON		17,292.00		58,675.00		9122007		8252047
885220KV4	TMST CMO 06-2 A2A				2		1FE		890,512.00		99.5		900,695.69		905,222.00		905,221.80		(4,526.11	)		4,693.00			—		—		0.632		4.171	MON		111.00		1,241.00		5012008		3252046
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A				2		1FE		1,578,495.00		65.05		1,224,137.68		1,576,524.00		1,578,443.61		(354,305.93	)		(45.00	)		—		—		0.842		0.822	MON		258.00		3,010.00		12152005		11252036
92922F3N6	WAMU 05-A12 WHOLE CMO 05-A12-1A8				2		1FE		5,587,986.00		67.094		3,787,657.53		5,645,321.00		5,588,628.89		(1,800,971.36	)		63.00			—		—		4.83		5.041	MON		22,720.00		68,202.00		1102008		10252035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1				2		1FE		2,100,578.00		40.59		1,588,832.31		2,100,578.00		2,100,578.26		(511,745.95	)		—			—		—		0.782		0.783	MON		319.00		3,696.00		12152005		11252045
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3				2		1FE		1,630,011.00		92.867		1,563,337.53		1,683,407.00		1,660,724.95		(97,387.42	)		5,428.00			—		—		4.585		7.184	MON		6,432.00		19,296.00		8282008		4252035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2				2		1FE		1,095,381.00		77.343		868,016.31		1,122,299.00		1,095,870.18		(227,853.87	)		41.00			—		—		4.176		4.862	MON		3,906.00		11,842.00		8102007		6252034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A				2		1FE		1,734,060.00		41.8		1,337,653.76		1,732,436.00		1,733,925.15		(396,271.39	)		(102.00	)		—		—		0.812		0.795	MON		273.00		3,178.00		12162005		10252025
92922FSC3	WASHINGTON MUTUAL CMO 2004-AR5 A6				2		1FE		410,419.00		99.75		411,967.50		413,000.00		411,788.44		179.06			587.00			—		—		3.828		4.441	MON		1,317.00		3,958.00		8282008		6252034
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3				2		1FE		2,939,883.00		45		1,350,000.00		3,000,000.00		2,956,347.10		(1,606,347.10	)		1,435.00			—		—		4.831		5.136	MON		12,078.00		36,236.00		3242006		9252035
92926WAA5	WAMU 07 CMO 07-0A1-A1A				2		1FE		5,098,737.00		100.068		3,766,044.87		5,098,737.00		5,098,736.96		(1,332,692.09	)		—			—		—		2.333		2.32	MON		9,914.00		34,977.00		2072007		2252047
933635AA2	WAMU 07-OA2 WHOLE CMO 07-OA2 1A				2		1FE		1,541,472.00		34.849		1,135,517.05		1,541,472.00		1,541,472.45		(405,955.40	)		—			—		—		2.333		2.312	MON		2,997.00		10,574.00		2212007		3252047

Validus Holdings, Ltd March 31, 2009 GAAP investment portfolio in Schedule D-Part 1 format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
933637AA8	WAMU WHOLE CMO 06-AR18 1A1					2		1FE		4,228,826.00		46		1,937,389.11		4,211,715.00		4,227,869.40		(2,290,480.29	)		(52.00	)		—		—		5.307		5.167	MON		18,625.00		55,972.00		1172008		12012036
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		710,917.00		32		534,897.21		710,917.00		710,917.17		(176,019.96	)		—			—		—		2.553		2.537	MON		1,513.00		5,268.00		8162006		9252046
93934FEN8	WMALT 05-5 WHOLE CMO 05-9-2A2					2		1FE		6,192,380.00		53		5,648,322.49		6,758,395.00		6,201,776.16		(553,453.67	)		(8,898.00	)		—		—		5.5		7	MON		30,976.00		92,928.00		12172007		11252035
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1FE		2,645,333.00		98.672		2,621,609.74		2,656,897.00		2,646,547.78		(24,938.04	)		909.00			—		—		5.25		5.416	MON		11,624.00		34,872.00		5192008		8252033
