8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): July 29, 2009

Commission file number 001-33606

VALIDUS HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

     On July 29, 2009, Validus Holdings, Ltd. (“Validus”) released information regarding its U.S. GAAP basis investment portfolio in a Schedule D — Part 1 format. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

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

Item 9.01. Financial Statements and Exhibits.

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

Exhibit No.	Description
99.1	Release regarding U.S. GAAP investment portfolio in a Schedule D — Part 1 format dated July 29, 2009

SIGNATURES

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

Date: July 29, 2009

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

EX-99.1

Exhibit 99.1

Validus Holdings, Ltd June 30, 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
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00		95.266		2,117,999.00		1,350,000.00		2,614,473.59		(496,474.59	)		2,113.00			—		(415,976.38	)		5.25		5.406	APR		22,705.00		103,626.00			1142008		4212015
N0265DAF3	ABN AMRO BANK N.V. SENIOR CORP BND			D				1FE		709,150.00		100.874		581,436.00		350,000.00		720,112.68		(138,676.68	)		3,080.00			—		(147,564.72	)		4.875		5.899	JAN		12,472.00		23,826.00			11282007		1202010
048312AB8	ACETF ABS 02-1 A2					2		1FE		416,041.00		102.062		423,215.00		414,664.66		415,578.21		7,636.79			(243.00	)		—		—			4.21		3.988	JAJO		3,443.00		8,729.00			7072008		4202011
02586GAR3	AEIT ABS 08-2 A					2		1FE		779,996.00		101.712		793,354.00		780,000.00		779,997.53		13,356.47			—			—		—			4.02		4.054	MON		1,394.00		15,678.00			8012008		1182011
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11					2		1FE		3,975,451.00		40.8		3,013,359.60		4,029,523.47		3,975,987.32		(962,627.72	)		(2,127.00	)		—		—			2.28		2.485	MON		7,656.00		54,919.00			2012009		10252046
02660BAA0	AHMA_07-1 CMO 07-1 A1					2		1FE		7,183,850.00		34.58		4,959,396.71		7,384,417.86		7,185,932.05		(2,226,535.34	)		(7,699.00	)		—		—			2.04		2.438	MON		12,554.00		91,802.00			10232007		2252047
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		103.305		3,584,686.00		3,470,000.00		3,444,221.95		140,464.05			8,597.00			—		—			4.7		5.251	JD		13,591.00		81,545.00			2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		3,774,761.00		105.971		3,973,930.00		3,750,000.00		3,774,503.76		199,426.24			(1,255.00	)		—		—			4.85		4.64	JD		8,083.00		90,938.00			4022009		12152012
030610AC3	AMCAR_06-AF ABS 06-AF-A3					2		1FE		417,950.00		100.1		418,451.00		418,033.40		418,030.54		420.46			7.00			—		—			5.56		5.635	MON		1,614.00		11,621.00			7112006		9062011
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		915,158.00		100.077		916,029.00		915,327.50		914,052.10		1,976.90			13.00			—		—			5.42		5.488	MON		3,445.00		24,805.00			5092006		8062011
02581FYM5	AMER EXPRESS BK CORP BND							1FE		2,223,665.00		101.797		2,264,975.00		2,225,000.00		2,224,350.76		40,624.24			220.00			—		—			5.2		5.222	MN		11,249.00		57,850.00			11192007		11262010
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT							1FE		1,172,262.00		98.953		1,162,700.00		1,175,000.00		1,172,857.36		(10,157.36	)		249.00			—		—			5.5		5.554	AO		13,464.00		32,313.00			4112008		4162013
02581FXK0	AMERICAN EXPRESS CENTURION BAN CORP BND							1FE		3,450,000.00		99.674		3,438,753.00		3,450,000.00		3,450,000.00		(11,247.00	)		—			—		—			0.375		5.39	MON		323.00		8,596.00			9192006		9222009
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							3FE		3,431,190.00		84.136		2,944,760.00		3,500,000.00		3,482,663.73		(537,903.73	)		9,550.00			—		—			4.875		5.465	MN		21,802.00		85,313.00			8242006		5152010
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		1FE		6,302,461.00		41.06		5,188,361.62		6,378,454.26		6,303,243.99		(1,114,882.37	)		(2,924.00	)		—		—			2.31		2.517	MON		12,279.00		87,908.00			10162007		10252046
02666QB93	AMERICAN HONDA FINANCE CORP BND 144A							1FE		1,350,000.00		99.954		1,349,374.00		1,350,000.00		1,350,000.00		(626.00	)		—			—		—			1.306		3.12	FMAN		2,498.00		14,772.00			5022008		11092009
031162AG5	AMGEN INC CORP BND							1FE		4,070,808.00		101.137		4,247,771.00		4,200,000.00		4,181,294.76		66,476.24			24,015.00			—		—			4		5.201	MN		20,067.00		84,000.00			2052007		11182009
041239AE4	ARKLE_06-1A CMO 06-1A-3A 144A					2		1FE		4,400,688.00		99.188		4,364,250.00		4,400,000.00		4,400,040.07		(35,790.07	)		(157.00	)		—		—			0.904		0.898	FMAN		4,864.00		38,886.00			7112007		8172009
007036EP7	ARMT WHOLE CMO 04-5 2A1					2		1FE		491,618.00		67.99		478,721.78		500,692.71		491,934.57		(13,212.79	)		185.00			—		—			4.987		5.469	MON		2,081.00		12,513.00			8102007		4252035
045167BW2	ASIAN DEVELOPMENT BANK CORP BND			F				1FE		9,467,890.00		98.511		9,358,545.00		9,500,000.00		9,468,561.22		(110,016.22	)		671.00			—		—			2.75		2.823	MN		29,028.00		—			5142009		5212014
046003DC0	ASSOCIATES CORP OF NORT CORP BND							1FE		1,844,361.00		100.03		1,655,497.00		1,655,000.00		1,657,244.25		(1,747.25	)		(28,925.00	)		—		—			8.55		4.957	JJ		65,248.00		70,751.00			1102006		7152009
001957BC2	AT&T CO CORP BND							1FE		3,247,867.00		109.845		3,267,897.00		2,975,000.00		3,156,252.23		111,644.77			(35,657.00	)		—		—			7.3		4.56	MN		27,750.00		108,588.00			3062008		11152011
00206RAC6	AT&T INC CORP BND							1		7,005,000.00		100.07		7,009,904.00		7,005,000.00		7,005,000.00		4,904.00			—			—		—			1.116		5.46	FMAN		12,381.00		76,064.00			2012007		2052010
00206RAF9	AT&T INC CORP BND							1FE		349,706.00		103.912		363,690.00		350,000.00		349,808.31		13,881.69			24.00			—		—			4.95		4.967	JJ		7,989.00		8,663.00			12032007		1152013
78387GAN3	AT&T INC CORP BND							1FE		8,073,849.00		100.66		8,329,587.00		8,275,000.00		8,260,079.17		69,507.83			35,388.00			—		—			4.125		5.021	MS		100,507.00		170,672.00			6032008		9152009
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		11,344,910.00		108.084		11,402,900.00		10,550,000.00		11,144,530.86		258,369.14			(122,484.00	)		—		—			7.875		4.334	MS		276,938.00		139,781.00			3052009		3012011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,001.00		113.983		3,780,818.00		3,317,000.00		3,712,451.70		68,366.30			(66,955.00	)		—		—			8.5		3.887	AO		70,486.00		140,973.00			1302008		4012012
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,691.00		95.267		627,559.00		400,000.00		827,880.40		(200,321.40	)		30.00			—		(169,648.37	)		6.375		6.387	FA		15,877.00		18,511.00			11282007		8132017
05947UVA3	BACM SENIOR CMBS 04-3 A3					2		1FE		276,506.00		99.877		277,118.00		277,459.80		277,102.74		15.26			281.00			—		—			4.875		5.196	MON		1,127.00		6,763.00			8272008		6102039
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		2,862,880.00		99.194		2,944,736.00		2,968,677.08		2,920,251.85		24,484.15			10,307.00			—		—			3.878		5.283	MON		9,594.00		57,563.00			8272008		9112036
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		16,523,242.00		100.367		16,670,959.00		16,610,000.00		16,531,951.70		139,007.30			8,709.00			—		—			2.1		2.272	AO		59,104.00		87,203.00			2252009		4302012
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.171		18,570,780.00		18,000,000.00		18,097,280.49		473,499.51			(9,131.00	)		—		—			3.125		2.931	JD		25,000.00		298,438.00			3102009		6152012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP B							1FE		923,973.00		101.074		934,935.00		925,000.00		924,049.96		10,885.04			77.00			—		—			2.375		2.411	JD		549.00		6,102.00			3092009		6222012
060505BF0	BANK OF AMERICA CORP BND							1FE		1,347,542.00		100.346		1,352,662.00		1,348,000.00		1,347,760.38		4,901.62			81.00			—		—			4.375		4.388	JD		4,915.00		29,488.00			7312008		12012010
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		100.555		1,709,429.00		1,700,000.00		1,712,460.23		(3,031.23	)		(5,558.00	)		—		—			4.5		3.804	FA		31,875.00		38,250.00			5082008		8012010
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2					2		1FE		3,828,466.00		66.75		2,591,745.00		3,882,764.15		3,829,430.01		(1,237,685.01	)		240.00			—		—			4.918		5.223	MON		15,913.00		95,488.00			10192006		8252035
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.173		2,604,495.00		2,600,000.00		2,600,000.00		4,495.00			—			—		—			0.659		1.364	MJSD		762.00		9,340.00			3092009		9132010
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		13,255,804.00		96.081		13,066,958.00		13,600,000.00		13,279,933.13		(212,975.13	)		20,573.00			—		—			4.9		5.575	MN		111,067.00		333,200.00			3232009		5012013
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		6,894,348.00		105.433		7,169,412.00		6,800,000.00		6,891,298.86		278,113.14			(5,872.00	)		—		—			4.95		4.51	MN		56,100.00		168,300.00			3232009		11012012
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		100.695		40,278,000.00		40,000,000.00		39,963,018.31		314,981.69			3,418.00			—		—			2.15		2.185	MS		224,556.00		—			3202009		3272012
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		104.531		2,979,146.00		2,850,000.00		2,942,149.00		36,997.00			(40,796.00	)		—		—			7.875		4.781	FA		93,516.00		112,219.00			12202007		8012010
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		100.17		4,006,783.00		4,000,000.00		4,009,975.83		(3,192.83	)		(664.00	)		—		—			4		3.941	MS		55,556.00		—			2232009		3012014
073902CE6	BEAR STEARNS CO INC CORP BND							1FE		486,000.00		102.365		511,824.00		500,000.00		490,864.75		20,959.25			3,247.00			—		—			4.5		5.956	AO		3,938.00		11,250.00			9302008		10282010
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		108.333		2,534,967.00		2,325,000.00		2,382,553.72		152,413.28			(5,735.00	)		—		—			6.95		6.063	FA		63,288.00		19,981.00			3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND							1FE		3,188,430.00		104.006		3,120,180.00		3,000,000.00		3,067,211.39		52,968.61			(52,491.00	)		—		—			7.75		4.074	FA		87,833.00		116,250.00			4252008		2152010
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND 14							1FE		7,165,550.00		102.16		7,151,200.00		7,000,000.00		7,135,987.51		15,212.49			(29,562.00	)		—		—			4.95		2.55	APR		63,525.00		—			4172009		4262010
055670AC7	BMWOT ABS06-A A3					2		1FE		102,224.00		100.228		102,697.00		102,464.36		102,452.47		244.53			36.00			—		—			5.13		5.361	MON		88.00		3,066.00			6252007		9272010
05567LWH6	BNP PARIBAS CORP BND			F				2FE		545,000.00		99.682		543,267.00		545,000.00		545,000.00		(1,733.00	)		—			—		—			0.97		3.137	MJSD		308.00		5,665.00			9052008		3102010
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				1FE		1,355,000.00		99.553		1,348,943.00		1,355,000.00		1,355,000.00		(6,057.00	)		—			—		—			1.096		3.126	MJSD		1,114.00		14,954.00			5282008		6042010
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		1FE		90,479.00		75		68,844.00		91,791.33		90,504.86		(21,660.86	)		3.00			—		—			5.289		5.678	MON		405.00		2,428.00			11302007		11252033
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		106.389		643,652.00		605,000.00		630,265.01		13,386.99			(9,784.00	)		—		—			7.375		3.887	MS		11,650.00		22,309.00			7302008		9272010
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		97.627		1,537,625.00		1,575,000.00		1,551,201.91		(13,576.91	)		5,786.00			—		—			0.449		1.193	MON		315.00		5,464.00			5062008		3152014
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		112.036		9,523,096.00		8,500,000.00		9,732,773.73		(209,677.73	)		(93,481.00	)		—		—			6.95		3.574	MS		173,943.00		231,377.00			2052009		3152014
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,579.00		102.095		7,172,171.00		7,025,000.00		7,024,619.99		147,551.01			41.00			—		—			3.125		3.127	MS		67,689.00		—			3052009		3102012
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			D				1FE		1,383,429.00		102.4		1,180,459.00		700,000.00		1,451,136.60		(270,677.60	)		(867.00	)		—		(297,365.36	)		5.75		5.536	FEB		22,701.00		57,809.00			1152008		2262010
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		106.23		7,436,113.00		7,000,000.00		7,419,470.39		16,642.61			(28,810.00	)		—		—			5.25		3.67	FA		138,833.00		—			3052009		8152013
07389KAA9	BSA20-701 WHOLE CMO 20-701 1A1					2		1FE		5,678,446.00		47		4,040,501.26		5,686,412.66		5,668,400.44		(1,627,899.18	)		1,536.00			—		—			6.09		6.113	MON		28,861.00		174,355.00			9172007		9252047
07388GAA9	BSABS ABS 06-3-A1					2		1FE		1,237,604.00		80.2		992,559.00		1,237,604.35		1,237,604.35		(245,045.35	)		—			—		—			0.464		0.464	MON		96.00		3,640.00			8082006		8252036
07384MK27	BSARM WHOLE CMO 04-1 21A1					2		1FE		574,990.00		85.707		501,747.00		585,418.20		575,183.83		(73,436.83	)		32.00			—		—			4.271		4.773	MON		2,084.00		13,737.00			8102007		4252034
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1FE		2,117,957.00		82.72		1,785,906.00		2,158,977.27		2,118,716.78		(332,810.78	)		105.00			—		—			4.808		5.435	MON		8,651.00		51,779.00			8132007		11252034
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2		3FE		1,900,572.00		63.37		1,227,025.00		1,936,272.24		1,901,204.09		(674,179.09	)		126.00			—		—			5.084		5.501	MON		8,204.00		49,166.00			8102007		6252035
07387AEG6	BSARM WHOLE CMO 05-9					2		1FE		2,573,754.00		79.121		2,069,432.00		2,615,541.30		2,574,534.69		(505,102.69	)		220.00			—		—			4.625		4.994	MON		10,081.00		60,484.00			1062006		10252035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2					2		1FE		640,842.00		59.46		637,067.17		655,593.33		640,433.34		(3,366.17	)		288.00			—		—			5.75		6.432	MON		3,141.00		18,848.00			8172007		7252036
07388DAC2	BSARM_06-2 WHOLE CMO 06-2-2A1					2		1FE		7,662,458.00		57		4,476,721.00		7,853,896.48		7,653,838.04		(3,177,117.04	)		(2,244.00	)		—		—			5.65		6.282	MON		36,979.00		221,873.00			11202007		7252036
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		437,543.00		108.753		451,324.00		415,000.00		431,669.47		19,654.53			(3,395.00	)		—		—			6.375		4.508	AO		5,585.00		13,228.00			8132008		10152011
136375BJ0	CANADIAN NATIONAL RAILWAY CORP BND			F				1FE		259,779.00		100.174		260,453.00		260,000.00		259,988.91		464.09			64.00			—		—			4.25		4.301	FA		4,604.00		5,525.00			12042007		8012009
13974AAD4	CARAT ABS 06-SN1A 144A					2		1FE		—		0		—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		104.934		1,180,511.00		1,125,000.00		1,124,575.37		55,935.63			56.00			—		—			4.85		4.862	JD		3,638.00		27,281.00			12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.00		100.299		5,290,768.00		5,275,000.00		5,269,952.42		20,815.58			639.00			—		—			4.25		4.279	FA		89,052.00		112,094.00			2042008		2082013
161505DK5	CCMSC 1999-2 A2					2		1		1,009,291.00		100.497		1,006,753.00		1,001,777.88		1,001,748.12		5,004.88			(3,361.00	)		—		—			7.198		5.914	MON		6,009.00		36,054.00			5202008		11012009
161505EA6	CCMSC SENIOR CMBS 00-1					2		1FE		2,449,260.00		100.859		2,327,349.00		2,303,869.66		2,322,884.42		4,464.58			(19,604.00	)		—		—			7.757		4.376	MON		14,893.00		89,356.00			11302007		2012010
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		724,421.00		101.347		706,559.00		698,737.31		707,795.71		(1,236.71	)		(9,976.00	)		—		—			7.631		4.455	MON		4,443.00		26,660.00			9042008		6152010
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		1,569,456.00		95.527		1,533,764.00		1,605,581.59		1,577,083.10		(43,319.10	)		5,195.00			—		—			4.91		6.469	MON		6,570.00		39,413.00			4172008		10252033
92344SAH3	CELLCO PARTNERSHIP CORP BND 144A							1FE		596,767.00		112.73		615,542.00		550,000.00		593,569.52		21,972.48			(3,197.00	)		—		—			7.375		5.32	MN		5,183.00		19,605.00			2122009		11152013
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE		1,009,477.00		103.739		1,015,026.00		978,441.75		996,971.63		18,054.37			(6,123.00	)		—		—			4.97		3.748	FA		20,262.00		24,314.00			2082008		8012012
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		98.201		4,910,072.00		5,000,000.00		5,014,462.03		(104,390.03	)		(3,713.00	)		—		—			5.5		5.331	AO		49,653.00		137,500.00			1312007		4262011
161630AQ1	CHASE CM_O07-A1 5A1					2		1FE		657,686.00		83.133		556,404.00		669,293.93		657,993.94		(101,589.94	)		84.00			—		—			4.141		4.662	MON		2,309.00		13,864.00			5082007		2252037
161630AG3	CHASE CM_O07-A1-2A1					2		1FE		4,266,940.00		87.975		3,821,310.00		4,343,632.00		4,267,430.65		(446,120.65	)		660.00			—		—			4.179		4.683	MON		15,127.00		89,758.00			2222007		2252037
161582AB7	CHASE MANHATTAN BANK CMFUN_99-1					2		1FE		2,374,838.00		99.815		2,252,513.00		2,256,680.93		2,253,072.00		(559.00	)		(18,739.00	)		—		—			7.439		4.132	MON		13,990.00		83,937.00			1222008		7012009
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		100.828		379,448.00		375,000.00		376,593.22		2,854.78			(3,607.00	)		—		—			7.671		5.756	MON		2,474.00		14,500.00			11282007		1152010
16162WLN7	CHASE WHOLE CMO 05-S2 A2`					2		1FE		177,775.00		99.291		178,241.00		179,514.18		178,477.28		(236.28	)		406.00			—		—			5.5		6.268	MON		823.00		4,937.00			4042008		10252035
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1FE		5,874,252.00		67.281		3,914,804.00		5,818,566.47		5,863,554.96		(1,948,750.96	)		(178.00	)		—		—			5.426		5.109	MON		26,309.00		157,929.00			1182008		2012037
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		1FE		2,566,219.00		83.74		2,170,487.00		2,591,936.31		2,566,514.45		(396,027.45	)		96.00			—		—			4.826		5.055	MON		10,425.00		62,539.00			5172007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1FE		1,293,619.00		90.4		1,188,324.00		1,314,517.90		1,294,263.06		(105,939.06	)		335.00			—		—			4.595		5.103	MON		5,033.00		30,251.00			5172007		2252037
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN							1FE		10,999,340.00		103.049		11,335,374.00		11,000,000.00		10,999,408.70		335,965.30			69.00			—		—			3.45		3.452	MS		124,392.00		—			2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		105.439		4,059,395.00		3,850,000.00		3,906,698.61		152,696.39			(16,555.00	)		—		—			5.25		4.307	FA		72,428.00		101,063.00			10092008		2222011
172967EL1	CITIBANK N.A. CORP BND							1FE		3,253,904.00		95.439		3,111,303.00		3,260,000.00		3,255,806.53		(144,503.53	)		571.00			—		—			5.3		5.343	AO		35,516.00		86,390.00			10102007		10172012
17313YAA9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		9,000,000.00		100.164		9,014,765.00		9,000,000.00		9,000,000.00		14,765.00			—			—		—			0.948		0.948	FMAN		13,502.00		—			4302009		5052011
17314AAE2	CITIGROUP FUNDING INC - GTD CORP BND							1FE		1,762,215.00		99.946		1,749,053.00		1,750,000.00		1,761,437.03		(12,384.03	)		(778.00	)		—		—			0.898		1.292	MJSD		44.00		6,851.00			4202009		3302012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		8,377,404.00		100.188		8,415,792.00		8,400,000.00		8,379,258.27		36,533.73			1,854.00			—		—			2		2.093	MS		42,467.00		—			3232009		3302012
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		1,750,088.00		97.883		1,712,961.00		1,750,000.00		1,750,087.50		(37,126.50	)		—			—		—			5.1		5.096	MS		22,808.00		44,625.00			12282007		9292011
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		6,284,376.00		102.777		6,474,951.00		6,300,000.00		6,287,191.37		187,759.63			2,498.00			—		—			2.875		2.962	JD		11,069.00		90,563.00			12022008		12092011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		43,679,904.00		100.326		43,992,951.00		43,850,000.00		43,697,488.22		295,462.78			17,584.00			—		—			2.125		2.253	AO		157,890.00		232,953.00			3102009		4302012

