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): November 4, 2010

Commission file number 001-33606

VALIDUS HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

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

29 Richmond Road, Pembroke, Bermuda HM 08
(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 November 4, 2010, 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 November 4, 2010

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: November 4, 2010

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

EX-99.1

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A		F			4FE		4,750,000.00			106.12		5,040,700.00		4,750,000.00		4,750,000.00			290,700.00			—			—		—			11.5		11.663	JAJO		119,871.53		414,245.00		10/8/2009		10/19/2012
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND		F			1FE		5,128,632.00			103.751		5,187,550.35		5,000,000.00		5,091,813.36			95,736.99			(36,818.00	)		—		—			3.25		2.003	AO		80,798.61		81,250.00		2/19/2010		4/2/2012
001957BC2	AT&T CO CORP BND					1FE		3,693,194.00			107.096		3,614,488.21		3,375,000.00		3,488,219.69			126,268.52			(72,823.00	)		—		—			7.3		4.203	MN		93,075.00		123,188.00		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND					1FE		1,429,901.00			108.7		1,467,443.78		1,350,000.00		1,409,699.61			57,744.17			(18,921.00	)		—		—			4.95		2.926	JJ		14,107.50		66,825.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND					1FE		1,611,716.00			110.872		1,663,085.40		1,500,000.00		1,591,024.62			72,060.78			(19,006.00	)		—		—			4.85		2.945	FA		9,295.83		72,750.00		12/16/2009		2/15/2014
00206RAT9	AT&T INC CORP BND		O			1FE		1,287,375.00			0		1,423,905.11		1,260,640.00		1,281,873.16			142,031.95			(5,502.00	)		—		59,991.34			5.875		4.657	APR		31,654.15		71,070.00		3/4/2010		4/28/2017
00206RAV4	AT&T CO CORP BND					1FE		14,313,292.00			101.938		14,577,154.16		14,300,000.00		14,313,802.97			263,351.19			511.00			—		—			2.5		2.478	FA		60,576.39		—		9/9/2010		8/15/2015
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND					1FE		3,483,455.00			103.011		3,347,849.31		3,250,000.00		3,296,309.81			51,539.50			(80,873.00	)		—		—			7.875		4.384	MS		21,328.13		255,938.00		3/5/2009		3/1/2011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND					1FE		12,497,028.00			111.201		12,204,269.16		10,975,000.00		11,999,630.14			204,639.02			(471,083.00	)		—		—			8.125		2.101	MN		371,549.48		445,859.00		12/22/2009		5/1/2012
00254EBP6	SWEDISH EXPORT CREDIT GOVT BND GMTN		F			1FE		30,384,420.00			104.239		29,708,114.43		28,500,000.00		29,408,827.56			299,286.87			(671,642.00	)		—		—			4.875		1.629	MS		7,718.75		1,389,375.00		8/31/2009		9/29/2011
002824AX8	ABBOTT LABORATORIES CORP BND					1FE		6,818,039.00			104.323		7,120,060.79		6,825,000.00		6,818,490.30			301,570.49			452.00			—		—			2.7		2.722	MN		63,472.50		—		5/24/2010		5/27/2015
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1				2	1FE		360,500.00			91.25		365,000.00		400,000.00		361,530.20			3,469.80			1,030.00			—		—			1.739		2.502	MON		19.32		1,501.00		3/29/2010		12/26/2035
00432CBB6	AGSL_03-1 ABS_03-1-2003-1				2	1FE		311,938.00			90.25		315,875.00		350,000.00		312,869.65			3,005.35			932.00			—		—			1.575		2.305	MON		80.43		1,812.00		3/29/2010		12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1				2	1FE		435,625.00			88.25		441,250.00		500,000.00		440,357.78			892.22			4,733.00			—		—			0		2.137	MON		—		1,908.00		3/29/2010		12/27/2032
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND		F			1FE		13,297,404.00			106.149		14,011,668.26		13,200,000.00		13,285,746.13			725,922.13			(11,510.00	)		—		—			3.2		3.029	MN		173,653.33		211,200.00		3/12/2010		11/3/2014
007036EP7	ARMT CMO 04-5 2A1				2	NR*Z*		373,672.00			90.82		345,633.23		380,570.00		374,661.63			(29,028.40	)		368.00			—		—			3.08		3.539	MON		976.69		8,921.00		8/10/2007		4/25/2035
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND		F			??		4,752,518.00			100.055		4,752,612.50		4,750,000.00		4,751,531.92			1,080.58			(627.00	)		—		—			0.643		0.612	JAJO		6,021.88		14,561.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND		F			1FE		5,979,360.00			102.153		6,129,180.00		6,000,000.00		5,983,698.13			145,481.87			4,338.00			—		—			1.625		1.743	FA		13,541.67		49,292.00		2/2/2010		2/11/2013
010392EA2	ALABAMA POWER COMPANY CORP BND					1FE		3,404,799.00			100.636		3,492,067.36		3,470,000.00		3,466,895.99			25,171.37			13,736.00			—		—			4.7		5.251	JD		54,363.33		81,545.00		2/13/2007		12/1/2010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND					1FE		13,664,173.00			107.289		13,840,270.42		12,900,000.00		13,495,375.67			344,894.75			(165,153.00	)		—		—			4.85		2.668	JD		184,219.18		312,825.00		2/10/2010		12/15/2012
01F050619	FNMA 30 YR				2	1Z		—			96.547		—		—		—			—			—			—		—			5		0	MON		—		—				1/1/2037
01F0526A5	FNMA TBA 30 YR				2	1Z		1,064,219.00			98.5		1,062,656.25		1,000,000.00		1,064,218.75			(1,562.50	)		—			—		—			5.5		4.865	MON		—		—		9/16/2010		10/1/2034
02005MAE2	ALLYA _10-3 ABS _10-3 A4				2	1FE		799,714.00			100.593		804,744.02		800,000.00		799,724.42			5,019.60			10.00			—		—			1.55		1.572	MON		551.11		930.00		8/12/2010		8/17/2015
02209SAC7	ALTRIA GROUP INC. CORP BND					2FE		4,491,825.00			120.026		4,500,981.90		3,750,000.00		4,462,452.05			38,529.85			(29,373.00	)		—		—			8.5		2.148	MN		124,843.75		—		8/10/2010		11/10/2013
02364WAU9	AMERICA MOVIL SA CORP BND		F			1FE		14,074,641.00			105.221		14,730,880.78		14,000,000.00		14,073,538.48			657,342.30			(1,103.00	)		—		—			3.625		3.497	MS		1,409.72		253,750.00		8/27/2010		3/30/2015
026609AM9	WYETH CORP BND					1FE		8,870,429.00			102.985		8,588,960.76		8,340,000.00		8,424,621.77			164,338.99			(134,700.00	)		—		—			6.95		4.672	MS		25,761.34		579,630.00		5/30/2008		3/15/2011
02660BAA0	AHMA_07-1 CMO 07-1 A1				2	1FE		6,130,164.00			34.58		3,179,328.19		6,301,314.00		6,135,479.73			(2,956,151.54	)		1,822.00			—		—			1.07		1.298	MON		5,618.67		54,204.00		10/23/2007		2/25/2047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS CMO_06-3				2	3FE		5,378,509.00			59.917		3,261,498.68		5,443,361.00		5,384,656.17			(2,123,157.49	)		4,722.00			—		—			1.356		1.533	MON		6,150.23		57,839.00		10/16/2007		10/25/2046
02660UAE0	AHMA_06-3 CMO_06-3 2A11				2	1FE		3,481,418.00			40.8		1,928,332.23		3,528,771.00		3,483,353.62			(1,555,021.39	)		556.00			—		—			1.326		1.435	MON		3,898.79		36,702.00		10/16/2007		10/25/2046
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A					1FE		2,124,150.00			102.376		2,175,494.04		2,125,000.00		2,124,300.12			51,193.92			150.00			—		—			2.375		2.389	MS		1,822.48		25,515.00		3/9/2010		3/18/2013
02R0506A4	FHLMC TBA 30 YR				2	1Z		(2,578.13	)		105.055		—		1,000,000.00		(2,578.13	)		2,578.13			—			—		—			5		4.479	MON		—		—		9/10/2010		10/1/2034
030612AB1	AMCAR_06-RM AMCAR_06-RM A2				2	2FE		50,456.00			100.094		50,512.65		50,465.00		50,465.33			47.32			1.00			—		—			5.42		5.488	MON		189.95		2,051.00		5/9/2006		8/8/2011
034863AC4	ANGLO AMERICAN CAPITAL PLC CORP BND 144A		F			2FE		1,298,908.00			100.983		1,312,782.59		1,300,000.00		1,298,911.91			13,870.68			4.00			—		—			2.15		2.179	MS		310.56		—		9/20/2010		9/27/2013
035229CY7	ANHEUSER-BUSCH SENIOR CORP BND					1FE		5,556,350.00			99.717		5,557,006.45		5,000,000.00		5,555,342.35			1,664.10			(1,008.00	)		—		—			5		2.267	JJ		52,777.78		—		9/23/2010		1/15/2015
03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND					2FE		1,541,745.00			103.66		1,554,899.15		1,500,000.00		1,535,737.40			19,161.75			(6,008.00	)		—		—			3		1.804	AO		20,750.00		—		5/20/2010		10/15/2012
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND					2FE		7,110,795.00			107.287		7,241,840.24		6,750,000.00		7,097,524.85			144,315.39			(13,270.00	)		—		—			4.125		2.838	JJ		58,781.25		92,469.00		8/10/2010		1/15/2015
038461AC3	AID-EGYPT GOVT BND		F			1FE		1,598,978.00			112.904		1,693,559.40		1,500,000.00		1,584,945.27			108,614.13			(11,650.00	)		—		—			4.45		3.205	MS		2,966.67		66,750.00		11/3/2009		9/15/2015
046353AC2	ASTRAZENECA PLC CORP BND		F			1FE		5,758,675.00			108.953		5,720,020.64		5,250,000.00		5,592,544.74			127,475.90			(124,770.00	)		—		—			5.4		1.982	MS		12,600.00		283,500.00		1/15/2010		9/15/2012
048312AB8	ACETF ACETF_02-1 A2				2	1FE		151,369.00			100.876		152,190.06		150,868.00		150,976.81			1,213.25			(135.00	)		—		—			4.21		3.988	JAJO		1,252.67		4,764.00		7/7/2008		4/20/2011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND					1FE		3,899,001.00			113.983		3,557,482.50		3,317,000.00		3,537,869.16			19,613.34			(105,194.00	)		—		—			8.5		3.887	AO		140,972.50		140,973.00		1/30/2008		4/1/2012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A		O			3FE		2,977,800.00			103.297		2,820,421.29		2,730,400.00		2,977,800.00			(157,378.71	)		—			—		(247,400.00	)		10.261		10.41	JAJO		71,598.06		151,166.00		12/4/2009		4/6/2013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A					4FE		2,500,000.00			107.595		2,689,875.00		2,500,000.00		2,500,000.00			189,875.00			—			—		—			12.033		12.954	JAJO		76,877.50		223,284.00		2/19/2009		2/24/2012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A					4FE		1,500,000.00			107.27		1,609,050.00		1,500,000.00		1,500,000.00			109,050.00			—			—		—			13.033		13.988	JAJO		49,959.83		145,346.00		2/12/2009		2/24/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND		F			1FE		9,982,240.00			105.137		10,513,729.10		10,000,000.00		9,984,549.84			529,179.26			2,310.00			—		—			3.7		3.739	JJ		80,166.67		185,000.00		2/19/2010		1/13/2015
05522NAA5	BANK OF AMERICA CORP BND 144A					1FE		14,405,300.00			106.28		14,879,223.38		14,000,000.00		14,253,860.05			625,363.33			(106,015.00	)		—		—			5.5		4.382	JD		228,861.11		385,000.00		8/31/2009		6/14/2012
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND		F			1FE		4,239,400.00			108.607		4,344,262.68		4,000,000.00		4,170,560.36			173,702.32			(47,749.00	)		—		—			4.8		3.042	AO		88,533.33		96,000.00		8/31/2009		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND		F			1FE		7,503,892.00			112.463		7,613,727.35		6,770,000.00		7,416,280.29			197,447.06			(84,111.00	)		—		—			5.5		2.626	AO		186,175.00		28,875.00		4/16/2010		4/1/2014
05565QBF4	BP CAPITAL MARKETS PLC CORP BND		F			1FE		6,015,009.00			108.743		5,937,349.67		5,460,000.00		5,908,961.31			28,388.36			(103,028.00	)		—		—			5.25		2.478	MN		114,660.00		143,325.00		12/21/2009		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND		F			1FE		7,024,579.00			101.837		7,154,022.84		7,025,000.00		7,024,792.54			129,230.30			104.00			—		—			3.125		3.127	MS		12,805.99		219,531.00		3/5/2009		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND		F			1FE		4,556,790.00			103.7		4,666,480.97		4,500,000.00		4,553,337.29			113,143.68			(3,453.00	)		—		—			3.875		3.584	MS		10,171.88		87,188.00		5/27/2010		3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND		F			1FE		1,555,770.00			103.226		1,548,384.71		1,500,000.00		1,546,286.18			2,098.53			(9,022.00	)		—		—			3.625		2.72	MN		21,598.96		27,188.00		12/15/2009		5/8/2014
05565QBN7	BP CAPITAL MARKETS PLC CORP BND		F			1FE		7,977,280.00			100.858		8,068,644.40		8,000,000.00		7,977,280.00			91,364.40			—			—		—			3.125		3.187	AO		—		—		9/28/2010		10/1/2015
05565QBP2	BP CAPITAL MARKETS PLC CORP BND		F			1FE		2,635,452.00			102.365		2,712,669.21		2,650,000.00		2,635,451.50			77,217.71			—			—		—			4.5		4.569	AO		—		—		9/28/2010		10/1/2020
055669AD7	BMWLT_10-1 BMWLT_10-1 A4				2	1FE		1,019,898.00			100.18		1,021,836.00		1,020,000.00		1,019,899.11			1,936.89			1.00			—		—			1.32		1.33	MON		299.20		—		9/15/2010		1/15/2014
05567MAA3	BNP PARIBAS CORP BND 144A		F			1FE		7,778,723.00			88.394		8,619,627.68		8,000,000.00		7,801,730.97			817,896.71			23,008.00			—		—			4.8		5.401	JD		103,466.67		192,000.00		2/19/2010		6/24/2015
05947ULH9	BANK OF AMERICA CO CMBS 03-1				2	1FE		1,648,688.00			100.973		1,726,255.80		1,709,615.00		1,690,975.57			35,280.23			3,682.00			—		—			3.878		5.149	MON		5,524.91		49,724.00		8/27/2008		9/11/2036
05948XYC9	BOAMS WHOLE CMO 03-J-2A1				2	NR*Z*		67,850.00			94.491		65,041.33		68,834.00		67,880.38			(2,839.05	)		4.00			—		—			3.605		3.964	MON		206.77		1,865.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1				2	1FE		2,948,082.00			66.75		2,466,662.25		2,989,894.00		2,949,566.15			(482,903.90	)		492.00			—		—			3.081		3.339	MON		7,677.38		99,003.00		10/19/2006		8/25/2035
060505BD5	BANK OF AMERICA CORP BND					1FE		7,057,821.00			106.797		7,475,766.27		7,000,000.00		7,048,259.79			427,506.48			(9,562.00	)		—		—			4.75		4.491	FA		42,486.11		166,250.00		2/19/2010		8/15/2013
060505BM5	BANK OF AMERICA CORP BND					1FE		1,976,532.00			108.342		2,058,493.27		1,900,000.00		1,970,701.35			87,791.92			(5,831.00	)		—		—			5.375		4.278	JD		30,070.14		51,063.00		5/26/2010		6/15/2014
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT					1FE		18,104,063.00			104.411		18,793,980.54		18,000,000.00		18,056,886.79			737,093.75			(24,302.00	)		—		—			3.125		2.933	JD		165,625.00		281,250.00		3/10/2009		6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND					1FE		26,014,802.00			102.547		26,662,221.31		26,000,000.00		26,016,530.43			645,690.88			(7,811.00	)		—		—			2.1		2.058	AO		229,016.67		273,000.00		8/31/2009		4/30/2012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN					1FE		1,809,366.00			106.897		1,966,913.97		1,840,000.00		1,822,978.31			143,935.66			4,004.00			—		—			4.9		5.263	MN		37,566.66		45,080.00		12/16/2009		5/1/2013
06051GEB1	BANK OF AMERICA CORP BND MTN					1FE		3,991,000.00			104.856		4,194,220.60		4,000,000.00		3,991,792.19			202,428.41			792.00			—		—			4.5		4.55	AO		90,000.00		—		5/18/2010		4/1/2015
06051GED7	BANK OF AMERICA CORP BND					1FE		2,996,280.00			100.986		3,029,581.83		3,000,000.00		2,996,344.65			33,237.18			65.00			—		—			3.7		3.727	MS		12,641.67		—		8/17/2010		9/1/2015
06052DAC9	BAAT_09-1A ABS 09-1A A3 144A				2	1FE		2,888,297.00			101.426		2,890,649.55		2,850,000.00		2,878,004.41			12,645.14			(10,292.00	)		—		—			2.67		1.545	MON		3,382.00		25,365.00		6/1/2010		5/15/2012
06052JAC6	BAAT_10-1 BAAT_10-1A A3 144A				2	1FE		7,090,016.00			100.81		7,157,510.00		7,100,000.00		7,091,809.18			65,700.82			1,794.00			—		—			1.39		1.472	MON		4,386.22		32,897.00		5/26/2010		3/17/2014
06052LAA5	BASLT_10-1A BASLT_10-1A A 144A				2	1FE		1,000,000.00			99.999		999,990.00		1,000,000.00		1,000,000.00			(10.00	)		—			—		—			1.283		1.285	JAJO		2,994.69		—		7/2/2010		2/25/2043
06052MAB1	BAAT ABS 10-2 A2				2	1FE		3,749,659.00			100.21		3,757,875.00		3,750,000.00		3,749,741.54			8,133.46			83.00			—		—			0.91		0.92	MON		1,516.67		7,678.00		6/16/2010		10/15/2012
06052MAD7	BAAT ABS 10-2 A4				2	1FE		1,199,768.00			102.25		1,227,000.00		1,200,000.00		1,199,784.77			27,215.23			17.00			—		—			1.94		1.954	MON		1,034.67		5,238.00		6/16/2010		6/15/2017
06052MAC9	BAAT ABS_10-2 A3				2	1FE		999,972.00			100.81		1,008,100.00		1,000,000.00		999,975.50			8,124.50			3.00			—		—			1.31		1.315	MON		582.22		2,948.00		6/16/2010		7/15/2014
06406HBE8	BANK OF NEW YORK CO CORP BND					1FE		7,978,536.00			108.063		8,428,905.97		7,800,000.00		7,921,278.03			507,627.94			(41,192.00	)		—		—			4.95		4.157	MN		160,875.03		193,050.00		1/11/2010		11/1/2012
06406HBQ1	BANK OF NEW YORK CO CORP BND					1FE		2,996,130.00			105.502		3,165,059.52		3,000,000.00		2,996,337.58			168,721.94			208.00			—		—			2.95		2.978	JD		25,320.84		—		6/11/2010		6/18/2015
064149B97	BANK OF NOVA SCOTIA CORP BND		A			1FE		7,972,000.00			103.336		8,266,848.73		8,000,000.00		7,974,232.16			292,616.57			2,232.00			—		—			2.375		2.48	JD		54,888.90		—		6/10/2010		12/17/2013
06423AAS2	BANK ONE CO CORP BND					1FE		5,313,600.00			107.86		5,392,978.65		5,000,000.00		5,217,541.45			175,437.20			(66,712.00	)		—		—			5.25		3.293	JJ		44,479.17		262,500.00		8/31/2009		1/30/2013
06423RBN5	BOIT ABS 04-A5 A5				2	1FE		1,538,086.00			99.977		1,574,643.42		1,575,000.00		1,565,757.43			8,885.99			8,711.00			—		—			0.387		1.13	MON		271.14		4,869.00		5/6/2008		3/15/2014
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND					1FE		29,969,700.00			102.513		30,753,900.00		30,000,000.00		29,984,715.29			769,184.71			7,467.00			—		—			2.15		2.185	MS		7,166.67		645,000.00		3/20/2009		3/27/2012
06739FFZ9	BARCLAYS BANK PLC LOCAL BND		F			1FE		528,417.00			110.504		552,520.33		500,000.00		523,161.42			29,358.91			(4,220.00	)		—		—			5.2		3.869	JJ		5,850.00		26,000.00		10/21/2009		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND		F			1FE		11,022,709.00			102.514		11,276,513.93		11,000,000.00		11,018,497.39			258,016.54			(4,212.00	)		—		—			2.5		2.425	JJ		51,944.44		183,333.00		2/19/2010		1/23/2013
071813AZ2	BAXTER INTERNATIONAL INC CORP BND					1FE		4,010,640.00			108.716		4,348,654.80		4,000,000.00		4,007,488.62			341,166.18			(1,505.00	)		—		—			4		3.941	MS		13,333.34		160,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND					1FE		7,790,874.00			102.204		7,971,915.21		7,800,000.00		7,792,542.33			179,372.88			1,668.00			—		—			1.8		1.84	MS		6,240.00		72,540.00		3/4/2010		3/15/2013
07384M3D2	BSARM CMO 04-9 22A1				2	1FE		1,413,482.00			82.72		1,371,942.38		1,440,859.00		1,414,257.26			(42,314.88	)		150.00			—		—			3.691		4.164	MON		4,431.62		43,604.00		8/13/2007		11/25/2034
07384MK27	BSARM CMO 04-1 21A1				2	NR*Z*		425,773.00			95.446		413,753.35		433,495.00		426,016.67			(12,263.32	)		48.00			—		—			2.616		3.043	MON		944.88		9,371.00		8/10/2007		4/25/2034
07385TAJ5	BEAR STEARNS CO INC CORP BND					1FE		11,475,360.00			113.173		11,656,807.67		10,300,000.00		11,422,251.43			234,556.24			(52,306.00	)		—		—			5.7		2.877	MN		221,793.33		8,550.00		7/16/2010		11/15/2014
07387AAW5	BSARM CMO_05-3 2A1				2	NR*Z*		1,580,867.00			81.714		1,316,054.01		1,610,561.00		1,582,075.34			(266,021.33	)		240.00			—		—			2.815		3.126	MON		3,778.15		44,818.00		8/10/2007		6/25/2035
07388DAS7	BSARM_06-2 CMO_06-2 3A2				2	1FE		555,040.00			59.46		425,279.62		567,816.00		554,487.71			(129,208.09	)		167.00			—		—			5.75		6.425	MON		2,720.78		24,487.00		8/17/2007		7/25/2036
07388GAA9	BSABS ABS 06-3-A1				2	NR*Z*		536,650.00			99.526		534,106.78		536,650.00		536,649.96			(2,543.18	)		—			—		—			0.406		0.407	MON		24.22		1,735.00		8/8/2006		8/25/2036
07389KAA9	BSA_20-701 CMO_07-1 IA1				2	1FE		4,999,079.00			47		3,153,838.29		5,006,093.00		4,986,033.53			(1,832,195.24	)		(19.00	)		—		—			5.594		5.607	MON		23,335.68		218,094.00		9/17/2007		9/25/2047
073902KF4	BEAR STEARNS CO INC CORP BND					1FE		7,191,940.00			111.614		7,721,440.06		6,918,000.00		7,165,881.64			555,558.42			(26,059.00	)		—		—			5.3		4.503	AO		153,790.98		183,327.00		2/19/2010		10/30/2015
073928X73	BEAR STEARNS CO INC CORP BND					1FE		2,390,693.00			110.675		2,573,197.01		2,325,000.00		2,360,681.71			212,515.30			(13,340.00	)		—		—			6.95		6.063	FA		22,891.55		161,588.00		3/23/2009		8/10/2012
079860AG7	BELLSOUTH CORPORATION CORP BND					1FE		539,195.00			112.601		563,006.48		500,000.00		532,359.93			30,646.55			(5,623.00	)		—		—			5.2		3.436	MS		1,155.56		26,000.00		10/29/2009		9/15/2014
09657MAC2	BMWLT_10-1 ABS 10-1 A3				2	1FE		999,980.00			101.022		1,010,220.03		1,000,000.00		999,983.18			10,236.85			4.00			—		—			1.39		1.395	MON		231.67		5,946.00		4/15/2010		4/25/2014
097014AK0	BOEING CAPITAL CORPORATION CORP BND					1FE		3,023,300.00			106.891		3,206,716.47		3,000,000.00		3,020,174.32			186,542.15			(3,082.00	)		—		—			3.25		3.073	AO		41,708.34		48,750.00		1/28/2010		10/27/2014