949779AB8	WELLS FARGO CMO 04-EE-2A1					2		1FE		6,530,491.00		76		5,088,598.86		6,695,525.00		6,532,937.25		(1,444,338.39	)		165.00			—		—		4.161		4.891	MON		23,214.00		69,945.00		8152007		12252034
949781AA6	WFMBS WHOLE CMO 05-AR1					2		1FE		4,236,486.00		65		2,821,017.82		4,340,027.00		4,240,256.46		(1,419,238.64	)		2,082.00			—		—		4.544		5.234	MON		16,433.00		49,294.00		12052006		2252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		1,220,442.00		62.7		784,335.46		1,250,934.00		1,220,614.80		(436,279.34	)		59.00			—		—		4.49		5.125	MON		4,680.00		14,050.00		5272008		2252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2		1FE		14,454,086.00		70		10,172,977.02		14,532,824.00		14,453,657.54		(4,280,680.52	)		(160.00	)		—		—		6		6.22	MON		72,664.00		217,992.00		1172008		11012037
94979LAF0	WFMBS WHOLE CMO 04-N A6					2		1FE		418,027.00		98.343		417,959.03		425,000.00		422,958.05		(4,999.02	)		962.00			—		—		4		4.974	MON		1,417.00		4,250.00		12042007		8252034
94980MAB4	WFMBS WHOLE CMO 04-P					2		1FE		6,167,504.00		74.625		4,694,930.97		6,291,365.00		6,169,476.08		(1,474,545.11	)		160.00			—		—		4.233		4.783	MON		22,195.00		66,613.00		9122007		9252034
94980RAC1	WFMBS 04-Z CMO 04-Z-2A1					2		1FE		9,159,680.00		75		6,933,006.13		9,244,008.00		9,160,435.98		(2,227,429.85	)		196.00			—		—		4.574		4.747	MON		35,237.00		105,680.00		5272008		12252034
94981NAH8	WFMBS 05-AR4 WHOLE CMO 05-AR4					2		1FE		3,682,958.00		73.38		2,780,659.51		3,789,386.00		3,686,364.66		(905,705.15	)		1,541.00			—		—		4.537		5.279	MON		14,328.00		42,992.00		7192006		4252035
94981QAU2	WFMBS WHOLE CMO 05-AR16					2		1FE		2,727,726.00		71.375		1,962,399.33		2,749,421.00		2,728,025.62		(765,626.29	)		96.00			—		—		5.002		5.16	MON		11,460.00		34,380.00		1112006		10252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2		1FE		1,378,042.00		71.61		1,003,914.00		1,401,919.00		1,378,569.39		(374,655.39	)		47.00			—		—		4.478		4.916	MON		5,232.00		15,708.00		12152005		6252035
949835AB8	WFMBS CMO 05-AR15 1A2					2		1FE		5,995,486.00		66.793		4,014,886.01		6,010,983.00		5,996,287.59		(1,981,401.58	)		3.00			—		—		5.12		5.149	MON		25,646.00		76,932.00		1282008		9252035
94983CAT4	WFMBS WHOLE CMO 05-AR10 2A15					2		1FE		8,464,160.00		85.9		7,430,350.00		8,650,000.00		8,616,870.52		(1,186,520.52	)		24,005.00			—		—		4.191		5.365	MON		30,212.00		91,090.00		7272007		6252035
94983YAM1	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1FE		2,490,588.00		56		1,400,858.01		2,501,532.00		2,490,639.85		(1,089,781.84	)		(300.00	)		—		—		5.593		5.674	MON		11,659.00		34,982.00		10032006		7252036
07388DAC2	BSARM 06-2 WHOLE CMO 06-2-2A1					2		1FE		7,901,783.00		50		4,049,600.45		8,099,201.00		7,905,852.42		(3,856,251.97	)		(2,399.00	)		—		—		5.65		6.22	MON		38,134.00		114,401.00		11202007		7252036
07388DAS7	BSARM 06-2 WHOLE CMO 06-2 3A2					2		1FE		661,948.00		47.18		619,753.85		677,184.00		662,594.48		(42,840.63	)		270.00			—		—		5.75		6.361	MON		3,245.00		9,735.00		8172007		7252036