Validus Holdings, Ltd June 30, 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
172967CU3	CITIGROUP INC CORP BND							1FE		1,411,135.00		100.022		1,425,318.00		1,425,000.00		1,420,851.25		4,466.75			3,131.00			—		—			4.125		4.59	FA		21,063.00		29,391.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND							1FE		7,225,893.00		98.482		7,066,112.00		7,175,000.00		7,206,211.50		(140,099.50	)		(9,116.00	)		—		—			5.125		4.843	FA		139,937.00		183,859.00		6022008		2142011
12572QAC9	CME GROUP INC SENIOR CORP BND							2FE		975,000.00		99.907		974,093.00		975,000.00		975,000.00		(907.00	)		—			—		—			1.657		3.454	FMAN		2,513.00		12,908.00		8072008		8062010
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1FE		760,106.00		97.053		745,157.00		767,783.57		762,573.49		(17,416.49	)		2,131.00			—		—			5.25		6.086	MON		3,359.00		20,154.00		4172008		6252034
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		100.929		11,732,953.00		11,625,000.00		11,575,201.19		157,751.81			3,095.00			—		—			3.625		3.725	MS		134,616.00		—		3032009		3152014
20825UAB0	CONOCO INC CORP BND			F				1FE		1,491,704.00		109.048		1,526,678.00		1,400,000.00		1,460,364.01		66,313.99			(12,321.00	)		—		—			6.35		4.35	AO		18,768.00		44,450.00		4212008		10152011
718507BQ8	CONOCOPHILLIPS CORP BND							1FE		5,386,576.00		106.944		5,283,019.00		4,940,000.00		5,108,539.90		174,479.10			(90,492.00	)		—		—			8.75		4.823	MN		43,225.00		216,125.00		7302008		5252010
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		3,546,841.00		102.648		3,644,008.00		3,550,000.00		3,546,840.50		97,167.50			—			—		—			4.6		4.616	JJ		18,144.00		—		5182009		1152015
20825VAA0	CONOCOPHILLIPS CORP BND							1FE		1,728,344.00		106.889		1,790,385.00		1,675,000.00		1,713,761.23		76,623.77			(6,416.00	)		—		—			5.3		4.409	AO		18,741.00		44,388.00		5052008		4152012
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		3FE		2,107,420.00		89		2,259,236.37		2,110,863.24		2,109,854.62		149,381.75			503.00			—		—			0.414		0.571	MON		146.00		5,677.00		10122007		1252037
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5					2		1FE		1,776,785.00		84.28		1,759,247.98		1,805,675.72		1,777,289.05		(18,041.07	)		62.00			—		—			5.269		5.848	MON		7,928.00		47,620.00		8142007		2192034
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,373.00		106.464		5,807,599.00		5,455,000.00		5,516,677.63		290,921.37			(11,955.00	)		—		—			6.125		5.609	MN		42,693.00		167,059.00		7112007		11152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		974,937.00		102.182		973,399.00		952,609.94		966,585.65		6,813.35			(5,060.00	)		—		—			6.505		4.315	MON		5,164.00		30,984.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3					2		1FE		4,935,048.00		102.687		4,882,747.00		4,755,000.00		4,851,966.31		30,780.69			(26,632.00	)		—		—			6.439		5.239	MON		25,515.00		153,087.00		12182007		1012012
22540A3F3	CSFB SENIOR CMBS 01-CK3					2		1FE		6,164,297.00		102.532		6,151,931.00		6,000,000.00		6,046,211.47		105,719.53			(21,182.00	)		—		—			6.53		5.823	MON		32,650.00		195,900.00		6292006		4152011
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		1,382,853.00		103.38		1,379,219.00		1,334,125.67		1,358,033.53		21,185.47			(6,752.00	)		—		—			6.21		4.139	MJSD		230.00		41,425.00		4172008		12302010
12668AZL2	CWALT CMO 2005-64CB 1A1					2		4FE		1,455,271.00		75		1,452,638.37		1,483,550.91		1,453,855.01		(1,216.64	)		(3,098.00	)		—		—			5.5		5.86	MON		6,800.00		40,802.00		1022008		12252035
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1FE		325,636.00		45.66		261,266.14		326,043.73		325,624.56		(64,358.42	)		3.00			—		—			2.84		2.847	MON		772.00		5,358.00		8062007		9252035
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1					2		1FE		1,097,866.00		91		1,145,991.78		1,097,865.95		1,097,865.95		48,125.83			—			—		—			0.384		0.384	MON		70.00		2,787.00		8172006		7252046
12669GBA8	CWHL WHOLE CMO 04-HYB6					2		2FE		617,382.00		65.33		586,121.97		631,845.37		617,933.58		(31,811.61	)		309.00			—		—			4.515		5.078	MON		2,377.00		14,318.00		8102007		11202034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2		1FE		198,908.00		96		192,820.00		200,853.74		199,592.43		(6,772.43	)		391.00			—		—			5.5		6.2	MON		921.00		5,523.00		4042008		9252035
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		4FE		2,256,175.00		54.803		1,976,213.46		2,304,056.17		2,257,213.16		(280,999.70	)		299.00			—		—			4.891		5.299	MON		9,390.00		56,400.00		8102007		8202035
12668HAB6	CWL ABS 06-26-2A1					2		1FE		1,394,536.00		91.48		1,275,622.00		1,394,426.66		1,394,449.07		(118,827.07	)		(19.00	)		—		—			0.394		0.389	MON		92.00		3,610.00		1292007		1252010
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00		103.176		1,614,196.00		950,000.00		1,879,027.38		(264,831.38	)		(406.00	)		—		(313,432.83	)		6.25		6.087	JUL		90,816.00		—		5062008		7272010
23636UAA5	DANSKE BANK A/S CORP BND 144A			F				1		9,236,403.00		100.32		9,279,601.00		9,250,000.00		9,236,413.71		43,187.29			11.00			—		—			2.5		2.549	JD		642.00		—		6232009		5102012
23383VDK3	DCAT ABS06-A A4					2		1FE		3,355,463.00		100.498		3,372,990.00		3,356,275.43		3,356,165.41		16,824.59			12.00			—		—			5.01		5.07	MON		10,743.00		84,075.00		2282006		1082011
23383WAC2	DCAT_06-B ABS 06-B					2		1FE		41,564.00		100.15		41,269.00		41,207.02		41,235.86		33.14			(106.00	)		—		—			5.33		4.217	MON		140.00		1,098.00		1302008		8082009
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		1,375,555.00		101.381		1,419,334.00		1,400,000.00		1,397,881.56		21,452.44			14,150.00			—		—			5.38		7.995	MON		4,812.00		37,660.00		9292008		3082011
233875AC7	DCAT_06-C ABS 06-C-A4					2		1FE		3,886,844.00		101.679		3,993,285.00		3,927,344.93		3,921,874.42		71,410.58			7,466.00			—		—			4.98		5.563	MON		12,496.00		97,791.00		7112007		11082011
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		2,624,706.00		102.848		2,658,611.00		2,585,000.00		2,608,787.47		49,823.53			(8,879.00	)		—		—			5		4.254	AO		28,363.00		64,625.00		7312008		10122010
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				2FE		826,755.00		105.61		792,075.00		750,000.00		770,506.54		21,568.46			(10,249.00	)		—		—			8.5		5.524	JD		2,833.00		31,875.00		2132006		6152010
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				1FE		693,074.00		100.402		702,812.00		700,000.00		698,488.97		4,323.03			1,347.00			—		—			4.875		5.218	JAN		15,239.00		34,125.00		6302007		1192010
25243YAG4	DIAGEO CAPITAL PLC SENIOR CORP BND			F				1FE		6,146,640.00		102.977		6,178,596.00		6,000,000.00		6,115,098.15		63,497.85			(31,542.00	)		—		—			4.375		2.057	MN		42,292.00		131,250.00		4022009		5032010
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN							1FE		4,133,584.00		104.992		4,383,421.00		4,175,000.00		4,140,450.79		242,970.21			3,786.00			—		—			5		5.23	JJ		96,257.00		96,837.00		7232008		7152013
532457BD9	ELI LILLY AND COMPANY CORP BND							1FE		7,192,656.00		102.922		7,410,359.00		7,200,000.00		7,193,400.14		216,958.86			744.00			—		—			3.55		3.586	MS		81,650.00		—		3032009		3062012
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00		103.717		4,044,963.00		3,900,000.00		3,890,644.52		154,318.48			1,938.00			—		—			3.25		3.36	AO		27,110.00		63,375.00		8262008		10142011
298785ET9	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		9,870,875.00		102.334		9,926,398.00		9,700,000.00		9,869,544.18		56,853.82			(1,331.00	)		—		—			2.625		1.868	MN		32,535.00		—		6192009		11152011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00		107.382		1,680,001.00		950,000.00		1,959,518.67		(279,517.67	)		(8,443.00	)		—		(359,245.75	)		5.5		4.437	DEC		48,564.00		—		3102008		12072011
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1FE		19,954,400.00		103.476		20,695,200.00		20,000,000.00		19,975,227.11		719,972.89			7,336.00			—		—			3.25		3.329	FA		245,556.00		325,000.00		1072008		2152011
31331GUE7	FFCB AGENCY BND					1		1		10,994,500.00		98.937		10,883,070.00		11,000,000.00		10,994,698.89		(111,628.89	)		199.00			—		—			2.875		2.888	MN		48,316.00		—		5052009		5062013
31331GVD8	FFCB AGENCY BND							1		10,961,426.00		99.372		10,921,036.00		10,990,000.00		10,962,427.20		(41,391.20	)		1,001.00			—		—			2.2		2.27	AO		35,595.00		—		5042009		4082013
31331TKB6	FFCB AGENCY BND							1		11,187,396.00		104.38		11,273,040.00		10,800,000.00		11,003,355.34		269,684.66			(73,573.00	)		—		—			4.1		2.662	MN		70,110.00		221,400.00		3252008		11042010
31331V4Q6	FFCB AGENCY BND							1		6,019,931.00		105.128		6,307,706.00		6,000,000.00		6,007,734.99		299,971.01			(3,010.00	)		—		—			5		4.89	MS		83,333.00		150,000.00		5032007		9212010
31331Y3X6	FFCB AGENCY BND							1		999,000.00		105.533		1,055,326.00		1,000,000.00		999,223.41		56,102.59			119.00			—		—			3.95		3.977	JJ		17,336.00		19,750.00		7302008		7232012
31331YJA9	FFCB AGENCY BND							1		18,969,030.00		101.63		19,309,700.00		19,000,000.00		18,992,622.61		317,077.39			7,799.00			—		—			3.875		3.961	JD		28,632.00		368,125.00		12142007		12172009
31331YNJ5	FFCB AGENCY BND							1		803,264.00		103.679		829,435.00		800,000.00		802,033.10		27,401.90			(634.00	)		—		—			3.5		3.33	JJ		12,678.00		14,000.00		7072008		1182011
31331YR51	FFCB AGENCY BND							1		990,190.00		105.734		1,057,336.00		1,000,000.00		992,043.28		65,292.72			929.00			—		—			4		4.224	MN		4,444.00		20,000.00		7072008		5212013
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2		1FE		222,500.00		82		186,448.00		227,375.97		222,658.88		(36,210.88	)		29.00			—		—			4.75		5.392	MON		900.00		5,400.00		8102007		12252034
3133XDTA9	FHLB AGENCY BND							1		8,166,480.00		105.285		8,422,800.00		8,000,000.00		8,082,655.65		340,144.35			(27,403.00	)		—		—			4.75		4.006	JD		22,167.00		190,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND							1		797,393.00		108.131		810,982.00		750,000.00		777,894.39		33,087.61			(6,656.00	)		—		—			5.6		3.647	JD		350.00		21,000.00		1032008		6282011
3133XGYT5	FHLB AGENCY BND							1		1,292,650.00		102.088		1,276,104.00		1,250,000.00		1,260,210.51		15,893.49			(11,237.00	)		—		—			5		3.137	JD		3,472.00		31,250.00		1142008		12112009
3133XJUS5	FHLB AGENCY BND							1		7,027,720.00		103.164		7,221,484.00		7,000,000.00		7,007,069.84		214,414.16			(4,880.00	)		—		—			5		4.851	MS		105,972.00		175,000.00		3192007		3122010
3133XMES6	FHLB AGENCY BND							1		20,084,720.00		104.597		20,919,400.00		20,000,000.00		20,038,808.82		880,591.18			(14,182.00	)		—		—			4.375		4.221	AO		167,708.00		437,500.00		11022007		10222010
3133XTHN9	FHLB AGENCY BND							1		6,775,035.00		99.947		6,751,420.00		6,755,000.00		6,772,991.84		(21,571.84	)		(2,043.00	)		—		—			1.25		1.041	AO		18,060.00		—		5072009		10142010
3128X2TM7	FHLMC AGENCY BND							1		14,298,830.00		108.206		14,066,780.00		13,000,000.00		14,264,343.48		(197,563.48	)		(34,487.00	)		—		—			5		2.726	JJ		272,639.00		—		5122009		1302014
3128X8A93	FHLMC AGENCY BND							1		13,496,625.00		99.412		13,420,620.00		13,500,000.00		13,496,776.95		(76,156.95	)		152.00			—		—			2.05		2.059	MN		38,438.00		—		5072009		5112012
3134A3M78	FHLMC AGENCY BND							1		8,275,318.00		101.32		7,978,982.00		7,875,000.00		7,900,665.58		78,316.42			(60,921.00	)		—		—			6.625		5.007	MS		153,617.00		260,859.00		3272006		9152009
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00		109.874		5,713,448.00		5,200,000.00		5,559,837.67		153,610.33			(17,748.00	)		—		—			5.125		4.139	MN		32,572.00		133,250.00		9112008		11172017
3137EABK4	FHLMC AGENCY BND							1		9,562,265.00		102.627		9,826,536.00		9,575,000.00		9,567,394.79		259,141.21			2,056.00			—		—			2.75		2.796	AO		58,514.00		131,656.00		4032008		4112011
3137EACC1	FHLMC AGENCY BND							1		5,382,504.00		99.676		5,382,504.00		5,400,000.00		5,383,096.36		(592.36	)		592.00			—		—			1.75		1.859	JD		10,500.00		—		5192009		6152012
3128X4KF7	FHLMC AGENCY BND MTN							1		3,080,160.00		104.86		3,145,800.00		3,000,000.00		3,037,086.93		108,713.07			(14,539.00	)		—		—			4.75		3.708	MS		39,188.00		71,250.00		12282007		9222010
31396GSK8	FHLMC AGENCY CMO 3098					2		1		1,834,180.00		102.602		1,886,925.00		1,839,064.98		1,834,978.13		51,946.87			125.00			—		—			5		5.107	MON		7,663.00		45,977.00		1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099					2		1		1,841,820.00		102.559		1,893,976.00		1,846,724.88		1,842,659.02		51,316.98			163.00			—		—			5		5.11	MON		7,695.00		46,168.00		1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102					2		1		2,509,656.00		102.672		2,574,110.00		2,512,675.06		2,510,353.22		63,756.78			(1,267.00	)		—		—			5		4.825	MON		10,469.00		62,817.00		8202008		7012010
31396HE39	FHLMC AGENCY CMO 3113					2		1		2,026,918.00		102.819		2,096,378.00		2,036,623.82		2,030,064.08		66,313.92			816.00			—		—			5		5.286	MON		8,486.00		50,916.00		2022006		11152025
31396TUP6	FHLMC AGENCY CMO 3171 NE					2		1		3,871,614.00		102.275		3,922,192.00		3,834,962.35		3,843,448.50		78,743.50			(12,247.00	)		—		—			6		4.898	MON		19,175.00		115,049.00		10242007		5012010
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		477,591.00		96.24		481,292.00		500,095.30		490,860.50		(9,568.50	)		12,815.00			—		—			0		4.29	MON		—		—		4042007		3152037
31396CLF5	FHLMC AGENCY CMO_3054 DW					2		1		221,786.00		105.53		234,931.00		222,620.38		221,822.53		13,108.47			21.00			—		—			5.5		5.685	MON		1,020.00		6,122.00		6172008		5152034
31394L4A7	FHLMC CMO 2684 PC					2		1		8,741,668.00		102.094		8,688,478.00		8,510,293.99		8,735,297.92		(46,819.92	)		(6,370.00	)		—		—			5		1.59	MON		35,460.00		—		6182009		4012011
31395L4F5	FHLMC CMO 2914 AJ					2		1FE		5,925,496.00		102.875		5,929,099.00		5,763,400.79		5,925,496.44		3,602.56			—			—		—			5		2.867	MON		4,002.00		—		6302009		9012012
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS					2		1		3,643,743.00		107.025		3,845,623.00		3,593,213.36		3,641,340.21		204,282.79			387.00			—		—			6		5.566	MON		17,966.00		107,796.00		2062007		5012028
31397Y5H0	FHLMC CMO_3484 DA					2		1		8,817,503.00		103.558		8,777,400.00		8,475,821.88		8,806,468.98		(29,068.98	)		(11,034.00	)		—		—			5		3.157	MON		35,316.00		—		6012009		4012016
31349UJL3	FHLMC GOLD POOL # 782967					2		1		203,484.00		102.203		211,714.00		206,550.47		203,520.52		8,193.48			(5.00	)		—		—			4.398		4.67	MON		757.00		4,542.00		9302008		1012035
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		55,923.00		105.253		56,648.00		53,820.55		55,893.26		754.74			(30.00	)		—		—			6		4.947	MON		269.00		1,076.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		102,726.00		105.253		104,058.00		98,864.50		102,670.74		1,387.26			(56.00	)		—		—			6		4.918	MON		494.00		1,977.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583					2		1		133,976.00		105.253		135,712.00		128,939.52		133,905.95		1,806.05			(70.00	)		—		—			6		4.958	MON		645.00		2,579.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804					2		1		6,410,513.00		104.94		6,650,829.00		6,337,728.57		6,408,865.02		241,963.98			(212.00	)		—		—			6		5.662	MON		31,689.00		190,132.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806					2		1		6,660,298.00		104.94		6,909,977.00		6,584,677.13		6,658,600.72		251,376.28			(247.00	)		—		—			6		5.666	MON		32,923.00		197,540.00		11022007		9012037
3128KWTK9	FHLMC GOLD POOL # A65954					2		1		111,821.00		105.253		113,270.00		107,617.19		111,765.94		1,504.06			(55.00	)		—		—			6		5.035	MON		538.00		2,152.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958					2		1		100,154.00		105.253		101,451.00		96,388.43		100,100.16		1,350.84			(53.00	)		—		—			6		4.937	MON		482.00		1,928.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968					2		1		72,969.00		105.253		73,914.00		70,225.46		72,924.31		989.69			(44.00	)		—		—			6		4.772	MON		351.00		1,405.00		2042009		9012037
3128KWT29	FHLMC GOLD POOL # A65969					2		1		69,183.00		105.253		70,080.00		66,582.51		69,147.21		932.79			(36.00	)		—		—			6		4.963	MON		333.00		1,332.00		2042009		9012037
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		3,871,450.00		104.722		4,008,209.00		3,827,493.53		3,870,362.61		137,846.39			(222.00	)		—		—			6		5.565	MON		19,137.00		114,825.00		11022007		9012037
3128KYXE4	FHLMC GOLD POOL # A67877					2		1		49,147.00		105.253		49,784.00		47,299.05		49,120.36		663.64			(26.00	)		—		—			6		4.941	MON		237.00		946.00		2042009		4012037
312929CM2	FHLMC GOLD POOL # A82776					2		1		22,896.00		105.253		23,193.00		22,035.27		22,883.77		309.23			(12.00	)		—		—			6		4.917	MON		110.00		441.00		2042009		1012039
312930LH1	FHLMC GOLD POOL # A83928					2		1		86,243.00		105.253		87,360.00		83,000.66		86,197.11		1,162.89			(46.00	)		—		—			6		4.924	MON		415.00		1,660.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935					2		1		89,995.00		105.253		91,161.00		86,611.89		89,950.75		1,210.25			(44.00	)		—		—			6		5.008	MON		433.00		1,732.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083					2		1		58,510.00		104.47		58,828.00		56,310.73		58,483.42		344.58			(27.00	)		—		—			6		5.092	MON		282.00		1,126.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100					2		1		34,954.00		105.253		35,407.00		33,639.79		34,937.40		469.60			(16.00	)		—		—			6		5.067	MON		168.00		673.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146					2		1		26,552.00		104.47		26,696.00		25,553.56		26,539.43		156.57			(12.00	)		—		—			6		5.084	MON		128.00		511.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964					2		1		4,934.00		105.253		4,998.00		4,748.29		4,931.13		66.87			(3.00	)		—		—			6		4.939	MON		24.00		95.00		2042009		7012037
3128M4HY2	FHLMC GOLD POOL # G02647					2		1		5,397,140.00		103.318		5,653,042.00		5,471,518.72		5,399,157.94		253,884.06			637.00			—		—			5.5		6.279	MON		25,078.00		150,467.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143					2		1		9,196.00		105.253		9,315.00		8,849.95		9,190.60		124.40			(5.00	)		—		—			6		4.906	MON		44.00		177.00		2042009		7012037

