VALIDUS HOLDINGS LTD - FORM 8-K - EX-99.1

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8-K - FORM 8-K - VALIDUS HOLDINGS LTD	y80183e8vk.htm

Exhibit 99.1

Validus Holdings, Ltd September 30, 2009 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
30769QAA8	FARMER MAC AGENCY BND 144A						1		11,703,265.00		105.659		11,850,743.20		10,930,000.00		11,696,279.36		154,463.84			(6,985.00	)		—		—		5.125		4.038	AO		252,073.13		—		8312009		4192017
3128X2TM7	FHLMC AGENCY BND						1FE		14,298,830.00		109.928		14,290,640.00		13,000,000.00		14,199,131.52		91,508.48			(99,698.00	)		—		—		5		2.726	JJ		110,138.89		325,000.00		5122009		1302014
3128X4KF7	FHLMC AGENCY BND MTN						1		3,080,160.00		104.86		3,123,389.73		3,000,000.00		3,029,664.77		93,724.96			(21,962.00	)		—		—		4.75		3.708	MS		3,562.50		142,500.00		12282007		9222010
3128X8A93	FHLMC AGENCY BND						1		13,496,625.00		99.412		13,523,760.41		13,500,000.00		13,497,051.05		26,709.36			426.00			—		—		2.05		2.059	MN		107,625.00		—		5072009		5112012
31331GT66	FFCB AGENCY BND				1		1		7,199,280.00		99.78		7,184,187.29		7,200,000.00		7,199,282.07		(15,094.78	)		2.00			—		—		2.09		2.093	MS		2,926.00		—		9252009		9242012
31331GVD8	FFCB AGENCY BND						1		3,381,186.00		100.507		3,407,187.30		3,390,000.00		3,382,021.00		25,166.30			835.00			—		—		2.2		2.27	AO		29,624.84		—		5042009		4082013
31331TKB6	FFCB AGENCY BND						1		11,187,396.00		104.38		11,208,240.00		10,800,000.00		10,966,040.93		242,199.07			(110,887.00	)		—		—		4.1		2.662	MN		180,810.00		221,400.00		3252008		11042010
31331V4Q6	FFCB AGENCY BND						1		6,019,931.00		105.128		6,264,300.00		6,000,000.00		6,006,193.11		258,106.89			(4,552.00	)		—		—		5		4.89	MS		8,333.33		300,000.00		5032007		9212010
31331Y3X6	FFCB AGENCY BND						1		999,000.00		105.533		1,062,908.02		1,000,000.00		999,283.79		63,624.23			179.00			—		—		3.95		3.977	JJ		7,461.11		39,500.00		7302008		7232012
31331YJA9	FFCB AGENCY BND						1		18,969,030.00		101.63		19,142,500.00		19,000,000.00		18,996,638.70		145,861.30			11,815.00			—		—		3.875		3.961	JD		212,694.44		368,125.00		12142007		12172009
31331YNJ5	FFCB AGENCY BND						1		803,264.00		103.679		829,099.44		800,000.00		801,709.63		27,389.81			(958.00	)		—		—		3.5		3.33	JJ		5,677.78		28,000.00		7072008		1182011
31331YR51	FFCB AGENCY BND						1		990,190.00		106.585		1,065,850.00		1,000,000.00		992,517.22		73,332.78			1,403.00			—		—		4		4.224	MN		14,444.44		20,000.00		7072008		5212013
3133XDTA9	FHLB AGENCY BND						1		8,166,480.00		105.285		8,389,840.08		8,000,000.00		8,068,549.25		321,290.83			(41,510.00	)		—		—		4.75		4.006	JD		117,166.67		190,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND						1		797,393.00		108.131		807,765.02		750,000.00		774,469.33		33,295.69			(10,081.00	)		—		—		5.6		3.647	JD		10,850.00		21,000.00		1032008		6282011
3133XGYT5	FHLB AGENCY BND						1		1,292,650.00		102.088		1,261,406.25		1,250,000.00		1,254,447.52		6,958.73			(17,000.00	)		—		—		5		3.137	JD		19,097.22		31,250.00		1142008		12112009
3133XH2V3	FHLB AGENCY BND						1		10,758,200.00		107.579		10,757,900.20		10,000,000.00		10,728,579.51		29,320.69			(29,620.00	)		—		—		5		1.354	AO		233,333.33		—		8312009		10132011
3133XHPH9	FHLB AGENCY BND						1FE		16,177,200.00		107.896		16,184,400.00		15,000,000.00		16,133,233.39		51,166.61			(43,967.00	)		—		—		4.875		1.268	MN		270,156.25		—		8312009		11182011
3133XTHN9	FHLB AGENCY BND						1		1,002,966.00		99.947		1,007,109.99		1,000,000.00		1,002,148.09		4,961.90			(818.00	)		—		—		1.25		1.041	AO		5,798.61		—		5072009		10142010
3133XUE41	FHLB AGENCY BND						1FE		9,069,255.00		100.451		9,141,041.00		9,100,000.00		9,070,311.49		70,729.51			1,057.00			—		—		1.75		1.866	FA		30,080.56		—		8202009		8222012
31359M7X5	FNMA AGENCY BND						1FE		3,188,535.00		110.587		3,317,610.00		3,000,000.00		3,169,166.51		148,443.49			(13,952.00	)		—		—		5		4.129	MN		58,333.33		75,000.00		9112008		5112017
31359MA45	FNMA AGENCY BND						1FE		37,988,264.00		111.218		38,258,992.00		34,400,000.00		37,939,561.17		319,430.83			(48,703.00	)		—		—		5		2.971	AO		793,111.11		—		8312009		4152015
31359MGJ6	FNMA AGENCY BND						1		10,089,396.00		107.95		10,036,850.00		9,400,000.00		10,041,605.01		(4,755.01	)		(47,791.00	)		—		—		6.625		0.514	MN		235,261.11		—		8312009		11152010
31359MRK1	FNMA AGENCY NT						1		15,510,548.00		101.94		15,652,628.00		14,800,000.00		15,495,578.54		157,049.46			(14,969.00	)		—		—		4.625		3.225	MN		285,208.33		—		8312009		5012013
3137EABA6	FHLMC AGENCY BND						1FE		5,587,993.00		111.022		5,773,144.00		5,200,000.00		5,550,789.01		222,354.99			(26,797.00	)		—		—		5.125		4.139	MN		99,197.22		133,250.00		9112008		11172017
3137EABK4	FHLMC AGENCY BND						1		8,988,030.00		102.627		9,268,110.00		9,000,000.00		8,993,838.24		274,271.76			2,919.00			—		—		2.75		2.796	AO		116,875.00		123,750.00		4032008		4112011
3137EABX6	FHLMC AGENCY BND						1FE		24,540,915.00		100.85		24,708,250.00		24,500,000.00		24,540,249.11		168,000.89			(666.00	)		—		—		2.5		2.459	JJ		142,916.67		—		8312009		1072014
3137EACC1	FHLMC AGENCY BND						1FE		5,382,504.00		100.578		5,431,212.00		5,400,000.00		5,384,524.89		46,687.11			2,021.00			—		—		1.75		1.859	JD		34,125.00		—		5192009		6152012
31398AHZ8	FNMA AGENCY BND						1		22,415,656.00		109.149		22,921,290.00		21,000,000.00		22,302,263.30		619,026.70			(64,713.00	)		—		—		4.75		2.66	MN		365,750.01		190,000.00		8312009		11192012
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND						1		5,295,283.00		100.61		5,332,330.42		5,300,000.00		5,295,283.00		37,047.42			—			—		—		3.05		3.069	AO		898.06		—		9222009		10152014
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND						1		4,539,760.00		113.287		4,517,760.00		4,000,000.00		4,538,132.87		(20,372.87	)		(1,627.00	)		—		—		6.79		1.575	MN		96,568.89		—		9252009		5232012
912803AT0	UNITED STATES TREASURY STRIPS PO						1		873,278.00		63.324		1,003,350.00		1,500,000.00		922,330.08		81,019.92			31,132.00			—		—		0		4.631	MAT		—		—		7242008		5152020
912810EZ7	UNITED STATES TREASURY GOVT BND						1		1,481,438.00		132.642		1,591,703.98		1,200,000.00		1,468,592.83		123,111.15			(7,394.00	)		—		—		6.625		4.722	FA		10,153.53		79,500.00		5302008		2152027
912828FU9	UNITED STATES TREASURY GOVT BND						1		5,099,609.00		107.021		5,137,007.81		4,800,000.00		4,975,816.17		161,191.64			(63,468.00	)		—		—		4.5		2.605	MS		593.40		216,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND						1		4,230,469.00		107.676		4,298,520.20		4,000,000.00		4,148,202.30		150,317.90			(51,324.00	)		—		—		4.625		2.775	AO		77,841.53		92,500.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND						1		3,197,109.00		107.382		3,221,459.88		3,000,000.00		3,136,499.10		84,960.78			(45,650.00	)		—		—		4.5		2.331	MN		45,368.85		67,500.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND						1		3,286,406.00		107.828		3,234,839.85		3,000,000.00		3,171,900.81		62,939.04			(55,734.00	)		—		—		4.625		2.004	JD		35,064.54		69,375.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND						1		5,394,141.00		108.355		5,417,749.80		5,000,000.00		5,247,375.01		170,374.79			(76,570.00	)		—		—		4.75		2.55	JJ		40,013.59		237,500.00		4172008		1312012
912828HF0	UNITED STATES TREASURY GOVT BND						1		26,241,715.00		100.276		26,172,038.36		26,100,000.00		26,105,037.79		67,000.57			(53,597.00	)		—		—		3.625		3.32	AO		395,932.75		473,063.00		11162007		10312009
912828HJ2	UNITED STATES TREASURY GOVT BND						1		19,937,313.00		100.483		19,996,117.40		19,900,000.00		19,903,143.31		92,974.09			(14,227.00	)		—		—		3.125		3.027	MN		208,990.78		310,938.00		11302007		11302009
912828HK9	UNITED STATES TREASURY GOVT BND						1		16,403,320.00		105.299		17,473,665.17		16,500,000.00		16,436,669.73		1,036,995.44			13,995.00			—		—		3.375		3.504	MN		187,146.52		278,438.00		12072007		11302012
912828HL7	UNITED STATES TREASURY GOVT BND						1		1,004,531.00		100.756		1,007,560.04		1,000,000.00		1,000,480.46		7,079.58			(1,776.00	)		—		—		3.25		3.01	JD		8,258.20		16,250.00		1022008		12312009
912828HT0	UNITED STATES TREASURY GOVT BND						1		10,113,359.00		103.827		10,382,699.60		10,000,000.00		10,079,109.06		303,590.54			(16,401.00	)		—		—		2.75		2.507	FA		23,549.71		275,000.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND						1		2,158,178.00		101.093		2,198,772.79		2,175,000.00		2,169,873.02		28,899.77			6,481.00			—		—		2.125		2.536	AO		19,341.54		23,109.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND						1		9,875,391.00		105.011		10,501,100.20		10,000,000.00		9,907,215.60		593,884.60			17,978.00			—		—		3.125		3.402	AO		130,774.46		156,250.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND						1		1,002,109.00		101.556		1,015,560.00		1,000,000.00		1,000,763.54		14,796.46			(826.00	)		—		—		2.625		2.512	MN		8,749.20		13,125.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND						1		759,111.00		106.312		797,340.03		750,000.00		756,851.10		40,488.93			(1,304.00	)		—		—		3.5		3.234	MN		8,821.72		13,125.00		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND						1		2,017,344.00		101.929		2,038,580.02		2,000,000.00		2,006,710.03		31,869.99			(6,627.00	)		—		—		2.875		2.419	JD		14,531.25		28,750.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND						1		14,621,953.00		105.861		15,349,843.84		14,500,000.00		14,594,074.74		755,769.10			(17,202.00	)		—		—		3.375		3.19	JD		123,673.57		244,688.00		7212008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND						1		2,007,969.00		101.985		2,039,700.02		2,000,000.00		2,003,378.71		36,321.31			(2,990.00	)		—		—		2.75		2.543	JJ		9,266.30		55,000.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND						1		5,185,563.00		105.582		5,384,682.06		5,100,000.00		5,181,400.33		203,281.73			(3,315.00	)		—		—		4		3.786	FA		26,054.35		172,000.00		9182009		8152018
912828JL5	UNITED STATES TREASURY GOVT BND						1		48,017,853.00		101.567		48,447,463.30		47,700,000.00		47,861,582.87		585,880.43			(118,909.00	)		—		—		2		1.656	MS		2,620.88		954,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND						1		57,864,270.00		104.801		59,317,367.71		56,600,000.00		57,711,261.18		1,606,106.53			(117,326.00	)		—		—		3.125		2.602	MS		4,859.20		1,612,500.00		9032009		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND						1		32,865,685.00		103.219		33,546,173.06		32,500,000.00		32,800,586.59		745,586.47			(54,156.00	)		—		—		2.75		2.508	AO		376,058.76		446,875.00		11062008		10312013
912828KQ2	UNITED STATES TREASURY GOVT BND						1		5,624,576.00		98.407		5,670,211.22		5,762,000.00		5,625,661.23		44,549.99			1,085.00			—		—		3.125		3.415	MN		68,012.74		—		8312009		5152019
912828KS8	UNITED STATES TREASURY GOVT BND						1		14,739,150.00		98.961		14,844,149.85		15,000,000.00		14,742,295.68		101,854.17			3,146.00			—		—		2.625		2.921	FA		33,718.92		—		8312009		2292016
912828KU3	UNITED STATES TREASURY GOVT BND						1		2,519,533.00		100.237		2,535,996.10		2,530,000.00		2,521,234.97		14,761.13			1,702.00			—		—		0.875		1.086	MN		7,399.22		—		6052009		5312011
912828KX7	UNITED STATES TREASURY GOVT BND						1		10,130,500.00		101.566		10,156,600.20		10,000,000.00		10,126,627.13		29,973.07			(3,873.00	)		—		—		1.875		1.396	JD		55,327.87		—		8312009		6152012
912828KY5	UNITED STATES TREASURY GOVT BND						1		31,455,416.00		101.79		31,554,900.31		31,000,000.00		31,435,634.03		119,266.28			(19,782.00	)		—		—		2.625		2.311	JD		205,648.79		—		7082009		6302014
912828LB4	UNITED STATES TREASURY GOVT BND						1		15,029,850.00		100.506		15,075,899.55		15,000,000.00		15,029,005.08		46,894.47			(845.00	)		—		—		1.5		1.429	JJ		47,690.22		—		8312009		7152012
912828LC2	UNITED STATES TREASURY GOVT BND						1		1,906,898.00		101.679		1,931,901.02		1,900,000.00		1,906,740.19		25,160.83			(158.00	)		—		—		2.625		2.546	JJ		8,402.85		—		8142009		7312014
912828LF5	UNITED STATES TREASURY GOVT BND						1		17,579,756.00		100.58		17,601,500.35		17,500,000.00		17,577,191.06		24,309.29			(2,565.00	)		—		—		1.125		0.87	JD		49,753.74		—		9182009		6302011
912828LG3	UNITED STATES TREASURY GOVT BND						1		5,969,317.00		100.282		6,016,919.88		6,000,000.00		5,971,456.21		45,463.67			2,139.00			—		—		1		1.264	JJ		10,108.70		—		8102009		7312011
912828LK4	UNITED STATES TREASURY GOVT BND						1		11,606,570.00		100.377		11,643,731.89		11,600,000.00		11,606,531.59		37,200.30			(39.00	)		—		—		2.375		2.351	FA		23,207.89		—		9152009		8312014
912828LM0	UNITED STATES TREASURY GOVT BND						1		44,675,500.00		99.824		44,820,974.66		44,900,000.00		44,676,933.10		144,041.56			1,433.00			—		—		1.375		1.548	MS		27,287.30		—		9232009		9152012
912828LQ1	UNITED STATES TREASURY GOVT BND						1		20,009,442.00		100.262		20,052,400.20		20,000,000.00		20,009,437.08		42,963.12			(5.00	)		—		—		2.375		2.365	MS		1,304.95		—		9252009		9302014
912828LW8	UNITED STATES TREASURY GOVT BND						1		20,003,991.00		100.074		20,014,798.00		20,000,000.00		20,003,985.16		10,812.84			(5.00	)		—		—		1		0.99	MS		549.45		—		9252009		9302011
3128JLHB8	FHLMC POOL # 1B1225				2		1		107,715.00		102.766		113,786.20		109,388.59		107,743.71		6,042.49			16.00			—		—		4.318		4.588	MON		393.62		4,200.00		4022007		9012033
3128JM6N2	FHLMC POOL # 1B2776				2		1		392,821.00		102.042		407,934.53		396,909.38		392,870.93		15,063.60			25.00			—		—		4.348		4.494	MON		1,438.13		12,913.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792				2		1		272,242.00		102.056		282,754.99		275,075.57		272,278.02		10,476.97			19.00			—		—		4.338		4.481	MON		994.40		8,977.00		4022007		2012035
3128JMW45	FHLMC POOL # 1B2566				2		1		136,124.00		101.827		139,781.11		137,194.42		136,133.68		3,647.43			5.00			—		—		4.382		4.47	MON		500.99		4,516.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583				2		1		2,962,273.00		102.78		3,083,142.54		2,995,159.72		2,962,825.81		120,316.73			144.00			—		—		4.465		4.631	MON		11,144.49		101,756.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632				2		1		183,985.00		102.067		190,546.44		185,431.77		183,998.05		6,548.39			7.00			—		—		4.346		4.435	MON		671.57		6,066.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642				2		1		265,383.00		102.147		273,987.97		267,469.32		265,400.17		8,587.80			10.00			—		—		4.41		4.499	MON		982.95		8,996.00		4022007		11012034
3128JNAL9	FHLMC POOL # 1B2810				2		1		303,203.00		102.443		313,059.16		306,358.61		303,239.52		9,819.64			18.00			—		—		4.43		4.578	MON		1,130.97		10,169.00		4022007		2012035
3128JRJS6	FHLMC POOL # 847473				2		1		4,424,608.00		104.06		4,637,244.18		4,442,655.85		4,424,412.11		212,832.07			(112.00	)		—		—		5.053		5.064	MON		18,707.28		168,155.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503				2		1		1,676,350.00		102.602		1,775,399.19		1,716,445.30		1,677,147.69		98,251.50			306.00			—		—		4.581		5.06	MON		6,552.53		62,740.00		5312006		12012035
3128JRP26	FHLMC POOL # 847641				2		1		854,737.00		103.178		889,347.88		861,629.91		854,771.72		34,576.16			7.00			—		—		5.153		5.252	MON		3,699.98		33,007.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642				2		1		203,547.00		101.258		211,559.77		206,240.82		203,614.97		7,944.80			49.00			—		—		4.094		4.259	MON		703.62		7,177.00		11132006		4012035
3128JRPZ3	FHLMC POOL # 847640				2		1		851,710.00		103.204		894,143.49		856,377.25		851,669.27		42,474.22			(17.00	)		—		—		5.169		5.213	MON		3,688.85		33,132.00		11132006		5012036
3128NCB37	FHLMC POOL # 1G0058				2		1		486,199.00		102.36		498,842.71		487,341.45		486,170.28		12,672.43			(7.00	)		—		—		4.608		4.587	MON		1,871.39		16,814.00		9172008		1012035
3128NCBF0	FHLMC POOL # 1G0038				2		1		320,308.00		101.853		331,337.62		322,988.67		320,333.00		11,004.62			14.00			—		—		4.336		4.437	MON		1,167.07		10,539.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053				2		1		368,278.00		102.006		381,344.30		372,110.36		368,325.32		13,018.98			26.00			—		—		4.496		4.635	MON		1,394.17		12,549.00		4022007		2012035
3128NCD68	FHLMC POOL # 1G0125				2		1		4,234,530.00		102.031		4,473,761.74		4,325,086.88		4,237,471.07		236,290.67			451.00			—		—		4.323		4.646	MON		15,581.13		155,912.00		12132005		3012035
3128NCDH4	FHLMC POOL # 1G0104				2		1		162,739.00		101.994		167,929.83		164,100.69		162,751.20		5,178.63			7.00			—		—		4.423		4.522	MON		604.85		5,549.00		4032007		2012035
3128NCMS0	FHLMC POOL # 1G0369				2		1		680,278.00		103.222		698,703.80		676,893.51		680,150.23		18,553.57			(68.00	)		—		—		4.98		4.858	MON		2,809.11		25,282.00		8272008		10012035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		4,772,357.00		105.25		5,098,385.38		4,844,071.62		4,773,058.64		325,326.74			266.00			—		—		5.262		5.511	MON		21,241.25		212,820.00		8102007		4012037
3128QJLG9	FHLMC POOL # 1G1227				2		1		1,211,309.00		104.309		1,254,073.08		1,187,557.96		1,210,737.77		43,335.31			(275.00	)		—		—		5.987		5.521	MON		5,924.92		53,379.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393				2		1		3,580,232.00		105.41		3,763,876.81		3,550,827.18		3,578,553.73		185,323.08			(95.00	)		—		—		5.929		5.657	MON		17,544.05		175,426.00		3302007		12012036
3128QPU59	FHLMC POOL # 1B7453				2		1		328,145.00		106		342,061.35		322,699.39		328,007.64		14,053.71			(32.00	)		—		—		6.043		5.544	MON		1,625.06		14,567.00		12132007		8012037
3128S4E86	FHLMC POOL # 1Q0159				2		1		312,658.00		103.049		326,156.05		316,506.52		312,741.04		13,415.01			60.00			—		—		4.55		4.701	MON		1,200.09		11,646.00		11132006		3012035
31295NXK9	FHLMC POOL # 789682				2		1		57,418.00		102.028		59,060.80		57,749.38		57,421.26		1,639.54			4.00			—		—		3.369		3.43	MON		162.13		2,077.00		8102006		9012032
31342A6F1	FHLMC POOL # 780870				2		1		598,949.00		100.79		619,104.67		608,254.97		599,149.84		19,954.83			121.00			—		—		3.412		3.67	MON		1,729.47		20,641.00		4022007		9012033
31349SJK0	FHLMC POOL # 781166				2		1		1,384,110.00		102.249		1,441,938.19		1,407,029.51		1,384,844.75		57,093.44			(44.00	)		—		—		3.397		3.659	MON		3,983.07		42,395.00		1092006		1012034