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		3FE		2,682,994.00		85		2,472,159.19		2,687,377.00		2,685,735.67		(213,576.48	)		170.00			—		—		0.622		0.775	MON		325.00		3,617.00		10122007		1252037
52520MBU6	LMT WHOLE CMO 05-2					2		2FE		4,084,014.00		78.382		3,965,176.65		4,087,075.00		4,074,800.33		(109,623.68	)		(1,906.00	)		—		—		5.5		5.506	MON		18,732.00		56,197.00		5192008		12252035
59024KAX1	MLA 07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		5,014,346.00		40.582		3,507,578.80		5,071,199.00		5,015,270.48		(1,507,691.68	)		(3,970.00	)		—		—		5.607		5.815	MON		23,696.00		71,267.00		10112007		6252037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		4,210,428.00		97.534		4,258,371.34		4,366,023.00		4,287,740.58		(29,369.24	)		8,095.00			—		—		3.878		5.283	MON		14,110.00		42,329.00		8272008		9112036
05947UVA3	BACM SENIOR CMBS 04-3 A3					2		1FE		2,546,062.00		99.656		2,546,061.03		2,554,845.00		2,550,766.01		(4,704.98	)		1,793.00			—		—		4.875		5.503	MON		10,379.00		31,137.00		8272008		6102039
07383FBE7	BEAR STEARNS COMM MTG CMBS 99-WF2-A2					2		1FE		559,567.00		111.031		553,062.41		552,659.00		553,283.67		(221.26	)		(2,196.00	)		—		—		7.08		3.926	MON		3,261.00		9,782.00		7172008		6012009
161505DK5	CCMSC 1999-2 A2					2		1		1,290,229.00		100.366		1,285,311.29		1,280,624.00		1,282,737.44		2,573.85			(2,145.00	)		—		—		7.198		5.914	MON		7,682.00		23,045.00		5202008		11012009
161505EA6	CCMSC SENIOR CMBS 00-1					2		1FE		2,985,772.00		100.898		2,833,755.15		2,808,535.00		2,843,669.12		(9,913.97	)		(11,943.00	)		—		—		7.757		4.376	MON		18,155.00		54,465.00		11302007		2012010
161582AB7	CHASE MANHATTAN BANK CMFUN_99-1					2		1FE		7,073,161.00		108.589		6,734,553.62		6,721,246.00		6,738,521.27		(3,967.65	)		(27,788.00	)		—		—		7.439		4.132	MON		41,666.00		124,998.00		1222008		7012009
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		98.277		368,538.75		375,000.00		378,419.23		(9,880.48	)		(1,781.00	)		—		—		7.906		5.987	MON		2,401.00		7,160.00		11282007		1152010
22540A3F3	CSFB SENIOR CMBS 01-CK3					2		1FE		6,164,297.00		100.527		6,031,648.86		6,000,000.00		6,056,878.25		(25,229.39	)		(10,515.00	)		—		—		6.53		5.823	MON		32,650.00		97,950.00		6292006		4152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		984,462.00		100.66		968,261.77		961,917.00		978,591.45		(10,329.68	)		(2,547.00	)		—		—		6.505		4.315	MON		5,214.00		15,643.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS 02-CKP1 A3					2		1FE		4,935,048.00		99.901		4,750,279.53		4,755,000.00		4,865,368.51		(115,088.98	)		(13,230.00	)		—		—		6.439		5.239	MON		25,515.00		76,544.00		12182007		1012012
337366AG3	FUNCM SUB CMBS 99-C2 E					2		1FE		730,709.00		99.857		712,872.29		713,893.00		713,501.51		(629.22	)		(5,363.00	)		—		—		7.629		4.66	MON		4,387.00		13,311.00		6032008		5012009
33736XAB5	FIRST UNION NAT BANK CMBS 00-C1 A2					2		1FE		1,361,841.00		101.069		1,315,721.44		1,301,805.00		1,327,924.83		(12,203.39	)		(7,563.00	)		—		—		7.841		3.206	MON		8,506.00		25,519.00		4162008		3012010
33736XBZ1	FUNBC SENIOR CMBS 01-C2 A2					2		1FE		2,874,744.00		101.163		2,800,949.78		2,768,752.00		2,821,924.34		(20,974.56	)		(7,696.00	)		—		—		6.663		4.442	MON		15,374.00		46,121.00		12212007		2012011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		1,370,911.00		99.713		1,358,839.86		1,362,751.00		1,366,219.78		(7,379.92	)		(1,264.00	)		—		—		5.673		4.969	MON		6,442.00		19,327.00		7172008		5012010