Validus Holdings, Ltd June 30, 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
3128M5HK9	FHLMC GOLD POOL # G03534					2		1		20,098,421.00		106.822		20,891,698.00		19,557,533.45		20,087,504.39		804,193.61			(1,839.00	)		—		—			6.5		5.714	MON		105,937.00		635,620.00		11062007		10012037
3128M6AM0	FHLMC GOLD POOL # G04212					2		1		45,323.00		104.69		45,631.00		43,586.31		45,295.19		335.81			(28.00	)		—		—			6		4.634	MON		218.00		436.00		3122009		11012037
3128M6UB2	FHLMC GOLD POOL # G04778					2		1		227,664.00		105.253		230,614.00		219,105.11		227,552.20		3,061.80			(112.00	)		—		—			6		5.028	MON		1,096.00		4,382.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124					2		1		670,871.00		105.253		679,564.00		645,649.92		670,529.65		9,034.35			(341.00	)		—		—			6		4.978	MON		3,228.00		12,913.00		2042009		12012038
3128MBBR7	FHLMC GOLD POOL # G12548					2		1		4,383,179.00		104.5		4,570,424.00		4,373,611.28		4,381,955.50		188,468.50			176.00			—		—			5.5		5.31	MON		20,046.00		120,274.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962					2		1		829,663.00		105.947		862,096.00		813,706.90		829,256.91		32,839.09			(131.00	)		—		—			6.5		5.635	MON		4,408.00		26,445.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033					2		1		17,906,294.00		105.947		18,606,277.00		17,561,915.66		17,898,025.35		708,251.65			(2,346.00	)		—		—			6.5		5.715	MON		95,127.00		570,762.00		10312007		7012037
3128MTF29	FHLMC GOLD POOL # H01085					2		1		18,402,684.00		105.947		19,122,072.00		18,048,758.82		18,393,684.72		728,387.28			(2,912.00	)		—		—			6.5		5.637	MON		97,764.00		586,585.00		10312007		7012037
3128JLHB8	FHLMC POOL # 1B1225					2		1		112,358.00		102.766		117,261.00		114,104.23		112,375.27		4,885.73			4.00			—		—			5.133		5.493	MON		488.00		2,927.00		4022007		9012033
3128JMW45	FHLMC POOL # 1B2566					2		1		164,645.00		101.827		168,971.00		165,939.56		164,653.03		4,317.97			3.00			—		—			4.385		4.485	MON		606.00		3,644.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583					2		1		3,195,557.00		102.78		3,320,856.00		3,231,033.64		3,196,043.71		124,812.29			46.00			—		—			4.524		4.719	MON		12,181.00		73,086.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632					2		1		202,869.00		102.067		208,690.00		204,463.56		202,878.65		5,811.35			4.00			—		—			4.38		4.478	MON		746.00		4,450.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642					2		1		293,448.00		102.147		302,104.00		295,754.43		293,460.05		8,643.95			4.00			—		—			4.487		4.588	MON		1,106.00		6,631.00		4022007		11012034
3128JM6N2	FHLMC POOL # 1B2776					2		1		434,941.00		102.042		448,440.00		439,467.87		434,979.72		13,460.28			11.00			—		—			4.338		4.515	MON		1,589.00		9,529.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792					2		1		293,798.00		102.056		302,958.00		296,855.84		293,825.42		9,132.58			9.00			—		—			4.351		4.52	MON		1,076.00		6,462.00		4022007		2012035
3128JNAL9	FHLMC POOL # 1B2810					2		1		351,137.00		102.443		363,459.00		354,790.89		351,165.58		12,293.42			8.00			—		—			4.431		4.613	MON		1,310.00		7,847.00		4022007		2012035
3128QPU59	FHLMC POOL # 1B7453					2		1		340,449.00		104.75		350,702.00		334,799.29		340,319.05		10,382.95			(20.00	)		—		—			6.018		5.241	MON		1,679.00		10,069.00		12132007		8012037
3128NCBF0	FHLMC POOL # 1G0038					2		1		347,338.00		101.853		356,734.00		350,244.94		347,357.55		9,376.45			7.00			—		—			4.346		4.46	MON		1,268.00		7,626.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053					2		1		417,205.00		102.006		430,005.00		421,546.79		417,244.94		12,760.06			15.00			—		—			4.494		4.651	MON		1,579.00		9,479.00		4022007		2012035
3128NCB37	FHLMC POOL # 1G0058					2		1		527,792.00		102.94		544,586.00		529,032.22		527,766.65		16,819.35			(2.00	)		—		—			4.606		4.577	MON		2,031.00		12,159.00		9172008		1012035
3128NCDH4	FHLMC POOL # 1G0104					2		1		178,493.00		101.994		183,576.00		179,986.58		178,501.83		5,074.17			3.00			—		—			4.508		4.621	MON		676.00		4,056.00		4032007		2012035
3128NCD68	FHLMC POOL # 1G0125					2		1		4,505,347.00		102.031		4,695,166.00		4,601,694.51		4,507,706.03		187,459.97			(290.00	)		—		—			4.332		4.711	MON		16,612.00		116,059.00		12132005		3012035
3128NCMS0	FHLMC POOL # 1G0369					2		1		706,334.00		103.337		726,275.00		702,820.35		706,256.10		20,018.90			(16.00	)		—		—			4.98		4.78	MON		2,917.00		17,500.00		8272008		10012035
3128QJLG9	FHLMC POOL # 1G1227					2		1		1,245,180.00		104.309		1,273,368.00		1,220,765.00		1,244,757.85		28,610.15			(117.00	)		—		—			5.991		5.39	MON		6,095.00		36,593.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393					2		1		3,753,870.00		105.41		3,924,455.00		3,723,038.75		3,752,238.72		172,216.28			29.00			—		—			5.929		5.613	MON		18,395.00		128,743.00		3302007		12012036
3128QJ3B0	FHLMC POOL # 1G1694					2		1		5,171,942.00		104.25		5,472,773.00		5,249,661.90		5,172,502.15		300,270.85			87.00			—		—			5.269		5.584	MON		23,050.00		161,510.00		8102007		4012037
3128S4DP9	FHLMC POOL # 1Q0110					2		1		2,204,523.00		102.335		2,277,806.00		2,225,826.30		2,204,762.24		73,043.76			128.00			—		—			4.153		4.293	MON		7,703.00		51,687.00		9272006		7012035
3128S4E86	FHLMC POOL # 1Q0159					2		1		334,523.00		102.582		347,386.00		338,640.41		334,578.05		12,807.95			31.00			—		—			4.542		4.739	MON		1,282.00		8,611.00		11132006		3012035
31342A6F1	FHLMC POOL # 780870					2		1		666,812.00		100.79		682,522.00		677,173.02		666,937.19		15,584.81			36.00			—		—			4.549		4.871	MON		2,567.00		15,432.00		4022007		9012033
31349SJK0	FHLMC POOL # 781166					2		1		1,504,873.00		102.249		1,564,202.00		1,529,792.15		1,505,451.73		58,750.27			(268.00	)		—		—			3.394		3.713	MON		4,327.00		33,107.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785					2		1		314,141.00		101.962		322,824.00		316,610.97		314,155.22		8,668.78			5.00			—		—			4.434		4.536	MON		1,170.00		7,042.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837					2		1		570,674.00		101.33		582,812.00		575,160.14		570,701.24		12,110.76			10.00			—		—			4.382		4.481	MON		2,100.00		12,574.00		4022007		11012034
31349ULB2	FHLMC POOL # 783022					2		1		648,338.00		100.44		664,756.82		654,127.25		648,380.11		16,376.71			14.00			—		—			4.429		4.556	MON		2,414.00		14,460.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026					2		1		376,816.00		101.813		387,640.00		380,737.17		376,850.70		10,789.30			12.00			—		—			4.422		4.586	MON		1,403.00		8,424.00		4022007		2012035
31295NXK9	FHLMC POOL # 789682					2		1		63,070.00		102.028		64,720.00		63,434.10		63,069.00		1,651.00			—			—		—			4.792		4.837	MON		253.00		1,521.00		8102006		9012032
3128JRJS6	FHLMC POOL # 847473					2		1		4,770,392.00		104.06		4,984,319.00		4,789,850.63		4,770,259.38		214,059.62			(42.00	)		—		—			5.049		5.045	MON		20,153.00		120,828.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,785,604.00		102.602		1,875,883.00		1,828,312.10		1,786,178.83		89,704.17			51.00			—		—			4.959		5.648	MON		7,556.00		45,207.00		5312006		12012035
3128JRPZ3	FHLMC POOL # 847640					2		1		988,936.00		103.204		1,026,215.00		994,355.64		988,890.91		37,324.09			(17.00	)		—		—			5.158		5.203	MON		4,274.00		25,651.00		11132006		5012036
3128JRP26	FHLMC POOL # 847641					2		1		886,282.00		103.178		921,826.00		893,429.19		886,310.45		35,515.55			—			—		—			5.146		5.252	MON		3,831.00		22,728.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642					2		1		218,486.00		101.258		224,163.00		221,377.66		218,530.95		5,632.05			24.00			—		—			4.086		4.311	MON		754.00		5,443.00		11132006		4012035
02R050671	FHLMC TBA 30 YR					2		1Z		3,982,813.00		101.758		4,070,313.00		4,000,000.00		3,982,812.50		87,500.50			—			—		—			5		5.098	MON		6,667.00		—		6082009		7012033
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA					2		1		2,820,121.00		101.1		2,837,840.00		2,806,963.16		2,807,542.24		30,297.76			(4,556.00	)		—		—			5.5		4.832	MON		12,865.00		77,191.00		3232007		3012010
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1		2,807,927.00		103.699		2,905,747.00		2,802,097.44		2,804,274.15		101,472.85			(978.00	)		—		—			5.5		5.323	MON		12,843.00		77,058.00		4192007		10012012
31394HP88	FHR AGENCY CMO 2663					2		1FE		743,811.00		101.738		752,038.00		739,191.16		740,584.76		11,453.24			(1,765.00	)		—		—			4.5		3.877	MON		2,772.00		16,632.00		7162008		9012010
31395K5J8	FHR AGENCY CMO 2898 PH					2		1		412,896.00		100.551		411,698.00		409,441.56		410,229.27		1,468.73			(1,700.00	)		—		—			5		3.65	MON		1,706.00		10,236.00		7082008		1012010
31395VGR4	FHR AGENCY CMO 2989 WD					2		1		502,969.00		104.25		521,250.00		500,000.00		502,421.88		18,828.12			(384.00	)		—		—			5.5		5.366	MON		2,292.00		13,750.00		10082008		12152013
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		7,304,278.00		103.625		7,505,728.00		7,243,163.75		7,292,414.66		213,313.34			(9,880.00	)		—		—			5.5		4.68	MON		33,198.00		199,187.00		9042008		9012012
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT			D				1FE		1,112,800.00		66.221		654,336.00		600,000.00		1,139,364.98		(485,028.98	)		11,607.00			—		(213,096.00	)		6		8.544	FEB		23,552.00		53,041.00		6192008		2062012
337378AB9	FIRST UNION NAT BANK 1999-C4 A2					2		1FE		727,890.00		98.785		723,102.00		718,682.29		719,644.55		3,457.45			(3,670.00	)		—		—			7.39		5.39	MON		4,426.00		26,555.00		5202008		11012009
33736XAB5	FIRST UNION NAT BANK CMBS_00-C1 A2					2		1FE		1,353,086.00		100.988		1,318,385.00		1,293,435.53		1,311,871.76		6,513.24			(15,030.00	)		—		—			7.841		3.206	MON		8,452.00		50,709.00		4162008		3012010
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		1,052,926.00		98.648		1,032,512.00		1,046,659.08		1,048,349.83		(15,837.83	)		(1,944.00	)		—		—			5.673		4.969	MON		4,948.00		29,689.00		7172008		5012010
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE		2,779,405.00		102.947		2,800,163.00		2,720,000.00		2,766,045.94		34,117.06			(5,862.00	)		—		—			4.85		4.335	FA		54,967.00		65,960.00		4252008		2012013
31359M7X5	FNMA AGENCY BND							1		3,188,535.00		109.146		3,274,380.00		3,000,000.00		3,173,877.16		100,502.84			(9,241.00	)		—		—			5		4.129	MN		20,833.00		75,000.00		9112008		5112017
31359MF81	FNMA AGENCY BND							1		6,927,115.00		106.156		6,900,141.00		6,500,000.00		6,890,435.34		9,705.66			(36,680.00	)		—		—			5.05		1.247	FA		131,300.00		—		5052009		2072011
31359MMQ3	FNMA AGENCY BND							1		15,191,171.00		111.723		15,529,497.00		13,900,000.00		14,908,701.22		620,795.78			(175,130.00	)		—		—			6.125		3.299	MS		250,683.00		425,688.00		9112008		3152012
31359MNU3	FNMA AGENCY BND							1		6,397,759.00		104.228		6,691,438.00		6,420,000.00		6,405,244.08		286,193.92			2,168.00			—		—			5.25		5.332	FA		140,438.00		168,525.00		11092007		8012012
3136FHE43	FNMA AGENCY BND					1		1		5,515,313.00		99.788		5,538,232.00		5,550,000.00		5,515,312.50		22,919.50			—			—		—			1.5		1.82	JJ		—		—		6092009		7012011
31398AHZ8	FNMA AGENCY BND							1		26,460,984.00		108.652		28,249,520.00		26,000,000.00		26,322,380.07		1,927,139.93			(43,708.00	)		—		—			4.75		4.351	MN		144,083.00		617,500.00		11302007		11192012
31398ATZ5	FNMA AGENCY BND							1		10,995,490.00		102.617		11,287,870.00		11,000,000.00		10,997,098.21		290,771.79			1,096.00			—		—			2.875		2.896	AO		69,399.00		158,125.00		9102008		10122010
31393YFB6	FNMA AGENCY CMO 04-28 PB					2		1		138,035.00		101.42		138,075.00		136,142.11		136,366.53		1,708.47			(1,053.00	)		—		—			6		3.854	MON		681.00		4,084.00		1142008		12012009
31394BPP3	FNMA AGENCY CMO 04-88 HA					2		1		157,888.00		105		160,321.00		152,687.11		157,159.71		3,161.29			(170.00	)		—		—			6.5		5.017	MON		827.00		4,962.00		1142008		12012015
31394DA42	FNMA AGENCY CMO 05-48					2		1		374,444.00		106.379		395,489.00		371,771.65		374,138.57		21,350.43			(68.00	)		—		—			5.5		5.25	MON		1,704.00		10,224.00		12202007		11012019
31394FRP2	FNMA AGENCY CMO 05-80 PB					2		1		6,005,868.00		103.446		5,992,776.00		5,793,151.16		6,001,683.47		(8,907.47	)		(4,185.00	)		—		—			5.5		2.174	MON		26,552.00		—		6182009		1012012
31396XEN0	FNMA CMO 07-80 PA					2		1FE		7,070,462.00		103.911		7,047,503.00		6,782,217.64		7,062,699.92		(15,196.92	)		(7,762.00	)		—		—			5.5		2.242	MON		31,085.00		—		6152009		12012012
31371LNH8	FNMA POOL # 255192					2		1		2,893,191.00		102.58		3,075,228.00		2,997,882.60		2,913,993.05		161,234.95			940.00			—		—			4		5.644	MON		9,993.00		59,958.00		1032007		4012014
31371MXX0	FNMA POOL # 256394					2		1		—		106.581		—		—		—		—			—			—		—			6.5		0	MON		503.00		—		2042009		9012036
31371NAC9	FNMA POOL # 256603					2		1		2,381,414.00		104.588		2,488,333.00		2,379,183.21		2,381,085.93		107,247.07			(96.00	)		—		—			5.5		5.311	MON		10,905.00		65,428.00		7172008		2012022
31371NN68	FNMA POOL # 257013					2		1		32,719.00		103.588		34,377.00		33,185.93		32,729.34		1,647.66			4.00			—		—			5		5.619	MON		138.00		830.00		8222008		11012022
31371NZX6	FNMA POOL # 257358					2		1		41,504.00		103.549		43,589.00		42,095.61		41,515.86		2,073.14			5.00			—		—			5		5.617	MON		175.00		1,052.00		8222008		9012023
31371N7K5	FNMA POOL # 257498					2		1		—		106.575		—		—		—		—			—			—		—			6.5		0	MON		66.00		—		1232009		12012038
31376KQB5	FNMA POOL # 357850					2		1		27,103.00		103.603		27,118.00		26,175.05		27,084.97		33.03			(18.00	)		—		—			5.5		4.116	MON		120.00		—		6042009		7012035
31379T6G4	FNMA POOL # 429371					2		1		53,821.00		103.159		55,975.00		54,261.39		53,866.65		2,108.35			12.00			—		—			5		5.283	MON		226.00		1,356.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388					2		1		179,995.00		105.572		193,425.00		183,215.75		180,305.48		13,119.52			(49.00	)		—		—			5.5		6.107	MON		840.00		5,038.00		6282006		3012018
31385XEW3	FNMA POOL # 555549					2		1		588,401.00		104.727		621,264.00		593,221.15		588,613.79		32,650.21			21.00			—		—			5		5.24	MON		2,472.00		14,831.00		12142007		6012018
31385XK48	FNMA POOL # 555715					2		1		198,309.00		102.13		204,341.00		200,080.16		198,330.32		6,010.68			4.00			—		—			4.496		4.733	MON		750.00		4,533.00		4022007		7012033
31388UJF8	FNMA POOL # 615062					2		1		246,247.00		105.572		264,620.00		250,653.09		246,777.08		17,842.92			(22.00	)		—		—			5.5		6.112	MON		1,149.00		6,893.00		6282006		1012017
31389FPM8	FNMA POOL # 624228					2		1		158,771.00		105.572		170,617.00		161,611.76		159,105.27		11,511.73			(25.00	)		—		—			5.5		6.124	MON		741.00		4,444.00		6282006		1012017
31389FQ62	FNMA POOL # 624277					2		1		115,000.00		105.572		123,580.00		117,057.73		115,241.26		8,338.74			(26.00	)		—		—			5.5		6.126	MON		537.00		3,219.00		6282006		1012017
31391PUF1	FNMA POOL # 672982					2		1		604,444.00		104.74		638,281.00		609,395.20		604,676.11		33,604.89			28.00			—		—			5		5.247	MON		2,539.00		15,235.00		12142007		12012017
31400EGH7	FNMA POOL # 685200					2		1		514,803.00		104.727		543,556.00		519,020.17		514,998.74		28,557.26			23.00			—		—			5		5.239	MON		2,163.00		12,976.00		12142007		3012018
31400GJN6	FNMA POOL # 687069					2		1		1,539,004.00		101.55		1,566,039.00		1,542,136.00		1,537,984.38		28,054.62			(148.00	)		—		—			5.5		5.5	MON		7,068.00		42,409.00		4212006		1012013
31400PG58	FNMA POOL # 693320					2		1		113,522.00		101.606		116,358.00		114,519.42		113,544.19		2,813.81			9.00			—		—			3.926		4.121	MON		375.00		2,423.00		8102006		1012033
31400QJ87	FNMA POOL # 694287					2		1		24,120.00		102.192		24,869.00		24,335.83		24,122.78		746.22			—			—		—			4.606		4.881	MON		93.00		561.00		4022007		3012033
31400SA33	FNMA POOL # 695826					2		1		466,112.00		104.727		492,145.00		469,929.78		466,280.41		25,864.59			24.00			—		—			5		5.246	MON		1,958.00		11,748.00		12142007		4012018
31401A3C9	FNMA POOL # 702895					2		1		600,202.00		104.727		633,724.00		605,118.90		600,425.45		33,298.55			28.00			—		—			5		5.24	MON		2,521.00		15,128.00		12142007		4012018
31401DVW8	FNMA POOL # 705429					2		1		292,987.00		102.235		303,026.00		296,402.50		293,089.35		9,936.65			43.00			—		—			3.128		3.361	MON		773.00		6,019.00		8102006		4012033
31402DGQ7	FNMA POOL # 725707					2		1		2,040,988.00		104.52		2,150,716.00		2,057,706.62		2,041,568.60		109,147.40			6.00			—		—			5		5.247	MON		8,574.00		51,443.00		12142007		8012019
31402DQB9	FNMA POOL # 725950					2		1		856,430.00		104.52		903,328.00		864,262.46		856,623.48		46,704.52			65.00			—		—			5		5.293	MON		3,601.00		21,607.00		7172008		11012019
31402HD32	FNMA POOL # 729222					2		1		4,025,881.00		102.319		4,164,779.00		4,070,384.62		4,026,661.37		138,117.63			184.00			—		—			4.575		4.835	MON		15,515.00		92,561.00		9172008		7012035
31402RB81	FNMA POOL # 735463					2		1		205,240.00		102.966		213,075.00		206,937.45		205,281.41		7,793.59			14.00			—		—			3.702		3.866	MON		638.00		4,636.00		9282006		3012035
31402YSV7	FNMA POOL # 742232					2		1		20,388.00		104.272		21,589.00		20,704.30		20,393.61		1,195.39			3.00			—		—			4.375		4.708	MON		75.00		500.00		4022007		9012033
31403C2L4	FNMA POOL # 745179					2		1		2,108,429.00		104.727		2,226,188.00		2,125,700.77		2,109,090.10		117,097.90			49.00			—		—			5		5.238	MON		8,857.00		53,143.00		12142007		4012019
31403C3B5	FNMA POOL # 745194					2		1		997,698.00		105.572		1,072,138.00		1,015,549.51		999,141.23		72,996.77			(322.00	)		—		—			5.5		6.089	MON		4,655.00		27,928.00		6282006		5012019

