8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): February 18, 2010

Commission file number 001-33606

VALIDUS HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

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

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

Registrant’s telephone number, including area code: (441) 278-9000

Not Applicable
(Former name or former address, if changed since last report)

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

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

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

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

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

Item 2.02   Results of Operations and Financial Condition.

     On February 18, 2010, Validus Holdings, Ltd. (“Validus”) released information regarding its U.S. GAAP basis investment portfolio in a Schedule D — Part 1 format. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

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

Item 9.01.   Financial Statements and Exhibits.

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

Exhibit No.	Description
99.1	Release regarding U.S. GAAP investment portfolio in a Schedule D — Part 1 format dated February 18, 2010

SIGNATURES

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

Date: February 18, 2010

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

EX-99.1

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
30769QAA8	FARMER MAC AGENCY BND 144A							??		11,703,265.00		105.948		11,580,135.75		10,930,000.00		11,674,326.95		(94,191.20	)		(28,938.00	)		—		—		5.125		4.038	AO		112,032.50		280,081.00		8312009		4192017
3128X2TM7	FHLMC AGENCY BND							1		22,680,830.00		109.231		22,392,357.05		20,500,000.00		22,498,593.36		(106,236.31	)		(182,237.00	)		—		—		5		2.471	JJ		429,930.56		325,000.00		11302009		1302014
3128X4KF7	FHLMC AGENCY BND MTN							??		3,080,160.00		103.159		3,094,769.97		3,000,000.00		3,022,006.24		72,763.73			(29,620.00	)		—		—		4.75		3.708	MS		39,187.50		142,500.00		12282007		9222010
3128X8A93	FHLMC AGENCY BND							??		13,496,625.00		100.178		13,524,030.13		13,500,000.00		13,497,329.26		26,700.87			704.00			—		—		2.05		2.059	MN		38,437.50		138,375.00		5072009		5112012
3128X9JT8	FHLMC AGENCY BND					1		1		19,972,600.00		99.553		19,910,600.20		20,000,000.00		19,974,001.76		(63,401.56	)		1,402.00			—		—		2		2.047	MN		62,222.22		—		10232009		11052012
31331G3S6	FFCB AGENCY BND					1		1		9,701,250.00		99.112		9,663,437.26		9,750,000.00		9,701,317.35		(37,880.09	)		67.00			—		—		2.55		2.685	MN		24,862.50		—		12292009		11252013
31331G4J5	FFCB AGENCY BND					1		??		1,747,402.00		98.823		1,729,402.47		1,750,000.00		1,747,429.53		(18,027.06	)		27.00			—		—		2.3		2.342	MS		3,130.56		—		12142009		9032013
31331G4W6	FFCB AGENCY BND							??		13,999,300.00		99.055		13,867,700.00		14,000,000.00		13,999,318.17		(131,618.17	)		18.00			—		—		1.83		1.832	JD		19,926.67		—		11242009		12032012
31331GJ42	FFCB AGENCY BND					1		??		1,011,670.00		100.872		1,008,719.01		1,000,000.00		1,010,297.18		(1,578.17	)		(1,373.00	)		—		—		2.4		0.751	FA		8,933.33		—		11302009		8172010
31331GV89	FFCB AGENCY BND					1		1		9,979,688.00		99.66		9,966,000.40		10,000,000.00		9,980,972.08		(14,971.68	)		1,285.00			—		—		2.05		2.121	AO		43,277.78		—		10222009		10152012
31331GVD8	FFCB AGENCY BND							1		3,381,186.00		100.055		3,391,874.51		3,390,000.00		3,382,572.95		9,301.56			1,387.00			—		—		2.2		2.27	AO		17,194.83		31,075.00		5042009		4082013
31331GX46	FFCB AGENCY BND					1		1		10,996,700.00		99.917		10,990,852.40		11,000,000.00		10,996,886.19		(6,033.79	)		186.00			—		—		2.6		2.608	AO		66,733.33		—		10012009		10072013
31331TKB6	FFCB AGENCY BND							??		11,187,396.00		102.93		11,116,440.00		10,800,000.00		10,928,018.32		188,421.68			(148,910.00	)		—		—		4.1		2.662	MN		70,110.00		442,800.00		3252008		11042010
31331V4Q6	FFCB AGENCY BND							??		6,019,931.00		103.325		6,199,491.36		6,000,000.00		6,004,594.56		194,896.80			(6,150.00	)		—		—		5		4.89	MS		83,333.33		300,000.00		5032007		9212010
31331Y3X6	FFCB AGENCY BND							??		999,000.00		105.438		1,054,378.61		1,000,000.00		999,344.23		55,034.38			240.00			—		—		3.95		3.977	JJ		17,336.11		39,500.00		7302008		7232012
31331YNJ5	FFCB AGENCY BND							??		803,264.00		102.963		823,707.36		800,000.00		801,386.16		22,321.20			(1,281.00	)		—		—		3.5		3.33	JJ		12,677.78		28,000.00		7072008		1182011
31331YR51	FFCB AGENCY BND							1		990,190.00		105.792		1,057,916.22		1,000,000.00		992,999.20		64,917.02			1,885.00			—		—		4		4.224	MN		4,444.44		40,000.00		7072008		5212013
3133XDTA9	FHLB AGENCY BND							??		8,166,480.00		103.943		8,315,440.08		8,000,000.00		8,054,356.38		261,083.70			(55,703.00	)		—		—		4.75		4.006	JD		22,166.67		380,000.00		12102007		12102010
3133XG3W2	FHLB AGENCY BND							??		797,393.00		106.771		800,782.53		750,000.00		771,040.73		29,741.80			(13,509.00	)		—		—		5.6		3.647	JD		350.00		42,000.00		1032008		6282011
3133XH2V3	FHLB AGENCY BND							??		10,758,200.00		106.728		10,672,799.70		10,000,000.00		10,639,105.34		33,694.36			(119,095.00	)		—		—		5		1.354	AO		108,333.33		250,000.00		8312009		10132011
3133XHPH9	FHLB AGENCY BND							1		16,177,200.00		106.875		16,031,250.00		15,000,000.00		16,001,035.21		30,214.79			(176,165.00	)		—		—		4.875		1.268	MN		87,343.75		365,625.00		8312009		11182011
3133XSP93	FHLB AGENCY BND							??		19,262,688.00		101.778		18,793,306.22		18,465,000.00		19,246,690.96		(453,384.74	)		(15,997.00	)		—		—		3.125		2.004	JD		28,851.56		288,516.00		12032009		12132013
3133XTHN9	FHLB AGENCY BND							??		1,002,966.00		100.682		1,006,821.96		1,000,000.00		1,001,626.03		5,195.93			(1,340.00	)		—		—		1.25		1.041	AO		2,673.61		6,250.00		5072009		10142010
3133XUE41	FHLB AGENCY BND							1		9,069,255.00		100.132		9,112,012.36		9,100,000.00		9,072,869.95		39,142.41			3,615.00			—		—		1.75		1.866	FA		69,893.06		—		8202009		8222012
3133XVCB5	FHLB AGENCY BND					1		??		15,620,248.00		99.491		15,545,468.28		15,625,000.00		15,619,210.85		(73,742.57	)		(1,037.00	)		—		—		1.9		1.796	AO		62,673.62		—		11202009		10152010
3133XVD32	FHLB AGENCY BND					1		??		9,979,688.00		99.802		9,980,176.10		10,000,000.00		9,981,028.79		(852.69	)		1,341.00			—		—		2		2.07	AO		40,000.00		—		10092009		10192012
3133XWE70	FHLB AGENCY BND							??		7,690,298.00		98.855		7,611,860.79		7,700,000.00		7,690,354.75		(78,493.96	)		57.00			—		—		2.5		2.53	JD		7,486.11		—		12212009		6132014
31359M7X5	FNMA AGENCY BND							??		3,188,535.00		108.462		3,253,859.94		3,000,000.00		3,164,357.78		89,502.16			(18,761.00	)		—		—		5		4.129	MN		20,833.33		150,000.00		9112008		5112017
31359MA45	FNMA AGENCY BND							1		37,988,264.00		109.793		37,768,791.66		34,400,000.00		37,790,397.61		(21,605.95	)		(197,866.00	)		—		—		5		2.971	AO		363,111.11		860,000.00		8312009		4152015
31359MGJ6	FNMA AGENCY BND							??		10,089,396.00		105.352		9,903,116.20		9,400,000.00		9,898,031.14		5,085.06			(191,365.00	)		—		—		6.625		0.514	MN		79,573.61		311,375.00		8312009		11152010
31359MRK1	FNMA AGENCY NT							??		15,510,548.00		104.675		15,491,900.44		14,800,000.00		15,449,392.35		42,508.09			(61,156.00	)		—		—		4.625		3.225	MN		114,083.33		342,250.00		8312009		5012013
3137EABA6	FHLMC AGENCY BND							1		5,587,993.00		109.057		5,670,963.95		5,200,000.00		5,541,573.87		129,390.08			(36,012.00	)		—		—		5.125		4.139	MN		32,572.22		266,500.00		9112008		11172017
3137EABK4	FHLMC AGENCY BND							??		8,988,030.00		102.518		9,226,619.82		9,000,000.00		8,994,842.19		231,777.63			3,923.00			—		—		2.75		2.796	AO		55,000.00		247,500.00		4032008		4112011
3137EABX6	FHLMC AGENCY BND							1		24,540,915.00		100.238		24,558,309.76		24,500,000.00		24,538,272.92		20,036.84			(2,642.00	)		—		—		2.5		2.459	JJ		296,041.67		—		8312009		1072014
3137EACC1	FHLMC AGENCY BND							1		5,382,504.00		100.569		5,430,726.00		5,400,000.00		5,385,951.88		44,774.12			3,448.00			—		—		1.75		1.859	JD		4,200.00		53,550.00		5192009		6152012
31398AHZ8	FNMA AGENCY BND							??		22,415,656.00		108.138		22,708,980.00		21,000,000.00		22,200,917.20		508,062.80			(166,059.00	)		—		—		4.75		2.662	MN		116,375.01		688,750.00		8312009		11192012
31398AUZ3	FNMA AGENCY BND							??		15,153,626.00		97.507		14,786,937.16		15,165,000.00		15,154,048.51		(367,111.35	)		422.00			—		—		3.22		3.233	JJ		208,889.45		—		11242009		1272016
31398AZY1	FHLMC AGENCY BND					1		??		9,077,850.00		99.192		8,927,280.09		9,000,000.00		9,072,297.76		(145,017.67	)		(5,552.00	)		—		—		3.125		2.171	MN		39,843.75		—		12072009		11102010
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND							??		5,295,283.00		99.542		5,275,726.00		5,300,000.00		5,295,509.19		(19,783.19	)		226.00			—		—		3.05		3.069	AO		41,310.56		—		9222009		10152014
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							??		4,539,760.00		112.124		4,484,960.04		4,000,000.00		4,487,778.52		(2,818.48	)		(51,981.00	)		—		—		6.79		1.575	MN		28,668.89		135,800.00		9252009		5232012
912803AT0	UNITED STATES TREASURY STRIPS PO			@				??		873,278.00		64.599		968,985.00		1,500,000.00		932,947.39		36,037.61			41,750.00			—		—		0		4.631	MAT		—		—		7242008		5152020
912810EZ7	UNITED STATES TREASURY GOVT BND							1		1,481,438.00		124.83		1,497,960.11		1,200,000.00		1,466,070.61		31,889.50			(9,916.00	)		—		—		6.625		4.722	FA		30,028.53		79,500.00		5302008		2152027
912828FL9	UNITED STATES TREASURY GOVT IBND TIPS							1		8,293,180.00		116.695		8,402,046.19		7,200,000.00		8,297,895.63		104,150.56			(17,998.00	)		—		—		2.5		1.274	JJ		89,009.41		—		10152009		7152016
912828FU9	UNITED STATES TREASURY GOVT BND							1		5,099,609.00		106.042		5,090,016.34		4,800,000.00		4,953,987.59		136,028.75			(85,296.00	)		—		—		4.5		2.605	MS		55,186.82		216,000.00		7292008		9302011
912828FW5	UNITED STATES TREASURY GOVT BND							??		4,230,469.00		106.507		4,260,280.16		4,000,000.00		4,130,573.31		129,706.85			(68,953.00	)		—		—		4.625		2.775	AO		32,019.23		185,000.00		7152008		10312011
912828GA2	UNITED STATES TREASURY GOVT BND							1		3,197,109.00		106.484		3,194,519.82		3,000,000.00		3,120,971.29		73,548.53			(61,177.00	)		—		—		4.5		2.331	MN		11,868.13		135,000.00		9302008		11302011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.00		106.869		3,206,070.09		3,000,000.00		3,153,193.31		52,876.78			(74,441.00	)		—		—		4.625		2.004	JD		383.29		138,750.00		3072008		12312011
912828GF1	UNITED STATES TREASURY GOVT BND							1		5,394,141.00		107.317		5,365,850.45		5,000,000.00		5,221,564.76		144,285.69			(102,380.00	)		—		—		4.75		2.55	JJ		99,388.59		237,500.00		4172008		1312012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS							1		8,302,250.00		114.783		8,379,189.64		7,300,000.00		8,306,900.83		72,288.81			(18,127.00	)		—		—		2.625		1.351	JJ		92,332.42		—		10152009		7152017
912828HK9	UNITED STATES TREASURY GOVT BND							??		16,403,320.00		105.035		17,330,775.66		16,500,000.00		16,441,455.08		889,320.58			18,781.00			—		—		3.375		3.504	MN		48,956.04		556,875.00		12072007		11302012
912828HT0	UNITED STATES TREASURY GOVT BND							1		10,113,359.00		103.042		10,304,199.20		10,000,000.00		10,073,443.65		230,755.55			(22,066.00	)		—		—		2.75		2.507	FA		93,439.23		275,000.00		3052008		2282013
912828HX1	UNITED STATES TREASURY GOVT BND							1		2,158,178.00		100.652		2,189,181.00		2,175,000.00		2,172,096.66		17,084.34			8,704.00			—		—		2.125		2.536	AO		7,915.92		46,219.00		5222008		4302010
912828HY9	UNITED STATES TREASURY GOVT BND							1		9,875,391.00		104.169		10,416,899.90		10,000,000.00		9,913,413.55		503,486.35			24,176.00			—		—		3.125		3.402	AO		53,522.10		312,500.00		5302008		4302013
912828JA9	UNITED STATES TREASURY GOVT BND							1		1,002,109.00		100.987		1,009,870.07		1,000,000.00		1,000,477.17		9,392.90			(1,113.00	)		—		—		2.625		2.512	MN		2,320.44		26,250.00		6052008		5312010
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.00		105.385		790,387.52		750,000.00		756,405.93		33,981.59			(1,749.00	)		—		—		3.5		3.234	MN		2,307.69		26,250.00		6042008		5312013
912828JC5	UNITED STATES TREASURY GOVT BND							1		2,017,344.00		101.321		2,026,419.84		2,000,000.00		2,004,482.54		21,937.30			(8,855.00	)		—		—		2.875		2.419	JD		158.84		57,500.00		7112008		6302010
912828JD3	UNITED STATES TREASURY GOVT BND							1		14,621,953.00		104.971		15,220,795.15		14,500,000.00		14,588,157.67		632,637.48			(23,119.00	)		—		—		3.375		3.19	JD		1,351.86		489,375.00		7212008		6302013
912828JF8	UNITED STATES TREASURY GOVT BND							1		2,007,969.00		101.447		2,028,939.98		2,000,000.00		2,002,370.59		26,569.39			(3,998.00	)		—		—		2.75		2.543	JJ		23,016.30		55,000.00		8012008		7312010
912828JH4	UNITED STATES TREASURY GOVT BND							1		4,351,000.00		102.118		4,391,073.54		4,300,000.00		4,345,810.98		45,262.56			(4,342.00	)		—		—		4		3.854	FA		64,967.39		172,000.00		10102008		8152018
912828JL5	UNITED STATES TREASURY GOVT BND							1		48,017,853.00		101.167		48,256,659.00		47,700,000.00		47,820,786.39		435,872.61			(159,706.00	)		—		—		2		1.656	MS		243,741.76		954,000.00		10082008		9302010
912828JM3	UNITED STATES TREASURY GOVT BND							1		57,864,270.00		103.932		58,825,511.44		56,600,000.00		57,643,786.86		1,181,724.58			(184,801.00	)		—		—		3.125		2.603	MS		451,905.90		1,612,500.00		9032009		9302013
912828JQ4	UNITED STATES TREASURY GOVT BND							1		115,253,185.00		102.422		115,224,746.63		112,500,000.00		115,074,690.85		150,055.78			(167,552.00	)		—		—		2.75		2.12	AO		535,456.76		893,750.00		10292009		10312013
912828KA7	UNITED STATES TREASURY GOVT BND							1		80,137,500.00		100.047		80,037,591.20		80,000,000.00		80,127,133.35		(89,542.15	)		(10,367.00	)		—		—		1.125		1.043	JD		42,032.97		450,000.00		10282009		12152011
912828KN9	UNITED STATES TREASURY GOVT BND							1		78,615,625.00		97.964		78,371,197.60		80,000,000.00		78,637,207.60		(266,010.00	)		21,583.00			—		—		1.875		2.291	AO		263,121.55		—		12292009		4302014
912828KS8	UNITED STATES TREASURY GOVT BND							1		14,739,150.00		97.316		14,597,400.30		15,000,000.00		14,751,631.23		(154,230.93	)		12,481.00			—		—		2.625		2.921	FA		133,787.98		—		8312009		2292016
912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,533.00		100.151		2,533,820.33		2,530,000.00		2,522,567.12		11,253.21			3,034.00			—		—		0.875		1.086	MN		1,956.91		11,069.00		6052009		5312011
912828KX7	UNITED STATES TREASURY GOVT BND							1		10,130,500.00		101.102		10,110,199.70		10,000,000.00		10,115,097.13		(4,897.43	)		(15,403.00	)		—		—		1.875		1.396	JD		8,756.87		93,750.00		8312009		6152012
912828KY5	UNITED STATES TREASURY GOVT BND							1		26,483,431.00		100.762		26,298,882.26		26,100,000.00		26,448,527.98		(149,645.72	)		(34,903.00	)		—		—		2.625		2.311	JD		1,892.62		342,563.00		7082009		6302014
912828LB4	UNITED STATES TREASURY GOVT BND							1		15,029,850.00		100.162		15,024,300.45		15,000,000.00		15,026,497.59		(2,197.14	)		(3,352.00	)		—		—		1.5		1.429	JJ		103,940.22		—		8312009		7152012
912828LC2	UNITED STATES TREASURY GOVT BND							1		7,031,915.00		100.533		6,936,776.80		6,900,000.00		7,030,196.36		(93,419.56	)		(1,719.00	)		—		—		2.625		2.189	JJ		75,796.87		—		12112009		7312014
912828LF5	UNITED STATES TREASURY GOVT BND							1		30,183,663.00		100.418		30,125,399.70		30,000,000.00		30,158,291.99		(32,892.29	)		(25,371.00	)		—		—		1.125		0.77	JD		932.32		168,750.00		10082009		6302011
912828LG3	UNITED STATES TREASURY GOVT BND							??		5,969,317.00		100.161		6,009,660.18		6,000,000.00		5,975,315.23		34,344.95			5,998.00			—		—		1		1.264	JJ		25,108.70		—		8102009		7312011
912828LK4	UNITED STATES TREASURY GOVT BND							1		16,699,398.00		99.275		16,578,925.33		16,700,000.00		16,699,657.95		(120,732.62	)		260.00			—		—		2.375		2.364	FA		132,567.60		—		10232009		8312014
912828LQ1	UNITED STATES TREASURY GOVT BND							1		14,059,063.00		99.163		13,882,820.28		14,000,000.00		14,056,856.98		(174,036.70	)		(2,206.00	)		—		—		2.375		2.284	MS		84,951.92		—		10202009		9302014
912828LR9	UNITED STATES TREASURY GOVT BND							1		151,034,377.00		99.445		150,559,730.00		151,400,000.00		151,056,550.84		(496,820.84	)		22,174.00			—		—		1.375		1.458	AO		446,089.28		—		11032009		10152012
912828LW8	UNITED STATES TREASURY GOVT BND							1		86,679,516.00		99.979		86,581,810.54		86,600,000.00		86,673,388.23		(91,577.69	)		(6,127.00	)		—		—		1		0.951	MS		224,554.95		—		12292009		9302011
912828LZ1	UNITED STATES TREASURY GOVT BND							1		4,783,258.00		97.636		4,706,055.30		4,820,000.00		4,783,551.85		(77,496.55	)		294.00			—		—		2.125		2.288	MN		9,004.40		—		12162009		11302014
912828MB3	UNITED STATES TREASURY GOVT BND							1		93,194,736.00		98.383		92,302,933.41		93,820,000.00		93,203,234.72		(900,301.31	)		8,499.00			—		—		1.125		1.353	JD		49,294.16		—		12162009		12152012
912828ML1	UNITED STATES TREASURY GOVT BND							1		33,029,349.00		99.719		32,907,270.66		33,000,000.00		33,029,305.25		(122,034.59	)		(44.00	)		—		—		1		0.954	JD		1,813.19		—		12232009		12312011
912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,431.00		99.351		4,967,549.90		5,000,000.00		4,999,452.79		(31,902.89	)		22.00			—		—		0.75		0.756	MN		3,296.70		—		12032009		11302011
36202KME2	GNMA POOL # 008457					2		??		626,347.00		101		623,838.22		617,661.60		626,108.91		(2,270.69	)		(239.00	)		—		—		3.625		3.174	MON		1,865.85		20,396.00		3182009		7202024
36204J4C7	GNMA POOL # 371719					2		??		680,202.00		106.891		684,303.70		640,190.57		678,261.66		6,042.04			(1,215.00	)		—		—		6.5		4.991	MON		3,467.70		41,612.00		9112008		4152024
36204SV60	GNMA POOL # 378737					2		??		563,178.00		107.42		569,377.97		530,050.20		561,568.66		7,809.31			(996.00	)		—		—		6.5		4.933	MON		2,871.11		34,453.00		9112008		1152024
36205BKY7	GNMA POOL # 385611					2		??		706,860.00		106.891		711,121.81		665,279.87		704,906.69		6,215.12			(1,199.00	)		—		—		6.5		4.929	MON		3,603.60		43,243.00		9112008		4152024
3620A2KC9	GNMA POOL # 716791					2		??		2,516,774.00		105.742		2,517,320.58		2,380,632.02		2,515,844.73		1,475.85			(930.00	)		—		—		5		3.059	MON		9,919.30		29,758.00		9292009		4152024
3620A55Q8	GNMA POOL # 720055					2		??		908,990.00		100.329		894,678.53		891,747.05		908,808.78		(14,130.25	)		(181.00	)		—		—		4.5		4.181	MON		3,344.05		20,064.00		6182009		6152039
3620A56N4	GNMA POOL # 720077					2		??		803,928.00		100.329		796,182.72		793,573.96		803,814.69		(7,631.97	)		(113.00	)		—		—		4.5		4.29	MON		2,975.90		17,855.00		6182009		6152039
3620A6AC1	GNMA POOL # 720103					2		??		903,290.00		100.329		890,672.29		887,753.93		903,122.95		(12,450.66	)		(167.00	)		—		—		4.5		4.236	MON		3,329.08		19,974.00		6182009		6152039
3620A6DZ7	GNMA POOL # 720220					2		??		2,281,748.00		105.742		2,297,182.36		2,172,447.14		2,280,598.98		16,583.38			(1,149.00	)		—		—		5		3.325	MON		9,051.86		45,259.00		7292009		7152024
3620ADCM2	GNMA POOL # 726476					2		??		17,566,199.00		104.043		17,349,378.50		16,675,121.94		17,557,373.22		(207,994.72	)		(8,826.00	)		—		—		4.5		2.995	MON		62,531.71		—		12082009		11152024
36210B4N2	GNMA POOL # 487829					2		??		867,246.00		104.043		871,800.20		837,919.04		866,376.26		5,423.94			(870.00	)		—		—		4.5		3.482	MON		3,142.20		25,138.00		3262009		4152024
36210B4Q5	GNMA POOL # 487831					2		??		193,656.00		105.742		193,697.84		183,180.20		193,587.57		110.27			(68.00	)		—		—		5		2.969	MON		763.25		2,290.00		9292009		4152024
36210B4R3	GNMA POOL # 487832					2		??		921,035.00		105.742		931,979.42		881,373.66		919,937.52		12,041.90			(1,098.00	)		—		—		5		3.419	MON		3,672.39		29,379.00		3262009		4152024