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
097023AT2	BOEING CO CORP BND					1FE		1,404,062.00		105.623		1,411,534.81		1,290,000.00		1,388,937.18		22,597.63			(15,125.00	)		—		—		5.125		1.807	FA		8,447.71		33,056.00		5/12/2010		2/15/2013
097023BB0	BOEING CO CORP BND					1FE		685,867.00		102.105		704,525.79		690,000.00		687,031.89		17,493.90			1,009.00			—		—		1.875		2.082	MN		4,707.82		6,469.00		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND					1		3,315,737.00		109.679		3,564,560.42		3,250,000.00		3,308,866.49		255,693.93			(6,870.00	)		—		—		4.125		3.702	JD		39,473.96		67,031.00		2/19/2010		6/15/2015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND					1FE		4,288,185.00		117.125		4,684,982.28		4,000,000.00		4,262,488.70		422,493.58			(25,697.00	)		—		—		5.5		4.153	AO		110,000.00		110,000.00		2/19/2010		4/1/2016
10138MAH8	BOTTLING GROUP LLC CORP BND					1FE		9,826,255.00		118.548		10,076,611.45		8,500,000.00		9,425,059.61		651,551.84			(185,072.00	)		—		—		6.95		3.574	MS		26,255.56		590,750.00		2/5/2009		3/15/2014
10620NAH1	BRHEA_05-3A ABS 05-3 A14				2	1FE		2,381,478.00		99.452		2,410,612.88		2,423,896.00		2,383,288.60		27,324.28			1,811.00			—		—		0.399		0.729	MJSD		107.56		4,103.00		7/2/2010		9/25/2023
10778XAA4	BRFKREDIT AS CORP BND 144A		F			1FE		12,486,250.00		102.824		12,852,968.25		12,500,000.00		12,488,311.78		364,656.47			2,062.00			—		—		2.05		2.088	AO		118,159.73		—		4/8/2010		4/15/2013
110122AL2	BRISTOL MYERS SQUIBB CO CORP BND					1FE		7,448,280.00		111.578		7,810,477.30		7,000,000.00		7,298,827.48		511,649.82			(73,050.00	)		—		—		5.25		3.67	FA		46,958.34		367,500.00		3/5/2009		8/15/2013
126650AV2	CVS CAREMARK CORP CORP BND					2FE		5,776,193.00		111.166		5,836,216.22		5,250,000.00		5,753,929.44		82,286.78			(22,263.00	)		—		—		4.875		2.32	MS		11,375.00		127,969.00		8/10/2010		9/15/2014
12667GY98	CWALT CMO_05-38 A1				2	1FE		287,731.00		45.66		178,241.85		288,091.00		287,609.73		(109,367.88	)		2.00			—		—		1.87		1.877	MON		448.94		4,206.00		8/6/2007		9/25/2035
12668AZL2	CWALT CMO 2005-64CB 1A1				2	NR*Z*		948,523.00		88		850,920.91		966,956.00		947,219.71		(96,298.80	)		327.00			—		—		5.5		5.877	MON		4,431.88		39,887.00		1/2/2008		12/25/2035
12668HAB6	CWL ABS 06-26-2A1				2	NR*Z*		276,375.00		98.36		271,820.93		276,353.00		276,354.73		(4,533.80	)		(1.00	)		—		—		0.336		0.333	MON		10.32		747.00		1/29/2007		12/27/2010
12669E5Y8	COUNTRYWIDE HOME LOANS TR CMO 03-52 A1				2	1FE		1,380,436.00		84.28		1,277,380.31		1,402,882.00		1,381,064.05		(103,683.74	)		79.00			—		—		3.325		3.786	MON		3,887.67		35,859.00		8/14/2007		2/19/2034
12669GBA8	CWHL CMO_04-HYB6 A2				2	NR*Z*		491,144.00		86.788		436,239.49		502,650.00		491,916.24		(55,676.75	)		270.00			—		—		3.251		3.678	MON		1,361.93		13,136.00		8/10/2007		11/20/2034
12669GM24	CWHL CMO_05-HYB4 2A1				2	5FE		1,917,038.00		74.09		1,450,476.44		1,957,722.00		1,918,929.88		(468,453.44	)		623.00			—		—		2.917		3.257	MON		4,759.52		57,461.00		8/10/2007		8/20/2035
12764RAA9	CAELUS RE II LTD CORP BND 144A		F			3FE		2,900,000.00		102.008		2,958,232.00		2,900,000.00		2,900,000.00		58,232.00			—			—		—		6.5		6.552	FMAN		16,231.94		53,408.00		5/18/2010		5/24/2013
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND		A			1FE		4,076,425.00		104.947		4,302,826.63		4,100,000.00		4,081,173.83		221,652.80			3,358.00			—		—		2.375		2.498	MS		5,680.21		97,375.00		9/2/2009		9/10/2014
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A		A			1FE		1,999,520.00		102.498		2,049,960.18		2,000,000.00		1,999,623.63		50,336.55			104.00			—		—		2		2.008	FA		6,333.33		20,111.00		1/27/2010		2/4/2013
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND		A			1FE		437,543.00		105.834		439,209.64		415,000.00		422,771.59		16,438.05			(5,372.00	)		—		—		6.375		4.508	AO		12,199.27		13,228.00		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND		A			1FE		325,323.00		107.87		334,397.58		310,000.00		321,272.74		13,124.84			(3,265.00	)		—		—		4.4		2.856	MS		606.22		13,640.00		10/22/2009		3/15/2013
14041NBY6	COMET ABS 05-A1 A1				2	1FE		4,021,523.00		99.519		4,030,519.38		4,050,000.00		4,026,744.77		3,774.61			5,221.00			—		—		0.327		0.72	MON		589.21		5,391.00		5/28/2010		1/15/2015
14041NEF4	COMET ABS 08-A5 A5				2	1FE		1,170,000.00		102.601		1,162,469.33		1,133,000.00		1,156,879.32		5,590.01			(13,120.00	)		—		—		4.85		0.929	MON		2,442.24		18,317.00		6/9/2010		4/15/2011
14170TAF8	CAREFUSION CORP CORP BND					2FE		4,962,285.00		110.386		4,967,374.86		4,500,000.00		4,961,348.15		6,026.71			(937.00	)		—		—		5.125		2.314	FA		38,437.50		—		9/23/2010		8/1/2014
141781AP9	CARGILL INC CORP BND 144A					1FE		2,764,425.00		108.29		2,707,249.26		2,500,000.00		2,682,198.02		25,051.24			(79,892.00	)		—		—		6.375		1.91	JD		53,125.00		79,688.00		12/21/2009		6/1/2012
141784DG0	CARGILL INC CORP BND 144A					1FE		4,764,583.00		108.384		4,790,578.63		4,420,000.00		4,684,622.36		105,956.27			(79,961.00	)		—		—		5.2		2.512	JJ		44,052.66		229,840.00		1/6/2010		1/22/2013
14312RAD6	CARMX_07-1 ABS 07-1				2	1FE		726,044.00		101.91		725,403.19		711,808.00		722,921.35		2,481.84			(3,122.00	)		—		—		5.24		2.111	MON		1,657.72		12,433.00		6/8/2010		9/15/2011
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN					1FE		1,124,404.00		107.441		1,208,708.96		1,125,000.00		1,124,722.16		83,986.80			89.00			—		—		4.85		4.862	JD		17,278.12		27,281.00		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN					1FE		5,268,195.00		100.299		5,622,875.85		5,275,000.00		5,271,619.19		351,256.66			1,009.00			—		—		4.25		4.279	FA		33,005.38		224,188.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND					1FE		649,227.00		101.901		662,358.00		650,000.00		649,425.91		12,932.09			189.00			—		—		1.9		1.941	JD		3,567.78		6,175.00		12/10/2009		12/17/2012
14912L4L2	CATERPILLAR FINL SERV CORP BND MTN					1FE		2,964,921.00		102.372		3,040,449.14		2,970,000.00		2,965,723.67		74,725.47			802.00			—		—		2		2.059	AO		28,875.00		—		3/31/2010		4/5/2013
14912L4M0	CATERPILLAR FINL SERV CORP BND					1FE		5,175,000.00		104.245		5,394,699.40		5,175,000.00		5,175,000.00		219,699.40			—			—		—		2.75		2.75	JD		38,345.31		—		6/17/2010		6/24/2015
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN					1FE		3,055,224.00		109.71		3,291,290.82		3,000,000.00		3,042,525.01		248,765.81			(7,370.00	)		—		—		4.6		4.134	JJ		29,133.33		138,000.00		8/31/2009		1/15/2014
15132EFD5	CDMC WHOLE CMO 03-8 2A3				2	1FE		874,353.00		95.527		875,470.96		894,479.00		884,412.03		(8,941.07	)		4,209.00			—		—		4.896		6.768	MON		3,649.31		32,885.00		4/17/2008		10/25/2033
15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2				2	1FE		580,493.00		104.069		585,540.39		562,646.00		568,129.20		17,411.19			(3,507.00	)		—		—		4.97		4.044	FA		4,660.59		27,964.00		2/8/2008		8/1/2012
16132NAW6	CHARTER ONE BANK FSB CORP BND					1FE		5,031,150.00		102.204		5,110,186.60		5,000,000.00		5,004,663.70		105,522.90			(5,929.00	)		—		—		5.5		5.331	AO		118,402.78		137,500.00		1/31/2007		4/26/2011
161571CH5	CHAIT ABS_07-A17 A				2	1FE		1,413,141.00		108.663		1,412,619.03		1,300,000.00		1,400,581.85		12,037.18			(12,559.00	)		—		—		5.12		1.277	MON		2,958.22		16,640.00		6/23/2010		10/15/2012
161582AG6	CHASE MANHATTAN BANK CMBS 99-1-E				2	1FE		387,583.00		100.592		377,219.25		375,000.00		375,620.24		1,599.01			(1,800.00	)		—		—		7.702		6.505	MON		2,406.78		21,502.00		11/28/2007		6/15/2011
161630AG3	CHASE CMO_07-A1-2A1				2	NR*Z*		3,034,908.00		95.25		2,942,706.87		3,089,456.00		3,038,057.35		(95,350.48	)		1,737.00			—		—		2.892		3.324	MON		7,446.10		82,324.00		2/22/2007		2/25/2037
161630AL2	CHASE CMO_07-A1 3A1				2	4FE		1,839,572.00		92.55		1,719,585.48		1,858,007.00		1,840,036.02		(120,450.54	)		139.00			—		—		3.186		3.374	MON		4,933.63		49,527.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1				2	1FE		449,314.00		83.133		425,419.73		457,244.00		449,874.28		(24,454.55	)		198.00			—		—		2.904		3.3	MON		1,106.57		12,095.00		5/8/2007		2/25/2037
161630AU2	CHASE CMO_07-A1 7A1				2	1FE		774,068.00		90.4		791,434.43		786,573.00		774,896.42		16,538.01			314.00			—		—		2.926		3.431	MON		1,917.60		22,758.00		5/17/2007		2/25/2037
161630BD9	CHASE CMO_07-A1 11M1				2	1FE		4,554,124.00		67.281		3,582,683.27		4,510,953.00		4,542,359.94		(959,676.67	)		(333.00	)		—		—		5.42		5.163	MON		20,373.34		183,472.00		1/18/2008		2/1/2037
166751AH0	CHEVRONTEXACO CORPORATION CORP BND					1FE		18,029,164.00		109.266		18,793,742.54		17,200,000.00		17,891,639.12		902,103.42			(137,525.00	)		—		—		3.95		2.712	MS		52,842.24		679,400.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION CORP BND					1FE		3,295,695.00		104.062		3,382,012.66		3,250,000.00		3,281,729.01		100,283.65			(14,002.00	)		—		—		3.45		2.741	MS		8,720.83		112,125.00		2/9/2010		3/3/2012
17275RAB8	CISCO SYSTEMS INC CORP BND					1FE		603,247.00		101.869		611,215.33		600,000.00		600,166.86		11,048.47			(348.00	)		—		—		5.25		5.179	FA		3,412.51		31,500.00		10/9/2008		2/22/2011
17275RAC6	CISCO SYSTEMS INC CORP BND					1FE		14,068,550.00		117.639		14,763,701.15		12,550,000.00		13,964,109.88		799,591.27			(104,440.00	)		—		—		5.5		3.207	FA		74,777.08		345,125.00		4/20/2010		2/22/2016
17275RAG7	CISCO SYSTEMS INC CORP BND					1FE		3,989,840.00		105.874		4,234,965.20		4,000,000.00		3,991,508.25		243,456.95			1,432.00			—		—		2.9		2.955	MN		43,177.78		58,000.00		11/9/2009		11/17/2014
172967CK5	CITIGROUP INC CORP BND					1FE		4,844,800.00		106.207		5,310,372.15		5,000,000.00		4,877,438.82		432,933.33			22,418.00			—		—		5.125		5.892	MN		103,923.61		128,125.00		8/31/2009		5/5/2014
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND					1FE		779,138.00		104.069		780,520.70		750,000.00		765,206.33		15,314.37			(11,090.00	)		—		—		5.1		3.015	MS		212.50		38,250.00		10/20/2009		9/29/2011
172967EL1	CITIBANK N.A. CORP BND					1FE		520,145.00		106.416		532,079.28		500,000.00		514,097.48		17,981.80			(4,879.00	)		—		—		5.3		3.852	AO		12,072.22		13,250.00		10/22/2009		10/17/2012
172967EY3	CITIGROUP INC CORP BND					1FE		22,616,908.00		110.953		23,743,864.32		21,400,000.00		22,470,366.74		1,273,497.58			(146,541.00	)		—		—		6.375		4.937	FA		185,689.58		886,125.00		5/25/2010		8/12/2014
172967FA4	CITIGROUP INC CORP BND					1FE		5,153,500.00		110.15		5,507,500.00		5,000,000.00		5,144,578.36		362,921.64			(8,922.00	)		—		—		6.01		5.249	JD		88,480.56		150,250.00		6/9/2010		1/15/2015
172967FD8	CITIGROUP INC CORP BND					1FE		15,004,073.00		105.76		15,599,600.00		14,750,000.00		15,000,480.14		599,119.86			(3,592.00	)		—		—		4.75		4.338	MN		256,895.83		—		8/31/2010		5/19/2015
172967FE6	CITIGROUP INC CORP BND					1FE		5,408,950.00		109.755		5,487,769.30		5,000,000.00		5,395,283.25		92,486.05			(13,667.00	)		—		—		6		3.371	JD		88,333.33		—		8/16/2010		12/13/2013
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR					1FE		798,016.00		102.926		823,408.02		800,000.00		799,193.56		24,214.46			494.00			—		—		2.875		2.962	JD		7,155.56		11,500.00		12/2/2008		12/9/2011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR					1FE		50,844,149.00		102.57		51,900,420.00		50,600,000.00		50,800,147.28		1,100,272.72			(72,871.00	)		—		—		2.125		1.868	AO		451,007.63		537,625.00		2/19/2010		4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND					1FE		15,058,950.00		102.598		15,389,700.00		15,000,000.00		15,041,084.48		348,615.52			(14,431.00	)		—		—		1.875		1.739	AO		124,218.75		164,063.00		10/20/2009		10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND					1FE		20,121,190.00		102.623		20,524,600.20		20,000,000.00		20,094,636.08		429,964.12			(26,554.00	)		—		—		1.875		1.647	MN		141,666.67		228,125.00		2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND					1FE		7,380,094.00		102.297		7,569,977.78		7,400,000.00		7,389,910.01		180,067.77			4,906.00			—		—		2		2.093	MS		411.11		148,000.00		3/23/2009		3/30/2012
17314JAT0	CITIBANK NA CORP BND					1FE		12,337,539.00		102.45		12,396,450.61		12,100,000.00		12,320,706.37		75,744.24			(16,833.00	)		—		—		1.75		0.925	JD		54,702.08		—		9/24/2010		12/28/2012
191216AL4	COCA-COLA COMPANY THE CORP BND					1FE		11,572,106.00		107.553		12,502,978.71		11,625,000.00		11,587,658.17		915,320.54			7,447.00			—		—		3.625		3.725	MS		18,729.18		421,406.00		3/3/2009		3/15/2014
191219BS2	COCA-COLA ENTERPRISES INC. CORP BND					1FE		5,334,777.00		110.874		5,432,819.28		4,900,000.00		5,277,806.39		155,012.89			(56,971.00	)		—		—		5		2.214	FA		31,305.55		122,500.00		4/14/2010		8/15/2013
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND					1FE		4,201,680.00		110.539		4,421,545.40		4,000,000.00		4,164,721.28		256,824.12			(25,570.00	)		—		—		4.25		3.242	MS		14,166.67		170,000.00		8/31/2009		3/1/2015
194262AX9	COLLE_02-2 ABS 02-2 A21 144A				2	1FE		805,000.00		89		890,000.00		1,000,000.00		810,691.67		79,308.33			3,758.00			—		—		0.222		1.682	MON		55.50		9,163.00		8/25/2009		3/1/2042
20030NAB7	COMCAST CORPORATION CORP BND					2FE		5,868,400.00		117.148		5,857,423.40		5,000,000.00		5,867,349.51		(9,926.11	)		(1,050.00	)		—		—		6.5		2.235	JJ		68,611.12		—		9/24/2010		1/15/2015
20030NAE1	COMCAST CORPORATION CORP BND					2FE		5,816,843.00		111.536		5,855,626.94		5,250,000.00		5,788,110.20		67,516.74			(28,732.00	)		—		—		5.3		2.058	JJ		58,741.66		39,750.00		8/10/2010		1/15/2014
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR		F			1FE		15,447,802.00		105.621		16,350,131.11		15,480,000.00		15,454,110.25		896,020.86			4,545.00			—		—		2.9		2.945	MS		17,458.00		448,920.00		9/10/2009		9/17/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F			1FE		7,324,341.00		102.749		7,526,367.62		7,325,000.00		7,324,546.28		201,821.34			160.00			—		—		2.75		2.753	AO		92,885.06		100,719.00		10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND		F			1FE		1,991,660.00		104.506		2,090,119.62		2,000,000.00		1,992,464.67		97,654.95			805.00			—		—		3.5		3.592	MS		2,333.33		34,417.00		3/15/2010		3/19/2015
207678AE3	CTRRB ABS 2001-1 A5				2	1FE		230,480.00		101.426		225,529.21		222,358.00		223,184.39		2,344.82			(2,026.00	)		—		—		6.21		4.717	MJSD		38.36		10,356.00		4/17/2008		12/30/2010
20825CAE4	CONOCOPHILLIPS CORP BND					1FE		4,296,120.00		107.807		4,312,292.16		4,000,000.00		4,264,211.87		48,080.29			(31,908.00	)		—		—		4.75		1.449	AO		87,611.11		—		6/28/2010		10/15/2012
20825CAM6	CONOCOPHILLIPS CORP BND					1FE		1,684,478.00		103.014		1,707,234.05		1,575,000.00		1,659,513.62		47,720.43			(23,179.00	)		—		—		4.4		2.28	MN		26,180.00		34,650.00		12/9/2009		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND					1FE		6,767,478.00		111.815		7,323,909.64		6,550,000.00		6,740,138.88		583,770.76			(27,932.00	)		—		—		4.6		3.848	JJ		63,607.78		256,795.00		1/27/2010		1/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND					1FE		436,498.00		106.822		449,512.66		400,000.00		429,344.64		20,168.02			(5,823.00	)		—		—		5.55		3.313	AO		11,100.00		11,100.00		10/29/2009		4/1/2014
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn					1FE		212,574.00		106.75		213,500.00		200,000.00		208,276.61		5,223.39			(3,542.00	)		—		—		5.8		3.252	JD		3,673.33		5,800.00		10/29/2009		6/7/2012
22540A3F3	CSFB CMBS 01-CK3				2	1FE		4,005,922.00		101.601		3,961,572.92		3,899,153.00		3,899,776.01		61,796.91			(10,702.00	)		—		—		6.53		5.774	MON		21,217.89		190,961.00		6/29/2006		5/15/2011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4				2	1FE		338,834.00		100.194		331,716.33		331,075.00		331,438.22		278.11			(2,713.00	)		—		—		6.505		4.315	MON		1,794.70		16,152.00		9/12/2008		1/15/2011
22540VC75	CS FIRST BOSTON CMBS_02-CKP1 A3				2	1FE		4,850,070.00		105.212		4,916,697.33		4,673,122.00		4,702,073.99		214,623.34			(36,644.00	)		—		—		6.439		5.169	MON		25,075.19		225,677.00		12/18/2007		1/15/2012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND					1FE		5,561,373.00		105.324		5,745,432.38		5,455,000.00		5,485,170.76		260,261.62			(19,111.00	)		—		—		6.125		5.609	MN		126,222.64		167,059.00		7/11/2007		11/15/2011
22546QAA5	CREDIT SUISSE GROUP CORP BND		F			1FE		2,186,460.00		111.202		2,224,048.62		2,000,000.00		2,170,659.35		53,389.27			(15,801.00	)		—		—		5.5		2.972	MN		45,833.33		—		5/19/2010		5/1/2014
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND		R			1FE		9,484,895.00		104.517		9,929,096.76		9,500,000.00		9,486,351.93		442,744.83			1,457.00			—		—		3.5		3.535	MS		7,388.89		166,250.00		3/18/2010		3/23/2015
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN		F			1FE		5,405,000.00		108.586		5,429,310.25		5,000,000.00		5,384,478.61		44,831.64			(20,521.00	)		—		—		5		1.976	MN		94,444.44		—		8/4/2010		5/15/2013
23636UAA5	DANSKE BANK A/S CORP BND 144A		F			1		9,236,403.00		100.32		9,507,890.93		9,250,000.00		9,242,152.52		265,738.41			3,540.00			—		—		2.5		2.554	MN		90,572.92		115,625.00		6/23/2009		5/10/2012
239753BK1	TARGET CORPORATION CORP BND					1FE		580,657.00		112.803		580,468.55		530,000.00		550,873.32		29,595.23			(11,544.00	)		—		—		8.6		5.39	JJ		9,622.44		45,580.00		9/24/2008		1/15/2012
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		5,354,700.00		104.659		5,232,930.00		5,000,000.00		5,226,221.28		6,708.72			(128,479.00	)		—		—		5.4		1.03	AO		123,000.00		135,000.00		2/23/2010		10/17/2011
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		3,933,036.00		107.979		4,238,170.21		3,925,000.00		3,929,427.25		308,742.96			(1,400.00	)		—		—		4.95		4.895	JD		56,127.50		97,144.00		7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		1,123,808.00		105.194		1,183,431.65		1,125,000.00		1,123,933.90		59,497.75			126.00			—		—		2.95		2.973	MS		2,028.13		16,686.00		3/3/2010		3/9/2015
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND					1FE		1,028,471.00		104.014		1,040,140.00		1,000,000.00		1,017,622.51		22,517.49			(7,523.00	)		—		—		2.875		1.827	JD		8,145.83		14,375.00		8/27/2009		6/19/2012
2515A0HP1	DEUTSCHE BK LDN CORP BND		F			1FE		1,426,581.00		100.084		1,406,184.19		1,405,000.00		1,405,308.53		875.66			(7,614.00	)		—		—		5		4.254	AO		32,978.47		35,125.00		7/31/2008		10/12/2010
2515A0T45	DEUTSCHE BK LDN CORP BND		F			1FE		999,020.00		0		1,018,596.42		1,000,000.00		999,249.96		19,346.46			230.00			—		—		2.375		2.409	JJ		5,277.78		11,875.00		1/5/2010		1/11/2013
25459HAN5	DIRECTV HOLDINGS LLC CORP BND					2FE		8,063,740.00		104.275		8,341,989.76		8,000,000.00		8,061,935.97		280,053.79			(1,804.00	)		—		—		3.55		3.36	MS		12,622.22		145,156.00		7/26/2010		3/15/2015
25459HAV7	DIRECTV HOLDINGS LLC CORP BND					2FE		3,822,514.00		100.965		3,861,900.62		3,825,000.00		3,822,563.72		39,336.90			50.00			—		—		3.125		3.138	FA		14,609.37		—		8/10/2010		2/15/2016
254687AV8	WALT DISNEY COMPANY THE CORP BND					1FE		1,621,295.00		108.297		1,759,822.36		1,625,000.00		1,623,282.35		136,540.01			554.00			—		—		4.7		4.752	JD		25,458.33		38,188.00		11/29/2007		12/1/2012

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
263534BU2	EI DUPONT DE NEMOURS & CO CORP BND					1FE		9,363,568.00		110.563		9,923,023.43		8,975,000.00		9,290,296.88		632,726.55			(81,607.00	)		—		—		5		3.642	JJ		94,736.11		448,750.00		12/21/2009		7/15/2013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND					1FE		9,123,449.00		102.279		9,332,963.58		9,125,000.00		9,123,785.39		209,178.19			319.00			—		—		2.1		2.105	JD		56,422.92		94,748.00		12/14/2009		6/15/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		F			1FE		15,963,205.00		112.802		16,469,060.03		14,600,000.00		15,741,659.47		727,400.56			(221,546.00	)		—		—		5.5		3.005	JJ		144,986.11		638,000.00		2/19/2010		1/26/2014
26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A					2FE		1,640,475.00		113.208		1,698,123.56		1,500,000.00		1,631,524.63		66,598.93			(8,950.00	)		—		—		5.6		3.512	MN		35,000.00		—		5/27/2010		5/1/2015
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A				2	1FE		1,143,532.00		100.375		1,147,816.84		1,143,532.00		1,143,531.68		4,285.16			—			—		—		1.348		1.35	JAJO		2,911.28		5,628.00		2/23/2010		7/25/2023
285661AD6	ELECTRONIC DATA SYSTEMS CORP BND					1FE		9,874,595.00		113.81		9,986,797.14		8,775,000.00		9,741,135.50		245,661.64			(133,460.00	)		—		—		6		1.985	FA		87,750.00		263,250.00		4/30/2010		8/1/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND					1		4,325,202.00		98.81		4,627,753.24		4,200,000.00		4,303,048.23		324,705.01			(15,441.00	)		—		—		4.125		3.535	AO		79,887.50		86,625.00		8/31/2009		4/15/2015
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND		F			1FE		3,268,699.00		104.331		3,364,662.50		3,225,000.00		3,264,286.60		100,375.90			(4,412.00	)		—		—		3.875		3.547	AO		60,401.57		62,484.00		3/30/2010		10/7/2014
293791AN9	ENTERPRISE PROD OPER LP CORP BND					2FE		4,180,950.00		111.923		4,197,098.63		3,750,000.00		4,167,953.25		29,145.38			(12,997.00	)		—		—		5.6		2.67	AO		96,833.33		—		8/10/2010		10/15/2014
298785DR4	EUROPEAN INVESTMENT BANK CORP BND		F			1FE		4,822,865.00		114.376		5,089,731.96		4,450,000.00		4,762,003.61		327,728.35			(42,140.00	)		—		—		4.625		3.114	AO		89,474.48		102,906.00		8/31/2009		10/20/2015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND		F			1FE		39,491,160.00		103.335		38,233,939.64		37,000,000.00		38,102,286.20		131,653.44			(1,016,246.00	)		—		—		5.25		0.997	JD		571,958.33		971,250.00		4/28/2010		6/15/2011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND		F			1FE		3,887,520.00		103.717		4,012,476.12		3,900,000.00		3,895,674.63		116,801.49			3,028.00			—		—		3.25		3.36	AO		58,797.92		63,375.00		8/26/2008		10/14/2011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND		F			1FE		5,073,123.00		106.632		5,331,600.20		5,000,000.00		5,062,790.64		268,809.56			(10,333.00	)		—		—		3		2.624	AO		72,083.33		75,000.00		2/19/2010		4/8/2014
298785FC5	EUROPEAN INVESTMENT BANK CORP BND		F			1FE		2,989,950.00		102.283		3,068,490.15		3,000,000.00		2,992,028.37		76,461.78			2,078.00			—		—		1.625		1.736	MS		2,166.67		30,198.00		1/26/2010		3/15/2013
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND		A			1FE		5,242,350.00		102.437		5,121,830.90		5,000,000.00		5,102,606.29		19,224.61			(96,885.00	)		—		—		3.75		1.126	JJ		39,583.33		187,500.00		8/31/2009		7/15/2011
30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A				2	1		1,704,366.00		100.375		1,710,757.00		1,704,366.00		1,704,365.62		6,391.38			—			—		—		0.806		0.808	MON		76.34		8,158.00		3/5/2010		2/25/2048
302570BB1	FPL GROUP CAPITAL INC CORP BND					1FE		1,350,000.00		100.843		1,354,101.88		1,350,000.00		1,350,000.00		4,101.88			—			—		—		1.172		3.694	MJSD		615.32		12,646.00		6/11/2008		6/17/2011
302570BC9	FPL GROUP CAPITAL INC CORP BND					2FE		7,402,175.00		125.359		7,584,247.75		6,050,000.00		7,273,482.27		310,765.48			(128,693.00	)		—		—		7.875		3.581	JD		140,284.38		238,219.00		2/17/2010		12/15/2015
3128JLHB8	FHLMC POOL # 1B1225				2	1		86,170.00		102.766		91,730.90		87,509.00		86,200.71		5,530.19			4.00			—		—		3.135		3.48	MON		228.62		2,196.00		4/2/2007		9/1/2033
3128JM6N2	FHLMC POOL # 1B2776				2	1		274,910.00		102.042		290,614.92		277,771.00		274,971.86		15,643.06			27.00			—		—		2.742		2.926	MON		634.71		6,481.00		4/2/2007		2/1/2035
3128JM7E1	FHLMC POOL # 1B2792				2	1		216,326.00		102.056		228,710.82		218,577.00		216,376.20		12,334.62			23.00			—		—		2.702		2.882	MON		492.16		5,181.00		4/2/2007		2/1/2035
3128JMW45	FHLMC POOL # 1B2566				2	1		117,722.00		101.827		124,566.89		118,647.00		117,736.79		6,830.10			2.00			—		—		3.346		3.455	MON		330.83		2,978.00		4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583				2	1		2,288,586.00		102.78		2,416,271.87		2,313,993.00		2,289,241.48		127,030.39			76.00			—		—		3.31		3.506	MON		6,382.77		57,852.00		9/17/2008		10/1/2034
3128JMY68	FHLMC POOL # 1B2632				2	1		156,943.00		102.067		166,012.33		158,177.00		156,963.71		9,048.62			3.00			—		—		3.178		3.29	MON		418.90		3,789.00		4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642				2	1		214,065.00		102.147		226,474.86		215,748.00		214,092.26		12,382.60			4.00			—		—		3.254		3.367	MON		585.04		5,342.00		4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810				2	1		228,404.00		102.443		242,315.37		230,781.00		228,450.37		13,865.00			19.00			—		—		3.066		3.249	MON		589.64		5,764.00		4/2/2007		2/1/2035
3128JRJS6	FHLMC POOL # 847473				2	1		2,820,120.00		104.06		2,963,860.06		2,831,623.00		2,820,009.16		143,850.90			1.00			—		—		4.65		4.655	MON		10,972.54		106,608.00		9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503				2	1		1,309,043.00		102.602		1,405,268.56		1,340,353.00		1,309,862.90		95,405.66			196.00			—		—		3.226		3.781	MON		3,603.31		40,280.00		5/31/2006		12/1/2035
3128JRP26	FHLMC POOL # 847641				2	1		758,630.00		103.178		800,720.58		764,748.00		758,736.53		41,984.05			34.00			—		—		3.313		3.444	MON		2,111.34		19,639.00		11/13/2006		12/1/2033
3128JRP34	FHLMC POOL # 847642				2	1		175,553.00		101.258		186,267.50		177,876.00		175,638.07		10,629.43			29.00			—		—		2.69		2.885	MON		398.74		4,143.00		11/13/2006		4/1/2035
3128JRPZ3	FHLMC POOL # 847640				2	1		519,744.00		103.204		551,447.48		522,592.00		519,717.01		31,730.47			(2.00	)		—		—		5.16		5.202	MON		2,247.15		20,255.00		11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255				2	1		2,770,877.00		104.722		2,969,601.21		2,739,416.00		2,769,897.75		199,703.46			(95.00	)		—		—		6		5.505	MON		13,697.08		123,274.00		11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456				2	1		34,591.00		105.253		36,462.70		33,291.00		34,561.53		1,901.17			(8.00	)		—		—		6		4.667	MON		166.45		1,498.00		2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582				2	1		71,029.00		105.253		74,872.25		68,359.00		70,965.85		3,906.40			(15.00	)		—		—		6		4.532	MON		341.80		3,076.00		2/4/2009		9/1/2037
3128KWFY4	FHLMC GOLD POOL # A65583				2	1		103,886.00		105.253		109,506.54		99,981.00		103,793.41		5,713.13			(24.00	)		—		—		6		4.537	MON		499.90		4,499.00		2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804				2	1		4,113,615.00		104.94		4,434,057.29		4,066,909.00		4,112,169.49		321,887.80			(200.00	)		—		—		6		5.514	MON		20,334.54		183,011.00		11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806				2	1		4,173,304.00		104.94		4,498,396.42		4,125,920.00		4,171,823.82		326,572.60			(199.00	)		—		—		6		5.49	MON		20,629.60		185,666.00		11/2/2007		9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969				2	1		59,635.00		105.253		62,860.92		57,393.00		59,581.66		3,279.26			(13.00	)		—		—		6		4.558	MON		286.96		2,583.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954				2	1		88,178.00		105.253		92,948.98		84,863.00		88,099.37		4,849.61			(19.00	)		—		—		6		4.52	MON		424.32		3,819.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958				2	1		74,573.00		105.253		78,607.08		71,769.00		74,506.69		4,100.39			(15.00	)		—		—		6		4.565	MON		358.85		3,230.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968				2	1		60,096.00		105.253		63,346.75		57,836.00		60,042.48		3,304.27			(12.00	)		—		—		6		4.582	MON		289.18		2,603.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877				2	1		38,613.00		105.253		40,702.16		37,162.00		38,578.95		2,123.21			(9.00	)		—		—		6		4.602	MON		185.81		1,672.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647				2	1		3,361,696.00		103.318		3,620,806.06		3,408,024.00		3,363,061.40		257,744.66			296.00			—		—		5.5		6.289	MON		15,620.11		140,581.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143				2	1		7,255.00		105.253		7,647.31		6,982.00		7,248.41		398.90			(2.00	)		—		—		6		4.59	MON		34.91		314.00		2/4/2009		7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534				2	1		14,861,279.00		106.822		16,006,578.17		14,461,333.00		14,849,771.30		1,156,806.87			(1,749.00	)		—		—		6.5		5.273	MON		78,332.23		704,990.00		11/6/2007		10/1/2037
3128M6EE4	FHLMC GOLD POOL # G04333				2	1		75,369.00		97.51		78,175.83		73,643.00		75,333.82		2,842.01			(14.00	)		—		—		5		4.219	MON		306.85		2,762.00		7/6/2009		4/1/2038
3128M6UB2	FHLMC GOLD POOL # G04778				2	1		187,716.00		105.253		197,872.01		180,659.00		187,559.10		10,312.91			(42.00	)		—		—		6		4.674	MON		903.30		8,130.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2	1		521,282.00		105.253		549,483.59		501,685.00		520,848.40		28,635.19			(107.00	)		—		—		6		4.658	MON		2,508.42		22,576.00		2/4/2009		12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548				2	1		2,611,685.00		104.5		2,799,715.11		2,605,984.00		2,610,689.03		189,026.08			(121.00	)		—		—		5.5		5.355	MON		11,944.09		107,497.00		3/30/2007		1/1/2022
3128MCLV5	FHLMC GOLD POOL # G13740				2	1		1,698,405.00		0		1,691,485.70		1,583,595.00		1,698,254.63		(6,768.93	)		(150.00	)		—		—		5		3.618	MON		6,598.31		—		9/23/2010		9/1/2021
3128MTB72	FHLMC GOLD POOL # H00962				2	1		447,324.00		105.947		471,889.68		438,721.00		447,039.18		24,850.50			(36.00	)		—		—		6.5		5.42	MON		2,376.40		21,388.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2	1		9,598,920.00		105.947		10,126,066.98		9,414,311.00		9,592,751.43		533,315.55			(898.00	)		—		—		6.5		5.402	MON		50,994.19		458,948.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2	1		5,738,181.00		105.947		6,053,306.47		5,627,823.00		5,734,573.97		318,732.50			(475.00	)		—		—		6.5		5.442	MON		30,484.04		274,356.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2	1		393,706.00		104.33		411,718.18		394,631.00		393,691.36		18,026.82			10.00			—		—		3.037		3.023	MON		998.74		9,696.00		9/17/2008		1/1/2035
3128NCBF0	FHLMC POOL # 1G0038				2	1		239,117.00		101.853		252,756.77		241,118.00		239,152.89		13,603.88			17.00			—		—		2.92		3.053	MON		586.72		5,569.00		4/2/2007		1/1/2035
3128NCBW3	FHLMC POOL # 1G0053				2	1		280,898.00		102.006		297,549.11		283,821.00		280,960.08		16,589.03			27.00			—		—		2.805		2.987	MON		663.43		6,771.00		4/2/2007		2/1/2035
3128NCD68	FHLMC POOL # 1G0125				2	1		3,094,992.00		102.031		3,260,953.89		3,161,179.00		3,097,610.85		163,343.04			524.00			—		—		2.85		3.24	MON		7,507.80		76,105.00		12/13/2005		3/1/2035
3128NCDH4	FHLMC POOL # 1G0104				2	1		139,292.00		101.994		146,963.79		140,458.00		139,313.84		7,649.95			9.00			—		—		2.827		2.961	MON		330.90		3,296.00		4/3/2007		2/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2	1		604,547.00		105.941		637,278.02		601,539.00		604,389.30		32,888.72			(26.00	)		—		—		3.121		2.989	MON		1,564.50		15,642.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2	1		3,061,805.00		105.5		3,278,744.60		3,107,815.00		3,062,259.75		216,484.85			32.00			—		—		5.255		5.607	MON		13,609.64		122,813.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2	1		705,528.00		104.309		727,932.04		691,694.00		705,145.70		22,786.34			(55.00	)		—		—		5.986		5.346	MON		3,450.40		31,059.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2	1		1,957,163.00		105.41		2,051,148.27		1,941,089.00		1,956,099.31		95,048.96			(115.00	)		—		—		5.923		5.56	MON		9,580.89		86,217.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2	1		242,210.00		106.5		253,673.21		238,191.00		242,090.07		11,583.14			(18.00	)		—		—		6.054		5.307	MON		1,201.67		10,815.00		12/13/2007		8/1/2037
3128S4E86	FHLMC POOL # 1Q0159				2	1		267,908.00		104.782		284,175.02		271,206.00		268,023.55		16,151.47			45.00			—		—		2.866		3.042	MON		647.73		6,612.00		11/13/2006		3/1/2035
3128X2TM7	FHLMC AGENCY BND					1		16,521,334.00		112.86		16,816,140.14		14,900,000.00		16,142,985.01		673,155.13			(267,242.00	)		—		—		5		2.377	JJ		126,236.12		745,000.00		11/30/2009		1/30/2014
3128X9KL3	FHLMC AGENCY BND MTN				1	1		42,521,827.00		100.163		42,569,279.25		42,500,000.00		42,502,363.28		66,915.97			(17,523.00	)		—		—		2		1.941	MN		344,722.22		425,000.00		2/19/2010		11/5/2010
3128X9ZK9	FHLMC AGENCY BND				1	1		6,000,000.00		100.574		6,034,439.40		6,000,000.00		6,000,000.00		34,439.40			—			—		—		1.8		1.8	FA		10,800.00		54,000.00		2/17/2010		2/25/2013
312929CM2	FHLMC GOLD POOL # A82776				2	1		18,457.00		105.253		19,455.71		17,763.00		18,441.43		1,014.28			(4.00	)		—		—		6		4.59	MON		88.82		799.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2	1		3,975.00		105.253		4,190.00		3,826.00		3,971.47		218.53			(1.00	)		—		—		6		4.612	MON		19.13		172.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2	1		64,846.00		105.253		68,354.70		62,409.00		64,791.40		3,563.30			(11.00	)		—		—		6		4.588	MON		312.04		2,808.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2	1		76,526.00		105.253		80,666.40		73,649.00		76,463.34		4,203.06			(13.00	)		—		—		6		4.665	MON		368.25		3,314.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2	1		49,811.00		104.47		51,424.50		47,938.00		49,771.93		1,652.57			(9.00	)		—		—		6		4.879	MON		239.69		2,157.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2	1		23,943.00		105.253		25,238.32		23,043.00		23,923.07		1,315.25			(5.00	)		—		—		6		4.654	MON		115.21		1,037.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2	1		23,025.00		104.47		23,770.62		22,159.00		23,005.36		765.26			(4.00	)		—		—		6		4.635	MON		110.80		997.00		2/4/2009		1/1/2039
312931T40	FHLMC GOLD POOL # A85071				2	1		437,449.00		0		454,004.12		427,431.00		437,252.75		16,751.37			(75.00	)		—		—		5		4.276	MON		1,780.96		16,029.00		7/6/2009		3/1/2039
312931WX2	FHLMC GOLD POOL # A85162				2	1		717,736.00		0		740,884.20		697,519.00		717,339.07		23,545.13			(146.00	)		—		—		5		4.073	MON		2,906.33		26,157.00		7/8/2009		3/1/2039
312932500	FHLMC GOLD POOL # A86245				2	1		269,389.00		0		281,494.39		263,622.00		269,282.75		12,211.64			(39.00	)		—		—		5		4.566	MON		1,098.43		9,886.00		7/1/2009		5/1/2039
312932K96	FHLMC GOLD POOL # A85720				2	1		1,113,960.00		0		1,156,119.05		1,088,450.00		1,113,458.78		42,660.27			(183.00	)		—		—		5		4.263	MON		4,535.21		40,817.00		7/6/2009		4/1/2039
312933TT1	FHLMC GOLD POOL # A86862				2	1		361,892.00		0		378,139.58		354,131.00		361,749.03		16,390.55			(53.00	)		—		—		5		4.439	MON		1,475.55		13,280.00		7/1/2009		6/1/2039
312933ZY3	FHLMC GOLD POOL # A87059				2	1		278,425.00		0		290,936.30		272,465.00		278,314.39		12,621.91			(40.00	)		—		—		5		4.422	MON		1,135.27		10,217.00		7/1/2009		6/1/2039
312934HP0	FHLMC GOLD POOL # A87438				2	??		94,826.00		106.78		98,916.95		92,637.00		94,786.09		4,130.86			(15.00	)		—		—		5		4.406	MON		385.99		3,474.00		7/1/2009		7/1/2039
31295NXK9	FHLMC POOL # 789682				2	1		49,850.00		102.028		52,639.20		50,138.00		49,855.88		2,783.32			1.00			—		—		2.658		2.738	MON		111.06		1,045.00		8/10/2006		9/1/2032
31331GVD8	FFCB AGENCY BND					1		3,381,186.00		103.669		3,514,371.54		3,390,000.00		3,384,223.27		130,148.27			1,650.00			—		—		2.2		2.27	AO		35,839.83		37,290.00		5/4/2009		4/8/2013
31331JG49	FFCB AGENCY BND					1		6,492,395.00		99.951		6,496,795.50		6,500,000.00		6,492,493.27		4,302.23			98.00			—		—		0.297		0.347	MON		858.99		—		9/17/2010		1/15/2013
31331TKB6	FFCB AGENCY BND					1		2,278,914.00		104.38		2,207,832.00		2,200,000.00		2,202,884.37		4,947.63			(23,193.00	)		—		—		4.1		2.662	MN		36,831.67		45,100.00		3/25/2008		11/4/2010
31331Y3X6	FFCB AGENCY BND					1		999,000.00		105.533		1,061,180.98		1,000,000.00		999,529.76		61,651.22			186.00			—		—		3.95		3.977	JJ		7,461.11		39,500.00		7/30/2008		7/23/2012
31331YNJ5	FFCB AGENCY BND					1		803,264.00		103.679		807,756.46		800,000.00		800,396.11		7,360.35			(990.00	)		—		—		3.5		3.33	JJ		5,677.78		28,000.00		7/7/2008		1/18/2011
31331YR51	FFCB AGENCY BND					1		990,190.00		108.537		1,085,366.21		1,000,000.00		994,462.26		90,903.95			1,463.00			—		—		4		4.224	MN		14,444.44		20,000.00		7/7/2008		5/21/2013
3133TJP56	FHLMC CMO CMO_2130 QS				2	1FE		2,812,983.00		108.108		2,998,887.74		2,773,974.00		2,810,491.60		188,396.14			371.00			—		—		6		5.533	MON		13,869.87		124,829.00		2/6/2007		5/1/2028
3133XDTA9	FHLB AGENCY BND					1		2,143,701.00		105.285		2,118,212.90		2,100,000.00		2,102,931.43		15,281.47			(11,337.00	)		—		—		4.75		4.006	JD		30,756.25		49,875.00		12/10/2007		12/10/2010
3133XG3W2	FHLB AGENCY BND					1		797,393.00		108.131		779,529.37		750,000.00		760,589.15		18,940.22			(10,452.00	)		—		—		5.6		3.647	JD		10,850.00		21,000.00		1/3/2008		6/28/2011
3133XH2V3	FHLB AGENCY BND					1		10,591,325.00		104.769		10,476,899.00		10,000,000.00		10,371,753.62		105,145.38			(219,572.00	)		—		—		5		1.362	AO		233,333.33		250,000.00		2/19/2010		10/13/2011
3133XHPH9	FHLB AGENCY BND					1		15,929,628.00		105.072		15,760,799.85		15,000,000.00		15,603,842.34		156,957.51			(325,786.00	)		—		—		4.875		1.276	MN		270,156.25		365,625.00		2/19/2010		11/18/2011