Validus Holdings, Ltd June 30, 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
31403C3T6	FNMA POOL # 745210				2		1		1,923,063.00		105.572		2,066,546.00		1,957,471.98		1,926,001.42		140,544.58			(536.00	)		—		—		5.5		6.091	MON		8,972.00		53,830.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		1		920,787.00		105.572		989,488.00		937,262.23		922,182.31		67,305.69			(296.00	)		—		—		5.5		6.103	MON		4,296.00		25,775.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		1		1,226,704.00		104.52		1,292,655.00		1,236,752.87		1,227,058.14		65,596.86			24.00			—		—		5		5.231	MON		5,153.00		30,919.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		1		4,181,743.00		104.727		4,415,299.00		4,215,998.23		4,183,137.11		232,161.89			101.00			—		—		5		5.24	MON		17,567.00		105,400.00		12142007		11012018
31403DWH8	FNMA POOL # 745948				2		1		—		106.581		—		—		—		—			—			—		—		6.5		0	MON		1,869.00		—		2042009		10012036
31403H3P3	FNMA POOL # 749706				2		1		1,577,033.00		102.509		1,636,933.00		1,596,869.10		1,577,406.16		59,526.84			114.00			—		—		5.035		5.338	MON		6,700.00		40,192.00		5152006		11012033
31403KDB6	FNMA POOL # 750798				2		1		22,062.00		102.387		22,940.00		22,405.05		22,068.03		871.97			2.00			—		—		4.453		4.819	MON		83.00		567.00		4022007		12012033
31403VBR9	FNMA POOL # 758848				2		1		605,431.00		104.727		639,245.00		610,389.92		605,613.76		33,631.24			—			—		—		5		5.256	MON		2,543.00		15,260.00		12142007		1012019
31404CLB4	FNMA POOL # 764522				2		1		59,555.00		101.75		61,824.00		60,760.33		59,578.26		2,245.74			(5.00	)		—		—		2.959		3.413	MON		150.00		1,155.00		9302008		6012034
31404LRF9	FNMA POOL # 771886				2		1		162,525.00		102.15		168,796.00		165,242.80		162,584.15		6,211.85			(2.00	)		—		—		4.806		5.269	MON		662.00		3,999.00		8102006		2012034
31404NBP0	FNMA POOL # 773246				2		1		258,860.00		101.878		265,928.00		261,026.21		258,886.21		7,041.79			8.00			—		—		4.304		4.489	MON		936.00		5,602.00		4022007		2012035
31404Q2H1	FNMA POOL # 775776				2		1		18,836.00		103.598		18,846.00		18,191.00		18,834.19		11.81			(2.00	)		—		—		5.5		5.169	MON		83.00		—		6042009		5012034
31404VGA0	FNMA POOL # 779693				2		1		1,352,903.00		101.97		1,392,611.00		1,365,706.86		1,353,177.00		39,434.00			117.00			—		—		3.492		3.702	MON		3,974.00		32,704.00		2242006		7012034
31405AQ71	FNMA POOL # 783578				2		1		1,266,054.00		102.231		1,325,308.00		1,296,387.75		1,267,062.05		58,245.95			453.00			—		—		4.096		4.528	MON		4,425.00		27,486.00		2282006		12012034
31405PAG5	FNMA POOL # 794807				2		1		372,816.00		101.253		376,458.00		371,800.80		372,773.15		3,684.85			(23.00	)		—		—		4.798		4.716	MON		1,487.00		8,929.00		6302007		10012034
31405UMM8	FNMA POOL # 799664				2		1		108,723.00		101.933		111,696.00		109,577.71		108,733.43		2,962.57			4.00			—		—		4.722		4.883	MON		431.00		2,597.00		4022007		10012034
31405UR84	FNMA POOL # 799811				2		1		338,259.00		101.424		342,179.00		337,375.15		338,222.78		3,956.22			(20.00	)		—		—		4.481		4.4	MON		1,258.00		7,564.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868				2		1		39,578.00		101.862		40,632.00		39,889.40		39,581.42		1,050.58			1.00			—		—		4.601		4.793	MON		153.00		920.00		4022007		11012034
31406BB90	FNMA POOL # 804764				2		1		446,261.00		101.971		458,633.00		449,768.92		446,298.08		12,334.92			9.00			—		—		4.474		4.659	MON		1,677.00		10,071.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852				2		1		375,549.00		101.739		385,082.00		378,500.82		375,581.59		9,500.41			9.00			—		—		4.543		4.718	MON		1,433.00		8,588.00		4022007		12012034
31406BJF8	FNMA POOL # 804962				2		1		489,108.00		102.229		503,941.00		492,952.53		489,148.82		14,792.18			10.00			—		—		4.455		4.639	MON		1,830.00		10,975.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163				2		1		542,636.00		103.027		563,739.00		547,177.84		542,685.88		21,053.12			12.00			—		—		4.532		4.733	MON		2,067.00		12,381.00		4022007		1012035
31406DG67	FNMA POOL # 806721				2		1		859,783.00		102.997		892,516.00		866,542.15		859,868.37		32,647.63			32.00			—		—		4.553		4.712	MON		3,288.00		19,736.00		4022007		11012034
31406GLK3	FNMA POOL # 809530				2		1		119,911.00		102.041		123,225.00		120,760.07		119,927.05		3,297.95			7.00			—		—		4.575		4.707	MON		460.00		2,971.00		9282006		2012035
31406MYP5	FNMA POOL # 814418				2		1		492,067.00		102.148		507,125.00		496,460.57		492,133.77		14,991.23			28.00			—		—		4.408		4.577	MON		1,824.00		10,945.00		4022007		3012035
31406PKU2	FNMA POOL # 815807				2		1		484,819.00		102.224		500,329.00		489,445.56		484,934.05		15,394.95			41.00			—		—		4.277		4.457	MON		1,745.00		11,368.00		9282006		2012035
31406RYW9	FNMA POOL # 818025				2		1		3,190.00		103.76		3,193.00		3,077.14		3,188.54		4.46			(1.00	)		—		—		5.5		4.583	MON		14.00		—		6022009		3012037
31406TLC3	FNMA POOL # 819423				2		1		722,513.00		104.136		759,112.00		728,964.78		722,593.21		36,518.79			26.00			—		—		4.693		4.884	MON		2,851.00		17,065.00		4022007		4012035
31406VHE9	FNMA POOL # 821129				2		1		609,572.00		102.212		628,620.00		615,014.74		609,636.76		18,983.24			18.00			—		—		4.373		4.579	MON		2,241.00		13,430.00		4022007		5012035
31406XDU3	FNMA POOL # 822815				2		1		34,049.00		103.546		34,048.00		32,882.39		34,045.17		2.83			(4.00	)		—		—		5.5		5.177	MON		151.00		—		6042009		4012035
31407CB89	FNMA POOL # 826363				2		1		3,125,547.00		102.17		3,249,472.00		3,180,459.65		3,126,974.58		122,497.42			499.00			—		—		4.423		4.777	MON		11,723.00		70,362.00		1262006		7012035
31407D5R2	FNMA POOL # 828056				2		1		2,149,138.00		103.51		2,187,303.00		2,113,131.65		2,148,571.38		38,731.62			(186.00	)		—		—		4.864		4.327	MON		8,562.00		41,567.00		2202009		6012035
31407E6W8	FNMA POOL # 828985				2		1		1,056,346.00		101.73		1,111,621.00		1,092,712.65		1,057,166.76		54,454.24			160.00			—		—		4.046		4.933	MON		3,684.00		22,175.00		3162006		8012035
31407GC22	FNMA POOL # 829989				2		1		2,970,988.00		102.4		3,071,211.00		2,999,223.01		2,971,353.99		99,857.01			51.00			—		—		4.585		4.873	MON		11,450.00		68,425.00		1202006		4012035
31408C6D3	FNMA POOL # 847868				2		1		2,004,199.00		101.963		2,065,485.00		2,025,722.45		2,004,602.69		60,882.31			151.00			—		—		4.608		4.828	MON		7,779.00		47,240.00		5122006		11012035
31408JFT3	FNMA POOL # 852578				2		1		262,226.00		103.546		271,143.00		261,857.33		262,180.95		8,962.05			(21.00	)		—		—		5.5		5.213	MON		1,200.00		7,201.00		10082008		1012036
31409JBS8	FNMA POOL # 872249				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		65.00		—		1232009		5012036
31409UBQ7	FNMA POOL # 878547				2		1		1,726,809.00		102.763		1,788,847.00		1,740,749.00		1,727,074.04		61,772.96			138.00			—		—		3.592		3.747	MON		5,211.00		37,216.00		5042006		3012036
31410FU60	FNMA POOL # 888105				2		1		1,694,544.00		104.727		1,789,186.00		1,708,424.89		1,694,984.77		94,201.23			(121.00	)		—		—		5		5.231	MON		7,118.00		42,711.00		12142007		8012020
31410FYT6	FNMA POOL # 888222				2		1		468,093.00		104.651		489,862.00		468,093.47		468,093.47		21,768.53			—			—		—		6		5.989	MON		2,340.00		15,864.00		8082008		2012037
31410F5M3	FNMA POOL # 888352				2		1		404,049.00		103.51		403,904.00		390,208.44		403,802.61		101.39			(246.00	)		—		—		5.5		4.249	MON		1,788.00		—		6042009		5012037
31410GC35	FNMA POOL # 888490				2		1		599,714.00		101.718		611,397.00		601,072.96		599,708.72		11,688.28			5.00			—		—		3.669		3.695	MON		1,838.00		12,799.00		6182007		5012035
31410GC50	FNMA POOL # 888492				2		1		222,495.00		102.692		228,051.00		222,071.83		222,471.18		5,579.82			(5.00	)		—		—		3.323		3.252	MON		615.00		4,508.00		6182007		5012033
31410GDC4	FNMA POOL # 888499				2		1		1,923,968.00		101.573		1,965,212.00		1,934,778.05		1,924,110.98		41,101.02			65.00			—		—		3.325		3.435	MON		5,361.00		38,694.00		6182007		8012033
31410GDF7	FNMA POOL # 888502				2		1		276,839.00		102.689		287,979.00		280,437.58		276,888.24		11,090.76			8.00			—		—		4.667		5.044	MON		1,091.00		6,540.00		6182007		6012033
31410GDL4	FNMA POOL # 888507				2		1		1,215,675.00		101.908		1,260,550.00		1,236,955.07		1,216,056.66		44,493.34			133.00			—		—		4.431		4.789	MON		4,567.00		27,389.00		6182007		2012035
31410GDM2	FNMA POOL # 888508				2		1		1,150,867.00		101.875		1,188,834.00		1,166,957.63		1,151,124.21		37,709.79			68.00			—		—		3.843		4.189	MON		3,737.00		23,234.00		6182007		3012034
31410GDQ3	FNMA POOL # 888511				2		1		172,969.00		101.764		177,618.00		174,539.97		172,985.76		4,632.24			4.00			—		—		5.321		5.546	MON		775.00		4,662.00		6182007		12012033
31410GDS9	FNMA POOL # 888513				2		1		258,309.00		102.089		265,086.00		259,661.25		258,323.85		6,762.15			6.00			—		—		3.324		3.433	MON		719.00		4,578.00		6182007		2012034
31410GDW0	FNMA POOL # 888517				2		1		2,826,244.00		104.565		2,982,976.00		2,852,749.37		2,826,528.44		156,447.56			63.00			—		—		5.096		5.308	MON		12,115.00		72,581.00		6182007		12012035
31410GDX8	FNMA POOL # 888518				2		1		318,879.00		102.692		328,515.00		319,903.21		318,882.03		9,632.97			7.00			—		—		3.98		4.025	MON		1,061.00		7,335.00		6182007		4012035
31410GDY6	FNMA POOL # 888519				2		1		137,679.00		101.983		142,820.00		140,042.84		137,715.26		5,104.74			9.00			—		—		4.334		4.749	MON		506.00		3,030.00		6182007		1012035
31410GDZ3	FNMA POOL # 888520				2		1		1,397,032.00		102.108		1,435,570.00		1,405,936.24		1,397,151.37		38,418.63			50.00			—		—		3.839		3.963	MON		4,498.00		31,668.00		6182007		7012033
31410GD83	FNMA POOL # 888527				2		1		82,959.00		102.929		86,998.00		84,522.07		82,982.54		4,015.46			3.00			—		—		4.37		4.928	MON		308.00		1,847.00		6182007		4012034
31410GFD0	FNMA POOL # 888564				2		1		27,927,418.00		104.202		28,236,107.00		27,097,555.29		27,907,236.13		328,870.87			(20,182.00	)		—		—		5		3.41	MON		112,906.00		338,719.00		2262009		10012021
31410GJ46	FNMA POOL # 888683				2		1		5,882,124.00		104.71		6,209,625.00		5,930,307.34		5,883,737.09		325,887.91			22.00			—		—		5		5.242	MON		24,710.00		148,258.00		12142007		12012019
31410GPR8	FNMA POOL # 888832				2		1		13,048,557.00		106.7		13,389,363.00		12,548,574.40		13,037,984.90		351,378.10			502.00			—		—		6.5		5.142	MON		67,971.00		407,829.00		1252008		11012037
31410GRA3	FNMA POOL # 888881				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		87.00		—		1232009		12012037
31410GRK1	FNMA POOL # 888890				2		1		—		106.581		—		—		—		—			—			—		—		6.5		0	MON		160.00		—		3112009		10012037
31410G6M0	FNMA POOL # 889276				2		1		861,410.00		104.822		869,458.00		829,462.46		860,918.53		8,539.47			(491.00	)		—		—		6		4.732	MON		4,147.00		8,295.00		3112009		3012038
31410KCT9	FNMA POOL # 889382				2		1		8,059.00		103.76		8,067.00		7,774.28		8,056.14		10.86			(3.00	)		—		—		5.5		4.677	MON		36.00		—		6022009		4012038
31410KFE9	FNMA POOL # 889465				2		1		676,447.00		103.37		675,292.00		653,276.39		676,389.06		(1,097.06	)		(58.00	)		—		—		5.5		5.208	MON		2,994.00		—		6042009		3012038
31410KJB1	FNMA POOL # 889558				2		1		52,854.00		103.76		52,903.00		50,986.09		52,831.52		71.48			(23.00	)		—		—		5.5		4.57	MON		234.00		—		6022009		6012038
31410KXR0	FNMA POOL # 889988				2		1		26,948.00		103.76		26,973.00		25,995.96		26,935.06		37.94			(13.00	)		—		—		5.5		4.448	MON		119.00		—		6022009		8012038
31410KXT6	FNMA POOL # 889990				2		1		83,920.00		103.51		83,890.00		81,045.08		83,869.95		20.05			(50.00	)		—		—		5.5		4.279	MON		371.00		—		6042009		9012038
31410VR69	FNMA POOL # 898809				2		1		172,443.00		104.822		173,937.00		165,935.49		172,335.41		1,601.59			(108.00	)		—		—		6		4.618	MON		830.00		1,659.00		3122009		11012036
31410WL55	FNMA POOL # 899548				2		1		21,799.00		103.37		21,761.00		21,051.96		21,796.67		(35.67	)		(2.00	)		—		—		5.5		5.2	MON		96.00		—		6042009		6012037
31410Y7G3	FNMA POOL # 901895				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		211.00		—		4092009		9012036
31411BGA5	FNMA POOL # 902993				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		57.00		—		1232009		12012036
31411BQJ5	FNMA POOL # 903257				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		277.00		—		1232009		10012036
31411DA33	FNMA POOL # 904626				2		1		4,753,708.00		104.84		4,960,150.00		4,731,161.34		4,752,888.37		207,261.63			(156.00	)		—		—		5.5		5.352	MON		21,684.00		130,138.00		12132006		12012036
31411EUP0	FNMA POOL # 906090				2		1		31,900.00		103.43		31,864.00		30,806.84		31,896.59		(32.59	)		(3.00	)		—		—		5.5		5.198	MON		141.00		—		6042009		1012037
31411E2C0	FNMA POOL # 906271				2		1		53,416.00		103.51		53,397.00		51,586.11		53,410.88		(13.88	)		(5.00	)		—		—		5.5		5.197	MON		236.00		—		6042009		1012037
31411GUY6	FNMA POOL # 907899				2		1		5,346,706.00		103.696		5,498,783.00		5,302,791.86		5,345,442.07		153,340.93			(262.00	)		—		—		5.782		5.537	MON		25,551.00		153,207.00		12142006		1012037
31411KCZ4	FNMA POOL # 910088				2		1		10,005,457.00		104.822		10,390,494.00		9,912,526.74		10,004,304.34		386,189.66			4,026.00			—		—		6		5.61	MON		49,563.00		297,376.00		3292007		3012037
31411KG64	FNMA POOL # 910221				2		1		41,089.00		103.51		41,074.00		39,681.59		41,085.31		(11.31	)		(4.00	)		—		—		5.5		5.199	MON		182.00		—		6042009		3012037
31411KLQ4	FNMA POOL # 910335				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		67.00		—		1232009		3012037
31411LTN1	FNMA POOL # 911457				2		1		4,695.00		103.76		4,699.00		4,528.90		4,693.06		5.94			(2.00	)		—		—		5.5		4.662	MON		21.00		—		6022009		3012037
31411SP42	FNMA POOL # 914043				2		1		4,908.00		103.76		4,912.00		4,734.23		4,905.91		6.09			(2.00	)		—		—		5.5		4.69	MON		22.00		—		6022009		2012037
31411S5Q5	FNMA POOL # 914455				2		1		77,231.00		103.51		77,203.00		74,585.26		77,223.71		(20.71	)		(7.00	)		—		—		5.5		5.2	MON		342.00		—		6042009		4012037
31411VTQ2	FNMA POOL # 915959				2		1		4,540.00		103.266		4,522.00		4,379.15		4,537.34		(15.34	)		(2.00	)		—		—		5.5		4.448	MON		20.00		—		6022009		4012037
31411WWC7	FNMA POOL # 916943				2		1		27,826.00		103.37		27,778.00		26,872.82		27,823.44		(45.44	)		(3.00	)		—		—		5.5		5.2	MON		123.00		—		6042009		6012037
31411WZZ3	FNMA POOL # 917060				2		1		188,073.00		103.37		187,752.00		181,630.63		188,055.79		(303.79	)		(17.00	)		—		—		5.5		5.2	MON		832.00		—		6042009		5012037
31411XMU6	FNMA POOL # 917571				2		1		3,495.00		103.76		3,499.00		3,371.82		3,493.36		5.64			(2.00	)		—		—		5.5		4.303	MON		15.00		—		6022009		4012037
31411XXG5	FNMA POOL # 917879				2		1		4,599.00		103.266		4,581.00		4,436.40		4,597.26		(16.26	)		(2.00	)		—		—		5.5		4.681	MON		20.00		—		6022009		5012037
31411YKM4	FNMA POOL # 918400				2		1		5,286.00		103.266		5,265.00		5,098.70		5,282.51		(17.51	)		(3.00	)		—		—		5.5		4.316	MON		23.00		—		6022009		5012037
31411YNW9	FNMA POOL # 918505				2		1		4,630.00		103.76		4,634.00		4,466.36		4,628.15		5.85			(2.00	)		—		—		5.5		4.624	MON		20.00		—		6022009		5012037
31412APH1	FNMA POOL # 919424				2		1		50,869.00		103.36		50,801.00		49,149.25		50,848.27		(47.27	)		(21.00	)		—		—		5.5		4.68	MON		225.00		676.00		3052009		5012038
31412CEK2	FNMA POOL # 920938				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		153.00		—		1232009		1012037
31412LTN0	FNMA POOL # 928557				2		1		25,782.00		103.51		25,772.00		24,898.41		25,779.22		(7.22	)		(2.00	)		—		—		5.5		5.202	MON		114.00		—		6042009		7012037
31412MYX0	FNMA POOL # 929626				2		1		53,034.00		103.51		53,015.00		51,217.40		53,002.98		12.02			(31.00	)		—		—		5.5		4.293	MON		235.00		—		6042009		6012038
31412NAX4	FNMA POOL # 929822				2		1		76,069.00		103.76		76,139.00		73,380.23		76,038.73		100.27			(30.00	)		—		—		5.5		4.631	MON		336.00		—		6022009		8012038
31412NEH5	FNMA POOL # 929936				2		1		3,727.00		103.76		3,731.00		3,595.44		3,725.44		5.56			(2.00	)		—		—		5.5		4.502	MON		16.00		—		6022009		9012038