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7			FAIR VALUE					10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5							8		9									12			13			14		15			16		17		18	19		20		21		22
												RATE USED
			FOREIGN		BOND		NAIC		ACTUAL			TO OBTAIN		GAAP FAIR						GAAP						CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST			FAIR VALUE		MARKET VALUE			PAR VALUE			BOOK VALUE			UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36210BZH1	GNMA POOL # 487744					2		??		1,232,591.00			105.742		1,232,858.24			1,165,914.99			1,232,156.77			701.47			(434.00	)		—		—			5		2.943	MON		4,857.98		14,574.00		9292009		3152024
36210BZJ7	GNMA POOL # 487745					2		??		1,114,977.00			105.742		1,115,219.28			1,054,663.74			1,114,590.29			628.99			(387.00	)		—		—			5		2.914	MON		4,394.43		13,183.00		9292009		3152024
36211V6Q8	GNMA POOL # 524779					2		??		685,262.00			105.742		693,922.89			656,243.41			684,442.03			9,480.86			(820.00	)		—		—			5		3.43	MON		2,734.35		21,875.00		3262009		1152024
36225BPY8	GNMA POOL # 781339					2		1		429,868.00			109.906		428,042.80			389,461.75			429,009.07			(966.27	)		120.00			—		—			8		4.731	MON		2,596.41		31,157.00		3072008		9152031
36225CD29	GNMA POOL # 080120					2		??		508,253.00			102		513,126.93			503,065.62			508,135.63			4,991.30			(118.00	)		—		—			4.125		3.834	MON		1,729.29		15,564.00		3182009		10202027
36225DAS3	GNMA POOL # 080916					2		??		424,184.00			101.609		433,108.34			426,248.40			424,208.88			8,899.46			12.00			—		—			2.75		2.878	MON		976.82		14,208.00		4172008		5202034
36225DJA3	GNMA POOL # 081156					2		??		1,138,861.00			102.471		1,163,732.31			1,135,666.58			1,138,800.53			24,931.78			(60.00	)		—		—			3.75		3.619	MON		3,548.96		31,941.00		3182009		11202034
36225DJZ8	GNMA POOL # 081179					2		??		1,173,176.00			100.6		1,176,904.75			1,169,885.44			1,173,113.84			3,790.91			(62.00	)		—		—			3.75		3.616	MON		3,655.90		32,903.00		3182009		12202034
36225DLE2	GNMA POOL # 081224					2		??		726,798.00			99.924		729,664.76			730,221.23			726,822.88			2,841.88			25.00			—		—			3		3.113	MON		1,825.56		17,039.00		3182009		1202035
36225EVZ2	GNMA POOL # 082431					2		??		5,619,375.00			101		5,605,500.00			5,550,000.00			5,619,277.69			(13,777.69	)		(97.00	)		—		—			3		2.909	MON		13,875.00		—		10282009		12202039
36225EWE8	GNMA POOL # 082444					2		??		1,021,250.00			101.25		1,012,500.00			1,000,000.00			1,021,223.39			(8,723.39	)		(27.00	)		—		—			3.75		3.59	MON		3,125.00		—		11032009		12202039
36241KBP2	GNMA POOL # 781846					2		1		7,747,904.00			108.651		8,153,222.23			7,504,023.36			7,744,326.66			408,895.57			(1,971.00	)		—		—			6.5		5.532	MON		40,646.79		487,762.00		8152008		9152034
36241KEC8	GNMA POOL # 781931					2		??		5,318,557.00			107.689		5,547,231.78			5,151,145.13			5,316,183.00			231,048.78			(1,307.00	)		—		—			6.5		5.558	MON		27,902.03		334,824.00		8152008		5152035
36241KGU6	GNMA POOL # 782011					2		??		326,451.00			103.312		330,043.59			319,462.14			326,383.07			3,660.52			(68.00	)		—		—			5		4.442	MON		1,331.09		5,324.00		7142009		12152035
36241KKB3	GNMA POOL # 782090					2		??		7,071,776.00			107.697		7,327,579.59			6,803,873.60			7,064,086.74			263,492.85			(2,363.00	)		—		—			6.5		5.353	MON		36,854.32		442,252.00		11302007		5152036
36292DWW8	GNMA POOL # 646061					2		??		493,806.00			106.344		503,572.54			473,532.57			492,919.25			10,653.29			(444.00	)		—		—			6.5		3.964	MON		2,564.97		30,780.00		1312008		11152037
36295KAT0	GNMA POOL # 672418					2		1		403,225.00			106.344		411,200.63			386,670.98			402,544.33			8,656.30			(322.00	)		—		—			6.5		4.128	MON		2,094.47		25,134.00		1312008		12152037
36295P4L3	GNMA POOL # 676827					2		??		1,953,366.00			105.616		1,974,530.16			1,869,529.59			1,950,889.32			23,640.84			(2,477.00	)		—		—			5		3.27	MON		7,789.71		62,318.00		3262009		5152023
36295PZJ4	GNMA POOL # 676745					2		??		752,529.00			105.616		761,137.12			720,661.75			751,574.56			9,562.56			(954.00	)		—		—			5		3.27	MON		3,002.76		24,022.00		3262009		3152023
36295QJE1	GNMA POOL # 677161					2		??		3,295,358.00			105.616		3,316,431.00			3,140,071.49			3,292,858.54			23,572.46			(2,499.00	)		—		—			5		3.161	MON		13,083.63		104,669.00		4272009		8152023
36295TVQ4	GNMA POOL # 680223					2		??		282,162.00			106.344		287,743.06			270,578.12			281,657.63			6,085.43			(254.00	)		—		—			6.5		3.971	MON		1,465.63		17,588.00		1312008		1152038
36296DR67	GNMA POOL # 688209					2		??		263,231.00			105.616		264,855.18			250,770.84			263,093.09			1,762.09			(138.00	)		—		—			5		3.188	MON		1,044.88		5,224.00		7292009		7152023
36296E5H5	GNMA POOL # 689448					2		??		600,383.00			105.616		607,251.58			574,959.46			599,642.95			7,608.63			(741.00	)		—		—			5		3.291	MON		2,395.66		19,165.00		3262009		7152023
36296QRL5	GNMA POOL # 698091					2		??		11,587,296.00			100.329		11,322,854.77			11,285,754.54			11,584,119.29			(261,264.52	)		(3,177.00	)		—		—			4.5		3.991	MON		42,321.58		296,251.00		4282009		4152039
36296TPY3	GNMA POOL # 700739					2		??		1,781,089.00			106.565		1,797,604.34			1,686,861.94			1,777,514.01			20,090.33			(3,575.00	)		—		—			5.5		3.06	MON		7,731.45		46,389.00		6032009		10152023
36296U3C2	GNMA POOL # 701995					2		??		1,310,808.00			105.616		1,325,803.55			1,255,300.63			1,309,243.53			16,560.02			(1,565.00	)		—		—			5		3.413	MON		5,230.42		41,843.00		3262009		1152024
36296UC73	GNMA POOL # 701294					2		??		924,985.00			105.742		935,695.95			884,888.38			923,856.43			11,839.52			(1,128.00	)		—		—			5		3.361	MON		3,687.03		29,496.00		3272009		1152024
36296URS1	GNMA POOL # 701697					2		??		1,829,288.00			105.742		1,829,685.13			1,730,334.64			1,828,655.44			1,029.69			(633.00	)		—		—			5		2.881	MON		7,209.73		21,629.00		9292009		2152024
36296UUL2	GNMA POOL # 701787					2		??		1,000,503.00			105.742		1,020,786.08			965,358.19			999,639.28			21,146.80			(864.00	)		—		—			5		3.684	MON		4,022.33		24,134.00		6112009		3152024
36296XHH0	GNMA POOL # 704132					2		??		337,626.00			105.616		337,298.75			319,362.05			337,501.01			(202.26	)		(125.00	)		—		—			5		2.962	MON		1,330.68		3,992.00		9292009		12152023
36296XLY8	GNMA POOL # 704243					2		??		680,244.00			105.742		694,034.09			656,348.58			679,647.09			14,387.00			(597.00	)		—		—			5		3.593	MON		2,734.79		16,409.00		6112009		1152024
36296XWP5	GNMA POOL # 704554					2		??		4,795,112.00			105.742		4,895,273.66			4,629,464.09			4,791,105.18			104,168.48			(4,007.00	)		—		—			5		3.812	MON		19,289.43		115,737.00		6112009		6152024
36297A3K7	GNMA					2		??		1,106,234.00			105.742		1,120,216.42			1,059,389.54			1,104,917.15			15,299.27			(1,317.00	)		—		—			5		3.386	MON		4,414.12		35,313.00		3262009		1152024
36297AKF9	GNMA POOL # 705994					2		??		1,541,246.00			105.742		1,541,580.66			1,457,874.02			1,540,697.97			882.69			(548.00	)		—		—			5		2.914	MON		6,074.48		18,223.00		9292009		1152024
36297DFF9	GNMA POOL # 708566					2		??		2,444,772.00			105.742		2,445,302.09			2,312,524.08			2,443,885.69			1,416.40			(886.00	)		—		—			5		3.023	MON		9,635.52		28,907.00		9292009		4152024
36297DTR8	GNMA POOL # 708960					2		??		1,814,712.00			105.742		1,837,648.41			1,737,865.53			1,812,571.10			25,077.31			(2,141.00	)		—		—			5		3.435	MON		7,241.11		57,929.00		3262009		3152024
36297G2R0	GNMA POOL # 711884					2		??		4,584,014.00			105.742		4,585,009.20			4,336,046.75			4,582,347.83			2,661.37			(1,667.00	)		—		—			5		3.029	MON		18,066.86		54,201.00		9292009		4152024
36297JJ54	GNMA POOL # 713184					2		??		2,230,248.00			105.742		2,230,731.51			2,109,604.52			2,229,438.95			1,292.56			(809.00	)		—		—			5		3.024	MON		8,790.02		26,370.00		9292009		4152024
36297KZF1	GNMA POOL # 714542					2		??		1,147,605.00			105.742		1,170,517.20			1,106,959.02			1,146,622.20			23,895.00			(983.00	)		—		—			5		3.791	MON		4,612.33		27,674.00		6112009		6152024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND			A				1FE		4,076,425.00			98.576		4,041,615.83			4,100,000.00			4,077,815.96			(36,200.13	)		1,391.00			—		—			2.375		2.498	MS		30,023.96		—		9022009		9102014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				??		5,242,350.00			104.198		5,209,900.30			5,000,000.00			5,199,490.96			10,409.34			(42,859.00	)		—		—			3.75		1.126	JJ		86,458.33		—		8312009		7152011
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		20,768,508.00			104.686		20,675,484.41			19,750,000.00			20,702,321.41			(26,837.00	)		(66,186.00	)		—		—			4.1		2.938	JD		33,739.58		404,875.00		8312009		6162014
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		7,386,458.00			99.325		7,350,049.78			7,400,000.00			7,386,981.35			(36,931.57	)		523.00			—		—			1.875		1.938	MN		16,187.51		—		11102009		11192012
6832348F8	ONTARIO PROVINCE CORP BND			A				??		2,800,000.00			100.117		2,803,275.69			2,800,000.00			2,800,000.00			3,275.69			—			—		—			0.42		0.42	FMAN		1,405.67		—		11102009		11192012
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,978.00			104.335		1,565,031.02			1,500,000.00			1,596,594.92			(31,563.90	)		(2,383.00	)		—		—			4.45		3.205	MS		19,654.17		—		11032009		9152015
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		12,238,011.00			102.025		12,447,049.27			12,200,000.00			12,233,355.59			213,693.68			(4,656.00	)		—		—			3.375		3.307	MN		64,050.00		205,875.00		4242009		5052014
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		15,089,408.00			101.037		15,226,276.34			15,070,000.00			15,088,685.39			137,590.95			(723.00	)		—		—			2.25		2.197	JD		18,837.50		169,538.00		8312009		6112012
BRS7X5P83	UK CONV GILT GOVT BND			D				??		14,016,988.00			98.46		15,661,315.90			9,850,000.00			14,046,653.46			(55,461.06	)		29,665.00			—		1,670,123.50			2.25		2.552	MS		114,683.35		170,015.00		3202009		3072014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				??		3,727,555.00			103.598		3,178,596.80			1,900,000.00			3,731,053.88			112,077.84			1,847.00			—		(664,534.92	)		4.75		4.748	JAN		136,157.29		123,363.00		1162008		1252011
G92435NC9	UK CONV GILT GOVT BND			D				??		9,366,938.00			106.96		9,327,115.22			5,400,000.00			9,291,373.40			128,872.00			(75,564.00	)		—		(93,130.18	)		4.5		2.689	MS		125,744.17		196,988.00		6232009		3072013
G92444AB7	UK CONV GILT GOVT BND			D				??		5,972,774.00			104.03		5,039,785.36			3,000,000.00			5,957,606.03			186,759.29			(8,448.00	)		—		(1,104,579.96	)		4.25		4.096	MS		65,976.88		194,116.00		3032008		3072011
G924502Z0	UK CONV GILT GOVT BND			D				??		25,653,545.00			103.71		25,623,842.31			15,300,000.00			25,605,486.39			(14,590.02	)		(48,059.00	)		—		32,945.94			3.25		1.268	JD		55,150.00		83,534.00		12182009		12072011
G92450H50	UNITED KINGDOM GOVT BND 144A			D				1FE		40,074,976.00			108.16		34,195,360.82			19,578,000.00			39,405,539.93			1,788,707.29			(368,767.00	)		—		(6,998,886.40	)		5.25		4.157	JD		113,998.32		1,671,559.00		3032008		6072012
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00			107.35		7,280,874.19			4,200,000.00			7,268,693.31			85,037.14			(97,545.00	)		—		(72,856.26	)		5		2.122	MS		108,667.81		171,927.00		6232009		3072012
G92450TF5	UNITED KINGDOM GOVT BND			D				??		591,678.00			101.84		542,705.87			330,000.00			583,706.43			7,153.85			(6,541.00	)		—		(48,154.41	)		4.75		3.576	JD		1,738.52		25,618.00		10072008		6072010
3128X9KL3	FHLMC AGENCY BND MTN					1		??		57,631,400.00			99.487		57,205,025.00			57,500,000.00			57,616,975.55			(411,950.55	)		(14,424.00	)		—		—			2		1.755	MN		178,888.89		—		11242009		11052010
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							??		1,329,838.00			105.089		1,313,612.50			1,250,000.00			1,329,203.11			(15,590.61	)		(634.00	)		—		—			4.135		1.95	JJ		26,848.78		—		12172009		1012013