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
3133XSP93	FHLB AGENCY BND					1		3,612,678.00		106.793		3,700,377.42		3,465,000.00		3,582,805.65		117,571.77			(26,495.00	)		—		—		3.125		2.022	JD		32,484.38		54,141.00		11/25/2009		12/13/2013
3133XTHN9	FHLB AGENCY BND					1		1,002,966.00		99.947		1,000,376.49		1,000,000.00		1,000,073.90		302.59			(1,552.00	)		—		—		1.25		1.041	AO		5,798.61		6,250.00		5/7/2009		10/14/2010
3133XUE41	FHLB AGENCY BND					1		12,098,988.00		102.345		12,281,400.12		12,000,000.00		12,073,397.73		208,002.39			(25,590.00	)		—		—		1.75		1.421	FA		22,750.00		226,917.00		1/28/2010		8/22/2012
3133XWE70	FHLB AGENCY BND					1		7,690,298.00		104.639		8,057,203.62		7,700,000.00		7,691,906.51		365,297.11			1,552.00			—		—		2.5		2.53	JD		57,750.00		94,111.00		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND					1		9,981,800.00		102.312		10,231,199.60		10,000,000.00		9,985,322.44		245,877.16			3,522.00			—		—		1.625		1.686	MS		4,965.27		95,243.00		2/18/2010		3/20/2013
3133XXPV3	FHLB AGENCY BND					1		9,996,400.00		101.068		10,106,799.30		10,000,000.00		9,997,241.75		109,557.55			842.00			—		—		1.125		1.142	MN		41,562.50		18,438.00		3/18/2010		5/18/2012
3133XXYX9	FHLB AGENCY BND					1		11,244,728.00		102.978		11,327,578.79		11,000,000.00		11,224,138.17		103,440.62			(20,590.00	)		—		—		1.875		1.113	JD		57,291.67		—		6/29/2010		6/21/2013
31342A6F1	FHLMC POOL # 780870				2	1		526,552.00		100.79		561,727.05		534,734.00		526,761.62		34,965.43			16.00			—		—		2.666		3.001	MON		1,188.00		10,991.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2	1		761,421.00		0		771,222.32		738,012.00		761,070.56		10,151.76			(202.00	)		—		—		2.684		1.772	MON		1,650.69		15,561.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2	1		1,184,731.00		102.249		1,259,518.23		1,204,349.00		1,185,413.13		74,105.10			114.00			—		—		2.605		2.94	MON		2,614.44		24,812.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2	1		248,841.00		101.962		262,068.61		250,797.00		248,880.23		13,188.38			7.00			—		—		2.598		2.72	MON		542.98		4,905.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2	1		448,810.00		101.33		470,702.20		452,339.00		448,882.19		21,820.01			11.00			—		—		2.66		2.779	MON		1,002.68		9,030.00		4/2/2007		11/1/2034
31349ULB2	FHLMC POOL # 783022				2	1		451,915.00		100.44		478,891.32		455,950.00		452,001.75		26,889.57			48.00			—		—		2.619		2.764	MON		995.11		10,781.00		4/2/2007		2/1/2035
31349UJL3	FHLMC GOLD POOL # 782967				2	1		146,358.00		105.04		156,050.94		148,563.00		146,414.88		9,636.06			25.00			—		—		2.625		2.91	MON		324.98		3,285.00		9/30/2008		1/1/2035
31359MA45	FNMA AGENCY BND					1		37,710,510.00		115.695		39,799,080.00		34,400,000.00		37,341,193.37		2,457,886.63			(369,316.00	)		—		—		5		2.972	AO		793,111.11		860,000.00		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY NT					1		15,424,317.00		101.94		16,009,604.59		14,800,000.00		15,309,526.91		700,077.68			(114,790.00	)		—		—		4.625		3.225	MN		285,208.33		342,250.00		2/19/2010		5/1/2013
31359MZC0	FNMA AGENCY BND					1		10,361,437.00		113.389		10,545,177.00		9,300,000.00		10,323,002.03		222,174.97			(38,435.00	)		—		—		4.375		2.065	AO		187,614.58		—		7/16/2010		10/15/2015
31371NAC9	FNMA POOL # 256603				2	1		1,446,210.00		107.645		1,555,314.61		1,444,855.00		1,445,849.54		109,465.07			(76.00	)		—		—		5.5		5.34	MON		6,622.25		59,600.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2	1		574,665.00		0		583,583.16		542,137.00		573,528.49		10,054.67			(601.00	)		—		—		5.5		2.507	MON		2,484.79		22,363.00		9/29/2009		6/1/2022
31379T6G4	FNMA POOL # 429371				2	1		25,386.00		103.159		27,154.95		25,594.00		25,430.88		1,724.07			13.00			—		—		5		5.267	MON		106.64		960.00		12/14/2007		2/1/2014
3137EABX6	FHLMC AGENCY BND					1		24,537,059.00		104.895		25,699,274.27		24,500,000.00		24,531,679.40		1,167,594.87			(5,380.00	)		—		—		2.5		2.459	JJ		142,916.67		306,250.00		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND					1		9,100,620.00		102.156		9,194,039.82		9,000,000.00		9,072,470.60		121,569.22			(28,149.00	)		—		—		1.75		1.271	JD		46,375.00		78,750.00		1/28/2010		6/15/2012
31385XEW3	FNMA POOL # 555549				2	1		414,083.00		104.727		445,939.71		417,475.00		414,351.56		31,588.15			38.00			—		—		5		5.25	MON		1,739.48		15,655.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2	1		129,400.00		102.13		137,214.15		130,556.00		129,426.92		7,787.23			9.00			—		—		2.626		2.865	MON		285.70		3,385.00		4/2/2007		7/1/2033
31391PUF1	FNMA POOL # 672982				2	1		403,024.00		104.74		433,646.42		406,325.00		403,299.51		30,346.91			39.00			—		—		5		5.26	MON		1,693.03		15,237.00		12/14/2007		12/1/2017
31394BPP3	FNMA CMO_04-88 HA				2	1		73,878.00		108.25		77,338.42		71,444.00		73,154.13		4,184.29			(495.00	)		—		—		6.5		5.194	MON		386.99		3,483.00		1/14/2008		12/1/2015
31394CVB5	FNMA_05-15 CMO_05-15 EA				2	1		2,113,098.00		103.5		2,206,191.14		2,131,586.00		2,120,243.69		85,947.45			1,516.00			—		—		5		5.442	MON		8,881.61		79,934.00		5/24/2007		10/25/2028
31394DA42	FNMA CMO_05-48 AR				2	1		288,050.00		111.4		318,599.02		285,994.00		287,601.27		30,997.75			(132.00	)		—		—		5.5		5.252	MON		1,310.81		11,797.00		12/20/2007		11/1/2019
31394FRP2	FNMA CMO_05-80 PB				2	1		1,064,133.00		101.941		1,046,364.92		1,026,443.00		1,040,157.30		6,207.62			(10,903.00	)		—		—		5.5		0.293	MON		4,704.54		42,341.00		6/18/2009		4/1/2011
31394L4A7	FHLMC CMO_2684 PC				2	1		2,382,056.00		101		2,342,197.62		2,319,008.00		2,336,402.64		5,794.98			(26,878.00	)		—		—		5		1.655	MON		9,662.53		86,963.00		6/18/2009		4/1/2011
31395BH89	FNMA_06-10 CMO_06-26 QA				2	1		254,546.00		101.25		254,480.88		251,339.00		251,265.53		3,215.35			(1,183.00	)		—		—		5.5		4.008	MON		1,151.97		10,368.00		9/30/2008		2/1/2011
31395L4F5	FHLMC CMO_2914 AJ				2	1FE		2,504,317.00		102.875		2,450,041.66		2,435,810.00		2,458,926.87		(8,885.21	)		(30,028.00	)		—		—		5		1.239	MON		10,149.21		91,343.00		6/30/2009		5/1/2011
31395NKX4	FNR CMO_06-53 WA				2	1		152,028.00		101.03		150,444.21		148,910.00		149,232.69		1,211.52			(821.00	)		—		—		6		3.669	MON		744.55		6,701.00		8/11/2008		3/1/2011
31395VGR4	FHR CMO_2989 WD				2	1		502,969.00		105		525,000.00		500,000.00		500,222.84		24,777.16			(1,134.00	)		—		—		5.5		5.248	MON		2,291.67		20,625.00		10/8/2008		10/1/2011
31396CLF5	FHLMC CMO_3054 DW				2	1		174,405.00		106.997		187,310.16		175,061.00		174,473.95		12,836.21			27.00			—		—		5.5		5.688	MON		802.36		7,221.00		6/17/2008		5/15/2034
31396GL41	FHLMC_3084 CMO_3101 PA				2	1		636,600.00		100.34		635,784.48		633,630.00		632,573.36		3,211.12			(1,101.00	)		—		—		5.5		4.95	MON		2,904.14		26,137.00		3/23/2007		12/1/2010
31396GSK8	FHLMC CMO_3098 PB				2	1		322,480.00		100.469		324,854.43		323,339.00		322,690.60		2,163.83			40.00			—		—		5		5.089	MON		1,347.24		12,125.00		1/30/2006		7/15/2025
31396GU58	FHLMC CMO_3099 OA				2	1		334,728.00		100.52		337,363.59		335,619.00		334,946.61		2,416.98			42.00			—		—		5		5.089	MON		1,398.41		12,586.00		1/30/2006		7/15/2025
31396H6B0	FHLMC CMO_3102 PE				2	1		557,702.00		102.5		572,332.67		558,373.00		557,457.47		14,875.20			(297.00	)		—		—		5		4.897	MON		2,326.56		20,939.00		8/20/2008		2/1/2011
31396UWM8	FHLMC AGENCY CMO 3184 FA				2	1		2,873,185.00		99.828		2,871,383.71		2,876,331.00		2,873,504.85		(2,121.14	)		320.00			—		—		0.407		0.499	MON		520.73		5,532.00		4/23/2010		2/15/2033
31397B7F2	FHLMC_3221 CMO_3211 QD				2	1		1,950,151.00		103.699		2,058,003.62		1,946,103.00		1,945,687.31		112,316.31			(1,287.00	)		—		—		5.5		5.302	MON		8,919.64		80,277.00		4/19/2007		7/15/2012
31397FYM8	FHLMC CMO_3291 XC				2	1		40,744.00		99.724		42,545.97		42,664.00		42,597.30		(51.33	)		512.00			—		—		0		4.046	MON		—		—		4/4/2007		3/15/2037
31397G7M6	FHRR CMO_R011 AB				2	1		4,466,121.00		105.125		4,655,726.79		4,428,753.00		4,446,262.67		209,464.12			(8,721.00	)		—		—		5.5		4.474	MON		20,298.45		182,686.00		9/4/2008		3/1/2012
31397MTX5	FNR CMO_08-81 KA				2	1		5,478,256.00		106		5,826,981.43		5,497,152.00		5,478,379.00		348,602.43			50.00			—		—		5		5.058	MON		22,904.80		206,143.00		7/29/2008		10/25/2022
31397Y5H0	FHLMC CMO_3484 DA				2	1		5,596,515.00		105.688		5,685,615.16		5,379,648.00		5,554,160.62		131,454.54			(24,801.00	)		—		—		5		2.394	MON		22,415.19		201,737.00		6/1/2009		6/1/2014
31398AD33	FNMA AGENCY BND				1	1		16,294,213.00		100.571		16,263,336.25		16,171,000.00		16,216,134.95		47,201.30			(78,078.00	)		—		—		2.125		1.234	JJ		62,999.52		171,817.00		3/10/2010		1/25/2011
31398AD90	FNMA AGENCY BND				1	1		20,067,643.00		100.539		20,107,800.20		20,000,000.00		20,023,345.22		84,454.98			(44,297.00	)		—		—		2.05		1.686	JJ		71,750.00		205,000.00		2/19/2010		1/28/2011
31398AE24	FNMA AGENCY BND					1		2,995,680.00		102.498		3,074,940.27		3,000,000.00		2,996,635.18		78,305.09			955.00			—		—		1.75		1.798	FA		5,687.50		31,646.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND					1		22,248,348.00		108.727		22,832,671.05		21,000,000.00		21,894,986.34		937,684.71			(257,583.00	)		—		—		4.75		2.672	MN		365,750.01		498,750.00		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND					1		4,991,950.00		102.573		5,128,649.90		5,000,000.00		4,993,277.62		135,372.28			1,328.00			—		—		1.75		1.803	MN		35,000.00		12,639.00		3/11/2010		5/7/2013
31398AU34	FNMA AGENCY BND					1FE		6,730,020.00		104.051		7,023,442.70		6,750,000.00		6,731,037.05		292,405.65			1,017.00			—		—		2.375		2.437	JJ		28,054.69		19,594.00		6/10/2010		7/28/2015
31398A2W1	FNMA AGENCY BND				1	1		1,953,023.00		100.214		1,954,172.79		1,950,000.00		1,952,941.90		1,230.89			(81.00	)		—		—		1.35		0.968	FA		2,705.63		—		9/24/2010		2/24/2011
31398AS45	FNMA AGENCY BND				1	1		75,824,250.00		101.169		75,876,749.25		75,000,000.00		75,615,424.96		261,324.29			(208,825.00	)		—		—		2		0.868	JD		529,166.67		—		6/29/2010		6/24/2011
31400EGH7	FNMA POOL # 685200				2	1		364,273.00		104.727		392,297.00		367,256.00		364,513.45		27,783.55			30.00			—		—		5		5.256	MON		1,530.24		13,772.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2	1		727,644.00		101.55		741,126.30		729,125.00		726,938.57		14,187.73			(130.00	)		—		—		5.5		5.5	MON		3,341.82		30,076.00		4/21/2006		1/1/2013
31400PG58	FNMA POOL # 693320				2	1		84,879.00		101.606		89,678.42		85,625.00		84,905.57		4,772.85			5.00			—		—		2.514		2.723	MON		179.38		1,698.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287				2	1		14,417.00		102.192		15,215.15		14,546.00		14,420.43		794.72			1.00			—		—		2.52		2.758	MON		30.55		342.00		4/2/2007		3/1/2033
31400SA33	FNMA POOL # 695826				2	1		299,790.00		104.727		322,853.33		302,245.00		299,977.58		22,875.75			21.00			—		—		5		5.264	MON		1,259.36		11,334.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895				2	1		432,652.00		104.727		465,937.00		436,196.00		432,952.97		32,984.03			54.00			—		—		5		5.242	MON		1,817.48		16,357.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429				2	1		241,570.00		102.235		256,615.89		244,386.00		241,673.18		14,942.71			8.00			—		—		2.592		2.877	MON		527.87		5,021.00		8/10/2006		4/1/2033
31402DQB9	FNMA POOL # 725950				2	1		606,078.00		106.954		654,154.01		611,621.00		606,451.31		47,702.70			132.00			—		—		5		5.245	MON		2,548.42		22,936.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222				2	1		2,383,580.00		102.319		2,464,300.60		2,409,930.00		2,384,531.94		79,768.66			358.00			—		—		2.734		2.953	MON		5,490.62		74,716.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463				2	1		140,600.00		102.966		148,582.65		141,763.00		140,653.91		7,928.74			15.00			—		—		2.579		2.71	MON		304.67		3,102.00		9/28/2006		3/1/2035
31402RF87	FNMA POOL # 735591				2	1		15,901,771.00		105.878		16,223,058.81		15,322,465.00		15,891,660.80		331,398.01			(10,110.00	)		—		—		5		3.752	MON		63,843.61		289,291.00		4/30/2010		6/1/2035
31402YSV7	FNMA POOL # 742232				2	1		13,453.00		104.272		14,405.40		13,662.00		13,458.74		946.66			—			—		—		2.907		3.313	MON		33.10		293.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179				2	1		1,453,121.00		104.727		1,564,913.21		1,465,024.00		1,453,916.14		110,997.07			89.00			—		—		5		5.25	MON		6,104.27		54,938.00		12/14/2007		4/1/2019
31403DCE7	FNMA POOL # 745369				2	1		902,832.00		104.52		973,525.95		910,227.00		903,330.80		70,195.15			92.00			—		—		5		5.225	MON		3,792.61		34,134.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388				2	1		2,543,497.00		104.727		2,739,175.75		2,564,333.00		2,545,024.69		194,151.06			208.00			—		—		5		5.248	MON		10,684.72		96,162.00		12/14/2007		11/1/2018
31403H3P3	FNMA POOL # 749706				2	1		997,401.00		102.509		1,059,229.26		1,009,947.00		997,812.31		61,416.95			34.00			—		—		3.003		3.301	MON		2,527.39		24,334.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798				2	1		11,548.00		102.387		12,222.56		11,727.00		11,552.98		669.58			1.00			—		—		2.333		2.718	MON		22.80		248.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848				2	1		445,336.00		104.727		479,596.52		448,984.00		445,580.06		34,016.46			29.00			—		—		5		5.26	MON		1,870.76		16,837.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522				2	1		53,632.00		104.12		56,972.40		54,718.00		53,665.73		3,306.67			8.00			—		—		2.683		3.153	MON		122.34		1,166.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886				2	1		112,598.00		102.15		119,639.33		114,481.00		112,659.80		6,979.53			7.00			—		—		3.056		3.528	MON		291.55		2,703.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246				2	1		166,009.00		101.878		175,245.58		167,398.00		166,044.51		9,201.07			10.00			—		—		2.798		2.97	MON		390.32		3,677.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693				2	1		858,289.00		101.97		882,830.06		866,412.00		858,592.42		24,237.64			71.00			—		—		2.639		2.827	MON		1,905.38		20,885.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578				2	1		790,512.00		102.231		849,471.70		809,451.00		791,372.47		58,099.23			30.00			—		—		2.585		3.053	MON		1,743.69		15,873.00		2/28/2006		12/1/2034
31405PAG5	FNMA POOL # 794807				2	1		238,522.00		101.253		247,995.79		237,873.00		238,476.58		9,519.21			(6.00	)		—		—		2.611		2.543	MON		517.57		5,298.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664				2	1		73,510.00		101.933		77,535.46		74,087.00		73,525.11		4,010.35			2.00			—		—		2.894		3.046	MON		178.67		1,682.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811				2	1		249,046.00		101.424		257,228.95		248,395.00		248,996.89		8,232.06			(9.00	)		—		—		2.634		2.572	MON		545.22		4,919.00		6/30/2007		11/1/2034
31405UTZ2	FNMA POOL # 799868				2	1		20,845.00		101.862		21,960.97		21,009.00		20,848.66		1,112.31			1.00			—		—		2.884		3.049	MON		50.49		463.00		4/2/2007		11/1/2034
31406BB90	FNMA POOL # 804764				2	1		258,359.00		101.971		272,480.56		260,390.00		258,408.29		14,072.27			7.00			—		—		2.87		3.033	MON		622.77		5,573.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852				2	1		224,024.00		101.739		236,033.21		225,785.00		224,068.00		11,965.21			7.00			—		—		2.849		3.009	MON		536.05		4,838.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962				2	1		266,556.00		102.229		280,972.75		268,652.00		266,609.58		14,363.17			13.00			—		—		2.765		2.925	MON		619.02		5,739.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163				2	1		310,638.00		103.027		327,437.91		313,238.00		310,704.78		16,733.13			23.00			—		—		2.632		2.807	MON		687.03		6,597.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721				2	1		543,358.00		102.997		571,937.08		547,629.00		543,464.56		28,472.52			14.00			—		—		3.107		3.264	MON		1,417.90		13,024.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530				2	1		87,360.00		102.041		91,938.75		87,978.00		87,386.50		4,552.25			10.00			—		—		2.782		2.891	MON		203.96		1,968.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418				2	1		256,146.00		102.148		268,344.78		258,433.00		256,210.11		12,134.67			20.00			—		—		2.356		2.538	MON		507.39		5,657.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807				2	1		358,965.00		102.224		379,032.92		362,391.00		359,138.97		19,893.95			55.00			—		—		2.59		2.736	MON		782.16		7,685.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423				2	1		496,647.00		104.136		527,998.23		501,081.00		496,761.21		31,237.02			42.00			—		—		2.811		2.995	MON		1,173.78		12,861.00		4/2/2007		4/1/2035
31406TTE1	FNMA POOL # 819649				2	1		3,349,708.00		0		3,351,861.88		3,238,389.00		3,347,969.26		3,892.62			(1,527.00	)		—		—		2.529		1.882	MON		6,824.90		68,366.00		12/4/2009		3/1/2035
31406VHE9	FNMA POOL # 821129				2	1		279,732.00		102.212		295,909.49		282,229.00		279,801.13		16,108.36			28.00			—		—		2.583		2.759	MON		607.50		7,049.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056				2	1		1,276,685.00		104.19		1,307,892.10		1,255,295.00		1,276,063.22		31,828.88			(188.00	)		—		—		2.738		2.333	MON		2,864.17		38,933.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985				2	1		676,474.00		101.73		732,513.58		699,763.00		677,357.27		55,156.31			233.00			—		—		2.519		3.293	MON		1,468.92		19,121.00		3/16/2006		8/1/2035