Validus Holdings, Ltd June 30, 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
31412NRG3	FNMA POOL # 930287				2		1		158,149.00		103.36		157,685.00		152,559.43		158,082.22		(397.22	)		(67.00	)		—		—		5.5		4.581	MON		699.00		—		6022009		12012038
31412NUW4	FNMA POOL # 930397				2		1		216,908.00		103.51		216,830.00		209,477.64		216,889.61		(59.61	)		(18.00	)		—		—		5.5		5.215	MON		960.00		—		6042009		1012039
31412NU87	FNMA POOL # 930407				2		1		21,673.00		104.65		21,825.00		20,854.78		21,658.17		166.83			(15.00	)		—		—		6		4.513	MON		104.00		209.00		3122009		1012039
31412PJD4	FNMA POOL # 930960				2		1		7,640.00		103.36		7,618.00		7,370.09		7,637.59		(19.59	)		(3.00	)		—		—		5.5		4.748	MON		34.00		—		6022009		4012039
31412SR31	FNMA POOL # 933506				2		1		24,299.00		104.822		24,509.00		23,381.92		24,281.63		227.37			(17.00	)		—		—		6		4.428	MON		117.00		234.00		3122009		2012038
31412S4K8	FNMA POOL # 933826				2		1		84,473.00		103.26		86,941.00		84,196.47		84,459.93		2,481.07			(8.00	)		—		—		5.5		5.234	MON		386.00		3,444.00		9232008		4012038
31412TL84	FNMA POOL # 934251				2		1		18,103.00		103.35		18,048.00		17,462.96		18,095.15		(47.15	)		(8.00	)		—		—		5.5		4.583	MON		80.00		—		6022009		1012039
31412TN90	FNMA POOL # 934316				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		535.00		—		10062008		6012038
31412TRS4	FNMA POOL # 934397				2		1		70,417.00		103.37		70,328.00		68,035.43		70,385.53		(57.53	)		(31.00	)		—		—		5.5		4.616	MON		312.00		935.00		3052009		9012038
31412UPR5	FNMA POOL # 935232				2		1		36,380.00		103.35		36,311.00		35,133.69		36,376.84		(65.84	)		(3.00	)		—		—		5.5		5.215	MON		161.00		—		6042009		5012039
31412WJ98	FNMA POOL # 936888				2		1		—		106.594		—		—		—		—			—			—		—		6.5		0	MON		125.00		—		9052008		8012037
31412WNS1	FNMA POOL # 937001				2		1		2,139.00		103.266		2,134.00		2,066.32		2,137.63		(3.63	)		(1.00	)		—		—		5.5		4.564	MON		9.00		28.00		3052009		6012037
31412WP91	FNMA POOL # 937048				2		1		4,535.00		103.76		4,539.00		4,374.51		4,532.95		6.05			(2.00	)		—		—		5.5		4.617	MON		20.00		—		6022009		4012037
31412XGW8	FNMA POOL # 937713				2		1		1,952.00		103.266		1,948.00		1,886.27		1,951.35		(3.35	)		(1.00	)		—		—		5.5		4.538	MON		9.00		26.00		3052009		6012037
31413AH22	FNMA POOL # 939549				2		1		4,336.00		103.266		4,320.00		4,182.99		4,334.44		(14.44	)		(2.00	)		—		—		5.5		4.591	MON		19.00		—		6022009		7012037
31413DFD4	FNMA POOL # 942164				2		1		444,216.00		103.266		457,224.00		442,763.37		444,130.12		13,093.88			(62.00	)		—		—		5.5		5.138	MON		2,029.00		12,176.00		9232008		7012037
31413DT23	FNMA POOL # 942569				2		1		28,986.00		104.822		29,237.00		27,892.26		28,969.10		267.90			(17.00	)		—		—		6		4.693	MON		139.00		279.00		3122009		8012037
31413D2T3	FNMA POOL # 942786				2		1		20,591.00		104.822		20,769.00		19,813.97		20,577.97		191.03			(13.00	)		—		—		6		4.593	MON		99.00		198.00		3122009		8012037
31413EBT1	FNMA POOL # 942950				2		1		80,192.00		104.822		80,887.00		77,165.83		80,141.06		745.94			(51.00	)		—		—		6		4.587	MON		386.00		772.00		3122009		9012037
31413HV62	FNMA POOL # 946237				2		1		15,556.00		103.588		16,344.00		15,778.14		15,561.14		782.86			2.00			—		—		5		5.636	MON		66.00		394.00		8222008		9012022
31413N4W2	FNMA POOL # 950937				2		1		—		106.594		—		—		—		—			—			—		—		6.5		0	MON		87.00		—		1232009		11012037
31413SA20	FNMA POOL # 953725				2		1		34,320.00		104.822		34,617.00		33,024.99		34,298.85		318.15			(21.00	)		—		—		6		4.62	MON		165.00		330.00		3122009		11012037
31413TPF3	FNMA POOL # 955022				2		1		3,298.00		103.37		3,288.00		3,181.18		3,296.50		(8.50	)		(1.00	)		—		—		5.5		4.671	MON		15.00		—		6022009		9012037
31413UN88	FNMA POOL # 955915				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		83.00		—		1232009		10012037
31414CJH2	FNMA POOL # 962064				2		1		211,008.00		103.36		210,627.00		203,779.81		210,908.99		(281.99	)		(99.00	)		—		—		5.5		4.508	MON		934.00		—		6042009		3012038
31414CJK5	FNMA POOL # 962066				2		1		100,949.00		103.36		100,653.00		97,380.61		100,913.65		(260.65	)		(35.00	)		—		—		5.5		4.723	MON		446.00		—		6022009		3012038
31414EFY5	FNMA POOL # 963783				2		1		40,537.00		103.549		42,574.00		41,115.24		40,548.98		2,025.02			5.00			—		—		5		5.59	MON		171.00		1,028.00		8222008		6012023
31414EHC1	FNMA POOL # 963827				2		1		4,173.00		103.36		4,160.00		4,025.06		4,171.02		(11.02	)		(2.00	)		—		—		5.5		4.692	MON		18.00		—		6022009		6012038
31414ENN0	FNMA POOL # 963997				2		1		8,929.00		103.36		8,902.00		8,612.99		8,925.40		(23.40	)		(3.00	)		—		—		5.5		4.707	MON		39.00		—		6022009		6012038
31414E5M2	FNMA POOL # 964452				2		1		47,414.00		103.76		47,458.00		45,738.48		47,394.49		63.51			(20.00	)		—		—		5.5		4.59	MON		210.00		—		6022009		7012038
31414GKC2	FNMA POOL # 965691				2		1		—		0		—		—		—		—			—			—		—		6.5		0	MON		—		5,891.00		0		2012038
31414GTY5	FNMA POOL # 965967				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		77.00		—		1232009		1012038
31414HE60	FNMA POOL # 966457				2		1		51,499.00		103.266		51,383.00		49,757.59		51,470.76		(87.76	)		(28.00	)		—		—		5.5		4.382	MON		228.00		684.00		3052009		1012038
31414HNC7	FNMA POOL # 966687				2		1		52,890.00		103.549		55,548.00		53,644.62		52,906.51		2,641.49			7.00			—		—		5		5.653	MON		224.00		1,341.00		8222008		4012023
31414KAN0	FNMA POOL # 968113				2		1		8,055,478.00		104.509		8,116,867.00		7,766,655.65		8,051,562.35		65,304.65			(3,916.00	)		—		—		6		5.012	MON		38,833.00		116,500.00		2262009		2012038
31414KJM3	FNMA POOL # 968368				2		1		45,205.00		103.36		45,144.00		43,676.75		45,184.53		(40.53	)		(21.00	)		—		—		5.5		4.57	MON		200.00		601.00		3052009		9012038
31414MDQ6	FNMA POOL # 970011				2		1		41,947.00		103.549		44,055.00		42,545.66		41,959.50		2,095.50			5.00			—		—		5		5.543	MON		177.00		1,064.00		8222008		6012023
31414MXU5	FNMA POOL # 970591				2		1		83,383.00		103.51		83,354.00		80,527.25		83,376.44		(22.44	)		(7.00	)		—		—		5.5		5.212	MON		369.00		—		6042009		10012038
31414MYF7	FNMA POOL # 970610				2		1		26,840.00		103.51		26,830.00		25,920.59		26,837.71		(7.71	)		(2.00	)		—		—		5.5		5.212	MON		119.00		—		6042009		10012038
31414NCG7	FNMA POOL # 970871				2		1		—		106.575		—		—		—		—			—			—		—		6.5		0	MON		75.00		—		1232009		11012038
31414NU69	FNMA POOL # 971405				2		1		69,187.00		103.36		69,094.00		66,847.71		69,159.54		(65.54	)		(28.00	)		—		—		5.5		4.715	MON		306.00		919.00		3052009		5012038
31414RLP8	FNMA POOL # 973834				2		1		4,905.00		103.76		4,910.00		4,732.06		4,903.15		6.85			(2.00	)		—		—		5.5		4.5	MON		22.00		—		6022009		3012038
31414SGR8	FNMA POOL # 974608				2		1		77,979.00		101.97		80,945.00		79,380.83		78,002.06		2,942.94			17.00			—		—		5		5.693	MON		331.00		1,985.00		10082008		3012038
31414SYR8	FNMA POOL # 975120				2		1		163,377.00		103.36		163,156.00		157,851.95		163,311.57		(155.57	)		(65.00	)		—		—		5.5		4.724	MON		723.00		2,170.00		3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		1		98,409.00		103.36		98,276.00		95,081.50		98,366.08		(90.08	)		(43.00	)		—		—		5.5		4.626	MON		436.00		1,307.00		3052009		5012038
31414TE31	FNMA POOL # 975454				2		1		556,369.00		102.033		577,882.00		566,368.57		556,490.23		21,391.77			77.00			—		—		5		5.517	MON		2,360.00		14,683.00		10082008		3012038
31414TLV1	FNMA POOL # 975640				2		1		39,558.00		103.36		39,505.00		38,220.37		39,541.46		(36.46	)		(17.00	)		—		—		5.5		4.669	MON		175.00		526.00		3052009		7012038
31414TNK3	FNMA POOL # 975694				2		1		79,777.00		103.51		79,748.00		77,044.25		79,770.14		(22.14	)		(7.00	)		—		—		5.5		5.21	MON		353.00		—		6042009		8012038
31414TUV1	FNMA POOL # 975896				2		1		462,518.00		103.549		485,762.00		469,114.55		462,651.07		23,110.93			53.00			—		—		5		5.549	MON		1,955.00		11,728.00		8222008		7012023
31414YE97	FNMA POOL # 979960				2		1		69,242.00		103.36		69,148.00		66,900.12		69,209.93		(61.93	)		(32.00	)		—		—		5.5		4.584	MON		307.00		920.00		3052009		5012038
31415AV40	FNMA POOL # 981335				2		1		7,966,391.00		103.36		8,007,597.00		7,747,288.42		7,963,130.87		44,466.13			(3,261.00	)		—		—		5.5		4.685	MON		35,508.00		106,525.00		2262009		7012038
31415AWU1	FNMA POOL # 981359				2		1		683,094.00		102.241		714,819.00		699,152.62		683,438.15		31,380.85			161.00			—		—		4.5		5.962	MON		2,622.00		17,535.00		10012008		4012023
31415BCB3	FNMA POOL # 981666				2		1		8,152.00		103.76		8,160.00		7,864.14		8,149.18		10.82			(3.00	)		—		—		5.5		4.659	MON		36.00		—		6022009		6012038
31415BKX6	FNMA POOL # 981910				2		1		52,562.00		103.76		52,611.00		50,704.60		52,543.99		67.01			(18.00	)		—		—		5.5		4.716	MON		232.00		—		6022009		6012038
31415BP94	FNMA POOL # 982048				2		1		60,083.00		103.36		59,974.00		58,024.81		60,077.74		(103.74	)		(5.00	)		—		—		5.5		5.209	MON		266.00		—		6042009		5012038
31415BQA0	FNMA POOL # 982049				2		1		60,188.00		103.36		60,079.00		58,126.09		60,182.60		(103.60	)		(5.00	)		—		—		5.5		5.209	MON		266.00		—		6042009		5012038
31415BQG7	FNMA POOL # 982055				2		1		53,164.00		103.36		53,068.00		51,342.71		53,159.21		(91.21	)		(5.00	)		—		—		5.5		5.209	MON		235.00		—		6042009		5012038
31415LCT2	FNMA POOL # 983082				2		1		15,104.00		103.36		15,060.00		14,569.98		15,097.32		(37.32	)		(7.00	)		—		—		5.5		4.569	MON		67.00		—		6022009		5012038
31415LK55	FNMA POOL # 983316				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		77.00		—		3102009		7012038
31415MAH8	FNMA POOL # 983908				2		1		4,612.00		103.36		4,598.00		4,448.51		4,609.99		(11.99	)		(2.00	)		—		—		5.5		4.757	MON		20.00		—		6022009		6012038
31415MDG7	FNMA POOL # 984003				2		1		9,447,414.00		103.51		10,073,324.00		9,731,764.25		9,451,301.08		622,022.92			1,702.00			—		—		5.5		6.409	MON		44,604.00		267,623.00		7252008		6012038
31415PKX5	FNMA POOL # 985110				2		1		24,972.00		103.36		24,899.00		24,089.68		24,964.11		(65.11	)		(8.00	)		—		—		5.5		4.755	MON		110.00		—		6022009		7012038
31415P3Y2	FNMA POOL # 985615				2		1		1,889,490.00		103.85		1,897,420.00		1,827,077.15		1,888,559.86		8,860.14			(931.00	)		—		—		5.5		4.469	MON		8,374.00		—		6032009		4012034
31415RLS1	FNMA POOL # 986937				2		1		23,344.00		103.51		23,335.00		22,543.91		23,341.57		(6.57	)		(2.00	)		—		—		5.5		5.214	MON		103.00		—		6042009		9012038
31415RRQ9	FNMA POOL # 987095				2		1		—		106.575		—		—		—		—			—			—		—		6.5		0	MON		105.00		—		1232009		8012038
31415TMG2	FNMA POOL # 988759				2		1		—		106.669		—		—		—		—			—			—		—		6.5		0	MON		75.00		—		1232009		8012038
31415VZE8	FNMA POOL # 990941				2		1		140,081.00		103.36		139,892.00		135,344.10		140,015.25		(123.25	)		(66.00	)		—		—		5.5		4.55	MON		620.00		1,861.00		3052009		9012038
31415V6L4	FNMA POOL # 991075				2		1		80,978.00		103.36		80,869.00		78,239.83		80,943.27		(74.27	)		(35.00	)		—		—		5.5		4.638	MON		359.00		1,076.00		3052009		11012038
31415XVS7	FNMA POOL # 992625				2		1		72,615.00		102.033		75,423.00		73,920.34		72,639.82		2,783.18			21.00			—		—		5		5.8	MON		308.00		1,848.00		10082008		11012038
31415YEW5	FNMA POOL # 993049				2		1		9,632,331.00		103.36		9,682,154.00		9,367,408.89		9,627,930.77		54,223.23			(4,400.00	)		—		—		5.5		4.58	MON		42,934.00		128,802.00		2262009		12012038
31415YG86	FNMA POOL # 993123				2		1		34,399.00		103.35		34,295.00		33,183.52		34,386.75		(91.75	)		(13.00	)		—		—		5.5		4.686	MON		152.00		—		6022009		1012039
31416BHR2	FNMA POOL # 994940				2		1		161,670.00		103.43		161,488.00		156,132.31		161,656.70		(168.70	)		(13.00	)		—		—		5.5		5.214	MON		716.00		—		6042009		10012038
31416B4M7	FNMA POOL # 995528				2		1		9,849,060.00		103.842		9,844,421.00		9,480,220.61		9,844,057.20		363.80			(5,003.00	)		—		—		5		2.688	MON		39,501.00		118,503.00		3202009		12012021
31416B4N5	FNMA POOL # 995529				2		1		18,203,709.00		104.588		18,336,882.00		17,532,541.11		18,186,392.08		150,489.92			(17,317.00	)		—		—		5.5		3.179	MON		80,357.00		241,072.00		2272009		11012022
31416B4P0	FNMA POOL # 995530				2		1		8,139,504.00		104.595		8,164,014.00		7,805,338.10		8,135,006.39		29,007.61			(4,498.00	)		—		—		5.5		2.986	MON		35,774.00		107,323.00		3202009		12012021
31416HGM1	FNMA POOL # AA0203				2		1		5,728.00		103.35		5,711.00		5,525.43		5,725.55		(14.55	)		(2.00	)		—		—		5.5		4.611	MON		25.00		—		6022009		1012039
31416HZX6	FNMA POOL # AA0757				2		1		7,469.00		103.35		7,446.00		7,204.94		7,466.40		(20.40	)		(3.00	)		—		—		5.5		4.739	MON		33.00		—		6022009		3012039
31416H5G6	FNMA POOL # AA0846				2		1		157,041.00		103.36		156,581.00		151,490.57		156,959.85		(378.85	)		(81.00	)		—		—		5.5		4.408	MON		694.00		—		6022009		1012039
31416H6S9	FNMA POOL # AA0880				2		1		21,424.00		103.36		21,361.00		20,667.08		21,413.30		(52.30	)		(11.00	)		—		—		5.5		4.416	MON		95.00		—		6022009		1012039
31416JBK6	FNMA POOL # AA0941				2		1		251,599.00		103.36		251,145.00		242,980.40		251,577.85		(432.85	)		(21.00	)		—		—		5.5		5.215	MON		1,114.00		—		6042009		12012038
31416JH38	FNMA POOL # AA1149				2		1		11,782.00		103.36		11,748.00		11,366.03		11,777.80		(29.80	)		(5.00	)		—		—		5.5		4.63	MON		52.00		—		6022009		1012039
31416JS93	FNMA POOL # AA1443				2		1		12,626.00		103.35		12,588.00		12,179.83		12,620.48		(32.48	)		(6.00	)		—		—		5.5		4.541	MON		56.00		—		6022009		1012039
31416JYC9	FNMA POOL # AA1606				2		1		18,744.00		103.36		18,689.00		18,081.47		18,734.78		(45.78	)		(9.00	)		—		—		5.5		4.458	MON		83.00		—		6022009		1012039
31416JZV6	FNMA POOL # AA1655				2		1		12,260.00		103.35		12,223.00		11,826.56		12,254.68		(31.68	)		(5.00	)		—		—		5.5		4.579	MON		54.00		—		6022009		2012039
31416KEN4	FNMA POOL # AA1940				2		1		113,457.00		103.36		113,304.00		109,620.67		113,406.20		(102.20	)		(51.00	)		—		—		5.5		4.591	MON		502.00		1,507.00		3052009		1012039
31416KG36	FNMA POOL # AA2017				2		1		5,136.00		103.35		5,120.00		4,954.03		5,133.67		(13.67	)		(2.00	)		—		—		5.5		4.69	MON		23.00		—		6022009		1012039
31416KHA9	FNMA POOL # AA2024				2		1		9,837.00		103.36		9,809.00		9,489.65		9,833.56		(24.56	)		(4.00	)		—		—		5.5		4.652	MON		43.00		—		6022009		1012039
31416KHX9	FNMA POOL # AA2045				2		1		6,679.00		103.35		6,658.00		6,442.57		6,676.57		(18.57	)		(2.00	)		—		—		5.5		4.793	MON		30.00		—		6022009		2012039
31416LGF7	FNMA POOL # AA2897				2		1		6,521.00		103.36		6,502.00		6,290.57		6,518.21		(16.21	)		(3.00	)		—		—		5.5		4.559	MON		29.00		—		6022009		3012039
31416L2D7	FNMA POOL # AA3471				2		1		18,219.00		103.36		18,166.00		17,575.18		18,212.43		(46.43	)		(7.00	)		—		—		5.5		4.684	MON		81.00		—		6022009		3012039
31416M5A8	FNMA POOL # AA4440				2		1		3,656,571.00		102.017		3,608,542.00		3,537,190.44		3,654,462.65		(45,920.65	)		(2,108.00	)		—		—		5		3.748	MON		14,738.00		29,477.00		3192009		3012039
31416NKL5	FNMA POOL # AA4798				2		1		10,793.00		103.36		10,761.00		10,411.47		10,789.58		(28.58	)		(3.00	)		—		—		5.5		4.787	MON		48.00		—		6022009		3012039
31416PK97	FNMA POOL # AA5719				2		1		8,426.00		103.36		8,402.00		8,128.46		8,423.19		(21.19	)		(3.00	)		—		—		5.5		4.686	MON		37.00		—		6022009		4012039