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND RE							??		8,500,000.00			101.237		8,605,145.00			8,500,000.00			8,500,000.00			105,145.00			—			—		—			2.879		2.881	JD		20,392.92		106,043.00		6192009		4012011
98458PAB1	YALE UNIVERSITY MUNI BND							1FE		9,480,620.00			99.375		9,440,595.27			9,500,000.00			9,481,057.99			(40,462.72	)		438.00			—		—			2.9		2.941	AO		39,029.17		—		11032009		10152014
01F050619	FNMA 30 YR					2		??		(2,088,125.00	)		102.641		(2,052,812.50	)		(2,000,000.00	)		(2,088,125.00	)		35,312.50			—			—		—			5		4.611	MON		—		—		12012009		1012037
3128JLHB8	FHLMC POOL # 1B1225					2		??		105,523.00			104.401		111,879.12			107,162.52			105,555.83			6,323.29			20.00			—		—			3.354		3.654	MON		299.52		5,099.00		4022007		9012033
3128JM6N2	FHLMC POOL # 1B2776					2		??		345,371.00			102.816		358,792.21			348,965.82			345,414.69			13,377.52			21.00			—		—			4.296		4.454	MON		1,249.30		15,143.00		4022007		2012035
3128JM7E1	FHLMC POOL # 1B2792					2		??		258,327.00			102.899		268,581.64			261,015.07			258,359.99			10,221.65			17.00			—		—			4.317		4.471	MON		939.00		11,345.00		4022007		2012035
3128JMW45	FHLMC POOL # 1B2566					2		??		128,361.00			103.311		133,653.68			129,370.12			128,375.45			5,278.23			11.00			—		—			3.349		3.449	MON		361.05		5,504.00		4022007		11012034
3128JMXM4	FHLMC POOL # 1B2583					2		??		2,862,005.00			103.72		3,001,427.40			2,893,778.83			2,862,729.96			138,697.44			330.00			—		—			3.34		3.523	MON		8,054.36		126,904.00		9172008		10012034
3128JMY68	FHLMC POOL # 1B2632					2		??		172,774.00			102.751		178,921.67			174,131.74			172,792.72			6,128.95			14.00			—		—			3.279		3.382	MON		475.81		7,560.00		4032007		11012034
3128JMZG5	FHLMC POOL # 1B2642					2		??		236,056.00			102.641		244,196.01			237,911.75			236,081.17			8,114.84			19.00			—		—			3.317		3.422	MON		657.63		10,413.00		4022007		11012034
3128JNAL9	FHLMC POOL # 1B2810					2		??		267,666.00			101.624		274,845.00			270,451.65			267,698.35			7,146.65			16.00			—		—			4.41		4.567	MON		993.91		11,975.00		4022007		2012035
3128JRJS6	FHLMC POOL # 847473					2		??		4,102,450.00			104.48		4,303,723.53			4,119,184.08			4,102,288.19			201,435.34			(84.00	)		—		—			5.058		5.06	MON		17,362.36		207,981.00		9262007		12012035
3128JRKQ8	FHLMC POOL # 847503					2		??		1,608,186.00			104.056		1,713,443.54			1,646,651.15			1,608,953.53			104,490.01			296.00			—		—			4.571		5.082	MON		6,272.37		79,057.00		5312006		12012035
3128JRP26	FHLMC POOL # 847641					2		??		834,821.00			104.694		881,054.36			841,553.18			834,900.11			46,154.25			52.00			—		—			4.042		4.15	MON		2,834.63		42,717.00		11132006		12012033
3128JRP34	FHLMC POOL # 847642					2		??		195,803.00			102.564		203,480.22			198,394.38			195,865.95			7,614.27			44.00			—		—			4.096		4.276	MON		677.19		8,935.00		11132006		4012035
3128JRPZ3	FHLMC POOL # 847640					2		??		805,753.00			105.445		854,279.71			810,168.48			805,714.34			48,565.37			(16.00	)		—		—			5.162		5.205	MON		3,485.07		41,795.00		11132006		5012036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		??		3,150,854.00			106.657		3,322,462.12			3,115,079.56			3,149,849.66			172,612.46			(301.00	)		—		—			6		5.512	MON		15,575.40		186,905.00		11022007		9012037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		??		45,232.00			107.314		46,715.64			43,531.88			45,203.57			1,512.07			(29.00	)		—		—			6		4.958	MON		217.66		2,177.00		2042009		9012037
3128KWFX6	FHLMC GOLD POOL # A65582					2		??		91,598.00			107.314		94,602.18			88,154.86			91,536.24			3,065.94			(62.00	)		—		—			6		4.814	MON		440.77		4,408.00		2042009		9012037
3128KWFY4	FHLMC GOLD POOL # A65583					2		??		118,797.00			107.314		122,692.80			114,331.05			118,718.47			3,974.33			(79.00	)		—		—			6		4.862	MON		571.66		5,716.00		2042009		9012037
3128KWNV1	FHLMC GOLD POOL # A65804					2		??		5,581,427.00			107.095		5,909,554.89			5,518,055.68			5,579,737.11			329,817.78			(439.00	)		—		—			6		5.572	MON		27,590.28		331,083.00		11022007		9012037
3128KWNX7	FHLMC GOLD POOL # A65806					2		??		5,149,286.00			107.095		5,452,008.35			5,090,820.92			5,147,705.44			304,302.91			(459.00	)		—		—			6		5.548	MON		25,454.10		305,449.00		11022007		9012037
3128KWT29	FHLMC GOLD POOL # A65969					2		??		65,135.00			107.314		67,271.10			62,686.45			65,091.70			2,179.40			(43.00	)		—		—			6		4.85	MON		313.43		3,134.00		2042009		9012037
3128KWTK9	FHLMC GOLD POOL # A65954					2		??		105,315.00			107.314		108,768.17			101,355.41			105,242.78			3,525.39			(72.00	)		—		—			6		4.799	MON		506.78		5,068.00		2042009		9012037
3128KWTP8	FHLMC GOLD POOL # A65958					2		??		91,388.00			107.314		94,385.24			87,952.71			91,326.13			3,059.11			(62.00	)		—		—			6		4.805	MON		439.76		4,398.00		2042009		9012037
3128KWTZ6	FHLMC GOLD POOL # A65968					2		??		67,490.00			107.314		69,702.84			64,952.46			67,443.98			2,258.86			(46.00	)		—		—			6		4.823	MON		324.76		3,248.00		2042009		9012037
3128KYXE4	FHLMC GOLD POOL # A67877					2		??		44,768.00			107.314		46,235.90			43,084.84			44,738.10			1,497.80			(30.00	)		—		—			6		4.881	MON		215.42		2,154.00		2042009		4012037
3128M4HY2	FHLMC GOLD POOL # G02647					2		??		4,642,412.00			104.941		4,938,929.70			4,706,389.76			4,643,888.91			295,040.79			289.00			—		—			5.5		6.106	MON		21,570.95		258,851.00		4092007		2012037
3128M4ZG1	FHLMC GOLD POOL # G03143					2		??		8,532.00			107.314		8,811.54			8,211.02			8,526.21			285.33			(6.00	)		—		—			6		4.911	MON		41.06		411.00		2042009		7012037
3128M5HK9	FHLMC GOLD POOL # G03534					2		??		18,627,753.00			107.903		19,558,909.03			18,126,443.62			18,615,520.61			943,388.42			(3,818.00	)		—		—			6.5		5.451	MON		98,184.91		1,178,219.00		11062007		10012037
3128M6EE4	FHLMC GOLD POOL # G04333					2		??		86,474.00			102.823		86,879.60			84,493.93			86,449.09			430.51			(25.00	)		—		—			5		4.494	MON		352.06		1,760.00		7062009		4012038
3128M6UB2	FHLMC GOLD POOL # G04778					2		??		210,843.00			107.314		217,756.93			202,916.38			210,713.59			7,043.34			(129.00	)		—		—			6		4.989	MON		1,014.58		10,146.00		2042009		7012038
3128M7AZ9	FHLMC GOLD POOL # G05124					2		??		609,244.00			107.314		629,223.09			586,340.35			608,863.16			20,359.93			(381.00	)		—		—			6		4.92	MON		2,931.70		29,317.00		2042009		12012038
3128MBBR7	FHLMC GOLD POOL # G12548					2		??		3,552,257.00			105.931		3,754,726.86			3,544,502.96			3,551,066.78			203,660.08			(56.00	)		—		—			5.5		5.381	MON		16,245.64		194,948.00		3302007		1012022
3128MTB72	FHLMC GOLD POOL # H00962					2		??		794,543.00			106.403		829,155.68			779,262.41			794,100.96			35,054.72			(179.00	)		—		—			6.5		5.531	MON		4,221.00		50,652.00		10312007		7012037
3128MTEE4	FHLMC GOLD POOL # H01033					2		??		16,250,539.00			106.403		16,958,455.72			15,938,004.58			16,241,616.55			716,839.17			(3,548.00	)		—		—			6.5		5.552	MON		86,330.86		1,035,970.00		10312007		7012037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128MTF29	FHLMC GOLD POOL # H01085				2		??		16,935,414.00		106.403		17,673,166.28		16,609,708.44		16,926,171.63		746,994.65			(3,641.00	)		—		—		6.5		5.561	MON		89,969.25		1,079,631.00		10312007		7012037
3128NCB37	FHLMC POOL # 1G0058				2		??		454,424.00		102.92		468,791.87		455,491.52		454,396.16		14,395.71			(7.00	)		—		—		4.4		4.375	MON		1,670.14		20,905.00		9172008		1012035
3128NCBF0	FHLMC POOL # 1G0038				2		??		295,191.00		102.197		304,202.10		297,661.19		295,213.94		8,988.16			13.00			—		—		4.283		4.391	MON		1,062.40		12,941.00		4022007		1012035
3128NCBW3	FHLMC POOL # 1G0053				2		??		330,064.00		102.665		342,387.03		333,499.16		330,105.71		12,281.32			22.00			—		—		4.488		4.638	MON		1,247.29		14,997.00		4022007		2012035
3128NCD68	FHLMC POOL # 1G0125				2		??		3,931,042.00		103.375		4,150,618.75		4,015,108.83		3,933,703.01		216,915.74			349.00			—		—		4.036		4.392	MON		13,504.15		187,174.00		12132005		3012035
3128NCDH4	FHLMC POOL # 1G0104				2		??		148,803.00		102.189		153,333.52		150,048.44		148,816.94		4,516.58			9.00			—		—		3.952		4.061	MON		494.16		6,669.00		4032007		2012035
3128NCMS0	FHLMC POOL # 1G0369				2		1		654,945.00		104.157		678,778.65		651,686.20		654,806.89		23,971.76			(80.00	)		—		—		4.762		4.63	MON		2,586.11		32,336.00		8272008		10012035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		4,539,015.00		104.75		4,826,066.96		4,607,223.83		4,539,643.36		286,423.60			213.00			—		—		5.275		5.562	MON		20,252.59		263,092.00		8102007		4012037
3128QJLG9	FHLMC POOL # 1G1227				2		??		1,159,961.00		105.487		1,199,615.67		1,137,216.60		1,159,422.75		40,192.92			(254.00	)		—		—		5.989		5.443	MON		5,675.66		68,141.00		1042008		10012036
3128QJRN8	FHLMC POOL # 1G1393				2		??		3,421,315.00		106.16		3,602,237.51		3,393,215.44		3,419,657.50		182,580.01			(145.00	)		—		—		5.931		5.624	MON		16,770.97		217,949.00		3302007		12012036
3128QPU59	FHLMC POOL # 1B7453				2		1		311,484.00		106.25		325,460.13		306,315.42		311,352.95		14,107.18			(31.00	)		—		—		6.053		5.359	MON		1,545.11		18,460.00		12132007		8012037
3128S4E86	FHLMC POOL # 1Q0159				2		1		302,175.00		102.97		314,978.45		305,894.56		302,254.11		12,724.34			57.00			—		—		4.521		4.682	MON		1,152.46		14,726.00		11132006		3012035
312929CM2	FHLMC GOLD POOL # A82776				2		??		21,694.00		107.314		22,405.65		20,878.66		21,680.03		725.62			(14.00	)		—		—		6		4.835	MON		104.39		1,044.00		2042009		1012039
31292KJH1	FHLMC GOLD POOL # C02964				2		??		4,614.00		107.314		4,764.84		4,440.11		4,610.55		154.29			(3.00	)		—		—		6		4.921	MON		22.20		222.00		2042009		7012037
312930LH1	FHLMC GOLD POOL # A83928				2		??		81,640.00		107.314		84,317.24		78,570.86		81,584.53		2,732.71			(56.00	)		—		—		6		4.76	MON		392.85		3,929.00		2042009		1012039
312930LQ1	FHLMC GOLD POOL # A83935				2		??		82,607.00		107.314		85,315.51		79,501.10		82,552.31		2,763.20			(54.00	)		—		—		6		4.816	MON		397.51		3,975.00		2042009		1012039
312930RC6	FHLMC GOLD POOL # A84083				2		??		54,005.00		106.12		55,155.66		51,974.80		53,972.57		1,183.09			(33.00	)		—		—		6		4.994	MON		259.87		2,599.00		2042009		1012039
312930RV4	FHLMC GOLD POOL # A84100				2		??		30,651.00		107.314		31,656.44		29,498.99		30,632.42		1,024.02			(19.00	)		—		—		6		4.95	MON		147.49		1,475.00		2042009		1012039
312930TB6	FHLMC GOLD POOL # A84146				2		??		23,871.00		106.12		24,380.01		22,974.00		23,855.73		524.28			(16.00	)		—		—		6		4.823	MON		114.87		1,149.00		2042009		1012039
312931T40	FHLMC GOLD POOL # A85071				2		??		487,812.00		102.823		490,098.31		476,640.48		487,677.36		2,420.95			(134.00	)		—		—		5		4.529	MON		1,986.00		9,930.00		7062009		3012039
312931WX2	FHLMC GOLD POOL # A85162				2		??		946,818.00		102.823		946,128.19		920,148.03		946,486.88		(358.69	)		(331.00	)		—		—		5		4.364	MON		3,833.95		19,170.00		7082009		3012039
3129325E2	FHLMC GOLD POOL # A86245				2		??		295,410.00		102.948		297,610.26		289,086.61		295,336.88		2,273.38			(73.00	)		—		—		5		4.596	MON		1,204.53		6,023.00		7012009		5012039
312932K96	FHLMC GOLD POOL # A85720				2		??		1,339,391.00		102.823		1,345,668.94		1,308,717.61		1,339,007.41		6,661.53			(383.00	)		—		—		5		4.49	MON		5,452.99		27,265.00		7062009		4012039
312933TT1	FHLMC GOLD POOL # A86862				2		??		393,294.00		102.948		396,207.22		384,859.72		393,195.84		3,011.38			(98.00	)		—		—		5		4.596	MON		1,603.58		8,018.00		7012009		6012039
312933Z31	FHLMC GOLD POOL # A87062				2		??		592,529.00		102.823		597,221.15		580,821.79		592,385.08		4,836.07			(144.00	)		—		—		5		4.582	MON		2,420.09		12,100.00		7012009		6012039
312933ZY3	FHLMC GOLD POOL # A87059				2		??		296,236.00		102.948		298,442.14		289,894.67		296,161.76		2,280.38			(74.00	)		—		—		5		4.584	MON		1,207.89		6,039.00		7012009		6012039
312934HP0	FHLMC GOLD POOL # A87438				2		??		100,045.00		102.948		100,617.16		97,735.45		100,019.23		597.93			(26.00	)		—		—		5		4.592	MON		407.23		2,036.00		7012009		7012039