Validus Holdings, Ltd September 30, 2009 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
31349UCW6	FHLMC POOL # 782785				2		1		306,752.00		101.962		316,712.07		309,163.58		306,771.14		9,940.93			10.00			—		—		4.32		4.414	MON		1,112.99		10,289.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837				2		1		522,700.00		101.33		535,155.38		526,808.76		522,733.52		12,421.86			18.00			—		—		4.386		4.476	MON		1,925.49		17,295.00		4022007		11012034
31349ULB2	FHLMC POOL # 783022				2		1		591,946.00		100.44		611,445.91		597,231.79		591,999.02		19,446.89			28.00			—		—		4.424		4.536	MON		2,201.79		19,818.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026				2		1		356,635.00		101.813		368,886.22		360,346.93		356,674.14		12,212.08			17.00			—		—		4.418		4.576	MON		1,326.68		11,954.00		4022007		2012035
31385XK48	FNMA POOL # 555715				2		1		172,660.00		102.13		178,257.95		174,201.23		172,681.87		5,576.08			7.00			—		—		4.39		4.603	MON		637.29		5,898.00		4022007		7012033
31400PG58	FNMA POOL # 693320				2		1		112,677.00		101.606		116,793.31		113,667.10		112,703.42		4,089.89			14.00			—		—		3.927		4.101	MON		371.98		3,521.00		8102006		1012033
31400QJ87	FNMA POOL # 694287				2		1		23,747.00		102.192		24,803.83		23,958.73		23,749.60		1,054.23			1.00			—		—		4.606		4.828	MON		91.96		828.00		4022007		3012033
31401DVW8	FNMA POOL # 705429				2		1		286,286.00		102.235		299,097.53		289,623.10		286,397.93		12,699.60			54.00			—		—		3.118		3.342	MON		752.54		8,147.00		8102006		4012033
31402HD32	FNMA POOL # 729222				2		1		3,520,384.00		102.319		3,648,049.51		3,559,299.59		3,521,388.83		126,660.68			483.00			—		—		4.571		4.777	MON		13,557.97		121,648.00		9172008		7012035
31402RB81	FNMA POOL # 735463				2		1		175,440.00		102.966		181,148.01		176,891.31		175,488.63		5,659.38			25.00			—		—		3.722		3.843	MON		548.66		5,602.00		9282006		3012035
31402YSV7	FNMA POOL # 742232				2		1		18,316.00		104.272		19,297.85		18,600.15		18,323.43		974.42			5.00			—		—		3.375		3.659	MON		52.31		648.00		4022007		9012033
31403H3P3	FNMA POOL # 749706				2		1		1,435,919.00		102.509		1,497,353.50		1,453,980.60		1,436,385.37		60,968.13			230.00			—		—		4.179		4.444	MON		5,063.49		54,761.00		5152006		11012033
31403KDB6	FNMA POOL # 750798				2		1		17,926.00		102.387		18,595.86		18,204.21		17,932.27		663.59			4.00			—		—		4.369		4.67	MON		66.28		664.00		4022007		12012033
31404CLB4	FNMA POOL # 764522				2		1		59,053.00		102.61		61,820.76		60,248.28		59,078.11		2,742.65			(3.00	)		—		—		2.959		3.336	MON		148.56		1,591.00		9302008		6012034
31404LRF9	FNMA POOL # 771886				2		1		141,207.00		102.15		146,618.95		143,568.09		141,266.11		5,352.84			6.00			—		—		4.77		5.173	MON		570.68		5,203.00		8102006		2012034
31404NBP0	FNMA POOL # 773246				2		1		235,165.00		101.878		242,648.79		237,133.35		235,199.63		7,449.16			17.00			—		—		4.306		4.457	MON		850.91		7,641.00		4022007		2012035
31404VGA0	FNMA POOL # 779693				2		1		1,344,382.00		101.97		1,384,382.79		1,357,104.98		1,344,769.74		39,613.05			232.00			—		—		3.492		3.658	MON		3,949.18		44,346.00		2242006		7012034
31405AQ71	FNMA POOL # 783578				2		1		1,263,004.00		102.231		1,330,196.66		1,293,264.54		1,264,165.10		66,031.56			607.00			—		—		4.097		4.506	MON		4,415.42		40,663.00		2282006		12012034
31405PAG5	FNMA POOL # 794807				2		1		347,479.00		101.253		353,268.95		346,533.21		347,425.11		5,843.84			(36.00	)		—		—		3.073		3.013	MON		887.41		12,381.00		6302007		10012034
31405UMM8	FNMA POOL # 799664				2		1		101,492.00		101.933		105,328.24		102,290.05		101,507.36		3,820.88			9.00			—		—		3.996		4.132	MON		340.63		3,628.00		4022007		10012034
31405UR84	FNMA POOL # 799811				2		1		324,346.00		101.424		330,804.73		323,498.45		324,290.48		6,514.25			(40.00	)		—		—		4.399		4.345	MON		1,183.74		10,877.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868				2		1		35,468.00		101.862		36,484.66		35,746.55		35,471.97		1,012.69			2.00			—		—		4.358		4.51	MON		129.82		1,235.00		4022007		11012034
31406BB90	FNMA POOL # 804764				2		1		388,537.00		101.971		400,063.95		391,591.19		388,582.97		11,480.98			22.00			—		—		4.478		4.628	MON		1,461.29		13,150.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852				2		1		348,166.00		101.739		359,338.34		350,903.07		348,209.82		11,128.52			22.00			—		—		4.498		4.643	MON		1,315.30		11,945.00		4022007		12012034
31406BJF8	FNMA POOL # 804962				2		1		441,412.00		102.229		454,675.97		444,881.83		441,465.01		13,210.96			25.00			—		—		4.464		4.613	MON		1,654.96		14,865.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163				2		1		486,559.00		103.027		502,467.76		490,630.85		486,622.65		15,845.11			30.00			—		—		4.537		4.698	MON		1,854.99		16,665.00		4022007		1012035
31406DG67	FNMA POOL # 806721				2		1		815,702.00		102.997		850,279.96		822,114.76		815,817.60		34,462.36			65.00			—		—		4.348		4.485	MON		2,978.80		28,070.00		4022007		11012034
31406GLK3	FNMA POOL # 809530				2		1		111,912.00		102.041		115,623.21		112,704.44		111,931.76		3,691.45			11.00			—		—		4.587		4.697	MON		430.81		4,064.00		9282006		2012035
31406MYP5	FNMA POOL # 814418				2		1		475,704.00		102.148		494,130.99		479,951.22		475,786.58		18,344.41			45.00			—		—		4.415		4.568	MON		1,765.82		15,872.00		4022007		3012035
31406PKU2	FNMA POOL # 815807				2		1		468,858.00		102.224		487,113.51		473,332.68		469,013.46		18,100.05			83.00			—		—		4.258		4.397	MON		1,679.15		16,048.00		9282006		2012035
31406TLC3	FNMA POOL # 819423				2		1		680,178.00		104.136		715,115.09		686,251.28		680,281.46		34,833.63			53.00			—		—		4.691		4.855	MON		2,682.67		24,115.00		4022007		4012035
31406VHE9	FNMA POOL # 821129				2		1		494,392.00		102.212		510,191.41		498,806.64		494,470.40		15,721.01			40.00			—		—		4.408		4.57	MON		1,832.28		16,354.00		4022007		5012035
31407D5R2	FNMA POOL # 828056				2		1		1,981,195.00		103.29		2,012,091.81		1,948,002.53		1,980,580.57		31,511.24			(264.00	)		—		—		4.862		4.491	MON		7,892.65		61,989.00		2202009		6012035
31407E6W8	FNMA POOL # 828985				2		1		980,126.00		101.73		1,036,418.70		1,013,868.80		981,040.65		55,378.05			301.00			—		—		4.05		4.835	MON		3,421.81		30,836.00		3162006		8012035
31407GC22	FNMA POOL # 829989				2		1		2,419,273.00		102.4		2,508,509.66		2,442,264.58		2,419,705.14		88,804.52			175.00			—		—		4.573		4.783	MON		9,307.06		83,664.00		1202006		4012035
31408C6D3	FNMA POOL # 847868				2		1		1,872,391.00		101.963		1,948,744.49		1,892,498.80		1,873,133.35		75,611.14			506.00			—		—		3.79		3.942	MON		5,977.14		65,280.00		5122006		11012035
31409UBQ7	FNMA POOL # 878547				2		1		1,718,010.00		102.763		1,806,694.76		1,731,878.14		1,718,419.12		88,275.64			284.00			—		—		3.592		3.712	MON		5,184.09		52,578.00		5042006		3012036
31410GC35	FNMA POOL # 888490				2		1		560,083.00		101.718		574,701.25		561,351.91		560,077.96		14,623.29			5.00			—		—		3.648		3.674	MON		1,706.51		17,102.00		6182007		5012035
31410GC50	FNMA POOL # 888492				2		1		215,254.00		102.692		221,197.84		214,845.32		215,227.80		5,970.04			(9.00	)		—		—		3.326		3.26	MON		595.48		6,146.00		6182007		5012033
31410GD83	FNMA POOL # 888527				2		1		71,071.00		102.929		75,017.61		72,409.95		71,094.52		3,923.09			6.00			—		—		4.334		4.827	MON		261.46		2,371.00		6182007		4012034
31410GDC4	FNMA POOL # 888499				2		1		1,790,488.00		101.573		1,837,171.23		1,800,548.06		1,790,690.62		46,480.61			130.00			—		—		2.899		2.991	MON		4,349.82		49,973.00		6182007		8012033
31410GDF7	FNMA POOL # 888502				2		1		240,340.00		102.689		251,512.01		243,464.00		240,396.68		11,115.33			21.00			—		—		4.643		4.938	MON		942.00		8,518.00		6182007		6012033
31410GDL4	FNMA POOL # 888507				2		1		1,117,246.00		101.908		1,166,129.98		1,136,803.30		1,117,703.86		48,426.12			229.00			—		—		4.406		4.719	MON		4,174.91		37,744.00		6182007		2012035
31410GDM2	FNMA POOL # 888508				2		1		1,084,026.00		101.875		1,133,337.05		1,099,181.86		1,084,334.17		49,002.88			130.00			—		—		3.827		4.122	MON		3,505.47		32,431.00		6182007		3012034
31410GDQ3	FNMA POOL # 888511				2		1		153,107.00		101.764		157,121.73		154,497.57		153,125.45		3,996.28			7.00			—		—		5.318		5.518	MON		685.45		6,181.00		6182007		12012033
31410GDS9	FNMA POOL # 888513				2		1		242,676.00		102.089		249,239.99		243,946.35		242,694.42		6,545.57			10.00			—		—		3.325		3.417	MON		675.73		6,329.00		6182007		2012034
31410GDX8	FNMA POOL # 888518				2		1		288,835.00		102.692		298,470.32		289,762.77		288,839.83		9,630.49			8.00			—		—		3.974		4.016	MON		959.60		9,528.00		6182007		4012035
31410GDY6	FNMA POOL # 888519				2		1		119,115.00		101.983		124,450.94		121,159.93		119,160.28		5,290.66			22.00			—		—		4.307		4.627	MON		434.86		3,932.00		6182007		1012035
31410GDZ3	FNMA POOL # 888520				2		1		1,345,964.00		102.108		1,400,687.75		1,354,543.15		1,346,112.62		54,575.13			82.00			—		—		3.487		3.604	MON		3,936.08		42,710.00		6182007		7012033
31411DA33	FNMA POOL # 904626				2		1		4,508,150.00		105.48		4,732,643.11		4,486,768.21		4,507,095.08		225,548.03			(426.00	)		—		—		5.499		5.397	MON		20,560.62		185,098.00		12132006		12012036
31411GUY6	FNMA POOL # 907899				2		1		4,913,585.00		105.291		5,131,071.22		4,873,228.69		4,912,042.97		219,028.25			(622.00	)		—		—		5.776		5.597	MON		23,456.47		211,210.00		12142006		1012037
36201X2G2	GNMA POOL # 606575				2		1		37,921.00		0		37,942.56		35,906.48		37,922.64		19.92			1.00			—		—		6		5.52	MON		179.53		180.00		8312009		7152037
36202EW39	GNMA POOL # 004266				2		1		828,038.00		0		831,039.88		790,059.98		828,072.07		2,967.81			34.00			—		—		5.5		5.106	MON		3,621.11		3,621.00		8312009		10202038
36202KME2	GNMA POOL # 008457				2		1		639,648.00		102.84		647,745.93		630,778.00		639,433.26		8,312.67			(215.00	)		—		—		4.625		4.276	MON		2,431.12		14,587.00		3182009		7202024
36204J4C7	GNMA POOL # 371719				2		1		793,811.00		106.75		799,414.19		747,116.07		791,881.16		7,533.03			(1,083.00	)		—		—		6.5		5.051	MON		4,046.88		36,422.00		9112008		4152024
36204SV60	GNMA POOL # 378737				2		1		711,268.00		107.235		719,753.36		669,429.07		709,519.50		10,233.86			(974.00	)		—		—		6.5		5.012	MON		3,626.07		32,635.00		9112008		1152024
36205BKY7	GNMA POOL # 385611				2		1		716,111.00		106.75		721,165.73		673,986.66		714,403.07		6,762.66			(944.00	)		—		—		6.5		5.013	MON		3,650.76		32,857.00		9112008		4152024
36206UP60	GNMA POOL # 421745				2		1		9,808,178.00		104.29		9,916,454.58		9,374,602.55		9,798,440.30		118,014.28			(9,738.00	)		—		—		6		2.834	MON		46,873.01		187,492.00		4282009		1152039
3620A2KC9	GNMA POOL # 716791				2		1		2,729,176.00		0		2,735,643.93		2,581,543.86		2,729,041.16		6,602.77			(135.00	)		—		—		5		2.963	MON		10,756.43		—		9292009		4152024
3620A4QT2	GNMA POOL # 718766				2		??		411,656.00		103.703		417,472.35		402,844.07		411,625.78		5,846.57			(31.00	)		—		—		5		4.845	MON		1,678.52		1,679.00		7142009		8152039
3620A55Q8	GNMA POOL # 720055				2		1		913,568.00		100.142		911,476.56		896,238.48		913,437.95		(1,961.39	)		(130.00	)		—		—		4.5		4.22	MON		3,360.89		10,083.00		6182009		6152039
3620A56N4	GNMA POOL # 720077				2		1		807,097.00		100.02		810,247.92		796,702.18		807,015.72		3,232.20			(81.00	)		—		—		4.5		4.317	MON		2,987.63		8,963.00		6182009		6152039
3620A6AC1	GNMA POOL # 720103				2		1		911,435.00		100.142		910,989.09		895,759.16		911,317.18		(328.09	)		(118.00	)		—		—		4.5		4.262	MON		3,359.09		10,077.00		6182009		6152039
3620A6DZ7	GNMA POOL # 720220				2		??		2,408,482.00		105.969		2,429,992.24		2,293,109.67		2,407,794.85		22,197.39			(687.00	)		—		—		5		3.697	MON		9,554.62		19,109.00		7292009		7152024
3620AATK4	GNMA POOL # 724254				2		??		675,819.00		103.703		685,844.21		661,351.81		675,768.40		10,075.81			(50.00	)		—		—		5		4.843	MON		2,755.64		2,756.00		7142009		8152039
36210B4N2	GNMA POOL # 487829				2		1		1,013,051.00		102.844		1,022,067.03		978,793.04		1,012,252.85		9,814.18			(798.00	)		—		—		4.5		3.628	MON		3,670.47		18,352.00		3262009		4152024
36210B4Q5	GNMA POOL # 487831				2		1		196,036.00		0		196,500.77		185,431.79		196,025.97		474.80			(10.00	)		—		—		5		2.866	MON		772.63		—		9292009		4152024
36210B4R3	GNMA POOL # 487832				2		1		973,135.00		104.229		986,817.36		931,229.49		972,188.77		14,628.59			(946.00	)		—		—		5		3.807	MON		3,880.12		19,401.00		3262009		4152024
36210BZH1	GNMA POOL # 487744				2		1		1,247,452.00		0		1,250,408.76		1,179,972.66		1,247,386.40		3,022.36			(66.00	)		—		—		5		2.836	MON		4,916.55		—		9292009		3152024
36210BZJ7	GNMA POOL # 487745				2		1		1,128,852.00		0		1,131,526.83		1,067,787.41		1,128,790.87		2,735.96			(61.00	)		—		—		5		2.805	MON		4,449.11		—		9292009		3152024
36211V6Q8	GNMA POOL # 524779				2		1		699,574.00		104.229		709,941.30		669,949.98		698,889.60		11,051.70			(685.00	)		—		—		5		3.829	MON		2,791.46		13,957.00		3262009		1152024
36225BPY8	GNMA POOL # 781339				2		1		453,409.00		109.625		450,327.99		410,789.50		452,548.53		(2,220.54	)		172.00			—		—		8		5.104	MON		2,738.60		24,647.00		3072008		9152031
36225CD29	GNMA POOL # 080120				2		1		532,185.00		101.02		538,447.18		526,753.26		532,088.03		6,359.15			(97.00	)		—		—		4.125		3.863	MON		1,810.71		10,864.00		3182009		10202027
36225DAS3	GNMA POOL # 080916				2		1		454,802.00		100.563		461,228.39		457,015.28		454,876.85		6,351.54			61.00			—		—		2.75		2.796	MON		1,047.33		12,092.00		4172008		5202034
36225DJA3	GNMA POOL # 081156				2		1		1,203,211.00		102.185		1,231,453.50		1,199,836.61		1,203,145.49		28,308.01			(66.00	)		—		—		3.75		3.706	MON		3,749.49		22,497.00		3182009		11202034
36225DJZ8	GNMA POOL # 081179				2		1		1,290,471.00		97.85		1,288,395.88		1,286,851.66		1,290,402.48		(2,006.60	)		(68.00	)		—		—		3.75		3.704	MON		4,021.42		24,129.00		3182009		12202034
36225DLE2	GNMA POOL # 081224				2		1		772,884.00		99.1		767,066.83		776,524.13		772,912.25		(5,845.42	)		28.00			—		—		3		3.064	MON		1,941.31		12,295.00		3182009		1202035
36241KBP2	GNMA POOL # 781846				2		1		8,299,610.00		108.486		8,720,528.42		8,038,362.88		8,296,143.19		424,385.23			(1,745.00	)		—		—		6.5		5.647	MON		43,541.13		391,870.00		8152008		9152034
36241KEC8	GNMA POOL # 781931				2		1		5,689,760.00		107.628		5,945,163.18		5,510,663.26		5,687,447.21		257,715.97			(1,170.00	)		—		—		6.5		5.688	MON		29,849.42		268,645.00		8152008		5152035
36241KGU6	GNMA POOL # 782011				2		??		340,919.00		103.943		346,775.60		333,620.90		340,888.51		5,887.09			(31.00	)		—		—		5		4.825	MON		1,390.09		1,390.00		7142009		12152035
36241KK56	GNMA POOL # 782116				2		1		361,435.00		0		361,754.68		341,847.33		361,445.00		309.68			10.00			—		—		6		5.499	MON		1,709.24		1,709.00		8312009		10152036
36241KKB3	GNMA POOL # 782090				2		1		7,849,571.00		107.635		8,146,693.37		7,552,203.40		7,841,675.30		305,018.07			(1,984.00	)		—		—		6.5		5.474	MON		40,907.77		368,170.00		11302007		5152036
36241KNA2	GNMA POOL # 782185				2		1		16,194.00		0		16,193.72		15,324.73		16,194.10		(0.38	)		1.00			—		—		6		5.517	MON		76.62		77.00		8312009		9152037
36241KRQ3	GNMA POOL # 782295				2		1		1,534,549.00		0		1,539,409.15		1,464,851.62		1,534,611.25		4,797.90			62.00			—		—		5.5		5.109	MON		6,713.90		6,714.00		8312009		3152038
36241KV21	GNMA POOL # 782433				2		1		1,802,110.00		0		1,802,022.77		1,701,259.44		1,802,176.17		(153.40	)		66.00			—		—		6		5.507	MON		8,506.30		8,506.00		8312009		10202038
36241KYZ5	GNMA POOL # 782528				2		1		978,046.00		0		983,006.10		948,095.56		978,139.03		4,867.07			93.00			—		—		5		3.763	MON		3,950.40		3,950.00		8312009		1152039
36290TYY9	GNMA POOL # 617327				2		1		168,927.00		0		169,141.29		159,833.45		168,932.05		209.24			5.00			—		—		6		5.505	MON		799.17		799.00		8312009		12152036
36292DWW8	GNMA POOL # 646061				2		1		542,682.00		106.297		554,092.96		520,402.58		541,822.93		12,270.03			(374.00	)		—		—		6.5		4.261	MON		2,818.85		25,370.00		1312008		11152037
36294SC88	GNMA POOL # 658095				2		1		562,171.00		0		562,721.51		531,754.96		562,186.40		535.11			15.00			—		—		6		5.498	MON		2,658.77		2,659.00		8312009		9152036
36295HYZ7	GNMA POOL # 671328				2		1		21,535.00		0		21,547.17		20,390.90		21,535.86		11.31			1.00			—		—		6		5.52	MON		101.95		102.00		8312009		7152037
36295J4A1	GNMA POOL # 672317				2		1		31,177.00		0		31,185.32		29,511.85		31,178.02		7.30			1.00			—		—		6		5.519	MON		147.56		148.00		8312009		9152037
36295KAT0	GNMA POOL # 672418				2		1		561,054.00		106.474		572,850.87		538,019.96		560,247.37		12,603.50			(307.00	)		—		—		6.5		4.493	MON		2,914.27		26,228.00		1312008		12152037
36295P4L3	GNMA POOL # 676827				2		1		2,215,383.00		104.785		2,245,335.80		2,120,300.33		2,213,130.98		32,204.82			(2,252.00	)		—		—		5		3.514	MON		8,834.58		44,173.00		3262009		5152023

Validus Holdings, Ltd September 30, 2009 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
36295PUZ3	GNMA POOL # 676600				2		1		94,051.00		0		94,076.31		89,027.96		94,060.23		16.08			9.00			—		—			6		4.03	MON		445.14		445.00		8312009		11152037
36295PZJ4	GNMA POOL # 676745				2		1		809,710.00		104.785		821,148.76		775,421.65		808,887.21		12,261.55			(823.00	)		—		—			5		3.503	MON		3,230.92		16,155.00		3262009		3152023
36295QJE1	GNMA POOL # 677161				2		1		3,432,211.00		104.785		3,463,337.62		3,270,475.58		3,430,238.49		33,099.13			(1,972.00	)		—		—			5		3.415	MON		13,626.98		68,135.00		4272009		8152023
36295TVQ4	GNMA POOL # 680223				2		1		349,105.00		106.297		356,445.69		334,772.81		348,542.21		7,903.48			(254.00	)		—		—			6.5		4.212	MON		1,813.35		16,320.00		1312008		1152038
36296ARA4	GNMA POOL # 685481				2		1		123,981.00		0		124,424.22		118,416.80		123,986.61		437.61			5.00			—		—			5.5		5.118	MON		542.74		543.00		8312009		7152038
36296DR67	GNMA POOL # 688209				2		??		280,815.00		105.897		283,298.56		267,522.58		280,739.64		2,558.92			(75.00	)		—		—			5		3.44	MON		1,114.68		2,229.00		7292009		7152023
36296E5H5	GNMA POOL # 689448				2		1		609,123.00		104.785		617,728.16		583,328.88		608,520.07		9,208.09			(603.00	)		—		—			5		3.539	MON		2,430.54		12,153.00		3262009		7152023
36296FMX8	GNMA POOL # 689874				2		1		413,008.00		0		414,483.52		394,471.54		413,026.10		1,457.42			18.00			—		—			5.5		5.12	MON		1,807.99		1,808.00		8312009		9152038
36296QRL5	GNMA POOL # 698091				2		1		11,711,837.00		100.142		11,601,000.18		11,407,054.47		11,709,384.41		(108,384.23	)		(2,452.00	)		—		—			4.5		4.08	MON		42,776.45		171,106.00		4282009		4152039
36296R2D8	GNMA POOL # 699272				2		1		237,215.00		105.12		238,168.65		226,568.35		237,225.33		943.32			11.00			—		—			5.5		5.12	MON		1,038.44		1,038.00		8312009		9152038
36296TPY3	GNMA POOL # 700739				2		1		1,989,215.00		105.631		2,011,169.20		1,883,977.30		1,986,019.39		25,149.81			(3,196.00	)		—		—			5.5		3.375	MON		8,634.90		25,905.00		6032009		10152023
36296U3C2	GNMA POOL # 701995				2		1		1,327,040.00		104.785		1,345,787.24		1,270,844.71		1,325,773.93		20,013.31			(1,266.00	)		—		—			5		3.63	MON		5,295.19		26,476.00		3262009		1152024
36296UC73	GNMA POOL # 701294				2		1		939,162.00		104.229		952,081.83		898,450.63		938,226.49		13,855.34			(935.00	)		—		—			5		3.772	MON		3,743.54		18,718.00		3272009		1152024
36296URS1	GNMA POOL # 701697				2		1		2,008,007.00		0		2,012,765.97		1,899,385.94		2,007,896.90		4,869.07			(110.00	)		—		—			5		2.763	MON		7,914.11		—		9292009		2152024
36296UUL2	GNMA POOL # 701787				2		1		1,012,520.00		104.229		1,035,269.63		976,952.42		1,011,886.31		23,383.32			(633.00	)		—		—			5		4.004	MON		4,070.64		12,212.00		6112009		3152024
36296VBP2	GNMA POOL # 702146				2		??		192,340.00		103.7		195,186.84		188,222.60		192,325.57		2,861.27			(14.00	)		—		—			5		4.845	MON		784.26		784.00		7142009		6152039
36296XHH0	GNMA POOL # 704132				2		1		342,040.00		0		342,616.63		323,537.42		342,033.88		582.75			(6.00	)		—		—			5		4.141	MON		1,348.07		—		9292009		12152023
36296XLY8	GNMA POOL # 704243				2		1		1,011,970.00		104.229		1,034,707.70		976,422.14		1,011,324.41		23,383.29			(646.00	)		—		—			5		3.933	MON		4,068.43		12,205.00		6112009		1152024
36296XWP5	GNMA POOL # 704554				2		1		5,051,116.00		104.229		5,167,724.53		4,876,624.25		5,048,075.18		119,649.35			(3,041.00	)		—		—			5		4.089	MON		20,319.27		60,958.00		6112009		6152024
36297ABT9	GNMA POOL # 705750				2		??		416,582.00		103.703		422,761.50		407,664.13		416,550.21		6,211.29			(32.00	)		—		—			5		4.843	MON		1,698.60		1,699.00		7142009		1152039
36297AKF9	GNMA POOL # 705994				2		1		1,751,131.00		0		1,755,281.25		1,656,405.46		1,751,036.63		4,244.62			(95.00	)		—		—			5		2.795	MON		6,901.69		—		9292009		1152024
36297DFF9	GNMA POOL # 708566				2		1		2,581,534.00		0		2,587,652.32		2,441,888.68		2,581,404.20		6,248.12			(130.00	)		—		—			5		2.927	MON		10,174.54		—		9292009		4152024
36297DTR8	GNMA POOL # 708960				2		1		2,009,606.00		104.229		2,039,386.61		1,924,507.03		2,007,670.14		31,716.47			(1,936.00	)		—		—			5		3.827	MON		8,018.78		40,094.00		3262009		3152024
36297G2R0	GNMA POOL # 711884				2		1		4,972,889.00		0		4,984,674.67		4,703,885.67		4,972,639.47		12,035.20			(250.00	)		—		—			5		2.932	MON		19,599.52		—		9292009		4152024
36297JJ54	GNMA POOL # 713184				2		1		2,637,877.00		0		2,644,128.44		2,495,183.48		2,637,743.47		6,384.97			(133.00	)		—		—			5		2.92	MON		10,396.60		—		9292009		4152024
36297KZF1	GNMA POOL # 714542				2		1		1,160,840.00		104.229		1,186,564.95		1,119,725.20		1,160,124.33		26,440.62			(716.00	)		—		—			5		4.073	MON		4,665.52		13,997.00		6112009		6152024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND		F				1FE		4,076,425.00		99.601		4,083,640.92		4,100,000.00		4,076,683.50		6,957.42			259.00			—		—			2.375		2.498	MS		5,680.21		—		9022009		9102014
6832348A9	ONTARIO PROVINCE CORP BND		F				1FE		20,768,508.00		105.604		20,856,789.21		19,750,000.00		20,751,896.27		104,892.94			(16,611.00	)		—		—			4.1		2.938	JD		236,177.08		—		8312009		6162014
9612EMAA7	WESTPAC BANKING CORP — GTD CORP BND 144A		F				1FE		14,959,113.00		102.667		15,035,630.00		14,500,000.00		14,935,921.28		99,708.72			(23,192.00	)		—		—			3.25		1.853	JD		137,447.92		—		8132009		12162011
BRS7X5P83	UK CONV GILT GOVT BND		D				1FE		17,432,295.00		96.1		19,329,504.20		12,250,000.00		17,457,067.44		1,872,436.76			24,772.00			—		1,888,133.19			2.25		2.552	MS		29,922.82		211,440.00		3202009		3072014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN		D				1FE		3,727,555.00		103.858		3,166,542.33		1,900,000.00		3,730,586.89		(564,044.56	)		1,380.00			—		(693,881.79	)		4.75		4.748	JAN		84,157.04		123,363.00		1162008		1252011
G92435NC9	UK CONV GILT GOVT BND		D				1FE		13,009,636.00		106.07		12,899,557.43		7,500,000.00		12,955,964.90		(56,407.47	)		(53,671.00	)		—		(252,971.73	)		4.5		2.689	MS		36,640.19		273,594.00		6232009		3072013
G92444AB7	UK CONV GILT GOVT BND		D				1FE		5,972,774.00		104.87		5,029,795.82		3,000,000.00		5,959,790.62		(929,994.80	)		(6,264.00	)		—		(1,151,583.44	)		4.25		4.096	MS		13,841.85		194,116.00		3032008		3072011
G924502Z0	UK CONV GILT GOVT BND		D				1FE		5,233,250.00		103.17		5,149,363.22		3,100,000.00		5,214,148.61		(64,785.39	)		(19,101.00	)		—		(101,808.87	)		3.25		1.789	JD		52,086.97		—		6232009		12072011
G92450H50	UNITED KINGDOM GOVT BND 144A		D				1FE		40,074,976.00		108.9		34,098,848.92		19,578,000.00		39,499,591.72		(5,400,742.80	)		(274,715.00	)		—		(7,327,406.18	)		5.25		4.157	JD		521,582.47		819,347.00		3032008		6072012
G92450HJ0	UNITED KINGDOM GOVT BND		D				1FE		7,366,238.00		108.02		7,255,995.05		4,200,000.00		7,316,223.71		(60,228.66	)		(50,015.00	)		—		(142,852.95	)		5		2.122	MS		22,798.34		171,927.00		6232009		3072012
G92450TF5	UNITED KINGDOM GOVT BND		D				1FE		591,678.00		103.69		543,355.17		330,000.00		585,371.62		(42,016.45	)		(4,876.00	)		—		(53,446.91	)		4.75		3.576	JD		7,954.31		12,567.00		10072008		6072010
31371MS73	FNMA POOL # 256242				2		1		1,166,971.00		0		1,173,003.65		1,133,906.49		1,167,035.73		5,967.92			65.00			—		—			5		4.747	MON		4,724.61		4,725.00		8312009		5012036
31371NAC9	FNMA POOL # 256603				2		1		2,071,262.00		105.831		2,189,974.75		2,069,321.72		2,070,911.20		119,063.55			(149.00	)		—		—			5.5		5.374	MON		9,484.39		85,360.00		7172008		2012022
31371ND44	FNMA POOL # 256723				2		1		393,048.00		0		392,260.07		366,833.81		393,080.97		(820.90	)		33.00			—		—			6.5		3.829	MON		1,987.02		1,987.00		8312009		5012037
31371NE35	FNMA POOL # 256754				2		1		787,544.00		0		786,285.05		742,965.98		787,543.94		(1,258.89	)		—			—		—			5.5		3.809	MON		2,043.16		—		9292009		6012022
31371NN68	FNMA POOL # 257013				2		1		30,013.00		103.588		31,950.06		30,440.66		30,023.75		1,926.31			6.00			—		—			5		5.453	MON		126.84		1,141.00		8222008		11012022
31371NSL0	FNMA POOL # 257123				2		1		767,479.00		0		770,578.77		736,051.43		767,542.60		3,036.17			63.00			—		—			5.5		3.303	MON		3,373.57		3,374.00		8312009		3012038
31371NZX6	FNMA POOL # 257358				2		1		38,455.00		103.549		40,924.71		39,003.31		38,467.98		2,456.73			7.00			—		—			5		5.449	MON		162.51		1,463.00		8222008		9012023
31376KQB5	FNMA POOL # 357850				2		1		25,582.00		103.603		25,973.23		24,706.16		25,567.58		405.65			(15.00	)		—		—			5.5		4.402	MON		113.24		340.00		6042009		7012035
31379T6G4	FNMA POOL # 429371				2		1		45,711.00		103.159		47,905.99		46,085.61		45,760.22		2,145.77			20.00			—		—			5		5.267	MON		192.02		1,728.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388				2		1		165,595.00		105.572		180,697.85		168,557.81		165,960.53		14,737.32			35.00			—		—			5.5		6.028	MON		772.56		6,953.00		6282006		3012018
31385XEW3	FNMA POOL # 555549				2		1		547,202.00		104.727		585,975.27		551,684.76		547,465.87		38,509.40			85.00			—		—			5		5.214	MON		2,298.69		20,688.00		12142007		6012018
31388UJF8	FNMA POOL # 615062				2		1		227,778.00		105.572		248,552.19		231,853.41		228,380.19		20,172.00			91.00			—		—			5.5		6.051	MON		1,062.66		9,564.00		6282006		1012017
31389FPM8	FNMA POOL # 624228				2		1		147,883.00		105.572		161,370.11		150,528.59		148,269.21		13,100.90			52.00			—		—			5.5		6.056	MON		689.92		6,209.00		6282006		1012017
31389FQ62	FNMA POOL # 624277				2		1		102,731.00		105.572		112,100.56		104,569.17		103,001.35		9,099.21			32.00			—		—			5.5		6.053	MON		479.28		4,313.00		6282006		1012017
31391PUF1	FNMA POOL # 672982				2		1		563,194.00		104.74		603,579.54		567,807.66		563,479.79		40,099.75			95.00			—		—			5		5.223	MON		2,365.87		21,293.00		12142007		12012017
31400EGH7	FNMA POOL # 685200				2		1		481,398.00		104.727		515,508.26		485,341.38		481,639.75		33,868.51			80.00			—		—			5		5.216	MON		2,022.25		18,200.00		12142007		3012018
31400GJN6	FNMA POOL # 687069				2		1		1,350,509.00		101.55		1,376,398.41		1,353,257.70		1,349,520.43		26,877.98			(224.00	)		—		—			5.5		5.502	MON		6,202.43		55,822.00		4212006		1012013
31400SA33	FNMA POOL # 695826				2		1		425,443.00		104.727		455,588.57		428,928.12		425,647.27		29,941.30			72.00			—		—			5		5.221	MON		1,787.20		16,085.00		12142007		4012018
31401A3C9	FNMA POOL # 702895				2		1		562,198.00		104.727		602,033.97		566,803.73		562,474.35		39,559.62			93.00			—		—			5		5.217	MON		2,361.68		21,255.00		12142007		4012018
31402DGQ7	FNMA POOL # 725707				2		1		1,918,339.00		104.52		2,048,516.24		1,934,053.22		1,919,104.87		129,411.37			226.00			—		—			5		5.21	MON		8,058.56		72,527.00		12142007		8012019
31402DQB9	FNMA POOL # 725950				2		1		803,811.00		104.52		859,168.93		811,161.96		804,076.13		55,092.80			145.00			—		—			5		5.245	MON		3,379.84		30,419.00		7172008		11012019
31402RDB2	FNMA POOL # 735498				2		1		630,497.00		0		633,874.21		612,074.52		630,527.12		3,347.09			31.00			—		—			5		4.729	MON		2,550.31		2,550.00		8312009		5012035
31403C2L4	FNMA POOL # 745179				2		1		1,959,473.00		104.727		2,098,314.35		1,975,523.71		1,960,299.00		138,015.35			258.00			—		—			5		5.21	MON		8,231.35		74,082.00		12142007		4012019
31403C3B5	FNMA POOL # 745194				2		1		916,330.00		105.572		999,903.32		932,725.61		918,084.95		81,818.37			134.00			—		—			5.5		5.999	MON		4,274.99		38,475.00		6282006		5012019
31403C3T6	FNMA POOL # 745210				2		1		1,783,280.00		105.572		1,945,922.78		1,815,187.51		1,786,780.90		159,141.88			280.00			—		—			5.5		6.014	MON		8,319.61		74,876.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		1		853,693.00		105.572		931,553.89		868,968.19		855,381.04		76,172.85			119.00			—		—			5.5		6.017	MON		3,982.77		35,845.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		1		1,153,958.00		104.52		1,232,265.29		1,163,411.16		1,154,403.07		77,862.22			135.00			—		—			5		5.206	MON		4,847.55		43,628.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		1		3,884,041.00		104.727		4,159,251.59		3,915,857.58		3,885,791.94		273,459.65			550.00			—		—			5		5.212	MON		16,316.08		146,845.00		12142007		11012018
31403DWH8	FNMA POOL # 745948				2		1		—		106.581		—		0.01		—		—			—			—		—			6.5		6.404	MON		—		—		2042009		10012036
31403VBR9	FNMA POOL # 758848				2		1		563,430.00		104.727		603,352.95		568,045.51		563,667.66		39,685.29			67.00			—		—			5		5.218	MON		2,366.85		21,302.00		12142007		1012019
31404Q2H1	FNMA POOL # 775776				2		1		18,127.00		103.598		18,386.62		17,505.74		18,115.75		270.87			(11.00	)		—		—			5.5		4.375	MON		80.23		241.00		6042009		5012034
31405GWJ5	FNMA POOL # 789149				2		1		8,394.00		104.52		9,017.59		8,513.72		8,399.14		618.45			3.00			—		—			5		5.421	MON		35.47		319.00		8222008		9012019
31406RYW9	FNMA POOL # 818025				2		1		3,177.00		103.76		3,230.99		3,065.17		3,175.72		55.27			(2.00	)		—		—			5.5		4.449	MON		14.05		42.00		6022009		3012037
31406XDU3	FNMA POOL # 822815				2		1		32,627.00		103.546		33,066.51		31,509.29		32,608.39		458.12			(18.00	)		—		—			5.5		4.437	MON		144.42		433.00		6042009		4012035
31409GMH6	FNMA POOL # 870760				2		1		273,042.00		0		274,536.62		265,386.09		273,065.78		1,470.84			24.00			—		—			5		3.427	MON		1,105.78		1,106.00		8312009		7012036
31409UUX1	FNMA POOL # 879098				2		1		19,674.00		0		19,781.51		19,122.18		19,675.67		105.84			2.00			—		—			5		3.777	MON		79.68		80.00		8312009		5012036
31410F5J0	FNMA POOL # 888349				2		1		5,174,237.00		0		5,177,931.07		4,867,991.78		5,174,234.72		3,696.35			(2.00	)		—		—			6		5.41	MON		24,339.96		24,340.00		8312009		7012035
31410F5M3	FNMA POOL # 888352				2		1		379,691.00		105.011		385,061.48		366,685.58		379,454.41		5,607.07			(237.00	)		—		—			5.5		4.295	MON		1,680.64		5,042.00		6042009		5012037
31410FU60	FNMA POOL # 888105				2		1		1,574,872.00		106.216		1,686,462.40		1,587,772.81		1,575,428.03		111,034.37			34.00			—		—			5		5.202	MON		6,615.72		59,541.00		12142007		8012020
31410FUZ6	FNMA POOL # 888100				2		1		15,297,445.00		105.032		15,479,472.15		14,737,866.40		15,298,976.07		180,496.08			1,531.00			—		—			5.5		4.597	MON		67,548.55		—		8312009		9012036
31410GFD0	FNMA POOL # 888564				2		1		25,894,301.00		104.202		26,548,698.70		25,124,852.22		25,871,059.01		677,639.69			(23,242.00	)		—		—			5		3.857	MON		104,686.88		628,121.00		2262009		10012021
31410GJ46	FNMA POOL # 888683				2		1		5,540,695.00		104.71		5,934,653.04		5,586,081.55		5,542,829.60		391,823.44			635.00			—		—			5		5.206	MON		23,275.35		209,478.00		12142007		12012019
31410GPR8	FNMA POOL # 888832				2		1		12,414,489.00		106.7		12,792,429.81		11,938,802.56		12,402,533.60		389,896.21			(1,420.00	)		—		—			6.5		4.805	MON		64,668.51		582,017.00		1252008		11012037
31410KCT9	FNMA POOL # 889382				2		1		7,761.00		103.76		7,891.70		7,486.69		7,757.01		134.69			(4.00	)		—		—			5.5		4.511	MON		34.31		103.00		6022009		4012038
31410KFE9	FNMA POOL # 889465				2		1		637,773.00		103.37		645,491.54		615,927.04		637,380.36		8,111.18			(393.00	)		—		—			5.5		4.305	MON		2,823.00		8,469.00		6042009		3012038
31410KJB1	FNMA POOL # 889558				2		1		50,472.00		103.76		51,321.89		48,687.97		50,450.58		871.31			(21.00	)		—		—			5.5		4.588	MON		223.15		669.00		6022009		6012038
31410KTF1	FNMA POOL # 889850				2		1		3,845,741.00		105.43		3,868,859.06		3,669,599.79		3,845,137.31		23,721.75			(603.00	)		—		—			5		4.228	MON		15,290.00		15,290.00		8312009		4012023
31410KXR0	FNMA POOL # 889988				2		1		25,726.00		103.76		26,158.77		24,816.26		25,713.00		445.77			(13.00	)		—		—			5.5		4.568	MON		113.74		341.00		6022009		8012038
31410KXT6	FNMA POOL # 889990				2		1		79,489.00		103.51		80,612.86		76,765.85		79,442.78		1,170.08			(46.00	)		—		—			5.5		4.38	MON		351.84		1,056.00		6042009		9012038
31410KXZ2	FNMA POOL # 889996				2		1		516,379.00		103.266		520,651.39		497,340.24		516,028.72		4,622.67			(350.00	)		—		—			5.5		3.887	MON		2,279.48		—		9012009		6012038
31410WL55	FNMA POOL # 899548				2		1		20,721.00		103.37		20,972.05		20,011.50		20,708.72		263.33			(13.00	)		—		—			5.5		4.331	MON		91.72		275.00		6042009		6012037
31411E2C0	FNMA POOL # 906271				2		1		48,535.00		103.51		49,221.77		46,872.81		48,506.67		715.10			(29.00	)		—		—			5.5		4.367	MON		214.83		645.00		6042009		1012037
31411EUP0	FNMA POOL # 906090				2		1		29,985.00		103.43		30,371.39		28,958.23		29,966.87		404.52			(18.00	)		—		—			5.5		4.314	MON		132.73		398.00		6042009		1012037
31411KCZ4	FNMA POOL # 910088				2		1		9,336,763.00		104.822		9,797,176.25		9,250,043.40		9,335,723.45		461,452.80			3,793.00			—		—			6		5.547	MON		46,250.22		416,252.00		3292007		3012037
31411KG64	FNMA POOL # 910221				2		1		39,040.00		103.51		39,591.85		37,702.45		39,014.56		577.29			(25.00	)		—		—			5.5		4.256	MON		172.80		518.00		6042009		3012037
31411KLM3	FNMA POOL # 910332				2		1		84,048.00		101.971		84,497.50		81,741.19		84,056.18		441.32			8.00			—		—			5		3.936	MON		340.59		3,670.00		8312009		3012037