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
31407GC22	FNMA POOL # 829989				2	1		1,746,059.00		102.4		1,842,866.14		1,762,652.00		1,746,542.36		96,323.78			151.00			—		—		2.865		3.081	MON		4,208.33		44,035.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868				2	1		1,775,616.00		101.963		1,877,202.35		1,794,685.00		1,776,502.46		100,699.89			108.00			—		—		2.686		2.852	MON		4,017.10		39,178.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547				2	1		1,245,106.00		102.763		1,318,510.15		1,255,157.00		1,245,505.68		73,004.47			85.00			—		—		2.656		2.783	MON		2,778.08		27,587.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105				2	1		1,181,048.00		106.818		1,271,909.33		1,190,723.00		1,181,602.21		90,307.12			75.00			—		—		5		5.234	MON		4,961.34		44,652.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490				2	1		324,993.00		101.718		338,742.99		325,729.00		325,002.04		13,740.95			11.00			—		—		2.459		2.482	MON		667.47		6,717.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492				2	1		190,111.00		102.692		199,276.08		189,750.00		190,087.24		9,188.84			—			—		—		2.59		2.507	MON		409.54		3,921.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527				2	1		45,113.00		102.929		48,405.26		45,963.00		45,134.51		3,270.75			6.00			—		—		2.802		3.335	MON		107.32		1,221.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499				2	1		1,475,510.00		101.573		1,558,923.46		1,483,800.00		1,475,696.20		83,227.26			25.00			—		—		2.638		2.757	MON		3,261.89		30,476.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502				2	1		173,647.00		102.689		180,694.43		175,904.00		173,710.61		6,983.82			22.00			—		—		2.021		2.363	MON		296.25		3,478.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507				2	1		819,980.00		101.908		875,195.10		834,334.00		820,419.37		54,775.73			84.00			—		—		2.576		2.95	MON		1,791.04		16,880.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508				2	1		815,223.00		101.875		866,829.76		826,620.00		815,543.70		51,286.06			69.00			—		—		2.682		3.012	MON		1,847.50		18,024.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511				2	1		113,516.00		101.764		119,667.43		114,547.00		113,539.27		6,128.16			2.00			—		—		3.378		3.595	MON		322.45		2,903.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513				2	1		194,546.00		102.089		204,228.18		195,565.00		194,567.86		9,660.32			5.00			—		—		2.663		2.768	MON		433.99		3,981.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518				2	1		176,755.00		102.692		185,986.16		177,323.00		176,765.48		9,220.68			7.00			—		—		2.69		2.731	MON		397.50		3,920.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519				2	1		92,978.00		101.983		98,861.29		94,575.00		93,026.35		5,834.94			7.00			—		—		2.836		3.201	MON		223.51		2,025.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520				2	1		1,129,883.00		102.108		1,189,755.06		1,137,084.00		1,130,051.77		59,703.29			39.00			—		—		2.617		2.758	MON		2,479.79		27,021.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564				2	1		19,015,189.00		104.202		19,690,128.03		18,450,154.00		18,983,046.92		707,081.11			(10,146.00	)		—		—		5		3.566	MON		76,875.64		691,881.00		2/26/2009		10/1/2021
31410GPR8	FNMA POOL # 888832				2	1		8,324,264.00		106.7		8,789,204.74		8,005,302.00		8,314,308.06		474,896.68			(1,304.00	)		—		—		6.5		4.48	MON		43,362.06		390,259.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626				2	1		2,140,127.00		104.88		2,233,918.93		2,129,976.00		2,139,628.51		94,290.42			(24.00	)		—		—		5.519		5.359	MON		9,796.12		87,867.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899				2	1		2,805,709.00		106.704		2,969,223.76		2,782,665.00		2,804,811.43		164,412.33			(70.00	)		—		—		5.759		5.498	MON		13,354.47		120,246.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088				2	1		7,078,766.00		104.822		7,596,037.29		7,013,019.00		7,077,908.68		518,128.61			(48.00	)		—		—		6		5.395	MON		35,065.09		315,586.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029				2	1		600,696.00		0		610,018.73		566,695.00		599,459.12		10,559.61			(667.00	)		—		—		5.5		2.876	MON		2,597.35		23,376.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359				2	1		796,060.00		0		808,413.91		751,000.00		794,490.86		13,923.05			(808.00	)		—		—		5.5		2.354	MON		3,442.08		30,979.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461				2	??		1,003,949.00		107.645		1,019,528.89		947,121.00		1,001,971.83		17,557.06			(1,025.00	)		—		—		5.5		2.452	MON		4,340.97		39,069.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614				2	1		6,170,801.00		0		6,250,901.46		5,806,958.00		6,161,658.28		89,243.18			(5,642.00	)		—		—		5.5		2.327	MON		26,615.23		239,537.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488				2	1		2,367,977.00		0		2,392,359.91		2,255,888.00		2,364,294.00		28,065.91			(1,947.00	)		—		—		5		2.588	MON		9,399.53		84,596.00		9/29/2009		3/1/2023
31412UXW5	FNMA POOL # 935493				2	1		187,128.00		0		194,430.45		182,773.00		187,040.20		7,390.25			(33.00	)		—		—		5		4.253	MON		761.55		6,854.00		7/6/2009		7/1/2039
31414ARA2	FNMA POOL # 960481				2	1		3,150,576.00		0		3,184,081.67		3,001,442.00		3,145,582.03		38,499.64			(2,544.00	)		—		—		5		2.534	MON		12,506.01		112,554.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289				2	??		4,058,217.00		106.05		4,100,003.53		3,866,119.00		4,051,899.78		48,103.75			(3,235.00	)		—		—		5		2.598	MON		16,108.83		144,979.00		9/29/2009		3/1/2023
31414GD22	FNMA POOL # 965521				2	1		590,736.00		0		599,903.59		557,298.00		589,602.24		10,301.35			(572.00	)		—		—		5.5		2.724	MON		2,554.28		22,989.00		9/29/2009		12/1/2022
31414NB45	FNMA POOL # 970859				2	1		4,523,525.00		0		4,563,310.38		4,302,996.00		4,518,775.44		44,534.94			(2,832.00	)		—		—		5		2.442	MON		17,929.15		161,362.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562				2	1		4,656,852.00		0		4,727,532.17		4,393,256.00		4,648,241.86		79,290.31			(4,474.00	)		—		—		5.5		2.627	MON		20,135.76		181,222.00		9/29/2009		3/1/2023
31415MDG7	FNMA POOL # 984003				2	1		6,830,901.00		103.51		7,530,629.91		7,036,498.00		6,835,113.57		695,516.34			902.00			—		—		5.5		6.71	MON		32,250.62		290,256.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077				2	1		3,640,043.00		0		3,677,523.69		3,467,739.00		3,634,476.76		43,046.93			(2,973.00	)		—		—		5		2.66	MON		14,448.91		130,040.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528				2	1		6,424,536.00		103.842		6,572,105.08		6,183,942.00		6,414,251.36		157,853.72			(3,475.00	)		—		—		5		3.077	MON		25,766.42		231,898.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529				2	1		10,990,806.00		107.645		11,394,846.81		10,585,577.00		10,972,057.41		422,789.40			(5,701.00	)		—		—		5.5		3.523	MON		48,517.23		436,655.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530				2	1		5,416,118.00		104.595		5,591,007.85		5,193,760.00		5,406,610.92		184,396.93			(3,397.00	)		—		—		5.5		3.392	MON		23,804.74		214,243.00		3/20/2009		12/1/2021
31416B7J1	FNMA POOL # 995597				2	1		630,942.00		0		640,733.31		595,228.00		629,879.32		10,853.99			(491.00	)		—		—		5.5		2.609	MON		2,728.13		24,553.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040				2	1		3,545,870.00		0		3,577,056.52		3,373,003.00		3,541,897.93		35,158.59			(2,396.00	)		—		—		5		2.448	MON		14,054.18		126,488.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217				2	1		5,029,143.00		0		5,102,809.25		4,740,404.00		5,021,257.07		81,552.18			(3,957.00	)		—		—		5.5		2.555	MON		21,726.86		195,542.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957				2	1		11,935,629.00		0		12,029,430.60		11,343,212.00		11,925,631.69		103,798.91			(6,349.00	)		—		—		5		2.473	MON		47,263.38		425,370.00		9/28/2009		6/1/2024
31416PAQ0	FNMA POOL # AA5414				2	1		30,571.00		0		31,844.31		29,935.00		30,557.66		1,286.65			(5.00	)		—		—		5		4.279	MON		124.73		1,123.00		7/1/2009		5/1/2039
31416PWX1	FNMA POOL # AA6061				2	1		95,292.00		0		99,633.16		93,167.00		95,250.62		4,382.54			(15.00	)		—		—		5		4.368	MON		388.19		3,494.00		7/1/2009		5/1/2039
31416QTJ4	FNMA POOL # AA6852				2	1		36,728.00		0		38,257.84		35,964.00		36,712.47		1,545.37			(6.00	)		—		—		5		4.325	MON		149.85		1,349.00		7/1/2009		5/1/2039
31416RGW7	FNMA POOL # AA7412				2	1		51,419.00		0		53,560.09		50,349.00		51,396.53		2,163.56			(8.00	)		—		—		5		4.31	MON		209.79		1,888.00		7/1/2009		6/1/2039
31416S6R7	FNMA POOL # AA8979				2	1		26,589.00		0		27,696.05		26,035.00		26,577.42		1,118.63			(4.00	)		—		—		5		4.334	MON		108.48		976.00		7/1/2009		7/1/2039
31416T3C1	FNMA POOL # AA9794				2	1		41,296.00		0		43,015.53		40,436.00		41,277.80		1,737.73			(7.00	)		—		—		5		4.295	MON		168.48		1,516.00		7/1/2009		7/1/2039
31416TL49	FNMA POOL # AA9346				2	1		14,503,207.00		104.719		15,026,012.98		14,348,829.00		14,499,944.47		526,068.51			(3,262.00	)		—		—		4.5		4.148	MON		53,808.11		376,657.00		2/2/2010		8/1/2039
31417KK22	FNMA POOL # AC1212				2	1		190,603.00		0		197,966.25		186,096.00		190,514.56		7,451.69			(35.00	)		—		—		5		4.28	MON		775.40		6,979.00		7/6/2009		7/1/2039
31418VT85	FNMA FNMA 30YR				2	1		103,253.00		0		103,300.35		99,088.00		103,215.43		84.92			(37.00	)		—		—		4.5		3.704	MON		371.58		743.00		7/7/2010		7/1/2040
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6				2	NR*Z*		175,891.00		93.977		168,920.07		179,745.00		176,259.30		(7,339.23	)		116.00			—		—		2.987		3.562	MON		447.37		4,049.00		8/10/2007		12/25/2034
33736XBZ1	FUNBC CMBS_01-C2 A2				2	1FE		1,800,251.00		101.288		1,756,202.50		1,733,876.00		1,738,053.29		18,149.21			(14,603.00	)		—		—		6.663		4.442	MON		9,627.34		86,646.00		12/21/2007		2/12/2011
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					1FE		2,779,405.00		108.034		2,938,518.49		2,720,000.00		2,750,764.67		187,753.82			(9,259.00	)		—		—		4.85		4.335	FA		21,986.67		131,920.00		4/25/2008		2/1/2013
34528RAE2	FORDO ABS 09-A A3B				2	1FE		3,897,629.00		101.369		3,874,556.15		3,822,230.00		3,882,737.15		(8,181.00	)		(14,892.00	)		—		—		2.757		0.562	MON		4,684.08		36,306.00		6/9/2010		2/15/2012
34529LAD6	FORDO_10-A ABS 10-A-A3				2	1FE		1,999,635.00		100.468		2,009,360.04		2,000,000.00		1,999,703.58		9,656.46			69.00			—		—		1.32		1.332	MON		1,173.33		10,047.00		4/21/2010		6/15/2014
34529MAD4	FORDO_10-B ABS_10-B A4				2	1FE		899,949.00		100.86		907,740.01		900,000.00		899,950.29		7,789.72			1.00			—		—		1.58		1.587	MON		632.00		1,620.00		7/27/2010		9/15/2015
35047AAA6	FOUNDATION RE LTD CORP BND 144A					3FE		5,013,184.00		93.445		4,997,250.00		5,000,000.00		5,001,078.01		(3,828.01	)		(4,812.00	)		—		—		7.119		9.529	FMAN		44,496.12		268,173.00		10/7/2008		11/26/2010
35047BAA4	FOUNDATION RE III LTD CORP BND 144A		F			3FE		1,400,000.00		100.487		1,406,818.00		1,400,000.00		1,400,000.00		6,818.00			—			—		—		5.907		5.95	FMAN		11,945.27		44,168.00		1/21/2010		2/3/2014
35177PAS6	FRANCE TELECOM CORP BND		F			1FE		6,246,739.00		110.383		6,491,632.05		5,881,000.00		6,209,838.37		281,793.68			(36,901.00	)		—		—		4.375		2.801	JJ		59,320.50		128,647.00		4/14/2010		7/8/2014
35177PAU1	FRANCE TELECOM CORP BND		F			1FE		4,983,000.00		100.732		5,036,605.05		5,000,000.00		4,983,134.06		53,470.99			134.00			—		—		2.125		2.197	MS		4,427.08		—		9/7/2010		9/16/2015
354613AE1	FRANKLIN RESOURCES INC. CORP BND					1FE		1,974,114.00		102.225		2,018,946.89		1,975,000.00		1,974,222.21		44,724.68			108.00			—		—		2		2.015	MN		14,373.61		—		5/19/2010		5/20/2013
36158YDC0	GECMC CMBS_01-3 A1				2	1FE		146,216.00		100.599		147,056.81		146,182.00		146,013.41		1,043.40			(56.00	)		—		—		5.56		5.519	MON		677.31		6,096.00		12/21/2007		3/10/2011
361849QE5	GMACC CMBS 01_C1 A2				2	1FE		425,054.00		100.995		416,841.96		412,736.00		418,683.08		(1,841.12	)		1,850.00			—		—		6.465		5.334	MON		2,223.62		20,013.00		12/21/2007		8/15/2013
36186CBF9	GMAC LLC CORP BND GTD					1FE		4,687,535.00		103.424		4,855,756.99		4,695,000.00		4,690,259.44		165,497.55			1,550.00			—		—		2.2		2.247	JD		29,265.50		51,645.00		6/3/2009		12/19/2012
36201YER3	GNMA POOL # 606844				2	1		1,620,331.00		107.123		1,656,474.41		1,546,336.00		1,619,875.18		36,599.23			(455.00	)		—		—		5		3.708	MON		6,443.07		32,215.00		4/23/2010		9/15/2033
36202KME2	GNMA POOL # 008457				2	1		565,740.00		102.84		579,150.59		557,895.00		565,337.95		13,812.64			(187.00	)		—		—		3.625		3.187	MON		1,685.31		15,168.00		3/18/2009		7/20/2024
36204J4C7	GNMA POOL # 371719				2	1		485,188.00		106.75		504,880.94		456,648.00		483,193.64		21,687.30			(610.00	)		—		—		6.5		4.873	MON		2,473.51		22,262.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737				2	1		483,961.00		107.235		505,629.15		455,492.00		481,970.97		23,658.18			(607.00	)		—		—		6.5		4.811	MON		2,467.25		22,205.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611				2	1		603,148.00		106.75		627,629.13		567,669.00		600,777.31		26,851.82			(704.00	)		—		—		6.5		4.79	MON		3,074.87		27,674.00		9/11/2008		4/15/2024
3620A2KC9	GNMA POOL # 716791				2	1		2,194,690.00		0		2,214,248.71		2,075,970.00		2,192,578.12		21,670.59			(1,301.00	)		—		—		5		2.381	MON		8,649.88		77,849.00		9/29/2009		4/15/2024
3620A5FJ3	GNMA POOL # 719369				2	1		1,402,469.00		0		1,397,011.02		1,313,981.00		1,402,163.79		(5,152.77	)		(305.00	)		—		—		4.5		3.525	MON		4,927.43		—		8/31/2010		4/15/2025
3620A6AC1	GNMA POOL # 720103				2	1		864,462.00		100.142		895,493.40		849,594.00		864,195.19		31,298.21			(107.00	)		—		—		4.5		4.176	MON		3,185.98		28,674.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220				2	??		1,979,293.00		106.661		2,010,003.16		1,884,480.00		1,977,408.59		32,594.57			(887.00	)		—		—		5		2.724	MON		7,852.00		70,668.00		7/29/2009		7/15/2024
3620ADCM2	GNMA POOL # 726476				2	1		16,028,497.00		0		16,164,518.33		15,215,423.00		16,005,534.32		158,984.01			(14,910.00	)		—		—		4.5		2.37	MON		57,057.84		513,521.00		12/8/2009		11/15/2024
36210B4N2	GNMA POOL # 487829				2	1		700,211.00		102.844		718,733.00		676,533.00		699,232.22		19,500.78			(277.00	)		—		—		4.5		2.999	MON		2,537.00		22,833.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831				2	1		179,474.00		0		181,073.06		169,765.00		179,306.73		1,766.33			(104.00	)		—		—		5		2.305	MON		707.35		6,366.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832				2	1		707,247.00		104.229		721,871.91		676,792.00		706,036.38		15,835.53			(368.00	)		—		—		5		2.887	MON		2,819.96		25,380.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744				2	1		860,883.00		0		868,554.70		814,314.00		860,078.36		8,476.34			(501.00	)		—		—		5		2.286	MON		3,392.98		30,537.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745				2	1		816,627.00		0		823,904.48		772,452.00		815,873.34		8,031.14			(470.00	)		—		—		5		2.257	MON		3,218.55		28,967.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779				2	1		511,955.00		104.229		522,932.80		490,276.00		511,069.33		11,863.47			(274.00	)		—		—		5		2.955	MON		2,042.82		18,385.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339				2	1		375,301.00		111.125		377,850.84		340,023.00		374,246.13		3,604.71			(304.00	)		—		—		8		5.075	MON		2,266.82		20,401.00		3/7/2008		9/15/2031
36225CD29	GNMA POOL # 080120				2	1		461,546.00		101.02		474,240.00		456,835.00		461,375.51		12,864.49			(63.00	)		—		—		3.125		2.804	MON		1,189.67		11,088.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916				2	1		381,103.00		100.563		392,292.32		382,958.00		381,135.56		11,156.76			10.00			—		—		1.875		2.017	MON		598.37		7,340.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156				2	1		981,066.00		102.185		1,007,467.93		978,314.00		980,997.53		26,470.40			(16.00	)		—		—		2.75		2.63	MON		2,241.97		20,993.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179				2	1		1,005,121.00		97.85		1,017,286.62		1,002,302.00		1,005,053.11		12,233.51			(15.00	)		—		—		2.75		2.621	MON		2,296.95		21,508.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224				2	1		628,001.00		99.1		648,428.03		630,959.00		628,038.52		20,389.51			16.00			—		—		2		2.123	MON		1,051.60		11,568.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431				2	1		4,062,238.00		0		4,128,437.77		4,012,087.00		4,060,980.55		67,457.22			(1,187.00	)		—		—		3		2.909	MON		10,030.22		90,272.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444				2	??		960,951.00		104.25		980,946.34		940,956.00		960,714.36		20,231.98			(212.00	)		—		—		3.75		2.948	MON		2,940.49		26,464.00		11/3/2009		12/20/2039
362341RT8	GSAA WHOLE CMO 05-AR6 1A1				2	NR*Z*		224,835.00		95		215,716.29		227,070.00		224,871.95		(9,155.66	)		(95.00	)		—		—		2.866		3.108	MON		542.33		5,063.00		11/21/2007		9/25/2035
36241KBP2	GNMA POOL # 781846				2	1		6,531,421.00		112.301		7,103,945.35		6,325,832.00		6,527,237.41		576,707.94			(1,168.00	)		—		—		6.5		5.555	MON		34,264.92		308,384.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931				2	1		4,533,773.00		107.628		4,890,454.74		4,391,064.00		4,530,943.45		359,511.29			(806.00	)		—		—		6.5		5.595	MON		23,784.92		214,064.00		8/15/2008		5/15/2035
36241KEH7	GNMA POOL # 781936				2	1		3,680,061.00		0		3,763,789.20		3,559,376.00		3,679,082.67		84,706.53			(978.00	)		—		—		4.5		3.757	MON		13,347.66		40,043.00		6/3/2010		6/15/2035
36241KGU6	GNMA POOL # 782011				2	??		277,487.00		106.695		289,727.75		271,547.00		277,393.91		12,333.84			(36.00	)		—		—		5		4.362	MON		1,131.45		10,183.00		7/14/2009		12/15/2035