312934HU9	FHLMC GOLD POOL # A87443				2		??		100,732.00		102.64		101,201.07		98,598.08		100,706.72		494.35			(25.00	)		—		—		5		4.585	MON		410.83		2,054.00		7012009		7012039
31295NXK9	FHLMC POOL # 789682				2		??		51,444.00		101.764		52,653.76		51,741.06		51,449.12		1,204.64			6.00			—		—		2.779		2.848	MON		119.82		2,248.00		8102006		9012032
31342A6F1	FHLMC POOL # 780870				2		??		579,094.00		102.816		604,650.14		588,091.30		579,305.95		25,344.19			135.00			—		—		2.744		3.032	MON		1,344.77		24,318.00		4022007		9012033
31342AZE2	FHLMC POOL # 780741				2		??		851,160.00		103.188		851,289.27		824,992.63		850,994.66		294.61			(166.00	)		—		—		2.854		2.039	MON		1,962.11		1,962.00		11162009		7012033
31349SJK0	FHLMC POOL # 781166				2		??		1,327,504.00		102.637		1,385,071.82		1,349,485.67		1,328,140.72		56,931.10			(110.00	)		—		—		3.399		3.697	MON		3,822.42		52,124.00		1092006		1012034
31349UCW6	FHLMC POOL # 782785				2		??		294,769.00		102.643		304,938.53		297,086.78		294,808.52		10,130.01			31.00			—		—		2.609		2.725	MON		645.92		12,488.00		4022007		10012034
31349UEJ3	FHLMC POOL # 782837				2		??		502,758.00		102.773		520,760.67		506,710.78		502,826.53		17,934.14			53.00			—		—		2.662		2.773	MON		1,124.05		21,962.00		4022007		11012034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		169,447.00		102.026		175,483.89		171,999.83		169,483.60		6,000.29			3.00			—		—		4.366		4.621	MON		625.79		7,557.00		9302008		1012035
31349ULB2	FHLMC POOL # 783022				2		??		532,484.00		101.983		547,893.06		537,238.99		532,530.58		15,362.48			23.00			—		—		4.393		4.514	MON		1,966.74		23,760.00		4022007		2012035
31349ULF3	FHLMC POOL # 783026				2		??		333,608.00		102.243		344,639.14		337,080.10		333,646.26		10,992.88			17.00			—		—		4.359		4.525	MON		1,224.44		14,903.00		4022007		2012035
31371NAC9	FNMA POOL # 256603				2		1		1,882,320.00		105.828		1,990,151.50		1,880,557.16		1,881,950.32		108,201.18			(187.00	)		—		—		5.5		5.375	MON		8,619.22		103,431.00		7172008		2012022
31371NE35	FNMA POOL # 256754				2		??		740,776.00		105.828		739,572.20		698,845.19		740,085.57		(513.37	)		(690.00	)		—		—		5.5		3.248	MON		3,203.04		6,406.00		9292009		6012022
31371NN68	FNMA POOL # 257013				2		??		29,392.00		104.772		31,233.64		29,811.10		29,404.64		1,829.00			7.00			—		—		5		5.455	MON		124.21		1,490.00		8222008		11012022
31371NZX6	FNMA POOL # 257358				2		??		35,655.00		104.713		37,868.00		36,163.64		35,669.07		2,198.93			8.00			—		—		5		5.46	MON		150.68		1,808.00		8222008		9012023
31379T6G4	FNMA POOL # 429371				2		??		40,435.00		103.688		42,269.11		40,765.87		40,484.94		1,784.17			24.00			—		—		5		5.266	MON		169.86		2,038.00		12142007		2012014
31385W6Z7	FNMA POOL # 555388				2		??		154,255.00		106.974		167,965.84		157,015.34		154,631.91		13,333.93			69.00			—		—		5.5		6.022	MON		719.65		8,636.00		6282006		3012018
31385XEW3	FNMA POOL # 555549				2		??		513,892.00		105.528		546,742.19		518,101.88		514,178.39		32,563.80			119.00			—		—		5		5.214	MON		2,158.76		25,905.00		12142007		6012018
31385XK48	FNMA POOL # 555715				2		??		159,136.00		102.521		164,604.78		160,557.06		159,157.87		5,446.91			8.00			—		—		4.087		4.317	MON		546.83		7,157.00		4022007		7012033
31388UJF8	FNMA POOL # 615062				2		??		201,407.00		106.974		219,308.75		205,010.96		201,999.42		17,309.33			140.00			—		—		5.5		6.041	MON		939.63		11,276.00		6282006		1012017
31389FPM8	FNMA POOL # 624228				2		??		137,794.00		106.974		150,041.88		140,259.93		138,197.40		11,844.48			91.00			—		—		5.5		6.043	MON		642.86		7,714.00		6282006		1012017
31389FQ62	FNMA POOL # 624277				2		??		93,674.00		106.974		101,999.49		95,349.65		93,948.82		8,050.67			58.00			—		—		5.5		6.041	MON		437.02		5,244.00		6282006		1012017
31391PUF1	FNMA POOL # 672982				2		??		525,159.00		105.38		557,946.22		529,461.21		525,468.02		32,478.20			131.00			—		—		5		5.222	MON		2,206.09		26,473.00		12142007		12012017
31400EGH7	FNMA POOL # 685200				2		??		457,800.00		105.528		487,064.02		461,549.86		458,065.53		28,998.49			112.00			—		—		5		5.215	MON		1,923.12		23,077.00		12142007		3012018
31400GJN6	FNMA POOL # 687069				2		??		1,179,692.00		101.59		1,200,888.18		1,182,092.90		1,178,759.76		22,128.42			(264.00	)		—		—		5.5		5.502	MON		5,417.93		65,015.00		4212006		1012013
31400PG58	FNMA POOL # 693320				2		??		100,886.00		101.912		103,717.91		101,772.36		100,910.94		2,806.97			14.00			—		—		3.779		3.958	MON		320.50		4,145.00		8102006		1012033
31400QJ87	FNMA POOL # 694287				2		??		20,864.00		102.499		21,576.43		21,050.42		20,866.73		709.70			1.00			—		—		4.606		4.844	MON		80.80		970.00		4022007		3012033
31400SA33	FNMA POOL # 695826				2		??		395,268.00		105.528		420,534.85		398,505.73		395,488.41		25,046.44			97.00			—		—		5		5.219	MON		1,660.44		19,925.00		12142007		4012018
31401A3C9	FNMA POOL # 702895				2		??		526,833.00		105.528		560,509.72		531,148.21		527,134.08		33,375.64			130.00			—		—		5		5.214	MON		2,213.12		26,557.00		12142007		4012018
31401DVW8	FNMA POOL # 705429				2		??		275,298.00		103.324		287,765.44		278,507.48		275,406.74		12,358.70			53.00			—		—		3.059		3.3	MON		710.19		9,984.00		8102006		4012033
31402DGQ7	FNMA POOL # 725707				2		??		1,556,170.00		105.471		1,654,758.67		1,568,917.32		1,556,884.20		97,874.47			276.00			—		—		5		5.209	MON		6,537.15		78,446.00		12142007		8012019
31402DQB9	FNMA POOL # 725950				2		??		759,438.00		105.471		808,315.07		766,383.36		759,740.65		48,574.42			189.00			—		—		5		5.245	MON		3,193.26		38,319.00		7172008		11012019
31402HD32	FNMA POOL # 729222				2		??		3,261,572.00		102.727		3,387,564.45		3,297,626.60		3,262,383.77		125,180.68			329.00			—		—		4.566		4.803	MON		12,544.72		150,361.00		9172008		7012035
31402RB81	FNMA POOL # 735463				2		??		174,087.00		103.203		181,149.05		175,526.71		174,135.17		7,013.88			25.00			—		—		3.628		3.758	MON		530.68		7,192.00		9282006		3012035
31402YSV7	FNMA POOL # 742232				2		??		16,616.00		103.033		17,386.50		16,874.63		16,622.77		763.73			4.00			—		—		3.375		3.715	MON		47.46		731.00		4022007		9012033
31403C2L4	FNMA POOL # 745179				2		??		1,833,807.00		105.528		1,951,030.78		1,848,828.81		1,834,699.39		116,331.39			360.00			—		—		5		5.21	MON		7,703.45		92,442.00		12142007		4012019
31403C3B5	FNMA POOL # 745194				2		??		849,606.00		106.974		925,121.20		864,808.11		851,380.01		73,741.19			270.00			—		—		5.5		5.999	MON		3,963.70		47,565.00		6282006		5012019
31403C3T6	FNMA POOL # 745210				2		??		1,660,528.00		106.974		1,808,118.72		1,690,238.78		1,664,139.57		143,979.15			612.00			—		—		5.5		6.006	MON		7,746.93		92,963.00		6282006		1012019
31403DCC1	FNMA POOL # 745367				2		??		797,523.00		106.974		868,409.02		811,793.27		799,261.77		69,147.25			273.00			—		—		5.5		6.011	MON		3,720.72		44,649.00		6282006		12012018
31403DCE7	FNMA POOL # 745369				2		??		1,088,000.00		105.471		1,156,928.76		1,096,912.56		1,088,490.45		68,438.31			198.00			—		—		5		5.203	MON		4,570.46		54,846.00		12142007		12012019
31403DCZ0	FNMA POOL # 745388				2		??		3,131,085.00		105.528		3,331,235.50		3,156,733.45		3,132,708.77		198,526.73			655.00			—		—		5		5.212	MON		13,153.05		157,837.00		12142007		11012018
31403DWH8	FNMA POOL # 745948				2		??		—		107.171		—		0.01		—		—			—			—		—		6.5		6.404	MON		—		—		2042009		10012036
31403H3P3	FNMA POOL # 749706				2		??		1,426,652.00		104.054		1,503,157.56		1,444,596.30		1,427,190.58		75,966.98			305.00			—		—		3.234		3.501	MON		3,893.19		67,543.00		5152006		11012033
31403KDB6	FNMA POOL # 750798				2		??		17,826.00		103.787		18,788.31		18,102.78		17,832.52		955.79			4.00			—		—		3.37		3.707	MON		50.84		835.00		4022007		12012033
31403VBR9	FNMA POOL # 758848				2		??		537,237.00		105.528		571,579.15		541,637.79		537,496.68		34,082.47			97.00			—		—		5		5.219	MON		2,256.82		27,082.00		12142007		1012019
31404CLB4	FNMA POOL # 764522				2		1		58,579.00		102.25		61,109.94		59,765.22		58,607.43		2,502.51			—			—		—		2.959		3.38	MON		147.37		2,021.00		9302008		6012034
31404LRF9	FNMA POOL # 771886				2		??		118,781.00		102.151		123,364.49		120,767.20		118,838.43		4,526.06			13.00			—		—		3.86		4.261	MON		388.47		5,753.00		8102006		2012034
31404NBP0	FNMA POOL # 773246				2		??		208,533.00		101.734		213,925.55		210,278.54		208,565.17		5,360.38			17.00			—		—		3.967		4.129	MON		695.50		9,037.00		4022007		2012035
31404VGA0	FNMA POOL # 779693				2		??		1,266,608.00		101.23		1,294,321.09		1,278,594.38		1,266,950.80		27,370.29			197.00			—		—		3.485		3.669	MON		3,713.25		52,927.00		2242006		7012034
31405AQ71	FNMA POOL # 783578				2		??		1,258,600.00		103.105		1,328,772.33		1,288,754.34		1,259,921.84		68,850.49			771.00			—		—		2.651		3.06	MON		2,847.07		52,739.00		2282006		12012034
31405GWJ5	FNMA POOL # 789149				2		??		6,402.00		105.471		6,848.76		6,493.48		6,406.92		441.84			3.00			—		—		5		5.422	MON		27.06		325.00		8222008		9012019
31405PAG5	FNMA POOL # 794807				2		??		335,029.00		101.936		340,585.78		334,116.45		334,973.65		5,612.13			(37.00	)		—		—		2.983		2.92	MON		830.55		14,453.00		6302007		10012034
31405UMM8	FNMA POOL # 799664				2		??		94,045.00		102.698		97,341.23		94,783.96		94,061.41		3,279.82			11.00			—		—		3.02		3.162	MON		238.54		4,153.00		4022007		10012034
31405UR84	FNMA POOL # 799811				2		??		322,424.00		102.378		329,229.20		321,581.45		322,372.86		6,856.34			(35.00	)		—		—		2.64		2.582	MON		705.07		13,632.00		6302007		11012034
31405UTZ2	FNMA POOL # 799868				2		??		30,909.00		102.078		31,798.92		31,151.64		30,913.65		885.27			3.00			—		—		2.942		3.095	MON		76.37		1,343.00		4022007		11012034
31406BB90	FNMA POOL # 804764				2		??		344,684.00		101.533		352,718.41		347,394.05		344,740.59		7,977.82			34.00			—		—		2.841		2.994	MON		822.46		15,555.00		4022007		1012035
31406BEZ9	FNMA POOL # 804852				2		??		315,251.00		102.375		325,274.52		317,728.82		315,303.39		9,971.13			33.00			—		—		2.858		3.008	MON		756.72		14,182.00		4022007		12012034
31406BJF8	FNMA POOL # 804962				2		??		405,765.00		102.542		419,352.53		408,955.17		405,826.32		13,526.21			35.00			—		—		3.445		3.596	MON		1,179.49		18,224.00		4022007		1012035
31406BQQ6	FNMA POOL # 805163				2		??		439,711.00		102.052		452,490.94		443,390.73		439,772.90		12,718.04			32.00			—		—		4.147		4.315	MON		1,553.72		20,093.00		4022007		1012035
31406DG67	FNMA POOL # 806721				2		??		752,674.00		103.069		781,871.20		758,591.34		752,802.41		29,068.79			81.00			—		—		3.172		3.315	MON		2,005.21		32,797.00		4022007		11012034
31406GLK3	FNMA POOL # 809530				2		??		111,210.00		103.353		115,752.82		111,997.45		111,231.11		4,521.71			13.00			—		—		4.29		4.404	MON		400.39		5,323.00		9282006		2012035
31406MYP5	FNMA POOL # 814418				2		??		457,842.00		102.519		473,568.62		461,930.37		457,921.96		15,646.66			43.00			—		—		4.323		4.487	MON		1,664.10		20,373.00		4022007		3012035
31406PKU2	FNMA POOL # 815807				2		??		451,703.00		102.511		467,466.04		456,013.30		451,852.05		15,613.99			80.00			—		—		4.213		4.361	MON		1,600.99		20,314.00		9282006		2012035
31406TLC3	FNMA POOL # 819423				2		??		634,931.00		103.593		663,614.77		640,600.46		635,024.09		28,590.68			45.00			—		—		4.684		4.863	MON		2,500.48		30,017.00		4022007		4012035
31406TTE1	FNMA POOL # 819649				2		??		4,135,756.00		102.925		4,115,282.31		3,998,314.42		4,135,544.46		(20,262.15	)		(212.00	)		—		—		3.968		3.654	MON		13,221.09		—		12042009		3012035
31406VHE9	FNMA POOL # 821129				2		??		388,703.00		101.965		399,877.96		392,173.34		388,760.82		11,117.14			28.00			—		—		4.432		4.611	MON		1,448.43		17,192.00		4022007		5012035
31407D5R2	FNMA POOL # 828056				2		??		1,802,930.00		104.12		1,845,759.59		1,772,723.38		1,802,317.50		43,442.09			(293.00	)		—		—		4.865		4.424	MON		7,186.91		77,965.00		2202009		6012035