Validus Holdings, Ltd June 30, 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
01F052672	FNMA TBA 30 YR							1Z		2,042,188.00			103.203		2,064,063.00			2,000,000.00		2,042,187.50		21,875.50			—			—		—			5.5		5.404	MON		3,667.00		—		6092009		7012033
01F062671	FNMA TBA 30 YR							1Z		1,550,870.00			106.5		1,558,440.00			—		—		1,558,440.00			—			—		—			6.5		6.105	MON		—		—		6122009		7012033
01F062671	FNMA TBA 30 YR							1Z		(1,550,870.00	)		106.5		(1,558,440.00	)		—		—		(1,558,440.00	)		—			—		—			6.5		6.105	MON		—		—		6122009		7012033
31394CVB5	FNMA_05-15 AGENCY CMO 05-15					2		1		3,943,185.00			103.307		4,109,226.00			3,977,684.30		3,952,100.80		157,125.20			2,255.00			—		—			5		5.426	MON		16,574.00		99,442.00		5242007		10252028
31395BH89	FNMA_06-10 AGENCY CMO 06-26					2		1		813,732.00			101.71		817,220.00			803,480.40		808,169.89		9,050.11			(2,328.00	)		—		—			5.5		4.03	MON		3,683.00		22,096.00		9302008		11012010
31395NKX4	FNR AGENCY CMO 06-53 WA					2		1		570,755.00			102.18		571,237.00			559,049.45		565,668.12		5,568.88			(3,009.00	)		—		—			6		3.198	MON		2,795.00		16,771.00		8112008		9012010
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		8,190,213.00			104.25		8,567,748.00			8,218,463.50		8,190,277.18		377,470.82			38.00			—		—			5		5.058	MON		34,244.00		205,462.00		7292008		10252022
34528AAD1	FORD CREDIT AUTO OWNER TRUST F ABS 06-B					2		1FE		1,054,694.00			100.488		1,055,269.00			1,050,144.04		1,050,663.66		4,605.34			(944.00	)		—		—			5.26		4.902	MON		2,455.00		27,619.00		1302008		9152009
34528CAE5	FORDO ABS 06-C A4A					2		1FE		6,099,791.00			103.56		6,368,940.00			6,150,000.00		6,132,981.93		235,958.07			9,344.00			—		—			5.15		5.537	MON		14,077.00		158,363.00		8232007		2152012
34528XAB5	FORDO ABS 08-C A2A					2		1FE		785,547.00			100.76		802,774.00			796,718.46		791,938.63		10,835.37			2,612.00			—		—			3.72		5.412	MON		1,317.00		14,819.00		10062008		1152011
34528CAD7	FORDO ABS_06-C A3					2		1FE		540,432.00			100.506		536,172.00			533,472.23		534,726.34		1,445.66			(949.00	)		—		—			5.16		4.241	MON		1,223.00		13,764.00		1302008		12152009
302570AV8	FPL GROUP CAPITAL INC CORP BND							1FE		6,390,313.00			106.724		6,456,819.00			6,050,000.00		6,346,951.15		109,867.85			(43,361.00	)		—		—			5.625		3.261	MS		113,438.00		—		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND							1FE		1,350,000.00			100.843		1,361,384.00			1,350,000.00		1,350,000.00		11,384.00			—			—		—			1.494		3.694	MJSD		785.00		16,860.00		6112008		6172011
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00			108.48		5,912,180.00			5,450,000.00		5,708,586.40		203,593.60			(72,887.00	)		—		—			7.75		4.756	MS		140,792.00		211,188.00		2252008		3012011
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2					2		1FE		2,846,166.00			102.728		2,816,000.00			2,741,227.89		2,786,235.89		29,764.11			(15,255.00	)		—		—			6.663		4.442	MON		15,221.00		91,324.00		12212007		2012011
36962GR48	GE CAPITAL CORP CORP BND							1FE		9,716,700.00			100.491		10,049,057.00			10,000,000.00		9,986,123.68		62,933.32			40,403.00			—		—			4.125		4.969	MS		137,500.00		206,250.00		12132005		9012009
36962GS62	GE CAPITAL CORP CORP BND							1FE		769,305.00			102.484		768,628.00			750,000.00		761,266.53		7,361.47			(4,145.00	)		—		—			4.875		3.685	AO		7,109.00		18,281.00		7072008		10212010
G3775BEA9	GE CAPITAL UK FUNDING CORP BND			D				1FE		1,871,625.00			100.338		1,487,172.00			900,000.00		1,866,235.52		(379,063.52	)		(1,905.00	)		—		(382,427.00	)		5.875		5.596	APR		15,507.00		77,531.00		11282007		4262010
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		493,515.00			99.779		495,056.00			496,150.88		494,850.21		205.79			379.00			—		—			4.433		4.749	MON		1,833.00		10,997.00		3252008		7102039
36158YDC0	GECMC CMBS_01-3 A1					2		1FE		272,616.00			101.143		275,670.00			272,553.40		272,412.35		3,257.65			(69.00	)		—		—			5.56		5.519	MON		1,263.00		7,577.00		12212007		3012011
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND							1FE		6,023,017.00			99.862		6,041,653.00			6,050,000.00		6,023,257.06		18,395.94			240.00			—		—			1.8		2.022	JJ		2,118.00		—		6192009		7152011
36962GXS8	GENERAL ELEC CAP CO CORP BND							1FE		4,511,962.00			104.703		4,763,971.00			4,550,000.00		4,520,096.68		243,874.32			5,286.00			—		—			5.875		6.15	FA		100,985.00		133,656.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND							1FE		3,161,025.00			104.48		3,134,402.00			3,000,000.00		3,111,150.74		23,251.26			(17,255.00	)		—		—			6		4.644	JD		8,000.00		90,000.00		1142008		6152012
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN							1FE		1,631,384.00			103.015		1,570,974.00			1,525,000.00		1,544,928.40		26,045.60			(17,658.00	)		—		—			7.375		4.934	JJ		50,611.00		56,234.00		11302006		1192010
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		6,281,919.00			103.111		6,495,993.00			6,300,000.00		6,285,171.69		210,821.31			2,886.00			—		—			3		3.101	JD		11,550.00		94,500.00		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		28,950,595.00			100.544		29,057,216.00			28,900,000.00		28,945,722.36		111,493.64			(4,873.00	)		—		—			2.2		2.144	JD		40,621.00		264,917.00		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		10,896,621.00			100.992		11,008,128.00			10,900,000.00		10,897,123.24		111,004.76			502.00			—		—			1.8		1.816	MS		59,405.00		—		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		3,000,000.00			100.819		3,024,574.00			3,000,000.00		3,000,000.00		24,574.00			—			—		—			0.839		1.531	MJSD		1,328.00		11,740.00		3092009		3122012
377372AC1	GLAXOSK CAP INC SENIOR CORP BND							1FE		10,833,595.00			104.629		10,881,364.00			10,400,000.00		10,811,011.46		70,352.54			(22,583.00	)		—		—			4.85		3.744	MN		64,451.00		164,900.00		6052009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP							1FE		587,587.00			100.694		589,060.00			585,000.00		586,225.21		2,834.79			(705.00	)		—		—			1.545		3.064	FMAN		1,230.00		6,871.00		7072008		5132010
36186CBF9	GMAC LLC - (LT) GTD CORP BND							1FE		11,960,952.00			99.665		11,939,867.00			11,980,000.00		11,961,244.22		(21,377.22	)		292.00			—		—			2.2		2.247	JD		16,839.00		—		6032009		12192012
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		486,307.00			102.502		484,027.00			472,214.08		479,244.03		4,782.97			(2,332.00	)		—		—			6.465		4.493	MON		2,544.00		15,264.00		12212007		3012011
361849KN1	GMACC SENIOR CMBS 00-C1					2		1FE		544,795.00			101.01		537,695.00			532,318.85		535,027.53		2,667.47			(4,344.00	)		—		—			7.724		4.479	MON		3,426.00		20,558.00		5202008		12012009
361849EC2	GMACC SUB CMBS 98-C2 D					2		1FE		25,441.00			99.706		25,070.00			25,144.54		25,122.46		(52.46	)		(27.00	)		—		—			6.5		5.198	MON		136.00		817.00		1252008		9012009
36297A3K7	GNMA 15YR					2		1		1,132,545.00			104.229		1,130,455.00			1,084,586.29		1,131,755.75		(1,300.75	)		(790.00	)		—		—			5		3.535	MON		4,519.00		9,038.00		3262009		1152024
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		4,097,050.00			102.875		4,103,841.00			3,989,153.19		4,084,268.60		19,572.40			(9,870.00	)		—		—			5.5		2.489	MON		18,284.00		40,475.00		6152009		7012011
36202KME2	GNMA POOL # 008457					2		1		661,861.00			102.84		671,219.00			652,682.40		661,733.57		9,485.43			(127.00	)		—		—			4.625		4.215	MON		2,516.00		7,547.00		3182009		7202024
36225CD29	GNMA POOL # 080120					2		1		555,528.00			101.02		555,466.00			549,857.16		555,462.67		3.33			(65.00	)		—		—			4.125		3.838	MON		1,890.00		5,670.00		3182009		10202027
36225DAS3	GNMA POOL # 080916					2		1		473,661.00			100.563		478,644.00			475,966.65		473,679.86		4,964.14			4.00			—		—			3.75		3.872	MON		1,487.00		8,924.00		4172008		5202034
36225DJA3	GNMA POOL # 081156					2		1		1,261,101.00			102.185		1,285,042.00			1,257,563.77		1,261,054.64		23,987.36			(46.00	)		—		—			3.75		3.633	MON		3,930.00		11,790.00		3182009		11202034
36225DJZ8	GNMA POOL # 081179					2		1		1,371,428.00			97.85		1,360,743.57			1,367,581.48		1,371,376.55		(10,632.98	)		(51.00	)		—		—			3.75		3.627	MON		4,274.00		12,821.00		3182009		12202034
36225DLE2	GNMA POOL # 081224					2		1		809,615.00			99.1		806,106.00			813,427.78		809,633.86		(3,527.86	)		19.00			—		—			3		3.115	MON		2,034.00		6,779.00		3182009		1202035
36204J4C7	GNMA POOL # 371719					2		1		872,932.00			106.75		877,040.00			821,582.67		871,338.87		5,701.13			(661.00	)		—		—			6.5		4.917	MON		4,450.00		26,702.00		9112008		4152024
36204SV60	GNMA POOL # 378737					2		1		719,701.00			107.235		726,374.00			677,365.23		718,368.92		8,005.08			(548.00	)		—		—			6.5		4.876	MON		3,669.00		22,014.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		1		725,490.00			106.75		728,904.00			682,814.20		724,184.67		4,719.33			(531.00	)		—		—			6.5		4.876	MON		3,699.00		22,191.00		9112008		4152024
36206UP60	GNMA POOL # 421745					2		1		11,061,941.00			104.29		11,026,521.00			10,572,942.10		11,051,831.82		(25,310.82	)		(10,109.00	)		—		—			6		3.024	MON		52,865.00		52,865.00		4282009		1152039
36210B4N2	GNMA POOL # 487829					2		1		1,026,364.00			102.844		1,019,856.00			991,656.00		1,025,848.35		(5,992.35	)		(516.00	)		—		—			4.5		3.603	MON		3,719.00		7,437.00		3262009		4152024
36210B4R3	GNMA POOL # 487832					2		1		984,917.00			104.229		982,365.00			942,504.70		984,243.31		(1,878.31	)		(674.00	)		—		—			5		3.58	MON		3,927.00		7,854.00		3262009		4152024
36211V6Q8	GNMA POOL # 524779					2		1		710,927.00			104.229		709,615.00			680,822.30		710,434.71		(819.71	)		(493.00	)		—		—			5		3.552	MON		2,837.00		5,674.00		3262009		1152024
36292DWW8	GNMA POOL # 646061					2		1		600,193.00			106.297		611,794.00			575,552.15		599,247.32		12,546.68			(408.00	)		—		—			6.5		4.239	MON		3,118.00		18,705.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		610,477.00			106.297		622,276.00			585,414.00		609,555.85		12,720.15			(377.00	)		—		—			6.5		4.341	MON		3,171.00		19,026.00		1312008		12152037
36295PZJ4	GNMA POOL # 676745					2		1		878,511.00			104.785		881,568.00			841,309.69		877,845.34		3,722.66			(666.00	)		—		—			5		3.392	MON		3,505.00		7,011.00		3262009		3152023
36295P4L3	GNMA POOL # 676827					2		1		2,371,939.00			104.785		2,378,767.00			2,270,137.71		2,370,155.38		8,611.62			(1,784.00	)		—		—			5		3.413	MON		9,459.00		18,918.00		3262009		5152023
36295QJE1	GNMA POOL # 677161					2		1		3,860,863.00			104.785		3,854,971.00			3,678,928.85		3,859,962.22		(4,991.22	)		(901.00	)		—		—			5		3.297	MON		15,329.00		30,658.00		4272009		8152023
36295TVQ4	GNMA POOL # 680223					2		1		377,897.00			106.297		385,201.00			362,382.52		377,268.83		7,932.17			(293.00	)		—		—			6.5		4.103	MON		1,963.00		11,777.00		1312008		1152038
36296E5H5	GNMA POOL # 689448					2		1		617,982.00			104.785		620,132.00			591,812.75		617,534.30		2,597.70			(448.00	)		—		—			5		3.484	MON		2,466.00		4,932.00		3262009		7152023
36296QRL5	GNMA POOL # 698091					2		1		11,773,950.00			100.142		11,483,791.00			11,467,551.14		11,771,961.20		(288,170.20	)		(1,989.00	)		—		—			4.5		3.955	MON		43,003.00		43,003.00		4282009		4152039
36296TPY3	GNMA POOL # 700739					2		1		2,257,598.00			105.631		2,258,571.00			2,138,161.74		2,254,751.63		3,819.37			(2,846.00	)		—		—			5.5		3.487	MON		9,800.00		—		6032009		10152023
36296UC73	GNMA POOL # 701294					2		1		1,014,773.00			104.229		1,011,840.00			970,784.35		1,014,050.20		(2,210.20	)		(723.00	)		—		—			5		3.505	MON		4,045.00		8,090.00		3272009		1152024
36296UUL2	GNMA POOL # 701787					2		1		1,024,424.00			104.229		1,030,241.00			988,438.72		1,024,108.03		6,132.97			(316.00	)		—		—			5		4.114	MON		4,118.00		—		6112009		3152024
36296U3C2	GNMA POOL # 701995					2		1		1,343,062.00			104.785		1,347,735.00			1,286,188.66		1,342,137.93		5,597.07			(924.00	)		—		—			5		3.571	MON		5,359.00		10,718.00		3262009		1152024
36296XLY8	GNMA POOL # 704243					2		1		1,023,778.00			104.229		1,029,591.00			987,814.95		1,023,436.13		6,154.87			(341.00	)		—		—			5		4.053	MON		4,116.00		—		6112009		1152024
36296XWP5	GNMA POOL # 704554					2		1		5,112,024.00			104.229		5,144,155.00			4,935,428.00		5,110,598.89		33,556.11			(1,425.00	)		—		—			5		4.19	MON		20,564.00		—		6112009		6152024
36297DTR8	GNMA POOL # 708960					2		1		2,347,522.00			104.229		2,343,190.00			2,248,113.54		2,345,939.00		(2,749.00	)		(1,583.00	)		—		—			5		3.609	MON		9,367.00		18,734.00		3262009		3152024
36297KZF1	GNMA POOL # 714542					2		1		1,174,509.00			104.229		1,180,823.00			1,132,910.00		1,174,173.82		6,649.18			(335.00	)		—		—			5		4.169	MON		4,720.00		—		6112009		6152024
3620A55Q8	GNMA POOL # 720055					2		1		917,402.00			100.142		901,275.00			900,000.00		917,336.50		(16,061.50	)		(66.00	)		—		—			4.5		4.248	MON		3,375.00		—		6182009		6152039
3620A56N4	GNMA POOL # 720077					2		1		810,438.00			100.02		800,160.00			800,000.00		810,397.08		(10,237.08	)		(40.00	)		—		—			4.5		4.338	MON		3,000.00		—		6182009		6152039
3620A6AC1	GNMA POOL # 720103					2		1		915,750.00			100.142		901,275.00			900,000.00		915,692.08		(14,417.08	)		(58.00	)		—		—			4.5		4.281	MON		3,375.00		—		6182009		6152039
36225BPY8	GNMA POOL # 781339					2		1		470,060.00			109.141		464,803.00			425,875.75		469,273.70		(4,470.70	)		284.00			—		—			8		5.077	MON		2,839.00		17,035.00		3072008		9152031
36241KBP2	GNMA POOL # 781846					2		1		8,937,543.00			108.206		9,366,579.00			8,656,216.32		8,934,368.26		432,210.74			(1,321.00	)		—		—			6.5		5.52	MON		46,888.00		281,327.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		1		6,075,581.00			107.628		6,333,213.00			5,884,339.76		6,073,492.55		259,720.45			(869.00	)		—		—			6.5		5.547	MON		31,874.00		191,241.00		8152008		5152035
36241KKB3	GNMA POOL # 782090					2		1		8,473,975.00			107.635		8,775,445.00			8,152,952.80		8,465,551.43		309,893.57			(2,041.00	)		—		—			6.5		5.319	MON		44,162.00		264,971.00		11302007		5152036
01N042674	GNMA TBA MBS					2		1Z		3,960,000.00			99.922		3,996,875.00			4,000,000.00		3,960,000.00		36,875.00			—			—		—			4.5		4.615	MON		9,500.00		—		6162009		7012039
38374FCH5	GNMA04-18 AGENCY CMO 04-2-BA					2		1		415,863.00			100.148		420,154.00			419,533.44		417,157.56		2,996.44			698.00			—		—			3.25		3.961	MON		1,136.00		6,817.00		4162008		1162034
38374EEE3	GNR AGENCY CMO 03-106 B					2		1		2,751,088.00			103.278		2,797,556.00			2,708,763.84		2,736,619.09		60,936.91			(11,410.00	)		—		—			5.5		3.701	MON		12,415.00		74,491.00		8212008		2012011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		2,002,305.00			101.032		1,991,867.20			1,964,850.50		1,983,942.26		7,924.94			(13,223.00	)		—		—			6		3.51	MON		9,824.00		58,945.00		8132008		7012010
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND							1FE		4,113,480.00			106.797		4,271,871.00			4,000,000.00		4,068,969.02		202,901.98			(12,419.00	)		—		—			6.6		5.859	JJ		121,733.00		132,000.00		8142007		1152012
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND							1FE		5,092,400.00			104.901		5,245,057.00			5,000,000.00		5,071,049.30		174,007.70			(9,636.00	)		—		—			5.45		4.982	MN		45,417.00		136,250.00		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND							1FE		12,276,600.00			103.627		12,279,800.00			11,850,000.00		12,233,189.79		46,610.21			(43,410.00	)		—		—			3.25		2.116	JD		17,117.00		207,540.00		2202009		6152012
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2		1FE		2,751,020.00			82		2,282,562.00			2,783,611.80		2,752,452.65		(469,890.65	)		1,013.00			—		—			3.949		4.266	MON		9,159.00		57,945.00		11212007		9252035
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1FE		1,944,833.00			55.58		1,785,350.41			2,020,605.58		1,946,323.84		(160,973.43	)		268.00			—		—			5.725		6.534	MON		9,641.00		57,879.00		8162007		12192035
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A					2		1FE		1,629,032.00			100.583		1,687,574.00			1,677,792.72		1,656,391.75		31,182.25			3,666.00			—		—			3.76		4.734	MON		2,804.00		31,543.00		7312006		12172012
438125AC0	HAR_OT07-1 ABS_07-1-A3					2		1FE		4,898,780.00			101.282		4,988,086.77			4,924,948.92		4,918,950.72		69,136.05			3,110.00			—		—			5.1		5.452	MON		9,070.00		125,586.00		8232007		3182011
423328BM4	HELLER FINANCIAL INC. CORP BND							1FE		1,266,672.00			101.497		1,183,457.00			1,166,000.00		1,175,658.01		7,798.99			(14,142.00	)		—		—			7.375		4.837	MN		14,332.00		42,996.00		1202006		11012009
428236AL7	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,863,224.00			106.736		3,057,988.00			2,865,000.00		2,864,009.54		193,978.46			169.00			—		—			5.25		5.264	MS		50,138.00		75,206.00		2222007		3012012
428236AT0	HEWLETT-PACKARD COMPANY CORP BND							1FE		6,596,880.00			109.812		6,588,693.00			6,000,000.00		6,554,798.14		33,894.86			(42,082.00	)		—		—			6.125		3.937	MS		122,500.00		87,792.00		2052009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND							1FE		3,598,416.00			104.409		3,758,727.00			3,600,000.00		3,598,584.01		160,142.99			168.00			—		—			4.25		4.266	FA		53,125.00		—		2232009		2242012
428236AX1	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,824,068.00			100.616		2,842,395.00			2,825,000.00		2,824,111.33		18,283.67			44.00			—		—			2.25		2.267	MN		6,003.00		—		5212009		5272011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND							1FE		6,200,000.00			101.283		6,279,546.00			6,200,000.00		6,200,000.00		79,546.00			—			—		—			1.71		1.71	FMAN		10,308.00		—		5212009		5272011
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1FE		6,648,181.00			101.61		6,722,665.19			6,616,145.24		6,630,444.39		92,220.80			(6,480.00	)		—		—			5.46		5.088	MON		10,034.00		180,639.00		9042008		6212010
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP							1FE		2,623,957.00			106.106		2,645,222.00			2,493,000.00		2,590,552.17		54,669.83			(14,611.00	)		—		—			5.625		4.258	FA		58,430.00		70,116.00		4292008		8012012
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND							1FE		488,635.00			102.6		512,998.00			500,000.00		491,691.89		21,306.11			2,020.00			—		—			6.75		7.721	MN		4,313.00		16,875.00		9302008		5152011
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR							1FE		8,132,925.00			100.535		8,545,460.00			8,500,000.00		8,457,926.48		87,533.52			54,734.00			—		—			4.125		5.481	MN		43,828.00		175,313.00		6202006		11162009