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
36241KKB3	GNMA POOL # 782090				2	1		5,607,061.00		107.635		5,930,740.04		5,394,647.00		5,600,020.57		330,719.47			(944.00	)		—		—		6.5		5.392	MON		29,221.00			262,989.00		11/30/2007		5/15/2036
36241LHQ2	GNMA POOL # 782939				2	1		9,325,274.00		0		9,493,543.24		8,899,422.00		9,323,115.88		170,427.36			(2,158.00	)		—		—		5		3.74	MON		37,080.93			185,405.00		4/23/2010		9/15/2036
36241LN36	GNMA POOL # 783110				2	??		2,165,625.00		107.867		2,157,340.40		2,000,000.00		2,165,455.39		(8,114.99	)		(170.00	)		—		—		5.5		2.263	MON		9,166.67			—		9/23/2010		4/15/2036
36290SJB8	GNMA POOL # 615958				2	1		10,333,444.00		0		10,563,946.08		9,861,553.00		10,330,465.22		233,480.86			(2,979.00	)		—		—		5		3.761	MON		41,089.81			205,449.00		4/23/2010		9/15/2033
36292DWW8	GNMA POOL # 646061				2	1		377,993.00		106.297		398,907.33		362,474.00		377,463.79		21,443.54			150.00			—		—		6.5		4.789	MON		1,963.40			17,671.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418				2	1		309,476.00		110.051		326,599.28		296,770.00		309,065.88		17,533.40			113.00			—		—		6.5		4.957	MON		1,607.51			14,468.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827				2	1		1,535,285.00		104.785		1,567,155.03		1,469,392.00		1,532,485.75		34,669.28			(853.00	)		—		—		5		2.719	MON		6,122.46			55,102.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745				2	1		512,122.00		104.785		523,065.64		490,436.00		511,185.78		11,879.86			(287.00	)		—		—		5		2.748	MON		2,043.48			18,391.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161				2	1		2,469,059.00		104.785		2,509,242.78		2,352,710.00		2,466,226.58		43,016.20			(960.00	)		—		—		5		2.559	MON		9,802.96			88,227.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223				2	1		269,416.00		106.297		284,323.33		258,355.00		269,029.67		15,293.66			95.00			—		—		6.5		4.703	MON		1,399.43			12,595.00		1/31/2008		1/15/2038
36296DR67	GNMA POOL # 688209				2	??		168,711.00		106.653		171,418.32		160,725.00		168,534.46		2,883.86			(88.00	)		—		—		5		2.641	MON		669.69			6,027.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448				2	1		552,945.00		104.785		564,761.30		529,530.00		551,961.95		12,799.35			(301.00	)		—		—		5		2.788	MON		2,206.38			19,857.00		3/26/2009		7/15/2023
36296TPY3	GNMA POOL # 700739				2	1		1,402,210.00		105.631		1,437,144.18		1,328,027.00		1,398,289.16		38,855.02			(1,106.00	)		—		—		5.5		2.625	MON		6,086.79			54,781.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995				2	1		887,820.00		104.785		906,791.72		850,224.00		886,301.16		20,490.56			(459.00	)		—		—		5		2.858	MON		3,542.60			31,883.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294				2	1		586,494.00		104.229		598,442.43		561,070.00		585,467.32		12,975.11			(311.00	)		—		—		5		2.804	MON		2,337.79			21,040.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697				2	1		1,550,191.00		0		1,564,006.31		1,466,335.00		1,548,781.61		15,224.70			(874.00	)		—		—		5		2.191	MON		6,109.73			54,988.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787				2	1		963,179.00		104.229		991,247.86		929,345.00		961,895.03		29,352.83			(452.00	)		—		—		5		3.255	MON		3,872.27			34,850.00		6/11/2009		3/15/2024
36296XHH0	GNMA POOL # 704132				2	1		282,383.00		0		284,879.13		267,108.00		282,111.12		2,768.01			(168.00	)		—		—		5		2.261	MON		1,112.95			10,017.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243				2	1		654,002.00		104.229		673,060.58		631,028.00		653,124.83		19,935.75			(303.00	)		—		—		5		3.132	MON		2,629.29			23,664.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554				2	1		4,204,193.00		104.229		4,329,321.37		4,058,958.00		4,198,728.25		130,593.12			(1,952.00	)		—		—		5		3.392	MON		16,912.33			152,211.00		6/11/2009		6/15/2024
36297A3K7	GNMA				2	1		985,298.00		104.229		1,006,424.46		943,574.00		983,615.48		22,808.98			(509.00	)		—		—		5		2.838	MON		3,931.56			35,384.00		3/26/2009		1/15/2024
36297AKF9	GNMA POOL # 705994				2	1		1,212,478.00		0		1,223,283.88		1,146,891.00		1,211,350.95		11,932.93			(696.00	)		—		—		5		2.213	MON		4,778.71			43,008.00		9/29/2009		1/15/2024
36297DFF9	GNMA POOL # 708566				2	1		2,165,578.00		0		2,184,877.03		2,048,433.00		2,163,525.12		21,351.91			(1,268.00	)		—		—		5		2.348	MON		8,535.14			76,816.00		9/29/2009		4/15/2024
36297DTR8	GNMA POOL # 708960				2	1		1,510,062.00		104.229		1,542,440.49		1,446,116.00		1,507,496.04		34,944.45			(784.00	)		—		—		5		2.933	MON		6,025.48			54,229.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884				2	1		3,759,522.00		0		3,793,025.94		3,556,154.00		3,755,945.07		37,080.87			(2,210.00	)		—		—		5		2.356	MON		14,817.31			133,356.00		9/29/2009		4/15/2024
36297JJ54	GNMA POOL # 713184				2	1		2,019,974.00		0		2,037,975.26		1,910,705.00		2,018,080.98		19,894.28			(1,160.00	)		—		—		5		2.322	MON		7,961.27			71,651.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542				2	1		735,543.00		104.229		756,749.44		709,491.00		734,561.04		22,188.40			(352.00	)		—		—		5		3.366	MON		2,956.21			26,606.00		6/11/2009		6/15/2024
36828QHU3	GECCMC CMBS 04-C3 A2				2	1FE		119,028.00		99.779		121,013.67		119,663.00		119,456.88		1,556.79			28.00			—		—		4.433		4.703	MON		442.06			3,978.00		3/25/2008		7/10/2039
368710AG4	GENENTECH INC CORP BND					1FE		802,028.00		112.988		847,410.80		750,000.00		794,382.39		53,028.41			(6,331.00	)		—		—		4.75		3.4	JJ		7,520.83			35,625.00		10/29/2009		7/15/2015
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND					1FE		4,489,680.00		116.708		4,668,331.28		4,000,000.00		4,439,082.88		229,248.40			(50,597.00	)		—		—		5.375		2.94	FA		27,472.22			107,500.00		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND					1FE		2,140,411.00		101.102		2,173,697.47		2,150,000.00		2,146,289.56		27,407.91			3,484.00			—		—		1.8		2.022	JJ		8,170.00			40,958.00		6/19/2009		7/15/2011
369604BC6	GE CAPITAL CORP CORP BND					1FE		—		112.25		—		—		—		—			—			—		—		5.25		0	JD		(3,167.50	)		—		2/19/2010		12/6/2017
36962G2Z6	GE CAPITAL CORP CORP BND					1FE		6,598,440.00		111.852		6,711,090.06		6,000,000.00		6,572,815.47		138,274.59			(25,625.00	)		—		—		5.5		2.749	JD		107,250.00			—		7/26/2010		6/4/2014
36962G3T9	GE CAPITAL CORP CORP BND					1FE		104,631.00		107.826		107,826.22		100,000.00		103,468.06		4,358.16			(948.00	)		—		—		4.8		3.387	MN		2,000.00			2,400.00		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP CORP BND MTN					1FE		261,338.00		112.414		281,036.07		250,000.00		260,532.89		20,503.18			(676.00	)		—		—		6		5.395	FA		2,250.00			15,000.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND					??		230,445.00		104.047		234,106.24		225,000.00		228,669.75		5,436.49			(1,423.00	)		—		—		3.5		2.599	FA		1,050.00			7,875.00		10/20/2009		8/13/2012
36962G4L5	GE CAPITAL CORP CORP BND MTN					1FE		—		104.403		—		—		—		—			—			—		—		3.5		0	JD		(1,944.45	)		—		7/15/2010		6/29/2015
36962G4Q4	GE CAPITAL CORP CORP BND MTN					1FE		15,001,200.00		100.328		15,049,243.95		15,000,000.00		15,001,403.60		47,840.35			204.00			—		—		1.875		1.871	MS		12,760.42			—		9/30/2010		9/16/2013
36962GK86	GE CAPITAL CORP CORP BND					1FE		1,589,400.00		108.898		1,633,477.49		1,500,000.00		1,582,599.17		50,878.32			(6,801.00	)		—		—		4.75		3.255	MS		3,166.67			35,625.00		5/19/2010		9/15/2014
36962GXS8	GENERAL ELEC CAP CO CORP BND MTNA					1FE		4,511,962.00		106.515		4,846,449.84		4,550,000.00		4,533,779.66		312,670.18			8,321.00			—		—		5.875		6.15	FA		34,156.60			267,313.00		9/24/2008		2/15/2012
36962GYY4	GENERAL ELEC CAP CO CORP BND					1FE		3,161,025.00		107.763		3,232,875.36		3,000,000.00		3,065,889.86		166,985.50			(27,392.00	)		—		—		6		4.644	JD		53,000.00			90,000.00		1/14/2008		6/15/2012
36962GZY3	GENERAL ELEC CAP CO CORP BND MTNA					1FE		159,668.00		108.639		162,958.09		150,000.00		157,000.97		5,957.12			(2,184.00	)		—		—		5.45		3.314	JJ		1,725.84			8,175.00		10/29/2009		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		1,296,269.00		103.073		1,339,948.97		1,300,000.00		1,298,481.69		41,467.28			929.00			—		—		3		3.101	JD		12,133.33			19,500.00		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		4,306,742.00		102.795		4,420,184.62		4,300,000.00		4,303,523.97		116,660.65			(1,525.00	)		—		—		2.2		2.15	JD		29,693.89			47,300.00		2/20/2009		6/8/2012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		9,896,931.00		100.688		9,968,071.90		9,900,000.00		9,899,306.80		68,765.10			1,150.00			—		—		1.8		1.816	MS		9,900.00			178,200.00		3/9/2009		3/11/2011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		3,000,000.00		100.819		3,012,218.88		3,000,000.00		3,000,000.00		12,218.88			—			—		—		0.493		1.531	MJSD		738.75			12,485.00		3/9/2009		3/12/2012
373334JM4	GEORGIA POWER COMPANY CORP BND					1FE		14,714,084.00		113.215		14,808,528.55		13,080,000.00		14,508,274.40		300,254.15			(205,810.00	)		—		—		6		2.311	MN		327,000.00			392,400.00		4/9/2010		11/1/2013
373334JQ5	GEORGIA POWER COMPANY CORP BND				1	1FE		4,600,000.00		100.298		4,613,707.86		4,600,000.00		4,600,000.00		13,707.86			—			—		—		0.612		0.576	MJSD		1,251.59			16,787.00		3/9/2010		3/15/2013
377372AC1	GLAXOSK CAP INC CORP BND					1FE		19,423,975.00		109.965		20,233,501.85		18,400,000.00		19,130,752.08		1,102,749.77			(191,808.00	)		—		—		4.85		3.254	MN		337,128.89			446,200.00		1/28/2010		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND					1FE		819,038.00		111.634		837,257.20		750,000.00		805,964.91		31,292.29			(10,752.00	)		—		—		6		3.755	MN		18,750.00			22,500.00		10/29/2009		5/1/2014
38141EA41	GOLDMAN SACHS GROUP INC CORP BND					1FE		1,191,114.00		104.146		1,215,379.95		1,167,000.00		1,184,753.93		30,626.02			(6,150.00	)		—		—		3.625		2.766	FA		7,050.62			30,668.00		5/28/2010		8/1/2012
38141EA74	GOLDMAN SACHS GROUP INC CORP BND					1FE		17,788,740.00		102.403		18,125,317.55		17,700,000.00		17,786,678.78		338,638.77			(2,061.00	)		—		—		3.7		3.588	FA		114,607.50			—		8/11/2010		8/1/2015
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND					1FE		4,113,480.00		106.779		4,271,177.68		4,000,000.00		4,036,214.22		234,963.46			(19,940.00	)		—		—		6.6		5.859	JJ		55,733.33			264,000.00		8/14/2007		1/15/2012
38141GCG7	GOLDMAN SACHS GROUP INC CORP BND					1FE		1,402,821.00		108.048		1,441,354.06		1,334,000.00		1,393,145.83		48,208.23			(9,675.00	)		—		—		5.7		3.294	MS		6,336.50			38,019.00		5/28/2010		9/1/2012
38141GDB7	GOLDMAN SACHS GROUP INC CORP BND					1FE		53,919.00		108.038		54,019.11		50,000.00		53,674.84		344.27			(244.00	)		—		—		5.25		2.212	AO		1,312.50			—		7/26/2010		4/1/2013
38141GDQ4	GOLDMAN SACHS & CO CORP BND					1FE		108,825.00		109.101		109,100.55		100,000.00		108,313.69		786.86			(511.00	)		—		—		5.25		2.396	AO		2,420.83			—		7/16/2010		10/15/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND					1FE		11,934,894.00		108.365		12,353,641.12		11,400,000.00		11,909,594.09		444,047.03			(25,300.00	)		—		—		5.125		3.978	JJ		123,341.66			292,125.00		7/8/2010		1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC CORP BND					1FE		213,708.00		108.547		217,093.32		200,000.00		211,929.08		5,164.24			(1,779.00	)		—		—		5.15		3.223	JJ		2,174.44			5,150.00		3/18/2010		1/15/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					1FE		6,284,091.00		107.476		6,596,883.32		6,138,000.00		6,230,451.88		366,431.44			(22,302.00	)		—		—		5.45		4.68	MN		139,383.75			136,250.00		5/28/2010		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					1FE		12,173,000.00		104.619		12,292,732.85		11,750,000.00		11,971,939.12		320,793.73			(95,022.00	)		—		—		3.25		2.116	JD		112,440.97			190,938.00		2/20/2009		6/15/2012
38373MV23	GNR CMBS_08-45 A				2	1FE		784,084.00		101.97		785,417.23		770,243.00		779,259.59		6,157.64			(4,220.00	)		—		—		3.576		1.836	MON		2,295.33			20,658.00		12/15/2009		5/1/2012
38373YBQ6	GNMA CMO_02-79 LN				2	1		1,746,175.00		102.375		1,740,568.63		1,700,189.00		1,719,119.27		21,449.36			(12,305.00	)		—		—		5.5		2.731	MON		7,792.54			70,133.00		6/15/2009		10/20/2011
38373YNS9	GNMA CMO_02-88 GB				2	1FE		1,233,164.00		100.848		1,210,341.36		1,200,160.00		1,211,939.75		(1,598.39	)		(13,461.00	)		—		—		5		1.205	MON		5,000.67			45,006.00		9/29/2009		5/20/2011
38374EEE3	GNMA CMO_03-106 B				2	1		1,124,865.00		100.849		1,116,957.75		1,107,559.00		1,110,959.70		5,998.05			(4,593.00	)		—		—		5.5		3.869	MON		5,076.31			45,687.00		8/21/2008		6/20/2011
38374FCH5	GNMA CMO_04-2 BA				2	1		36,050.00		100.875		36,685.96		36,368.00		36,298.57		387.39			83.00			—		—		3.25		3.945	MON		98.50			887.00		4/16/2008		1/16/2034
38374FT87	GNMA CMO_04-18 BJ				2	1		863,772.00		100.293		848,274.98		845,799.00		849,985.79		(1,710.81	)		(9,540.00	)		—		—		4.25		0.947	MON		2,995.54			26,960.00		9/29/2009		2/16/2011
38374H7F1	GNMA AGENCY CMO 04-69-FG				2	1		5,201,023.00		99.363		5,163,058.19		5,196,151.00		5,200,476.37		(37,418.18	)		(546.00	)		—		—		0.557		0.466	MON		884.90			10,789.00		5/21/2010		12/20/2012
38374VHH5	GNMA CMO_09-45 AB				2	1		3,355,603.00		101.696		3,271,929.91		3,217,357.00		3,300,866.69		(28,936.78	)		(54,736.00	)		—		—		5		0.434	MON		13,405.65			93,840.00		1/28/2010		9/1/2011
38375PXQ9	GNMA AGENCY CMO 08-11-FB				2	1		2,525,060.00		100.438		2,529,783.16		2,518,764.00		2,525,040.85		4,742.31			(20.00	)		—		—		0.857		0.728	MON		659.83			13,047.00		3/8/2010		11/20/2037
38375XTH7	GNMA_08-72 CMO_08-72 V				2	1		5,430,133.00		105.063		5,382,106.76		5,122,767.00		5,407,291.90		(25,185.14	)		(22,841.00	)		—		—		6		-2.651	MON		25,613.83			25,614.00		8/18/2010		1/1/2012
40429CAA0	HSBC FINANCE CORPORATION CORP BND					1FE		488,635.00		103.604		518,018.05		500,000.00		497,112.23		20,905.82			3,304.00			—		—		6.75		7.721	MN		12,750.00			16,875.00		9/30/2008		5/15/2011
40429CCX8	HSBC FINANCE CORP CORP BND					1FE		197,781.00		101.259		202,518.05		200,000.00		199,806.21		2,711.84			499.00			—		—		5.25		5.599	JJ		2,245.83			10,500.00		6/30/2007		1/14/2011
40429CFV9	HSBC FINANCE CORP CORP BND					1FE		9,139,665.00		95.108		9,035,260.19		9,500,000.00		9,179,610.30		(144,350.11	)		39,945.00			—		—		0.776		1.592	JAJO		15,971.43			13,275.00		4/26/2010		1/15/2014
4042EPAA5	HSBC USA INC CORP BND GOV GUAR					1FE		1,859,164.00		103.27		1,858,859.94		1,800,000.00		1,825,204.83		33,655.11			(15,342.00	)		—		—		3.125		1.946	JD		16,406.25			28,125.00		1/28/2009		12/16/2011
41161PWW9	HARBORVIEW MTG TR CMO_05-14 5A1A				2	1FE		1,761,799.00		55.58		1,237,487.87		1,830,441.00		1,764,630.48		(527,142.61	)		442.00			—		—		5.681		6.53	MON		8,665.37			78,314.00		8/16/2007		12/19/2035
41162DAF6	HVMLT_06-12 CMO_06-12 2A2A				2	1FE		3,147,194.00		39		2,037,807.96		3,147,194.00		3,147,193.76		(1,109,385.80	)		—			—		—		0.447		0.448	MON		430.18			11,129.00		10/19/2006		12/19/2036
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1				2	1FE		1,292,244.00		37		854,220.05		1,394,645.00		1,299,241.05		(445,021.00	)		7,426.00			—		—		0.477		2.445	MON		203.41			5,250.00		3/18/2009		7/19/2047
419791YG7	HAWAII ST MUNI BND GO					1FE		2,007,940.00		105.294		2,105,879.98		2,000,000.00		2,006,992.00		98,887.98			(948.00	)		—		—		3		2.914	FA		10,000.00			27,167.00		2/10/2010		2/1/2015
428236AL7	HEWLETT-PACKARD COMPANY CORP BND					1FE		2,863,224.00		106.288		3,045,148.19		2,865,000.00		2,864,456.99		180,691.20			270.00			—		—		5.25		5.264	MS		12,534.38			150,413.00		2/22/2007		3/1/2012
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					1FE		7,127,237.00		115.422		7,473,545.69		6,475,000.00		6,935,104.76		538,440.93			(92,627.00	)		—		—		6.125		3.884	MS		33,049.49			396,594.00		10/26/2009		3/1/2014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,024,549.00		104.409		1,075,089.74		1,025,000.00		1,024,781.47		50,308.27			112.00			—		—		4.25		4.266	FA		4,477.25			43,563.00		2/23/2009		2/24/2012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND					1FE		10,351,764.00		111.638		10,693,827.49		9,579,000.00		10,249,964.59		443,862.90			(101,132.00	)		—		—		4.75		2.73	JD		150,403.61			227,501.00		4/9/2010		6/2/2014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,024,662.00		101.19		1,037,200.26		1,025,000.00		1,024,887.67		12,312.59			127.00			—		—		2.25		2.267	MN		7,943.75			11,531.00		5/21/2009		5/27/2011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,100,308.00		100.7		5,082,328.85		5,047,000.00		5,071,336.13		10,992.72			(27,850.00	)		—		—		1.354		0.69	FMAN		6,642.59			51,899.00		12/16/2009		5/27/2011
428236BB8	HEWLETT-PACKARD COMPANY CORP BND					1FE		499,605.00		100.752		503,762.13		500,000.00		499,611.44		4,150.69			6.00			—		—		1.25		1.277	MS		312.50			—		9/8/2010		9/13/2013
429827AB4	HEF_10-401 ABS 04-1 A2 144A				2	1FE		164,000.00		87		174,000.00		200,000.00		166,090.71		7,909.29			1,394.00			—		—		1.786		3.374	MON		9.92			2,394.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2	1FE		164,000.00		87		174,000.00		200,000.00		165,828.02		8,171.98			1,502.00			—		—		1.311		2.656	MON		131.10			2,610.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A				2	1FE		164,000.00		85		170,000.00		200,000.00		165,575.23		4,424.77			1,019.00			—		—		1.79		3.087	MON		39.78			2,384.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2	1FE		164,224.00		87		174,000.00		200,000.00		165,700.94		8,299.06			955.00			—		—		1.767		3.01	MON		284.68			2,500.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS_04-1				2	1FE		164,196.00		87		174,000.00		200,000.00		166,374.81		7,625.19			1,506.00			—		—		1.765		4.491	MON		38.68			2,734.00		9/10/2009		1/1/2044
429827AN8	HEF_04-1 ABS 04-1 A13 144A				2	1FE		164,000.00		82		164,000.00		200,000.00		165,456.22		(1,456.22	)		1,029.00			—		—		0		0.84	MON		—			2,563.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A					1FE		246,000.00		82		246,000.00		300,000.00		247,154.56		(1,154.56	)		718.00			—		—		1.303		2.039	MON		278.45			3,933.00		9/10/2009		1/1/2044

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
43812KAC7	HAROT_10-2 ABS 10-2 A3				2	1FE		3,899,525.00		101.048		3,940,871.88		3,900,000.00		3,899,601.19		41,270.69			77.00			—		—		1.34		1.349	MON		1,887.17			17,420.00		5/12/2010		5/20/2013
438516AV8	HONEYWELL INTERNATIONAL INC CORP BND					1FE		3,175,427.00		108.422		3,245,068.54		2,993,000.00		3,089,978.76		155,089.78			(37,038.00	)		—		—		5.625		3.772	FA		28,059.38			168,356.00		1/14/2010		8/1/2012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND					1FE		526,105.00		108.367		541,835.06		500,000.00		522,278.51		19,556.55			(3,826.00	)		—		—		3.875		2.489	FA		2,475.69			9,688.00		2/17/2010		2/15/2014
44328MAB0	HSBC BANK PLC CORP BND 144A		F			1FE		3,497,130.00		104.766		3,666,806.22		3,500,000.00		3,497,267.57		169,538.65			138.00			—		—		3.5		3.518	JD		31,645.83			—		6/21/2010		6/28/2015
44328MAC8	HSBC BANK PLC CORP BND 144A		F			1FE		—		102.088		—		—		—		—			—			—		—		4.125		0	FA		(2,406.25	)		—		8/5/2010		8/12/2020
44328MAD6	HSBC BANK PLC CORP BOND 144A		F			1FE		7,042,386.00		100.459		7,082,367.54		7,050,000.00		7,042,723.74		39,643.80			338.00			—		—		1.625		1.662	FA		15,593.23			—		8/5/2010		8/12/2013
44923QAA2	HYUNDAI CAPITAL AMERICA SENIOR CORP BND					??		997,930.00		99.875		998,750.00		1,000,000.00		997,930.00		820.00			—			—		—		3.75		3.792	AO		—			—		9/29/2010		4/6/2016
44923WAB7	HART ABS 10-A A2				2	1FE		4,249,741.00		100.19		4,258,075.00		4,250,000.00		4,249,828.46		8,246.54			87.00			—		—		0.86		0.867	MON		1,624.44			12,386.00		5/5/2010		11/15/2012
44923WAD3	HART ABS 10-A 4				2	1FE		8,149,864.00		103.678		8,449,779.01		8,150,000.00		8,149,872.36		299,906.65			8.00			—		—		2.45		2.463	MON		8,874.44			67,668.00		5/5/2010		12/15/2016
44923YAC1	HART_10-B ABS 10-B A3				2	1FE		3,899,304.00		99.58		3,883,620.00		3,900,000.00		3,899,344.36		(15,724.36	)		40.00			—		—		0.97		0.983	MON		3,677.91			—		8/19/2010		4/15/2015
44923YAD9	HART_10-B ABS_10-B A4				2	1FE		7,549,294.00		99.87		7,540,185.00		7,550,000.00		7,549,315.03		(9,130.03	)		21.00			—		—		1.63		1.638	MON		11,964.65			—		8/19/2010		3/15/2017
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					1FE		9,194,473.00		108.599		9,849,909.17		9,070,000.00		9,127,388.56		722,520.61			(19,704.00	)		—		—		5.05		4.722	AO		202,298.80			229,018.00		1/31/2008		10/22/2012
4521518T3	ILLINOIS ST MUNI BND GO					1FE		3,144,919.00		101.534		3,147,553.91		3,100,000.00		3,134,435.18		13,118.73			(10,484.00	)		—		—		3.321		2.808	JJ		25,737.75			47,472.00		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNITAX BND GO					1FE		2,300,000.00		104.216		2,396,968.06		2,300,000.00		2,300,000.00		96,968.06			—			—		—		4.421		4.421	JJ		25,420.75			46,887.00		1/8/2010		1/1/2015
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A		F			1FE		10,247,790.00		101.071		10,259,000.40		10,000,000.00		10,145,781.12		113,219.28			(79,313.00	)		—		—		2.625		1.534	FA		37,916.67			262,500.00		10/7/2009		2/9/2012
45660LRE1	INDX CMO_05-A13 4A1				2	1FE		1,072,623.00		64.06		823,522.72		1,094,033.00		1,072,707.81		(249,185.09	)		407.00			—		—		2.612		2.954	MON		2,381.47			30,767.00		8/13/2007		8/25/2035
45660LVL0	INDX CMO_05-AR15 A1				2	3FE		1,000,339.00		76.458		806,687.39		1,055,071.00		1,002,123.11		(195,435.72	)		589.00			—		—		5.09		6.168	MON		4,475.60			41,068.00		8/16/2007		9/25/2035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO				2	1Z		1,275,634.00		38.587		689,391.67		1,275,634.00		1,275,633.80		(586,242.13	)		—			—		—		0.476		0.477	MON		67.50			4,802.00		2/13/2006		4/25/2046
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN		F			1FE		7,513,056.00		107.524		7,741,728.14		7,200,000.00		7,427,676.81		314,051.33			(59,279.00	)		—		—		3.5		2.314	JJ		58,100.00			252,000.00		8/31/2009		7/8/2013
4581X0AT5	INTER-AMERICAN DEV BK CORP BND		F			1FE		27,281,765.00		108.409		27,731,021.43		25,580,000.00		26,896,782.16		834,239.27			(384,982.00	)		—		—		4.75		2.168	AO		546,772.50			607,525.00		2/19/2010		10/19/2012
4581X0BM9	INTER-AMERICAN DEV BK CORP BND		F			1FE		998,720.00		102.439		1,024,389.95		1,000,000.00		998,849.48		25,540.47			129.00			—		—		1.625		1.667	JJ		3,430.56			2,528.00		5/26/2010		7/15/2013
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR		F			2FE		5,209,150.00		103.005		5,150,249.50		5,000,000.00		5,122,902.30		27,347.20			(81,166.00	)		—		—		3.125		0.918	MN		59,027.78			78,125.00		12/10/2009		11/15/2011
459200GN5	IBM CORP CORP BND					1FE		3,209,711.00		116.126		3,367,641.60		2,900,000.00		3,118,359.29		249,282.31			(50,019.00	)		—		—		6.5		3.847	AO		86,919.45			94,250.00		6/11/2009		10/15/2013
459200GR6	IBM CORP CORP BND					1FE		6,794,492.00		103.098		7,010,668.62		6,800,000.00		6,795,873.67		214,794.95			1,146.00			—		—		2.1		2.124	MN		57,516.67			71,400.00		11/3/2009		5/6/2013
459200GT2	IBM CORP CORP BND					1FE		8,970,824.00		100.166		9,014,967.54		9,000,000.00		8,972,254.00		42,713.54			1,430.00			—		—		1		1.11	FA		14,000.00			—		9/15/2010		8/5/2013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND		F			1FE		4,683,362.00		102.501		5,042,958.49		4,700,000.00		4,691,027.68		351,930.81			2,410.00			—		—		3.5		3.577	MN		62,144.45			82,250.00		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND		F			1FE		9,756,880.00		106.842		10,149,990.29		9,500,000.00		9,712,117.67		437,872.62			(42,298.00	)		—		—		3		2.342	AO		125,875.00			142,500.00		12/11/2009		4/22/2014
46623EHJ1	JPMORGAN CHASE & CO CORP BND					1FE		7,438,200.00		99.647		7,473,525.23		7,500,000.00		7,457,354.46		16,170.77			18,220.00			—		—		0.414		0.736	MJSD		656.15			27,549.00		12/15/2009		6/25/2012
466247XG3	JPMMT CMO 05-ALT1-2A1				2	1FE		1,317,024.00		57.39		1,019,617.39		1,354,793.00		1,317,739.27		(298,121.88	)		334.00			—		—		3.618		4.164	MON		4,084.25			50,553.00		3/18/2009		10/25/2035
466247E74	JPMMT CMO_06-A1 2A2				2	NR*Z*		578,916.00		86.286		499,134.85		578,464.00		578,755.59		(79,620.74	)		(23.00	)		—		—		5.055		5.015	MON		2,436.85			22,715.00		2/6/2008		7/1/2031
466247K36	JPMMT CMO_06-A2 3A3				2	3FE		11,334,033.00		85.61		10,380,212.50		12,125,000.00		11,575,023.12		(1,194,810.62	)		76,099.00			—		—		5.686		6.913	MON		57,455.63			516,525.00		11/21/2007		4/25/2036
46625HAJ9	JP MORGAN CHASE & CO CORP BND					1FE		6,522,813.00		101.997		6,374,785.63		6,250,000.00		6,279,716.51		95,069.12			(65,154.00	)		—		—		6.75		5.29	FA		70,312.50			421,875.00		10/5/2007		2/1/2011
46625HCE8	JPMORGAN CHASE & CO CORP BND					1FE		182,025.00		109.662		191,908.38		175,000.00		180,922.40		10,985.98			(899.00	)		—		—		4.75		3.908	MS		692.71			8,313.00		10/29/2009		3/1/2015
46625HGG9	JP MORGAN & COMPANY INC CORP BND					1FE		480,584.00		103.377		485,870.43		470,000.00		472,155.67		13,714.76			(2,344.00	)		—		—		5.6		4.891	JD		8,773.33			13,160.00		11/28/2007		6/1/2011
46625HGT1	JPMORGAN CHASE & CO CORP BND					1FE		5,222,250.00		108.065		5,403,252.80		5,000,000.00		5,100,990.58		302,262.22			(35,514.00	)		—		—		5.375		4.31	AO		134,375.00			134,375.00		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND					1FE		7,647,350.00		108.229		8,117,175.31		7,500,000.00		7,631,597.53		485,577.78			(20,005.00	)		—		—		4.75		4.017	MN		148,437.50			178,125.00		4/23/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND					1FE		8,759,496.00		108.843		8,925,154.95		8,200,000.00		8,709,546.89		215,608.06			(47,241.00	)		—		—		4.65		2.851	JD		127,100.00			74,400.00		7/20/2010		6/1/2014
46625HHP8	JPMORGAN CHASE & CO CORP BND					1FE		15,158,250.00		105.579		15,836,827.50		15,000,000.00		15,144,985.60		691,841.90			(13,264.00	)		—		—		3.7		3.456	JJ		109,458.33			277,500.00		5/14/2010		1/20/2015
46625MAC3	JP MORGAN CHASE CMBS 01-CIBC				2	1FE		277,894.00		100.445		275,090.27		273,872.00		273,762.79		1,327.48			(340.00	)		—		—		6.26		2.96	MON		1,428.70			12,858.00		4/16/2008		1/15/2011
46625MLR8	JPMCC 2002-C1 A2				2	1FE		57,123.00		100.954		58,274.91		57,636.00		57,425.61		849.30			107.00			—		—		4.914		5.521	MON		236.02			2,124.00		8/27/2008		7/12/2037
477874AC5	JDOT_09 ABS 09 A3				2	1FE		1,426,386.00		101.213		1,427,020.69		1,409,918.00		1,423,026.27		3,994.42			(3,360.00	)		—		—		2.59		1.414	MON		1,622.97			12,172.00		5/13/2010		4/15/2012
47787AAD9	JDOT_10-A ABS 10-A-A3				2	1FE		1,049,848.00		100.96		1,060,080.00		1,050,000.00		1,049,873.11		10,206.89			25.00			—		—		1.32		1.329	MON		616.00			5,506.00		4/15/2010		5/15/2014
478160AW4	JOHNSON & JOHNSON CORP BND					1FE		1,204,040.00		101.568		1,244,203.25		1,225,000.00		1,204,251.43		39,951.82			211.00			—		—		2.95		3.15	MS		4,416.80			—		8/12/2010		9/1/2020
478160AP9	J & J MEDICAL CORP BND		R			1FE		4,921,425.00		109.115		4,864,937.00		4,500,000.00		4,769,624.29		95,312.71			(105,374.00	)		—		—		5.15		1.877	FA		29,612.50			231,750.00		8/31/2009		8/15/2012
479403AB3	JOHNSTON RE LTD CORP BND 144A					3FE		5,000,000.00		99.86		4,993,000.00		5,000,000.00		5,000,000.00		(7,000.00	)		—			—		—		6.5		0	MJSD		20,763.89			111,944.00		4/30/2010		5/8/2013
481247AE4	JPMORGAN CHASE & CO-GTD CORP BND GOVT					1FE		10,269,800.00		102.751		10,275,100.70		10,000,000.00		10,239,328.30		35,772.40			(30,472.00	)		—		—		2.125		0.725	JD		58,437.50			—		7/7/2010		6/22/2012
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND					1FE		3,444,325.00		101.344		3,437,815.78		3,410,000.00		3,433,155.91		4,659.87			(9,998.00	)		—		—		0.67		0.28	MJSD		571.44			19,056.00		11/24/2009		6/22/2012
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		2,523,435.00		102.852		2,597,012.92		2,525,000.00		2,524,161.19		72,851.73			359.00			—		—		2.2		2.22	JD		16,356.39			27,775.00		2/18/2009		6/15/2012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND		F			1FE		3,480,028.00		100.058		3,467,009.67		3,465,000.00		3,469,122.23		(2,112.56	)		(7,391.00	)		—		—		0.571		0.648	MJSD		1,592.77			16,452.00		8/19/2009		3/2/2011
49328CAA3	KEYBANK NA - GTD CORP BND					1FE		2,088,898.00		104.528		2,090,560.00		2,000,000.00		2,063,435.40		27,124.60			(25,463.00	)		—		—		3.2		1.312	JD		18,844.44			32,000.00		1/15/2010		6/15/2012
49925JAE7	KWKF_20-10 ABS 10-1 A				2	1FE		986,169.00		98.762		987,624.10		1,000,000.00		986,222.82		1,401.28			53.00			—		—		1.242		1.403	FMAN		—			—		9/15/2010		2/25/2042
50075NAX2	KRAFT FOODS INC. CORP BND					2FE		4,348,650.00		116.07		4,352,626.99		3,750,000.00		4,326,632.73		25,994.26			(22,017.00	)		—		—		6.75		2.024	FA		29,531.25			126,563.00		8/10/2010		2/19/2014
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			1FE		22,014,834.00		111.153		23,064,245.84		20,750,000.00		21,765,922.76		1,298,323.08			(175,138.00	)		—		—		4.125		2.833	AO		394,682.30			427,969.00		1/13/2010		10/15/2014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND		F			1FE		9,468,811.00		101.314		9,118,264.59		9,000,000.00		9,102,211.25		16,053.34			(253,422.00	)		—		—		4.625		0.844	JJ		82,093.75			416,250.00		8/31/2009		1/20/2011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			1FE		3,192,160.00		104.453		3,283,180.77		3,200,000.00		3,197,994.21		85,186.56			1,985.00			—		—		3.75		3.837	JD		31,333.33			60,000.00		6/19/2008		6/27/2011
500769DG6	KFW GROUP CORP BND		F			1FE		10,137,931.00		102.664		10,266,400.90		10,000,000.00		10,099,020.85		167,380.05			(38,910.00	)		—		—		2.25		1.597	AO		103,125.00			112,500.00		2/19/2010		4/16/2012
500769DY7	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			1FE		807,845.00		101.586		822,846.59		810,000.00		807,996.65		14,849.94			151.00			—		—		1.375		1.466	JJ		2,382.19			—		7/7/2010		7/15/2013
51218TAA5	LAKESIDE RE II LTD CORP BND 144A		F			3FE		9,750,000.00		103.587		10,099,732.50		9,750,000.00		9,750,000.00		349,732.50			—			—		—		7.876		7.824	MJSD		2,098.96			590,050.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F			1FE		6,037,356.00		102.309		6,189,694.39		6,050,000.00		6,041,570.03		148,124.36			3,090.00			—		—		1.875		1.947	MS		2,205.73			113,438.00		9/15/2009		9/24/2012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND		F			1FE		20,428,846.00		100.948		20,938,252.11		20,230,000.00		20,355,880.06		582,372.05			(57,423.00	)		—		—		3		2.599	MN		242,760.00			303,450.00		12/11/2009		5/7/2012
52520MBU6	LMT WHOLE CMO 05-2				2	NR*Z*		1,933,183.00		97.061		1,877,771.13		1,934,632.00		1,925,675.22		(47,904.09	)		(364.00	)		—		—		5.5		5.509	MON		8,867.06			79,804.00		5/19/2008		12/25/2035
52525BAD4	LXS_07-16N LXS_07-16N 2A2				2	1FE		6,497,281.00		39.2		4,113,377.13		6,522,751.00		6,498,020.47		(2,384,643.34	)		199.00			—		—		1.106		1.164	MON		801.75			55,721.00		8/30/2007		9/25/2047
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		5,489,332.00		103.79		5,552,766.29		5,350,000.00		5,438,076.40		114,689.89			(42,237.00	)		—		—		3.55		2.368	MS		13,189.23			189,925.00		2/12/2010		3/6/2012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A		F			1FE		5,105,375.00		101.114		5,055,699.90		5,000,000.00		5,068,005.78		(12,305.88	)		(33,559.00	)		—		—		1.534		0.393	JAJO		19,387.30			48,387.00		11/25/2009		4/2/2012
54313TAA3	LONGPOINT RE LTD CORP BND 144A		F			3FE		2,500,000.00		100.293		2,507,325.00		2,500,000.00		2,500,000.00		7,325.00			—			—		—		5.526		5.436	MJSD		6,144.24			101,625.00		12/14/2009		12/24/2012
54313TAB1	LONGPOINT RE LTD CORP BND 144A		F			3FE		2,000,000.00		100.142		2,002,840.00		2,000,000.00		2,000,000.00		2,840.00			—			—		—		5.526		5.5	MJSD		4,908.18			81,922.00		12/14/2009		12/24/2013
550279BA0	LUM CMO_06-2 A1A				2	1FE		1,738,125.00		43.634		985,268.54		1,738,125.00		1,738,125.38		(752,856.84	)		—			—		—		0.456		0.457	MON		88.11			6,279.00		2/14/2006		2/25/2046
55027XAA8	LUM_06-5 CMO_06-5 A1A				2	4FE		1,061,958.00		54.795		591,324.17		1,079,157.00		1,063,362.76		(472,038.59	)		394.00			—		—		0.446		0.621	MON		53.51			3,817.00		8/8/2007		7/25/2036
55263ECH6	MBNA CORPORATION CORP BND					1FE		352,688.00		96.24		356,740.85		330,000.00		341,461.64		15,279.21			(3,289.00	)		—		—		6.125		4.59	MS		1,684.38			20,213.00		1/30/2008		3/1/2013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT					1FE		2,444,463.00		108.786		2,502,088.60		2,300,000.00		2,398,283.86		103,804.74			(32,278.00	)		—		—		7.125		4.977	MN		61,908.33			81,938.00		8/31/2009		11/15/2012
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A		F			1FE		4,678,890.00		109.121		4,910,445.09		4,500,000.00		4,651,484.31		258,960.78			(27,406.00	)		—		—		4.1		2.992	JD		53,300.00			92,250.00		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A		F			1FE		3,549,726.00		102.529		3,588,514.97		3,500,000.00		3,533,916.40		54,598.57			(15,810.00	)		—		—		2.6		1.843	JJ		17,947.22			45,500.00		2/19/2010		1/20/2012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND		F			1FE		3,962,660.00		107.097		4,283,880.32		4,000,000.00		3,970,693.08		313,187.24			5,367.00			—		—		3.3		3.508	JJ		27,133.33			132,000.00		8/13/2009		7/17/2014
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		113.192		4,952,160.41		4,375,000.00		4,644,615.28		307,545.13			(126,182.00	)		—		—		9.75		5.417	AO		213,281.25			213,281.00		5/31/2007		4/1/2012
585055AR7	MEDTRONIC INC CORP BND					1FE		12,439,240.00		105.868		12,995,260.06		12,275,000.00		12,426,560.56		568,699.50			(12,679.00	)		—		—		3		2.704	MS		16,366.67			183,102.00		4/30/2010		3/15/2015
587682AC9	MBART_10-A ABS 10-A-A3				2	1FE		799,846.00		101.26		810,076.24		800,000.00		799,873.66		10,202.58			28.00			—		—		1.42		1.432	MON		504.89			4,544.00		4/13/2010		8/15/2014
589331AK3	MERCK & CO INC CORP BND					1FE		8,701,863.00		111.886		8,950,883.20		8,000,000.00		8,619,334.73		331,548.47			(82,345.00	)		—		—		4.75		2.871	MS		31,666.67			380,000.00		2/17/2010		3/1/2015
589331AR8	MERCK & CO INC CORP BND					1FE		2,099,496.00		101.144		2,124,019.80		2,100,000.00		2,099,812.23		24,207.57			186.00			—		—		1.875		1.887	JD		9,953.13			19,688.00		6/22/2009		6/30/2011
59018YM40	MERRILL LYNCH & CO INC CORP BND					1FE		7,096,913.00		107.169		7,501,803.75		7,000,000.00		7,077,982.31		423,821.44			(18,931.00	)		—		—		5.45		4.941	FA		59,344.44			190,750.00		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN					1FE		7,066,778.00		99.458		7,167,942.40		6,550,000.00		6,968,933.53		199,008.87			(92,249.00	)		—		—		6.15		3.52	AO		174,557.50			201,413.00		3/4/2010		4/25/2013
59018YN64	MERRILL LYNCH & CO INC CORP BND MTN					1FE		7,605,664.00		111.903		7,609,371.84		6,800,000.00		7,604,740.87		4,630.97			(923.00	)		—		—		6.875		4.978	AO		202,583.33			—		9/22/2010		4/25/2018
59018YTZ4	MERRILL LYNCH & CO INC CORP BND					1FE		2,251,650.00		107.855		2,291,920.93		2,125,000.00		2,232,817.45		59,103.48			(18,833.00	)		—		—		5.45		3.993	JJ		24,449.30			115,813.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		99.907		3,996,279.92		4,000,000.00		4,001,173.47		(4,893.55	)		(1,110.00	)		—		—		0.698		3.696	JAJO		5,194.81			14,629.00		12/24/2008		7/25/2011
59024KAX1	MLA_07-AF1 CMO_07-AF1 AV1				2	4FE		4,376,835.00		45		2,274,341.59		4,426,460.00		4,364,484.55		(2,090,142.96	)		23,297.00			—		—		5.334		5.546	MON		19,674.02			205,084.00		10/11/2007		6/25/2037
594918AG9	MICROSOFT CORPORATION CORP BND					1FE		12,126,530.00		100.171		12,200,799.67		12,180,000.00		12,126,643.50		74,156.17			114.00			—		—		1.625		1.717	MS		2,199.17			—		9/22/2010		9/25/2015
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND					1FE		14,515,751.00		103.482		14,636,903.88		13,255,000.00		14,445,219.40		191,684.48			(70,189.00	)		—		—		4.65		2.285	AO		308,178.75			74,400.00		7/29/2010		10/1/2014
6174467N3	MORGAN STANLEY CORP BND					1FE		1,993,100.00		101.842		2,036,834.42		2,000,000.00		1,993,327.80		43,506.62			228.00			—		—		4		4.077	JJ		14,444.44			—		7/21/2010		7/24/2015
617446B99	MORGAN STANLEY CORP BND					1FE		469,255.00		0		472,605.02		500,000.00		475,785.17		(3,180.15	)		5,262.00			—		—		0.83		2.096	JAJO		968.19			2,187.00		10/22/2009		1/9/2014
617446H51	MORGAN STANLEY CORP BND					1FE		4,655,728.00		104.94		4,617,349.35		4,400,000.00		4,655,728.00		(38,378.65	)		—			—		—		5.55		4.516	AO		107,176.67			—		9/30/2010		4/27/2017
617446HC6	MORGAN STANLEY CORP BND					1FE		1,602,555.00		107.571		1,613,565.80		1,500,000.00		1,539,286.26		74,279.54			(18,523.00	)		—		—		6.6		4.77	AO		49,500.00			49,500.00		1/25/2008		4/1/2012
617446V89	MORGAN STANLEY CORP BND MTN					1FE		542,275.00		103.6		534,315.42		500,000.00		530,361.89		3,953.53			(11,451.00	)		—		—		5.75		2.482	FA		2,475.69			28,750.00		12/16/2009		8/31/2012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		96.885		4,074,959.29		4,075,000.00		4,076,221.03		(1,261.74	)		(3,032.00	)		—		—		0.775		5.5	JAJO		6,489.10			16,379.00		1/19/2007		1/18/2011
61745MHB2	MORGAN STANLEY CAP I CMBS 98-WF2 D				2	1FE		425,190.00		100.933		420,472.50		416,584.00		424,069.78		(3,597.28	)		6,154.00			—		—		7.391		7.223	MON		2,565.71			22,787.00		12/21/2007		7/15/2030