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20			21		22
										RATE USED
			FOREIGN	BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
31407E6W8	FNMA POOL # 828985				2		??		926,613.00		102.689		984,285.24		958,513.01		927,503.67		56,781.57			311.00			—		—		4.058		4.87	MON		3,241.37		38,858.00			3162006		8012035
31407GC22	FNMA POOL # 829989				2		??		2,289,171.00		103.251		2,386,059.33		2,310,926.17		2,289,606.58		96,452.75			193.00			—		—		4.322		4.537	MON		8,344.37		105,265.00			1202006		4012035
31408C6D3	FNMA POOL # 847868				2		??		1,871,310.00		103.001		1,948,174.33		1,891,406.65		1,872,130.40		76,043.93			584.00			—		—		2.94		3.095	MON		4,633.95		81,143.00			5122006		11012035
31409UBQ7	FNMA POOL # 878547				2		??		1,640,699.00		104.045		1,720,849.90		1,653,943.57		1,641,113.89		79,736.01			295.00			—		—		3.594		3.715	MON		4,953.56		65,067.00			5042006		3012036
31410FU60	FNMA POOL # 888105				2		1		1,480,076.00		105.528		1,574,687.72		1,492,199.93		1,480,676.65		94,011.07			110.00			—		—		5		5.202	MON		6,217.50		74,610.00			12142007		8012020
31410GC35	FNMA POOL # 888490				2		??		536,043.00		102.29		549,559.10		537,257.66		536,040.99		13,518.11			7.00			—		—		3.506		3.531	MON		1,568.79		21,270.00			6182007		5012035
31410GC50	FNMA POOL # 888492				2		??		213,508.00		103.376		220,297.08		213,101.84		213,481.09		6,815.99			(9.00	)		—		—		3.191		3.119	MON		566.67		7,868.00			6182007		5012033
31410GD83	FNMA POOL # 888527				2		??		64,360.00		103.741		68,025.99		65,572.75		64,381.98		3,644.01			6.00			—		—		4.217		4.763	MON		230.43		2,856.00			6182007		4012034
31410GDC4	FNMA POOL # 888499				2		??		1,702,102.00		102.905		1,761,386.75		1,711,665.37		1,702,287.78		59,098.97			117.00			—		—		2.877		2.98	MON		4,103.72		59,881.00			6182007		8012033
31410GDF7	FNMA POOL # 888502				2		??		221,099.00		103.078		230,867.16		223,973.26		221,152.85		9,714.31			21.00			—		—		4.252		4.568	MON		845.69		10,408.00			6182007		6012033
31410GDL4	FNMA POOL # 888507				2		??		1,034,195.00		102.685		1,080,553.27		1,052,299.04		1,034,644.22		45,909.05			237.00			—		—		3.655		3.992	MON		3,205.13		46,046.00			6182007		2012035
31410GDM2	FNMA POOL # 888508				2		??		1,019,927.00		103.321		1,068,532.58		1,034,186.85		1,020,242.21		48,290.37			148.00			—		—		3.742		4.043	MON		3,224.94		40,405.00			6182007		3012034
31410GDQ3	FNMA POOL # 888511				2		??		135,245.00		102.151		139,408.88		136,472.99		135,269.32		4,139.56			14.00			—		—		3.384		3.575	MON		384.85		7,086.00			6182007		12012033
31410GDS9	FNMA POOL # 888513				2		??		236,542.00		103.214		245,422.87		237,780.29		236,562.75		8,860.12			13.00			—		—		3.091		3.185	MON		612.48		8,142.00			6182007		2012034
31410GDY6	FNMA POOL # 888519				2		??		109,731.00		102.611		114,529.40		111,615.13		109,779.33		4,750.07			27.00			—		—		2.907		3.242	MON		270.57		4,780.00			6182007		1012035
31410GDZ3	FNMA POOL # 888520				2		??		1,303,547.00		103.722		1,360,678.56		1,311,854.98		1,303,696.22		56,982.34			85.00			—		—		3.487		3.609	MON		3,813.13		52,800.00			6182007		7012033
31410GFD0	FNMA POOL # 888564				2		??		24,257,817.00		105.374		24,801,926.50		23,536,996.08		24,229,755.50		572,171.00			(28,061.00	)		—		—		5		3.851	MON		98,070.82		882,637.00			2262009		10012021
31410GJ46	FNMA POOL # 888683				2		??		4,478,873.00		105.35		4,757,143.99		4,515,561.46		4,480,857.84		276,286.15			773.00			—		—		5		5.206	MON		18,814.84		225,778.00			12142007		12012019
31410GPR8	FNMA POOL # 888832				2		??		11,816,078.00		107.52		12,217,868.82		11,363,320.64		11,803,797.32		414,071.50			(2,253.00	)		—		—		6.5		4.681	MON		61,551.32		738,616.00			1252008		11012037
31411DA33	FNMA POOL # 904626				2		1		3,985,263.00		105.58		4,187,683.32		3,966,360.41		3,984,379.32		203,304.00			(327.00	)		—		—		5.495		5.369	MON		18,162.63		218,130.00			12132006		12012036
31411GUY6	FNMA POOL # 907899				2		1		4,224,554.00		105.031		4,400,653.59		4,189,856.54		4,223,307.19		177,346.40			(455.00	)		—		—		5.769		5.551	MON		20,142.74		242,079.00			12142006		1012037
31411KCZ4	FNMA POOL # 910088				2		??		9,093,919.00		106.429		9,588,629.35		9,009,455.17		9,092,879.97		495,749.38			3,667.00			—		—		6		5.511	MON		45,047.28		540,567.00			3292007		3012037
31411LEA5	FNMA POOL # 911029				2		??		792,939.00		105.828		791,650.08		748,055.22		792,185.15		(535.07	)		(753.00	)		—		—		5.5		3.115	MON		3,428.59		6,857.00			9292009		7012022
31412APH1	FNMA POOL # 919424				2		??		48,440.00		104.79		49,043.97		46,802.15		48,414.65		629.32			(26.00	)		—		—		5.5		4.778	MON		214.51		1,931.00			3052009		5012038
31412LMG2	FNMA POOL # 928359				2		??		1,061,534.00		105.828		1,059,808.72		1,001,446.81		1,060,519.40		(710.68	)		(1,014.00	)		—		—		5.5		3.132	MON		4,589.96		9,180.00			9292009		5012022
31412LQN3	FNMA POOL # 928461				2		??		1,206,960.00		105.828		1,204,999.27		1,138,641.96		1,205,816.80		(817.53	)		(1,144.00	)		—		—		5.5		3.154	MON		5,218.78		10,438.00			9292009		6012022
31412LVF4	FNMA POOL # 928614				2		??		8,062,131.00		105.828		8,028,911.53		7,586,772.70		8,057,558.60		(28,647.07	)		(4,573.00	)		—		—		5.5		2.736	MON		34,772.71		69,545.00			10212009		8012022
31412SRH0	FNMA POOL # 933488				2		??		3,046,709.00		104.713		3,039,282.61		2,902,491.16		3,044,475.15		(5,192.54	)		(2,234.00	)		—		—		5		3.268	MON		12,093.71		24,187.00			9292009		3012023
31412TRS4	FNMA POOL # 934397				2		??		69,778.00		104.79		70,647.36		67,418.04		69,740.34		907.02			(37.00	)		—		—		5.5		4.687	MON		309.00		2,781.00			3052009		9012038
31412UXW5	FNMA POOL # 935493				2		??		198,276.00		102.72		198,928.64		193,661.06		198,218.33		710.31			(57.00	)		—		—		5		4.512	MON		806.92		4,035.00			7062009		7012039
31412WNS1	FNMA POOL # 937001				2		??		2,072.00		104.773		2,097.33		2,001.78		2,070.66		26.67			(1.00	)		—		—		5.5		4.617	MON		9.17		83.00			3052009		6012037
31412XGW8	FNMA POOL # 937713				2		??		1,932.00		104.773		1,955.47		1,866.38		1,930.60		24.87			(1.00	)		—		—		5.5		4.613	MON		8.55		77.00			3052009		6012037
31413HV62	FNMA POOL # 946237				2		??		12,788.00		104.772		13,589.42		12,970.49		12,793.61		795.81			3.00			—		—		5		5.474	MON		54.04		648.00			8222008		9012022
31414ARA2	FNMA POOL # 960481				2		??		3,714,984.00		104.772		3,708,015.77		3,539,133.35		3,712,095.00		(4,079.23	)		(2,889.00	)		—		—		5		3.055	MON		14,746.39		29,493.00			9292009		12012022
31414CRJ9	FNMA POOL # 962289				2		??		4,918,471.00		104.713		4,906,482.86		4,685,652.82		4,914,735.91		(8,253.05	)		(3,735.00	)		—		—		5		3.105	MON		19,523.55		39,047.00			9292009		3012023
31414EFY5	FNMA POOL # 963783				2		??		34,643.00		104.713		36,793.14		35,137.16		34,657.08		2,136.06			8.00			—		—		5		5.456	MON		146.40		1,757.00			8222008		6012023
31414GD22	FNMA POOL # 965521				2		??		1,078,756.00		105.828		1,077,003.19		1,017,694.41		1,077,730.20		(727.01	)		(1,026.00	)		—		—		5.5		3.011	MON		4,664.43		9,329.00			9292009		12012022
31414GKC2	FNMA POOL # 965691				2		??		—				—		—		—		—			—			—		—		6.5		0	MON		—		(328.00	)		0		2012038
31414HE60	FNMA POOL # 966457				2		??		47,553.00		104.773		48,137.47		45,944.43		47,524.68		612.79			(28.00	)		—		—		5.5		4.525	MON		210.58		1,895.00			3052009		1012038
31414HNC7	FNMA POOL # 966687				2		??		43,399.00		104.713		46,092.01		44,017.51		43,416.04		2,675.97			10.00			—		—		5		5.476	MON		183.41		2,201.00			8222008		4012023
31414KAN0	FNMA POOL # 968113				2		??		7,288,645.00		105.96		7,446,119.25		7,027,316.95		7,283,697.47		162,421.78			(4,948.00	)		—		—		6		4.769	MON		35,136.58		316,229.00			2262009		2012038
31414KJM3	FNMA POOL # 968368				2		??		41,281.00		104.79		41,795.33		39,884.85		41,258.54		536.79			(22.00	)		—		—		5.5		4.661	MON		182.81		1,645.00			3052009		9012038
31414MDQ6	FNMA POOL # 970011				2		??		32,307.00		104.713		34,312.54		32,768.21		32,321.03		1,991.51			8.00			—		—		5		5.43	MON		136.53		1,638.00			8222008		6012023
31414NB45	FNMA POOL # 970859				2		??		5,472,298.00		104.713		5,450,846.15		5,205,515.51		5,469,978.99		(19,132.84	)		(2,319.00	)		—		—		5		3.135	MON		21,689.65		43,379.00			10212009		12012023
31414NU69	FNMA POOL # 971405				2		??		68,129.00		104.79		68,978.11		65,825.09		68,092.96		885.15			(36.00	)		—		—		5.5		4.767	MON		301.70		2,715.00			3052009		5012038
31414RB79	FNMA POOL # 973562				2		??		6,754,912.00		105.819		6,743,378.65		6,372,558.94		6,748,913.98		(5,535.33	)		(5,999.00	)		—		—		5.5		3.289	MON		29,207.56		58,415.00			9292009		3012023
31414SYR8	FNMA POOL # 975120				2		??		153,895.00		104.79		155,813.44		148,691.13		153,814.02		1,999.42			(81.00	)		—		—		5.5		4.78	MON		681.50		6,134.00			3052009		5012038
31414TBQ3	FNMA POOL # 975347				2		??		97,554.00		104.79		98,770.35		94,255.51		97,501.72		1,268.63			(53.00	)		—		—		5.5		4.688	MON		432.00		3,888.00			3052009		5012038
31414TLV1	FNMA POOL # 975640				2		??		36,712.00		104.79		37,169.62		35,470.58		36,692.62		477.00			(19.00	)		—		—		5.5		4.734	MON		162.57		1,463.00			3052009		7012038
31414TUV1	FNMA POOL # 975896				2		??		421,926.00		104.713		448,111.99		427,943.45		422,097.83		26,014.16			99.00			—		—		5		5.444	MON		1,783.10		21,397.00			8222008		7012023
31414YE97	FNMA POOL # 979960				2		??		68,560.00		104.79		69,414.36		66,241.40		68,522.63		891.73			(37.00	)		—		—		5.5		4.675	MON		303.61		2,732.00			3052009		5012038
31415MDG7	FNMA POOL # 984003				2		??		8,680,869.00		105.115		9,399,496.83		8,942,146.97		8,685,075.91		714,420.92			2,200.00			—		—		5.5		6.487	MON		40,984.84		491,818.00			7252008		6012038
31415MFS9	FNMA POOL # 984077				2		??		4,859,031.00		104.713		4,847,187.32		4,629,026.04		4,855,569.99		(8,382.67	)		(3,461.00	)		—		—		5		3.343	MON		19,287.61		38,575.00			9292009		6012023
31415V6L4	FNMA POOL # 991075				2		??		78,452.00		104.79		79,430.23		75,799.44		78,411.24		1,018.99			(41.00	)		—		—		5.5		4.723	MON		347.41		3,127.00			3052009		11012038
31415VZE8	FNMA POOL # 990941				2		??		135,620.00		104.79		137,309.84		131,033.34		135,543.72		1,766.12			(76.00	)		—		—		5.5		4.58	MON		600.57		5,405.00			3052009		9012038
31416B4M7	FNMA POOL # 995528				2		??		8,560,338.00		105.041		8,655,092.43		8,239,759.45		8,551,263.74		103,828.69			(9,074.00	)		—		—		5		3.444	MON		34,332.33		308,991.00			3202009		12012021
31416B4N5	FNMA POOL # 995529				2		1		14,733,541.00		105.828		15,017,295.79		14,190,318.24		14,716,050.03		301,245.76			(17,491.00	)		—		—		5.5		3.843	MON		65,038.96		585,351.00			2272009		11012022
31416B4P0	FNMA POOL # 995530				2		??		6,945,537.00		105.913		7,054,188.58		6,660,388.64		6,937,700.83		116,487.75			(7,836.00	)		—		—		5.5		3.734	MON		30,526.78		274,741.00			3202009		12012021
31416B5Z7	FNMA POOL # 995564				2		??		12,261,560.00		105.35		12,091,903.19		11,477,838.81		12,251,678.40		(159,775.21	)		(9,882.00	)		—		—		5		2.618	MON		47,824.33		—			12012009		12012019
31416B7J1	FNMA POOL # 995597				2		??		858,710.00		105.828		857,314.34		810,103.46		857,932.71		(618.37	)		(777.00	)		—		—		5.5		3.018	MON		3,712.97		7,426.00			9292009		3012024
31416BLV8	FNMA POOL # 995040				2		??		4,668,149.00		104.713		4,649,849.67		4,440,570.13		4,666,074.87		(16,225.20	)		(2,074.00	)		—		—		5		3.214	MON		18,502.38		37,005.00			10212009		6012023
31416BSE9	FNMA POOL # 995217				2		??		6,789,167.00		105.828		6,772,320.62		6,399,380.17		6,783,863.64		(11,543.02	)		(5,304.00	)		—		—		5.5		2.937	MON		29,330.50		58,661.00			10212009		12012023
31416CME3	FNMA POOL # 995957				2		??		15,373,866.00		104.713		15,299,385.88		14,610,794.06		15,369,166.14		(69,780.26	)		(4,699.00	)		—		—		5		3.005	MON		60,878.31		182,635.00			9282009		6012024