Validus Holdings, Ltd June 30, 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
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00		99.122		2,203,735.00		1,350,000.00		2,643,697.06		(439,962.06	)		6,962.00			—		(420,625.99	)		5.75		6.218	JUN		1,401.00		128,205.00		1142008		6272017
40429CCX8	HSBC FINANCE CORP CORP BND							1FE		197,781.00		100.189		200,378.00		200,000.00		198,986.26		1,391.74			312.00			—		—			5.25		5.599	JJ		4,871.00		5,250.00		6302007		1142011
4042EPAA5	HSBC USA INC - GTD CORP BND GOVT GUAR							1FE		9,089,247.00		103.476		9,105,888.00		8,800,000.00		9,048,005.56		57,882.44			(41,242.00	)		—		—			3.125		1.946	JD		11,458.00		137,500.00		1282009		12162011
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A					2		1FE		3,575,490.00		39		2,628,351.52		3,575,490.14		3,575,490.14		(947,138.62	)		—			—		—			0.503		0.504	MON		600.00		11,715.00		10192006		1192038
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1					2		1FE		1,545,013.00		37		1,225,297.90		1,667,444.40		1,545,080.80		(319,782.90	)		68.00			—		—			0.533		2.701	MON		296.00		3,723.00		3182009		7192047
459200GN5	IBM CORP CORP BND							1FE		3,209,711.00		111.597		3,236,313.00		2,900,000.00		3,201,311.41		35,001.59			(8,416.00	)		—		—			6.5		3.843	AO		39,794.00		4,063.00		6112009		10152013
44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		11,100,025.00		107.331		11,666,834.00		10,870,000.00		11,057,138.33		609,695.67			(20,989.00	)		—		—			5.05		4.478	AO		105,213.00		274,468.00		3052009		10222012
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1FE		1,283,842.00		64.06		1,266,168.42		1,309,468.92		1,284,541.79		(18,373.37	)		(565.00	)		—		—			5.222		5.617	MON		5,698.00		34,469.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		1FE		1,145,974.00		61.8		1,147,644.61		1,208,673.88		1,147,177.43		467.18			147.00			—		—			5.302		6.491	MON		5,340.00		32,368.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A					2		1Z		1,557,605.00		38.587		1,127,514.97		1,557,604.79		1,557,604.79		(430,089.82	)		—			—		—			0.534		0.534	MON		139.00		5,129.00		2132006		4252046
44977GHB0	ING BANK INTERNATIONALE NEDERL CORP BND			F				2FE		2,550,000.00		100.051		2,551,293.00		2,550,000.00		2,550,000.00		1,293.00			—			—		—			0.981		3.132	FMAN		2,502.00		26,240.00		8152008		8242009
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F				1FE		4,371,719.00		100.183		4,383,006.00		4,375,000.00		4,371,754.20		11,251.80			35.00			—		—			1.5		1.538	JD		1,434.00		—		6162009		6232011
45950KAT7	INTERNATIONAL FINANCE CO CORP BND							1FE		4,683,362.00		102.501		4,817,547.00		4,700,000.00		4,687,034.34		130,512.66			1,542.00			—		—			3.5		3.577	MN		21,019.00		82,250.00		4212008		5152013
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND							1FE		3,639,634.00		86		3,139,000.00		3,650,000.00		3,644,347.62		(505,347.62	)		1,688.00			—		—			4.95		5.053	FA		75,281.00		90,338.00		1242008		2012011
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		896,199.00		93.657		694,077.00		450,000.00		901,371.99		(207,294.99	)		1,604.00			—		(184,708.19	)		5.5		6.058	DEC		21,664.00		—		11282007		12192016
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,036.00		102.66		4,029,421.00		3,925,000.00		3,931,739.20		97,681.80			(880.00	)		—		—			4.95		4.895	JD		7,556.00		97,144.00		7242008		12172012
46625HGG9	JP MORGAN & COMPANY INC CORP BND							1FE		480,584.00		105.728		496,919.00		470,000.00		476,028.60		20,890.40			(1,473.00	)		—		—			5.6		4.891	JD		2,193.00		13,160.00		11282007		6012011
46625HAJ9	JP MORGAN CHASE & CO CORP BND							1FE		6,522,813.00		104.93		6,558,111.00		6,250,000.00		6,386,995.15		171,115.85			(40,812.00	)		—		—			6.75		5.29	FA		175,781.00		210,938.00		10052007		2012011
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		598,171.00		101.958		601,058.00		589,512.76		593,815.90		7,242.10			(1,793.00	)		—		—			6.26		5.063	MON		3,075.00		18,452.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		1FE		160,187.00		100.954		163,167.00		161,626.17		160,686.94		2,480.06			342.00			—		—			4.914		8.901	MON		662.00		3,971.00		8272008		7122037
46625YEU3	JPMCC SENIOR CMBS 04-C3					2		1FE		326,759.00		99.402		331,885.00		333,880.11		332,187.55		(302.55	)		2,431.00			—		—			3.765		6.828	MON		1,048.00		6,285.00		5202008		1152042
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2					2		1FE		524,021.00		100		513,431.00		513,431.47		517,052.90		(3,621.90	)		(3,842.00	)		—		—			7.371		4.399	MON		3,154.00		18,923.00		8272008		2012010
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1FE		1,546,632.00		57.39		1,446,388.80		1,590,985.86		1,546,920.86		(100,532.06	)		289.00			—		—			5.6		6.189	MON		7,424.00		22,268.00		3182009		10252035
466247K51	JPMMT CMO06-A2 4A1					2		1FE		6,104,603.00		81.987		5,142,187.00		6,271,953.90		6,107,892.11		(965,705.11	)		417.00			—		—			4.076		4.869	MON		21,304.00		122,763.00		12112007		8252034
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2		1FE		937,542.00		88.562		829,655.00		936,810.44		936,029.88		(106,374.88	)		(435.00	)		—		—			5.345		5.077	MON		4,173.00		25,045.00		2062008		5012011
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		1FE		11,334,033.00		45.763		6,062,500.00		12,125,000.00		11,454,531.00		(5,392,031.00	)		46,208.00			—		—			5.677		6.889	MON		57,360.00		344,169.00		11212007		4252036
46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		104.87		5,243,497.00		5,000,000.00		5,159,874.61		83,622.39			(22,503.00	)		—		—			5.375		4.31	AO		67,188.00		134,375.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO SENIOR CORP BND							1FE		4,986,300.00		101.362		5,068,098.00		5,000,000.00		4,989,251.58		78,846.42			1,256.00			—		—			4.75		4.812	MN		39,583.00		118,750.00		5132008		5012013
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GU							1FE		9,993,800.00		103.452		10,345,200.00		10,000,000.00		9,994,948.97		350,251.03			986.00			—		—			3.125		3.147	JD		26,042.00		155,382.00		11262008		12012011
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		16,284,480.00		102.406		16,384,960.00		16,000,000.00		16,208,647.92		176,312.08			(71,864.00	)		—		—			2.625		1.69	JD		35,000.00		200,667.00		12182008		12012010
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		13,194,852.00		100.902		13,319,064.00		13,200,000.00		13,195,750.82		123,313.18			899.00			—		—			1.65		1.67	FA		77,440.00		—		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		8,974,432.00		100.575		9,031,635.00		8,980,000.00		8,974,895.99		56,739.01			464.00			—		—			2.2		2.22	JD		8,780.00		61,461.00		2182009		6152012
49327GAA5	KEYBANK NA - GTD SENIOR CORP BND							1FE		4,455,440.00		101.1		4,448,399.00		4,400,000.00		4,448,366.87		32.13			(7,073.00	)		—		—			1.279		1.217	MJSD		2,502.00		21,911.00		4072009		12152010
500769CK8	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		28,000,000.00		100.724		28,202,700.00		28,000,000.00		28,000,000.00		202,700.00			—			—		—			4.5		4.5	MS		350,000.00		630,000.00		9122007		9212009
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		3,192,160.00		104.453		3,342,496.00		3,200,000.00		3,194,709.68		147,786.32			1,261.00			—		—			3.75		3.837	JD		1,333.00		60,000.00		6192008		6272011
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,140,525.00		106.242		3,499,278.00		2,000,000.00		4,141,621.56		(642,343.56	)		179.00			—		(848,696.68	)		5.25		5.193	JAN		80,538.00		155,831.00		11282007		1122012
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00		98.514		1,589,928.00		980,000.00		1,982,049.03		(392,121.03	)		5,873.00			—		(406,159.38	)		4.625		5.35	FA		30,266.00		32,538.00		11282007		2032013
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		99.935		4,097,335.00		4,100,000.00		4,100,189.56		(2,854.56	)		172.00			—		—			3.125		3.099	JUN		5,694.00		138,802.00		7092008		6152011
501773DG7	LBCMT SENIOR CMBS_99-C2 A2					2		1FE		791,207.00		99.156		787,075.00		786,598.49		785,587.07		1,487.93			(2,506.00	)		—		—			7.325		6.114	MON		4,802.00		28,809.00		5202008		9012009
52108HAT1	LBUBS 2000-C3 A2					2		1FE		7,749,624.00		98.746		7,503,090.00		7,383,030.49		7,472,624.96		30,465.04			(84,892.00	)		—		—			7.95		5.605	MON		32,608.00		293,522.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS_00-C4 A2					2		1FE		435,605.00		102.159		428,007.00		418,960.94		425,243.99		2,763.01			(3,324.00	)		—		—			7.37		4.215	MON		1,715.00		15,439.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1FE		3,613,336.00		101.404		3,498,452.00		3,450,000.00		3,510,172.69		(11,720.69	)		(31,695.00	)		—		—			7.48		5.576	MON		14,337.00		129,030.00		10232007		6112010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		66,050.00		99.288		65,969.00		66,442.14		66,272.03		(303.03	)		58.00			—		—			4.207		4.618	MON		155.00		1,398.00		1252008		11152027
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F				1FE		16,062,090.00		100.948		16,151,680.00		16,000,000.00		16,059,104.80		92,575.20			(2,985.00	)		—		—			3		2.864	MN		72,000.00		—		4292009		5072012
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				1FE		2,216,051.00		103.485		2,215,506.00		1,300,000.00		2,216,050.77		(544.77	)		—			—		—			4		2.441	NOV		53,493.00		—		6302009		11172011
52520MBU6	LMT WHOLE CMO 05-2					2		2FE		3,653,113.00		91.726		3,784,231.55		3,655,851.77		3,639,349.16		144,882.39			(1,681.00	)		—		—			5.5		5.506	MON		16,756.00		100,536.00		5192008		12252035
550279BA0	LUM WHOLE CMO 06-2					2		1FE		1,906,274.00		43.634		1,316,764.49		1,906,274.06		1,906,274.06		(589,509.57	)		—			—		—			0.514		0.514	MON		163.00		6,086.00		2142006		2252046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A					2		1FE		1,203,108.00		42.4		853,264.81		1,222,592.82		1,204,036.75		(350,771.94	)		701.00			—		—			0.504		0.785	MON		103.00		3,842.00		8082007		7252036
52525BAD4	LXS_07-16N LXS_07-16N 2A2					2		1FE		7,372,166.00		39.2		5,736,169.21		7,401,065.23		7,372,560.35		(1,636,391.14	)		(712.00	)		—		—			1.164		1.221	MON		1,436.00		47,815.00		8302007		9252047
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		703,325.00		102.317		694,240.00		678,516.98		688,229.83		6,010.17			(5,362.00	)		—		—			7.03		3.834	MS		14,045.00		23,850.00		1152008		3152010
55263ECH6	MBNA CORPORATION CORP BND							1FE		3,740,625.00		96.24		3,368,391.00		3,500,000.00		3,679,446.93		(311,055.93	)		(21,993.00	)		—		—			6.125		4.59	MS		71,458.00		107,188.00		1302008		3012013
55262TEU3	MBNAS ABS 99-J					2		1FE		7,165,100.00		101.135		6,937,861.00		6,860,000.00		6,891,674.08		46,186.92			(75,854.00	)		—		—			7		4.784	MON		21,342.00		240,100.00		1112008		9152009
580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.00		113.101		4,948,189.00		4,375,000.00		4,853,308.20		94,880.80			(79,024.00	)		—		—			9.75		5.417	AO		106,641.00		213,281.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND							1FE		2,921,280.00		102.669		3,080,059.00		3,000,000.00		2,967,988.50		112,070.50			12,581.00			—		—			4.375		5.301	MS		38,646.00		65,625.00		8022007		9152010
589331AL1	MERCK & CO INC CORP BND							1FE		3,502,410.00		106.917		3,710,005.00		3,470,000.00		3,489,356.69		220,648.31			(3,791.00	)		—		—			5.125		4.873	MN		22,724.00		88,919.00		9102007		11152011
589331AR8	MERCK & CO INC CORP BND							1FE		8,572,942.00		100.246		8,596,106.00		8,575,000.00		8,572,948.52		23,157.48			7.00			—		—			1.875		1.887	JD		2,680.00		—		6222009		6302011
59018YXY2	MERRILL LYNCH & CO INC CORP BND							1FE		4,003,840.00		92.598		3,703,920.00		4,000,000.00		4,002,988.16		(299,068.16	)		(740.00	)		—		—			1.292		3.696	JAJO		9,330.00		51,510.00		12242008		7252011
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		4,915,773.00		45		3,481,333.58		4,971,508.72		4,908,970.60		(1,427,637.02	)		(3,809.00	)		—		—			5.557		5.767	MON		23,022.00		139,161.00		10112007		6252037
61532YAA2	MONUMENTAL GLOBAL FUNDING II CORP BND 14							1FE		3,450,000.00		99.85		3,444,825.00		3,450,000.00		3,450,000.00		(5,175.00	)		—			—		—			0.659		5.437	MJSD		568.00		24,871.00		9192006		9222009
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE					2		1FE		1,428,782.00		93.61		1,337,483.00		1,428,782.05		1,428,782.05		(91,299.05	)		—			—		—			0.359		0.359	MON		85.00		3,484.00		1112007		11252036
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		2,002,618.00		101.632		1,994,103.00		1,962,081.81		1,973,691.05		20,411.95			(5,407.00	)		—		—			7.216		6.166	MON		12,078.00		71,342.00		12212007		1012011
617446HC6	MORGAN STANLEY CORP BND							1FE		1,602,555.00		105.586		1,583,797.00		1,500,000.00		1,569,965.59		13,831.41			(11,680.00	)		—		—			6.6		4.77	AO		24,750.00		49,500.00		1252008		4012012
617446YT0	MORGAN STANLEY CORP BND							1FE		4,091,096.00		96.885		3,948,064.00		4,075,000.00		4,081,359.46		(133,295.46	)		(2,297.00	)		—		—			1.357		5.5	JAJO		11,059.00		63,678.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND							1FE		2,978,670.00		102.853		3,085,579.00		3,000,000.00		2,987,229.42		98,349.58			2,319.00			—		—			5.625		5.809	JJ		80,625.00		84,375.00		8142007		1092012
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A					2		1FE		2,598,655.00		54.41		1,902,676.44		2,606,296.34		2,598,617.46		(695,941.02	)		(38.00	)		—		—			6.242		6.299	MON		13,556.00		41,122.00		3182009		11252037
61757UAA8	MORGAN STANLEY-GTD CORP BND							1FE		9,040,874.00		102.794		9,045,873.00		8,800,000.00		8,986,326.12		59,546.88			(54,547.00	)		—		—			2.9		1.387	JD		21,267.00		126,891.00		1282009		12012010
61757UAH3	MORGAN STANLEY-GTD CORP BND							1FE		27,806,810.00		99.855		27,959,400.00		28,000,000.00		27,825,363.32		134,036.68			18,553.00			—		—			1.95		2.168	JD		16,683.00		227,500.00		3032009		6202012
61757UAN0	MORGAN STANLEY-GTD CORP BND							1FE		1,002,110.00		100.9		1,008,997.00		1,000,000.00		1,001,944.98		7,052.02			(165.00	)		—		—			0.829		1.453	MJSD		453.00		3,900.00		4022009		3132012
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		51.241		481,435.00		939,550.16		940,716.57		(459,281.57	)		(88.00	)		—		—			0.684		0.668	MON		107.00		4,691.00		3252009		1252034
61745MNR0	MSC 1999-LIFE A2					2		1FE		675,755.00		100.523		656,046.00		652,632.61		651,345.14		4,700.86			(3,329.00	)		—		—			7.11		5.112	MON		3,867.00		23,201.00		6192006		7012009
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		742,114.00		99.573		747,707.00		750,913.28		745,539.87		2,167.13			1,564.00			—		—			4.69		5.408	MON		2,935.00		17,609.00		7302008		6132041
61746WBF6	MSDWC CMBS_01-LIFE A2					2		1FE		1,204,697.00		100.592		1,198,066.00		1,191,019.19		1,192,790.81		5,275.19			(5,306.00	)		—		—			7.57		5.835	MON		7,513.00		45,080.00		5202008		12012009
65475FAD7	NAROT ABS 08-A A3					2		1FE		1,504,830.00		101.39		1,525,920.00		1,505,000.00		1,504,948.77		20,971.23			41.00			—		—			3.89		3.928	MON		2,602.00		29,272.00		1152008		8152011
65475XAB2	NAROT ABS 08-B A2					2		1FE		982,681.00		100.835		990,940.00		982,734.59		982,719.55		8,220.45			28.00			—		—			3.8		3.835	MON		1,660.00		18,672.00		6092008		10152010
65475CAD4	NAROT ABS 2006-B A4					2		1FE		885,389.00		101.552		907,205.00		893,340.03		888,783.80		18,421.20			1,286.00			—		—			5.22		5.989	MON		2,073.00		23,316.00		9292008		11152011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			T				1FE		1,703,032.00		101.398		1,419,394.00		850,000.00		1,731,240.50		(311,846.50	)		9,218.00			—		(354,763.96	)		4.625		5.752	DEC		35,652.00		—		11282007		12122010
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND							1		3,690,033.00		101.481		3,521,376.00		3,470,000.00		3,498,905.48		22,470.52			(42,278.00	)		—		—			7.75		5.193	MN		44,821.00		134,463.00		2152007		11012009
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00		105.161		5,715,083.00		3,300,000.00		6,555,112.32		(840,029.32	)		4,376.00			—		(1,142,452.72	)		4.875		4.978	MAR		84,199.00		194,598.00		4222008		3072012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND							1FE		12,871,804.00		103.152		12,945,576.00		12,550,000.00		12,839,618.55		105,957.45			(32,185.00	)		—		—			3		2.033	JD		15,688.00		187,204.00		4282009		12162011
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		1,157,896.00		94.686		1,085,175.00		1,146,077.29		1,157,327.96		(72,152.96	)		(175.00	)		—		—			6.5		5.786	MON		6,208.00		37,248.00		10032007		2012035
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		106		7,949,969.00		7,500,000.00		7,647,199.92		302,769.08			(7,870.00	)		—		—			5.5		4.962	FA		155,833.00		97,319.00		3232009		8152013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		5,619,206.00		102.813		5,783,221.00		5,625,000.00		5,619,617.04		163,603.96			411.00			—		—			4.125		4.148	FA		90,879.00		—		2042009		2102014
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00		103.877		311,631.00		300,000.00		297,572.94		14,058.06			864.00			—		—			4.75		5.324	NOV		9,460.00		—		6302007		11022010
68402LAE4	ORACLE CORP CORP BND							1		6,126,037.00		104.649		6,305,120.00		6,025,000.00		6,081,484.58		223,635.42			(17,638.00	)		—		—			5		4.362	JJ		138,910.00		150,625.00		3062008		1152011
68389XAD7	ORACLE CORPORATION SENIOR CORP BND							1FE		5,412,790.00		105.43		5,614,146.00		5,325,000.00		5,406,900.22		207,245.78			(6,084.00	)		—		—			4.95		4.499	AO		55,646.00		131,794.00		3052009		4152013
68389XAB1	ORCALE CORP CORP BND							1FE		6,378,372.00		100.006		6,385,383.00		6,385,000.00		6,381,786.56		3,596.44			1,828.00			—		—			0.966		4.786	FMAN		8,221.00		56,207.00		7312008		5142010
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP							1FE		1,742,958.00		88.21		1,587,776.00		1,800,000.00		1,762,507.83		(174,731.83	)		9,307.00			—		—			0.839		3.927	MJSD		377.00		14,614.00		6042008		6222011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00		96.361		674,527.00		700,000.00		693,329.91		(18,802.91	)		1,363.00			—		—			5		5.388	OCT		25,958.00		—		6302007		10042011
713448BK3	PEPSICO INC SENIOR CORP BND							1FE		19,458,660.00		99.747		19,450,708.00		19,500,000.00		19,461,144.17		(10,436.17	)		2,484.00			—		—			3.75		3.797	MS		241,719.00		—		2252009		3012014
71419GAB6	PERMM06-1 ABS 06-1 2A			F		2		1FE		1,646,211.00		97.95		1,640,663.00		1,675,000.00		1,674,176.61		(33,513.61	)		24,137.00			—		—			1.171		2.444	JAJO		4,196.00		25,265.00		1152008		10152015
717081CZ4	PFIZER INC. CORP BND							1FE		499,315.00		105.291		526,456.00		500,000.00		499,370.71		27,085.29			56.00			—		—			4.45		4.5	MS		5,995.00		—		3172009		3152012
717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		103.026		1,622,659.00		1,575,000.00		1,575,000.00		47,659.00			—			—		—			2.56		3.173	MJSD		1,800.00		11,521.00		3172009		3152011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		104.537		6,402,894.00		6,125,000.00		6,111,551.10		291,342.90			1,552.00			—		—			4.875		4.938	MN		37,324.00		149,297.00		5132008		5162013