337378AB9	FIRST UNION NAT BANK 1999-C4 A2					2		1FE		919,353.00		100.437		911,689.55		907,723.00		911,258.80		430.75			(2,315.00	)		—		—		7.39		5.39	MON		5,590.00		16,770.00		5202008		11012009
36158YDC0	GECMC CMBS 01-3 A1					2		1FE		289,251.00		99.394		287,431.82		289,184.00		289,071.12		(1,639.30	)		(37.00	)		—		—		5.56		5.519	MON		1,340.00		4,020.00		12212007		3012011
361849EC2	GMACC SUB CMBS 98-C2 D					2		1FE		43,693.00		99.795		43,095.00		43,184.00		43,154.70		(59.70	)		(37.00	)		—		—		6.5		5.022	MON		234.00		702.00		1252008		6012009
361849GY2	GMACCMSC CMBS 99_C3 A2					2		1FE		1,583,218.00		100.185		1,548,440.16		1,545,581.00		1,552,876.10		(4,435.94	)		(7,064.00	)		—		—		7.179		3.544	MON		9,246.00		27,739.00		9032008		8012009
361849KN1	GMACC SENIOR CMBS 00-C1					2		1FE		654,049.00		102.442		643,225.01		639,071.00		644,932.64		(1,707.63	)		(2,605.00	)		—		—		7.724		4.479	MON		4,113.00		12,340.00		5202008		12012009
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		489,022.00		100.878		479,021.78		474,851.00		483,093.96		(4,072.18	)		(1,171.00	)		—		—		6.465		4.493	MON		2,558.00		7,675.00		12212007		3012011
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		588,827.00		99.619		589,716.46		591,972.00		590,224.87		(508.41	)		257.00			—		—		4.433		4.749	MON		2,187.00		6,561.00		3252008		7102039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		601,537.00		100.374		595,047.58		592,830.00		598,060.60		(3,013.02	)		(900.00	)		—		—		6.26		5.063	MON		3,093.00		9,278.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		1FE		250,119.00		99.632		249,012.83		252,367.00		250,517.16		(1,504.33	)		150.00			—		—		4.914		5.506	MON		1,033.00		3,100.00		8272008		7122037
46625YEU3	JPMCC SENIOR CMBS 04-C3					2		1FE		662,183.00		98.953		669,529.96		676,613.00		670,709.91		(1,179.95	)		2,454.00			—		—		3.765		6.828	MON		2,123.00		6,369.00		5202008		1152042
501773CS2	LBCCMT CMBS 99_C1 A2					2		1FE		430,982.00		99.806		425,216.88		426,043.00		425,297.78		(80.90	)		(1,217.00	)		—		—		6.78		4.53	MON		2,407.00		7,221.00		7302008		4012009
501773DG7	LBCMT SENIOR CMBS_99-C2 A2					2		1FE		981,957.00		100.308		979,243.38		976,237.00		976,539.61		2,703.77			(1,552.00	)		—		—		7.325		6.114	MON		5,959.00		17,877.00		5202008		9012009
52108HAT1	LBUBS 2000-C3 A2					2		1FE		8,596,557.00		101.032		8,274,419.93		8,189,900.00		8,336,696.16		(62,276.23	)		(46,759.00	)		—		—		7.95		5.605	MON		36,172.00		162,774.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS 00-C4 A2					2		1FE		449,430.00		102.658		436,636.63		432,258.00		440,455.66		(3,819.03	)		(1,714.00	)		—		—		7.37		4.215	MON		1,770.00		7,964.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1FE		3,613,336.00		99.469		3,431,677.15		3,450,000.00		3,526,129.33		(94,452.18	)		(15,739.00	)		—		—		7.48		5.576	MON		14,337.00		64,515.00		10232007		6112010
52108HSY1	LBUBS SENIOR CMBS 03-C5 A2					2		1FE		2,287.00		99.923		2,291.88		2,294.00		2,292.21		(0.33	)		2.00			—		—		3.478		4.129	MON		4.00		20.00		7172008		7152027