31416KEN4	FNMA POOL # AA1940				2		??		112,568.00		104.79		113,971.39		108,761.70		112,505.15		1,466.24			(63.00	)		—		—		5.5		4.558	MON		498.49		4,486.00			3052009		1012039
31416PAQ0	FNMA POOL # AA5414				2		??		31,976.00		102.72		32,162.49		31,310.84		31,967.48		195.01			(9.00	)		—		—		5		4.529	MON		130.46		652.00			7012009		5012039
31416PWX1	FNMA POOL # AA6061				2		??		99,379.00		102.73		99,814.77		97,162.24		99,351.62		463.15			(27.00	)		—		—		5		4.557	MON		404.84		2,024.00			7012009		5012039
31416QTJ4	FNMA POOL # AA6852				2		??		38,977.00		102.72		39,203.95		38,165.84		38,966.66		237.29			(10.00	)		—		—		5		4.572	MON		159.02		795.00			7012009		5012039
31416RGW7	FNMA POOL # AA7412				2		??		55,788.00		102.72		56,113.39		54,627.52		55,773.55		339.84			(15.00	)		—		—		5		4.552	MON		227.61		1,138.00			7012009		6012039
31416S6R7	FNMA POOL # AA8979				2		??		27,597.00		102.72		27,757.53		27,022.52		27,589.56		167.97			(7.00	)		—		—		5		4.57	MON		112.59		563.00			7012009		7012039
31416T3C1	FNMA POOL # AA9794				2		??		42,727.00		102.72		42,975.82		41,837.83		42,715.27		260.55			(12.00	)		—		—		5		4.526	MON		174.32		872.00			7012009		7012039
31417KK22	FNMA POOL # AC1212				2		??		200,642.00		102.72		201,226.38		195,897.96		200,585.34		641.04			(57.00	)		—		—		5		4.545	MON		816.24		4,081.00			7062009		7012039
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		??		3,334,349.00		107.346		3,529,648.82		3,288,109.55		3,330,956.29		198,692.53			(839.00	)		—		—		6		5.642	MON		16,440.55		197,287.00			2062007		7012026
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		??		80,188.00		100.78		79,705.23		79,088.34		79,087.62		617.61			(743.00	)		—		—		6		4.264	MON		395.44		4,745.00			1142008		5012010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		??		132,551.00		105.625		135,394.99		128,184.61		132,140.35		3,254.64			58.00			—		—		6.5		2.527	MON		694.33		8,332.00			1142008		12012015
31394CVB5	FNMA 05-15 AGENCY CMO 05-15				2		??		3,193,675.00		103.625		3,338,400.52		3,221,616.91		3,202,183.30		136,217.22			3,113.00			—		—		5		5.313	MON		13,423.41		161,081.00			5242007		10252028
31394DA42	FNMA AGENCY CMO 05-48				2		??		339,075.00		105.998		356,847.15		336,655.53		338,702.49		18,144.66			(158.00	)		—		—		5.5		5.25	MON		1,543.00		18,516.00			12202007		11012019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		4,732,596.00		103.735		4,735,456.26		4,564,975.43		4,674,457.69		60,998.57			(58,138.00	)		—		—		5.5		-1.049	MON		20,922.80		125,537.00			6182009		11012010
31394HP88	FHR AGENCY CMO 2663				2		??		412,993.00		101.125		415,044.85		410,427.54		410,708.74		4,336.11			(1,473.00	)		—		—		4.5		3.912	MON		1,539.10		18,469.00			7162008		10012010
31394L4A7	FHLMC CMO 2684 PC				2		1		5,773,844.00		102.516		5,762,425.82		5,621,021.98		5,728,333.98		34,091.84			(45,510.00	)		—		—		5		1.664	MON		23,420.93		140,526.00			6182009		4012011
31395BH89	FNMA 06-10 AGENCY CMO 06-26				2		1		584,821.00		102.98		594,661.44		577,453.33		580,001.42		14,660.02			(2,496.00	)		—		—		5.5		4.211	MON		2,646.67		31,760.00			9302008		4012011
31395K5J8	FHR AGENCY CMO 2898 PH				2		??		18,197.00		99.875		18,021.80		18,044.36		18,018.89		2.91			(135.00	)		—		—		5		3.65	MON		75.18		902.00			7082008		1012010
31395L4F5	FHLMC CMO 2914 AJ				2		??		4,630,057.00		102.418		4,612,304.67		4,503,398.53		4,601,655.10		10,649.57			(28,402.00	)		—		—		5		2.156	MON		18,764.16		93,821.00			6302009		11012011
31395NKX4	FNR AGENCY CMO 06-53 WA				2		??		399,402.00		103.13		403,455.57		391,210.68		394,213.53		9,242.04			(3,735.00	)		—		—		6		3.319	MON		1,956.05		23,473.00			8112008		11012010
31395VGR4	FHR AGENCY CMO 2989 WD				2		??		502,969.00		106.781		533,906.25		500,000.00		501,357.11		32,549.14			(1,449.00	)		—		—		5.5		5.257	MON		2,291.67		27,500.00			10082008		11152011
31396CLF5	FHLMC AGENCY CMO 3054 DW				2		??		202,388.00		105.76		214,851.24		203,149.81		202,437.21		12,414.03			35.00			—		—		5.5		5.672	MON		931.10		11,173.00			6172008		5152034
31396GL41	FHLMC 3084 AGENCY CMO 3101-PA				2		1		1,926,216.00		102.34		1,962,091.69		1,917,228.54		1,917,362.08		44,729.61			(3,374.00	)		—		—		5.5		5.015	MON		8,787.30		105,448.00			3232007		11012010
31396GSK8	FHLMC AGENCY CMO 3098				2		1		1,215,133.00		102.25		1,245,782.95		1,218,369.63		1,215,776.07		30,006.88			197.00			—		—		5		5.089	MON		5,076.54		60,918.00			1302006		7152025
31396GU58	FHLMC AGENCY CMO 3099				2		??		1,224,635.00		102.172		1,254,567.15		1,227,896.50		1,225,282.66		29,284.49			198.00			—		—		5		5.089	MON		5,116.24		61,395.00			1302006		7152025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		1,710,326.00		102.125		1,748,771.55		1,712,383.40		1,710,484.01		38,287.54			(1,180.00	)		—		—		5		4.896	MON		7,134.94		85,619.00			8202008		2012011
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		3,022,309.00		102		3,053,571.12		2,993,697.17		2,996,069.11		57,502.01			(13,813.00	)		—		—		6		5.016	MON		14,968.49		179,622.00			10242007		8012010
31396XEN0	FNMA CMO 07-80 PA				2		??		6,153,586.00		104.829		6,187,753.64		5,902,720.14		6,099,652.73		88,100.91			(53,933.00	)		—		—		5.5		0.685	MON		27,054.13		162,325.00			6152009		10012011
31397B7F2	FHLMC 3221 AGENCY CMO 3211 qd				2		??		2,456,774.00		105.5		2,586,515.45		2,451,673.41		2,452,771.26		133,744.19			(1,663.00	)		—		—		5.5		5.331	MON		11,236.84		134,842.00			4192007		11012012
31397FYM8	FHLMC AGENCY CMO 3291 XC				2		1		344,283.00		97.8		352,574.82		360,505.95		355,622.39		(3,047.57	)		11,011.00			—		—		0		4.058	MON		—		—			4042007		3152037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		6,236,345.00		105.75		6,539,756.08		6,184,166.51		6,220,793.98		318,962.10			(13,858.00	)		—		—			5.5		4.761	MON		28,344.10		340,129.00		9042008		11012012
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		7,029,138.00		104.875		7,397,236.68		7,053,384.20		7,029,232.35		368,004.33			71.00			—		—			5		5.057	MON		29,389.10		352,669.00		7292008		10252022
31397Y5H0	FHLMC CMO 3484 DA					2		1		7,549,042.00		105.5		7,655,622.38		7,256,514.10		7,525,364.93		130,257.45			(23,677.00	)		—		—			5		3.073	MON		30,235.48		181,413.00		6012009		2012016
38373QX55	GNMA AGENCY CMO 03-51 LT					2		??		299,803.00		100.153		298,210.69		297,755.48		298,455.80		(245.11	)		(1,347.00	)		—		—			5		1.283	MON		1,240.65		3,722.00		9282009		3012010
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		??		2,922,836.00		102.938		2,929,459.15		2,845,861.95		2,898,145.40		31,313.75			(22,613.00	)		—		—			5.5		2.466	MON		13,043.53		107,136.00		6152009		7012011
38373YNS9	GNMA AGENCY CMO 02-88 GB					2		??		2,506,861.00		101.857		2,485,072.32		2,439,767.30		2,491,078.86		(6,006.54	)		(15,782.00	)		—		—			5		0.614	MON		10,165.70		20,331.00		9292009		2012011
38374EEE3	GNMA AGENCY CMO 03-106 B					2		??		1,942,880.00		102.445		1,959,768.38		1,912,989.29		1,926,794.57		32,973.81			(13,925.00	)		—		—			5.5		3.727	MON		8,767.87		105,214.00		8212008		3012011
38374FCH5	GNMA AGENCY CMO 04-2-BA					2		??		240,616.00		100.313		243,498.54		242,739.98		241,724.69		1,773.85			763.00			—		—			3.25		3.935	MON		657.42		7,889.00		4162008		1162034
38374FT87	GNMA AGENCY CMO 04-18 AB					2		??		2,585,717.00		101.285		2,564,440.27		2,531,913.78		2,573,005.43		(8,565.16	)		(12,712.00	)		—		—			4.25		0.961	MON		8,967.20		17,934.00		9292009		2012011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		??		948,327.00		100.701		937,113.34		930,587.50		934,471.62		2,641.72			(11,421.00	)		—		—			6		3.494	MON		4,652.94		55,835.00		8132008		7012010
38374GD41	GNMA AGENCY CMO 04-34 PV					2		??		666,985.00		100.478		662,718.70		659,565.38		663,203.78		(485.08	)		(3,782.00	)		—		—			4.25		0.602	MON		2,335.96		4,672.00		9292009		5012010
38373MV23	GNR CMBS 08-45 A					2		??		930,498.00		101.69		929,521.42		914,073.58		929,780.85		(259.43	)		(717.00	)		—		—			3.576		1.38	MON		2,723.94		—		12152009		11012011
001957BC2	AT&T CO CORP BND							1FE		3,693,194.00		110.286		3,722,138.43		3,375,000.00		3,561,043.15		161,095.28			(76,193.00	)		—		—			7.3		4.197	MN		31,481.25		231,775.00		10292009		11152011
00206RAC6	AT&T INC CORP BND							??		7,005,000.00		100.021		7,006,471.33		7,005,000.00		7,005,000.00		1,471.33			—			—		—			0.378		5.46	FMAN		4,193.93		106,285.00		2012007		2052010
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.707		1,440,538.13		1,350,000.00		1,428,621.06		11,917.07			(1,358.00	)		—		—			4.95		2.917	JJ		30,813.75		17,325.00		12092009		1152013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,716.00		106.357		1,595,351.60		1,500,000.00		1,610,030.73		(14,679.13	)		(1,685.00	)		—		—			4.85		2.945	FA		27,483.33		—		12162009		2152014
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		8,845,155.00		107.289		8,851,345.14		8,250,000.00		8,593,466.85		257,878.29			(236,786.00	)		—		—			7.875		4.167	MS		216,562.50		374,063.00		3052009		3012011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,028.00		113.183		12,421,810.65		10,975,000.00		12,470,713.59		(48,902.94	)		(26,314.00	)		—		—			8.125		2.101	MN		148,619.80		88,359.00		12222009		5012012
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		103.537		3,592,740.04		3,470,000.00		3,453,159.71		139,580.33			17,535.00			—		—			4.7		5.251	JD		13,590.83		163,090.00		2132007		12012010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		3,774,761.00		107.56		4,033,508.48		3,750,000.00		3,771,117.46		262,391.02			(4,642.00	)		—		—			4.85		4.641	JD		8,083.34		181,875.00		4022009		12152012
02635PSV6	AMERICAN GENERAL FINANCE CO CORP BND							??		3,431,190.00		98.616		3,451,559.90		3,500,000.00		3,492,558.63		(40,998.73	)		19,445.00			—		—			4.875		5.465	MN		21,802.08		170,625.00		8242006		5152010
026609AM9	WYETH CORP BND							1FE		12,080,939.00		106.492		12,076,159.59		11,340,000.00		11,684,092.74		392,066.85			(259,492.00	)		—		—			6.95		4.327	MS		230,485.51		803,640.00		2202009		3152011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							??		3,899,001.00		114.431		3,795,692.79		3,317,000.00		3,643,062.78		152,630.01			(136,344.00	)		—		—			8.5		3.887	AO		70,486.25		281,945.00		1302008		4012012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				??		2,977,800.00		100.308		2,878,338.06		2,000,000.00		2,977,800.00		8,838.06			—			—		(108,300.00	)		10.283		10.41	JAJO		18,851.74		—		12042009		4062013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							??		2,500,000.00		107.085		2,677,125.00		2,500,000.00		2,500,000.00		177,125.00			—			—		—			11.79		12.954	JAJO		75,323.02		193,880.00		2192009		2242012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							??		1,500,000.00		105.852		1,587,780.00		1,500,000.00		1,500,000.00		87,780.00			—			—		—			12.79		13.988	JAJO		49,027.15		125,661.00		2122009		2242012
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,405,300.00		104.71		14,659,384.46		14,000,000.00		14,359,874.66		299,509.80			(45,425.00	)		—		—			5.5		4.382	JD		36,361.11		385,000.00		8312009		6142012
05531FAD5	BB&T CORPORATION CORP BND							??		5,051,000.00		101.706		5,085,290.55		5,000,000.00		5,042,268.29		43,022.26			(8,732.00	)		—		—			3.1		2.548	JJ		65,875.00		—		8312009		7282011
060505BD5	BANK OF AMERICA CORP BND							??		7,064,750.00		103.213		7,224,906.64		7,000,000.00		7,059,802.54		165,104.10			(4,947.00	)		—		—			4.75		4.492	FA		125,611.11		—		8312009		8152013
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		102.1		1,735,699.90		1,700,000.00		1,706,765.37		28,934.53			(11,252.00	)		—		—			4.5		3.804	FA		31,875.00		76,500.00		5082008		8012010
