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

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8-K - FORM 8-K - VALIDUS HOLDINGS LTD	y87355e8vk.htm

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


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

Validus Holdings, Ltd September 30, 2010 GAAP fixed maturity portfolio in Schedule D format


1	2		Codes			6	7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4	5					8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC			RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG	ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND		F			1FE		10,325,657.00		106.944		10,694,400.00		10,000,000.00		10,267,670.72		426,729.28			(57,986.00	)		—		—			3.5		2.451	JUN		101,111.11		350,000.00		2/19/2010		6/17/2013
G7014VBF9	PERMM 2010-1 10-1 3A		D		2	1FE		2,003,000.00		104.925		2,066,761.37		1,969,750.00		2,003,000.00		63,761.37			—			—		(33,250.00	)		4.805		4.673	JJ		20,060.94		41,067.00		1/29/2010		1/17/2017
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND		D			1FE		2,217,335.00		103.352		2,117,207.47		2,048,540.00		2,177,735.05		(60,527.58	)		(24,040.00	)		—		(93,953.95	)		4.125		2.53	NOV		73,849.85		—		6/30/2009		11/14/2011
G92435BV0	UNITED KINGDOM GILT IBND GOVT		D			1FE		3,421,245.00		316.366		3,469,013.39		1,103,060.00		3,429,048.64		39,964.75			7,804.00			—		(16,135.43	)		2.5		-0.106	JJ		13,483.35		—		8/5/2010		7/26/2016
G92435JR1	UNITED KINGDOM GILT GOVT BND		D			1FE		10,644,597.00		120.62		11,024,233.77		9,139,640.00		10,406,111.65		618,122.12			(238,486.00	)		—		323,775.96			8		1.976	MS		8,079.24		358,057.00		4/1/2010		9/27/2013
G92435NC9	UNITED KINGDOM GILT GOVT BND		D			1FE		27,544,281.00		108.71		27,912,750.54		25,685,540.00		27,317,924.44		594,826.10			(184,078.00	)		—		177,437.47			4.5		1.54	MS		76,630.90		679,897.00		7/29/2010		3/7/2013
G924507Q5	UNITED KINGDOM GILT GOVT BND		D			1FE		6,531,284.00		104.76		6,603,232.32		6,303,200.00		6,526,733.91		76,498.41			(4,550.00	)		—		42,584.60			2.75		1.728	JJ		33,442.92		—		9/29/2010		1/22/2015
G92450H50	UNITED KINGDOM GILT GOVT BND		D			1FE		20,680,399.00		107.61		16,957,183.80		15,758,000.00		20,180,829.18		(3,223,645.38	)		(151,146.00	)		—		(4,139,189.45	)		5.25		4.131	JD		262,202.78		376,333.00		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GOVT BND		D			1FE		3,858,506.00		106.22		3,682,392.47		3,466,760.00		3,733,685.54		(51,293.07	)		(73,725.00	)		—		(126,806.14	)		5		2.122	MS		11,492.03		170,250.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GOVT BND		D			1FE		8,722,796.00		113.68		8,956,847.20		7,879,000.00		8,619,013.86		337,833.34			(103,782.00	)		—		(78,586.24	)		5		2.734	MS		26,118.24		386,963.00		2/1/2010		9/7/2014
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND		D			1FE		1,980,725.00		107.382		1,577,561.41		1,497,010.00		1,937,577.64		(360,016.23	)		(13,306.00	)		—		(423,490.70	)		5.5		4.437	DEC		67,221.89		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND		F			1FE		687,853.00		102.538		717,766.01		700,000.00		696,919.65		20,846.36			2,168.00			—		—			5		5.388	OCT		34,708.33		—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND		F			1FE		15,921,300.00		112.05		16,807,501.65		15,000,000.00		15,722,906.82		1,084,594.83			(137,739.00	)		—		—			5		3.526	MAY		281,250.00		750,000.00		8/31/2009		5/16/2014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN		F			1FE		5,441,401.00		107.175		5,358,750.15		5,000,000.00		5,257,648.38		101,101.77			(127,194.00	)		—		—			6		2.398	MAR		154,166.67		300,000.00		8/31/2009		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND		F			1FE		5,478,027.00		106.933		5,667,448.95		5,300,000.00		5,430,046.65		237,402.30			(33,165.00	)		—		—			3.75		2.802	JUL		41,958.33		198,750.00		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN		D			1FE		813,092.00		106.081		835,813.30		787,900.00		813,691.58		22,121.72			424.00			—		(28,838.06	)		4		4.047	SEP		1,813.24		30,767.00		9/3/2009		9/10/2015
N8155ZAC7	SOVRISC CORP BND		F			1FE		6,361,208.00		102.595		6,378,604.10		6,217,266.00		6,268,584.02		110,020.08			(64,347.00	)		—		—			5.25		3.8	AO		136,909.38		163,203.00		8/31/2009		4/30/2011
Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND		D			1FE		679,712.00		103.39		733,152.03		709,110.00		679,973.17		53,178.86			261.00			—		24,776.72			3.875		3.97	DEC		12,746.74		—		4/7/2010		12/14/2015
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE CORP BND		D			1FE		1,703,032.00		0		1,350,400.64		1,339,430.00		1,756,635.18		(406,234.54	)		15,047.00			—		(420,224.19	)		4.625		5.752	DEC		49,728.64		—		11/28/2007		12/12/2010
T17071BQ2	INTESA SANPAOLO SPA CORP BND EMTN		D		1	1FE		896,199.00		0		692,294.45		709,110.00		905,576.18		(213,281.73	)		2,566.00			—		(216,632.92	)		5.5		6.058	DEC		30,559.73		—		11/28/2007		12/19/2016
U36964ED9	GE CAPITAL CORP CORP BND EMTN					1FE		14,386,742.00		0		14,700,279.86		14,000,000.00		14,270,648.66		429,631.20			(116,094.00	)		—		—			5.25		3.758	FEB		449,166.67		735,000.00		2/19/2010		2/21/2012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND		O			1FE		742,349.00		104.722		929,849.64		827,295.00		743,498.19		186,351.45			557.00			—		79,460.02			5.5		5.634	MAR		26,303.44		43,467.00		2/25/2009		3/4/2015
W5818PAC4	NORDEA BANK AB CORP BND MTN		D			1FE		1,375,265.00		103.418		1,466,701.71		1,418,220.00		1,375,674.45		91,027.26			410.00			—		35,094.65			3.875		3.951	DEC		24,692.57		—		4/13/2010		12/15/2015
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND							1,575,000.00				2,002,500.00		9,000,000.00		1,575,000.00		427,500.00								—						JJ		—
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN		F					12,635,320.40				12,429,209.41		12,300,000.00		12,400,596.12		28,613.29								—						JAN		465,777.08
273325AC4	EAST LANE RE II LTD CORP BND 144A					4FE		4,893,583.06				5,083,250.00		5,000,000.00		4,927,070.47		156,179.53			52,070.00																	5/7/2010		4/7/2011
TOTAL												5,200,285,170.01		5,000,603,261.00		5,105,832,163.76		94,453,006.25

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


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

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


1	2	3	4		5		6		7		8		9		10		11		12		13		14

		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME

AIG SELECT HEDGE LTD CI-1-B				9/4/2009		11,767,785.75		12,332,242.78		11,767,785.75		564,457.03		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		7,534,135.87		6,606,428.23		927,707.64		—		—		—		—		—		—
MFS MERIDIAN MID CAP TOTAL GROWTH FUND				9/4/2009		17,203.14		21,393.19		17,203.14		4,190.05		—		—		—		—		—		—
TOTAL						18,391,434.42		19,887,789.20		18,391,434.42		1,496,354.78

Attached files

VALIDUS HOLDINGS LTD Reports

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