Validus Holdings, Ltd September 30, 2009 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
31411LEA5	FNMA POOL # 911029				2		1		844,835.00		0		843,484.95		797,014.55		844,835.43		(1,350.48	)		—			—		—		5.5		4.474	MON		2,191.79		—			9292009		7012022
31411LTN1	FNMA POOL # 911457				2		1		4,357.00		103.76		4,430.56		4,203.18		4,354.70		75.86			(2.00	)		—		—		5.5		4.405	MON		19.26		58.00			6022009		3012037
31411S5Q5	FNMA POOL # 914455				2		1		71,927.00		103.51		72,944.23		69,463.19		71,882.08		1,062.15			(45.00	)		—		—		5.5		4.296	MON		318.37		955.00			6042009		4012037
31411SP42	FNMA POOL # 914043				2		1		4,887.00		103.76		4,969.15		4,714.13		4,884.43		84.72			(2.00	)		—		—		5.5		4.558	MON		21.61		65.00			6022009		2012037
31411VTQ2	FNMA POOL # 915959				2		1		4,524.00		103.266		4,568.17		4,363.64		4,521.08		47.09			(2.00	)		—		—		5.5		4.471	MON		20.00		60.00			6022009		4012037
31411WWC7	FNMA POOL # 916943				2		1		26,932.00		103.37		27,257.57		26,009.13		26,916.54		341.03			(15.00	)		—		—		5.5		4.424	MON		119.21		358.00			6042009		6012037
31411WZZ3	FNMA POOL # 917060				2		1		178,241.00		103.37		180,397.93		172,135.43		178,133.56		2,264.37			(107.00	)		—		—		5.5		4.34	MON		788.95		2,367.00			6042009		5012037
31411XMU6	FNMA POOL # 917571				2		1		3,373.00		103.76		3,429.29		3,253.29		3,370.76		58.53			(2.00	)		—		—		5.5		4.523	MON		14.91		45.00			6022009		4012037
31411XXG5	FNMA POOL # 917879				2		1		4,267.00		103.266		4,309.26		4,116.32		4,264.85		44.41			(2.00	)		—		—		5.5		4.47	MON		18.87		57.00			6022009		5012037
31411YKM4	FNMA POOL # 918400				2		1		5,263.00		103.266		5,314.98		5,077.01		5,259.39		55.59			(4.00	)		—		—		5.5		4.156	MON		23.27		70.00			6022009		5012037
31411YNW9	FNMA POOL # 918505				2		1		4,257.00		103.76		4,328.48		4,106.34		4,254.51		73.97			(2.00	)		—		—		5.5		4.471	MON		18.82		56.00			6022009		5012037
31412APH1	FNMA POOL # 919424				2		1		50,701.00		103.36		51,313.66		48,986.79		50,678.65		635.01			(23.00	)		—		—		5.5		4.8	MON		224.52		1,347.00			3052009		5012038
31412LMG2	FNMA POOL # 928359				2		1		1,182,253.00		0		1,180,363.18		1,115,333.03		1,182,253.01		(1,889.83	)		—			—		—		5.5		4.462	MON		3,067.17		—			9292009		5012022
31412LQN3	FNMA POOL # 928461				2		??		1,308,219.00		105.831		1,306,127.92		1,234,168.97		1,308,219.11		(2,091.19	)		—			—		—		5.5		4.468	MON		3,393.96		—			9292009		6012022
31412M3T3	FNMA POOL # 929710				2		1		749,819.00		0		753,797.12		718,406.59		749,786.38		4,010.74			(33.00	)		—		—		5		3.922	MON		2,993.36		2,993.00			8312009		7012023
31412MYX0	FNMA POOL # 929626				2		1		49,562.00		105.011		50,263.46		47,864.79		49,534.08		729.38			(28.00	)		—		—		5.5		4.39	MON		219.38		658.00			6042009		6012038
31412NAX4	FNMA POOL # 929822				2		1		72,534.00		103.76		73,755.59		69,970.34		72,494.73		1,260.86			(39.00	)		—		—		5.5		4.451	MON		320.70		962.00			6022009		8012038
31412NEH5	FNMA POOL # 929936				2		1		3,597.00		103.76		3,657.74		3,470.02		3,595.06		62.68			(2.00	)		—		—		5.5		4.364	MON		15.90		48.00			6022009		9012038
31412NRG3	FNMA POOL # 930287				2		1		148,765.00		103.36		150,323.34		143,506.77		148,674.95		1,648.39			(90.00	)		—		—		5.5		4.32	MON		657.74		1,973.00			6022009		12012038
31412NUW4	FNMA POOL # 930397				2		1		202,373.00		103.51		205,235.59		195,441.34		202,231.04		3,004.55			(142.00	)		—		—		5.5		4.129	MON		895.77		2,687.00			6042009		1012039
31412PJD4	FNMA POOL # 930960				2		1		7,339.00		103.36		7,415.92		7,079.64		7,335.69		80.23			(3.00	)		—		—		5.5		4.627	MON		32.45		97.00			6022009		4012039
31412SRH0	FNMA POOL # 933488				2		1		3,254,031.00		0		3,252,713.56		3,099,999.70		3,254,030.94		(1,317.38	)		—			—		—		5		4.193	MON		7,750.00		—			9292009		3012023
31412TL84	FNMA POOL # 934251				2		1		16,954.00		103.35		17,130.12		16,354.90		16,944.84		185.28			(9.00	)		—		—		5.5		4.433	MON		74.96		225.00			6022009		1012039
31412TRS4	FNMA POOL # 934397				2		1		70,098.00		103.37		70,978.17		67,727.26		70,065.43		912.74			(32.00	)		—		—		5.5		4.729	MON		310.42		1,863.00			3052009		9012038
31412UPR5	FNMA POOL # 935232				2		1		36,253.00		103.35		36,670.57		35,011.05		36,235.25		435.32			(18.00	)		—		—		5.5		4.564	MON		160.47		481.00			6042009		5012039
31412UXW5	FNMA POOL # 935493				2		1		204,168.00		0		206,275.71		199,415.81		204,122.63		2,153.08			(45.00	)		—		—		5		4.56	MON		830.90		1,662.00			7062009		7012039
31412WNS1	FNMA POOL # 937001				2		1		2,128.00		103.266		2,152.90		2,056.51		2,127.44		25.46			(1.00	)		—		—		5.5		4.668	MON		9.43		57.00			3052009		6012037
31412WP91	FNMA POOL # 937048				2		1		4,519.00		103.76		4,595.51		4,359.66		4,516.99		78.52			(2.00	)		—		—		5.5		4.483	MON		19.98		60.00			6022009		4012037
31412XGW8	FNMA POOL # 937713				2		1		1,942.00		103.266		1,964.31		1,876.36		1,941.06		23.25			(1.00	)		—		—		5.5		4.653	MON		8.60		52.00			3052009		6012037
31413AH22	FNMA POOL # 939549				2		1		4,147.00		103.266		4,188.27		4,000.75		4,145.16		43.11			(2.00	)		—		—		5.5		4.497	MON		18.34		55.00			6022009		7012037
31413HV62	FNMA POOL # 946237				2		1		14,275.00		103.588		15,196.43		14,478.51		14,280.21		916.22			3.00			—		—		5		5.47	MON		60.33		543.00			8222008		9012022
31413TPF3	FNMA POOL # 955022				2		1		3,033.00		103.37		3,065.96		2,925.53		3,031.15		34.81			(2.00	)		—		—		5.5		4.512	MON		13.41		40.00			6022009		9012037
31413UZA0	FNMA POOL # 956237				2		1		749,647.00		0		752,606.89		718,910.38		749,681.02		2,925.87			34.00			—		—		5.5		5.137	MON		3,295.01		3,295.00			8312009		11012037
31414ARA2	FNMA POOL # 960481				2		1		3,988,812.00		0		3,988,422.95		3,799,999.55		3,988,812.02		(389.07	)		—			—		—		5		4.18	MON		9,500.00		—			9292009		12012022
31414CJH2	FNMA POOL # 962064				2		1		204,387.00		103.36		206,762.24		197,386.39		204,278.06		2,484.18			(109.00	)		—		—		5.5		4.47	MON		904.69		2,714.00			6042009		3012038
31414CJK5	FNMA POOL # 962066				2		1		98,668.00		103.36		99,701.74		95,180.66		98,620.83		1,080.91			(47.00	)		—		—		5.5		4.591	MON		436.24		1,309.00			6022009		3012038
31414CRJ9	FNMA POOL # 962289				2		??		5,300,922.00		104.926		5,298,775.56		5,049,999.75		5,300,921.61		(2,146.05	)		—			—		—		5		4.194	MON		12,625.00		—			9292009		3012023
31414E5M2	FNMA POOL # 964452				2		1		44,067.00		103.76		44,808.86		42,509.20		44,043.02		765.84			(24.00	)		—		—		5.5		4.46	MON		194.83		584.00			6022009		7012038
31414EFY5	FNMA POOL # 963783				2		1		36,097.00		103.549		38,415.95		36,612.33		36,110.11		2,305.84			6.00			—		—		5		5.45	MON		152.55		1,373.00			8222008		6012023
31414EHC1	FNMA POOL # 963827				2		1		4,067.00		103.36		4,109.77		3,923.41		4,065.07		44.70			(2.00	)		—		—		5.5		4.514	MON		17.98		54.00			6022009		6012038
31414ENN0	FNMA POOL # 963997				2		1		8,701.00		103.36		8,792.31		8,393.61		8,696.83		95.48			(4.00	)		—		—		5.5		4.549	MON		38.47		115.00			6022009		6012038
31414GD22	FNMA POOL # 965521				2		1		1,148,163.00		0		1,146,327.62		1,083,172.60		1,148,162.96		(1,835.34	)		—			—		—		5.5		4.504	MON		2,978.72		—			9292009		12012022
31414GKC2	FNMA POOL # 965691				2		1		—		0		—		—		—		—			—			—		—		6.5		0	MON		—		(328.00	)		0		2012038
31414HE60	FNMA POOL # 966457				2		1		47,780.00		103.266		48,328.39		46,164.58		47,755.39		573.00			(25.00	)		—		—		5.5		4.558	MON		211.59		1,269.00			3052009		1012038
31414HNC7	FNMA POOL # 966687				2		1		46,076.00		103.549		49,035.77		46,733.56		46,092.55		2,943.22			8.00			—		—		5		5.467	MON		194.72		1,753.00			8222008		4012023
31414KAN0	FNMA POOL # 968113				2		1		7,560,359.00		104.509		7,695,376.44		7,289,288.57		7,555,757.63		139,618.81			(4,601.00	)		—		—		6		4.838	MON		36,446.44		218,679.00			2262009		2012038
31414KJM3	FNMA POOL # 968368				2		1		41,447.00		103.36		41,947.14		40,045.00		41,426.91		520.23			(20.00	)		—		—		5.5		4.681	MON		183.54		1,101.00			3052009		9012038
31414MDQ6	FNMA POOL # 970011				2		1		33,982.00		103.549		36,164.23		34,466.33		33,993.75		2,170.48			6.00			—		—		5		5.436	MON		143.61		1,292.00			8222008		6012023
31414MXU5	FNMA POOL # 970591				2		1		77,623.00		103.51		78,720.63		74,963.92		77,573.21		1,147.42			(50.00	)		—		—		5.5		4.256	MON		343.58		1,031.00			6042009		10012038
31414MYF7	FNMA POOL # 970610				2		1		23,048.00		103.51		23,373.54		22,258.11		23,034.22		339.32			(13.00	)		—		—		5.5		4.374	MON		102.02		306.00			6042009		10012038
31414NU69	FNMA POOL # 971405				2		1		68,581.00		103.36		69,409.68		66,262.22		68,550.87		858.81			(31.00	)		—		—		5.5		4.81	MON		303.70		1,822.00			3052009		5012038
31414RB79	FNMA POOL # 973562				2		1		7,709,100.00		0		7,696,894.13		7,272,735.40		7,709,099.53		(12,205.40	)		—			—		—		5.5		4.524	MON		20,000.02		—			9292009		3012023
31414RLP8	FNMA POOL # 973834				2		1		4,794.00		103.76		4,874.41		4,624.25		4,791.37		83.04			(2.00	)		—		—		5.5		4.581	MON		21.19		64.00			6022009		3012038
31414SGR8	FNMA POOL # 974608				2		1		77,688.00		101.97		81,760.76		79,084.80		77,707.04		4,053.72			13.00			—		—		5		5.535	MON		329.52		2,966.00			10082008		3012038
31414SYR8	FNMA POOL # 975120				2		1		160,020.00		103.36		161,952.42		154,608.52		159,948.36		2,004.06			(71.00	)		—		—		5.5		4.806	MON		708.62		4,252.00			3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		1		98,014.00		103.36		99,197.58		94,699.36		97,968.67		1,228.91			(45.00	)		—		—		5.5		4.743	MON		434.04		2,604.00			3052009		5012038
31414TE31	FNMA POOL # 975454				2		1		553,085.00		102.033		582,077.30		563,025.61		553,195.62		28,881.68			67.00			—		—		5		5.389	MON		2,345.94		21,634.00			10082008		3012038
31414TLV1	FNMA POOL # 975640				2		1		38,440.00		103.36		38,904.00		37,139.86		38,422.36		481.64			(17.00	)		—		—		5.5		4.766	MON		170.22		1,021.00			3052009		7012038
31414TNK3	FNMA POOL # 975694				2		1		76,576.00		103.51		77,658.94		73,952.90		76,531.97		1,126.97			(44.00	)		—		—		5.5		4.387	MON		338.95		1,017.00			6042009		8012038
31414TUV1	FNMA POOL # 975896				2		1		440,508.00		103.549		468,800.63		446,790.59		440,663.52		28,137.11			79.00			—		—		5		5.434	MON		1,861.63		16,755.00			8222008		7012023
31414YE97	FNMA POOL # 979960				2		1		68,925.00		103.36		69,757.48		66,594.25		68,892.92		864.56			(32.00	)		—		—		5.5		4.724	MON		305.22		1,831.00			3052009		5012038
31415AWU1	FNMA POOL # 981359				2		1		604,731.00		102.241		642,129.42		618,947.32		605,056.11		37,073.31			163.00			—		—		4.5		5.413	MON		2,321.05		22,487.00			10012008		4012023
31415BCB3	FNMA POOL # 981666				2		1		7,763.00		103.76		7,893.22		7,488.13		7,758.35		134.87			(4.00	)		—		—		5.5		4.465	MON		34.32		103.00			6022009		6012038
31415BKX6	FNMA POOL # 981910				2		1		51,318.00		103.76		52,182.59		49,504.50		51,293.26		889.33			(25.00	)		—		—		5.5		4.566	MON		226.90		681.00			6022009		6012038
31415BP94	FNMA POOL # 982048				2		1		56,445.00		103.36		57,100.72		54,511.43		56,407.79		692.93			(37.00	)		—		—		5.5		4.223	MON		249.84		750.00			6042009		5012038
31415BQA0	FNMA POOL # 982049				2		1		55,165.00		103.36		55,805.49		53,274.93		55,134.36		671.13			(30.00	)		—		—		5.5		4.443	MON		244.18		733.00			6042009		5012038
31415BQG7	FNMA POOL # 982055				2		1		51,468.00		103.36		52,066.49		49,705.48		51,438.95		627.54			(30.00	)		—		—		5.5		4.389	MON		227.82		683.00			6042009		5012038
31415LCT2	FNMA POOL # 983082				2		1		14,528.00		103.36		14,679.94		14,014.26		14,519.33		160.61			(8.00	)		—		—		5.5		4.377	MON		64.23		193.00			6022009		5012038
31415MAH8	FNMA POOL # 983908				2		1		4,595.00		103.36		4,642.93		4,432.39		4,592.59		50.34			(2.00	)		—		—		5.5		4.579	MON		20.32		61.00			6022009		6012038
31415MDG7	FNMA POOL # 984003				2		1		9,031,845.00		103.51		9,769,927.75		9,303,687.28		9,035,830.65		734,097.10			1,897.00			—		—		5.5		6.424	MON		42,641.90		383,777.00			7252008		6012038
31415MFS9	FNMA POOL # 984077				2		1		5,248,437.00		0		5,246,312.64		4,999,999.94		5,248,437.44		(2,124.80	)		—			—		—		5		2.837	MON		12,500.00		—			9292009		6012023
31415PKX5	FNMA POOL # 985110				2		1		23,957.00		103.36		24,208.15		23,110.41		23,945.65		262.50			(12.00	)		—		—		5.5		4.582	MON		105.92		318.00			6022009		7012038
31415RGM0	FNMA POOL # 986804				2		??		8,292,494.00		104.691		8,375,265.36		7,999,994.64		8,291,867.76		83,397.60			(627.00	)		—		—		5.5		5.196	MON		36,666.64		—			9012009		7012038
31415RJD7	FNMA POOL # 986860				2		1		26,586.00		106.575		26,526.07		24,813.94		26,587.05		(60.98	)		1.00			—		—		6.5		2.271	MON		134.41		134.00			8312009		9012038
31415RLS1	FNMA POOL # 986937				2		1		22,752.00		103.51		23,074.13		21,972.99		22,737.86		336.27			(14.00	)		—		—		5.5		4.261	MON		100.71		302.00			6042009		9012038
31415SU83	FNMA POOL # 988107				2		1		2,335,911.00		104.926		2,347,599.85		2,237,380.79		2,335,959.92		11,639.93			49.00			—		—		5		2.519	MON		9,322.42		9,322.00			8312009		8012023
31415V6L4	FNMA POOL # 991075				2		1		78,819.00		103.36		79,770.91		76,153.61		78,783.51		987.40			(35.00	)		—		—		5.5		4.759	MON		349.04		2,094.00			3052009		11012038
31415VZE8	FNMA POOL # 990941				2		1		139,181.00		103.36		140,861.88		134,474.35		139,111.57		1,750.31			(69.00	)		—		—		5.5		4.605	MON		616.34		3,698.00			3052009		9012038
31415XVS7	FNMA POOL # 992625				2		1		63,059.00		102.033		66,364.57		64,192.42		63,073.96		3,290.61			12.00			—		—		5		5.537	MON		267.47		2,407.00			10082008		11012038
31415YG86	FNMA POOL # 993123				2		1		32,644.00		103.35		32,982.88		31,490.24		32,628.33		354.55			(16.00	)		—		—		5.5		4.574	MON		144.33		433.00			6022009		1012039
31416B4M7	FNMA POOL # 995528				2		1		9,187,989.00		103.842		9,304,834.97		8,843,905.65		9,180,824.50		124,010.47			(7,164.00	)		—		—		5		3.46	MON		36,849.61		221,098.00			3202009		12012021
31416B4P0	FNMA POOL # 995530				2		1		7,452,970.00		104.595		7,563,717.66		7,146,989.70		7,446,806.82		116,910.84			(6,163.00	)		—		—		5.5		3.726	MON		32,757.04		196,542.00			3202009		12012021
31416B7J1	FNMA POOL # 995597				2		1		944,260.00		0		942,750.72		890,811.43		944,260.11		(1,509.39	)		—			—		—		5.5		4.584	MON		2,449.73		—			9292009		3012024
31416BHR2	FNMA POOL # 994940				2		1		154,261.00		103.43		156,247.12		148,977.04		154,168.00		2,079.12			(93.00	)		—		—		5.5		4.326	MON		682.81		2,048.00			6042009		10012038
31416BLA4	FNMA POOL # 995021				2		1		1,246,365.00		104.759		1,250,456.63		1,193,652.93		1,246,475.17		3,981.46			111.00			—		—		5.5		3.661	MON		5,470.91		5,471.00			8312009		2012038
31416BSE9	FNMA POOL # 995217				2		1		4,848,192.00		0		4,840,441.70		4,573,765.60		4,848,191.53		(7,749.83	)		—			—		—		5.5		4.57	MON		12,577.86		—			9292009		12012023
31416CME3	FNMA POOL # 995957				2		1		16,578,378.00		0		16,531,678.67		15,755,521.65		16,578,120.97		(46,442.30	)		(257.00	)		—		—		5		4.221	MON		65,648.01		—			9282009		6012024
31416H5G6	FNMA POOL # AA0846				2		1		149,553.00		103.36		151,119.95		144,267.26		149,447.29		1,672.66			(106.00	)		—		—		5.5		4.114	MON		661.22		1,984.00			6022009		1012039
31416H6S9	FNMA POOL # AA0880				2		1		20,104.00		103.36		20,314.62		19,393.43		20,089.94		224.68			(14.00	)		—		—		5.5		4.132	MON		88.89		267.00			6022009		1012039
31416HGM1	FNMA POOL # AA0203				2		1		5,711.00		103.35		5,769.83		5,508.72		5,707.40		62.43			(3.00	)		—		—		5.5		4.42	MON		25.25		76.00			6022009		1012039
31416HZX6	FNMA POOL # AA0757				2		1		7,442.00		103.35		7,518.97		7,178.70		7,438.39		80.58			(3.00	)		—		—		5.5		4.648	MON		32.90		99.00			6022009		3012039
31416JBK6	FNMA POOL # AA0941				2		1		229,273.00		103.36		231,937.01		221,419.58		229,111.06		2,825.95			(162.00	)		—		—		5.5		4.123	MON		1,014.84		3,045.00			6042009		12012038
31416JH38	FNMA POOL # AA1149				2		1		11,738.00		103.36		11,860.88		11,323.04		11,731.37		129.51			(7.00	)		—		—		5.5		4.415	MON		51.90		156.00			6022009		1012039