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.637		18,654,660.18		18,000,000.00		18,081,188.85		573,471.33			(25,223.00	)		—		—			3.125		2.932	JD		25,000.00		579,688.00		3102009		6152012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		26,124,227.00		101.081		26,392,249.37		26,110,000.00		26,133,913.93		258,335.44			9,686.00			—		—			2.1		2.059	AO		92,908.09		361,358.00		8312009		4302012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP B							1FE		923,973.00		101.873		942,325.26		925,000.00		924,205.82		18,119.44			233.00			—		—			2.375		2.411	JD		549.22		17,087.00		3092009		6222012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		6,076,674.00		103.913		6,598,497.41		6,350,000.00		6,129,991.87		468,505.54			52,709.00			—		—			4.9		6.034	MN		51,858.33		262,150.00		12162009		5012013
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.072		2,601,868.88		2,600,000.00		2,600,000.00		1,868.88			—			—		—			0.284		1.361	MJSD		369.53		15,840.00		3092009		9132010
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,490,271.00		107.687		7,916,041.37		7,351,000.00		7,474,204.66		441,836.71			(18,889.00	)		—		—			4.95		4.308	MN		60,645.75		336,600.00		12282009		11012012
06406HBJ7	BANK OF NEW YORK CO CORP BND MTN							1FE		4,713,300.00		104.32		4,694,419.89		4,500,000.00		4,694,320.07		99.82			(18,980.00	)		—		—			4.5		3.092	AO		50,625.00		101,250.00		8312009		4012013
06406HBK4	BANK OF NEW YORK CO CORP BND							1FE		5,340,050.00		107.513		5,375,648.10		5,000,000.00		5,313,549.89		62,098.21			(26,500.00	)		—		—			5.125		3.289	FA		93,246.53		—		8312009		8272013
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		104.084		2,966,397.44		2,850,000.00		2,900,145.16		66,252.28			(82,800.00	)		—		—			7.875		4.781	FA		93,515.62		224,438.00		12202007		8012010
06423AAS2	BANK ONE CO CORP BND							1FE		5,313,600.00		105.541		5,277,059.55		5,000,000.00		5,284,253.67		(7,194.12	)		(29,346.00	)		—		—			5.25		3.293	JJ		110,104.17		—		8312009		1302013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		101.316		40,526,400.80		40,000,000.00		39,969,664.71		556,736.09			10,065.00			—		—			2.15		2.185	MS		224,555.56		430,000.00		3202009		3272012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		103.723		4,148,912.05		4,000,000.00		4,008,994.11		139,917.94			(1,646.00	)		—		—			4		3.941	MS		53,333.34		82,222.00		2232009		3012014
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		8,775,132.00		109.111		8,925,320.37		8,180,000.00		8,741,631.35		183,689.02			(33,501.00	)		—		—			5.7		4.129	MN		59,577.67		233,130.00		10292009		11152014
073902CE6	BEAR STEARNS CO INC CORP BND							??		486,000.00		103.211		516,053.22		500,000.00		494,258.34		21,794.88			6,640.00			—		—			4.5		5.956	AO		3,937.50		22,500.00		9302008		10282010
073902KF4	BEAR STEARNS CO INC CORP BND							1FE		7,211,392.00		105.409		7,292,167.43		6,918,000.00		7,197,618.82		94,548.61			(13,774.00	)		—		—			5.3		4.503	AO		62,127.48		183,327.00		8312009		10302015
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		111.6		2,594,692.70		2,325,000.00		2,374,021.97		220,670.73			(14,267.00	)		—		—			6.95		6.063	FA		63,288.43		100,775.00		3232009		8102012
079857AG3	BELLSOUTH CAPITAL FUNDING CORP BND							1FE		3,188,430.00		100.804		3,024,106.83		3,000,000.00		3,013,217.14		10,889.69			(106,486.00	)		—		—			7.75		4.074	FA		87,833.33		232,500.00		4252008		2152010
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND 14							??		7,165,550.00		101.25		7,087,500.00		7,000,000.00		7,052,302.88		35,197.12			(113,247.00	)		—		—			4.95		2.55	APR		240,625.00		—		4172009		4262010
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		106.993		534,963.61		500,000.00		537,982.86		(3,019.25	)		(1,212.00	)		—		—			5.2		3.436	MS		7,655.56		—		10292009		9152014
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		104.765		633,828.29		605,000.00		620,117.40		13,710.89			(19,931.00	)		—		—			7.375		3.887	MS		11,650.45		44,619.00		7302008		9272010
097014AD6	BOEING CAPITAL CORP CORP BND							??		5,325,850.00		105.185		5,259,273.55		5,000,000.00		5,253,251.06		6,022.49			(72,599.00	)		—		—			6.1		1.682	MS		101,666.67		152,500.00		8312009		3012011
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		1,006,200.00		99.374		993,740.39		1,000,000.00		1,006,156.65		(12,416.26	)		(43.00	)		—		—			3.25		3.111	AO		5,777.78		—		12152009		10272014
097023BB0	BOEING CO CORP BND							1FE		685,867.00		98.989		683,020.98		690,000.00		686,022.63		(3,001.65	)		156.00			—		—			1.875		2.082	MN		1,473.44		—		11172009		11202012
10138MAD7	BOTTLING GROUP LLC CORP BND							??		3,320,818.00		103.855		3,375,282.37		3,250,000.00		3,317,247.53		58,034.84			(3,570.00	)		—		—			4.125		3.702	JD		5,958.33		67,031.00		8312009		6152015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,307,400.00		107.689		4,307,568.68		4,000,000.00		4,293,737.37		13,831.31			(13,663.00	)		—		—			5.5		4.153	AO		55,000.00		110,000.00		8312009		4012016
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.744		9,838,240.26		8,500,000.00		9,610,131.15		228,109.11			(216,124.00	)		—		—			6.95		3.574	MS		173,943.06		526,752.00		2052009		3152014
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		108.592		7,601,441.26		7,000,000.00		7,371,877.52		229,563.74			(76,402.00	)		—		—			5.25		3.67	FA		138,833.34		183,750.00		3052009		8152013
12572QAC9	CME GROUP INC SENIOR CORP BND							??		975,000.00		100.399		978,890.27		975,000.00		975,000.00		3,890.27			—			—		—			0.928		3.454	FMAN		1,406.71		19,828.00		8072008		8062010
141781AP9	CARGILL INC CORP BND 144A							??		2,764,425.00		108.812		2,720,307.72		2,500,000.00		2,762,090.05		(41,782.33	)		(2,335.00	)		—		—			6.375		1.91	JD		13,281.26		—		12212009		6012012
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		107.801		1,212,755.70		1,125,000.00		1,124,633.30		88,122.40			114.00			—		—			4.85		4.862	JD		3,637.50		54,563.00		12032007		12072012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							??		5,268,195.00		103.86		5,478,597.34		5,275,000.00		5,270,609.77		207,987.57			1,297.00			—		—			4.25		4.279	FA		89,052.25		224,188.00		2042008		2082013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,227.00		99.162		644,550.84		650,000.00		649,236.87		(4,686.03	)		10.00			—		—			1.9		1.941	JD		480.28		—		12102009		12172012
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,055,224.00		104.718		3,141,550.14		3,000,000.00		3,051,450.82		90,099.32			(3,029.00	)		—		—			4.6		4.134	JJ		63,633.33		—		8312009		1152014
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		102.105		5,105,249.40		5,000,000.00		5,010,592.61		94,656.79			(7,582.00	)		—		—			5.5		5.331	AO		49,652.78		275,000.00		1312007		4262011
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP BN							1FE		10,999,340.00		104.164		11,458,072.89		11,000,000.00		10,999,516.41		458,556.48			176.00			—		—			3.45		3.452	MS		124,391.67		189,750.00		2262009		3032012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		104.701		4,030,997.48		3,850,000.00		3,889,691.99		141,305.49			(33,561.00	)		—		—			5.25		4.311	FA		72,428.13		202,125.00		10092008		2222011
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		100.038		4,001,532.88		4,000,000.00		3,990,076.25		11,456.63			236.00			—		—			2.9		2.955	MN		14,177.78		—		11092009		11172014
172967CK5	CITIGROUP INC CORP BND							1FE		4,844,800.00		99.931		4,996,553.80		5,000,000.00		4,855,021.13		141,532.67			10,221.00			—		—			5.125		5.892	MN		39,861.11		128,125.00		8312009		5052014
172967CU3	CITIGROUP INC CORP BND							??		1,411,135.00		100.399		1,430,681.61		1,425,000.00		1,424,084.61		6,597.00			6,365.00			—		—			4.125		4.59	FA		21,063.29		58,781.00		12032007		2222010
172967DH1	CITIGROUP INC CORP BND							1FE		2,191,943.00		102.604		2,231,643.89		2,175,000.00		2,182,002.94		49,640.95			(5,953.00	)		—		—			5.125		4.826	FA		42,420.05		111,469.00		4082008		2142011
172967DP3	CITIGROUP INC CORP BND							??		5,035,050.00		104.195		5,209,739.70		5,000,000.00		5,032,700.22		177,039.48			(2,350.00	)		—		—			5.85		5.642	JJ		145,437.50		—		8312009		7022013
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,138.00		103.982		779,868.11		750,000.00		776,296.42		3,571.69			(2,841.00	)		—		—			5.1		3.015	MS		9,775.00		—		10202009		9292011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		103.697		518,487.06		500,000.00		518,976.82		(489.76	)		(1,168.00	)		—		—			5.3		3.852	AO		5,447.22		—		10222009		10172012
172967EQ0	CITIGROUP INC CORP BND							??		2,995,770.00		103.19		3,095,692.29		3,000,000.00		2,996,310.21		99,382.08			540.00			—		—			5.5		5.542	AO		36,666.67		82,500.00		8312009		4112013
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		7,527,036.00		102.875		7,715,624.40		7,500,000.00		7,531,479.41		184,144.99			4,126.00			—		—			2.875		2.648	JD		13,177.08		181,125.00		12112009		12092011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		35,715,622.00		101.104		36,245,782.57		35,850,000.00		35,750,494.96		495,287.61			34,873.00			—		—			2.125		2.248	AO		129,084.89		571,359.00		3102009		4302012
17313YAA9	CITIGROUP FUNDING INC - GTD CORP BND							??		2,000,000.00		99.949		1,998,971.94		2,000,000.00		2,000,000.00		(1,028.06	)		—			—		—			0.198		0.936	FMAN		627.41		6,788.00		4302009		5052011
17313YAG6	CITIGROUP FUNDING INC - GTD CORP BND							1FE		5,041,900.00		100.987		5,049,350.35		5,000,000.00		5,037,148.22		12,202.13			(4,752.00	)		—		—			2.125		1.823	JJ		53,420.14		—		8312009		7122012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND							1FE		15,309,933.00		99.817		15,222,092.65		15,250,000.00		15,306,440.62		(84,347.97	)		(3,492.00	)		—		—			1.875		1.739	AO		78,632.81		—		10202009		10222012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND							??		7,586,928.00		99.812		7,585,711.70		7,600,000.00		7,587,877.52		(2,165.82	)		950.00			—		—			1.875		1.932	MN		33,645.83		—		9292009		11152012
17314AAE2	CITIGROUP FUNDING INC - GTD CORP BND							??		1,762,215.00		100.79		1,763,823.25		1,750,000.00		1,759,342.71		4,480.54			(2,872.00	)		—		—			0.551		1.292	MJSD		53.53		13,441.00		4202009		3302012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							??		8,377,404.00		100.904		8,475,935.92		8,400,000.00		8,382,977.40		92,958.52			5,573.00			—		—			2		2.093	MS		42,466.67		84,000.00		3232009		3302012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		103.284		12,006,812.54		11,625,000.00		11,580,211.27		426,601.27			8,105.00			—		—			3.625		3.725	MS		124,080.74		221,238.00		3032009		3152014
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,263,970.00		103.795		5,189,753.70		5,000,000.00		5,252,246.62		(62,492.92	)		(11,723.00	)		—		—			4.25		3.182	MS		70,833.34		90,194.00		12162009		3012015
20825CAM6	CONOCOPHILLIPS CORP BND							??		1,684,478.00		105.811		1,666,524.16		1,575,000.00		1,682,692.40		(16,168.24	)		(1,786.00	)		—		—			4.4		2.28	MN		8,855.00		—		12092009		5152013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		3,546,841.00		106.269		3,772,536.12		3,550,000.00		3,547,433.58		225,102.54			593.00			—		—			4.6		4.616	JJ		99,794.45		—		5182009		1152015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND							??		6,255,188.00		107.358		6,307,304.59		5,875,000.00		6,193,071.82		114,232.77			(53,949.00	)		—		—			5.3		2.829	AO		65,734.72		200,075.00		8312009		4152012