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		71,498.00		98.36		70,742.29		71,922.00		71,705.97		(963.68	)		31.00			—		—		4.207		4.618	MON		168.00		756.00		1252008		11152027
617059JH4	JPMCMFC SENIOR CMBS 00-C10 A2					2		1FE		573,217.00		100.546		564,699.54		561,633.00		567,697.35		(2,997.81	)		(2,100.00	)		—		—		7.371		4.399	MON		3,450.00		10,350.00		8272008		2012010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		2,204,185.00		100.956		2,180,213.97		2,159,569.00		2,175,478.85		4,735.12			(2,819.00	)		—		—		7.386		6.334	MON		12,369.00		38,950.00		12212007		1012011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		980,369.00		98.941		981,488.37		991,994.00		984,111.12		(2,622.75	)		1,282.00			—		—		4.69		5.408	MON		3,877.00		11,631.00		7302008		6132041
61745MNR0	MSC 1999-LIFE A2					2		1FE		4,059,836.00		108.842		3,926,290.27		3,920,919.00		3,923,197.88		3,092.39			(9,989.00	)		—		—		7.11		5.112	MON		23,231.00		69,694.00		6192006		7012009
61746WBF6	MSDWC CMBS 01-LIFE A2					2		1FE		1,665,776.00		100.565		1,656,168.06		1,646,863.00		1,652,987.94		3,180.12			(3,662.00	)		—		—		7.57		5.835	MON		10,389.00		31,167.00		5202008		12012009
69348HAC2	PNCMAC SENIOR CMBS 99-CM1 A1B					2		1FE		4,263,466.00		100.503		4,213,468.80		4,192,381.00		4,208,567.69		4,901.11			(10,827.00	)		—		—		7.33		5.309	MON		25,608.00		76,825.00		5202008		12102032
79548CAB2	SBM7 CMBS 00-C3 A2					2		1FE		1,592,624.00		100.199		1,555,982.07		1,552,888.00		1,572,524.73		(16,542.66	)		(3,808.00	)		—		—		6.592		4.641	MON		8,531.00		25,592.00		4162008		10012010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		3,331,764.00		100.528		3,228,051.83		3,211,097.00		3,248,706.35		(20,654.52	)		(11,125.00	)		—		—		7.455		4.7	MON		19,949.00		59,847.00		6042007		4012010
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		7,974,408.00		99.816		7,909,595.69		7,924,182.00		7,955,123.08		(45,527.39	)		(3,346.00	)		—		—		5.682		5.391	MON		26,266.00		112,576.00		12212007		12102011
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		1FE		5,197,949.00		97.427		5,211,270.42		5,348,910.00		5,256,182.18		(44,911.76	)		6,436.00			—		—		4.037		5.123	MON		17,995.00		53,984.00		8272008		2152034
02586GAR3	AEIT ABS 08-2 A					2		1FE		779,996.00		101		787,800.00		780,000.00		779,997.31		7,802.69			—			—		—		4.02		4.054	MON		1,394.00		7,839.00		8012008		1182011
048312AB8	ACETF ABS 02-1 A2					2		1FE		464,338.00		100.25		463,958.32		462,801.00		463,957.01		1.31			(136.00	)		—		—		4.21		3.988	JAJO		3,843.00		4,871.00		7072008		4202011
05522RAR9	BACCT ABS 06-A16 A16					2		1FE		596,906.00		101.063		601,324.85		595,000.00		596,428.65		4,896.20			(200.00	)		—		—		4.72		4.617	MON		1,248.00		7,021.00		8202008		12152010
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		93.617		1,474,467.75		1,575,000.00		1,548,302.37		(73,834.62	)		2,887.00			—		—		0.686		1.434	MON		480.00		3,157.00		5062008		3152014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS 05-A					2		1FE		1,009,477.00		103.809		1,015,710.60		978,442.00		999,730.05		15,980.55			(3,365.00	)		—		—		4.97		3.748	FA		8,105.00		24,314.00		2082008		8012012