Validus Holdings, Ltd September 30, 2009 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
31416JS93	FNMA POOL # AA1443				2		1		12,055.00			103.35		12,180.38			11,629.16			12,048.83			131.55			(6.00	)		—		—		5.5		4.466	MON		53.30		160.00		6022009		1012039
31416JYC9	FNMA POOL # AA1606				2		1		18,673.00			103.36		18,868.43			18,012.82			18,659.10			209.33			(14.00	)		—		—		5.5		4.065	MON		82.56		248.00		6022009		1012039
31416JZV6	FNMA POOL # AA1655				2		1		11,665.00			103.35		11,785.60			11,252.24			11,658.77			126.83			(6.00	)		—		—		5.5		4.549	MON		51.57		155.00		6022009		2012039
31416KEN4	FNMA POOL # AA1940				2		1		112,973.00			103.36		114,337.03			109,152.30			112,917.39			1,419.64			(55.00	)		—		—		5.5		4.625	MON		500.28		3,002.00		3052009		1012039
31416KG36	FNMA POOL # AA2017				2		1		5,118.00			103.35		5,170.80			4,936.80			5,115.32			55.48			(2.00	)		—		—		5.5		4.614	MON		22.63		68.00		6022009		1012039
31416KHA9	FNMA POOL # AA2024				2		1		9,737.00			103.36		9,839.10			9,392.94			9,731.90			107.20			(5.00	)		—		—		5.5		4.462	MON		43.05		129.00		6022009		1012039
31416KHX9	FNMA POOL # AA2045				2		1		6,649.00			103.35		6,718.20			6,414.17			6,646.35			71.85			(3.00	)		—		—		5.5		4.697	MON		29.40		88.00		6022009		2012039
31416L2D7	FNMA POOL # AA3471				2		1		17,652.00			103.36		17,836.95			17,028.11			17,643.50			193.45			(9.00	)		—		—		5.5		4.569	MON		78.05		234.00		6022009		3012039
31416LGF7	FNMA POOL # AA2897				2		1		6,497.00			103.36		6,565.48			6,267.76			6,493.88			71.60			(4.00	)		—		—		5.5		4.444	MON		28.73		86.00		6022009		3012039
31416M5A8	FNMA POOL # AA4440				2		1		3,585,078.00			103.431		3,587,009.03			3,468,031.92			3,583,442.18			3,566.85			(1,636.00	)		—		—		5		4.116	MON		14,450.13		72,251.00		3192009		3012039
31416NKL5	FNMA POOL # AA4798				2		1		10,751.00			103.36		10,863.13			10,370.53			10,746.05			117.08			(4.00	)		—		—		5.5		4.724	MON		47.53		143.00		6022009		3012039
31416PAQ0	FNMA POOL # AA5414				2		1		33,837.00			0		34,272.62			33,132.85			33,829.68			442.94			(7.00	)		—		—		5		4.569	MON		138.05		276.00		7012009		5012039
31416PK97	FNMA POOL # AA5719				2		1		8,377.00			103.36		8,464.26			8,080.44			8,372.88			91.38			(4.00	)		—		—		5.5		4.68	MON		37.04		111.00		6022009		4012039
31416PWX1	FNMA POOL # AA6061				2		1		101,231.00			0		102,388.05			98,973.47			101,210.26			1,177.79			(21.00	)		—		—		5		4.59	MON		412.39		825.00		7012009		5012039
31416QTJ4	FNMA POOL # AA6852				2		1		40,051.00			0		40,566.50			39,217.42			40,042.79			523.71			(8.00	)		—		—		5		4.608	MON		163.41		327.00		7012009		5012039
31416RGW7	FNMA POOL # AA7412				2		1		56,503.00			0		57,230.18			55,326.93			56,491.05			739.13			(12.00	)		—		—		5		4.592	MON		230.53		461.00		7012009		6012039
31416S6R7	FNMA POOL # AA8979				2		1		27,710.00			0		28,066.65			27,133.27			27,702.73			363.92			(7.00	)		—		—		5		4.465	MON		113.06		226.00		7012009		7012039
31416T3C1	FNMA POOL # AA9794				2		1		43,816.00			0		44,380.38			42,904.47			43,806.86			573.52			(9.00	)		—		—		5		4.571	MON		178.77		358.00		7012009		7012039
31416T5H8	FNMA POOL # AA9847				2		1		11,665,084.00			99.168		11,898,973.80			11,998,800.24			11,665,620.36			233,353.44			537.00			—		—		4		4.246	MON		39,996.00		—		9012009		8012039
31417KK22	FNMA POOL # AC1212				2		1		204,082.00			0		206,111.11			199,256.68			204,039.14			2,071.97			(43.00	)		—		—		5		4.583	MON		830.24		1,660.00		7062009		7012039
31417KMC8	FNMA POOL # AC1254				2		1		6,738,723.00			0		6,890,721.67			6,950,495.93			6,739,920.65			150,801.02			1,198.00			—		—		4		4.268	MON		23,168.32		—		8312009		8012039
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND RE						??		8,500,000.00			101.669		8,641,865.00			8,500,000.00			8,500,000.00			141,865.00			—			—		—		2.879		2.881	JD		65,257.33		—		6192009		4012011
01F0506A9	FNMA TBA 30 YR				2		1Z		(2,057,500.00	)		103.25		(2,065,000.00	)		(2,000,000.00	)		(2,057,500.00	)		(7,500.00	)		—			—		—		5		4.732	MON		—		—		9172009		10012034
3128KW5Q2	FHLMC GOLD POOL # A66255				2		1		3,366,572.00			104.722		3,531,931.33			3,328,348.19			3,365,570.90			166,360.43			(249.00	)		—		—		6		5.547	MON		16,641.74		149,776.00		11022007		9012037
3128KWBZ5	FHLMC GOLD POOL # A65456				2		1		51,458.00			105.253		52,816.14			49,523.85			51,428.91			1,387.23			(29.00	)		—		—		6		4.981	MON		247.62		1,733.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582				2		1		96,107.00			105.253		98,642.54			92,493.66			96,046.58			2,595.96			(60.00	)		—		—		6		4.832	MON		462.47		3,237.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583				2		1		123,048.00			105.253		126,294.43			118,421.87			122,973.21			3,321.22			(75.00	)		—		—		6		4.883	MON		592.11		4,145.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		6,181,803.00			104.94		6,498,810.23			6,111,615.43			6,180,056.45			318,753.78			(362.00	)		—		—		6		5.605	MON		30,558.08		275,023.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		5,561,073.00			104.94		5,846,248.45			5,497,932.85			5,559,482.62			286,765.83			(380.00	)		—		—		6		5.583	MON		27,489.66		247,407.00		11022007		9012037
3128KWT29	FHLMC GOLD POOL # A65969				2		1		66,407.00			105.253		68,159.56			63,910.84			66,367.24			1,792.32			(40.00	)		—		—		6		4.889	MON		319.55		2,237.00		2042009		9012037
3128KWTK9	FHLMC GOLD POOL # A65954				2		1		110,468.00			105.253		113,382.29			106,314.61			110,399.67			2,982.62			(68.00	)		—		—		6		4.858	MON		531.57		3,721.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		95,830.00			105.253		98,358.44			92,227.27			95,770.02			2,588.42			(60.00	)		—		—		6		4.833	MON		461.14		3,228.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		70,576.00			105.253		72,437.81			67,922.40			70,532.05			1,905.76			(44.00	)		—		—		6		4.856	MON		339.61		2,377.00		2042009		9012037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		47,845.00			105.253		49,107.24			46,046.14			47,815.68			1,291.56			(29.00	)		—		—		6		4.89	MON		230.23		1,612.00		2042009		4012037
3128M46G3	FHLMC GOLD POOL # G03271				2		1		2,495,913.00			103.269		2,506,739.13			2,392,144.80			2,496,143.00			10,596.13			230.00			—		—		5.5		3.781	MON		10,964.00		10,964.00		8312009		9012037
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		4,950,080.00			103.318		5,262,097.94			5,018,297.84			4,951,564.12			310,533.82			218.00			—		—		5.5		6.075	MON		23,000.53		207,005.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		8,843.00			105.253		9,076.32			8,510.55			8,837.80			238.52			(5.00	)		—		—		6		4.943	MON		42.55		298.00		2042009		7012037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		19,168,993.00			106.822		20,020,867.78			18,653,117.50			19,157,246.03			863,621.75			(3,088.00	)		—		—		6.5		5.521	MON		101,037.73		909,339.00		11062007		10012037
3128M6EE4	FHLMC GOLD POOL # G04333				2		1		89,957.00			97.51		91,116.73			87,896.74			89,935.80			1,180.93			(21.00	)		—		—		5		4.522	MON		366.24		732.00		7062009		4012038
3128M6NC8	FHLMC GOLD POOL # G04587				2		1		13,410,026.00			0		13,467,954.12			12,853,191.25			13,410,720.90			57,233.22			695.00			—		—		5.5		5.15	MON		58,910.46		58,910.00		8312009		8012038
3128M6ND6	FHLMC GOLD POOL # BIS002				2		1		4,727,463.00			103.36		4,749,500.70			4,529,805.15			4,727,846.15			21,654.55			383.00			—		—		5.5		3.205	MON		20,761.61		20,762.00		8312009		8012038
3128M6NH7	FHLMC GOLD POOL # G04592				2		1		1,303,221.00			0		1,321,343.94			1,249,106.75			1,303,288.97			18,054.97			68.00			—		—		5.5		5.149	MON		5,725.07		5,725.00		8312009		8012038
3128M6NN4	FHLMC GOLD POOL # G04597				2		1		23,932.00			0		24,106.85			22,931.20			23,933.02			173.83			1.00			—		—		5.5		5.148	MON		105.10		105.00		8312009		8012038
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		219,628.00			105.253		225,423.38			211,371.62			219,508.21			5,915.17			(120.00	)		—		—		6		5.025	MON		1,056.86		7,398.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		636,949.00			105.253		653,755.53			613,003.71			636,589.51			17,166.02			(360.00	)		—		—		6		4.959	MON		3,065.02		21,455.00		2042009		12012038
3128M7H58	FHLMC GOLD POOL # G05352				2		1		2,881,113.00			0		2,884,608.37			2,731,210.14			2,881,249.59			3,358.78			137.00			—		—		6		5.55	MON		13,656.05		13,656.00		8312009		2012039
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		3,859,634.00			104.5		4,073,088.47			3,851,209.36			3,858,432.82			214,655.65			31.00			—		—		5.5		5.38	MON		17,651.37		158,862.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962				2		1		827,630.00			105.947		862,607.58			811,712.74			827,236.64			35,370.94			(119.00	)		—		—		6.5		5.729	MON		4,396.78		39,571.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		17,268,941.00			105.947		17,998,768.69			16,936,820.55			17,260,862.05			737,906.64			(2,367.00	)		—		—		6.5		5.754	MON		91,741.11		825,670.00		10312007		7012037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		17,273,830.00			105.947		18,003,864.59			16,941,615.79			17,265,744.83			738,119.76			(2,372.00	)		—		—		6.5		5.754	MON		91,767.09		825,904.00		10312007		7012037
312929CM2	FHLMC GOLD POOL # A82776				2		1		22,815.00			105.253		23,417.17			21,957.46			22,801.70			615.47			(13.00	)		—		—		6		4.891	MON		109.79		769.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		4,726.00			105.253		4,850.72			4,548.35			4,723.23			127.49			(3.00	)		—		—		6		4.936	MON		22.74		159.00		2042009		7012037
312930LH1	FHLMC GOLD POOL # A83928				2		1		82,951.00			105.253		85,140.05			79,832.85			82,899.96			2,240.09			(51.00	)		—		—		6		4.815	MON		399.16		2,794.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		87,553.00			105.253		89,863.55			84,261.91			87,501.71			2,361.84			(52.00	)		—		—		6		4.884	MON		421.31		2,949.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083				2		1		56,417.00			104.47		57,368.78			54,295.65			56,389.29			979.49			(27.00	)		—		—		6		5.22	MON		271.48		1,900.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100				2		1		32,356.00			105.253		33,209.39			31,139.28			32,337.70			871.69			(18.00	)		—		—		6		4.983	MON		155.70		1,090.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146				2		1		26,451.00			104.47		26,897.77			25,456.91			26,437.80			459.97			(14.00	)		—		—		6		5.114	MON		127.28		891.00		2042009		1012039
312931T40	FHLMC GOLD POOL # A85071				2		1		498,734.00			0		505,165.01			487,312.92			498,628.10			6,536.91			(106.00	)		—		—		5		4.568	MON		2,030.47		4,061.00		7062009		3012039
312931WX2	FHLMC GOLD POOL # A85162				2		1		1,004,127.00			0		1,011,591.97			975,843.18			1,003,844.88			7,747.09			(283.00	)		—		—		5		4.406	MON		4,066.01		8,132.00		7082009		3012039
3129325E2	FHLMC GOLD POOL # A86245				2		1		300,514.00			0		—			—			—			—			(57.00	)		—		—		5		4.625	MON		—		2,451.00		7012009		5012039
312932K96	FHLMC GOLD POOL # A85720				2		1		1,386,656.00			0		1,404,536.04			1,354,900.95			1,386,341.21			18,194.83			(315.00	)		—		—		5		4.531	MON		5,645.42		11,291.00		7062009		4012039
312933TT1	FHLMC GOLD POOL # A86862				2		1		402,960.00			0		408,002.12			394,319.24			402,883.59			5,118.53			(77.00	)		—		—		5		4.621	MON		1,643.00		3,286.00		7012009		6012039
312933Z31	FHLMC GOLD POOL # A87062				2		1		603,496.00			0		612,099.73			591,572.18			603,380.36			8,719.37			(116.00	)		—		—		5		4.614	MON		2,464.88		4,930.00		7012009		6012039
312933ZY3	FHLMC GOLD POOL # A87059				2		1		303,282.00			0		307,088.11			296,789.51			303,222.75			3,865.36			(59.00	)		—		—		5		4.61	MON		1,236.62		2,473.00		7012009		6012039
312934HP0	FHLMC GOLD POOL # A87438				2		??		101,602.00			103.82		102,700.25			99,256.06			101,582.28			1,117.97			(19.00	)		—		—		5		4.624	MON		413.57		827.00		7012009		7012039
312934HU9	FHLMC GOLD POOL # A87443				2		??		101,766.00			103.47		103,066.94			99,610.46			101,746.92			1,320.02			(19.00	)		—		—		5		4.625	MON		415.04		830.00		7012009		7012039
31349UJL3	FHLMC GOLD POOL # 782967				2		1		183,163.00			102.146		189,911.59			185,922.44			183,197.63			6,713.96			(2.00	)		—		—		4.392		4.627	MON		680.48		6,130.00		9302008		1012035
31416B4N5	FNMA POOL # 995529				2		1		16,129,750.00			105.831		16,440,828.80			15,535,048.62			16,114,027.71			326,801.09			(15,722.00	)		—		—		5.5		3.92	MON		71,202.31		427,214.00		2272009		11012022
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		1		3,464,082.00			107.025		3,685,438.38			3,416,044.02			3,460,523.39			224,914.99			(907.00	)		—		—		6		5.687	MON		17,080.22		153,722.00		2062007		7012026
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		1		106,290.00			101.42		105,953.78			104,832.08			105,032.23			921.55			(784.00	)		—		—		6		4.299	MON		524.16		4,717.00		1142008		5012010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		1		143,127.00			105		145,548.81			138,412.27			142,368.23			3,180.58			(253.00	)		—		—		6.5		4.979	MON		749.73		6,748.00		1142008		12012015
31394CVB5	FNMA_05-15 AGENCY CMO 05-15				2		1		3,565,457.00			103.307		3,710,381.60			3,596,651.55			3,574,068.32			136,313.28			2,589.00			—		—		5		5.313	MON		14,986.04		134,874.00		5242007		10252028
31394DA42	FNMA AGENCY CMO 05-48				2		1		356,622.00			106.379		379,226.34			354,076.60			356,280.76			22,945.58			(115.00	)		—		—		5.5		5.25	MON		1,622.85		14,606.00		12202007		11012019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		5,364,254.00			104.396		5,401,728.07			5,174,261.83			5,342,792.98			58,935.09			(21,461.00	)		—		—		5.5		1.6	MON		23,715.36		71,146.00		6182009		11012011
31394HP88	FHR AGENCY CMO 2663				2		1FE		566,944.00			101.738		571,136.80			563,422.75			564,354.43			6,782.37			(1,476.00	)		—		—		4.5		3.948	MON		2,112.84		19,015.00		7162008		12012010
31394L4A7	FHLMC CMO 2684 PC				2		1		6,952,003.00			102.906		6,964,693.32			6,767,998.37			6,922,375.24			42,318.08			(29,628.00	)		—		—		5		1.664	MON		28,199.99		84,600.00		6182009		4012011
31395BH89	FNMA_06-10 AGENCY CMO 06-26				2		1		698,386.00			102.69		708,137.13			689,587.24			693,242.50			14,894.63			(2,368.00	)		—		—		5.5		4.409	MON		3,160.61		28,446.00		9302008		5012011
31395K5J8	FHR AGENCY CMO 2898 PH				2		1		213,977.00			100.551		212,551.18			212,186.48			212,244.94			306.24			(1,231.00	)		—		—		5		3.65	MON		884.11		7,957.00		7082008		1012010
31395L4F5	FHLMC CMO 2914 AJ				2		1FE		5,162,535.00			102.875		5,183,329.87			5,021,310.26			5,150,496.03			32,833.84			(12,039.00	)		—		—		5		3.125	MON		20,922.13		41,844.00		6302009		2012013
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1		484,421.00			102.18		487,914.44			474,486.47			479,632.93			8,281.51			(3,025.00	)		—		—		6		3.568	MON		2,372.43		21,352.00		8112008		1012011
31395VGR4	FHR AGENCY CMO 2989 WD				2		1		502,969.00			104.25		527,812.50			500,000.00			502,225.82			25,586.68			(580.00	)		—		—		5.5		5.366	MON		2,291.67		20,625.00		10082008		12152013
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		212,011.00			105.53		226,365.01			212,809.07			212,047.32			14,317.69			21.00			—		—		5.5		5.658	MON		975.37		8,778.00		6172008		5152034
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA				2		1		2,369,681.00			102		2,405,797.57			2,358,625.07			2,359,448.67			46,348.90			(3,492.00	)		—		—		5.5		4.99	MON		10,810.36		97,293.00		3232007		9012010
31396GSK8	FHLMC AGENCY CMO 3098				2		1		1,522,213.00			102.406		1,562,992.45			1,526,266.66			1,522,957.45			40,035.00			186.00			—		—		5		5.089	MON		6,359.44		57,235.00		1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099				2		1		1,530,786.00			102.363		1,571,131.83			1,534,863.17			1,531,535.32			39,596.51			187.00			—		—		5		5.089	MON		6,395.26		57,557.00		1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		2,106,835.00			102.08		2,153,246.32			2,109,369.78			2,107,387.56			45,858.76			(1,097.00	)		—		—		5		4.896	MON		8,789.05		79,101.00		8202008		2012011
31396HE39	FHLMC AGENCY CMO 3113				2		1		1,722,080.00			102.891		1,780,350.25			1,730,326.51			1,725,090.17			55,260.08			1,030.00			—		—		5		5.212	MON		7,209.69		64,887.00		2022006		11152025
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		3,443,697.00			102.156		3,484,647.76			3,411,096.00			3,418,372.84			66,274.92			(11,165.00	)		—		—		6		5.122	MON		17,055.48		153,499.00		10242007		10012010
31396XEN0	FNMA CMO _07-80 PA				2		1FE		6,608,442.00			103.911		6,601,887.83			6,339,033.47			6,588,054.06			13,833.77			(20,388.00	)		—		—		5.5		2.593	MON		29,053.90		87,162.00		6152009		5012013
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd				2		1		2,640,950.00			103.699		2,777,123.42			2,635,467.06			2,637,572.69			139,550.73			(862.00	)		—		—		5.5		5.391	MON		12,079.23		108,713.00		4192007		1012014
31397FYM8	FHLMC AGENCY CMO 3291 XC				2		1		391,813.00			96.25		394,889.57			410,274.88			400,914.91			(6,025.34	)		8,729.00			—		—		0		3.265	MON		—		—		4042007		3152037
31397G7M6	FHRR AGENCY CMO R011 AB				2		1		6,666,028.00			104.938		6,936,634.78			6,610,253.51			6,657,640.70			278,994.08			(6,577.00	)		—		—		5.5		5.081	MON		30,297.00		272,673.00		9042008		6012015
31397MTX5	FNR AGENCY CMO 08-81 KA				2		1		7,552,190.00			105.125		7,966,624.70			7,578,239.90			7,552,273.16			414,351.54			59.00			—		—		5		5.057	MON		31,576.00		284,184.00		7292008		10252022

Validus Holdings, Ltd September 30, 2009 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
31397Y5H0	FHLMC CMO_3484 DA				2		1		8,172,231.00		103.116		8,100,364.04		7,855,553.57		8,155,600.92		(55,236.88	)		(16,630.00	)		—		—		5		3.32	MON		32,731.47		98,194.00		6012009		8012016
38373QX55	GNMA AGENCY CMO 03-51 LT				2		1FE		889,250.00		101.058		892,523.58		883,177.97		889,159.21		3,364.37			(91.00	)		—		—		5		1.296	MON		3,679.91		—		9282009		3012010
38373YBQ6	GNMA AGENCY CMO 02-79 LN				2		1		3,482,232.00		102.875		3,492,242.34		3,390,526.54		3,466,726.98		25,515.36			(13,030.00	)		—		—		5.5		3.232	MON		15,539.92		81,021.00		6152009		4012012
38373YNS9	GNMA AGENCY CMO_02-88 GB				2		1FE		3,109,851.00		102.336		3,097,333.89		3,026,619.35		3,109,851.37		(12,517.48	)		—			—		—		5		0.643	MON		420.37		—		9292009		2012011
38374FCH5	GNMA AGENCY CMO 04-2-BA				2		1		312,396.00		100.148		316,378.61		315,153.70		313,572.18		2,806.43			728.00			—		—		3.25		3.912	MON		853.54		7,682.00		4162008		1162034
38374FT87	GNMA AGENCY CMO 04-18 AB				2		1FE		3,231,615.00		101.6		3,214,989.36		3,164,371.76		3,231,614.66		(16,625.30	)		—			—		—		4.25		0.968	MON		373.57		—		9292009		2012011
38374G3A8	GNR AGENCY CMO 04-42 AE				2		1		1,461,760.00		101.032		1,453,692.29		1,434,416.60		1,445,818.41		7,873.88			(12,189.00	)		—		—		6		3.711	MON		7,172.08		64,549.00		8132008		9012010
38374GD41	GNMA AGENCY CMO_04-34 PV				2		1FE		1,053,458.00		100.795		1,050,021.61		1,041,738.64		1,053,458.20		(3,436.59	)		—			—		—		4.25		0.616	MON		122.98		—		9292009		5202010
001957BC2	AT&T CO CORP BND						1FE		3,247,867.00		111.21		3,308,497.50		2,975,000.00		3,138,046.27		170,451.23			(53,863.00	)		—		—		7.3		4.56	MN		82,043.89		108,588.00		3062008		11152011
00206RAC6	AT&T INC CORP BND						1		7,005,000.00		100.07		7,010,323.52		7,005,000.00		7,005,000.00		5,323.52			—			—		—		0.572		5.46	FMAN		6,342.86		96,047.00		2012007		2052010
00206RAF9	AT&T INC CORP BND						1FE		349,706.00		106.807		373,822.84		350,000.00		349,820.88		24,001.96			37.00			—		—		4.95		4.967	JJ		3,657.50		17,325.00		12032007		1152013
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND						1FE		11,344,910.00		108.513		11,448,095.76		10,550,000.00		11,057,785.58		390,310.18			(209,230.00	)		—		—		7.875		4.334	MS		69,234.39		555,188.00		3052009		3012011
010392EA2	ALABAMA POWER COMPANY CORP BND						1FE		3,404,799.00		102.968		3,572,979.40		3,470,000.00		3,448,666.95		124,312.45			13,042.00			—		—		4.7		5.251	JD		54,363.33		81,545.00		2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND						1FE		3,774,761.00		106.126		3,979,717.24		3,750,000.00		3,772,814.21		206,903.03			(2,945.00	)		—		—		4.85		4.641	JD		53,552.09		90,938.00		4022009		12152012
018490AM4	ALLERGAN INC. CORP BND						1FE		897,373.00		105.777		906,504.71		857,000.00		896,979.61		9,525.10			(394.00	)		—		—		5.75		4.903	AO		24,638.75		—		8312009		4012016
02003MBQ6	ALLSTATE CORP BND MTN						1FE		3,176,700.00		106.189		3,185,675.34		3,000,000.00		3,172,887.18		12,788.16			(3,813.00	)		—		—		5.375		3.643	AO		67,635.42		—		8312009		4302013
02580ECN1	AMERICAN EXPRESS BANK FSB CORP BND BKNT						1FE		6,355,862.00		104.841		6,473,945.16		6,175,000.00		6,352,818.30		121,126.86			(3,390.00	)		—		—		5.5		4.606	AO		155,661.46		32,313.00		8312009		4162013
02581FYM5	AMER EXPRESS BK CORP BND						1FE		2,223,665.00		101.797		2,293,735.43		2,225,000.00		2,224,463.34		69,272.09			332.00			—		—		5.2		5.222	MN		40,173.61		57,850.00		11192007		11262010
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND						3FE		3,431,190.00		96.058		3,362,029.97		3,500,000.00		3,487,555.76		(125,525.79	)		14,442.00			—		—		4.875		5.465	MN		64,458.33		85,313.00		8242006		5152010
026609AM9	WYETH CORP BND						1FE		12,080,939.00		107.572		12,198,624.89		11,340,000.00		11,755,005.84		443,619.05			(188,579.00	)		—		—		6.95		4.327	MS		35,028.00		788,130.00		2202009		3152011
02666QB93	AMERICAN HONDA FINANCE CORP BND 144A						1FE		1,350,000.00		99.954		1,349,898.75		1,350,000.00		1,350,000.00		(101.25	)		—			—		—		0.814		3.12	FMAN		1,588.04		19,229.00		5022008		11092009
031162AG5	AMGEN INC CORP BND						1FE		4,070,808.00		100.422		4,217,721.27		4,200,000.00		4,193,586.77		24,134.50			36,307.00			—		—		4		5.201	MN		62,066.67		84,000.00		2052007		11182009
03523TAD0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND						2FE		5,358,300.00		106.454		5,322,680.65		5,000,000.00		5,353,185.24		(30,504.59	)		(5,115.00	)		—		—		5.375		3.842	MN		102,274.31		—		8312009		11152014
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND						1FE		3,899,001.00		113.983		3,854,080.68		3,317,000.00		3,678,186.20		175,894.48			(101,221.00	)		—		—		8.5		3.887	AO		140,972.50		140,973.00		1302008		4012012
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A						4FE		2,500,000.00		104.765		2,619,125.00		2,500,000.00		2,500,000.00		119,125.00			—			—		—		12.097		12.954	JAJO		77,285.62		116,594.00		2192009		2242012
05522NAA5	BANK OF AMERICA CORP BND 144A						1FE		14,405,300.00		105.523		14,773,243.38		14,000,000.00		14,393,939.05		379,304.33			(11,361.00	)		—		—		5.5		4.382	JD		228,861.11		—		8312009		6142012
05531FAD5	BB&T CORPORATION CORP BND						1FE		5,051,000.00		101.757		5,087,846.35		5,000,000.00		5,048,799.32		39,047.03			(2,201.00	)		—		—		3.1		2.548	JJ		27,125.00		—		8312009		7282011
060505BD5	BANK OF AMERICA CORP BND						1FE		7,064,750.00		102.232		7,156,248.68		7,000,000.00		7,063,503.08		92,745.60			(1,247.00	)		—		—		4.75		4.492	FA		42,486.11		—		8312009		8152013
060505BU7	BANK OF AMERICA CORP BND						1FE		1,724,837.00		102.553		1,743,397.44		1,700,000.00		1,709,613.94		33,783.50			(8,404.00	)		—		—		4.5		3.804	FA		12,750.00		76,500.00		5082008		8012010
06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT						1FE		18,104,063.00		104.096		18,737,280.00		18,000,000.00		18,089,247.36		648,032.64			(17,164.00	)		—		—		3.125		2.932	JD		165,625.00		298,438.00		3102009		6152012
06050BAG6	BANK OF AMERICA CORP — GTD CORP BND						1FE		26,124,227.00		101.49		26,499,039.00		26,110,000.00		26,136,514.52		362,524.48			12,287.00			—		—		2.1		2.059	AO		229,985.59		87,203.00		8312009		4302012
06050BAJ0	BANK OF AMERICA CORP — GTD SENIOR CORP B						1FE		923,973.00		102.18		945,165.00		925,000.00		924,127.81		21,037.19			155.00			—		—		2.375		2.411	JD		6,041.41		6,102.00		3092009		6222012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN						1FE		10,563,256.00		103.077		11,235,441.62		10,900,000.00		10,603,714.15		631,727.47			37,790.00			—		—		4.9		5.733	MN		222,541.66		267,050.00		3232009		5012013
06052AAF8	BANK OF AMERICA NA — (LT) GTD CORP BND						1FE		2,600,000.00		100.084		2,602,184.00		2,600,000.00		2,600,000.00		2,184.00			—			—		—		0.33		1.364	MJSD		380.98		13,673.00		3092009		9132010
06406HBE8	BANK OF NEW YORK CO CORP BND						1FE		6,894,348.00		108.821		7,399,815.48		6,800,000.00		6,884,892.06		514,923.42			(12,279.00	)		—		—		4.95		4.51	MN		140,250.02		168,300.00		3232009		11012012
06406HBJ7	BANK OF NEW YORK CO CORP BND MTN						1FE		4,713,300.00		105.394		4,742,729.87		4,500,000.00		4,708,706.87		34,023.00			(4,593.00	)		—		—		4.5		3.092	AO		101,250.00		—		8312009		4012013
06406HBK4	BANK OF NEW YORK CO CORP BND						1FE		5,340,050.00		107.51		5,375,476.05		5,000,000.00		5,333,371.11		42,104.94			(6,679.00	)		—		—		5.125		3.289	FA		29,184.03		—		8312009		8272013
06423AAG8	BANK ONE CO CORP BND						1FE		3,062,781.00		105.583		3,009,126.19		2,850,000.00		2,921,172.44		87,953.75			(61,773.00	)		—		—		7.875		4.781	FA		37,406.26		224,438.00		12202007		8012010
06423AAS2	BANK ONE CO CORP BND						1FE		5,313,600.00		106.036		5,301,797.50		5,000,000.00		5,306,203.77		(4,406.27	)		(7,396.00	)		—		—		5.25		3.293	JJ		44,479.17		—		8312009		1302013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND						1FE		39,959,600.00		101.73		40,692,000.00		40,000,000.00		39,966,298.13		725,701.87			6,698.00			—		—		2.15		2.185	MS		9,555.56		430,000.00		3202009		3272012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND						1FE		4,010,640.00		104.573		4,182,927.25		4,000,000.00		4,009,498.20		173,429.05			(1,142.00	)		—		—		4		3.941	MS		13,333.34		82,222.00		2232009		3012014
07385TAJ5	BEAR STEARNS CO INC CORP BND						1FE		8,449,172.00		107.946		8,506,182.62		7,880,000.00		8,441,132.82		65,049.80			(8,040.00	)		—		—		5.7		4.142	MN		169,682.67		—		8312009		11152014
073902CE6	BEAR STEARNS CO INC CORP BND						1FE		486,000.00		102.365		515,048.22		500,000.00		492,540.56		22,507.66			4,923.00			—		—		4.5		5.956	AO		9,562.50		11,250.00		9302008		10282010
073902KF4	BEAR STEARNS CO INC CORP BND						1FE		7,211,392.00		105.253		7,281,407.18		6,918,000.00		7,208,048.18		73,359.00			(3,344.00	)		—		—		5.3		4.503	AO		153,790.98		—		8312009		10302015
073928X73	BEAR STEARNS CO INC CORP BND						1FE		2,390,693.00		111.652		2,595,910.94		2,325,000.00		2,378,333.14		217,577.80			(9,955.00	)		—		—		6.95		6.063	FA		22,891.55		100,775.00		3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND						1FE		3,188,430.00		102.606		3,078,173.01		3,000,000.00		3,040,238.84		37,934.17			(79,464.00	)		—		—		7.75		4.074	FA		29,708.33		232,500.00		4252008		2152010
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND 14						1FE		7,165,550.00		102.16		7,155,400.00		7,000,000.00		7,094,145.20		61,254.80			(71,405.00	)		—		—		4.95		2.55	APR		152,075.00		—		4172009		4262010
084664BG5	BERKSHIRE HATHAWAY FINANCE COR CORP BND						1FE		12,892,560.00		107.563		12,907,593.36		12,000,000.00		12,874,592.25		33,001.11			(17,968.00	)		—		—		5		2.992	FA		76,666.67		—		8312009		8152013
084664BJ9	BERKSHIRE HATHAWAY FINANCE COR CORP BND						1FE		9,926,455.00		104.708		9,947,294.11		9,500,000.00		9,913,289.93		34,004.18			(13,165.00	)		—		—		4		2.227	AO		188,944.44		—		8312009		4152012
097014AC8	BOEING CAPITAL CORP CORP BND						1FE		648,185.00		105.58		638,756.15		605,000.00		625,277.73		13,478.42			(14,771.00	)		—		—		7.375		3.887	MS		495.76		44,619.00		7302008		9272010
097014AD6	BOEING CAPITAL CORP CORP BND						1FE		5,325,850.00		105.974		5,309,293.35		5,000,000.00		5,307,997.80		1,295.55			(17,852.00	)		—		—		6.1		1.682	MS		25,416.67		152,500.00		8312009		3012011
10138MAD7	BOTTLING GROUP LLC CORP BND						1		3,320,818.00		104.05		3,381,612.65		3,250,000.00		3,319,926.75		61,685.90			(891.00	)		—		—		4.125		3.702	JD		39,473.96		—		8312009		6152015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND						1FE		4,307,400.00		108.166		4,326,647.64		4,000,000.00		4,304,161.45		22,486.19			(3,239.00	)		—		—		5.5		4.153	AO		110,000.00		—		8312009		4012016
10138MAH8	BOTTLING GROUP LLC CORP BND						1FE		9,826,255.00		117.181		9,960,368.08		8,500,000.00		9,672,314.77		288,053.31			(153,940.00	)		—		—		6.95		3.574	MS		26,255.56		526,752.00		2052009		3152014
110122AL2	BRISTOL MYERS SQUIBB CO NT						1FE		7,448,280.00		108.663		7,606,428.84		7,000,000.00		7,395,784.30		210,644.54			(52,496.00	)		—		—		5.25		3.67	FA		46,958.34		183,750.00		3052009		8152013
12572QAC9	CME GROUP INC SENIOR CORP BND						2FE		975,000.00		99.907		980,440.49		975,000.00		975,000.00		5,440.49			—			—		—		1.121		3.454	FMAN		1,699.62		17,036.00		8072008		8062010
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN						1FE		1,124,404.00		106.557		1,198,762.90		1,125,000.00		1,124,604.20		74,158.70			85.00			—		—		4.85		4.862	JD		17,278.12		27,281.00		12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN						1FE		5,268,195.00		100.299		5,412,526.21		5,275,000.00		5,270,280.78		142,245.43			968.00			—		—		4.25		4.279	FA		33,005.38		224,188.00		2042008		2082013
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN						1FE		3,055,224.00		104.263		3,127,894.14		3,000,000.00		3,054,273.04		73,621.10			(1,003.00	)		—		—		4.6		4.134	JJ		29,133.33		—		8312009		1152014
16132NAW6	CHARTER ONE BANK FSB CORP BND						1FE		5,031,150.00		101.932		5,096,610.65		5,000,000.00		5,012,549.81		84,060.84			(5,625.00	)		—		—		5.5		5.331	AO		118,402.78		137,500.00		1312007		4262011
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN						1FE		10,999,340.00		103.927		11,431,924.91		11,000,000.00		10,999,461.93		432,462.98			122.00			—		—		3.45		3.452	MS		29,516.67		189,750.00		2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND						1FE		3,950,517.00		105.482		4,061,066.79		3,850,000.00		3,898,196.18		162,870.61			(25,057.00	)		—		—		5.25		4.309	FA		21,896.89		202,125.00		10092008		2222011
172967CK5	CITIGROUP INC CORP BND						1FE		4,844,800.00		98.613		4,930,650.70		5,000,000.00		4,847,417.47		83,233.23			2,617.00			—		—		5.125		5.892	MN		103,923.61		—		8312009		5052014
172967CU3	CITIGROUP INC CORP BND						1FE		1,411,135.00		100.022		1,438,725.18		1,425,000.00		1,422,465.08		16,260.10			4,745.00			—		—		4.125		4.59	FA		6,367.97		58,781.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND						1FE		2,191,943.00		101.798		2,214,096.30		2,175,000.00		2,183,517.35		30,578.95			(4,438.00	)		—		—		5.125		4.826	FA		14,552.86		111,469.00		4082008		2142011
172967DP3	CITIGROUP INC CORP BND						1FE		5,035,050.00		102.458		5,122,877.90		5,000,000.00		5,034,457.78		88,420.12			(592.00	)		—		—		5.85		5.642	JJ		72,312.50		—		8312009		7022013
172967EQ0	CITIGROUP INC CORP BND						1FE		2,995,770.00		93.485		3,046,057.20		3,000,000.00		2,996,002.87		50,054.33			233.00			—		—		5.5		5.542	AO		77,916.67		—		8312009		4112013
17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR						1FE		6,284,376.00		103.362		6,511,806.00		6,300,000.00		6,288,471.51		223,334.49			3,778.00			—		—		2.875		2.962	JD		56,350.00		90,563.00		12022008		12092011
17313UAE9	CITIGROUP INC — GTD CORP BND GOVT GUAR						1FE		35,715,622.00		101.49		36,384,165.00		35,850,000.00		35,740,001.25		644,163.75			24,379.00			—		—		2.125		2.248	AO		319,538.02		190,453.00		3102009		4302012
17313YAA9	CITIGROUP FUNDING INC — GTD CORP BND						1FE		2,000,000.00		100.164		1,998,400.00		2,000,000.00		2,000,000.00		(1,600.00	)		—			—		—		0.392		0.936	FMAN		1,240.95		4,785.00		4302009		5052011
17313YAG6	CITIGROUP FUNDING INC — GTD CORP BND						1FE		5,041,900.00		101.317		5,065,850.00		5,000,000.00		5,040,702.40		25,147.60			(1,198.00	)		—		—		2.125		1.823	JJ		26,857.64		—		8312009		7122012
17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND						1FE		17,370,072.00		100.065		17,411,310.00		17,400,000.00		17,370,072.00		41,238.00			—			—		—		1.875		1.932	MN		—		—		9292009		11152012
17314AAE2	CITIGROUP FUNDING INC — GTD CORP BND						1FE		1,762,215.00		99.946		1,765,177.75		1,750,000.00		1,760,388.80		4,788.95			(1,826.00	)		—		—		0.583		1.292	MJSD		28.32		10,865.00		4202009		3302012
17314AAF9	CITIGROUP FUNDING INC — GTD CORP BND						1FE		8,377,404.00		100.188		8,506,932.00		8,400,000.00		8,381,093.15		125,838.85			3,689.00			—		—		2		2.093	MS		466.67		84,000.00		3232009		3302012
19075QAB8	COBANK CORP BND 144A						1FE		676,097.00		98.88		682,270.40		690,000.00		676,366.13		5,904.27			270.00			—		—		7.875		8.199	AO		25,055.63		—		8312009		4162018
191216AL4	COCA-COLA COMPANY THE CORP BND						1FE		11,572,106.00		103.563		12,039,226.65		11,625,000.00		11,577,710.59		461,516.06			5,604.00			—		—		3.625		3.725	MS		18,729.18		221,238.00		3032009		3152014
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND						1FE		4,201,680.00		105.084		4,203,370.68		4,000,000.00		4,198,879.49		4,491.19			(2,801.00	)		—		—		4.25		3.242	MS		14,166.67		90,194.00		8312009		3012015
19416QDN7	COLGATE PALMOLIVE CO. SENIOR CORP BND						1FE		4,449,456.00		102.04		4,489,739.89		4,400,000.00		4,448,822.02		40,917.87			(634.00	)		—		—		3.15		2.942	FA		21,560.00		—		8312009		8052015
20825CAT1	CONOCOPHILLIPS CORP BND						1FE		3,546,841.00		106.405		3,777,372.57		3,550,000.00		3,547,112.63		230,259.94			272.00			—		—		4.6		4.616	JJ		58,969.45		—		5182009		1152015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND						1FE		6,255,188.00		106.889		6,316,841.96		5,875,000.00		6,227,181.69		89,660.27			(19,839.00	)		—		—		5.3		2.826	AO		143,578.47		44,388.00		8312009		4152012
209111EK5	CONSOLIDATED EDISON CO OF NY CORP BND						1FE		5,352,300.00		107.091		5,354,572.70		5,000,000.00		5,348,213.03		6,359.67			(4,087.00	)		—		—		5.375		4.092	JD		79,131.94		—		8312009		12152015
216871AC7	COOPER US CORP BND						1FE		3,853,044.00		107.598		3,873,531.56		3,600,000.00		3,850,876.39		22,655.17			(2,168.00	)		—		—		6.1		5.003	JJ		54,900.00		—		8312009		7012017
22237LPA4	COUNTRYWIDE HOME LOANS CORP BND						2FE		5,050,000.00		99.5		5,082,500.10		5,000,000.00		5,047,470.04		35,030.06			(2,530.00	)		—		—		4		3.335	MS		5,000.00		100,000.00		8312009		3222011
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND						1FE		16,057,878.00		108.065		16,420,421.44		15,195,000.00		15,979,166.67		441,254.77			(45,972.00	)		—		—		6.125		3.561	MN		351,595.42		167,059.00		8312009		11152011
22541LAC7	CREDIT SUISSE FIRST BOSTON CORP BND						1FE		1,965,709.00		108.64		1,977,240.63		1,820,000.00		1,960,703.41		16,537.22			(5,006.00	)		—		—		6.5		2.977	JJ		24,974.44		—		8312009		1152012
239753BK1	TARGET CORPORATION CORP BND						1FE		580,657.00		112.803		600,276.07		530,000.00		566,140.87		34,135.20			(10,941.00	)		—		—		8.6		5.39	JJ		9,622.44		45,580.00		9242008		1152012
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		3,933,036.00		107.716		4,227,869.92		3,925,000.00		3,931,284.24		296,585.68			(1,335.00	)		—		—		4.95		4.895	JD		56,127.50		97,144.00		7242008		12172012
24424DAA7	JOHN DEERE CAPITAL CORP — GTD CORP BND G						1FE		1,028,471.00		103.451		1,034,510.00		1,000,000.00		1,027,653.78		6,856.22			(817.00	)		—		—		2.875		1.827	JD		8,145.83		—		8272009		6192012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND						1FE		1,621,295.00		107.808		1,751,879.00		1,625,000.00		1,622,546.19		129,332.81			529.00			—		—		4.7		4.752	JD		25,458.33		38,188.00		11292007		12012012
254687CC8	WALT DISNEY COMPANY THE CORP BND						1FE		2,155,160.00		107.453		2,149,054.10		2,000,000.00		2,148,264.19		789.91			(6,896.00	)		—		—		5.7		1.482	JJ		24,066.67		—		8312009		7152011
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND						1FE		5,317,250.00		106.997		5,349,858.85		5,000,000.00		5,311,942.16		37,916.69			(5,308.00	)		—		—		4.875		3.392	AO		102,239.58		—		8312009		4302014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN						1FE		4,133,584.00		107.594		4,492,063.57		4,175,000.00		4,142,400.57		349,663.00			5,736.00			—		—		5		5.23	JJ		44,069.44		201,212.00		7232008		7152013
291011AZ7	EMERSON ELECTRIC CO CORP BND						1		4,325,202.00		98.81		4,369,910.41		4,200,000.00		4,323,594.01		46,316.40			(1,608.00	)		—		—		4.125		3.535	AO		78,925.00		—		8312009		4152015

