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	)