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
61745ML27	MSC CMBS 04-T15 A2				2	1FE		392,956.00		100.257		398,637.90		397,615.00		396,365.77		2,272.13			962.00			—		—		4.69		5.407	MON		1,554.01			13,986.00		7/30/2008		6/13/2041
61746BCW4	MORGAN STANLEY CORP BND MTN					1FE		2,978,670.00		105.336		3,160,068.96		3,000,000.00		2,993,338.46		166,730.50			3,720.00			—		—		5.625		5.809	JJ		38,437.50			168,750.00		8/14/2007		1/9/2012
61746BDB9	MORGAN STANLEY CORP BND MTN					1FE		—		107.761		—		—		—		—			—			—		—		5.75		0	AO		(3,929.17	)		—		8/4/2010		10/18/2016
61746REV9	MSAC ABS 04-H1				2	1FE		941,018.00		51.241		616,387.84		939,550.00		940,632.22		(324,244.38	)		(43.00	)		—		—		0.996		0.982	MON		104.00			7,242.00		2/25/2010		1/25/2034
61747YCE3	MORGAN STANLEY CORP BND MTN					1FE		3,571,582.00		109.908		3,769,839.83		3,430,000.00		3,564,678.67		205,161.16			(6,903.00	)		—		—		6		5.028	AO		87,465.00			—		6/22/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND					1FE		17,387,057.00		109.741		17,558,513.12		16,000,000.00		17,261,754.75		296,758.37			(125,302.00	)		—		—		6		3.65	MN		368,000.00			300,000.00		9/17/2010		5/13/2014
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS				2	NR*Z*		223,336.00		99.686		222,634.46		223,336.00		223,335.96		(701.50	)		—			—		—		0.314		0.314	MON		7.79			553.00		1/11/2007		11/25/2036
61756XAG0	MORGAN STANLEY MTGE LN TR CMO				2	1FE		2,270,046.00		54.41		1,563,392.34		2,276,721.00		2,269,936.42		(706,544.08	)		6.00			—		—		5.294		5.341	MON		10,043.70			95,089.00		3/18/2009		11/25/2037
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		14,907,014.00		102.446		15,366,899.85		15,000,000.00		14,955,211.27		411,688.58			19,187.00			—		—		1.95		2.127	JD		82,062.50			146,250.00		1/6/2010		6/20/2012
61757UAL4	MORGAN STANLEY-GTD CORP BND					1FE		3,023,745.00		100.449		3,013,483.08		3,000,000.00		3,013,361.33		121.75			(7,306.00	)		—		—		0.691		0.421	FMAN		2,995.42			13,189.00		9/2/2009		2/10/2012
61757UAN0	MORGAN STANLEY-GTD CORP BND					1FE		1,002,110.00		100.291		1,002,914.10		1,000,000.00		1,001,045.61		1,868.49			(537.00	)		—		—		0.493		1.453	MJSD		246.25			4,165.00		4/2/2009		3/13/2012
62864WAB0	EAST LANE RE III LTD CORP BND 144A		F			3		10,000,000.00		0		10,762,300.00		10,000,000.00		10,000,000.00		762,300.00			—			—		—		12.299		13.55	FMAN		105,911.33			939,813.00		3/13/2009		3/20/2012
62875UAF2	NBC UNIVERSAL CORP BND 144A					2FE		1,055,340.00		105.127		1,051,272.28		1,000,000.00		1,055,277.42		(4,005.14	)		(63.00	)		—		—		3.65		2.369	AO		15,309.72			—		9/24/2010		4/30/2015
62875UAJ4	NBC UNIVERSAL CORP BND 144A					2FE		9,994,500.00		100.383		10,038,346.10		10,000,000.00		9,994,500.00		43,846.10			—			—		—		2.875		2.886	AO		—			—		9/27/2010		4/1/2016
62875UAM7	NBC UNIVERSAL CORP BND 144A					2FE		2,599,662.00		100.57		2,614,812.25		2,600,000.00		2,599,662.00		15,150.25			—			—		—		2.1		2.104	AO		—			—		9/27/2010		4/1/2014
62914AAB8	NIBC BANK NV - GTD CORP BND 144A		F			1FE		1,197,384.00		104.332		1,251,984.10		1,200,000.00		1,197,793.76		54,190.34			369.00			—		—		2.8		2.847	JD		11,106.67			16,800.00		11/24/2009		12/2/2014
62944BAA2	BANK NEDERLANDSE GEMEENTEN CORP BND 144A		F			??		8,961,930.00		99.551		8,959,590.27		9,000,000.00		8,961,930.00		(2,339.73	)		—			—		—		1.75		1.839	AO		—			—		9/29/2010		10/6/2015
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO				2	1FE		1,033,118.00		94.686		986,782.29		1,022,572.00		1,032,602.37		(45,820.08	)		(70.00	)		—		—		6.5		6.232	MON		5,538.93			49,850.00		10/3/2007		2/25/2035
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F			1FE		10,247,950.00		107.398		10,739,799.50		10,000,000.00		10,216,600.48		523,199.02			(27,265.00	)		—		—		3.375		2.765	JJ		77,812.50			253,125.00		4/29/2010		7/8/2014
6325C0AZ4	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F			1FE		2,000,000.00		101.681		2,033,629.60		2,000,000.00		2,000,000.00		33,629.60			—			—		—		2.5		2.5	JJ		11,527.78			25,000.00		1/4/2010		1/8/2013
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV					1FE		1,329,838.00		104.515		1,306,437.50		1,250,000.00		1,309,816.77		(3,379.27	)		(19,386.00	)		—		—		4.135		1.95	JJ		12,921.88			52,693.00		12/17/2009		1/1/2013
64031BAA2	NLST_10-3A ABS_10-3A A				2	1FE		1,200,000.00		100.037		1,200,444.04		1,200,000.00		1,200,000.00		444.04			—			—		—		1.212		1.213	JAJO		2,382.95			—		7/28/2010		7/27/2048
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND					1FE		5,192,010.00		103.152		5,207,611.01		5,050,000.00		5,119,362.89		88,248.12			(42,308.00	)		—		—		3		1.844	JD		44,187.50			75,750.00		9/8/2009		12/16/2011
65475VAC4	NAROT ABS 09-1 A3				2	1FE		4,486,305.00		103.022		4,466,916.32		4,335,903.00		4,455,519.03		11,397.29			(30,786.00	)		—		—		5		2.236	MON		9,635.34			72,265.00		5/24/2010		9/15/2012
665501AD4	NORTHERN NAT GAS CO CORP BND 144A					??		1,608,465.00		103.866		1,557,990.00		1,500,000.00		1,555,506.32		2,483.68			(52,959.00	)		—		—		7		1.401	JD		35,000.00			52,500.00		2/5/2010		6/1/2011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		111.981		8,398,552.35		7,500,000.00		7,605,317.23		793,235.12			(25,435.00	)		—		—		5.5		4.966	FA		52,708.34			412,500.00		3/23/2009		8/15/2013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		1,623,326.00		109.428		1,778,204.28		1,625,000.00		1,623,838.61		154,365.67			238.00			—		—		4.125		4.148	FA		9,496.09			67,031.00		2/4/2009		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND					1FE		15,729,053.00		102.527		16,148,037.48		15,750,000.00		15,732,738.60		415,298.88			3,686.00			—		—		1.9		1.944	AO		162,093.75			—		3/9/2010		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND					1FE		20,352,249.00		105.071		21,486,958.56		20,450,000.00		20,362,340.12		1,124,618.44			10,091.00			—		—		2.9		3.001	AO		321,235.42			—		3/9/2010		4/24/2015
6832348A9	ONTARIO PROVINCE CORP BND		A			1FE		15,440,985.00		109.813		16,197,416.91		14,750,000.00		15,347,903.54		849,513.37			(93,081.00	)		—		—		4.1		2.938	JD		176,385.42			302,375.00		2/19/2010		6/16/2014
68323480	ONTARIO PROVINCE CORP BND		A			1FE		748,628.00		102.451		768,382.42		750,000.00		749,016.17		19,366.25			336.00			—		—		1.875		1.938	MN		5,156.25			7,031.00		11/10/2009		11/19/2012
6832348F8	ONTARIO PROVINCE CORP BND		A			1FE		2,800,000.00		100.082		2,802,296.03		2,800,000.00		2,800,000.00		2,296.03			—			—		—		0.502		0.42	FMAN		1,679.55			10,146.00		11/10/2009		11/19/2012
68389XAD7	ORACLE CORPORATION CORP BND					1FE		5,412,790.00		110.301		5,873,539.33		5,325,000.00		5,381,098.75		492,440.58			(15,546.00	)		—		—		4.95		4.503	AO		121,543.14			131,794.00		3/5/2009		4/15/2013
68402LAC8	ORACLE CORP CORP BND					1FE		11,066,300.00		115.8		11,579,985.79		10,000,000.00		10,991,438.58		588,547.21			(74,861.00	)		—		—		5.25		3.197	JJ		110,833.33			262,500.00		4/20/2010		1/15/2016
68402LAE4	ORACLE CORP CORP BND					1		479,788.00		101.344		481,383.65		475,000.00		475,476.83		5,906.82			(1,220.00	)		—		—		5		4.643	JJ		5,013.90			23,750.00		12/12/2007		1/15/2011
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT					1FE		5,111,550.00		103.051		5,152,550.50		5,000,000.00		5,090,615.44		61,935.06			(20,935.00	)		—		—		2.3		1.234	JD		31,625.00			57,500.00		5/3/2010		6/22/2012
69362BAS1	PSE&G POWER LLC CORP BND					2FE		5,499,427.00		111.342		5,567,089.45		5,000,000.00		5,496,084.79		71,004.66			(3,342.00	)		—		—		5.32		3.462	MS		11,822.22			—		9/15/2010		9/15/2016
69371RJ98	PACCAR FINL CORP BND					1FE		6,366,521.00		101.08		6,443,878.82		6,375,000.00		6,367,325.61		76,553.21			804.00			—		—		2.05		2.096	JD		38,117.18			—		6/9/2010		6/17/2013
69373UAA5	PACCAR INC CORP BND					1FE		6,255,597.00		116.426		6,519,835.62		5,600,000.00		6,160,294.56		359,541.06			(95,302.00	)		—		—		6.875		3.692	FA		49,194.44			192,500.00		2/19/2010		2/15/2014
701489AA4	PARKTON RE LTD CORP BND 144A					4FE		1,750,000.00		104.008		1,820,140.00		1,750,000.00		1,750,000.00		70,140.00			—			—		—		10.5		10.646	MJSD		5,104.17			139,867.00		7/23/2009		5/6/2011
713448BF4	PEPSICO INC CORP BND					1FE		1,013,969.00		107.118		1,006,907.16		940,000.00		996,665.18		10,241.98			(17,303.00	)		—		—		5.15		1.379	MN		18,288.22			24,205.00		3/25/2010		5/15/2012
713448BK3	PEPSICO INC CORP BND					1FE		19,458,660.00		108.059		21,071,504.62		19,500,000.00		19,470,893.70		1,600,610.92			5,869.00			—		—		3.75		3.797	MS		60,937.51			731,250.00		2/25/2009		3/1/2014
713448BL1	PEPSICO INC CORP BND					1FE		4,000,000.00		100.077		4,003,080.44		4,000,000.00		4,000,000.00		3,080.44			—			—		—		0.556		0.281	JAJO		4,818.15			6,209.00		1/11/2010		7/15/2011
717081CZ4	PFIZER INC. CORP BND					1FE		2,883,727.00		105.304		2,894,814.33		2,749,000.00		2,852,548.47		42,265.86			(31,344.00	)		—		—		4.45		1.809	MS		5,436.91			72,290.00		4/15/2010		3/15/2012
717081DA8	PFIZER INC. CORP BND					1FE		1,380,478.00		115.23		1,440,369.88		1,250,000.00		1,362,457.66		77,912.22			(15,927.00	)		—		—		5.35		3.169	MS		2,972.22			66,875.00		2/17/2010		3/15/2015
717081DC4	PFIZER INC. CORP BND					1FE		1,575,000.00		100.871		1,588,718.28		1,575,000.00		1,575,000.00		13,718.28			—			—		—		2.242		3.173	MJSD		1,569.53			27,571.00		3/17/2009		3/15/2011
71722TAF1	PHEAA_04-1 ABS_04-1-A2				2	1FE		452,730.00		92.5		462,500.00		500,000.00		454,723.77		7,776.23			1,994.00			—		—		1.785		2.755	MON		635.75			3,077.00		3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3				2	1FE		1,177,098.00		90.5		1,176,500.00		1,300,000.00		1,184,994.83		(8,494.83	)		7,897.00			—		—		0		1.216	MON		83.77			10,931.00		3/9/2010		4/25/2044
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		6,108,095.00		109.903		6,731,541.48		6,125,000.00		6,115,616.27		615,925.21			2,462.00			—		—		4.875		4.938	MN		111,972.66			149,297.00		5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		7,341,676.00		117.583		7,525,332.03		6,400,000.00		7,229,494.49		295,837.54			(108,466.00	)		—		—		6.875		2.911	MS		17,111.11			245,781.00		4/14/2010		3/17/2014
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED					??		1,646,955.00		115.584		1,733,760.11		1,500,000.00		1,632,709.47		101,050.64			(14,246.00	)		—		—		4.95		3.07	MN		28,050.00			37,125.00		2/23/2010		11/15/2015
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND					1		4,296,173.00		106.205		4,566,815.09		4,300,000.00		4,296,929.08		269,886.01			573.00			—		—		3.05		3.069	AO		60,474.72			71,404.00		9/22/2009		10/15/2014
742718DA4	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,275,910.00		113.62		3,408,604.44		3,000,000.00		3,218,957.11		189,647.33			(39,608.00	)		—		—		4.95		2.942	FA		18,975.00			148,500.00		8/31/2009		8/15/2014
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND					1FE		549,021.00		104.035		572,192.23		550,000.00		549,085.05		23,107.18			64.00			—		—		2.7		2.739	MN		5,403.75			—		5/17/2010		5/1/2015
749241AA3	RALI_07-QH9 CMO_07-QH9 A1				2	1FE		6,930,442.00		35.313		3,167,217.88		6,906,958.00		6,932,201.18		(3,764,983.30	)		(485.00	)		—		—		6.374		6.34	MON		36,687.17			333,635.00		9/26/2007		10/1/2037
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A		F			1FE		14,077,820.00		99.74		14,624,238.58		13,600,000.00		14,008,938.41		615,300.17			(68,881.00	)		—		—		4.2		3.311	MN		218,960.00			285,600.00		2/19/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV CORP BND 144A		F			1FE		15,080,378.00		102.537		15,380,569.80		15,000,000.00		15,060,945.56		319,624.24			(19,433.00	)		—		—		2.65		2.427	FA		48,583.33			198,750.00		2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A		F			1FE		9,993,100.00		104.085		10,408,525.10		10,000,000.00		9,993,813.56		414,711.54			714.00			—		—		3.2		3.215	MS		17,777.78			160,000.00		3/4/2010		3/11/2015
75115YAA7	RALI_07-Q01 CMO_07-QO1 A1				2	1FE		5,974,737.00		39.83		3,495,220.99		5,974,737.00		5,974,736.74		(2,479,515.75	)		—			—		—		0.406		0.407	MON		269.69			19,322.00		1/30/2007		2/25/2037
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A		F			1F		5,000,000.00		100.543		5,027,150.00		5,000,000.00		5,000,000.00		27,150.00			—			—		—		6.25		6.297	JAJO		75,520.83			162,375.00		12/15/2009		1/7/2011
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND					??		8,500,000.00		100.844		8,571,740.00		8,500,000.00		8,500,000.00		71,740.00			—			—		—		2.879		2.881	JD		81,571.67			122,358.00		6/19/2009		4/1/2011
761118QM3	RALI CMO_05-QO5 A1				2	1FE		1,750,654.00		45.266		966,727.49		1,769,455.00		1,751,651.98		(784,924.49	)		279.00			—		—		1.37		1.473	MON		2,020.13			19,200.00		8/3/2007		1/25/2046
76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1				2	1FE		443,349.00		73.92		355,953.86		451,890.00		443,656.00		(87,702.14	)		86.00			—		—		3.205		3.603	MON		1,207.06			15,932.00		8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2				2	1FE		1,448,821.00		76.58		1,334,356.54		1,501,369.00		1,452,860.67		(118,504.13	)		719.00			—		—		5.203		6.419	MON		6,509.37			58,550.00		8/16/2007		9/25/2035
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A					1FE		15,173,783.00		111.829		15,656,062.52		14,000,000.00		14,989,469.16		666,593.36			(181,911.00	)		—		—		5		2.815	MS		58,333.33			700,000.00		2/19/2010		3/1/2014
771196AX0	ROCHE HOLDINGS INC CORP BND 144A					1FE		4,673,625.00		101.108		4,639,053.96		4,600,000.00		4,624,577.72		14,476.24			(45,547.00	)		—		—		2.318		1.269	FMAN		10,956.63			81,551.00		12/9/2009		2/25/2011
780085LP9	ROYAL BANK OF CANADA CORP BND		A			1FE		2,408,128.00		104.137		2,417,012.81		2,321,000.00		2,343,006.80		74,006.01			(19,957.00	)		—		—		5.65		4.431	JJ		25,863.03			131,137.00		7/9/2008		7/20/2011
78008HX96	ROYAL BANK OF CANADA CORP BND MTN		A			1FE		5,041,250.00		102.662		5,133,088.70		5,000,000.00		5,037,286.44		95,802.26			(3,964.00	)		—		—		2.1		1.828	JJ		18,083.33			26,250.00		6/8/2010		7/29/2013
78008KNA7	ROYAL BANK OF CANADA SENIOR CORP BND		A			1FE		4,493,385.00		99.875		4,494,375.00		4,500,000.00		4,493,385.00		990.00			—			—		—		1.125		1.171	JJ		—			—		9/29/2010		1/15/2014
78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND		F			1FE		5,297,138.00		101.961		5,403,942.22		5,300,000.00		5,297,231.73		106,710.49			94.00			—		—		3.4		3.419	FA		18,520.56			—		8/17/2010		8/23/2013
78010XAG6	ROYAL BANK OF SCOTLAND PLC - G CORP BND		F			1FE		2,844,101.00		100.767		2,871,848.78		2,850,000.00		2,844,133.24		27,715.54			33.00			—		—		3.95		3.996	MS		3,439.79			—		9/13/2010		9/21/2015
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND		F			1FE		2,540,825.00		100.574		2,514,349.75		2,500,000.00		2,526,203.22		(11,853.47	)		(12,097.00	)		—		—		1.098		0.514	FMAN		3,811.84			19,248.00		11/2/2009		5/11/2012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND		F			1FE		22,880,250.00		102.796		23,129,099.55		22,500,000.00		22,730,729.01		398,370.54			(104,629.00	)		—		—		2.625		1.975	MN		228,046.88			295,313.00		8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND		F			1FE		1,996,200.00		100.753		2,015,059.96		2,000,000.00		1,997,960.75		17,099.21			1,431.00			—		—		1.45		1.548	AO		12,969.44			14,500.00		10/23/2009		10/20/2011
78355HJL4	RYDER SYSTEM INC. CORP BND					2FE		2,163,660.00		108.748		2,174,969.48		2,000,000.00		2,161,675.83		13,293.65			(1,984.00	)		—		—		5.85		3.327	MS		9,750.00			—		9/10/2010		3/1/2014
78387GAH6	AT&T INC CORP BND					1FE		2,163,060.00		106.47		2,129,396.98		2,000,000.00		2,091,160.64		38,236.34			(50,005.00	)		—		—		5.875		2.382	FA		19,583.33			117,500.00		8/31/2009		2/1/2012
78387GAP8	AT&T INC CORP BND					1FE		3,235,500.00		112.425		3,372,754.44		3,000,000.00		3,188,213.89		184,540.55			(32,740.00	)		—		—		5.1		3.392	MS		6,800.00			153,000.00		8/31/2009		9/15/2014
78442GHX7	SLMA ABS 03-10A A1B 144A				2	1FE		499,844.00		99.807		499,035.85		500,000.00		499,871.93		(836.08	)		28.00			—		—		1.666		1.68	MON		208.25			5,611.00		1/12/2010		12/15/2016
78442GHY5	SLMA ABS 03-10A-A1C				2	1FE		1,799,688.00		99.807		1,796,529.06		1,800,000.00		1,799,808.46		(3,279.40	)		121.00			—		—		1.78		1.795	MON		623.00			16,437.00		2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A				2	1FE		1,993,438.00		99.807		1,996,143.40		2,000,000.00		1,996,023.06		120.34			1,933.00			—		—		1.711		1.85	MON		190.11			26,798.00		9/24/2009		12/15/2016
78442GJA5	SLM STUDENT LOAN TR 2003-10A ABS_03-10A				2	1FE		999,688.00		99.807		998,071.70		1,000,000.00		999,742.92		(1,671.22	)		55.00			—		—		1.785		1.8	MON		793.33			12,763.00		1/15/2010		12/15/2016
78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A				2	1FE		650,000.00		99.807		648,746.61		650,000.00		650,000.00		(1,253.39	)		—			—		—		1.711		1.716	MON		92.68			7,809.00		1/13/2010		12/15/2016
78444YAB1	SLMA ABS 08-5 A2				2	1FE		5,682,584.00		101.611		5,680,042.04		5,590,000.00		5,678,744.70		1,297.34			(3,840.00	)		—		—		1.598		1.077	JAJO		16,871.10			—		8/10/2010		10/25/2016
78444YAD7	SLMA ABS 08-5 A4				2	1FE		1,943,656.00		104.761		1,938,076.28		1,850,000.00		1,939,870.01		(1,793.73	)		(3,786.00	)		—		—		2.198		1.506	JAJO		7,567.18			9,427.00		6/1/2010		1/25/2021
78445XAA4	SLMA_10-1 ABS 10-1A				2	1FE		3,516,942.00		100.17		3,522,920.41		3,516,942.00		3,516,941.61		5,978.80			—			—		—		0.656		0.657	MON		256.44			4,276.00		7/30/2010		3/25/2025
79548CAB2	SBM7 CMBS_00-C3 A2				2	1FE		202,792.00		99.88		197,494.69		197,732.00		197,301.95		192.74			(1,470.00	)		—		—		6.592		4.643	MON		1,086.21			9,776.00		4/16/2008		10/1/2010
822582AF9	SHELL INTL FINAN CORP BND		F			1FE		11,034,169.00		108.042		11,290,371.44		10,450,000.00		10,955,181.65		335,189.79			(78,987.00	)		—		—		4		2.537	MS		11,611.12			418,000.00		3/2/2010		3/21/2014
822582AQ5	SHELL INTL FINAN CORP BND		F			1FE		13,737,679.00		105.14		14,325,282.35		13,625,000.00		13,732,779.64		592,502.71			(4,899.00	)		—		—		3.1		2.92	JD		109,113.54			—		7/2/2010		6/28/2015
824348AN6	SHERWIN-WILLIAMS COMPANY THE CORP BND					1FE		5,008,830.00		105.637		5,281,829.85		5,000,000.00		5,007,867.17		273,962.68			(963.00	)		—		—		3.125		3.085	JD		46,006.94			75,521.00		2/19/2010		12/15/2014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND		F			1FE		15,082,618.00		102.609		15,463,176.45		15,070,000.00		15,083,025.36		380,151.09			(3,690.00	)		—		—		2.25		2.197	JD		103,606.25			169,538.00		2/19/2010		6/11/2012
842587AB3	SOUTHERN COMPANY CORP BND					1FE		3,225,440.00		104.914		3,370,298.82		3,200,000.00		3,208,421.33		161,877.49			(4,671.00	)		—		—		5.3		5.086	JJ		35,804.44			169,600.00		10/23/2007		1/15/2012
846042AB5	SOVEREIGN BANCORP INC - GTD CORP BND					1FE		2,483,688.00		101.259		2,529,821.07		2,450,000.00		2,468,294.34		61,526.73			(7,838.00	)		—		—		2.5		2.052	JD		18,034.72			30,625.00		4/2/2009		6/15/2012
857477AC7	STATE STREET CORPORATION CORP BND					1FE		1,101,890.00		99.854		1,138,333.80		1,140,000.00		1,124,635.29		13,698.51			7,112.00			—		—		0.575		3.897	JAJO		1,147.13			3,376.00		4/30/2008		4/30/2012