Validus Holdings, Ltd September 30, 2009 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
302570AV8	FPL GROUP CAPITAL INC CORP BND					1FE		6,390,313.00		106.27		6,429,347.28		6,050,000.00		6,313,623.68		115,723.60			(76,689.00	)		—		—		5.625		3.261	MS		28,359.38		170,156.00		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND					1FE		1,350,000.00		100.843		1,365,052.81		1,350,000.00		1,350,000.00		15,052.81			—			—		—		1.173		3.694	MJSD		616.02		22,016.00		6112008		6172011
302570BD7	FPL GROUP CAPITAL INC CORP BND					1FE		5,492,250.00		110.533		5,526,629.65		5,000,000.00		5,488,794.49		37,835.16			(3,456.00	)		—		—		6		4.703	MS		25,000.00		143,333.00		8312009		3012019
33766JAA1	FIRSTENERGY SOLUTIONS CO CORP BND 144A					2FE		5,756,487.00		102.76		5,857,303.19		5,700,000.00		5,755,754.65		101,548.54			(732.00	)		—		—		4.8		4.592	FA		41,040.00		—		8312009		2152015
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					1FE		2,779,405.00		103.51		2,815,461.26		2,720,000.00		2,763,037.39		52,423.87			(8,870.00	)		—		—		4.85		4.335	FA		21,986.67		131,920.00		4252008		2012013
36186CBF9	GMAC LLC - (LT) GTD CORP BND					1FE		11,960,952.00		101.305		12,136,339.00		11,980,000.00		11,962,597.53		173,741.47			1,646.00			—		—		2.2		2.247	JD		82,728.56		—		6032009		12192012
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND					1FE		6,023,017.00		100.593		6,085,848.01		6,050,000.00		6,026,498.94		59,349.07			3,482.00			—		—		1.8		2.022	JJ		29,342.50		—		6192009		7152011
369604AY9	GENERAL ELEC CAP CO CORP BND					1FE		6,328,500.00		105.582		6,334,909.08		6,000,000.00		6,320,855.33		14,053.75			(7,645.00	)		—		—		5		3.292	FA		50,000.00		—		8312009		2012013
369604BC6	GE CAPITAL CORP CORP BND					1FE		12,592,709.00		102.953		12,797,046.84		12,430,000.00		12,591,673.98		205,372.86			(1,035.00	)		—		—		5.25		5.053	JD		208,461.46		—		8312009		12062017
36962G3T9	GE CAPITAL CORP CORP BND					1FE		5,170,850.00		103.932		5,196,610.25		5,000,000.00		5,167,336.94		29,273.31			(3,513.00	)		—		—		4.8		3.792	MN		100,000.00		—		8312009		5012013
36962G4E1	GE CAPITAL CORP CORP BND					??		6,020,400.00		101.4		6,083,984.04		6,000,000.00		6,019,855.51		64,128.53			(544.00	)		—		—		3.5		3.377	FA		28,000.00		—		8312009		8132012
36962GM68	GE CAPITAL CORP CORP BND MTNA					1FE		13,542,750.00		104.384		13,569,941.19		13,000,000.00		13,522,868.66		47,072.53			(19,881.00	)		—		—		4.375		2.432	MN		205,381.94		—		8312009		11212011
36962GT38	GE CAPITAL CORP CORP BND					1FE		15,821,700.00		105.425		15,813,814.50		15,000,000.00		15,791,416.01		22,398.49			(30,284.00	)		—		—		5		2.432	MN		283,333.33		—		8312009		11152011
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN					1FE		1,631,384.00		101.901		1,553,991.78		1,525,000.00		1,535,859.74		18,132.04			(26,726.00	)		—		—		7.375		4.934	JJ		22,493.75		112,469.00		11302006		1192010
36962GXS8	GENERAL ELEC CAP CO CORP BND					1FE		4,511,962.00		106.802		4,859,493.50		4,550,000.00		4,522,768.55		336,724.95			7,958.00			—		—		5.875		6.15	FA		34,156.60		267,313.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND					1FE		3,161,025.00		107.368		3,221,048.83		3,000,000.00		3,102,240.00		118,808.83			(26,166.00	)		—		—		6		4.644	JD		53,000.00		90,000.00		1142008		6152012
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		6,281,919.00		103.641		6,529,383.00		6,300,000.00		6,286,651.59		242,731.41			4,366.00			—		—		3		3.101	JD		58,800.00		94,500.00		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		21,614,110.00		101.644		21,929,693.00		21,575,000.00		21,607,450.71		322,242.29			(6,659.00	)		—		—		2.2		2.142	JD		148,987.35		197,771.00		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		10,896,621.00		101.354		11,047,586.00		10,900,000.00		10,897,542.13		150,043.87			921.00			—		—		1.8		1.816	MS		10,900.00		97,555.00		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		3,000,000.00		100.819		3,014,100.00		3,000,000.00		3,000,000.00		14,100.00			—			—		—		0.5		1.531	MJSD		707.89		18,310.00		3092009		3122012
36967HAU1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		3,110,902.00		99.904		3,107,014.40		3,110,000.00		3,110,842.33		(3,827.93	)		(60.00	)		—		—		0.292		0.6	MJSD		252.15		4,786.00		7062009		12212012
37247XAD4	GNWRTH GL FD TR CORP BND MTN					1FE		2,000,000.00		99		1,980,000.00		2,000,000.00		2,000,000.00		(20,000.00	)		—			—		—		5.75		5.744	JD		32,583.33		—		8312009		5152013
37247XAL6	GNWRTH GL FD TR CORP BND					1FE		3,638,015.00		98.993		3,781,521.67		3,820,000.00		3,643,332.32		138,189.35			5,317.00			—		—		5.25		7.215	MN		75,763.33		—		8312009		5152012
377372AC1	GLAXOSK CAP INC CORP BND					1FE		16,169,695.00		107.3		16,524,241.60		15,400,000.00		16,115,196.12		409,045.48			(54,498.00	)		—		—		4.85		3.472	MN		282,162.22		164,900.00		8312009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP					1FE		587,587.00		100.694		587,310.73		585,000.00		585,867.14		1,443.59			(1,063.00	)		—		—		1.079		3.064	FMAN		859.46		9,180.00		7072008		5132010
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND					1FE		4,113,480.00		108.511		4,340,452.56		4,000,000.00		4,062,567.51		277,885.05			(18,821.00	)		—		—		6.6		5.859	JJ		55,733.33		264,000.00		8142007		1152012
38141GDQ4	GOLDMAN SACHS & CO CORP BND					1FE		3,177,120.00		102.267		3,170,707.86		3,000,000.00		3,173,849.93		(3,142.07	)		(3,270.00	)		—		—		5.25		3.692	AO		72,625.00		—		8312009		10152013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND					1FE		11,435,160.00		103.767		11,414,415.10		11,000,000.00		11,429,158.50		(14,743.40	)		(6,002.00	)		—		—		5.125		4.292	JJ		119,013.89		—		8312009		1152015
38143UAW1	GOLDMAN SACHS GROUP INC CORP BND					1FE		5,194,750.00		104.865		5,243,232.35		5,000,000.00		5,192,049.26		51,183.09			(2,701.00	)		—		—		5		4.142	AO		125,000.00		—		8312009		10012014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					1FE		5,092,400.00		107.204		5,360,208.15		5,000,000.00		5,066,124.79		294,083.36			(14,561.00	)		—		—		5.45		4.982	MN		113,541.67		136,250.00		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					1FE		12,276,600.00		104.559		12,390,241.50		11,850,000.00		12,201,471.40		188,770.10			(75,129.00	)		—		—		3.25		2.116	JD		113,397.91		207,540.00		2202009		6152012
38146FAF8	GOLDMAN SACHS GROUP INC - GTD CORP BND					1FE		2,765,674.00		101.007		2,767,591.80		2,740,000.00		2,762,759.66		4,832.14			(2,914.00	)		—		—		1.625		1.154	JJ		9,399.72		21,520.00		7022009		7152011
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND					1FE		488,635.00		105.462		527,310.18		500,000.00		492,735.04		34,575.14			3,063.00			—		—		6.75		7.721	MN		12,750.00		16,875.00		9302008		5152011
40429CCV2	HSBC FINANCE CORP CORP BND					1FE		5,122,150.00		102.893		5,144,636.15		5,000,000.00		5,112,500.37		32,135.78			(9,650.00	)		—		—		4.625		2.232	MS		10,277.78		115,625.00		8312009		9152010
40429CCX8	HSBC FINANCE CORP CORP BND					1FE		12,502,821.00		103.246		12,596,013.22		12,200,000.00		12,485,821.65		110,191.57			(17,893.00	)		—		—		5.25		3.369	JJ		136,995.83		10,500.00		8312009		1142011
4042EPAA5	HSBC USA INC - GTD CORP BND GOVT GUAR					1FE		9,089,247.00		103.996		9,151,648.00		8,800,000.00		9,023,150.34		128,497.66			(66,097.00	)		—		—		3.125		1.946	JD		80,208.33		137,500.00		1282009		12162011
423328BM4	HELLER FINANCIAL INC. CORP BND					1FE		1,266,672.00		100.495		1,171,774.03		1,166,000.00		1,168,434.13		3,339.90			(21,366.00	)		—		—		7.375		4.837	MN		35,830.21		42,996.00		1202006		11012009
42809HAA5	AMERADA HESS CORPORATION CORP BND					2FE		5,202,430.00		110.152		5,177,152.27		4,700,000.00		5,193,766.96		(16,614.69	)		(8,663.00	)		—		—		7		4.335	FA		42,038.89		—		8312009		2152014
428236AL7	HEWLETT-PACKARD COMPANY CORP BND					1FE		2,863,224.00		107.54		3,081,022.12		2,865,000.00		2,864,096.94		216,925.18			256.00			—		—		5.25		5.264	MS		12,534.38		150,413.00		2222007		3012012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,547,098.00		105.939		5,561,784.85		5,250,000.00		5,540,351.96		21,432.89			(6,746.00	)		—		—		4.5		2.792	MS		19,687.50		118,125.00		8312009		3012013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					1FE		6,596,880.00		112.353		6,741,192.18		6,000,000.00		6,527,467.70		213,724.48			(69,412.00	)		—		—		6.125		3.937	MS		30,625.01		271,542.00		2052009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND					1FE		3,598,416.00		104.409		3,789,827.82		3,600,000.00		3,598,709.76		191,118.06			294.00			—		—		4.25		4.266	FA		15,724.99		75,650.00		2232009		2242012
428236AX1	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,024,662.00		101.447		1,039,833.30		1,025,000.00		1,024,719.14		15,114.16			57.00			—		—		2.25		2.267	MN		7,943.75		—		5212009		5272011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,850,000.00		101.552		1,878,711.90		1,850,000.00		1,850,000.00		28,711.90			—			—		—		1.43		1.71	FMAN		2,572.01		8,085.00		5212009		5272011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP					1FE		2,623,957.00		106.106		2,734,435.01		2,493,000.00		2,583,055.52		151,379.49			(22,108.00	)		—		—		5.625		4.258	FA		23,371.88		140,231.00		4292008		8012012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND					1FE		4,636,170.00		103.686		4,665,866.76		4,500,000.00		4,633,767.30		32,099.46			(2,403.00	)		—		—		3.875		3.142	FA		22,281.25		—		8312009		2152014
441812KH6	HOUSEHOLD FINANCE CORPORATION SENIOR COR					1FE		8,132,925.00		100.535		8,528,413.55		8,500,000.00		8,485,975.50		42,438.05			82,783.00			—		—		4.125		5.482	MN		131,484.38		175,313.00		6202006		11162009
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					1FE		11,100,025.00		108.582		11,802,818.72		10,870,000.00		11,043,722.68		759,096.04			(34,405.00	)		—		—		5.05		4.479	AO		242,446.30		274,468.00		3052009		10222012
459200GN5	IBM CORP CORP BND					1FE		3,209,711.00		114.781		3,328,637.45		2,900,000.00		3,185,032.50		143,604.95			(24,695.00	)		—		—		6.5		3.844	AO		86,919.45		4,063.00		6112009		10152013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND					1FE		4,683,362.00		102.501		4,927,762.04		4,700,000.00		4,687,818.84		239,943.20			2,326.00			—		—		3.5		3.577	MN		62,144.45		82,250.00		4212008		5152013
45974VB64	INTERNATIONAL LEASE FINANCE CO CORP BND					1FE		3,639,634.00		86		3,285,000.00		3,650,000.00		3,645,216.48		(360,216.48	)		2,557.00			—		—		4.95		5.053	FA		30,112.50		180,675.00		1242008		2012011
46625HAJ9	JP MORGAN CHASE & CO CORP BND					1FE		6,522,813.00		106.609		6,663,088.31		6,250,000.00		6,365,967.27		297,121.04			(61,840.00	)		—		—		6.75		5.29	FA		70,312.50		421,875.00		10052007		2012011
46625HGG9	JP MORGAN & COMPANY INC CORP BND					1FE		480,584.00		106.358		499,883.11		470,000.00		475,268.09		24,615.02			(2,234.00	)		—		—		5.6		4.891	JD		8,773.33		13,160.00		11282007		6012011
46625HGT1	JPMORGAN CHASE & CO CORP BND					1FE		5,222,250.00		104.87		5,400,057.60		5,000,000.00		5,148,346.32		251,711.28			(34,032.00	)		—		—		5.375		4.31	AO		134,375.00		134,375.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO CORP BND					1FE		20,815,050.00		105.66		21,132,019.00		20,000,000.00		20,801,113.15		330,905.85			(15,632.00	)		—		—		4.75		3.542	MN		395,833.33		118,750.00		8312009		5012013
46625HHN3	JPMORGAN CHASE & CO CORP BND					1FE		10,592,200.00		104.822		10,482,222.70		10,000,000.00		10,582,646.98		(100,424.28	)		(9,553.00	)		—		—		4.65		3.292	JD		171,791.67		—		8312009		6012014
481247AA2	JPMORGAN CHASE & CO-GTD CORP BND GOVT GU					1FE		9,993,800.00		103.987		10,398,700.00		10,000,000.00		9,995,457.26		403,242.74			1,494.00			—		—		3.125		3.147	JD		104,166.67		155,382.00		11262008		12012011
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		12,213,360.00		102.394		12,287,280.00		12,000,000.00		12,128,993.10		158,286.90			(81,391.00	)		—		—		2.625		1.69	JD		105,000.00		150,500.00		12182008		12012010
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		6,597,426.00		100.902		6,681,047.80		6,600,000.00		6,598,197.32		82,850.48			771.00			—		—		1.65		1.67	FA		11,495.00		54,450.00		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		8,974,432.00		101.778		9,139,664.40		8,980,000.00		8,975,317.91		164,346.49			886.00			—		—		2.2		2.22	JD		58,170.45		61,461.00		2182009		6152012
49327GAA5	KEYBANK NA - GTD SENIOR CORP BND					1FE		4,455,440.00		101.1		4,437,342.05		4,400,000.00		4,439,990.91		(2,648.86	)		(15,449.00	)		—		—		0.949		1.217	MJSD		1,855.82		36,297.00		4072009		12152010
49327GAB3	KEYCORP - GTD CORP BND MTN					1FE		4,557,024.00		101.203		4,554,146.25		4,500,000.00		4,556,467.40		(2,321.15	)		(557.00	)		—		—		0.846		0.286	MON		1,277.50		—		9182009		12192011
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		4,441,432.00		104.42		4,542,267.62		4,350,000.00		4,441,839.36		100,428.26			408.00			—		—		3.55		2.639	MS		10,723.95		39,050.00		9282009		3062012
55263ECH6	MBNA CORPORATION CORP BND					1FE		3,740,625.00		96.24		3,614,420.50		3,500,000.00		3,668,099.62		(53,679.12	)		(33,340.00	)		—		—		6.125		4.59	MS		17,864.59		214,375.00		1302008		3012013
552600AC3	MBNA AMERICA BANK N.A. CORP BND BKNT					1FE		2,444,463.00		107.753		—		—		—		—			(3,413.00	)		—		—		7.125		4.977	MN		—		—		8312009		11152012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		116.31		5,088,555.06		4,375,000.00		4,812,717.11		275,837.95			(119,615.00	)		—		—		9.75		5.417	AO		213,281.25		213,281.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND					1FE		2,921,280.00		102.669		3,076,805.64		3,000,000.00		2,974,456.70		102,348.94			19,049.00			—		—		4.375		5.301	MS		5,833.33		131,250.00		8022007		9152010
589331AH0	MERCK & CO INC CORP BND					1FE		5,225,400.00		105.961		5,298,065.95		5,000,000.00		5,220,168.58		77,897.37			(5,231.00	)		—		—		4.375		2.992	FA		27,951.39		—		8312009		2152013
589331AL1	MERCK & CO INC CORP BND					1FE		3,502,410.00		106.917		3,757,360.69		3,470,000.00		3,487,418.79		269,941.90			(5,729.00	)		—		—		5.125		4.873	MN		67,183.06		88,919.00		9102007		11152011
589331AP2	MERCK & CO INC CORP BND					1FE		3,909,975.00		104.598		3,922,409.25		3,750,000.00		3,907,885.72		14,523.53			(2,089.00	)		—		—		4		3.192	JD		40,000.00		—		8312009		6302015
589331AR8	MERCK & CO INC CORP BND					1FE		8,572,942.00		101.228		8,680,304.68		8,575,000.00		8,573,211.00		107,093.68			269.00			—		—		1.875		1.887	JD		42,875.00		—		6222009		6302011
59018YM40	MERRILL LYNCH & CO INC CORP BND					1FE		7,110,670.00		103.323		7,232,619.45		7,000,000.00		7,108,204.16		124,415.29			(2,466.00	)		—		—		5.45		4.942	FA		59,344.44		—		8312009		2052013
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		97.324		3,892,959.88		4,000,000.00		4,002,607.14		(109,647.26	)		(1,123.00	)		—		—		0.704		3.696	JAJO		5,160.83		64,572.00		12242008		7252011
59217EAZ7	METROPOLITAN LIFE GLOBAL FUND CORP BND 1					1		4,899,276.00		105.985		4,875,323.71		4,600,000.00		4,886,229.05		(10,905.34	)		(13,047.00	)		—		—		5.75		2.232	JJ		48,491.67		—		8312009		7252011
617446HC6	MORGAN STANLEY CORP BND					1FE		12,405,955.00		105.586		12,494,071.95		11,500,000.00		12,342,881.23		151,190.72			(42,164.00	)		—		—		6.6		3.51	AO		379,500.00		49,500.00		8312009		4012012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		96.885		4,036,450.54		4,075,000.00		4,080,291.11		(43,840.57	)		(3,365.00	)		—		—		0.76		5.5	JAJO		6,280.03		77,655.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND MTN					1FE		9,570,510.00		105.977		9,778,532.02		9,227,000.00		9,567,674.36		210,857.66			(9,076.00	)		—		—		5.625		3.896	JJ		118,220.94		168,750.00		8312009		1092012
61747YCE3	MORGAN STANLEY CORP BND MTN					1FE		13,304,880.00		105.017		13,389,618.67		12,750,000.00		13,298,224.06		91,394.61			(6,656.00	)		—		—		6		5.103	AO		325,125.00		—		8312009		4282015
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		27,806,810.00		101.109		28,310,520.00		28,000,000.00		27,839,741.14		470,778.86			32,931.00			—		—		1.95		2.168	JD		153,183.33		227,500.00		3032009		6202012
61757UAL4	MORGAN STANLEY-GTD CORP BND					1FE		3,023,745.00		100.659		3,019,770.00		3,000,000.00		3,023,131.17		(3,361.17	)		(614.00	)		—		—		0.741		0.417	FMAN		3,150.31		—		9022009		2102012
61757UAN0	MORGAN STANLEY-GTD CORP BND					1FE		1,002,110.00		100.47		1,004,700.00		1,000,000.00		1,001,763.39		2,936.61			(347.00	)		—		—		0.5		1.453	MJSD		235.96		5,996.00		4022009		3132012
633072AC7	NATIONAL BK OF CANADA (NEW YOR CORP BND					1		3,690,033.00		101.481		3,482,380.65		3,470,000.00		3,477,285.12		5,095.53			(63,898.00	)		—		—		7.75		5.193	MN		112,052.08		134,463.00		2152007		11012009
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND					1FE		6,731,184.00		103.152		6,788,158.00		6,550,000.00		6,707,670.01		80,487.99			(23,514.00	)		—		—		3		1.881	JD		57,312.50		67,871.00		9082009		12162011
64953BAP3	NEW YORK LIFE GLOBAL FUNDING CORP BND 14					1FE		9,389,160.00		105.005		9,450,458.01		9,000,000.00		9,381,019.42		69,438.59			(8,141.00	)		—		—		4.65		3.392	MN		165,075.00		—		8312009		5092013
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		109.381		8,203,584.45		7,500,000.00		7,639,048.87		564,535.58			(16,021.00	)		—		—		5.5		4.963	FA		52,708.34		303,569.00		3232009		8152013
665859AK0	NORTHERN TRUST COMPANY THE CORP BND					1FE		5,263,900.00		106.163		5,308,140.95		5,000,000.00		5,259,639.96		48,500.99			(4,260.00	)		—		—		4.625		3.392	MN		96,354.17		—		8312009		5012014
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		1,623,326.00		104.898		1,704,598.50		1,625,000.00		1,623,522.54		81,075.96			196.00			—		—		4.125		4.148	FA		9,496.09		33,516.00		2042009		2102014
68389XAB1	ORCALE CORP CORP BND					1FE		6,378,372.00		100.006		6,368,973.72		6,385,000.00		6,382,721.44		(13,747.72	)		2,763.00			—		—		0.51		4.786	FMAN		4,339.16		71,964.00		7312008		5142010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND					1FE		5,412,790.00		108.356		5,769,978.67		5,325,000.00		5,401,823.66		368,155.01			(11,161.00	)		—		—		4.95		4.499	AO		121,543.14		131,794.00		3052009		4152013
68402LAE4	ORACLE CORP CORP BND					1		6,126,037.00		104.63		6,303,939.86		6,025,000.00		6,072,475.82		231,464.04			(26,647.00	)		—		—		5		4.362	JJ		63,597.23		301,250.00		3062008		1152011
693476AV5	PNC FUNDING CORP CORP BND					1FE		4,144,253.00		101.458		4,185,141.21		4,125,000.00		4,129,513.83		55,627.38			(7,441.00	)		—		—		4.5		4.247	MS		10,828.13		185,625.00		4302008		3102010
693476BE2	PNC FUNDING CORP CORP BND					1		5,258,650.00		106.064		5,303,200.55		5,000,000.00		5,254,595.38		48,605.17			(4,055.00	)		—		—		5.4		4.192	JD		84,000.00		—		8312009		6102014
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT GUA					1FE		24,515,075.00		101.954		24,978,732.45		24,500,000.00		24,513,067.34		465,665.11			(2,092.00	)		—		—		2.3		2.28	JD		154,962.50		281,750.00		2252009		6222012