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		1,586,128.00		102.818		1,573,360.41		1,530,238.00		1,561,539.36		11,821.05			(3,866.00	)		—		—		6.21		4.139	MJSD		264.00		23,757.00		4172008		12302010
55262TEU3	MBNAS ABS 99-J					2		1FE		7,165,100.00		101.281		6,947,876.60		6,860,000.00		6,928,118.85		19,757.75			(37,709.00	)		—		—		7		4.784	MON		21,342.00		120,050.00		1112008		9152009
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		703,325.00		102.377		694,645.33		678,517.00		693,518.91		1,126.42			(73.00	)		—		—		7.03		3.834	MS		2,120.00		23,850.00		1152008		3152010
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		43.311		406,925.28		939,550.00		940,747.05		(533,821.77	)		(58.00	)		—		—		0.892		0.877	MON		163.00		1,892.00		3252009		1252034
65475XAB2	NAROT ABS 08-B A2					2		1FE		1,449,037.00		100.649		1,458,520.58		1,449,116.00		1,449,060.97		9,459.61			8.00			—		—		3.8		3.835	MON		2,447.00		13,767.00		6092008		10152010
693401AB7	PERF ABS 05-1					2		1FE		197,883.00		100.27		198,609.75		198,075.00		198,019.67		590.08			29.00			—		—		3.87		4.009	MJSD		128.00		1,916.00		1112008		6252011
878091AL1	TIAA CDO 01-C1A-A4 144A					2		1FE		181,458.00		102.896		181,705.45		181,571.00		181,285.83		419.62			(85.00	)		—		—		6.68		6.379	MON		1,011.00		3,032.00		9292008		6192031
71419GAB6	PERMM 06-1 ABS 06-1 2A			F		2		1FE		1,646,211.00		96.089		1,609,490.75		1,675,000.00		1,651,237.22		(41,746.47	)		1,198.00			—		—		1.134		1.553	JAJO		4,011.00		20,515.00		1152008		10152015
71419NAG0	PERMANENT FINANCING PLC PERMA_ ABS 5 3A			F		2		1FE		494,766.00		97.834		489,170.00		500,000.00		495,000.11		(5,830.11	)		63.00			—		—		1.453		1.529	MJSD		444.00		2,937.00		1162008		6102034
466247E74	JPMMT WHOLE CMO 06-A1 2A2							1FE		1,017,946.91		81.45793943		828,551.28		1,017,152.27		1,016,654.67		(188,103.39	)		(97.33	)		—		—		5.350576			MON		4,535.29		14,331.31		2062008		3012011
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		100		2,493,438.00		2,500,000.00		2,500,000.00		(6,562.00	)		—			—		—		100			JAJO		36,298.70		—		2192009		2242012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		99.625		1,496,456.00		1,500,000.00		1,500,000.00		(3,544.00	)		—			—		—		99.63			FMAN		23,487.55		—		2192009		2242012
35047AAA6	FOUNDATION RE LTD CORP BND 144A							3FE		5,013,184.00		94.89		4,770,750.00		5,000,000.00		5,010,582.71		(239,832.71	)		(1,539.58	)		—		—		94.89			FMAN		47,703.12		113,706.25		10072008		11262010
62864WAB0	EAST LANE RE III LTD CORP BND 144A							3FE		10,000,000.00		100.0025		10,000,250.00		10,000,000.00		10,000,000.00		250.00			—			—		—		100			FMAN		70,331.35		—		3132009		3202012
76112DAB2	RESIDENTIAL REINSURANCE 2007 L CORP BND 144A							4FE		3,500,000.00		96.46		3,378,550.00		3,500,000.00		3,500,000.00		(121,450.00	)		—			—		—		96.46			MJSD		31,336.18		110,170.03		10032008		6072010
76112GAC3	RESIDENTIAL REIN 2006 SENIOR CORP BND 144A							1		2,500,000.05		99.5		2,496,219.00		2,500,000.00		2,500,039.52		(3,820.52	)		(31.40	)		—		—		99.5			MJSD		18,252.60		61,314.41		11192008		6052009
TOTAL														2,644,495,524.67		2,639,846,673.27		2,712,714,914.95		(68,219,390.28	)