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND					1FE		8,335,014.00		102.641		8,442,222.17		8,225,000.00		8,302,731.29		139,490.88			(33,120.00	)		—		—		2.15		1.541	AO		74,173.50		88,419.00		1/27/2010		4/30/2012
85771SAB2	STATOIL ASA CORP BND		F			1FE		8,220,819.00		108.158		8,544,501.04		7,900,000.00		8,184,470.94		360,030.10			(36,348.00	)		—		—		3.875		2.799	AO		141,157.63		153,063.00		4/6/2010		4/15/2014
85771SAC0	STATOIL ASA CORP BND		F			1FE		303,690.00		105.068		315,202.95		300,000.00		303,130.03		12,072.92			(539.00	)		—		—		2.9		2.626	AO		4,011.67		4,350.00		12/16/2009		10/15/2014
863579AQ1	SARM CMO 04-12 3A2				2	NR*Z*		313,397.00		91.997		292,150.21		317,565.00		313,780.07		(21,629.86	)		145.00			—		—		2.716		2.968	MON		718.80		6,369.00		8/10/2007		9/25/2034
863579EK0	SARM CMO 04-16 3A1				2	NR*Z*		1,467,150.00		89.424		1,327,173.86		1,484,136.00		1,468,723.70		(141,549.84	)		435.00			—		—		2.644		2.859	MON		3,269.70		30,812.00		8/10/2007		11/25/2034
86359AS95	SASC CMO 03-26A 3A5				2	1FE		801,813.00		74.72		749,245.36		818,177.00		805,900.24		(56,654.88	)		748.00			—		—		2.738		3.178	MON		1,866.72		16,339.00		8/14/2007		9/25/2033
86359BPQ8	STRUCTURED ASSET SEC CORP CMO 04-5 3A1				2	NR*Z*		732,646.00		95.214		713,352.89		749,210.00		733,356.89		(20,004.00	)		(556.00	)		—		—		2.463		2.858	MON		1,537.61		14,872.00		8/10/2007		5/25/2034
86361WAA9	SAMI_06-AR8 CMO_06-AR8 A1A				2	5FE		3,330,597.00		59.231		1,972,745.87		3,330,597.00		3,330,596.94		(1,357,851.07	)		—			—		—		0.456		0.457	MON		168.84		12,034.00		10/27/2006		3/25/2036
86364PAA1	SARM_07-1O CMO_07-10 A1A				2	1FE		5,539,012.00		50.94		3,023,417.86		5,565,099.00		5,539,035.86		(2,515,618.00	)		20.00			—		—		6		6.092	MON		27,825.49		250,429.00		10/11/2007		11/25/2037
86364RAA7	SAMI_07-AR6 CMO_07-AR6 A1				2	5FE		5,688,413.00		60.242		3,435,396.20		5,702,660.00		5,688,914.72		(2,253,518.52	)		(269.00	)		—		—		1.886		1.91	MON		8,962.68		85,431.00		9/12/2007		8/25/2047
863667AA9	STRYKER CORP CORP BND					1FE		5,494,170.00		104.807		5,764,366.91		5,500,000.00		5,494,948.72		269,418.19			779.00			—		—		3		3.023	JJ		34,833.33		82,500.00		1/12/2010		1/15/2015
86386MAM6	STUDENT LOAN CON ABS 02-2 A11				2	1FE		919,188.00		91.263		912,631.00		1,000,000.00		921,090.98		(8,459.98	)		1,903.00			—		—		0		0.764	MON		—		4,749.00		8/18/2010		7/1/2042
86386MAD6	STUDENT LOAN CON ABS_02-1-A4 144A				2	1FE		1,365,000.00		91.259		1,368,883.50		1,500,000.00		1,375,252.06		(6,368.56	)		10,252.00			—		—		0		3.24	MON		—		2,079.00		4/1/2010		3/1/2042
86386MAE4	STUDENT LOAN CON ABS 02-1-A4 144A				2	1FE		1,365,000.00		91.26		1,368,895.50		1,500,000.00		1,375,511.22		(6,615.72	)		10,511.00			—		—		0.1		1.698	MON		57.53		1,961.00		4/1/2010		3/1/2042
86386MAK0	STUDENT LOAN CON ABS_02-02 A9 144A				2	1FE		1,183,000.00		91.263		1,186,420.30		1,300,000.00		1,188,259.67		(1,839.37	)		5,260.00			—		—		1.769		2.856	MON		252.02		10,781.00		4/1/2010		7/1/2042
86386MAR5	STUDENT LOAN CON ABS 02-2-A15 144A				2	1FE		819,000.00		91.26		821,337.30		900,000.00		821,235.80		101.50			2,236.00			—		—		1.85		3.033	MON		1,094.79		7,972.00		4/1/2010		7/1/2042
86386MAS3	STUDENT LOAN CON ABS_02-2 A16				2	1FE		819,000.00		91.263		821,367.90		900,000.00		820,814.78		553.12			1,815.00			—		—		1.365		1.95	MON		582.55		7,468.00		4/1/2010		7/1/2042
86386MAT1	SLCC_02-2 ABS_02-2-A17				2	1FE		1,001,000.00		91.263		1,003,894.10		1,100,000.00		1,003,103.56		790.54			2,104.00			—		—		0		0.836	MON		—		9,132.00		4/1/2010		7/1/2042
86386MAU8	STUDENT LOAN CON ABS_02-2-A18 144A				2	1FE		819,000.00		91.263		821,367.90		900,000.00		820,422.96		944.94			1,423.00			—		—		0.022		0.383	MON		28.47		5,051.00		4/1/2010		7/1/2042
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR					1FE		2,574,034.00		102.916		2,572,900.00		2,500,000.00		2,535,365.49		37,534.51			(23,145.00	)		—		—		3		1.724	MN		28,125.00		37,500.00		6/24/2009		11/16/2011
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		F			1FE		7,060,839.00		108.605		7,493,745.21		6,900,000.00		7,027,475.96		466,269.25			(23,506.00	)		—		—		4.875		4.328	JD		103,715.63		168,188.00		8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A		F			1FE		17,692,582.00		102.674		17,998,754.13		17,530,000.00		17,649,896.55		348,857.58			(43,153.00	)		—		—		2.875		2.514	MS		23,799.41		503,988.00		1/5/2010		9/14/2012
87246AAA6	TIAA CMBS 07-C4 A1				2	1FE		5,221,144.00		102.576		5,321,933.64		5,188,259.00		5,193,721.12		128,212.52			(8,252.00	)		—		—		5.64		5.497	MON		17,069.91		220,332.00		12/21/2007		7/10/2012
87938WAL7	TLEFONICA EMISNS CORP BND		F			2FE		5,095,900.00		104.707		5,235,369.10		5,000,000.00		5,092,818.90		142,550.20			(3,081.00	)		—		—		3.729		3.288	AO		80,277.08		—		7/27/2010		4/27/2015
880591CW0	TENN VALLEY AUTH BD 98-C					1		1,302,900.00		112.723		1,304,205.19		1,157,000.00		1,276,539.69		27,665.50			(26,360.00	)		—		—		6		1.687	MS		3,085.33		69,420.00		3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND					1		4,539,760.00		110.257		4,410,280.16		4,000,000.00		4,337,140.64		73,139.52			(150,638.00	)		—		—		6.79		1.575	MN		96,568.89		135,800.00		9/25/2009		5/23/2012
88166BAA8	TEVA PHARMACEUTICAL FINANCE II CORP BND		R			1FE		2,300,000.00		100.363		2,308,349.16		2,300,000.00		2,300,000.00		8,349.16			—			—		—		0.691		0.939	MJSD		485.91		5,639.00		6/15/2010		12/19/2011
88166BAB6	TEVA PHARMACEUTICAL FINANCE II CORP BND		R			1FE		3,996,080.00		101.119		4,044,744.56		4,000,000.00		3,996,637.14		48,107.42			557.00			—		—		1.5		1.55	JD		17,166.67		—		6/15/2010		6/15/2012
88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND		F			1FE		13,832,826.00		104.136		14,422,836.00		13,850,000.00		13,833,734.03		589,101.97			908.00			—		—		3		3.027	JD		118,879.16		—		6/15/2010		6/15/2015
88579EAD7	3M COMPANY CORP BND					1FE		4,363,958.00		107.763		4,391,362.47		4,075,000.00		4,265,415.83		125,946.64			(62,393.00	)		—		—		4.65		2.459	JD		55,793.54		94,744.00		7/20/2009		12/15/2012
887317AJ4	TIME WARNER INC CORP BND					2FE		7,260,260.00		103.605		7,252,332.08		7,000,000.00		7,259,843.00		(7,510.92	)		(417.00	)		—		—		3.15		2.326	JJ		47,162.50		—		9/23/2010		7/15/2015
88732JAK4	TIME WARNER CABLE INC CORP BND					2FE		1,676,085.00		112.496		1,687,438.67		1,500,000.00		1,656,810.84		30,627.83			(19,274.00	)		—		—		6.2		2.257	JJ		23,250.00		46,500.00		5/20/2010		7/1/2013
89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN					1FE		4,744,110.00		105.695		5,020,499.82		4,750,000.00		4,744,427.13		276,072.69			317.00			—		—		3.2		3.227	JD		43,911.11		—		6/14/2010		6/17/2015
89233P4H6	TOYOTA MOTOR CREDIT CORP CORP BND					1FE		4,995,750.00		100.518		5,025,875.45		5,000,000.00		4,995,939.13		29,936.32			189.00			—		—		1.375		1.404	FA		9,357.64		—		8/9/2010		8/12/2013
89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT				2	1FE		4,999,209.00		100		5,000,000.00		5,000,000.00		4,999,210.96		789.04			2.00			—		—		1.09		1.1	MON		1,362.50		—		9/22/2010		12/15/2014
89235YAC9	TAOT_10-B ABS_10-B A3				2	1FE		4,089,647.00		100.512		4,110,929.30		4,090,000.00		4,089,678.48		21,250.82			32.00			—		—		1.04		1.047	MON		1,890.49		6,262.00		7/14/2010		2/18/2014
89235YAD7	TAOT_10-B ABS_10-B A4				2	1FE		1,099,800.00		101.211		1,113,320.31		1,100,000.00		1,099,811.68		13,508.63			12.00			—		—		1.47		1.481	MON		718.67		2,381.00		7/14/2010		1/17/2017
893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND		A			1FE		7,668,402.00		106.072		8,141,042.27		7,675,000.00		7,668,809.80		472,232.47			408.00			—		—		3.4		3.419	JD		86,983.34		—		5/27/2010		6/1/2015
902118BN7	TYCO INTERNATIONAL FINANCE SA CORP BND		F			2FE		4,736,160.00		104.944		4,722,502.01		4,500,000.00		4,731,947.03		(9,445.02	)		(4,213.00	)		—		—		3.375		2.286	AO		61,593.75		—		8/23/2010		10/15/2015
90261XGF3	UBS AG STAMFORD BRANCH CORP BOND					1FE		6,950,955.00		100.579		6,990,222.09		6,950,000.00		6,951,150.64		39,071.45			196.00			—		—		2.25		2.244	FA		21,284.38		—		9/10/2010		8/12/2013
90290FAC0	USAOT_1-1 ABS 10-1-A3				2	1FE		2,652,898.00		100.49		2,662,984.95		2,650,000.00		2,652,309.51		10,675.44			(589.00	)		—		—		1.3		1.249	MON		1,531.11		14,354.00		4/28/2010		4/15/2013
90333WAA6	US BANK NA CORP BND					1FE		1,439,603.00		104.75		1,440,318.70		1,375,000.00		1,393,304.90		47,013.80			(15,902.00	)		—		—		6.375		4.726	FA		14,609.38		87,656.00		9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND					1FE		14,757,824.00		102.616		15,012,720.36		14,630,000.00		14,729,487.01		283,233.35			(28,409.00	)		—		—		1.9		1.561	AO		125,086.50		138,985.00		3/4/2010		10/19/2012
911312AG1	UNITED PARCEL SERVICE INC CORP BND					1FE		12,184,671.00		108.04		12,316,584.51		11,400,000.00		11,966,490.15		350,094.36			(177,313.00	)		—		—		4.5		2.258	JJ		108,300.00		484,875.00		1/22/2010		1/15/2013
911312AL0	UNITED PARCEL SERVICE INC CORP BND					1FE		12,414,426.00		108.678		12,824,006.01		11,800,000.00		12,349,013.03		474,992.98			(65,413.00	)		—		—		3.875		2.479	AO		228,625.01		—		4/20/2010		4/1/2014
91159HGS3	US BANCORP CORP BND					1FE		1,250,063.00		102.061		1,275,758.74		1,250,000.00		1,250,054.20		25,704.54			(8.00	)		—		—		2.125		2.123	FA		3,394.10		24,792.00		12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN					1FE		549,043.00		104.893		576,909.69		550,000.00		549,145.52		27,764.17			103.00			—		—		3.15		3.188	MS		1,299.38		8,663.00		3/1/2010		3/4/2015
91159HGW4	US BANCORP CORP BND					1FE		14,531,813.00		101.744		14,803,750.26		14,550,000.00		14,533,572.44		270,177.82			1,760.00			—		—		2		2.043	JD		86,491.66		—		6/9/2010		6/14/2013
91159HGX2	US BANCORP CORP BND					1FE		9,490,690.00		102.386		9,726,646.25		9,500,000.00		9,491,005.80		235,640.45			316.00			—		—		2.45		2.471	JJ		41,377.78		—		7/22/2010		7/27/2015
91159HGY0	US BANCORP CORP BND					1FE		5,442,970.00		100.62		5,483,793.49		5,450,000.00		5,443,083.98		40,709.51			114.00			—		—		1.375		1.419	MS		3,746.88		—		9/8/2010		9/13/2013
91160HAC1	US BANCORP - (LT) GTD CORP BND					1FE		2,004,620.00		102.102		2,042,039.80		2,000,000.00		2,002,546.17		39,493.63			(1,150.00	)		—		—		1.8		1.72	MN		13,600.00		18,000.00		5/19/2009		5/15/2012
912810QK7	UNITED STATES TREASURY GOVT BND					1		103,500.00		103.391		103,391.01		100,000.00		103,496.40		(105.39	)		(4.00	)		—		—		3.875		3.681	FA		494.90		—		9/8/2010		8/15/2040
912828FU9	UNITED STATES TREASURY GOVT BND					1		5,099,609.00		104.179		5,000,592.05		4,800,000.00		4,888,895.76		111,696.29			(65,092.00	)		—		—		4.5		2.606	MS		593.40		216,000.00		7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND					1		4,230,469.00		104.66		4,186,399.84		4,000,000.00		4,077,813.81		108,586.03			(52,760.00	)		—		—		4.625		2.775	AO		77,841.53		92,500.00		7/15/2008		10/31/2011
912828GC8	UNITED STATES TREASURY GOVT BND					1		3,286,406.00		105.443		3,163,290.03		3,000,000.00		3,096,337.02		66,953.01			(56,856.00	)		—		—		4.625		2.004	JD		35,064.54		69,375.00		3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND					1		1,078,359.00		105.951		1,059,509.96		1,000,000.00		1,028,501.78		31,008.18			(15,649.00	)		—		—		4.75		2.558	JJ		8,002.72		47,500.00		4/17/2008		1/31/2012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS					1		4,776,637.00		121.247		5,092,363.85		4,200,000.00		4,781,666.03		310,697.82			(37,773.00	)		—		—		2.625		1.351	JJ		24,580.78		115,521.00		10/15/2009		7/15/2017
912828HK9	UNITED STATES TREASURY GOVT BND					1		16,403,320.00		105.299		17,551,710.17		16,500,000.00		16,455,945.07		1,095,765.10			14,490.00			—		—		3.375		3.504	MN		187,146.52		278,438.00		12/7/2007		11/30/2012
912828HY9	UNITED STATES TREASURY GOVT BND					1		9,875,391.00		106.695		10,669,500.00		10,000,000.00		9,932,008.37		737,491.63			18,595.00			—		—		3.125		3.402	AO		130,774.46		156,250.00		5/30/2008		4/30/2013
912828JB7	UNITED STATES TREASURY GOVT BND					1		759,111.00		107.906		809,294.99		750,000.00		755,059.93		54,235.06			(1,346.00	)		—		—		3.5		3.234	MN		8,821.72		13,125.00		6/4/2008		5/31/2013
912828JD3	UNITED STATES TREASURY GOVT BND					1		14,621,953.00		107.68		15,613,600.00		14,500,000.00		14,570,036.68		1,043,563.32			(18,121.00	)		—		—		3.375		3.19	JD		123,673.57		244,688.00		7/21/2008		6/30/2013
912828JM3	UNITED STATES TREASURY GOVT BND					1		45,564,960.00		107.348		48,091,904.00		44,800,000.00		45,272,033.55		2,819,870.45			(111,922.00	)		—		—		3.125		2.756	MS		3,846.14		1,400,000.00		10/7/2008		9/30/2013
912828JQ4	UNITED STATES TREASURY GOVT BND					1		113,700,262.00		106.326		115,257,379.66		108,400,000.00		113,454,711.33		1,802,668.33			(229,923.00	)		—		—		2.75		1.197	AO		1,254,185.69		143,000.00		9/28/2010		10/31/2013
912828JT8	UNITED STATES TREASURY GOVT BND					1		8,013,563.00		104.078		8,222,162.24		7,900,000.00		8,003,550.48		218,611.76			(10,012.00	)		—		—		2		1.574	MN		53,098.36		—		6/3/2010		11/30/2013
912828JZ4	UNITED STATES TREASURY GOVT BND					1		36,502,813.00		103.304		38,222,480.37		37,000,000.00		36,563,744.86		1,658,735.51			60,932.00			—		—		1.75		2.118	JJ		109,089.67		323,750.00		4/7/2010		1/31/2014
912828KF6	UNITED STATES TREASURY GOVT BND					1		35,078,516.00		103.696		35,256,639.66		34,000,000.00		35,040,639.87		215,999.79			(37,876.00	)		—		—		1.875		0.962	FA		54,592.54		318,750.00		8/19/2010		2/28/2014
912828KN9	UNITED STATES TREASURY GOVT BND					1		39,259,082.00		103.724		41,489,599.60		40,000,000.00		39,363,248.04		2,126,351.56			104,166.00			—		—		1.875		2.341	AO		313,858.70		375,000.00		2/19/2010		4/30/2014
912828KS8	UNITED STATES TREASURY GOVT BND					1		2,888,230.00		106.299		3,082,671.12		2,900,000.00		2,889,411.12		193,260.00			1,181.00			—		—		2.625		2.698	FA		6,518.99		76,125.00		2/5/2010		2/29/2016
912828KU3	UNITED STATES TREASURY GOVT BND					1		2,519,533.00		100.425		2,540,752.58		2,530,000.00		2,526,463.75		14,288.83			3,897.00			—		—		0.875		1.087	MN		7,439.65		11,069.00		6/5/2009		5/31/2011
912828KX7	UNITED STATES TREASURY GOVT BND					1		37,109,187.00		102.564		37,410,220.10		36,475,000.00		36,931,793.37		478,426.73			(177,393.00	)		—		—		1.875		1.131	JD		201,808.40		341,953.00		3/23/2010		6/15/2012
912828KY5	UNITED STATES TREASURY GOVT BND					1		22,424,668.00		106.478		23,531,637.35		22,100,000.00		22,347,950.00		1,183,687.35			(47,164.00	)		—		—		2.625		2.311	JD		146,607.68		290,063.00		7/8/2009		6/30/2014
912828LC2	UNITED STATES TREASURY GOVT BND					1		6,231,853.00		106.467		6,494,487.61		6,100,000.00		6,209,685.49		284,802.12			(20,449.00	)		—		—		2.625		2.133	JJ		26,977.58		160,125.00		12/11/2009		7/31/2014
912828LH1	UNITED STATES TREASURY GOVT BND					1		26,362,136.00		102.51		26,652,600.52		26,000,000.00		26,268,981.07		383,619.45			(93,155.00	)		—		—		1.75		1.19	FA		58,111.41		455,000.00		2/10/2010		8/15/2012
912828LK4	UNITED STATES TREASURY GOVT BND					1		63,195,977.00		105.521		63,734,681.58		60,400,000.00		63,136,706.48		597,975.10			(59,421.00	)		—		—		2.375		1.178	FA		126,109.89		138,938.00		9/1/2010		8/31/2014
912828LP3	UNITED STATES TREASURY GOVT BND					1		8,406,595.00		107.883		8,630,640.24		8,000,000.00		8,396,904.45		233,735.79			(9,690.00	)		—		—		3		2.115	MS		659.34		120,000.00		7/30/2010		9/30/2016
912828LR9	UNITED STATES TREASURY GOVT BND					1		62,731,713.00		101.884		63,371,854.22		62,200,000.00		62,716,020.00		655,834.22			(18,467.00	)		—		—		1.375		0.962	AO		394,910.52		207,625.00		8/19/2010		10/15/2012
912828LS7	UNITED STATES TREASURY GOVT BND					1		95,289,844.00		105.559		97,114,285.52		92,000,000.00		95,184,828.56		1,929,456.96			(105,015.00	)		—		—		2.375		1.496	AO		914,484.83		—		9/15/2010		10/31/2014
912828LU2	UNITED STATES TREASURY GOVT BND					1		9,826,432.00		108.555		10,095,614.35		9,300,000.00		9,814,069.12		281,545.23			(12,363.00	)		—		—		3.125		2.147	AO		122,284.84		—		7/30/2010		10/31/2016
912828LZ1	UNITED STATES TREASURY GOVT BND					1		3,864,517.00		104.529		4,076,630.96		3,900,000.00		3,869,925.05		206,705.91			5,126.00			—		—		2.125		2.32	MN		27,851.43		41,438.00		12/16/2009		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND					1		41,543,937.00		101.406		42,407,991.71		41,820,000.00		41,615,722.30		792,269.41			68,012.00			—		—		1.125		1.351	JD		138,828.69		235,238.00		12/16/2009		12/15/2012
912828MG2	UNITED STATES TREASURY GOVT BND					1		10,972,107.00		101.986		11,218,460.00		11,000,000.00		10,978,529.80		239,930.20			6,423.00			—		—		1.375		1.462	JJ		32,058.42		75,625.00		1/19/2010		1/15/2013
912828MH0	UNITED STATES TREASURY GOVT BND					1		24,835,045.00		104.954		26,238,500.50		25,000,000.00		24,855,933.95		1,382,566.55			20,889.00			—		—		2.25		2.391	JJ		94,769.02		281,250.00		1/29/2010		1/31/2015
912828MJ6	UNITED STATES TREASURY GOVT BND					1		1,400,230.00		100.728		1,410,191.95		1,400,000.00		1,400,153.49		10,038.46			(76.00	)		—		—		0.875		0.867	JJ		2,063.86		6,125.00		1/25/2010		1/31/2012
912828MK3	UNITED STATES TREASURY GOVT BND					1		6,951,425.00		108.372		7,152,551.60		6,600,000.00		6,943,586.41		208,965.19			(7,838.00	)		—		—		3.125		2.238	JJ		34,748.64		—		8/2/2010		1/31/2017
912828MM9	UNITED STATES TREASURY GOVT BND					1		4,999,431.00		100.496		5,024,800.10		5,000,000.00		4,999,666.39		25,133.71			214.00			—		—		0.75		0.756	MN		12,602.46		18,750.00		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND					1		51,297,637.00		102.011		51,828,729.78		50,807,000.00		51,282,116.03		546,613.75			(15,521.00	)		—		—		1.375		0.974	FA		89,222.89		162,298.00		9/9/2010		2/15/2013
912828MR8	UNITED STATES TREASURY GOVT BND					1		8,529,247.00		105.49		8,966,649.15		8,500,000.00		8,526,022.00		440,627.15			(3,225.00	)		—		—		2.375		2.302	FA		17,287.64		100,938.00		2/26/2010		2/28/2015
912828MU1	UNITED STATES TREASURY GOVT BND					1		13,335,513.00		100.985		13,481,497.63		13,350,000.00		13,339,126.51		142,371.12			3,613.00			—		—		1		1.055	MS		370.84		66,750.00		3/30/2010		3/31/2012
912828MZ0	UNITED STATES TREASURY GOVT BND					1		16,547,422.00		106.022		17,387,608.49		16,400,000.00		16,536,672.19		850,936.30			(10,750.00	)		—		—		2.5		2.307	AO		171,576.09		—		5/11/2010		4/30/2015
912828NC0	UNITED STATES TREASURY GOVT BND					1		1,503,579.00		102.084		1,531,260.11		1,500,000.00		1,503,185.68		28,074.43			(394.00	)		—		—		1.375		1.292	MN		7,790.42		—		5/28/2010		5/15/2013
912828NE6	UNITED STATES TREASURY GOVT BND					1		6,302,728.00		100.609		6,338,367.07		6,300,000.00		6,302,400.72		35,966.35			(327.00	)		—		—		0.75		0.726	MN		15,792.80		—		6/15/2010		5/31/2012
912828NF3	UNITED STATES TREASURY GOVT BND					1		15,178,991.00		104.263		15,743,711.94		15,100,000.00		15,175,184.97		568,526.97			(3,806.00	)		—		—		2.125		2.011	MN		108,120.92		—		6/22/2010		5/31/2015
912828NL0	UNITED STATES TREASURY GOVT BND					1		15,410,933.00		103.062		15,768,485.39		15,300,000.00		15,408,548.92		359,936.47			(2,384.00	)		—		—		1.875		1.718	JD		72,498.31		—		9/10/2010		6/30/2015