Validus Holdings, Ltd September 30, 2009 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
69373UAA5	PACCAR INC CORP BND						1FE		6,326,096.00		113.456		6,353,536.06		5,600,000.00		6,313,401.22		40,134.84			(12,695.00	)		—		—		6.875		3.692	FA		49,194.44		—		8312009		2152014
6944P0AF2	PACIFIC LIFE GLOBAL FUNDING SECURED CORP						1FE		1,742,958.00		88.21		1,612,507.27		1,800,000.00		1,767,281.56		(154,774.29	)		14,080.00			—		—		0.519		3.927	MJSD		233.72		18,472.00		6042008		6222011
713448BK3	PEPSICO INC SENIOR CORP BND						1FE		19,458,660.00		103.418		20,166,433.96		19,500,000.00		19,463,058.25		703,375.71			4,398.00			—		—		3.75		3.797	MS		60,937.51		363,594.00		2252009		3012014
717081CZ4	PFIZER INC. CORP BND						1FE		499,315.00		106		529,998.70		500,000.00		499,423.38		30,575.32			108.00			—		—		4.45		4.5	MS		988.89		10,569.00		3172009		3152012
717081DC4	PFIZER INC. CORP BND						1FE		1,575,000.00		102.811		1,619,273.33		1,575,000.00		1,575,000.00		44,273.33			—			—		—		2.249		3.173	MJSD		1,574.30		21,903.00		3172009		3152011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND						1FE		6,108,095.00		106.324		6,512,334.60		6,125,000.00		6,112,344.41		399,990.19			2,345.00			—		—		4.875		4.938	MN		111,972.66		149,297.00		5132008		5162013
718507BQ8	CONOCOPHILLIPS CORP BND						1FE		5,386,576.00		105.278		5,200,722.09		4,940,000.00		5,062,297.59		138,424.50			(136,734.00	)		—		—		8.75		4.825	MN		151,287.51		216,125.00		7302008		5252010
724479AF7	PITNEY BOWES INC CORP BND						1		3,167,190.00		106.296		3,188,880.39		3,000,000.00		3,162,916.21		25,964.18			(4,274.00	)		—		—		4.625		2.727	AO		69,375.00		—		8312009		10012012
74153WAM1	PRICOA GLOBAL FUND CORP BND 144A						1FE		2,898,386.00		99.233		2,862,884.14		2,885,000.00		2,886,332.43		(23,448.29	)		(3,642.00	)		—		—		0.719		5.399	JAJO		4,496.72		55,777.00		2022007		1152010
74153WAS8	PRICOA GLOBAL FUND CORP BND 144A						1		3,091,500.00		103.601		3,108,035.88		3,000,000.00		3,088,900.94		19,134.94			(2,599.00	)		—		—		4.625		3.477	JD		37,000.00		—		8312009		6252012
7425A0A59	PRINCIPAL LIFE GLOBAL FUNDING CORP BND 1						1		7,022,750.00		102.05		7,143,509.80		7,000,000.00		7,022,516.25		120,993.55			(234.00	)		—		—		5.25		5.137	JJ		77,583.33		—		8312009		1152013
742718DA4	PROCTER & GAMBLE COMPANY CORP BND						1FE		3,275,910.00		109.634		3,289,018.47		3,000,000.00		3,271,538.56		17,479.91			(4,371.00	)		—		—		4.95		2.942	FA		18,975.00		—		8312009		8152014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND						1FE		3,571,225.00		102.366		3,582,797.37		3,500,000.00		3,570,216.21		12,581.16			(1,009.00	)		—		—		3.5		3.092	FA		15,652.78		—		8312009		2152015
742718DQ9	PROCTER & GAMBLE COMPANY SENIOR CORP BND						??		2,608,242.00		100.702		2,618,254.86		2,600,000.00		2,608,139.11		10,115.75			(103.00	)		—		—		3.15		3.092	MS		7,507.50		—		8312009		9012015
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO				1		1FE		915,000.00		99.865		916,930.64		915,000.00		915,000.00		1,930.64			—			—		—		1.175		3.776	MJSD		567.28		15,501.00		3052008		3122010
771196AN2	ROCHE HOLDINGS INC CORP BND 144A						1FE		12,607,823.00		105.417		13,361,558.36		12,675,000.00		12,620,543.99		741,014.37			12,721.00			—		—		4.5		4.69	MS		47,531.25		294,694.00		2182009		3012012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A						1FE		8,629,840.00		107.916		8,633,271.52		8,000,000.00		8,618,944.00		14,327.52			(10,896.00	)		—		—		5		3.112	MS		33,333.33		206,667.00		8312009		3012014
771196AS1	ROCHE HOLDINGS INC CORP BND 144A						1FE		5,536,650.00		110.694		5,534,684.00		5,000,000.00		5,532,863.16		1,820.84			(3,787.00	)		—		—		6		4.593	MS		25,000.00		155,000.00		8312009		3012019
771196AX0	ROCHE HOLDINGS INC CORP BND 144A						1FE		1,500,000.00		101.108		1,540,710.08		1,500,000.00		1,500,000.00		40,710.08			—			—		—		2.393		3.249	FMAN		3,689.41		22,273.00		2202009		2252011
78387GAH6	AT&T INC CORP BND						1FE		2,163,060.00		108.4		2,167,996.82		2,000,000.00		2,157,541.98		10,454.84			(5,518.00	)		—		—		5.875		2.382	FA		19,583.33		—		8312009		2012012
78387GAP8	AT&T INC CORP BND						1FE		3,235,500.00		107.837		3,235,117.50		3,000,000.00		3,231,962.45		3,155.05			(3,538.00	)		—		—		5.1		3.392	MS		6,800.00		76,500.00		8312009		9152014
826418BH7	SIERRA PAC PWR CO CORP BND						2FE		3,656,294.00		104.949		3,667,974.12		3,495,000.00		3,653,189.66		14,784.46			(3,105.00	)		—		—		5.45		4.185	MS		15,873.13		95,239.00		8312009		9012013
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND						1FE		1,677,383.00		100.86		1,689,405.00		1,675,000.00		1,675,829.78		13,575.22			(1,270.00	)		—		—		4.875		4.761	MS		2,948.70		81,656.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND						1FE		49,806.00		101		51,169.14		50,000.00		49,935.12		1,234.02			54.00			—		—		4.875		5.029	FA		311.46		2,438.00		12052007		8152010
828807BU0	SIMON PROPERTY GROUP INC. CORP BND						1FE		3,232,168.00		101		3,345,937.50		3,225,000.00		3,227,935.49		118,002.01			(942.00	)		—		—		5.6		5.546	MS		15,050.00		180,600.00		12242008		9012011
842587AB3	SOUTHERN COMPANY CORP BND						1FE		3,225,440.00		104.914		3,355,259.04		3,200,000.00		3,214,601.50		140,657.54			(4,442.00	)		—		—		5.3		5.086	JJ		35,804.44		169,600.00		10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND						3FE		1,045,000.00		99.997		1,051,102.71		1,045,000.00		1,045,000.00		6,102.71			—			—		—		1.125		3.511	FMAN		1,371.56		16,798.00		8132008		8202010
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR						1FE		1,023,630.00		103.168		1,031,680.00		1,000,000.00		1,019,748.24		11,931.76			(3,882.00	)		—		—		2.75		1.866	JJ		5,652.78		15,660.00		4082009		1172012
846042AB5	SOVEREIGN BANCORP, INC - GTD CORP BND						1FE		2,483,688.00		101.259		2,509,681.93		2,450,000.00		2,478,735.95		30,945.98			(4,952.00	)		—		—		2.5		2.052	JD		18,034.72		29,434.00		4022009		6152012
85744RAA0	STATE STREET CORPORATION - (LT CORP BND						1FE		1,099,472.00		101.198		1,116,885.00		1,100,000.00		1,099,610.18		17,274.82			138.00			—		—		1.85		1.875	MS		904.44		9,892.00		3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND						1FE		1,101,890.00		94.838		1,115,352.78		1,140,000.00		1,115,091.95		260.83			7,350.00			—		—		0.591		3.897	JAJO		1,179.54		17,301.00		4302008		4302012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND						1FE		2,945,752.00		101.629		2,998,055.50		2,950,000.00		2,946,539.33		51,516.17			787.00			—		—		2.15		2.197	AO		36,117.02		9,514.00		3032009		4302012
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR						1FE		2,574,034.00		103.707		2,592,675.00		2,500,000.00		2,566,239.73		26,435.27			(7,794.00	)		—		—		3		1.724	MN		28,125.00		—		6242009		11162011
88579EAD7	3M COMPANY SENIOR CORP BND						??		4,363,958.00		108.069		4,403,824.51		4,075,000.00		4,348,377.49		55,447.02			(15,581.00	)		—		—		4.65		2.459	JD		55,793.54		—		7202009		12152012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND						1FE		5,073,436.00		106.4		5,282,755.13		4,965,000.00		5,009,817.21		272,937.92			(19,430.00	)		—		—		5.45		4.867	MN		99,968.90		135,296.00		2282007		5182011
90327QCS6	USAA CAPITAL CORP SENIOR CORP BND 144A						??		3,484,163.00		100.308		3,510,771.36		3,500,000.00		3,484,724.08		26,047.28			562.00			—		—		3.5		3.601	MS		340.28		24,840.00		8312009		7172014
90333WAA6	US BANK NA CORP BND						1FE		1,439,603.00		108.093		1,486,278.37		1,375,000.00		1,414,373.04		71,905.33			(15,179.00	)		—		—		6.375		4.725	FA		14,609.38		87,656.00		9302008		8012011
91159HGJ3	US BANCORP CORP BND						1FE		4,538,500.00		103.257		4,620,758.63		4,475,000.00		4,500,206.70		120,551.93			(22,259.00	)		—		—		4.5		3.8	JJ		34,681.25		201,375.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN						1FE		1,365,000.00		100.255		1,368,808.34		1,365,000.00		1,365,000.00		3,808.34			—			—		—		0.871		3.17	FMAN		1,848.64		21,263.00		5012008		5062010
91159HGR5	US BANCORP CORP BND						1FE		2,592,625.00		104.178		2,604,455.00		2,500,000.00		2,591,136.72		13,318.28			(1,488.00	)		—		—		4.2		3.342	MN		39,958.33		—		8312009		5152014
91160HAC1	US BANCORP - (LT) GTD CORP BND						1FE		8,536,249.00		100.666		8,596,876.40		8,540,000.00		8,536,759.98		60,116.42			511.00			—		—		1.8		1.815	MN		59,353.00		—		5192009		5152012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND						1FE		2,134,718.00		106.462		2,129,231.26		2,000,000.00		2,098,885.90		30,345.36			(35,832.00	)		—		—		6.35		2.767	MS		10,583.34		63,500.00		3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND						1FE		799,383.00		106.712		844,310.88		770,000.00		791,784.42		52,526.46			(5,722.00	)		—		—		6.1		4.936	MN		17,744.22		23,485.00		9242008		5152012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND						1FE		4,434,008.00		104.701		4,517,849.32		4,315,000.00		4,377,343.30		140,506.02			(32,607.00	)		—		—		5.35		4.254	FA		29,497.82		230,853.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND						1FE		4,955,062.00		106.306		4,890,061.97		4,600,000.00		4,777,282.75		112,779.22			(99,091.00	)		—		—		7.25		3.837	JD		111,166.67		166,750.00		3132009		12012010
92344SAH3	CELLCO PARTNERSHIP CORP BND 144A						1FE		596,767.00		114.67		630,684.57		550,000.00		591,338.40		39,346.17			(5,428.00	)		—		—		7.375		5.32	MN		15,323.61		19,605.00		2122009		11152013
92344SAL4	VERIZON WIRELESS CAPITAL CORP BND 144A						1FE		13,537,391.00		108.091		14,727,400.23		13,625,000.00		13,547,523.23		1,179,877.00			10,132.00			—		—		5.55		5.7	FA		126,031.25		371,792.00		1302009		2012014
92344SAM2	VERIZON WIRELESS CAPITAL CORP BND 144A						1FE		8,244,233.00		105.641		8,662,602.60		8,200,000.00		8,238,787.40		423,815.20			(5,446.00	)		—		—		5.25		5.03	FA		71,750.00		211,663.00		4212009		2012012
92344SAQ3	VERIZON WIRELESS CAPITAL CORP BND 144A						1FE		1,800,000.00		103.453		1,862,154.06		1,800,000.00		1,800,000.00		62,154.06			—			—		—		3.025		3.316	FMAN		6,352.50		14,930.00		5192009		5202011
92344SAR1	VERIZON WIRELESS CAPITAL CORP BND 144A						1FE		14,213,905.00		102.977		14,648,471.42		14,225,000.00		14,215,828.76		432,642.66			1,924.00			—		—		3.75		3.791	MN		191,148.44		—		5192009		5202011
92976GAA9	WACHOVIA BANK NA CORP BND						1		2,249,595.00		102.71		2,310,975.68		2,250,000.00		2,249,609.63		61,366.05			15.00			—		—		5		5.003	FA		14,375.00		—		8312009		8152015
92976GAE1	WACHOVIA BANK NA CORP BND						1FE		6,195,512.00		92.728		6,311,181.19		6,180,000.00		6,195,430.46		115,750.73			(81.00	)		—		—		5.6		5.553	MS		15,381.33		173,040.00		8312009		3152016
92976WBA3	WACHOVIA CORPORATION CORP BND MTN						1FE		9,481,860.00		101.414		9,680,905.80		9,000,000.00		9,408,926.23		271,979.57			(36,229.00	)		—		—		5.7		4.398	FA		85,500.00		256,500.00		8312009		8012013
929903CH3	WACHOVIA CORPORATION CORP BND						1FE		4,962,650.00		102.428		5,121,414.20		5,000,000.00		4,963,260.35		158,153.85			610.00			—		—		5.625		5.753	AO		129,687.50		—		8312009		10152016
931142CL5	WAL-MART STORES INC CORP BND						1FE		5,340,950.00		106.464		5,323,206.35		5,000,000.00		5,333,408.90		(10,202.55	)		(7,541.00	)		—		—		4.25		2.277	AO		97,986.11		—		8312009		4152013
931142CQ4	WAL-MART STORES INC CORP BND						1FE		7,639,019.00		102.292		7,723,059.82		7,550,000.00		7,637,585.71		85,474.11			(1,433.00	)		—		—		3.2		2.929	MN		87,244.44		—		8312009		5152014
931422AD1	WALGREEN CO CORP BND						1FE		6,200,660.00		108.173		6,733,777.59		6,225,000.00		6,206,070.05		527,707.54			3,356.00			—		—		4.875		4.963	FA		50,578.14		315,270.00		7142008		8012013
942683AD5	WATSON PHARMACEUTICALS INC. CORP BND						2FE		7,094,500.00		101.991		7,139,366.64		7,000,000.00		7,093,055.74		46,310.90			(1,444.00	)		—		—		5		4.692	FA		35,972.22		—		8312009		8152014
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND GOV						1FE		5,293,799.00		103.122		5,495,888.00		5,300,000.00		5,293,799.00		202,089.00			—			—		—		3		3.658	JD		49,466.66		79,058.00		12032008		12092011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP						??		6,941,313.00		101.914		6,930,125.96		6,800,000.00		6,937,870.17		(7,744.21	)		(3,442.00	)		—		—		1.159		0.242	MJSD		4,815.25		—		9082009		12092011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND						1FE		829,784.00		101.58		843,114.00		830,000.00		829,807.54		13,306.46			23.00			—		—		2.125		2.134	JD		5,193.26		3,674.00		3252009		6152012
949746NB3	WELLS FARGO BANK CORP BND						1FE		4,157,600.00		101.379		4,156,855.16		4,000,000.00		4,147,981.60		8,873.56			(9,618.00	)		—		—		4.875		1.932	JJ		42,791.67		—		8312009		1122011
949746NW7	WELLS FARGO FINANCIAL INC CORP BND						1FE		11,336,197.00		106.877		11,777,820.05		11,020,000.00		11,330,458.10		447,361.95			(7,206.00	)		—		—		5.25		4.245	AO		253,919.16		158,025.00		8312009		10232012
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		797,552.00		103.94		831,518.43		800,000.00		798,310.45		33,207.98			348.00			—		—		4.375		4.444	JJ		5,930.56		35,000.00		1252008		1312013
949748AF4	WELLS FARGO BANK CORP BND BKNT						1FE		22,524,368.00		105.195		22,537,925.71		21,425,000.00		22,408,826.77		129,098.94			(82,584.00	)		—		—		6.45		2.909	FA		230,318.75		129,000.00		8312009		2012011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND						1FE		5,709,540.00		102.954		6,177,219.54		6,000,000.00		5,918,302.56		258,916.98			54,092.00			—		—		3.98		5.299	AO		100,826.67		119,400.00		9072006		10292010
94980VAA6	WELLS FARGO & COMPANY CORP BND						1FE		10,003,700.00		101.557		10,155,718.20		10,000,000.00		10,003,700.00		152,018.20			—			—		—		4.75		4.742	FA		68,611.11		—		8312009		2092015
94980VAE8	WELLS FARGO BANK CORP BND						1FE		11,149,520.00		104.133		11,266,163.66		10,819,000.00		11,147,068.55		119,095.11			(2,452.00	)		—		—		5.75		5.2	MN		235,012.72		—		8312009		5162016
98151GAA3	WACHOVIA CORP BND						1FE		1,460,415.00		100.75		1,511,245.89		1,500,000.00		1,497,743.61		13,502.28			8,122.00			—		—		4.125		4.877	JD		18,218.75		30,938.00		1202006		12152009
983024AE0	WYETH CORP BND						1FE		8,223,875.00		109.576		8,218,183.73		7,500,000.00		8,212,082.47		6,101.26			(11,793.00	)		—		—		5.5		3.139	FA		68,750.00		—		9012009		2012014
U36964ED9	GE CAPITAL CORP CORP BND EMTN						1FE		24,805,440.00		104.379		25,050,959.52		24,000,000.00		24,779,765.27		271,194.25			(25,675.00	)		—		—		5.25		3.758	FEB		770,000.00		—		8312009		2212012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND		O				1FE		742,349.00		104.722		903,544.19		525,000.00		742,761.31		160,782.88			413.00			—		91,668.01		5.5		5.634	MAR		23,763.74		—		2252009		3042015
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND		F				1FE		437,543.00		109.408		454,042.78		415,000.00		429,927.12		24,115.66			(5,137.00	)		—		—		6.375		4.508	AO		12,199.27		13,228.00		8132008		10152011
20825UAB0	CONOCO INC CORP BND		F				1FE		1,491,704.00		109.041		1,526,579.67		1,400,000.00		1,454,043.50		72,536.17			(18,642.00	)		—		—		6.35		4.35	AO		40,992.78		44,450.00		4212008		10152011
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND		F				1FE		5,242,350.00		104.812		5,240,600.20		5,000,000.00		5,231,548.13		9,052.07			(10,802.00	)		—		—		3.75		1.126	JJ		39,583.33		—		8312009		7152011
780085LP9	ROYAL BANK OF CANADA CORP BND		F				1FE		7,769,978.00		106.958		7,830,380.10		7,321,000.00		7,715,350.56		115,029.54			(35,049.00	)		—		—		5.65		2.561	JJ		81,578.31		131,137.00		8312009		7202011
893526DG5	TRANSCANADA PIPELINES LIMITED CORP BND		F				1FE		3,112,170.00		104.52		3,135,607.23		3,000,000.00		3,110,613.71		24,993.52			(1,556.00	)		—		—		4.875		4.092	JJ		30,875.00		—		8312009		1152015
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND		F				1FE		5,156,500.00		103.636		5,181,800.00		5,000,000.00		5,151,630.57		30,169.43			(4,869.00	)		—		—		3.25		2.002	AO		80,798.61		—		8312009		4022012
00254EBP6	SWEDISH EXPORT CREDIT CORP CORP BND GMT		F				1FE		30,384,420.00		106.423		30,330,554.15		28,500,000.00		30,308,055.44		22,498.71			(76,365.00	)		—		—		4.875		1.629	MS		7,718.75		694,688.00		8312009		9292011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP B		F				1FE		8,964,780.00		107.721		9,156,284.41		8,500,000.00		8,960,235.71		196,048.70			(4,544.00	)		—		—		5.125		4.266	MS		36,302.08		217,813.00		8312009		3012017
00254EJE3	SWEDISH EXPORT CREDIT CORP SENIOR CORP B		F				??		7,393,192.00		100.609		7,445,066.07		7,400,000.00		7,393,244.40		51,821.67			52.00			—		—		3.25		3.27	MS		10,020.83		—		9092009		9162014
008281AX5	AFRICAN DEVELOPMENT BANK CORP BND		F				1FE		5,037,500.00		101.345		5,067,250.05		5,000,000.00		5,036,912.56		30,337.49			(587.00	)		—		—		3		2.829	MN		51,666.67		—		8312009		5272014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND		F				??		5,753,048.00		99.663		5,730,622.62		5,750,000.00		5,752,870.63		(22,248.01	)		(177.00	)		—		—		0.63		0.612	JAJO		7,144.38		—		7242009		7222012
046353AC2	ASTRAZENECA PLC CORP BND		F				1FE		6,629,590.00		109.45		6,621,734.98		6,050,000.00		6,614,254.62		7,480.36			(15,335.00	)		—		—		5.4		2.127	MS		14,520.00		163,350.00		8312009		9152012
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND		F				1FE		4,239,400.00		106.626		4,265,044.24		4,000,000.00		4,234,213.51		30,830.73			(5,186.00	)		—		—		4.8		3.042	AO		88,533.33		—		8312009		4152013
055654AB3	SANT CENTR HISP CORP BND		F				1FE		9,466,736.00		102.876		9,277,465.98		8,850,000.00		9,187,206.68		90,259.30			(133,132.00	)		—		—		7.625		3.522	MS		31,866.15		522,313.00		8312009		9142010
05565QBG2	BP CAPITAL MARKETS PLC CORP BND		F				1FE		7,024,579.00		103.306		7,257,244.33		7,025,000.00		7,024,654.03		232,590.30			76.00			—		—		3.125		3.127	MS		12,805.99		109,766.00		3052009		3102012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND		F				1FE		22,150,590.00		103.248		22,198,380.85		21,500,000.00		22,141,766.90		56,613.95			(8,823.00	)		—		—		3.875		3.272	MS		48,598.96		416,563.00		8312009		3102015
05565QBM9	BP CAPITAL MARKETS PLC CORP BND		F				1FE		10,037,800.00		100.582		10,058,191.70		10,000,000.00		10,036,187.07		22,004.63			(1,613.00	)		—		—		1.55		1.352	FA		21,527.78		—		8312009		8112011
05567LUD7	BNP PARIBAS SENIOR CORP BND		F				1FE		1,355,000.00		99.553		1,358,929.51		1,355,000.00		1,355,000.00		3,929.51			—			—		—		0.78		3.126	MJSD		792.68		18,750.00		5282008		6042010
05567LWH6	BNP PARIBAS CORP BND		F				2FE		545,000.00		99.682		545,643.08		545,000.00		545,000.00		643.08			—			—		—		0.622		3.137	MJSD		197.71		7,016.00		9052008		3102010
05567MAA3	BNP PARIBAS CORP BND 144A		F				1FE		7,761,440.00		88.394		8,213,364.88		8,000,000.00		7,764,580.06		448,784.82			3,140.00			—		—		4.8		5.403	JD		103,466.67		—		8312009		6242015
06738GUZ1	BARCLAYS BANK PLC CORP BND		F				1FE		17,114,240.00		104.254		17,150,859.36		16,000,000.00		17,085,099.36		65,760.00			(29,141.00	)		—		—		5.45		3.027	MS		46,022.22		436,000.00		8312009		9122012

Validus Holdings, Ltd September 30, 2009 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
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR CO		F				1FE		15,447,802.00		100.181		15,508,018.80		15,480,000.00		15,448,034.58		59,984.22			233.00			—		—			2.9		2.945	MS		17,458.00			—		9102009		9172014
219868AQ9	CORP ANDINA DE FOMENTO CORP BND		F				1FE		3,124,050.00		104.127		3,123,819.81		3,000,000.00		3,121,507.60		2,312.21			(2,542.00	)		—		—			5.2		3.992	MN		56,333.33			—		8312009		5212013
22541HCC4	CREDIT SUISSE FIRST BOSTON CORP BND		F				1FE		3,136,821.00		104.621		3,155,371.05		3,016,000.00		3,135,875.82		19,495.23			(945.00	)		—		—			6		5.403	FA		23,122.67			—		8312009		2152018
22546QAA5	CREDIT SUISSE GROUP CORP BND		F				1FE		11,307,687.00		107.875		11,327,936.11		10,501,000.00		11,294,705.83		33,230.28			(12,981.00	)		—		—			5.5		3.692	MN		235,834.96			—		8312009		5012014
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN		F				1FE		16,463,025.00		105.688		16,596,259.03		15,703,000.00		16,447,205.77		149,053.26			(15,819.00	)		—		—			5		3.592	MN		296,612.22			—		8312009		5152013
23636UAA5	DANSKE BANK A/S CORP BND 144A		F				1		9,236,403.00		100.32		9,407,620.19		9,250,000.00		9,237,444.83		170,175.36			1,042.00			—		—			2.5		2.549	JD		58,454.86			—		6232009		5102012
249575AM3	DEPFA ACS BANK CORP BND 144A		F				1FE		12,783,625.00		103.145		12,893,123.63		12,500,000.00		12,771,047.98		122,075.65			(12,577.00	)		—		—			5.5		4.192	JD		177,604.17			—		8312009		6282011
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND		F				2FE		826,755.00		105.61		785,634.95		750,000.00		765,192.98		20,441.97			(15,562.00	)		—		—			8.5		5.524	JD		18,770.83			31,875.00		2132006		6152010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND		F				1FE		2,624,706.00		102.876		2,659,337.67		2,585,000.00		2,604,235.41		55,102.26			(13,431.00	)		—		—			5		4.254	AO		60,675.70			64,625.00		7312008		10122010
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A		F				1FE		4,367,720.00		109.971		4,398,857.72		4,000,000.00		4,361,144.65		37,713.07			(6,575.00	)		—		—			5.5		3.242	JJ		39,722.22			—		8312009		1262014
268317AB0	ELECTRICITE DE FRANCE CORP BND 144A		F				1FE		5,441,280.00		113.789		5,461,865.14		4,800,000.00		5,436,711.06		25,154.08			(4,569.00	)		—		—			6.5		4.723	JJ		56,333.33			—		8312009		1262019
282645AQ3	EKSPORTFINANS AS CORP BND		F				1FE		5,322,950.00		101.91		5,362,549.95		5,000,000.00		5,319,587.91		42,962.04			(3,362.00	)		—		—			5.5		4.381	MN		96,250.00			—		8312009		5252016
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 1		F				1FE		5,381,150.00		107.193		5,359,671.00		5,000,000.00		5,372,134.56		(12,463.56	)		(9,015.00	)		—		—			5.7		3.292	JJ		60,166.67			—		8312009		1152013
298785DP8	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		11,407,110.00		103.464		11,381,039.67		11,000,000.00		11,373,640.47		7,399.20			(33,469.00	)		—		—			4.125		0.557	MS		20,166.67			226,875.00		8312009		9152010
298785DR4	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		10,241,815.00		108.841		10,285,474.78		9,450,000.00		10,231,912.88		53,561.90			(9,902.00	)		—		—			4.625		3.114	AO		195,464.06			—		8312009		10202015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		29,002,860.00		107.214		28,947,779.19		27,000,000.00		28,909,122.25		38,656.94			(93,737.00	)		—		—			5.25		1.052	JD		417,375.00			—		8312009		6152011
298785EE2	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		10,745,400.00		107.447		10,744,700.60		10,000,000.00		10,720,920.69		23,779.91			(24,480.00	)		—		—			4.625		1.638	MS		12,847.22			231,250.00		8312009		3212012
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND		F				1FE		19,954,400.00		103.476		20,682,202.20		20,000,000.00		19,978,986.42		703,215.78			11,095.00			—		—			3.25		3.329	FA		83,055.56			650,000.00		1072008		2152011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		4,930,280.00		103.717		5,105,113.85		4,900,000.00		4,932,724.14		172,389.71			1,258.00			—		—			3.25		2.904	AO		73,874.31			63,375.00		8312009		10142011
298785ET9	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		9,870,875.00		102.939		9,985,082.52		9,700,000.00		9,852,050.67		133,031.85			(18,825.00	)		—		—			2.625		1.868	MN		96,191.67			—		6192009		11152011
298785EV4	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		4,949,900.00		99.497		4,974,850.10		5,000,000.00		4,950,793.81		24,056.29			894.00			—		—			2.375		2.611	MS		5,607.64			59,375.00		8312009		3142014
298785EX0	EUROPEAN INVESTMENT BANK CORP BND		F				1FE		5,080,900.00		102.041		5,102,050.40		5,000,000.00		5,079,574.94		22,475.46			(1,325.00	)		—		—			3		2.624	AO		72,083.33			—		8312009		4082014
35177PAK3	FRANCE TELECOM CORP BND		F				1FE		5,902,350.00		108.339		5,904,457.46		5,450,000.00		5,670,960.18		233,497.28			(110,513.00	)		—		—			7.75		4.756	MS		35,197.91			422,375.00		2252008		3012011
40411EAB4	BANK OF SCOTLAND PLC CORP BND 144A		F				1FE		12,990,705.00		96.75		13,206,375.00		13,650,000.00		12,996,753.97		209,621.03			6,049.00			—		—			5.25		6.063	FA		79,625.00			—		8312009		2212017
449786AA0	INT'L NEDERLAND BANK NV CORP BND 144A		F				1FE		—		0		—		—		—		—			—			—		—			5.125		0	MN		(1,708.33	)		—		8312009		5012015
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN		F				1FE		7,513,056.00		104.653		7,535,016.00		7,200,000.00		7,506,477.86		28,538.14			(6,578.00	)		—		—			3.5		2.314	JJ		58,100.00			—		8312009		7082013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND		F				1FE		5,516,150.00		111.165		5,558,250.05		5,000,000.00		5,510,622.29		47,627.76			(5,528.00	)		—		—			5.125		3.459	MS		12,812.50			128,125.00		8312009		9132016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND		F				1FE		27,574,473.00		107.934		27,609,516.69		25,580,000.00		27,521,851.47		87,665.22			(52,621.00	)		—		—			4.75		2.164	AO		546,772.50			—		8312009		10192012
4581X0BF4	INTER-AMERICAN DEV BK CORP BND		F				1FE		4,371,719.00		100.766		4,408,512.76		4,375,000.00		4,372,161.87		36,350.89			443.00			—		—			1.5		1.538	JD		17,930.33			—		6162009		6232011
478160AP9	J & J MEDICAL CORP BND		F				1FE		4,921,425.00		109.115		4,928,537.16		4,500,000.00		4,909,724.04		18,813.12			(11,701.00	)		—		—			5.15		1.877	FA		29,612.50			—		8312009		8152012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND		F				1FE		4,203,150.00		99.958		4,183,242.30		4,185,000.00		4,201,910.78		(18,668.48	)		(1,240.00	)		—		—			0.623		0.648	MJSD		2,098.61			9,960.00		8192009		3022011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		21,218,102.00		106.624		21,324,800.00		20,000,000.00		21,200,698.21		124,101.79			(17,403.00	)		—		—			4.125		2.838	AO		380,416.67			—		9022009		10152014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND		F				1FE		9,468,811.00		104.984		9,448,560.00		9,000,000.00		9,440,286.25		8,273.75			(28,524.00	)		—		—			4.625		0.844	JJ		82,093.75			—		8312009		1202011
500769CD4	KFW INTERNATIONAL FINANCE INC CORP BND		F				1FE		32,454,300.00		107.284		32,401,200.00		30,000,000.00		32,379,130.69		22,069.31			(75,169.00	)		—		—			4.75		1.648	MN		538,333.33			—		8312009		5152012
500769CP7	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		5,185,300.00		103.913		5,195,649.70		5,000,000.00		5,180,993.73		14,655.97			(4,306.00	)		—		—			3.25		2.157	MS		7,222.22			81,250.00		8312009		3152013
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		13,679,560.00		104.453		13,820,268.00		13,200,000.00		13,660,158.67		160,109.33			(20,690.00	)		—		—			3.75		1.699	JD		129,250.00			60,000.00		8312009		6272011
500769DG6	KFW GROUP CORP BND		F				1FE		10,167,600.00		101.78		10,178,000.00		10,000,000.00		10,162,270.88		15,729.12			(5,329.00	)		—		—			2.25		1.596	AO		103,125.00			—		8312009		4162012
515110AT1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F				1FE		25,606,321.00		103.475		25,556,160.00		24,000,000.00		25,534,584.32		21,575.68			(71,737.00	)		—		—			5.25		1.611	JJ		266,000.00			—		8312009		7152011
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F				1FE		6,037,356.00		99.957		6,047,398.50		6,050,000.00		6,037,435.04		9,963.46			80.00			—		—			1.875		1.947	MS		2,205.73			—		9152009		9242012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND		F				1FE		16,062,090.00		100.948		16,453,920.00		16,000,000.00		16,054,111.70		399,808.30			(7,978.00	)		—		—			3		2.864	MN		192,000.00			—		4292009		5072012
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A		F				1FE		4,699,395.00		105.568		4,750,560.00		4,500,000.00		4,695,744.11		54,815.89			(3,651.00	)		—		—			4.1		2.992	JD		53,300.00			—		8312009		12172013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A		F				1FE		3,561,600.00		102.117		3,574,095.00		3,500,000.00		3,559,470.35		14,624.65			(2,130.00	)		—		—			2.6		1.842	JJ		17,947.22			—		8312009		1202012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND		F				1FE		6,439,323.00		101.751		6,613,814.48		6,500,000.00		6,440,724.35		173,090.13			1,402.00			—		—			3.3		3.508	JJ		44,091.67			—		8132009		7172014
55608JAA6	MACQUARIE GROUP CORP BND 144A		F				1FE		3,169,398.00		106.152		3,365,017.70		3,170,000.00		3,169,442.35		195,575.35			45.00			—		—			7.3		7.303	FA		35,354.31			—		8312009		8012014
62864WAB0	EAST LANE RE III LTD CORP BND 144A		F				3		10,000,000.00		0		10,491,300.00		10,000,000.00		10,000,000.00		491,300.00			—			—		—			12.361		13.55	FMAN		106,524.00			619,857.00		3132009		3202012
6325C0AR2	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F				1FE		5,717,131.00		102.826		5,802,680.90		5,441,000.00		5,711,467.38		91,213.52			(5,663.00	)		—		—			5.35		3.892	JD		88,136.64			—		8312009		6122013
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND		F				1FE		5,071,300.00		102.64		5,131,999.95		5,000,000.00		5,070,270.52		61,729.43			(1,029.00	)		—		—			3.375		3.054	JJ		38,906.25			—		8312009		7082014
693605AA5	PSA INTERNATIONAL PTE LTD CORP BND 144A		F				1FE		3,271,350.00		110.434		3,313,019.94		3,000,000.00		3,268,464.14		44,555.80			(2,886.00	)		—		—			5.9		4.354	JD		45,233.33			—		8312009		6292016
693605AB3	PSA INTERNATIONAL PTE LTD CORP BND 144A		F				1FE		15,996,150.00		106.247		15,937,050.30		15,000,000.00		15,950,486.89		(13,436.59	)		(45,663.00	)		—		—			5.75		2.034	JD		220,416.67			—		8312009		6292011
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A		F				1FE		9,054,500.00		99.74		9,096,136.09		8,750,000.00		9,049,622.02		46,514.07			(4,878.00	)		—		—			4.2		3.392	MN		140,875.00			—		8312009		5132014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND 14		F				1FE		15,094,800.00		101.007		15,151,042.50		15,000,000.00		15,092,132.04		58,910.46			(2,668.00	)		—		—			2.65		2.422	FA		48,583.33			—		8312009		8172012
75405UAE6	RAS LAFFAN LNG 3 SECURED CORP BND 144A		F				1FE		5,137,500.00		103.572		5,178,599.95		5,000,000.00		5,133,894.94		44,705.01			(3,605.00	)		—		—			4.5		3.546	MS		42,500.00			—		8312009		9302012
780097AN1	ROYAL BK OF SCOT GRP PLC CORP BND		F				2FE		—		0		—		—		—		—			—			—		—			5		0	MN		(1,111.13	)		—		8312009		11122013
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND		F				1FE		22,880,250.00		102.068		22,965,300.00		22,500,000.00		22,869,352.14		95,947.86			(10,898.00	)		—		—			2.625		1.975	MN		228,046.88			—		8312009		5112012
78462QAB5	SP POWERASSETS LTD CORP BND 144A		F				1FE		5,695,056.00		105.651		5,705,128.89		5,400,000.00		5,689,595.27		15,533.62			(5,461.00	)		—		—			5		3.568	AO		119,250.00			—		8312009		10222013
802813AE5	SANTANDER FINANCIAL ISSUANCES CORP BND		F				1FE		3,079,080.00		104.551		3,136,540.83		3,000,000.00		3,074,624.75		61,916.08			(4,455.00	)		—		—			6.375		4.482	FA		24,437.50			—		8312009		2152011
80932RAG0	SCOTLAND INTL FIN NO 2 CORP BND 144A		F				1FE		2,549,790.00		74.849		2,709,830.94		3,000,000.00		2,558,564.24		151,266.70			8,774.00			—		—			4.25		9.082	MN		45,333.33			—		8312009		5232013
822582AA0	SHELL INTL FINAN CORP BND		F				1FE		3,910,694.00		107.401		4,087,573.32		3,800,000.00		3,853,332.65		234,240.67			(21,717.00	)		—		—			5.625		4.773	JD		55,812.50			106,875.00		9102007		6272011
822582AB8	SHELL INTL FINAN CORP BND		F				1FE		5,398,900.00		107.879		5,393,964.75		5,000,000.00		5,386,243.43		7,721.32			(12,657.00	)		—		—			4.95		1.747	MS		6,187.50			123,750.00		8312009		3222012
826200AC1	SIEMENS FIN NV CORP BND 144A		F				1FE		4,351,800.00		109.953		4,398,123.76		4,000,000.00		4,348,381.39		49,742.37			(3,419.00	)		—		—			5.75		4.303	AO		104,777.78			—		8312009		10172016
83364LAB5	SOCIETE GENERALE CORP BND 144A		F				1FE		2,934,660.00		102.416		3,072,469.26		3,000,000.00		2,935,495.97		136,973.29			836.00			—		—			5.75		6.153	AO		77,145.83			—		8312009		4202016
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND		F				1FE		12,238,011.00		103.08		12,575,760.00		12,200,000.00		12,235,155.46		340,604.54			(2,856.00	)		—		—			3.375		3.307	MN		166,987.50			—		4242009		5052014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND		F				1FE		15,089,408.00		101.407		15,282,034.90		15,070,000.00		15,090,520.94		191,513.96			1,113.00			—		—			2.25		2.197	JD		103,606.25			—		8312009		6112012
833656AH4	SOCIETE FINANCEMENT DE L ECONO SENIOR CO		F				1FE		8,355,060.00		100.45		8,437,800.00		8,400,000.00		8,355,268.83		82,531.17			209.00			—		—			2.875		2.991	MS		6,037.50			—		9152009		9222014
85771SAA4	STATOIL ASA CORP BND		F				1FE		2,335,894.00		107.708		2,369,577.01		2,200,000.00		2,335,007.36		34,569.65			(887.00	)		—		—			5.25		4.453	AO		50,691.67			—		8312009		4152019
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A		F				1FE		7,060,839.00		104.738		7,226,921.93		6,900,000.00		7,058,321.02		168,600.91			(2,518.00	)		—		—			4.875		4.316	JD		103,715.63			—		8312009		6102014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND		F				??		3,925,166.00		100.119		3,934,676.82		3,930,000.00		3,925,239.05		9,437.77			73.00			—		—			2.875		2.918	MS		5,335.52			—		9092009		9142012
87927VAQ1	TELECOM ITALIA CAPITAL CORP BND		F				2FE		5,143,000.00		103.273		5,163,655.10		5,000,000.00		5,141,511.63		22,143.47			(1,488.00	)		—		—			5.25		4.703	AO		131,250.00			—		8312009		10012015
90261XBY7	UBS AG (STAMFORD BRANCH) CORP BND		F				1FE		4,695,950.00		96.294		4,814,690.00		5,000,000.00		4,699,005.77		115,684.23			3,056.00			—		—			5.875		7.003	JJ		62,013.89			—		8312009		7152016
92857TAG2	VODAFONE GROUP PLC CORP BND		F				1FE		5,353,393.00		102.538		5,126,895.40		5,000,000.00		5,045,598.89		81,296.51			(89,547.00	)		—		—			7.75		5.236	FA		49,513.89			387,500.00		2272007		2152010
92857WAD2	VODAFONE GROUP PLC CORP BND		F				2FE		2,615,800.00		107.185		2,679,626.85		2,500,000.00		2,614,193.74		65,433.11			(1,606.00	)		—		—			5.375		4.404	JJ		22,769.10			—		8312009		1302015
92857WAT7	VODAFONE GROUP PLC CORP BND		F				1FE		2,582,825.00		102.702		2,567,553.15		2,500,000.00		2,581,500.44		(13,947.29	)		(1,325.00	)		—		—			4.15		3.392	JD		31,989.58			—		8312009		6102014
92924SAA6	WESTFIELD GROUP CORP BND 144A		F				1FE		8,085,534.00		93.983		8,217,454.99		8,025,000.00		8,095,513.57		121,941.42			7,133.00			—		—			5.4		5.075	AO		216,675.00			81,675.00		8312009		10012012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A		F				1FE		984,970.00		97.032		1,002,688.87		995,000.00		990,320.17		12,368.70			2,986.00			—		—			4.375		4.811	MN		16,445.14			21,766.00		5202008		11152010
961214BH5	WESTPAC BANKING SENIOR CORP BND		F				1FE		5,026,350.00		101.353		5,067,651.75		5,000,000.00		5,025,989.12		41,662.63			(361.00	)		—		—			4.2		4.092	FA		19,833.33			—		8312009		2272015
9612EAAB1	WESTPAC SECURITIES NZ LTD - ( SENIOR CO		F				??		3,139,587.00		102.304		3,171,424.25		3,100,000.00		3,138,965.43		32,458.82			(622.00	)		—		—			3.45		3.167	JJ		18,716.25			—		8312009		7282014
980888AA9	WOOLWORTHS LTD CORP BND 144A		F				1FE		3,054,330.00		102.762		3,082,863.00		3,000,000.00		3,053,806.08		29,056.92			(524.00	)		—		—			5.55		5.203	MN		62,900.00			—		8312009		11152015
BRS4F0R06	DANSKE BANK A/S CORP BND		D				1F		1,879,788.00		103.176		1,575,067.77		950,000.00		1,878,743.66		(303,675.89	)		(690.00	)		—		(358,535.03	)		6.25		6.087	JUL		17,710.06			97,942.00		5062008		7272010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND		D		1		1FE		827,691.00		95.267		665,480.64		400,000.00		827,895.73		(162,415.09	)		45.00			—		(188,637.21	)		6.375		6.387	FA		5,680.27			39,493.00		11282007		8132017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND		D				1FE		6,545,425.00		105.161		5,622,910.60		3,300,000.00		6,557,474.49		(934,563.89	)		6,738.00			—		(1,299,037.69	)		4.875		4.978	MAR		129,731.71			194,598.00		4222008		3072012
D3452PGU5	EUROHYPO AG CORP BND MTN		F				1FE		12,662,280.00		106.01		12,721,200.00		12,000,000.00		12,639,546.60		81,653.40			(22,733.00	)		—		—			5		2.598	JJ		118,333.33			—		8312009		1202012
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND		F				1FE		15,146,935.00		100.942		15,141,300.00		15,000,000.00		15,146,934.60		(5,634.60	)		—			—		—			2.5		2.204	MAY		132,291.67			—		9302009		5282013
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND		D				1FE		4,140,525.00		106.242		3,432,169.59		2,000,000.00		4,141,712.74		(709,543.15	)		270.00			—		(943,695.10	)		5.25		5.193	JAN		111,856.41			155,831.00		11282007		1122012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F				1FE		17,230,404.00		106.228		17,315,163.51		16,300,000.00		17,208,327.83		106,835.68			(22,076.00	)		—		—			4.375		2.567	JAN		507,111.11			—		8312009		1152013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN		F				1FE		294,146.00		103.877		312,008.99		300,000.00		298,011.89		13,997.10			1,303.00			—		—			4.75		5.324	NOV		13,022.92			—		6302007		11022010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND		F				1FE		4,099,836.00		99.935		4,241,778.00		4,100,000.00		4,100,165.52		141,612.48			147.00			—		—			3.125		3.099	JUN		37,725.69			138,802.00		7092008		6152011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND		F				1FE		70,055,050.00		107.584		69,929,600.00		65,000,000.00		69,828,664.39		100,935.61			(226,386.00	)		—		—			5.5		1.305	JUL		695,138.89			—		8312009		7212011
F0689FDV7	COUNCIL OF EUROPE DEVELOPMENT CORP BND E		F				1FE		2,295,489.00		109.678		2,303,238.19		2,100,000.00		2,291,989.03		11,249.16			(3,500.00	)		—		—			5		2.71	JAN		70,583.33			—		8312009		1292014
F0689FDZ8	COUNCIL OF EUROPE DEVELOPMENT CORP BND E		F				1FE		5,486,150.00		109.739		5,486,949.55		5,000,000.00		5,471,620.02		15,329.53			(14,530.00	)		—		—			5.5		1.88	JUN		80,972.22			—		8312009		6152012
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN		F				1FE		28,086,820.00		107.457		28,476,107.12		26,500,000.00		28,039,334.33		436,772.79			(47,485.00	)		—		—			5.125		2.806	MAY		456,480.90			—		8312009		5312012
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND		F				1FE		693,074.00		100.402		710,838.39		700,000.00		699,177.16		11,661.23			2,035.00			—		—			4.875		5.218	JAN		23,840.75			34,125.00		6302007		1192010
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND		D		1		1FE		2,607,685.00		95.266		2,100,414.78		1,350,000.00		2,615,582.54		(515,167.76	)		3,222.00			—		(479,590.85	)		5.25		5.406	APR		46,276.97			103,626.00		1142008		4212015
G1081JAE1	TRANSCO PLC CORP BND 144A		D				1FE		1,573,472.00		100.49		1,286,007.75		800,000.00		1,602,681.70		(316,673.95	)		9,935.00			—		(325,145.33	)		5.375		6.159	DEC		51,163.23			—		6302007		12072009