Validus Holdings, Ltd June 30, 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
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT GUA							1FE		24,515,075.00		100.829		24,703,105.00		24,500,000.00		24,514,237.46		188,867.54			(922.00	)		—		—			2.3		2.28	JD		14,088.00		281,750.00		2252009		6222012
693476AV5	PNC FUNDING CORP CORP BND							1FE		4,144,253.00		101.589		4,190,526.00		4,125,000.00		4,132,037.70		58,488.30			(4,917.00	)		—		—			4.5		4.247	MS		57,234.00		92,813.00		4302008		3102010
69348HAC2	PNCMAC SENIOR CMBS 99-CM1 A1B					2		1FE		1,621,035.00		100.031		1,596,233.00		1,594,007.69		1,596,038.56		194.44			(8,240.00	)		—		—			7.33		5.311	MON		9,737.00		58,420.00		5202008		12102032
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A							1FE		2,898,386.00		98.054		2,828,857.00		2,885,000.00		2,887,506.44		(58,649.44	)		(2,468.00	)		—		—			1.341		5.399	JAJO		8,276.00		45,995.00		2022007		1152010
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO					1		1FE		915,000.00		99.865		913,765.00		915,000.00		915,000.00		(1,235.00	)		—			—		—			1.514		3.776	MJSD		731.00		11,961.00		3052008		3122010
761118QM3	RALI_05-QS17 WHOLE CMO 05-QO5 A1					2		1FE		2,039,912.00		45.266		1,511,180.05		2,061,818.73		2,040,452.76		(529,272.71	)		187.00			—		—			2.34		2.494	MON		4,021.00		28,725.00		8032007		1252046
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1					2		1FE		7,107,473.00		39.83		5,277,462.80		7,107,472.88		7,107,472.88		(1,830,010.08	)		—			—		—			0.464		0.464	MON		549.00		20,903.00		1302007		2252037
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1					2		1FE		7,560,847.00		35.313		6,425,310.79		7,535,227.35		7,558,781.02		(1,133,470.23	)		(304.00	)		—		—			6.54		6.47	MON		41,068.00		246,553.00		9262007		10012037
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND RE							1FE		8,500,000.00		100.509		8,543,265.00		8,500,000.00		8,500,000.00		43,265.00			—			—		—			2.879		2.881	JD		4,079.00		—		6192009		4012011
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1FE		574,053.00		73.92		432,515.00		585,111.64		574,226.67		(141,711.67	)		30.00			—		—			5.205		5.684	MON		2,538.00		15,227.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1FE		1,924,588.00		76.58		1,527,305.00		1,994,391.83		1,927,186.08		(399,881.08	)		1,523.00			—		—			5.184		6.338	MON		8,615.00		51,674.00		8162007		9252035
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00		103.858		3,249,746.00		1,900,000.00		3,730,119.89		(480,373.89	)		913.00			—		(603,617.39	)		4.75		4.748	JAN		63,930.00		123,363.00		1162008		1252011
771196AN2	ROCHE HOLDINGS INC CORP BND 144A							1FE		12,607,823.00		104.817		13,285,502.00		12,675,000.00		12,615,158.59		670,343.41			7,336.00			—		—			4.5		4.69	MS		199,631.00		—		2182009		3012012
771196AX0	ROCHE HOLDINGS INC CORP BND 144A							1FE		1,500,000.00		101.108		1,516,620.00		1,500,000.00		1,500,000.00		16,620.00			—			—		—			2.661		3.249	FMAN		3,992.00		12,183.00		2202009		2252011
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				1FE		742,349.00		104.722		905,419.00		525,000.00		742,581.43		162,837.57			233.00			—		116,422.00			5.5		5.634	MAR		15,504.00		—		2252009		3042015
780085LP9	ROYAL BANK OF CANADA SENIOR CORP BND			F				1FE		2,408,128.00		104.062		2,415,272.00		2,321,000.00		2,375,918.11		39,353.89			(12,631.00	)		—		—			5.65		4.431	JJ		58,647.00		65,568.00		7092008		7202011
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G CORP BND			D				1FE		2,217,335.00		103.469		2,215,183.00		1,300,000.00		2,217,335.31		(2,152.31	)		—			—		—			4.125		2.53	NOV		55,891.00		—		6302009		11142011
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE		1,733,854.00		102.222		1,473,006.00		875,000.00		1,756,456.14		(283,450.14	)		8,605.00			—		(332,150.40	)		4.625		5.637	AUG		58,064.00		—		3132008		8172010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		2,930,922.00		100.582		2,866,227.00		2,824,772.31		2,848,052.88		18,174.12			(19,591.00	)		—		—			7.455		4.7	MON		17,549.00		105,293.00		6042007		4012010
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A					2		1FE		3,804,942.00		41.27		2,832,095.54		3,804,942.39		3,804,942.39		(972,846.85	)		—			—		—			0.514		0.514	MON		326.00		12,147.00		10272006		3252036
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1					2		1Z		6,437,755.00		39.269		5,387,645.92		6,453,878.91		6,438,333.82		(1,050,687.90	)		(34.00	)		—		—			2.8		2.827	MON		15,808.00		106,052.00		9122007		8252047
055654AB3	SANT CENTR HISP SUB CORP BND			F				1FE		5,268,216.00		102.876		4,989,487.00		4,850,000.00		5,044,504.14		(55,017.14	)		(77,314.00	)		—		—			7.625		4.171	MS		109,916.00		184,906.00		1092008		9142010
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00		101.29		1,501,287.00		900,000.00		1,877,060.68		(375,773.68	)		(4,330.00	)		—		(384,645.27	)		6.8		6.176	NOV		59,352.00		—		11282007		11292010
863579AQ1	SARM WHOLE CMO 04-12 3A2					2		1FE		364,303.00		74.93		334,160.39		369,148.45		364,483.21		(30,322.82	)		(89.00	)		—		—			5.192		5.499	MON		1,597.00		9,672.00		8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1					2		1FE		1,649,431.00		72.33		1,522,433.05		1,668,528.21		1,650,129.45		(127,696.40	)		(205.00	)		—		—			5.355		5.622	MON		7,445.00		45,335.00		8102007		11252034
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1					2		1FE		6,656,485.00		50.94		4,870,525.19		6,687,833.88		6,656,540.53		(1,786,015.34	)		18.00			—		—			6		6.09	MON		33,439.00		200,635.00		10112007		11252037
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1FE		909,935.00		74.72		852,051.50		928,504.77		914,555.79		(62,504.29	)		(244.00	)		—		—			4.452		4.967	MON		3,445.00		21,351.00		8142007		9252033
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		1,505,828.00		98.039		1,500,653.00		1,468,256.51		1,483,214.78		17,438.22			(7,209.00	)		—		—			6.592		4.641	MON		8,066.00		48,394.00		4162008		10012010
69512EGM1	SCOTTISH POWER PLC SECURED CORP BND MTN			F				1FE		415,940.00		100.094		400,377.00		400,000.00		400,396.42		(19.42	)		(5,110.00	)		—		—			7		4.381	JJ		12,911.00		14,000.00		12062007		7152009
822582AA0	SHELL INTL FINAN CORP BND			F				1FE		3,910,694.00		107.401		4,081,248.00		3,800,000.00		3,860,737.46		220,510.54			(14,313.00	)		—		—			5.625		4.773	JD		2,375.00		106,875.00		9102007		6272011
828807BU0	SIMON PROPERTY GROUP INC. CORP BND							1FE		3,232,168.00		101		3,257,250.00		3,225,000.00		3,228,301.65		28,948.35			(556.00	)		—		—			5.6		5.546	MS		60,200.00		90,300.00		12242008		9012011
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND							1FE		1,677,383.00		100.7		1,686,725.00		1,675,000.00		1,676,268.89		10,456.11			(814.00	)		—		—			4.875		4.761	MS		23,363.00		40,828.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND							1FE		49,806.00		101		50,500.00		50,000.00		49,916.86		583.14			35.00			—		—			4.875		5.029	FA		921.00		1,219.00		12052007		8152010
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		12,238,011.00		100.476		12,258,073.00		12,200,000.00		12,236,918.87		21,154.13			(1,093.00	)		—		—			3.375		3.307	MN		64,050.00		—		4242009		5052014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		9,022,398.00		99.677		9,020,769.00		9,050,000.00		9,022,885.66		(2,116.66	)		488.00			—		—			2.25		2.356	JD		11,313.00		—		6022009		6112012
842587AB3	SOUTHERN COMPANY CORP BND							1FE		3,225,440.00		104.914		3,357,240.00		3,200,000.00		3,216,108.89		141,131.11			(2,935.00	)		—		—			5.3		5.086	JJ		78,204.00		84,800.00		10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND							3FE		1,045,000.00		99.997		1,044,969.00		1,045,000.00		1,045,000.00		(31.00	)		—			—		—			1.485		3.511	FMAN		1,810.00		12,832.00		8132008		8202010
846042AB5	SOVEREIGN BANCORP, INC - GTD CORP BND							1FE		8,160,688.00		101.259		8,151,350.00		8,050,000.00		8,152,946.40		(1,596.40	)		(7,741.00	)		—		—			2.5		2.052	JD		8,944.00		96,712.00		4022009		6152012
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR							1FE		1,023,630.00		102.471		1,024,710.00		1,000,000.00		1,021,854.87		2,855.13			(1,775.00	)		—		—			2.75		1.866	JJ		14,438.00		—		4082009		1172012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		7,938,552.00		100.614		7,998,813.00		7,950,000.00		7,939,657.49		59,155.51			1,105.00			—		—			2.15		2.197	AO		54,601.00		25,639.00		3032009		4302012
85744RAA0	STATE STREET CORPORATION - (LT CORP BND							1FE		11,894,288.00		101.198		12,042,561.00		11,900,000.00		11,895,075.23		147,485.77			787.00			—		—			1.85		1.875	MS		61,764.00		—		3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND							1FE		1,101,890.00		94.838		1,081,151.00		1,140,000.00		1,112,622.65		(31,471.65	)		4,880.00			—		—			1.139		3.897	JAJO		2,237.00		14,018.00		4302008		4302012
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2		1FE		826,889.00		80.14		762,562.24		845,584.09		827,762.67		(65,200.43	)		567.00			—		—			3.766		4.323	MON		2,654.00		17,711.00		8102007		5252034
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR							1FE		2,574,034.00		103.154		2,578,850.00		2,500,000.00		2,573,867.92		4,982.08			(166.00	)		—		—			3		1.724	MN		9,375.00		—		6242009		11162011
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.00		112.803		597,856.00		530,000.00		569,858.74		27,997.26			(7,223.00	)		—		—			8.6		5.39	JJ		21,017.00		22,790.00		9242008		1152012
878091AL1	TIAA CDO 01-C1A-A4 144A					2		1FE		83,692.00		100.377		84,060.00		83,744.64		83,567.39		492.61			(85.00	)		—		—			6.68		6.369	MON		466.00		2,907.00		9292008		6192031
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		7,063,689.00		101.733		7,140,808.00		7,019,199.32		7,043,664.14		97,143.86			(5,906.00	)		—		—			5.667		5.375	MON		23,307.00		207,549.00		12212007		12102011
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		5,073,436.00		102.38		5,083,171.00		4,965,000.00		5,016,390.07		66,780.93			(12,857.00	)		—		—			5.45		4.867	MN		32,321.00		135,296.00		2282007		5182011
G1081JAE1	TRANSCO PLC CORP BND 144A			D				1FE		1,573,472.00		100.49		1,323,932.00		800,000.00		1,599,333.62		(275,401.62	)		6,587.00			—		(286,603.07	)		5.375		6.159	DEC		40,128.00		—		6302007		12072009
BRS7X5P83	UK CONV GILT GOVT BND			D				1FE		17,432,295.00		96.1		19,387,130.00		12,250,000.00		17,445,158.42		1,941,971.58			12,863.00			—		2,460,997.23			2.25		2.552	MS		127,046.00		—		3202009		3072014
G92435NC9	UK CONV GILT GOVT BND			D				1FE		13,009,636.00		106.07		13,101,103.00		7,500,000.00		13,005,874.88		95,228.12			(3,761.00	)		—		124,780.50			4.5		2.689	MS		175,202.00		—		6232009		3072013
G92444AB7	UK CONV GILT GOVT BND			D				1FE		5,972,774.00		104.87		5,181,155.00		3,000,000.00		5,961,917.02		(780,762.02	)		(4,137.00	)		—		(1,009,141.69	)		4.25		4.096	MS		66,187.00		90,758.00		3032008		3072011
G924502Z0	UK CONV GILT GOVT BND			D				1FE		5,233,250.00		103.17		5,267,071.00		3,100,000.00		5,231,899.48		35,171.52			(1,351.00	)		—		50,195.70			3.25		1.789	JD		10,880.00		—		6232009		12072011
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00		107.15		7,411,319.00		4,200,000.00		7,362,727.46		48,591.54			(3,511.00	)		—		70,639.21			5		2.122	MS		109,014.00		—		6232009		3072012
G92450TF5	UNITED KINGDOM GOVT BND			D				1FE		591,678.00		103.69		563,514.00		330,000.00		587,026.26		(23,512.26	)		(3,221.00	)		—		(37,755.39	)		4.75		3.576	JD		1,693.00		12,567.00		10072008		6072010
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		40,074,976.00		107.76		34,744,011.00		19,578,000.00		39,592,973.87		(4,848,962.87	)		(181,333.00	)		—		(6,386,990.88	)		5.25		4.157	JD		110,997.00		819,347.00		3032008		6072012
912810EZ7	UNITED STATES TREASURY GOVT BND							1		1,481,438.00		128.94		1,547,280.00		1,200,000.00		1,471,106.58		76,173.42			(4,880.00	)		—		—			6.625		4.722	FA		29,867.00		39,750.00		5302008		2152027
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00		107.178		5,144,544.00		4,800,000.00		4,997,257.23		147,286.77			(42,027.00	)		—		—			4.5		2.605	MS		54,295.00		108,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,469.00		107.676		4,307,040.00		4,000,000.00		4,165,490.88		141,549.12			(34,036.00	)		—		—			4.625		2.775	AO		31,339.00		92,500.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00		107.676		3,230,280.00		3,000,000.00		3,151,934.50		78,345.50			(30,214.00	)		—		—			4.5		2.331	MN		11,434.00		67,500.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00		108.113		3,243,390.00		3,000,000.00		3,190,602.88		52,787.12			(37,032.00	)		—		—			4.625		2.004	JD		377.00		69,375.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00		108.639		5,431,950.00		5,000,000.00		5,273,217.03		158,732.97			(50,728.00	)		—		—			4.75		2.55	JJ		99,068.00		118,750.00		4172008		1312012
912828HB9	UNITED STATES TREASURY GOVT BND							1		6,890,761.00		100.619		6,952,773.00		6,910,000.00		6,908,356.06		44,416.94			4,872.00			—		—			4		4.146	FA		92,384.00		138,200.00		8292007		8312009
912828HF0	UNITED STATES TREASURY GOVT BND							1		28,252,574.00		101.098		28,408,538.00		28,100,000.00		28,122,056.87		286,481.13			(41,071.00	)		—		—			3.625		3.32	AO		171,616.00		509,313.00		11162007		10312009
912828HJ2	UNITED STATES TREASURY GOVT BND							1		42,949,112.00		101.171		43,402,355.00		42,900,000.00		42,910,536.07		491,818.93			(12,449.00	)		—		—			3.125		3.065	MN		113,550.00		670,313.00		12122007		11302009
912828HK9	UNITED STATES TREASURY GOVT BND							1		16,403,320.00		105.299		17,374,337.00		16,500,000.00		16,431,922.55		942,414.45			9,248.00			—		—			3.375		3.504	MN		47,167.00		278,438.00		12072007		11302012
912828HL7	UNITED STATES TREASURY GOVT BND							1		1,004,531.00		101.432		1,014,320.00		1,000,000.00		1,001,055.26		13,264.74			(1,201.00	)		—		—			3.25		3.01	JD		89.00		16,250.00		1022008		12312009
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00		102.664		10,266,401.00		10,000,000.00		10,084,667.50		181,733.50			(10,843.00	)		—		—			2.75		2.507	FA		91,916.00		137,500.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00		101.378		2,204,971.00		2,175,000.00		2,167,692.67		37,278.33			4,300.00			—		—			2.125		2.536	AO		7,787.00		23,109.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00		103.95		10,395,000.00		10,000,000.00		9,901,155.96		493,844.04			11,918.00			—		—			3.125		3.402	AO		52,649.00		156,250.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00		101.948		1,019,480.00		1,000,000.00		1,001,023.64		18,456.36			(566.00	)		—		—			2.625		2.512	MN		2,151.00		13,125.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.00		105.363		790,222.00		750,000.00		757,292.92		32,929.08			(862.00	)		—		—			3.5		3.234	MN		2,223.00		13,125.00		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00		102.319		2,046,380.00		2,000,000.00		2,008,936.82		37,443.18			(4,400.00	)		—		—			2.875		2.419	JD		156.00		28,750.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND							1		17,325,828.00		104.758		18,018,377.00		17,200,000.00		17,303,178.88		715,198.12			(11,594.00	)		—		—			3.375		3.214	JD		1,577.00		290,250.00		7242008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00		102.359		2,047,180.00		2,000,000.00		2,004,388.08		42,791.92			(1,981.00	)		—		—			2.75		2.543	JJ		22,942.00		27,500.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND							1		4,351,000.00		103.732		4,460,476.00		4,300,000.00		4,348,042.36		112,433.64			(2,110.00	)		—		—			4		3.854	FA		64,619.00		86,000.00		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND							1		48,017,853.00		101.737		48,528,549.00		47,700,000.00		47,901,855.69		626,693.31			(78,637.00	)		—		—			2		1.656	MS		239,803.00		477,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND							1		55,312,091.00		103.454		56,278,977.00		54,400,000.00		55,184,893.58		1,094,083.42			(85,381.00	)		—		—			3.125		2.762	MS		427,322.00		850,000.00		10102008		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		43,787,259.00		101.861		44,105,813.00		43,300,000.00		43,723,288.56		382,524.44			(49,392.00	)		—		—			2.75		2.508	AO		201,712.00		595,375.00		11062008		10312013
912828KU3	UNITED STATES TREASURY GOVT BND							1		33,485,626.00		99.641		33,409,627.00		33,530,000.00		33,487,307.56		(77,680.56	)		1,681.00			—		—			0.875		0.941	MN		24,715.00		—		6052009		5312011
912803AT0	UNITED STATES TREASURY STRIPS PO							1		873,278.00		63.324		949,860.00		1,500,000.00		911,833.61		38,026.39			20,636.00			—		—			0		4.631	MAT		—		—		7242008		5152020
913017BD0	UNITED TECHNOLOGIES CORP CORP BND							1FE		10,673,578.00		106.719		10,671,892.00		10,000,000.00		10,579,860.96		92,031.04			(93,717.00	)		—		—			6.35		2.767	MS		211,667.00		—		3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.00		106.712		821,679.00		770,000.00		793,720.06		27,958.94			(3,786.00	)		—		—			6.1		4.936	MN		6,002.00		23,485.00		9242008		5152012
91160HAC1	US BANCORP - (LT) GTD CORP BND							1FE		8,536,249.00		99.527		8,499,606.00		8,540,000.00		8,536,452.61		(36,846.61	)		204.00			—		—			1.8		1.815	MN		20,923.00		—		5192009		5152012
91159HGJ3	US BANCORP CORP BND							1FE		4,538,500.00		102.199		4,573,408.00		4,475,000.00		4,507,742.87		65,665.13			(14,723.00	)		—		—			4.5		3.8	JJ		85,025.00		100,688.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN							1FE		1,365,000.00		100.255		1,368,481.00		1,365,000.00		1,365,000.00		3,481.00			—			—		—			1.407		3.17	FMAN		2,987.00		16,355.00		5012008		5062010
90333WAA6	US BANK NA CORP BND							1FE		1,439,603.00		106.933		1,470,334.00		1,375,000.00		1,419,528.17		50,805.83			(10,024.00	)		—		—			6.375		4.725	FA		36,523.00		43,828.00		9302008		8012011
903278CL1	USAA AUTO OWNER TR ABS_05-4 A4					2		1FE		2,126,972.00		101.16		2,155,550.62		2,123,653.35		2,124,296.97		31,253.65			244.00			—		—			4.89		4.895	MON		4,615.00		51,923.00		12132005		11152010
90327LAC4	USAOT ABS 06-4 A3					2		1FE		442,397.00		101.186		441,487.00		436,312.61		437,815.86		3,671.14			(1,172.00	)		—		—			5.01		3.842	MON		972.00		10,930.00		2052008		1152010
90327PAC5	USAOT ABS 07-1					2		1FE		6,852,109.00		101.55		6,934,579.00		6,828,733.97		6,839,518.54		95,060.46			(5,135.00	)		—		—			5.43		5.164	MON		16,480.00		185,400.00		9042008		6152010
90327AAB0	USAOT ABS 08-2 A2					2		1FE		778,663.00		100.44		783,685.01		778,685.85		778,680.43		5,004.58			11.00			—		—			3.91		3.945	MON		1,353.00		15,223.00		4222008		1152011
90327KAB8	USAOT ABS 08-3					2		1FE		2,139,713.00		100.55		2,151,690.00		2,139,920.07		2,139,846.25		11,843.75			102.00			—		—			3.58		3.617	MON		3,405.00		38,305.00		7152008		3152011
90327MAB4	USAOT_08-1 ABS 08-1-A2					2		1FE		187,658.00		100.168		187,984.00		187,668.93		187,667.86		316.14			2.00			—		—			4.27		4.313	MON		356.00		4,007.00		1092008		10152010

Validus Holdings, Ltd June 30, 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
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,008.00		104.551		4,511,369.00		4,315,000.00		4,388,416.07		122,952.93			(21,534.00	)		—		—		5.35		4.254	FA		87,211.00		115,426.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND							1FE		4,955,062.00		106.613		4,904,197.00		4,600,000.00		4,814,555.24		89,641.76			(61,818.00	)		—		—		7.25		3.837	JD		27,792.00		166,750.00		3132009		12012010
92344SAL4	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		13,537,391.00		106.607		14,525,183.00		13,625,000.00		13,543,586.57		981,596.43			6,195.00			—		—		5.55		5.7	FA		308,777.00		—		1302009		2012014
92344SAM2	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		8,244,233.00		105.253		8,630,721.00		8,200,000.00		8,242,718.91		388,002.09			(1,514.00	)		—		—		5.25		5.03	FA		175,788.00		—		4212009		2012012
92344SAQ3	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		1,800,000.00		102.918		1,852,524.00		1,800,000.00		1,800,000.00		52,524.00			—			—		—		3.316		3.316	FMAN		6,633.00		—		5192009		5202011
92344SAR1	VERIZON WIRELESS CAPITAL CORP BND 144A							1FE		14,213,905.00		101.974		14,505,766.00		14,225,000.00		14,214,487.62		291,278.38			583.00			—		—		3.75		3.791	MN		57,789.00		—		5192009		5202011
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00		103.587		5,179,362.00		5,000,000.00		5,076,079.85		103,282.15			(59,066.00	)		—		—		7.75		5.236	FA		146,389.00		193,750.00		2272007		2152010
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		1FE		4,969,649.00		99.385		5,082,512.00		5,113,979.89		5,031,509.95		51,002.05			12,339.00			—		—		4.037		5.123	MON		17,204.00		103,226.00		8272008		2152034
92976FBD4	WACHOVIA BANK NA CORP BND							1FE		1,403,177.00		99.473		1,407,543.00		1,415,000.00		1,410,348.87		(2,805.87	)		2,591.00			—		—		0.721		5.472	FMAN		1,021.00		12,648.00		1312008		5252010
98151GAA3	WACHOVIA CORP BND							1FE		1,460,415.00		101.47		1,522,048.00		1,500,000.00		1,494,975.78		27,072.22			5,354.00			—		—		4.125		4.877	JD		2,750.00		30,938.00		1202006		12152009
92976WBA3	WACHOVIA CORPORATION SENIOR CORP BND							1FE		4,747,500.00		101.414		4,563,648.00		4,500,000.00		4,689,916.29		(126,268.29	)		(20,879.00	)		—		—		5.7		4.556	FA		106,875.00		128,250.00		1312008		8012013
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.00		104.186		6,485,584.00		6,225,000.00		6,204,946.16		280,637.84			2,232.00			—		—		4.875		4.963	FA		126,445.00		163,536.00		7142008		8012013
931142CQ4	WAL-MART STORES INC CORP BND							1FE		7,449,031.00		98.626		7,347,668.00		7,450,000.00		7,449,045.29		(101,377.29	)		14.00			—		—		3.2		3.203	MN		26,489.00		—		5142009		5152014
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND							1FE		1,621,295.00		106.427		1,729,439.00		1,625,000.00		1,622,366.17		107,072.83			349.00			—		—		4.7		4.752	JD		6,365.00		38,188.00		11292007		12012012
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		703,415.00		36		527,747.28		703,415.32		703,415.32		(175,668.04	)		—			—		—		2.26		2.245	MON		1,325.00		9,519.00		8162006		9252046
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8					2		1FE		5,367,548.00		74.563		4,043,242.00		5,422,621.78		5,368,233.39		(1,324,991.39	)		127.00			—		—		4.825		5.045	MON		21,801.00		130,930.00		1102008		10252035
92926WAA5	WAMU_07 CMO 07-0A1-A1A					2		1FE		5,010,115.00		40.17		3,730,992.02		5,010,114.77		5,010,114.77		(1,279,122.75	)		—			—		—		2.04		2.026	MON		8,931.00		62,286.00		2072007		2252047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A					2		1FE		1,517,061.00		40.69		1,126,054.21		1,517,060.92		1,517,060.92		(391,006.71	)		—			—		—		2.04		2.026	MON		2,704.00		18,860.00		2212007		3252047
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1FE		2,939,883.00		58		1,740,000.00		3,000,000.00		2,957,799.78		(1,217,799.78	)		2,887.00			—		—		4.83		5.134	MON		12,074.00		72,462.00		3242006		9252035
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1FE		1,545,595.00		35		1,259,691.28		1,543,665.58		1,545,538.30		(285,847.02	)		(51.00	)		—		—		0.629		0.61	MON		162.00		5,877.00		12152005		6252037
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1FE		2,048,084.00		48.382		1,640,930.39		2,048,084.38		2,048,084.38		(407,153.99	)		—			—		—		0.574		0.574	MON		196.00		7,176.00		12152005		11252045
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1FE		1,695,968.00		46.672		1,422,513.23		1,694,379.43		1,695,817.05		(273,303.82	)		(118.00	)		—		—		0.604		0.586	MON		171.00		6,194.00		12162005		10252024
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2		1FE		1,020,017.00		87.639		915,904.00		1,045,082.28		1,020,537.86		(104,633.86	)		104.00			—		—		3.144		3.81	MON		2,738.00		19,738.00		8102007		6252034
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3					2		1FE		1,332,959.00		96.938		1,334,471.00		1,376,624.03		1,361,974.91		(27,503.91	)		8,338.00			—		—		4.585		7.201	MON		5,260.00		31,559.00		8282008		4252035
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND							1FE		829,784.00		100.361		832,996.00		830,000.00		829,790.18		3,205.82			6.00			—		—		2.125		2.134	JD		784.00		3,772.00		3252009		6152012
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND GOV							1FE		5,293,799.00		103.122		5,465,466.00		5,300,000.00		5,293,799.00		171,667.00			—			—		—		3		3.658	JD		9,717.00		79,058.00		12032008		12092011
949746JD4	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		8,768,395.00		100.066		8,775,789.00		8,770,000.00		8,769,839.57		5,949.43			368.00			—		—		0.729		5.467	MJSD		2,843.00		77,950.00		8102007		9152009
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		797,552.00		100.544		805,853.00		800,000.00		798,192.46		7,660.54			230.00			—		—		4.375		4.444	JJ		14,681.00		17,500.00		1252008		1312013
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		5,709,540.00		101.631		6,097,838.00		6,000,000.00		5,899,910.98		197,927.02			35,701.00			—		—		3.98		5.299	AO		41,127.00		119,400.00		9072006		10292010
949748AF4	WELLS FARGO BANK CORP BND							1FE		2,103,060.00		104.315		2,086,293.00		2,000,000.00		2,053,932.90		32,360.10			(16,169.00	)		—		—		6.45		4.665	FA		53,750.00		64,500.00		12052007		2012011
949746NW7	WELLS FARGO FINANCIAL INC CORP BND							1FE		6,013,197.00		103.468		6,228,771.00		6,020,000.00		6,015,301.62		213,469.38			637.00			—		—		5.25		5.276	AO		59,698.00		158,025.00		10162007		10232012
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO					2		1FE		1,000,264.00		99.121		995,805.00		1,004,636.03		1,000,933.98		(5,128.98	)		555.00			—		—		5.25		5.437	MON		4,395.00		26,372.00		5192008		8252033
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00		97.032		965,469.00		995,000.00		989,310.41		(23,841.41	)		1,976.00			—		—		4.375		4.811	MN		5,562.00		21,766.00		5202008		11152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			F				1FE		2,968,684.00		93.983		2,842,977.00		3,025,000.00		2,978,111.19		(135,134.19	)		6,596.00			—		—		5.4		5.929	AO		40,838.00		81,675.00		12242008		10012012
949835AB8	WFMBS CMO_05-AR15 1A2					2		1FE		5,638,166.00		76.28		4,311,910.00		5,652,739.71		5,638,917.85		(1,327,007.85	)		1.00			—		—		5.123		5.149	MON		24,130.00		144,708.00		1282008		9252035
94980MAB4	WFMBS WHOLE CMO 04-P					2		1FE		5,599,599.00		85.406		4,878,438.15		5,712,055.53		5,601,533.89		(723,095.74	)		289.00			—		—		4.185		4.779	MON		19,919.00		120,619.00		9122007		9252034
949781AA6	WFMBS WHOLE CMO 05-AR1					2		1FE		3,939,712.00		72		2,905,920.00		4,036,000.54		3,941,543.66		(1,035,623.66	)		261.00			—		—		4.544		5.238	MON		15,282.00		91,709.00		12052006		2252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		1,134,034.00		71		825,280.00		1,162,366.80		1,134,216.54		(308,936.54	)		77.00			—		—		4.489		5.188	MON		4,348.00		26,107.00		5272008		2252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2		1FE		1,270,827.00		86.45		1,117,665.00		1,292,845.79		1,271,329.33		(153,664.33	)		60.00			—		—		3.79		4.273	MON		4,083.00		27,339.00		12152005		6252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2		1FE		13,477,197.00		74		10,027,454.00		13,550,614.01		13,476,893.83		(3,449,439.83	)		(54.00	)		—		—		6		6.138	MON		67,753.00		406,518.00		1172008		11012033
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2		1FE		328,496.00		81		268,430.00		331,395.28		328,531.87		(60,101.87	)		8.00			—		—		4.567		4.739	MON		1,261.00		7,575.00		1142008		12252034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4					2		1FE		3,311,436.00		84.181		2,868,159.00		3,407,128.00		3,316,666.06		(448,507.06	)		2,008.00			—		—		4.537		5.334	MON		12,881.00		77,304.00		7192006		4252035
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2					2		1FE		6,042,841.00		60		6,009,628.46		6,595,187.77		6,052,991.44		(43,362.98	)		(7,702.00	)		—		—		5.5		7.089	MON		30,228.00		181,368.00		12172007		11252035
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B					2		1FE		4,744,559.00		102.445		4,860,684.00		4,744,676.76		4,744,624.75		116,059.25			39.00			—		—		5.28		5.34	MON		11,134.00		125,260.00		9172007		1172012
026609AM9	WYETH CORP BND							1FE		12,080,939.00		107.871		12,232,459.00		11,340,000.00		11,823,786.37		408,672.63			(119,798.00	)		—		—		6.95		4.326	MS		232,060.00		394,065.00		2202009		3152011
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		98.988		2,474,700.00		2,500,000.00		2,500,000.00		(25,300.00	)		—			—		—		12.7075		12.915	JAJO		80,304.34		36,290.00		2192009		2242012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		99.188		1,487,820.00		1,500,000.00		1,500,000.00		(12,180.00	)		—			—		—		13.7075		13.949	JAJO		51,974.27		23,482.00		2122009		2242012
35047AAA6	FOUNDATION RE LTD CORP BND 144A							3FE		5,000,000.00		94.588		4,729,400.00		5,000,000.00		5,009,038.72		(279,638.72	)		(3,083.57	)		—		—		7.60438		7.541	FMAN		46,471.22		214,659.00		12012009		11262010
62864WAB0	EAST LANE RE III LTD CORP BND 144A							3FE		10,000,000.00		100.837		10,083,600.00		10,000,000.00		10,000,000.00		83,600.00			—			—		—		12.67375		12.876	FMAN		105,614.58		296,132.00		3132009		3202012
TOTAL														2,816,536,494.60		2,753,891,089.50		2,836,299,529.40		(19,763,034.80	)