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
912828NP1	UNITED STATES TREASURY GOVT BND					1		61,668,313.00		102.416		62,576,176.00		61,100,000.00		61,653,133.56		923,042.44			(15,180.00	)		—		—			1.75		1.555	JJ		180,145.38		—		8/24/2010		7/31/2015
912828NQ9	UNITED STATES TREASURY GOVT BND					1		21,944,257.00		100.416		21,991,105.76		21,900,000.00		21,941,310.84		49,794.92			(2,946.00	)		—		—			0.625		0.521	JJ		23,060.46		—		8/13/2010		7/31/2012
912828NS5	UNITED STATES TREASURY GOVT BND					1		11,897,613.00		100.407		11,948,431.81		11,900,000.00		11,897,827.54		50,604.27			214.00			—		—			0.625		0.636	JD		18,795.85		—		7/27/2010		6/30/2012
912828NU0	UNITED STATES TREASURY GOVT BND					1		81,044,035.00		100.377		81,405,746.19		81,100,000.00		81,046,484.60		359,261.59			2,450.00			—		—			0.75		0.773	FA		77,684.11		—		9/1/2010		8/15/2013
912828NV8	UNITED STATES TREASURY GOVT BND					1		34,729,068.00		99.979		35,032,640.20		35,040,000.00		34,733,627.27		299,012.93			4,559.00			—		—			1.25		1.429	FA		40,467.41		—		9/24/2010		8/31/2015
912828NY2	UNITED STATES TREASURY GOVT BND					1		17,512,010.00		100.32		17,566,033.23		17,510,000.00		17,512,180.64		53,852.59			171.00			—		—			0.75		0.746	MS		5,804.42		—		9/24/2010		9/15/2013
912828PA2	UNITED STATES TREASURY GOVT BND					1		1,981,947.00		99.758		1,995,160.06		2,000,000.00		1,981,953.54		13,206.52			7.00			—		—			1.875		2.012	MS		103.02		—		9/24/2010		9/30/2017
912828PH7	UNITED STATES TREASURY GOVT BND					1		19,946,161.00		99.925		19,985,000.60		20,000,000.00		19,947,373.33		37,627.27			1,213.00			—		—			0.375		0.512	FA		6,929.35		—		9/14/2010		8/31/2012
913017BF5	UNITED TECHNOLOGIES CORP CORP BND					1FE		799,383.00		107.969		831,359.38		770,000.00		783,800.17		47,559.21			(6,007.00	)		—		—			6.1		4.936	MN		17,744.22		23,485.00		9/24/2008		5/15/2012
91913YAQ3	VALERO ENERGY CORPORATION CORP BND					2FE		1,531,485.00		105.097		1,576,448.37		1,500,000.00		1,529,391.07		47,057.30			(2,094.00	)		—		—			4.5		4.003	FA		11,250.00		32,438.00		5/20/2010		2/1/2015
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND					1FE		4,434,008.00		101.718		4,389,128.77		4,315,000.00		4,332,236.49		56,892.28			(34,009.00	)		—		—			5.35		4.254	FA		29,497.82		230,853.00		5/30/2008		2/15/2011
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND					1FE		6,784,125.00		101.199		7,107,590.69		6,250,000.00		6,730,342.13		377,248.56			(53,783.00	)		—		—			4.9		3.21	MS		13,611.11		306,250.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		6,369,195.00		118.052		6,527,113.33		5,529,000.00		6,266,322.86		260,790.47			(101,564.00	)		—		—			7.375		2.871	MN		154,044.09		203,882.00		4/20/2010		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,237,052.00		105.782		8,674,096.29		8,200,000.00		8,222,969.77		451,126.52			(12,195.00	)		—		—			5.25		5.029	FA		71,750.00		430,500.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		23,455,928.00		113.016		25,569,861.18		22,625,000.00		23,349,877.38		2,219,983.80			(108,428.00	)		—		—			5.55		4.479	FA		209,281.25		1,005,938.00		9/3/2010		2/1/2014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		1,800,000.00		101.665		1,829,969.88		1,800,000.00		1,800,000.00		29,969.88			—			—		—			2.945		3.025	FMAN		6,185.49		39,983.00		11/10/2009		5/20/2011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		649,608.00		102.017		663,109.57		650,000.00		649,836.65		13,272.92			188.00			—		—			3.75		3.79	MN		8,869.79		12,188.00		11/10/2009		5/20/2011
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A				2	1FE		1,333,335.00		35		1,126,859.14		1,331,670.00		1,333,105.65		(206,246.51	)		(106.00	)		—		—			0.584		0.569	MON		129.56		6,042.00		12/15/2005		8/25/2029
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1				2	1FE		1,769,326.00		48.382		1,444,817.22		1,769,326.00		1,769,325.71		(324,508.49	)		—			—		—			0.516		0.517	MON		152.24		7,219.00		12/15/2005		11/25/2045
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2				2	NR*Z*		806,335.00		99.19		819,458.34		826,150.00		806,997.81		12,460.53			87.00			—		—			2.707		3.264	MON		1,863.35		17,767.00		8/10/2007		6/25/2034
92922FR75	WASHINGTON MUTUAL CMO 05-AR8 2A1A				2	1FE		1,429,205.00		80.978		1,156,255.54		1,427,866.00		1,429,026.29		(272,770.75	)		(40.00	)		—		—			0.546		0.536	MON		130.00		6,152.00		12/16/2005		8/25/2035
92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8				2	NR*Z*		4,144,822.00		90.088		3,772,316.28		4,187,350.00		4,146,071.22		(373,754.94	)		578.00			—		—			2.803		2.974	MON		9,780.32		142,944.00		1/10/2008		10/25/2035
92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3				2	3FE		2,939,883.00		85.256		2,557,680.00		3,000,000.00		2,958,139.69		(400,459.69	)		7,394.00			—		—			2.771		2.968	MON		6,927.95		97,277.00		3/24/2006		9/25/2035
92924SAA6	WESTFIELD GROUP CORP BND 144A		R			1FE		2,968,684.00		93.983		3,223,946.51		3,025,000.00		2,995,095.82		228,850.69			10,235.00			—		—			5.4		5.929	AO		81,675.00		81,675.00		12/24/2008		10/1/2012
92926WAA5	WAMU_07 CMO 07-0A1-A1A				2	1FE		4,471,782.00		40.17		2,626,679.89		4,471,782.00		4,471,781.77		(1,845,101.88	)		—			—		—			1.07		1.066	MON		3,987.34		38,489.00		2/7/2007		2/25/2047
92928WAF2	WMC FINANCE LTD CORP BND		F			1FE		10,811,300.00		109.176		10,917,558.30		10,000,000.00		10,652,429.24		265,129.06			(158,871.00	)		—		—			5.125		2.537	MN		193,611.11		256,250.00		1/27/2010		5/15/2013
929766CT8	WACHOVIA BANK COMM MTG TR CMBS 03-C3				2	1FE		2,620,118.00		99.385		2,729,921.79		2,696,213.00		2,669,295.45		60,626.34			9,989.00			—		—			4.037		5.123	MON		9,070.51		81,635.00		8/27/2008		2/15/2035
92976WBA3	WACHOVIA CORPORATION CORP BND MTN					1FE		527,500.00		101.414		555,956.35		500,000.00		515,042.41		40,913.94			(3,673.00	)		—		—			5.7		4.556	FA		4,750.00		28,500.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION CORP BND MTN					1FE		11,395,574.00		110.257		11,466,693.47		10,400,000.00		11,352,657.52		114,035.95			(41,631.00	)		—		—			5.5		1.851	MN		238,333.34		11,000.00		8/19/2010		5/1/2013
931142AS2	WAL-MART STORES INC CORP BND					1FE		6,759,610.00		112.99		6,727,971.70		5,800,000.00		6,700,265.44		27,706.26			(59,345.00	)		—		—			7.25		1.305	JD		140,166.67		—		7/22/2010		6/1/2013
931142BT9	WAL-MART STORES INC CORP BND					1FE		2,291,772.00		109.459		2,298,643.96		2,100,000.00		2,288,645.16		9,998.80			(3,127.00	)		—		—			4.55		1.019	MN		39,812.50		—		9/10/2010		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND					1FE		5,298,213.00		108.547		5,427,325.45		5,000,000.00		5,241,627.51		185,697.94			(56,586.00	)		—		—			4.25		2.28	AO		97,986.11		106,250.00		2/19/2010		4/15/2013
931142CQ4	WAL-MART STORES INC CORP BND					1FE		2,549,669.00		107.471		2,740,518.49		2,550,000.00		2,549,746.28		190,772.21			49.00			—		—			3.2		3.203	MN		30,826.67		40,800.00		5/14/2009		5/15/2014
931142CR2	WAL-MART STORES INC CORP BND					1FE		15,010,200.00		105.831		15,874,628.40		15,000,000.00		15,011,335.57		863,292.83			1,136.00			—		—			2.875		2.856	AO		215,625.00		—		5/20/2010		4/1/2015
931422AD1	WALGREEN CO CORP BND					1FE		6,200,660.00		110.086		6,852,881.89		6,225,000.00		6,210,671.24		642,210.65			3,474.00			—		—			4.875		4.963	FA		50,578.14		303,469.00		7/14/2008		8/1/2013
933635AA2	WAMU_07-OA2 CMO_07-OA2 1A				2	5FE		1,334,813.00		62.292		831,481.67		1,334,813.00		1,334,812.93		(503,331.26	)		—			—		—			1.07		1.065	MON		1,190.21		11,480.00		2/21/2007		3/25/2047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A				2	1FE		631,710.00		36		394,818.96		631,710.00		631,710.33		(236,891.37	)		—			—		—			1.29		1.285	MON		679.09		6,475.00		8/16/2006		9/25/2046
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2				2	5FE		5,285,491.00		77		4,441,831.82		5,768,613.00		5,304,696.08		(862,864.26	)		3,090.00			—		—			5.5		7.425	MON		26,439.48		237,955.00		12/17/2007		11/25/2035
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND					1FE		1,298,479.00		103.122		1,339,948.97		1,300,000.00		1,298,479.00		41,469.97			—			—		—			3		3.658	JD		12,133.33		19,500.00		12/3/2008		12/9/2011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP					??		6,941,313.00		100.982		6,866,771.99		6,800,000.00		6,874,973.19		(8,201.20	)		(47,050.00	)		—		—			1.142		0.242	MJSD		4,745.14		62,096.00		9/8/2009		12/9/2011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND					1FE		829,784.00		102.761		852,916.37		830,000.00		829,877.43		23,038.94			52.00			—		—			2.125		2.134	JD		5,193.26		8,819.00		3/25/2009		6/15/2012
949746NY3	WELLS FARGO & COMPANY CORP BND					1FE		797,552.00		107.417		859,332.76		800,000.00		798,792.05		60,540.71			363.00			—		—			4.375		4.444	JJ		5,930.56		35,000.00		1/25/2008		1/31/2013
949748AF4	WELLS FARGO BANK CORP BND BKNT					1FE		2,103,060.00		101.983		2,039,660.71		2,000,000.00		2,011,660.22		28,000.49			(25,634.00	)		—		—			6.45		4.665	FA		21,500.00		129,000.00		12/5/2007		2/1/2011
94974BAZ3	WELLS FARGO & COMPANY CORP BND MTN					1FE		5,709,540.00		100.234		6,014,067.78		6,000,000.00		5,994,102.03		19,965.75			56,997.00			—		—			3.98		5.299	AO		100,826.67		119,400.00		9/7/2006		10/29/2010
94974BEU0	WELLS FARGO & COMPANY CORP BND					1FE		9,277,638.00		105.771		9,572,275.86		9,050,000.00		9,275,939.49		296,336.37			(1,698.00	)		—		—			3.625		3.027	AO		164,942.53		—		9/9/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND					1FE		804,015.00		107.435		805,764.37		750,000.00		786,208.84		19,555.53			(14,278.00	)		—		—			5.5		2.781	FA		6,875.00		41,250.00		10/20/2009		8/1/2012
949781AA6	WFMBS CMO 05-AR1 1A1				2	NR*Z*		3,064,639.00		93		2,919,772.54		3,139,540.00		3,071,868.96		(152,096.42	)		1,455.00			—		—			2.853		3.463	MON		7,464.85		67,501.00		12/5/2006		2/25/2035
949781AC2	WFMBS CMO 05-AR1 2A1				2	3FE		884,711.00		86		779,860.41		906,814.00		885,529.09		(105,668.68	)		170.00			—		—			2.866		3.41	MON		2,165.57		19,506.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1				2	NR*Z*		399,551.00		90		357,334.23		397,038.00		399,316.73		(41,982.50	)		(9.00	)		—		—			6		5.612	MON		1,985.19		17,867.00		1/17/2008		11/1/2037
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1				2	NR*Z*		247,746.00		96		239,935.31		249,933.00		247,831.18		(7,895.87	)		36.00			—		—			2.966		3.105	MON		617.79		5,567.00		1/14/2008		12/25/2034
94980VAA6	WELLS FARGO & COMPANY CORP BND					1FE		5,001,841.00		108.457		5,422,825.25		5,000,000.00		5,001,699.72		421,125.53			(141.00	)		—		—			4.75		4.741	FA		34,305.56		118,750.00		2/19/2010		2/9/2015
94980VAE8	WELLS FARGO BANK CORP BND					1FE		5,987,464.00		111.236		6,472,833.08		5,819,000.00		5,973,583.13		499,249.95			(13,881.00	)		—		—			5.75		5.199	MN		126,401.61		167,296.00		2/19/2010		5/16/2016
94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2				2	NR*Z*		2,385,805.00		95.476		2,343,695.93		2,454,749.00		2,389,319.06		(45,623.13	)		2,288.00			—		—			2.953		3.57	MON		6,041.44		57,931.00		7/19/2006		4/25/2035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2				2	NR*Z*		915,611.00		94.567		880,868.56		931,476.00		916,201.43		(35,332.87	)		73.00			—		—			2.886		3.294	MON		2,240.33		21,878.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2				2	2FE		4,249,052.00		96.24		4,099,857.66		4,260,035.00		4,249,487.47		(149,629.81	)		(389.00	)		—		—			5.064		5.105	MON		17,978.42		162,846.00		1/28/2008		9/25/2035
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND					1FE		6,706,837.00		102.275		6,852,425.13		6,700,000.00		6,705,444.14		146,980.99			(1,575.00	)		—		—			1.75		1.71	MN		48,528.47		58,625.00		1/27/2010		11/2/2012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A		F			1FE		984,970.00		97.032		998,416.74		995,000.00		994,482.05		3,934.69			3,131.00			—		—			4.375		4.811	MN		16,445.14		21,766.00		5/20/2008		11/15/2010
961214BM4	WESTPAC BANKING CORP BND MTN		F			1FE		11,712,499.00		101.406		11,884,841.10		11,720,000.00		11,712,888.91		171,952.19			390.00			—		—			2.1		2.122	FA		39,652.66		—		7/26/2010		8/2/2013
961214BN2	WESTPAC BANKING CORP BND MTN		F			1FE		10,732,890.00		101.673		10,929,865.13		10,750,000.00		10,733,455.05		196,410.08			565.00			—		—			3		3.034	FA		51,958.33		—		8/4/2010		8/4/2015
9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND 144A		F			1FE		3,139,587.00		107.713		3,339,102.91		3,100,000.00		3,131,397.12		207,705.79			(5,724.00	)		—		—			3.45		3.167	JJ		18,716.25		106,950.00		8/31/2009		7/28/2014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A		F			1FE		11,864,124.00		102.667		11,864,665.58		11,500,000.00		11,690,873.04		173,792.54			(116,282.00	)		—		—			3.25		1.853	JD		109,010.42		186,875.00		8/13/2009		12/16/2011
9612EMAH2	WESTPAC BANKING CORP - GTD SENIOR CORP		F			1FE		10,104,800.00		105.573		10,557,299.80		10,000,000.00		10,095,585.60		461,714.20			(9,214.00	)		—		—			2.9		2.643	MS		16,916.67		145,000.00		4/28/2010		9/10/2014
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B				2	1FE		131,736.00		100.188		131,986.71		131,739.00		131,738.66		248.05			1.00			—		—			5.28		5.34	MON		309.15		5,217.00		9/17/2007		1/17/2012
983024AA8	WYETH CORP BND					1FE		1,104,250.00		110.784		1,107,835.39		1,000,000.00		1,085,242.95		22,592.44			(19,007.00	)		—		—			5.5		1.929	MS		2,444.44		55,000.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND					1FE		8,152,990.00		113.378		8,503,338.98		7,500,000.00		8,056,388.25		446,950.73			(96,602.00	)		—		—			5.5		3.139	FA		68,750.00		206,250.00		2/19/2010		2/1/2014
98385XAF3	XTO ENERGY INC. CORP BND					1FE		6,731,473.00		113.588		6,758,489.45		5,950,000.00		6,704,653.37		53,836.08			(26,820.00	)		—		—			5		1.933	JJ		50,409.72		—		7/29/2010		1/31/2015
98385XAP1	XTO ENERGY INC. CORP BND					1FE		5,493,050.00		118.077		5,903,865.05		5,000,000.00		5,476,402.72		427,462.33			(16,647.00	)		—		—			5.5		4.048	JD		80,972.22		137,500.00		6/2/2010		6/15/2018
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND		D		1	1FE		827,691.00		95.267		662,180.85		630,320.00		827,958.98		(165,778.13	)		48.00			—		(198,065.25	)		6.375		6.387	FA		5,394.42		39,816.00		11/28/2007		8/13/2017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND		D			1FE		6,545,425.00		105.161		5,479,425.48		5,200,140.00		6,567,115.32		(1,087,689.84	)		7,279.00			—		(1,378,490.45	)		4.875		4.978	MAR		144,464.16		242,921.00		4/22/2008		3/7/2012
BRS7X5P83	UNITED KINGDOM GILT GOVT BND		D			1FE		8,538,267.00		96.1		9,784,772.52		9,454,800.00		8,573,949.08		1,210,823.44			17,612.00			—		787,442.89			2.25		2.552	MS		14,103.85		208,724.00		3/20/2009		3/7/2014
BRS8WUHY9	SMI SILVMA_09-1 A3		D		2	1FE		833,162.00		106.075		852,482.71		803,658.00		833,161.50		19,321.21			1,027.00			—		(29,503.50	)		5.063		5.061	AO		18,170.80		18,414.00		10/27/2009		10/21/2014
BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND		F			1FE		9,991,200.00		100.43		10,043,000.00		10,000,000.00		9,993,528.47		49,471.53			2,328.00			—		—			0.875		0.93	NOV		74,618.06		—		5/3/2010		11/23/2011
BRS95J848	WEST BROMWICH BUILDING SOCIETY LOCAL BND		D			2FE		2,743,325.00		101.239		2,871,585.48		2,836,440.00		2,738,594.59		132,990.89			(4,731.00	)		—		127,499.16			2		1.29	APR		27,820.42		—		6/29/2010		4/5/2012
BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND		D			1FE		3,403,270.00		103.302		3,662,625.13		3,545,550.00		3,401,288.04		261,337.09			(1,982.00	)		—		161,664.62			2.625		2.447	DEC		75,221.52		—		4/27/2010		12/10/2013
BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND		D			1FE		4,153,706.00		0		4,426,810.35		4,254,660.00		4,150,843.52		275,966.83			(2,862.00	)		—		187,917.52			3		2.571	DEC		64,694.14		—		7/12/2010		12/7/2015
BRS9WB7G9	ARKEL_10-1 10-1 5A		D		2	1FE		918,390.00		103.729		980,736.95		945,480.00		918,390.00		62,346.95			—			—		27,090.00			4.681		4.65	FA		5,456.46		11,869.00		4/30/2010		11/17/2015
BRSALFYS3	CAISSE D'AMORT DETTE SOCIALE CORP BND		D			1FE		2,159,931.00		100.318		2,213,135.48		2,206,120.00		2,159,960.02		53,175.46			29.00			—		39,571.47			2.25		2.297	DEC		2,039.90		—		9/9/2010		12/7/2015
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F			1FE		7,573,467.00		104.493		7,836,974.70		7,500,000.00		7,554,349.77		282,624.93			(14,540.00	)		—		—			2.5		2.204	MAY		64,062.50		187,500.00		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND		D			1FE		3,688,345.00		104.602		3,626,302.72		3,466,760.00		3,679,682.41		(53,379.69	)		(7,466.00	)		—		(182,536.04	)		3		2.668	SEP		6,268.66		106,609.00		11/11/2009		9/9/2013
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND		D			1FE		4,140,525.00		106.242		3,324,895.14		3,151,600.00		4,142,088.16		(817,193.02	)		284.00			—		(990,874.86	)		5.25		5.193	JAN		118,767.83		170,006.00		11/28/2007		1/12/2012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F			1FE		16,986,811.00		108.023		17,607,749.49		16,300,000.00		16,941,430.12		666,319.37			(45,381.00	)		—		—			4.375		2.562	JAN		507,111.11		—		7/31/2010		1/15/2013
D5799CGN7	NRW.BANK CORP BND MTN		F			1FE		294,146.00		103.877		300,929.93		300,000.00		299,839.09		1,090.84			1,373.00			—		—			4.75		5.324	NOV		13,022.92		—		6/30/2007		11/2/2010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F			1FE		4,099,836.00		99.935		4,174,620.00		4,100,000.00		4,100,069.26		74,550.74			(72.00	)		—		—			3.125		3.099	JUN		37,725.69		128,125.00		7/9/2008		6/15/2011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND		F			1FE		53,888,500.00		104.025		52,012,500.00		50,000,000.00		51,660,408.60		352,091.40			(1,537,138.00	)		—		—			5.5		1.305	JUL		534,722.22		2,750,000.00		8/31/2009		7/21/2011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN		F			1FE		28,086,820.00		106.607		28,250,857.65		26,500,000.00		27,474,477.32		776,380.33			(423,933.00	)		—		—			5.125		2.806	MAY		456,480.90		1,358,125.00		8/31/2009		5/31/2012
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN		D			1FE		3,727,555.00		0		3,030,454.95		2,994,020.00		3,732,500.36		(702,045.41	)		1,446.00			—		(738,975.29	)		4.75		4.748	JAN		97,018.55		146,273.00		1/16/2008		1/25/2011
G16553AB8	SANT CENTR HISP CORP BND EMTN		D			1FE		1,890,267.00		0		1,419,751.63		1,418,220.00		1,865,668.42		(445,916.79	)		(6,941.00	)		—		(446,307.24	)		6.8		6.176	NOV		80,901.57		—		11/28/2007		11/29/2010
G29330DW7	EDF ENRGYNET LPN LOCAL BND		D			1FE		911,019.00		109.507		949,086.04		866,690.00		911,284.77		37,801.27			224.00			—		(46,691.75	)		5.125		5.107	NOV		39,306.77		—		11/6/2009		11/11/2016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND		F			1FE		5,101,200.00		96.51		5,208,100.15		5,000,000.00		5,063,785.84		144,314.31			(26,038.00	)		—		—			5.5		4.647	JUN		80,972.22		275,000.00		8/31/2009		6/15/2012
G4637EBQ7	HSBC BANK PLC CORP BND MTN		D		1	1FE		2,622,227.00		0		2,200,174.03		2,127,330.00		2,662,606.56		(462,432.53	)		11,396.00			—		(520,230.49	)		5.75		6.218	JUN		32,172.23		116,267.00		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC - GTD LOCAL BND EMTN		D			1FE		2,216,051.00		0		2,114,449.93		2,048,540.00		2,177,229.22		(62,779.29	)		(23,557.00	)		—		(93,932.13	)		4		2.441	NOV		71,390.22		—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC - GTD LOCAL BND MTN		D			1FE		1,867,254.00		102.256		1,933,626.11		1,890,960.00		1,855,822.99		77,803.12			(11,431.00	)		—		65,095.21			2.75		1.634	MAR		28,351.45		50,137.00		2/26/2010		3/16/2012
G63983GA5	NATIONWIDE BUILDING SOCIETY -G SENIOR		D			1FE		2,421,014.00		0		2,515,669.93		2,442,490.00		2,406,726.98		108,942.95			(14,287.00	)		—		103,296.77			3.75		1.284	NOV		78,795.40		—		6/28/2010		11/21/2011

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D 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
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND		F			1FE		10,325,657.00		106.944		10,694,400.00		10,000,000.00		10,267,670.72		426,729.28			(57,986.00	)		—		—			3.5		2.451	JUN		101,111.11		350,000.00		2/19/2010		6/17/2013
G7014VBF9	PERMM 2010-1 10-1 3A		D		2	1FE		2,003,000.00		104.925		2,066,761.37		1,969,750.00		2,003,000.00		63,761.37			—			—		(33,250.00	)		4.805		4.673	JJ		20,060.94		41,067.00		1/29/2010		1/17/2017
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND		D			1FE		2,217,335.00		103.352		2,117,207.47		2,048,540.00		2,177,735.05		(60,527.58	)		(24,040.00	)		—		(93,953.95	)		4.125		2.53	NOV		73,849.85		—		6/30/2009		11/14/2011
G92435BV0	UNITED KINGDOM GILT IBND GOVT		D			1FE		3,421,245.00		316.366		3,469,013.39		1,103,060.00		3,429,048.64		39,964.75			7,804.00			—		(16,135.43	)		2.5		-0.106	JJ		13,483.35		—		8/5/2010		7/26/2016
G92435JR1	UNITED KINGDOM GILT GOVT BND		D			1FE		10,644,597.00		120.62		11,024,233.77		9,139,640.00		10,406,111.65		618,122.12			(238,486.00	)		—		323,775.96			8		1.976	MS		8,079.24		358,057.00		4/1/2010		9/27/2013
G92435NC9	UNITED KINGDOM GILT GOVT BND		D			1FE		27,544,281.00		108.71		27,912,750.54		25,685,540.00		27,317,924.44		594,826.10			(184,078.00	)		—		177,437.47			4.5		1.54	MS		76,630.90		679,897.00		7/29/2010		3/7/2013
G924507Q5	UNITED KINGDOM GILT GOVT BND		D			1FE		6,531,284.00		104.76		6,603,232.32		6,303,200.00		6,526,733.91		76,498.41			(4,550.00	)		—		42,584.60			2.75		1.728	JJ		33,442.92		—		9/29/2010		1/22/2015
G92450H50	UNITED KINGDOM GILT GOVT BND		D			1FE		20,680,399.00		107.61		16,957,183.80		15,758,000.00		20,180,829.18		(3,223,645.38	)		(151,146.00	)		—		(4,139,189.45	)		5.25		4.131	JD		262,202.78		376,333.00		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GOVT BND		D			1FE		3,858,506.00		106.22		3,682,392.47		3,466,760.00		3,733,685.54		(51,293.07	)		(73,725.00	)		—		(126,806.14	)		5		2.122	MS		11,492.03		170,250.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GOVT BND		D			1FE		8,722,796.00		113.68		8,956,847.20		7,879,000.00		8,619,013.86		337,833.34			(103,782.00	)		—		(78,586.24	)		5		2.734	MS		26,118.24		386,963.00		2/1/2010		9/7/2014
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND		D			1FE		1,980,725.00		107.382		1,577,561.41		1,497,010.00		1,937,577.64		(360,016.23	)		(13,306.00	)		—		(423,490.70	)		5.5		4.437	DEC		67,221.89		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND		F			1FE		687,853.00		102.538		717,766.01		700,000.00		696,919.65		20,846.36			2,168.00			—		—			5		5.388	OCT		34,708.33		—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND		F			1FE		15,921,300.00		112.05		16,807,501.65		15,000,000.00		15,722,906.82		1,084,594.83			(137,739.00	)		—		—			5		3.526	MAY		281,250.00		750,000.00		8/31/2009		5/16/2014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN		F			1FE		5,441,401.00		107.175		5,358,750.15		5,000,000.00		5,257,648.38		101,101.77			(127,194.00	)		—		—			6		2.398	MAR		154,166.67		300,000.00		8/31/2009		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND		F			1FE		5,478,027.00		106.933		5,667,448.95		5,300,000.00		5,430,046.65		237,402.30			(33,165.00	)		—		—			3.75		2.802	JUL		41,958.33		198,750.00		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN		D			1FE		813,092.00		106.081		835,813.30		787,900.00		813,691.58		22,121.72			424.00			—		(28,838.06	)		4		4.047	SEP		1,813.24		30,767.00		9/3/2009		9/10/2015
N8155ZAC7	SOVRISC CORP BND		F			1FE		6,361,208.00		102.595		6,378,604.10		6,217,266.00		6,268,584.02		110,020.08			(64,347.00	)		—		—			5.25		3.8	AO		136,909.38		163,203.00		8/31/2009		4/30/2011
Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND		D			1FE		679,712.00		103.39		733,152.03		709,110.00		679,973.17		53,178.86			261.00			—		24,776.72			3.875		3.97	DEC		12,746.74		—		4/7/2010		12/14/2015
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE CORP BND		D			1FE		1,703,032.00		0		1,350,400.64		1,339,430.00		1,756,635.18		(406,234.54	)		15,047.00			—		(420,224.19	)		4.625		5.752	DEC		49,728.64		—		11/28/2007		12/12/2010
T17071BQ2	INTESA SANPAOLO SPA CORP BND EMTN		D		1	1FE		896,199.00		0		692,294.45		709,110.00		905,576.18		(213,281.73	)		2,566.00			—		(216,632.92	)		5.5		6.058	DEC		30,559.73		—		11/28/2007		12/19/2016
U36964ED9	GE CAPITAL CORP CORP BND EMTN					1FE		14,386,742.00		0		14,700,279.86		14,000,000.00		14,270,648.66		429,631.20			(116,094.00	)		—		—			5.25		3.758	FEB		449,166.67		735,000.00		2/19/2010		2/21/2012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND		O			1FE		742,349.00		104.722		929,849.64		827,295.00		743,498.19		186,351.45			557.00			—		79,460.02			5.5		5.634	MAR		26,303.44		43,467.00		2/25/2009		3/4/2015
W5818PAC4	NORDEA BANK AB CORP BND MTN		D			1FE		1,375,265.00		103.418		1,466,701.71		1,418,220.00		1,375,674.45		91,027.26			410.00			—		35,094.65			3.875		3.951	DEC		24,692.57		—		4/13/2010		12/15/2015
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND							1,575,000.00				2,002,500.00		9,000,000.00		1,575,000.00		427,500.00								—						JJ		—
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN		F					12,635,320.40				12,429,209.41		12,300,000.00		12,400,596.12		28,613.29								—						JAN		465,777.08
273325AC4	EAST LANE RE II LTD CORP BND 144A					4FE		4,893,583.06				5,083,250.00		5,000,000.00		4,927,070.47		156,179.53			52,070.00																	5/7/2010		4/7/2011
TOTAL												5,200,285,170.01		5,000,603,261.00		5,105,832,163.76		94,453,006.25

Validus Holdings, Ltd September 30, 2010 GAAP short-term investments portfolio in Schedule D format

											CHANGE IN BOOK/ADJUSTED CARRYING VALUE													INTEREST
1	2	3		4		5	6		7		8		9			10		11		12		13		14		15	16		17		18	19		20
																																GROSS		PAID
																		TOTAL								NON-ADMITTED			EFFECTIVE			REC’D		FOR
		FOREIGN		DATE		NAME OF	MATURITY		GAAP				CURRENT YEAR					FX CHG		PAR		ACTUAL		ACCRUED		ACCRUED	INTEREST		RATE OF		HOW	DURING		ACCRUED
DESCRIPTION	*	CODE		ACQUIRED		VENDOR	DATE		BOOK VALUE		UGL		AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		VALUE		COST		INTEREST		INTEREST	RATE		INTEREST		PAID	YEAR		INT
UNITED STATES TREASURY TBILL CASH			912795W31		4/14/2010	BA SECURITIES		10/14/2010		5,999,495.70				6,548.00			—		—		6,000,000.00		5,992,947.50		—			0.233		0.236	MAT		—		—
CISCO SYSTEMS INC CORP BND		17275RA$8			5/4/2010	BNP PARIBAS		2/22/2011		560,017.92		262.79		(10,228.00	)		—		—		550,000.00		570,245.50		3,128.13			5.25		0.582	FA		14,438.00		6,016.00
FHLB DN			313385P$1		9/13/2010			11/19/2010		7,498,366.54											7,500,000.00		7,497,800.00		—
UNITED STATES TREASURY TBILL CASH			91279%$$2		8/27/2010			10/21/2010		1,799,872.49											1,800,000.00		1,799,668.50		—
UNITED STATES TREASURY TBILL CASH			912795%$1		8/17/2010			10/14/2010		899,951.40											900,000.00		899,786.96		—
UNITED STATES TREASURY TBILL CASH			912795%$1		8/18/2010			10/14/2010		8,999,512.41											9,000,000.00		8,997,900.00		—
UNITED STATES TREASURY TBILL CASH			912795UH2		8/27/2010			10/21/2010		899,931.24											900,000.00		899,821.25		—
UNITED STATES TREASURY TBILL CASH			912795W72		9/13/2010			11/12/2010		13,698,034.00											13,700,000.00		13,697,238.31		—
UNITED STATES TREASURY TBILL CASH			912795W72		9/16/2010			11/12/2010		1,049,822.00											1,050,000.00		1,049,763.17		—
UNITED STATES TREASURY TBILL CASH			912795W72		9/21/2010			11/12/2010		2,699,576.00											2,700,020.79		2,699,446.05		—
UNITED STATES TREASURY TBILL CASH			912795W72		9/16/2010			11/12/2010		4,749,196.00											4,749,978.49		4,748,967.38		—
UNITED STATES TREASURY TBILL CASH			912795W80		9/29/2010			11/26/2010		1,899,636.47											1,900,000.00		1,899,629.98		—
CITI-INSTITUTION LIQ FUND USD STIF FUND			B0A0ATCJ9		9/30/2010					7,581,135.08											7,581,135.08		7,581,135.08		—
CITIFUNDS INST CASH RESERVE STIF FUND			BRS668GM8		9/30/2010					4,487,412.93											4,487,412.93		4,487,412.93		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20			9/30/2010					33,666,719.67											33,666,719.67		33,666,719.67		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND			S99992125		9/30/2010					51,369,572.64											51,369,572.64		51,369,572.64		—
GOLDMAN SACHS PLUS DOLLIQ			S999936$0		9/30/2010					16,867,491.75											16,867,491.75		16,867,491.75		—
WELLS FARGO & COMPANY CORP BND			949746NA5		9/29/2010			10/28/2010		4,722,700.00		1,450.10									5,000,000.00		4,722,700.00		6,493.06
BONY CASH RESERVE CASH RESERVE FUND			S875996$0		9/30/2010					58,905,145.49											58,905,145.49		58,905,145.49		—
										228,353,589.73		1,712.89		(3,680.00	)		—		—		228,627,476.84		228,353,392.16

Validus Holdings, Ltd September 30, 2010 GAAP other investments portfolio in Schedule D format

1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				9/4/2009		11,767,785.75		12,332,242.78		11,767,785.75		564,457.03		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		7,534,135.87		6,606,428.23		927,707.64		—		—		—		—		—		—
MFS MERIDIAN MID CAP TOTAL GROWTH FUND				9/4/2009		17,203.14		21,393.19		17,203.14		4,190.05		—		—		—		—		—		—
TOTAL						18,391,434.42		19,887,789.20		18,391,434.42		1,496,354.78