Validus Holdings, Ltd September 30, 2009 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
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND		D				1FE		1,383,429.00		102.4		1,139,103.53		700,000.00		1,450,665.92		(311,562.39	)		(1,318.00	)		—		(330,536.28	)		5.75		5.536	FEB		34,368.67		57,809.00			1152008		2262010
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN		D				1FE		1,890,267.00		101.29		1,496,009.49		900,000.00		1,874,859.70		(378,850.21	)		(6,531.00	)		—		(427,189.43	)		6.8		6.176	NOV		78,778.66		—			11282007		11292010
G2927DAC4	DUBAI HOLDING COMMERICAL OPERA CORP BND		F				1FE		8,935,822.00		83.5		9,159,950.00		10,970,000.00		9,000,121.97		159,828.03			64,300.00			—		—			0.858		9.402	FMAN		15,950.97		—			8312009		2012012
G4364MDR4	BANK OF SCOTLAND PLC (COVERED) CORP BND		F				1FE		21,633,360.00		103.97		21,833,700.00		21,000,000.00		21,610,647.26		223,052.74			(22,713.00	)		—		—			5		3.574	MN		379,166.67		—			8312009		11212011
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND		F				1FE		5,101,200.00		96.51		5,157,849.90		5,000,000.00		5,098,332.91		59,516.99			(2,867.00	)		—		—			5.5		4.647	JUN		80,972.22		—			8312009		6152012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN		D		1		1FE		2,622,227.00		99.122		2,229,210.21		1,350,000.00		2,647,453.96		(418,243.75	)		10,719.00			—		(485,434.77	)		5.75		6.218	JUN		33,719.79		128,205.00			1142008		6272017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN		D				1FE		2,216,051.00		103.485		2,168,151.36		1,300,000.00		2,208,573.64		(40,422.28	)		(7,477.00	)		—		(63,701.76	)		4		2.441	NOV		74,609.07		—			6302009		11172011
G53734AT9	LAND SECT CP MKT SECURED CORP BND		D		1		1FE		1,963,292.00		98.514		1,565,456.46		980,000.00		1,985,101.94		(419,645.48	)		8,926.00			—		(452,308.28	)		4.625		5.35	FA		12,400.48		70,904.00			11282007		2032013
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND		F				1FE		10,369,700.00		104.048		10,404,800.40		10,000,000.00		10,361,761.99		43,038.41			(7,938.00	)		—		—			3.5		2.451	JUN		101,111.11		—			8312009		6172013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND		D				1FE		2,217,335.00		103.469		2,171,329.14		1,300,000.00		2,209,718.76		(38,389.62	)		(7,617.00	)		—		(63,734.79	)		4.125		2.53	NOV		77,672.35		—			6302009		11142011
K3499AJB4	FIH ERHVERVSBANK A/S SENIOR CORP BND EMT		D				1FE		1,112,800.00		66.221		902,033.40		600,000.00		1,146,740.02		(244,706.62	)		18,982.00			—		(241,261.78	)		6		8.554	FEB		34,440.07		53,041.00			6192008		2062012
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND		D				1FE		1,980,725.00		107.382		1,636,278.02		950,000.00		1,955,227.21		(318,949.19	)		(12,734.00	)		—		(404,514.48	)		5.5		4.437	DEC		62,151.88		—			3102008		12072011
L32484SU9	EUROPEAN INVESTMENT BANK CORP BND EMTN		F				1FE		51,874,371.00		110.509		51,939,231.41		47,000,000.00		51,766,424.91		172,806.50			(107,946.00	)		—		—			5.25		2.284	MAY		932,166.67		—			8312009		5152013
L32484VT8	EUROPEAN INVESTMENT BANK CORP BND EMTN		F				1FE		5,467,700.00		110.108		5,505,400.45		5,000,000.00		5,458,658.98		46,741.47			(9,041.00	)		—		—			5		2.562	OCT		240,277.78		—			8312009		10152013
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND		F				1FE		687,853.00		96.361		715,526.07		700,000.00		694,022.61		21,503.46			2,056.00			—		—			5		5.388	OCT		34,708.33		—			6302007		10042011
N0265DAF3	ABN AMRO BANK N.V. CORP BND EMTN		D				1FE		709,150.00		100.874		565,823.96		350,000.00		722,642.75		(156,818.79	)		5,610.00			—		(164,655.17	)		4.875		5.899	JAN		16,580.34		23,826.00			11282007		1202010
N1420MDR4	BMW FIN N.V. CORP BND EMTN		F				1FE		5,183,000.00		106.276		5,313,800.05		5,000,000.00		5,177,558.96		136,241.09			(5,441.00	)		—		—			5.25		3.768	MAY		94,791.67		—			8312009		5212012
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN		F				1FE		12,812,172.00		104.03		12,795,689.88		12,300,000.00		12,780,513.64		15,176.24			(31,658.00	)		—		—			5.125		1.945	JAN		465,777.08		—			8312009		1052011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND EMT		F				1FE		15,921,300.00		108.448		16,267,198.50		15,000,000.00		15,906,013.06		361,185.44			(15,287.00	)		—		—			5		3.526	MAY		281,250.00		—			8312009		5162014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN		F				1FE		5,441,401.00		109.013		5,450,650.00		5,000,000.00		5,427,146.05		23,503.95			(14,255.00	)		—		—			6		2.398	MAR		154,166.67		—			8312009		3262012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND EMT		F				1FE		5,478,027.00		104.157		5,520,320.89		5,300,000.00		5,474,292.77		46,028.12			(3,734.00	)		—		—			3.75		2.802	JUL		41,958.33		—			8312009		7152013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN		D				1FE		813,092.00		100.001		799,683.00		500,000.00		813,125.02		(13,442.02	)		33.00			—		(17,096.68	)		4		4.047	SEP		1,879.87		—			9032009		9102015
N7660FAX5	RWE FINANCE BV SENIOR CORP BND		D				1FE		1,733,854.00		102.222		1,436,228.31		875,000.00		1,760,952.39		(324,724.08	)		13,102.00			—		(374,186.98	)		4.625		5.637	AUG		8,137.55		66,005.00			3132008		8172010
N8155ZAC7	SOVRISC CORP BND		F				1FE		7,162,064.00		102.67		7,186,900.00		7,000,000.00		7,154,235.01		32,664.99			(7,829.00	)		—		—			5.25		3.8	AO		154,145.83		—			8312009		4302011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO		D				1FE		1,703,032.00		101.398		1,400,160.23		850,000.00		1,736,736.79		(336,576.56	)		14,714.00			—		(395,717.93	)		4.625		5.752	DEC		47,096.73		—			11282007		12122010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN		D		1		1FE		896,199.00		93.657		732,970.56		450,000.00		902,187.44		(169,216.88	)		2,420.00			—		(205,564.69	)		5.5		6.058	DEC		28,929.73		—			11282007		12192016
030612AB1	AMCAR_06-RM ABS 06-RM A2				2		1FE		723,543.00		100.077		729,300.30		723,677.33		722,460.09		6,840.21			14.00			—		—			5.42		5.488	MON		2,723.84		29,417.00			5092006		8062011
07388GAA9	BSABS ABS 06-3-A1				2		1FE		1,069,721.00		88.981		951,853.04		1,069,721.36		1,069,721.36		(117,868.32	)		—			—		—			0.396		0.397	MON		70.65		4,345.00			8082006		8252036
12668HAB6	CWL ABS 06-26-2A1				2		1FE		1,097,493.00		95.13		1,043,963.82		1,097,407.57		1,097,423.72		(53,459.90	)		(17.00	)		—		—			0.326		0.322	MON		59.67		3,875.00			1292007		4262010
13974AAD4	CARAT ABS 06-SN1A 144A				2		1FE		—		0		—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
23383VDK3	DCAT ABS_06-A A4				2		1FE		2,188,221.00		100.095		2,190,830.01		2,188,750.70		2,188,698.44		2,131.57			27.00			—		—			5.01		5.07	MON		7,005.83		82,242.00			2282006		1082011
23383WAD0	DCAT_06-B ABS 06-B				2		1FE		1,128,429.00		100.77		1,157,325.51		1,148,482.20		1,142,712.11		14,613.40			7,575.00			—		—			5.38		6.919	MON		3,947.59		46,341.00			9292008		3082011
233875AC7	DCAT_06-C ABS 06-C-A4				2		1FE		3,059,330.00		102.099		3,156,092.09		3,091,207.64		3,082,707.99		73,384.10			1,683.00			—		—			4.98		5.447	MON		9,835.19		115,457.00			7112007		11082011
34528CAD7	FORDO ABS_06-C A3				2		1FE		185,326.00		100.28		183,451.13		182,938.90		183,083.25		367.88			(611.00	)		—		—			5.16		4.212	MON		419.54		7,080.00			1302008		11152009
34528CAE5	FORDO ABS 06-C A4A				2		1FE		6,099,791.00		103.56		6,353,718.75		6,150,000.00		6,136,169.05		217,549.70			12,531.00			—		—			5.15		5.537	MON		14,076.67		237,544.00			8232007		2152012
34528XAB5	FORDO ABS 08-C A2A				2		1FE		477,421.00		100.76		487,018.95		484,210.53		482,273.45		4,745.50			2,555.00			—		—			3.72		5.414	MON		800.56		13,509.00			10062008		1152011
36297A3K7	GNMA 15YR				2		1		1,119,338.00		104.229		1,135,925.79		1,071,938.57		1,118,249.76		17,676.03			(1,089.00	)		—		—			5		3.797	MON		4,466.41		22,332.00			3262009		1152024
41283ABS7	HARLEY-DAVIDSON MOTORCYCLE TR ABS 05-1-A				2		1FE		1,360,733.00		100.583		1,403,046.30		1,401,462.65		1,384,808.23		18,238.07			4,284.00			—		—			3.76		4.723	MON		2,342.00		39,521.00			7312006		12152012
438125AC0	HAROT_07-1 ABS_07-1-A3				2		1FE		3,132,085.00		101.282		3,198,663.25		3,148,816.85		3,145,795.48		52,867.77			2,802.00			—		—			5.1		5.446	MON		5,799.07		120,442.00			8232007		3182011
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3				2		1FE		4,610,566.00		101.61		4,645,841.13		4,588,349.11		4,595,862.42		49,978.71			(6,897.00	)		—		—			5.46		5.088	MON		6,959.00		187,906.00			9042008		6212010
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE				2		1FE		1,069,102.00		96.46		1,031,256.23		1,069,102.46		1,069,102.46		(37,846.23	)		—			—		—			0.296		0.296	MON		52.79		3,531.00			1112007		11252036
65475CAD4	NAROT ABS 2006-B A4				2		1FE		664,444.00		101.507		680,513.48		670,410.40		667,554.98		12,958.50			1,529.00			—		—			5.22		5.989	MON		1,555.36		26,247.00			9292008		11152011
65475FAD7	NAROT ABS 08-A A3				2		1FE		1,327,625.00		101.305		1,345,099.82		1,327,775.01		1,327,739.84		17,359.98			46.00			—		—			3.89		3.928	MON		2,295.58		38,738.00			1152008		8152011
903278CL1	USAA AUTO OWNER TR ABS_05-4 A4				2		1FE		1,607,766.00		101.16		1,622,723.37		1,605,258.16		1,605,658.71		17,064.66			99.00			—		—			4.89		4.895	MON		3,488.76		58,873.00			12132005		11152010
90327AAB0	USAOT ABS 08-2 A2				2		1FE		259,563.00		100.44		260,297.27		259,570.47		259,569.55		727.72			5.00			—		—			3.91		3.945	MON		451.08		7,612.00			4222008		1152011
90327KAB8	USAOT ABS 08-3				2		1FE		1,143,620.00		100.55		1,148,251.41		1,143,730.25		1,143,709.18		4,542.23			73.00			—		—			3.58		3.618	MON		1,819.80		30,709.00			7152008		3152011
90327LAC4	USAOT ABS 06-4 A3				2		1FE		220,105.00		100.555		218,282.32		217,077.54		217,502.13		780.19			(907.00	)		—		—			5.01		3.842	MON		483.36		8,157.00			2052008		1152010
90327PAC5	USAOT ABS 07-1				2		1FE		4,751,378.00		101.27		4,795,306.17		4,735,169.51		4,740,772.98		54,533.19			(5,435.00	)		—		—			5.43		5.164	MON		11,427.54		192,840.00			9042008		6152010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B				2		1FE		3,703,212.00		102.355		3,790,516.74		3,703,303.93		3,703,269.20		87,247.54			36.00			—		—			5.28		5.34	MON		8,690.42		146,651.00			9172007		1172012
007036EP7	ARMT WHOLE CMO 04-5 2A1				2		1FE		471,079.00		94.03		451,131.39		479,774.88		471,646.09		(20,514.70	)		441.00			—		—			5.007		5.452	MON		2,001.72		17,977.00			8102007		4252035
02660BAA0	AHMA_07-1 CMO 07-1 A1				2		1FE		6,893,668.00		34.58		4,820,405.26		7,086,134.12		6,897,901.53		(2,077,496.27	)		(6,695.00	)		—		—			1.601		1.952	MON		9,453.08		121,757.00			10232007		2252047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO				2		1FE		6,034,211.00		41.06		4,992,659.93		6,106,970.01		6,035,188.82		(1,042,528.89	)		(2,572.00	)		—		—			2.021		2.186	MON		10,284.29		117,301.00			10162007		10252046
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11				2		1FE		3,845,579.00		40.8		2,991,488.39		3,897,885.23		3,846,228.09		(854,739.70	)		(1,928.00	)		—		—			1.841		2.03	MON		5,979.45		73,981.00			2012009		10252046
05948XYC9	BOAMS WHOLE CMO 03-J-2A1				2		1FE		80,033.00		76.6		62,194.78		81,194.23		80,058.17		(17,863.39	)		5.00			—		—			5.24		5.56	MON		354.57		3,217.00			11302007		11252033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2				2		1FE		3,565,672.00		66.75		2,647,812.78		3,616,242.53		3,566,815.03		(919,002.25	)		470.00			—		—			4.917		5.189	MON		14,817.89		133,384.00			10192006		8252035
07384M3D2	BSARM WHOLE CMO 04-9 22A1				2		1FE		1,821,568.00		82.72		1,727,583.61		1,856,848.09		1,822,292.43		(94,708.82	)		161.00			—		—			4.342		4.835	MON		6,719.13		65,795.00			8132007		11252034
07384MK27	BSARM WHOLE CMO 04-1 21A1				2		1FE		511,415.00		86.971		452,846.72		520,689.61		511,622.96		(58,776.24	)		65.00			—		—			4.217		4.608	MON		1,829.83		17,732.00			8102007		4252034
07387AAW5	BSARM WHOLE CMO 05-3 2A1				2		3FE		1,798,963.00		72.648		1,331,455.87		1,832,754.82		1,799,983.40		(468,527.53	)		541.00			—		—			5.086		5.435	MON		7,768.29		69,836.00			8102007		6252035
07389KAA9	BSA_20-701 WHOLE CMO 20-701 1A1				2		1FE		5,498,018.00		47		3,617,701.60		5,505,731.55		5,483,668.07		(1,865,966.47	)		1,453.00			—		—			6.029		6.049	MON		27,662.06		252,098.00			9172007		9252047
12667GY98	CWALT WHOLE CMO 05-38 A1				2		1FE		316,295.00		45.66		258,455.06		316,690.46		316,158.87		(57,703.81	)		5.00			—		—			2.401		2.408	MON		633.60		7,342.00			8062007		9252035
12668AZL2	CWALT CMO 2005-64CB 1A1				2		5FE		1,353,847.00		100.144		1,382,138.28		1,380,156.66		1,351,471.32		30,666.96			(2,818.00	)		—		—			5.5		5.798	MON		6,325.72		56,935.00			1022008		12252035
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5				2		1FE		1,648,702.00		84.28		1,646,854.80		1,675,510.52		1,649,220.71		(2,365.91	)		108.00			—		—			4.959		5.435	MON		6,924.73		65,581.00			8142007		2192034
12669G3U3	CWHL WHOLE CMO 05-16 A26				2		1FE		136,913.00		97		134,104.28		138,251.83		137,483.57		(3,379.29	)		369.00			—		—			5.5		6.194	MON		633.65		5,703.00			4042008		9252035
12669GBA8	CWHL WHOLE CMO 04-HYB6				2		2FE		582,273.00		95.636		569,905.45		595,913.94		582,829.38		(12,923.93	)		327.00			—		—			4.377		4.871	MON		2,173.74		20,006.00			8102007		11202034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1				2		5FE		2,162,433.00		88.218		1,948,149.19		2,208,324.25		2,163,992.13		(215,842.94	)		522.00			—		—			4.864		5.232	MON		8,951.51		80,994.00			8102007		8202035
15132EFD5	CDMC WHOLE CMO 03-8 2A3				2		1FE		1,445,683.00		95.527		1,434,931.17		1,478,959.80		1,453,217.72		(18,286.55	)		5,294.00			—		—			4.905		6.222	MON		6,045.75		54,445.00			4172008		10252033
161505EY4	CCMSC SENIOR CMBS 2000-2 A2				2		1FE		695,489.00		102.557		687,983.91		670,830.77		677,099.18		10,884.73			(12,005.00	)		—		—			7.631		4.351	MON		4,265.92		38,393.00			9042008		6012010
16162WLN7	CHASE WHOLE CMO 05-S2 A2`				2		1FE		97,125.00		99.291		97,550.28		98,074.97		97,588.36		(38.08	)		302.00			—		—			5.5		6.268	MON		449.51		4,046.00			4042008		10252035
161630AG3	CHASE CMO_07-A1-2A1				2		1FE		3,929,468.00		90.696		3,627,930.29		4,000,095.14		3,930,889.46		(302,959.17	)		1,577.00			—		—			4.129		4.543	MON		13,763.66		123,944.00			2222007		2252037
161630AL2	CHASE WHOLE CMO 07-A1 3A1				2		1FE		2,337,489.00		83.74		2,164,013.93		2,360,914.17		2,337,823.62		(173,809.69	)		153.00			—		—			4.728		4.932	MON		9,302.08		85,211.00			5172007		2252037
161630AQ1	CHASE CMO_07-A1 5A1				2		1FE		598,277.00		83.133		536,846.66		608,836.04		598,637.88		(61,791.22	)		158.00			—		—			4.088		4.504	MON		2,074.25		18,840.00			5082007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1				2		1FE		1,133,484.00		90.4		1,092,017.97		1,151,796.19		1,134,147.11		(42,129.14	)		392.00			—		—			4.601		5.038	MON		4,416.44		39,749.00			5172007		2252037
161630BD9	CHASE WHOLE CMO 07-A1 11M1				2		1FE		5,585,760.00		67.281		4,096,007.82		5,532,809.21		5,571,860.52		(1,475,852.70	)		(456.00	)		—		—			5.427		5.193	MON		25,020.29		225,230.00			1182008		2012037
172973XT1	CMSI WHOLE CMO 04-4 A3				2		1FE		571,134.00		97.053		570,176.43		576,903.12		573,448.82		(3,272.39	)		2,062.00			—		—			5.25		6.074	MON		2,523.95		22,715.00			4172008		6252034
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1				2		1FE		774,541.00		91		941,372.94		774,541.43		774,541.43		166,831.51			—			—		—			0.316		0.316	MON		40.82		2,676.00			8172006		7252046
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6				2		1FE		206,569.00		91		192,097.54		211,096.20		206,774.14		(14,676.60	)		84.00			—		—			4.75		5.28	MON		835.59		7,520.00			8102007		12252034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1				2		1FE		2,616,544.00		85		2,250,410.94		2,647,542.28		2,618,229.18		(367,818.24	)		1,287.00			—		—			3.716		3.986	MON		8,199.46		80,075.00			11212007		9252035
38374EEE3	GNR AGENCY CMO 03-106 B				2		1		2,335,036.00		103.278		2,364,974.22		2,299,112.24		2,324,600.25		40,373.97			(7,839.00	)		—		—			5.5		4.362	MON		10,537.60		94,838.00			8212008		6012012
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A				2		1FE		1,908,773.00		55.58		1,778,315.18		1,983,140.75		1,911,134.11		(132,818.93	)		447.00			—		—			5.721		6.517	MON		9,459.50		85,192.00			8162007		12192035
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A				2		1FE		3,487,045.00		39		2,607,452.43		3,487,044.68		3,487,044.68		(879,592.25	)		—			—		—			0.436		0.437	MON		422.56		15,823.00			10192006		1192038
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1				2		1FE		1,464,783.00		37		1,178,881.60		1,580,856.77		1,464,298.92		(285,417.32	)		(484.00	)		—		—			0.466		1.696	MON		204.74		5,648.00			3182009		7192047
45660LRE1	INDX WHOLE CMO 05-A13 4A1				2		1FE		1,257,152.00		64.06		1,238,505.87		1,282,246.34		1,256,908.20		(18,402.33	)		(477.00	)		—		—			5.186		5.562	MON		5,541.02		50,396.00			8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1				2		1FE		1,107,567.00		61.8		1,138,430.31		1,168,165.21		1,108,880.68		29,549.63			293.00			—		—			5.278		6.432	MON		5,138.17		46,690.00			8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A				2		1Z		1,476,957.00		38.587		1,116,438.21		1,476,957.22		1,476,957.22		(360,519.01	)		—			—		—			0.466		0.467	MON		114.77		6,783.00			2132006		4252046
466247E74	JPMMT WHOLE CMO 06-A1 2A2				2		3FE		858,638.00		90		—		—		—		—			861.00			—		—			5.334		5.29	MON		—		34,389.00			2062008		3012030
466247K36	JPMMT WHOLE CMO 06-A2-3A3				2		1FE		11,334,033.00		45.763		8,016,552.88		12,125,000.00		11,468,578.81		(3,452,025.93	)		69,911.00			—		—			5.676		6.887	MON		57,347.51		516,217.00			11212007		4252036
466247XG3	JPMMT CMO 05-ALT1-2A1				2		1FE		1,491,427.00		57.39		1,390,633.11		1,534,198.32		1,491,794.22		(101,161.11	)		367.00			—		—			5.59		6.158	MON		7,147.26		42,938.00			3182009		10252035
52525BAD4	LXS_07-16N LXS_07-16N 2A2				2		1FE		7,172,606.00		39.2		5,516,573.67		7,200,723.18		7,173,181.34		(1,656,607.67	)		(500.00	)		—		—			1.096		1.151	MON		1,315.63		67,475.00			8302007		9252047
550279BA0	LUM WHOLE CMO 06-2				2		1FE		1,879,789.00		43.634		1,327,952.72		1,879,788.75		1,879,788.75		(551,836.03	)		—			—		—			0.446		0.447	MON		139.81		8,348.00			2142006		2252046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A				2		1FE		1,175,254.00		42.4		851,196.87		1,194,287.62		1,176,217.50		(325,020.63	)		742.00			—		—			0.436		0.677	MON		86.83		5,213.00			8082007		7252036
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A				2		1FE		2,520,998.00		54.41		1,831,663.27		2,528,410.97		2,520,956.76		(689,293.49	)		(41.00	)		—		—			6.158		6.214	MON		12,974.22		78,924.00			3182009		11252037
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO				2		1FE		1,124,811.00		94.686		1,065,317.33		1,113,329.67		1,124,333.99		(59,016.66	)		(95.00	)		—		—			6.5		5.954	MON		6,030.54		54,275.00			10032007		2012035
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1				2		1FE		7,449,966.00		35.313		6,078,608.35		7,424,722.06		7,452,261.72		(1,373,653.37	)		(526.00	)		—		—			6.521		6.474	MON		40,348.70		364,115.00			9262007		10012037

Validus Holdings, Ltd September 30, 2009 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
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1				2		1FE		6,867,976.00		39.83		5,128,417.54		6,867,975.84		6,867,975.84		(1,739,558.30	)		—			—		—		0.396		0.397	MON		453.57		27,895.00		1302007		2252037
761118QM3	RALI_05-QS17 WHOLE CMO 05-QO5 A1				2		1FE		1,973,803.00		45.266		1,499,842.41		1,994,999.77		1,974,608.73		(474,766.32	)		324.00			—		—		1.901		2.037	MON		3,160.13		38,768.00		8032007		1252046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1				2		1FE		545,094.00		73.92		448,420.20		555,594.35		545,399.15		(96,978.95	)		52.00			—		—		5.21		5.65	MON		2,412.27		21,696.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2				2		1FE		1,823,983.00		76.58		1,525,529.87		1,890,137.37		1,827,705.32		(302,175.45	)		1,590.00			—		—		5.19		6.262	MON		8,175.10		73,489.00		8162007		9252035
863579AQ1	SARM WHOLE CMO 04-12 3A2				2		1FE		346,313.00		93.375		327,671.31		350,919.12		346,533.13		(18,861.82	)		(35.00	)		—		—		3.396		3.647	MON		993.09		12,921.00		8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1				2		1FE		1,600,594.00		92.072		1,490,767.94		1,619,125.56		1,601,335.53		(110,567.59	)		(135.00	)		—		—		5.089		5.328	MON		6,866.93		65,044.00		8102007		11252034
86359AS95	SASC WHOLE CMO 03-26A 3A5				2		1FE		883,017.00		74.72		826,415.46		901,037.99		887,260.68		(60,845.22	)		(478.00	)		—		—		3.271		3.712	MON		2,455.99		28,962.00		8142007		9252033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5				2		1FE		804,627.00		90.976		748,564.86		822,818.64		805,759.33		(57,194.47	)		834.00			—		—		3.734		4.209	MON		2,560.09		24,943.00		8102007		5252034
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A				2		1FE		3,680,997.00		41.27		2,786,357.67		3,680,997.31		3,680,997.31		(894,639.64	)		—			—		—		0.446		0.447	MON		273.77		16,346.00		10272006		3252036
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1				2		1FE		6,328,284.00		50.94		4,227,791.00		6,358,087.97		6,328,270.76		(2,100,479.76	)		26.00			—		—		6		6.09	MON		31,790.44		286,233.00		10112007		11252037
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1				2		1Z		6,220,722.00		39.269		5,308,564.18		6,236,301.98		6,221,295.25		(912,731.07	)		(70.00	)		—		—		2.401		2.427	MON		12,476.92		144,577.00		9122007		8252047
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A				2		1FE		1,496,905.00		35		1,227,902.19		1,495,036.24		1,496,792.60		(268,890.41	)		(106.00	)		—		—		0.566		0.552	MON		141.09		8,014.00		12152005		8252036
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8				2		3FE		5,060,347.00		82.906		4,238,389.90		5,112,268.25		5,061,164.15		(822,774.25	)		292.00			—		—		4.822		5.007	MON		20,544.67		185,071.00		1102008		10252035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1				2		1FE		1,993,732.00		48.382		1,603,388.71		1,993,732.42		1,993,732.42		(390,343.71	)		—			—		—		0.506		0.507	MON		168.22		9,780.00		12152005		11252045
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3				2		1FE		875,166.00		96.938		890,635.73		903,834.97		896,848.42		(6,212.69	)		8,106.00			—		—		4.585		7.184	MON		3,453.40		31,081.00		8282008		4252035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2				2		1FE		959,844.00		94.272		927,098.65		983,431.26		960,488.62		(33,389.97	)		252.00			—		—		3.137		3.606	MON		2,570.90		26,292.00		8102007		6252034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A				2		1FE		1,630,774.00		46.672		1,365,094.91		1,629,246.10		1,630,657.21		(265,562.30	)		(85.00	)		—		—		0.536		0.525	MON		145.61		8,362.00		12162005		2252033
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3				2		1FE		2,939,883.00		58		2,010,000.00		3,000,000.00		2,959,272.83		(949,272.83	)		4,360.00			—		—		4.826		5.131	MON		12,065.78		108,660.00		3242006		9252035
92926WAA5	WAMU_07 CMO 07-0A1-A1A				2		1FE		4,882,844.00		40.17		3,536,036.87		4,882,843.68		4,882,843.68		(1,346,806.81	)		—			—		—		1.601		1.594	MON		6,513.84		83,901.00		2072007		2252047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A				2		1FE		1,485,101.00		40.69		1,073,933.01		1,485,101.29		1,485,101.29		(411,168.28	)		—			—		—		1.601		1.593	MON		2,166.80		25,518.00		2212007		3252047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A				2		1FE		689,927.00		36		502,693.11		689,926.64		689,926.64		(187,233.53	)		—			—		—		1.821		1.814	MON		1,046.87		12,993.00		8162006		9252046
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2				2		1FE		5,865,956.00		60		6,152,821.64		6,402,134.32		5,881,442.09		271,379.55			(6,503.00	)		—		—		5.5		7.156	MON		29,343.12		264,088.00		12172007		11252035
949760AM4	WELLS FARGO MORTGAGE BACKED SE WHOLE CMO				2		1FE		29,803.00		99.121		29,782.70		29,932.95		29,826.02		(43.32	)		20.00			—		—		5.25		5.417	MON		130.96		1,179.00		5192008		8252033
949781AA6	WFMBS WHOLE CMO 05-AR1				2		1FE		3,691,999.00		86		3,252,720.60		3,782,233.25		3,696,589.51		(443,868.91	)		4,308.00			—		—		4.525		5.113	MON		14,263.69		128,786.00		12052006		2252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1				2		1FE		1,016,050.00		71		696,616.18		1,041,435.46		1,016,319.35		(319,703.17	)		175.00			—		—		4.479		5.039	MON		3,886.85		35,063.00		5272008		2252035
949797AA2	WFMBS WHOLE CMO 07-15 A1				2		2FE		12,828,410.00		86		11,092,531.82		12,898,292.81		12,828,313.05		(1,735,781.23	)		(68.00	)		—		—		6		6.13	MON		64,491.47		580,440.00		1172008		11012037
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1				2		1FE		307,323.00		84		260,430.16		310,035.91		307,367.38		(46,937.22	)		18.00			—		—		4.549		4.699	MON		1,175.42		10,620.00		1142008		12252034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4				2		1FE		3,024,348.00		92.106		2,866,116.30		3,111,744.67		3,026,827.30		(160,711.00	)		2,711.00			—		—		4.514		5.134	MON		11,705.75		105,776.00		7192006		4252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2				2		1FE		1,186,277.00		93.85		1,132,610.52		1,206,830.60		1,186,888.08		(54,277.56	)		198.00			—		—		3.603		3.986	MON		3,623.73		36,626.00		12152005		6252035
949835AB8	WFMBS CMO_05-AR15 1A2				2		1FE		5,350,532.00		76.28		4,756,601.02		5,364,361.75		5,351,231.37		(594,630.35	)		(13.00	)		—		—		5.132		5.16	MON		22,940.43		206,127.00		1282008		9252035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2				2		1FE		620,640.00		59.46		594,659.20		634,926.18		619,711.47		(25,052.27	)		311.00			—		—		5.75		6.354	MON		3,042.35		27,381.00		8172007		7252036
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO				2		5FE		1,633,487.00		108.882		1,781,481.64		1,636,155.68		1,635,458.83		146,022.81			(1,498.00	)		—		—		0.346		0.369	MON		94.42		6,025.00		10122007		3252028
52520MBU6	LMT WHOLE CMO 05-2				2		2FE		3,245,915.00		104.779		3,403,590.30		3,248,348.41		3,231,212.55		172,377.75			4,670.00			—		—		5.5		5.531	MON		14,888.26		133,994.00		5192008		12252035
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1				2		4FE		4,787,275.00		45		3,266,125.66		4,841,553.39		4,776,917.11		(1,510,791.45	)		(3,579.00	)		—		—		5.54		5.74	MON		22,351.85		202,637.00		10112007		6252037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1				2		1FE		2,785,718.00		100.53		2,903,973.98		2,888,663.43		2,846,236.27		57,737.71			14,722.00			—		—		3.878		5.283	MON		9,335.19		84,017.00		8272008		9112036
05947UVA3	BACM SENIOR CMBS 04-3 A3				2		1FE		127,011.00		99.877		127,695.15		127,449.18		127,248.56		446.59			92.00			—		—		4.875		5.259	MON		517.76		4,660.00		8272008		6102039
161505DK5	CCMSC 1999-2 A2				2		1		337,213.00		100.497		335,873.85		334,702.39		334,128.48		1,745.37			(1,687.00	)		—		—		7.198		5.914	MON		2,007.66		18,069.00		5202008		11012009
161505EA6	CCMSC SENIOR CMBS 00-1				2		1FE		2,156,947.00		101.186		2,052,972.18		2,028,909.32		2,037,010.86		15,961.32			(25,908.00	)		—		—		7.757		4.376	MON		13,115.21		118,037.00		11302007		2012010
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E				2		1FE		387,583.00		99.012		371,295.00		375,000.00		375,079.55		(3,784.55	)		(5,121.00	)		—		—		7.587		5.673	MON		2,431.73		21,786.00		11282007		1152010
22540A3F3	CSFB SENIOR CMBS 01-CK3				2		1FE		6,164,297.00		102.532		6,233,502.48		6,000,000.00		6,035,390.54		198,111.94			(32,003.00	)		—		—		6.53		5.823	MON		32,650.00		293,850.00		6292006		4152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4				2		1FE		961,698.00		102.937		967,272.56		939,674.77		950,941.74		16,330.82			(7,510.00	)		—		—		6.505		4.315	MON		5,093.82		45,844.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3				2		1FE		4,935,048.00		105.344		5,009,129.79		4,755,000.00		4,838,389.70		170,740.09			(40,209.00	)		—		—		6.439		5.239	MON		25,514.53		229,631.00		12182007		1012012
33736XAB5	FIRST UNION NAT BANK CMBS_00-C1 A2				2		1FE		1,064,028.00		101.374		1,031,098.50		1,017,120.52		1,025,707.45		5,391.05			(17,730.00	)		—		—		7.841		3.206	MON		6,646.04		59,814.00		4162008		3012010
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2				2		1FE		2,817,027.00		103.599		2,810,823.20		2,713,163.84		2,750,138.55		60,684.65			(22,672.00	)		—		—		6.663		4.442	MON		15,064.84		135,584.00		12212007		2012011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4				2		1FE		693,057.00		100.925		695,304.65		688,932.03		689,402.16		5,902.49			(1,922.00	)		—		—		5.673		4.969	MON		3,256.92		29,312.00		7172008		5012010
36158YDC0	GECMC CMBS_01-3 A1				2		1FE		255,415.00		102.197		260,966.91		255,355.55		255,191.22		5,775.69			(97.00	)		—		—		5.56		5.519	MON		1,183.15		10,648.00		12212007		3012011
361849EC2	GMACC SUB CMBS 98-C2 D				2		1FE		17,769.00		99.706		17,544.92		17,561.64		17,526.10		18.82			(39.00	)		—		—		6.5		5.248	MON		95.13		856.00		1252008		10012009
361849KN1	GMACC SENIOR CMBS 00-C1				2		1FE		234,608.00		101.01		230,659.19		229,235.64		229,464.45		1,194.74			(2,808.00	)		—		—		7.724		4.479	MON		1,475.51		13,280.00		5202008		12012009
361849QE5	GMACC CMBS 01_C1 A2				2		1FE		483,555.00		103.472		485,846.22		469,542.38		475,368.98		10,477.24			(3,483.00	)		—		—		6.465		4.493	MON		2,529.66		22,767.00		12212007		3012011
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2				2		1FE		379,873.00		99.779		382,856.30		381,901.55		381,026.81		1,829.49			418.00			—		—		4.433		4.749	MON		1,410.81		12,697.00		3252008		7102039
429827AB4	HEF_10-401 ABS 04-1 A2 144A				2		1FE		164,000.00		82		164,000.00		200,000.00		164,020.64		(20.64	)		21.00			—		—		4.4		6.074	MON		24.44		—		9102009		1012044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		??		164,000.00		82		164,000.00		200,000.00		164,021.14		(21.14	)		21.00			—		—		4.44		6.135	MON		444.00		—		9102009		1012044
429827AF5	HEF_10-401 ABS 04-1 A6 144A				2		1FE		164,000.00		82		164,000.00		200,000.00		164,020.60		(20.60	)		21.00			—		—		4.4		6.075	MON		97.78		—		9102009		1012044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 SECURED A				2		??		164,196.00		82		164,000.00		200,000.00		164,222.43		(222.43	)		26.00			—		—		4.45		6.131	MON		97.53		262.00		9102009		1012044
429827AN8	HEF_04-1 ABS 04-1 A13 144A				2		1FE		164,000.00		82		164,000.00		200,000.00		164,022.53		(22.53	)		23.00			—		—		4.4		6.082	MON		216.99		—		9102009		1012044
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC				2		1FE		591,404.00		102.799		599,159.20		582,843.18		586,206.55		12,952.65			(2,664.00	)		—		—		6.26		5.063	MON		3,040.50		27,365.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2				2		1FE		148,727.00		100.954		153,395.12		150,063.75		149,146.47		4,248.65			272.00			—		—		4.914		5.505	MON		614.51		5,531.00		8272008		7122037
52108HAT1	LBUBS 2000-C3 A2				2		1FE		4,938,623.00		100.803		4,742,784.22		4,705,003.05		4,734,483.66		8,300.56			(81,715.00	)		—		—		7.95		5.605	MON		20,780.43		280,566.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR SENIOR CMBS_00-C4 A2				2		1FE		347,083.00		102.159		340,861.64		333,821.35		337,501.66		3,359.98			(3,974.00	)		—		—		7.37		4.215	MON		1,366.81		18,452.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B				2		1FE		3,613,336.00		101.404		3,527,832.00		3,450,000.00		3,493,995.15		33,836.85			(47,873.00	)		—		—		7.48		5.576	MON		14,336.67		193,545.00		10232007		6112010
52108HXK5	LBUBS SENIOR CMBS 03-C8				2		1FE		60,522.00		100.271		61,046.22		60,881.23		60,752.40		293.82			81.00			—		—		4.207		4.618	MON		142.29		1,921.00		1252008		11152027
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2				2		1FE		311,562.00		100		308,046.57		305,265.60		306,274.33		1,772.24			(3,429.00	)		—		—		7.371		4.399	MON		1,875.09		16,876.00		8272008		2012010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D				2		1FE		1,797,200.00		102.871		1,811,375.05		1,760,821.86		1,768,816.68		42,558.37			(7,276.00	)		—		—		7.218		6.167	MON		10,841.60		96,296.00		12212007		1012011
61745ML27	MSC SENIOR CMBS 04-T15 A2				2		1FE		663,437.00		99.573		679,056.94		671,303.92		667,033.39		12,023.55			1,931.00			—		—		4.69		5.408	MON		2,623.68		23,613.00		7302008		6132041
61746WBF6	MSDWC CMBS_01-LIFE A2				2		1FE		774,780.00		100.592		770,686.49		765,983.35		765,407.65		5,278.84			(5,128.00	)		—		—		7.57		5.835	MON		4,832.08		43,489.00		5202008		12012009
79548CAB2	SBM7 CMBS_00-C3 A2				2		1FE		1,421,315.00		102.263		1,417,214.08		1,385,852.25		1,396,557.83		20,656.25			(10,218.00	)		—		—		6.592		4.642	MON		7,612.95		68,517.00		4162008		10012010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2				2		1FE		2,244,618.00		101.193		2,189,132.99		2,163,324.53		2,173,632.86		15,500.13			(22,524.00	)		—		—		7.455		4.7	MON		13,439.66		120,957.00		6042007		4012010
87246AAA6	TIAA CMBS 07-C4 A1				2		1FE		6,901,141.00		102.998		7,063,244.90		6,857,675.25		6,878,699.08		184,545.82			(8,648.00	)		—		—		5.665		5.374	MON		22,664.99		299,915.00		12212007		12102011
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03				2		1FE		4,780,626.00		99.385		4,952,092.29		4,919,467.12		4,846,115.36		105,976.93			17,851.00			—		—		4.037		5.123	MON		16,549.91		148,949.00		8272008		2152035
02586GAR3	AEIT ABS 08-2 A				2		1FE		779,996.00		101.712		789,828.00		780,000.00		779,997.74		9,830.26			1.00			—		—		4.02		4.054	MON		1,393.60		23,517.00		8012008		1182011
048312AB8	ACETF ABS 02-1 A2				2		1FE		368,719.00		102.062		375,540.13		367,499.25		368,200.48		7,339.65			(324.00	)		—		—		4.21		3.988	JAJO		3,051.37		11,604.00		7072008		4202011
06423RBN5	BOIT ABS 04-A5 A5				2		1FE		1,538,086.00		99.359		1,564,910.16		1,575,000.00		1,554,124.35		10,785.81			8,709.00			—		—		0.373		1.116	MON		261.37		7,168.00		5062008		3152014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A				2		1FE		889,065.00		104.829		903,345.24		861,732.18		877,954.09		25,391.15			(5,491.00	)		—		—		4.97		3.748	FA		7,138.01		42,828.00		2082008		8012012
194262AX9	COLLE_02-2 ABS 02-2 A21 144A				2		1FE		805,000.00		78		780,000.00		1,000,000.00		805,521.30		(25,521.30	)		521.00			—		—		0		1.385	MON		—		1,027.00		8252009		3012042
207678AE3	CTRRB ABS 2001-1 A5				2		1FE		1,152,707.00		103.944		1,155,954.89		1,112,089.63		1,129,190.28		26,764.61			(8,457.00	)		—		—		6.21		4.139	MJSD		191.84		51,796.00		4172008		12302010
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		1FE		164,224.00		82.112		164,224.00		200,000.00		164,282.65		(58.65	)		59.00			—		—		4.42		6.099	MON		712.11		272.00		9102009		1012044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A						1FE		246,000.00		82		246,000.00		300,000.00		246,017.93		(17.93	)		18.00			—		—		4.46		5.712	MON		953.10		—		9102009		1012044
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1				2		1FE		355,575.00		102.529		351,706.37		343,032.59		347,928.10		3,778.27			(2,726.00	)		—		—		7.03		3.834	MS		1,071.79		24,115.00		1152008		3152010
61746REV9	MSAC ABS 04-H1				2		1FE		941,018.00		51.241		643,859.44		939,550.16		940,715.08		(296,855.64	)		(90.00	)		—		—		0.986		0.972	MON		154.44		7,160.00		3252009		1252034
65475XAB2	NAROT ABS 08-B A2				2		1FE		527,131.00		100.835		529,964.10		527,159.61		527,154.74		2,809.36			18.00			—		—		3.8		3.835	MON		890.31		15,024.00		6092008		10152010
78442GHZ2	SLMA ABS 03-10A A1D 144A				2		1FE		1,993,438.00		99.458		1,989,166.20		2,000,000.00		1,992,822.67		(3,656.47	)		(615.00	)		—		—		1.746		1.842	MON		19,833.33		—		9242009		12152016
71419GAB6	PERMM_06-1 ABS 06-1 2A		F		2		1FE		1,646,211.00		97.95		1,672,688.50		1,675,000.00		1,675,000.00		(2,311.50	)		24,961.00			—		—		0.549		2.308	JAJO		1,993.79		30,224.00		1152008		10152015
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A ADJ % DUE 2/24/2012 JAJO1						4FE		1,500,000.00		99.188		1,554,900.00		1,500,000.00		1,500,000.00		54,900.00			—			—		—		13.7075		13.949	JAJO		50,204.71		23,482.00		2122009		2242012
466247E74	JPMMT WHOLE CMO 06-A1 2A2				2		3FE		858,638.00		90		772,171.19		857,967.98		858,448.48		(86,277.29	)		861.00			—		772,171.19		5.334		5.29	MON		—		34,389.00		2062008		3012030
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT						1FE		2,444,463.00		107.753		2,478,321.76		2,300,000.00		2,441,050.24		37,271.52			(3,413.00	)		—		2,478,321.76		7.125		4.977	MN		—		—		8312009		11152012
312932500	FHLMC GOLD POOL # A86245				2		1		300,514.00		0		304,285.10		294,080.51		300,456.66		3,828.44			(57.00	)		—		—		5		4.625	MON		—		2,451.00		7012009		5012039
701489AA4	PARKTON REINSURANCE LTD						4		1,750,000.00		103.78		1,816,150.00		1,750,000.00		1,750,000.00		66,150.00			—			—		—		0			MJSD		—		—		8312009		5062011
U45989AA5	INTERNATIONAL MULTIFOODS CORP						1		12,079,896.50		100.59		12,020,098.70		11,950,000.00		12,025,480.40		(5,381.70	)		(54,416.10	)		—		—		6.6			NOV		696,896.12		—		8312009		11132009
3133XR2Y5	FHLB AGENCY BND						1		16,315,000.00		101.86		16,297,305.12		16,000,000.00		16,280,861.48		16,443.64			(34,139.00	)		—		—		3		0.461	JD		146,667.00		—		8312009		6112010
3133XT7F7	FHLB AGENCY BND						1		10,084,375.00		100.86		10,086,384.90		10,000,000.00		10,077,200.48		9,184.42			(7,175.00	)		—		—		1.375		0.518	FA		12,986.00		—		8312009		8272010
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND						6		1,575,000.00		17.25		1,552,500.00		9,000,000.00		1,575,000.00		(22,500.00	)		—			—		—		0		0	JJ		—		—		8312009		7262010
585510CG3	MELLON FINANCIAL COMPANY CORP BND						1		6,666,010.00		102.1		6,636,561.75		6,500,000.00		6,635,377.20		1,184.55			(30,633.00	)		—		—		6.375		0.747	FA		52,948.00		—		8312009		2152010
500769CF9	KFW INTERNATIONAL FINANCE INC CORP BND		F				1		8,264,232.00		102.99		8,239,200.00		8,000,000.00		8,234,395.75		4,804.25			(29,836.00	)		—		—		5		0.595	JD		133,333.00		—		8312009		6012010

Validus Holdings, Ltd September 30, 2009 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
N9645NAT3	NEDERLANDSE WATERSCHAPSBANK N. CORP BND		F			1		10,181,730.00		101.65		10,164,544.20		10,000,000.00		10,162,236.47		2,307.73			(19,494.00	)		—		—		3		0.696	JUN		87,500.00		—		8312009		6162010
35047AAA6	FOUNDATION RE LTD CORP BND 144A ADJ % DUE 11/26/2010 FMAN17					3FE		5,000,000.00		94.588		4,887,000.00		5,000,000.00		5,007,467.63		(120,467.63	)		(3,083.57	)		—		—		7.60438		7.541	FMAN		44,937.50		214,659.00		12012009		11262010

TOTAL												4,590,143,445.13		4,412,640,675.94		4,566,801,769.99		23,341,675.14

Validus Holdings, Ltd September 30, 2009 GAAP short-term investments portfolio in Schedule D format



1	2	3	4		5	6		7		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										12		13		INTEREST
										8		9			10		11							14		15		16		17		18	19		20
		FOREIGN	DATE			MAURITY		GAAP				CURRENT YEAR					TOTAL FX CHG			PAR		ACTUAL		ACCRUED		NON-ADMITTED ACCRUED		INTEREST		EFFECTIVE RATE		HOW	GROSS REC’D		PAID FOR
DESCRIPTION	*	CODE	ACQUIRED		NAME OF VENDOR	DATE		BOOK VALUE		UGL		AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			VALUE		COST		INTEREST		INTEREST		RATE		OF INTEREST		PAID	DURING YEAR		ACCRUED INT
UNITED STATES TREASURY TBILL CASH				8202009	DEUTSCHE BANK AG		11272009		7,998,093.00		—		1,371.00			—		—			8,000,000.00		7,996,722.00		—		—		0.15		0.15	MAT		—		—
UNITED STATES TREASURY TBILL CASH				6172009	GOLDMAN SACHS & CO.		11192009		4,998,263.00		—		3,717.00			—		—			5,000,000.00		4,994,546.00		—		—		0.26		0.26	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9092009	CREDIT SUISSE FIRST BOSTON COR		12172009		5,998,267.00		—		472.00			—		—			6,000,000.00		5,997,795.00		—		—		0.14		0.14	MAT		—		—
UNITED STATES TREASURY TBILL CASH				8112009	J.P. MORGAN SECURITIES INC		1282010		9,991,584.00		—		3,532.00			—		—			10,000,000.00		9,988,053.00		—		—		0.25		0.26	MAT		—		—
UNITED STATES TREASURY TBILL CASH				8192009	BARCLAYS CAPITAL		2182010		16,983,137.00		—		5,052.00			—		—			17,000,000.00		16,978,084.00		—		—		0.26		0.26	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9282009	CREDIT SUISSE FIRST BOSTON COR		2252010		11,743,307.00		—		91.00			—		—			11,750,000.00		11,743,216.00		—		—		0.14		0.14	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9282009	HSBC SECURITIES INC.		2252010		1,998,820.00		—		16.00			—		—			2,000,000.00		1,998,804.00		—		—		0.15		0.15	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9282009	HSBC SECURITIES INC.		2252010		509,699.00		—		4.00			—		—			510,000.00		509,695.00		—		—		0.15		0.15	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9172009	J.P. MORGAN SECURITIES INC		3112010		3,496,947.00		—		246.00			—		—			3,500,000.00		3,496,701.00		—		—		—		0.20	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9242009	UBS WARBURG LLC		3252010		1,098,984.00		—		41.00			—		—			1,100,000.00		1,098,943.00		—		—		0.19		0.19	MAT		—		—
UNITED STATES TREASURY TBILL CASH				9252009	CITICORP SECURITIES MARKETS		3252010		999,072.00		—		16.00			—		—			1,000,000.00		999,056.00		—		—		0.19		0.19	MAT		—		—
HONEYWELL INTERNATIONAL INC CORP BND				3062009	FIRST TENNESSEE CAPITAL MARKET		3012010		2,241,659.00		11,179.86		(68,221.00	)		—		—			2,190,000.00		2,309,881.00		13,688.00		—		7.50		1.79	MS		82,125.00		4,563.00
UNITED STATES TREASURY				8192009			10152009		10,749,351.88		—		4,468.76			—		—			10,750,000.00		10,747,130.35		—				—
UNITED STATES TREASURY				8202009			11122009		29,794,778.26		—		5,178.12			—		—			29,800,000.00		29,789,600.14		—				—
CITI-INSTITUTION LIQ FUND USD				9302009					3,591,545.75		—		—			—		—			3,591,545.75		3,591,545.75		—				0.31
ML INST LIQ FUND — AGENCY				9302009					5,432,958.68		—		—			—		(987,217.45	)		2,779,717.53		5,432,958.68		—				—
CITIFUNDS INST CASH RESERVE				9302009					13,070,942.71		—		—			—		—			13,070,942.71		13,070,942.71		—				0.31
DREYFUS UNIVERSAL USD LIQ FD				9302009					85,064,551.18		—		—			—		—			85,064,551.18		85,064,551.18		—				5.14
BONY CASH RESERVE				9252009					43,967,590.44		—		—			—		—			43,967,590.44		43,967,590.44		—				0.05
DREYFUS UNIVERSAL LIQ				9302009					228,374,511.91		—		—			—		—			228,377,511.91		228,377,511.91		—				—
GOLDMAN SACHS				9302009					107,403,848.02		—		—			—		—			107,403,848.02		107,403,848.02		—				0.17

									595,507,910.83		11,179.86		(44,016.12	)		—		(987,217.45	)		592,855,707.54		595,557,175.18

Validus Holdings, Ltd September 30, 2009 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				942009		27,464,338.00		28,096,018.20		27,464,338.00		631,680.20		—		—		—		—		—		—
AIG SELECT HEDGE LTD CLASS B				942009		87,886,720.00		89,301,696.19		87,886,720.00		1,414,976.19		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				942009		17.00		17.00		17.00		—		—		—		—		—		—		—
GAURDIAN GROWTH EQUITY				942009		8,788,392.57		9,409,750.45		8,788,392.57		621,357.88		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				942009		17,203.14		18,270.72		17,203.14		1,067.58		—		—		—		—		—		—
MFS MERIDIAN US GOVERNMENT BOND FUND				942009		1,839,384.66		1,862,300.14		1,839,384.66		22,915.48		—		—		—		—		—		—
MFS MERIDIAN GLOBAL TOTAL RETURN FUND				942009		110,034.43		116,563.59		110,034.43		6,529.16		—		—		—		—		—		—
MFS MERIDIAN US VALUE FUND				942009		194,919.64		207,004.16		194,919.64		12,084.52		—		—		—		—		—		—

						126,301,009.44		129,011,620.45		126,301,009.44		2,710,611.01

Attached files

VALIDUS HOLDINGS LTD Reports

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