209111EK5	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		5,352,300.00		106.452		5,322,579.55		5,000,000.00		5,335,975.06		(13,395.51	)		(16,325.00	)		—		—			5.375		4.092	JD		11,944.44		134,375.00		8312009		12152015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							??		436,498.00		107.856		431,424.13		400,000.00		435,167.76		(3,743.63	)		(1,330.00	)		—		—			5.55		3.313	AO		5,550.00		—		10292009		4012014
22237LPA4	COUNTRYWIDE HOME LOANS CORP BND							??		5,050,000.00		102.75		5,137,500.00		5,000,000.00		5,039,428.78		98,071.22			(10,571.00	)		—		—			4		3.335	MS		55,000.00		100,000.00		8312009		3222011
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		106.625		213,250.00		200,000.00		211,818.54		1,431.46			(755.00	)		—		—			5.8		3.252	JD		773.33		4,060.00		10292009		6072012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		16,057,878.00		107.744		16,371,727.99		15,195,000.00		15,888,565.11		483,162.88			(136,574.00	)		—		—			6.125		3.565	MN		118,921.98		632,406.00		8312009		11152011
22541LAC7	CREDIT SUISSE FIRST BOSTON CORP BND							??		1,965,709.00		108.237		1,969,920.61		1,820,000.00		1,945,847.51		24,073.10			(19,862.00	)		—		—			6.5		2.977	JJ		54,549.44		—		8312009		1152012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes			6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5					8		9						12			13			14		15		16		17		18	19		20		21		22
									RATE USED
			FOREIGN	BOND	NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE	CHAR	DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
239753BK1	TARGET CORPORATION CORP BND					??		580,657.00		112.396		595,699.06		530,000.00		562,417.27		33,281.79			(14,665.00	)		—		—		8.6		5.39	JJ		21,017.44		45,580.00		9242008		1152012
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND					1FE		3,933,036.00		108.458		4,256,992.67		3,925,000.00		3,930,827.10		326,165.57			(1,792.00	)		—		—		4.95		4.895	JD		7,555.64		194,288.00		7242008		12172012
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND G					1FE		1,028,471.00		103.052		1,030,519.94		1,000,000.00		1,025,145.29		5,374.65			(3,325.00	)		—		—		2.875		1.827	JD		958.33		14,375.00		8272009		6192012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND					1FE		1,621,295.00		107.057		1,739,678.59		1,625,000.00		1,622,728.00		116,950.59			711.00			—		—		4.7		4.752	JD		6,364.58		76,375.00		11292007		12012012
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND					1FE		5,317,250.00		106.756		5,337,816.60		5,000,000.00		5,295,948.57		41,868.03			(21,301.00	)		—		—		4.875		3.392	AO		41,302.08		121,875.00		8312009		4302014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP BN					1FE		9,363,568.00		107.752		9,670,760.40		8,975,000.00		9,371,903.72		298,856.68			5,255.00			—		—		5		3.629	JJ		206,923.61		201,212.00		12212009		7152013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND					1FE		9,123,449.00		98.884		9,023,188.90		9,125,000.00		9,123,466.08		(100,277.18	)		17.00			—		—		2.1		2.105	JD		7,452.08		—		12142009		6152013
291011AZ7	EMERSON ELECTRIC CO CORP BND					??		4,325,202.00		103.277		4,337,637.53		4,200,000.00		4,318,489.01		19,148.52			(6,713.00	)		—		—		4.125		3.535	AO		36,575.00		85,663.00		8312009		4152015
302570AV8	FPL GROUP CAPITAL INC CORP BND					1FE		6,390,313.00		106.602		6,449,406.06		6,050,000.00		6,279,555.23		169,850.83			(110,757.00	)		—		—		5.625		3.261	MS		113,437.50		170,156.00		2252009		9012011
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND					??		1,350,000.00		101.065		1,364,384.05		1,350,000.00		1,350,000.00		14,384.05			—			—		—		1.133		3.694	MJSD		637.56		26,020.00		6112008		6172011
302570BD7	FPL GROUP CAPITAL INC CORP BND					1FE		5,492,250.00		107.335		5,366,734.70		5,000,000.00		5,478,197.59		(111,462.89	)		(14,052.00	)		—		—		6		4.703	MS		100,000.00		143,333.00		8312009		3012019
341081EN3	FLORIDA POWER & LIGHT CO CORP BND					1FE		2,779,405.00		105.896		2,880,372.75		2,720,000.00		2,760,023.76		120,348.99			(11,884.00	)		—		—		4.85		4.335	FA		54,966.67		131,920.00		4252008		2012013
35047AAA6	FOUNDATION RE LTD CORP BND 144A					??		5,013,184.00		99.697		4,984,850.00		5,000,000.00		5,005,889.98		(21,039.98	)		(6,232.00	)		—		—		7.023		9.528	FMAN		43,890.62		401,227.00		10072008		11262010
36186CBF9	GMAC LLC CORP BND					1FE		11,960,952.00		100.676		12,060,985.16		11,980,000.00		11,963,947.61		97,037.55			2,996.00			—		—		2.2		2.247	JD		8,785.33		139,833.00		6032009		12192012
368710AG4	GENENTECH INC CORP BND					1FE		802,028.00		106.861		801,453.89		750,000.00		800,712.99		740.90			(1,315.00	)		—		—		4.75		3.4	JJ		16,427.08		—		10292009		7152015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND					1FE		6,023,017.00		100.769		6,096,495.28		6,050,000.00		6,029,756.38		66,738.90			6,739.00			—		—		1.8		2.022	JJ		56,567.50		—		6192009		7152011
369604AY9	GENERAL ELEC CAP CO CORP BND					1FE		6,328,500.00		105.88		6,352,826.82		6,000,000.00		6,298,167.90		54,658.92			(30,332.00	)		—		—		5		3.292	FA		125,000.00		—		8312009		2012013
369604BC6	GE CAPITAL CORP CORP BND					1FE		5,501,079.00		101.997		5,538,445.08		5,430,000.00		5,499,151.89		39,293.19			(1,927.00	)		—		—		5.25		5.053	JD		19,796.88		142,538.00		8312009		12062017
36962G2L7	GE CAPITAL CORP SENIOR CORP BND					??		5,298,650.00		105.291		5,264,526.75		5,000,000.00		5,298,298.71		(33,771.96	)		(351.00	)		—		—		5		2.289	AO		56,250.00		—		12282009		4102012
36962G3T9	GE CAPITAL CORP CORP BND					1FE		5,275,481.00		104.884		5,349,074.00		5,100,000.00		5,260,789.70		88,284.30			(14,691.00	)		—		—		4.8		3.784	MN		40,800.00		122,400.00		10292009		5012013
36962G4D3	GE CAPITAL CORP SENIOR CORP BND					1FE		261,338.00		103.745		259,362.70		250,000.00		261,209.36		(1,846.66	)		(128.00	)		—		—		6		5.395	FA		6,000.00		—		10292009		8072019
36962G4E1	GE CAPITAL CORP CORP BND					??		6,250,845.00		102.162		6,359,604.61		6,225,000.00		6,248,332.32		111,272.29			(2,513.00	)		—		—		3.5		3.349	FA		83,518.75		—		10202009		8132012
36962GUL6	GENERAL ELEC CAP CO SENIOR CORP BND MTN					1FE		1,631,384.00		100.243		1,528,701.18		1,525,000.00		1,526,777.05		1,924.13			(35,809.00	)		—		—		7.375		4.934	JJ		50,610.94		112,469.00		11302006		1192010
36962GXS8	GENERAL ELEC CAP CO CORP BND					1FE		4,511,962.00		106.741		4,856,700.12		4,550,000.00		4,525,458.52		331,241.60			10,648.00			—		—		5.875		6.15	FA		100,984.72		267,313.00		9242008		2152012
36962GYY4	GENERAL ELEC CAP CO CORP BND					1FE		3,161,025.00		107.817		3,234,497.23		3,000,000.00		3,093,281.84		141,215.39			(35,124.00	)		—		—		6		4.644	JD		8,000.00		180,000.00		1142008		6152012
36962GZY3	GENERAL ELEC CAP CO CORP BND					??		159,668.00		106.342		159,513.42		150,000.00		159,185.22		328.20			(482.00	)		—		—		5.45		3.314	JJ		3,769.59		—		10292009		1152013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		6,281,919.00		103.141		6,497,882.94		6,300,000.00		6,288,139.30		209,743.64			5,854.00			—		—		3		3.101	JD		11,550.00		189,000.00		12042008		12092011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		21,614,110.00		101.396		21,876,187.87		21,575,000.00		21,604,490.51		271,697.36			(9,619.00	)		—		—		2.2		2.142	JD		30,324.85		435,096.00		3032009		6082012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					1FE		10,896,621.00		101.229		11,033,961.44		10,900,000.00		10,897,970.44		135,991.00			1,349.00			—		—		1.8		1.816	MS		59,950.00		97,555.00		3092009		3112011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND					??		3,000,000.00		100.486		3,014,571.27		3,000,000.00		3,000,000.00		14,571.27			—			—		—		0.454		1.531	MJSD		681.38		22,099.00		3092009		3122012
36967HAU1	GENERAL ELECTRIC CAPITAL CORPO CORP BND					??		3,110,902.00		99.971		3,109,088.55		3,110,000.00		3,110,776.66		(1,688.11	)		(125.00	)		—		—		0.253		0.6	MJSD		240.78		7,080.00		7062009		12212012
377372AC1	GLAXOSK CAP INC CORP BND					1FE		16,169,695.00		106.513		16,403,008.01		15,400,000.00		16,068,280.31		334,727.70			(101,414.00	)		—		—		4.85		3.472	MN		95,437.21		538,350.00		8312009		5152013
377372AF4	GLAXOSMITHKLINE CAPITAL PLC SENIOR CORP					??		587,587.00		100.225		586,316.24		585,000.00		585,510.78		805.46			(1,419.00	)		—		—		0.898		3.064	FMAN		714.63		10,794.00		7072008		5132010
38141EA33	GOLDMAN SACHS GROUP INC CORP BND					1FE		819,038.00		108.953		817,149.18		750,000.00		816,716.98		432.20			(2,321.00	)		—		—		6		3.755	MN		7,500.00		—		10292009		5012014
38141EA41	GOLDMAN SACHS GROUP INC SENIOR CORP BND					1FE		519,565.00		102.825		514,123.92		500,000.00		519,354.83		(5,230.91	)		(210.00	)		—		—		3.625		2.077	FA		8,005.21		—		12162009		8012012
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND					1FE		4,113,480.00		108.331		4,333,245.84		4,000,000.00		4,056,153.95		277,091.89			(25,234.00	)		—		—		6.6		5.859	JJ		121,733.33		264,000.00		8142007		1152012
38141GDQ4	GOLDMAN SACHS & CO CORP BND					1FE		3,177,120.00		106.186		3,185,592.03		3,000,000.00		3,163,719.06		21,872.97			(13,401.00	)		—		—		5.25		3.692	AO		33,250.00		78,750.00		8312009		10152013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND					1FE		11,435,160.00		105.128		11,564,065.59		11,000,000.00		11,411,347.60		152,717.99			(23,812.00	)		—		—		5.125		4.292	JJ		259,951.39		—		8312009		1152015
38143UAW1	GOLDMAN SACHS GROUP INC CORP BND					??		5,194,750.00		104.761		5,238,053.90		5,000,000.00		5,183,211.96		54,841.94			(11,538.00	)		—		—		5		4.142	AO		62,500.00		125,000.00		8312009		10012014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND					1FE		5,092,400.00		107.481		5,374,062.75		5,000,000.00		5,061,063.49		312,999.26			(19,622.00	)		—		—		5.45		4.982	MN		45,416.67		272,500.00		5132008		11012012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND					1FE		12,276,600.00		103.958		12,319,023.00		11,850,000.00		12,169,658.46		149,364.54			(106,942.00	)		—		—		3.25		2.116	JD		17,116.66		400,102.00		2202009		6152012
38146FAF8	GOLDMAN SACHS GROUP INC - GTD CORP BND					1FE		2,765,674.00		100.831		2,762,769.24		2,740,000.00		2,759,608.09		3,161.15			(6,066.00	)		—		—		1.625		1.154	JJ		20,530.97		21,520.00		7022009		7152011
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND					1FE		488,635.00		106.052		530,261.39		500,000.00		493,807.94		36,453.45			4,136.00			—		—		6.75		7.721	MN		4,312.50		33,750.00		9302008		5152011
40429CCV2	HSBC FINANCE CORP CORP BND					1FE		5,122,150.00		102.485		5,124,230.70		5,000,000.00		5,082,760.60		41,470.10			(39,389.00	)		—		—		4.625		2.232	MS		68,090.28		115,625.00		8312009		9152010
40429CCX8	HSBC FINANCE CORP CORP BND					1FE		197,781.00		103.113		206,226.00		200,000.00		199,307.36		6,918.64			633.00			—		—		5.25		5.599	JJ		4,870.83		10,500.00		6302007		1142011
4042EPAA5	HSBC USA INC - GTD CORP BND GOVT GUAR					1FE		9,089,247.00		103.416		9,100,608.00		8,800,000.00		8,998,229.08		102,378.92			(91,018.00	)		—		—		3.125		1.946	JD		11,458.33		275,000.00		1282009		12162011
428236AL7	HEWLETT-PACKARD COMPANY CORP BND					1FE		2,863,224.00		107.057		3,067,169.04		2,865,000.00		2,864,186.86		202,982.18			346.00			—		—		5.25		5.264	MS		50,137.50		150,413.00		2222007		3012012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,547,098.00		106.078		5,569,077.52		5,250,000.00		5,519,665.64		49,411.88			(27,432.00	)		—		—		4.5		2.792	MS		78,750.00		118,125.00		8312009		3012013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND					1FE		7,127,237.00		111.564		7,223,740.51		6,475,000.00		7,027,731.46		196,009.05			(99,505.00	)		—		—		6.125		3.883	MS		132,197.91		271,542.00		10262009		3012014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND					??		3,598,416.00		104.944		3,777,993.62		3,600,000.00		3,598,838.49		179,155.13			422.00			—		—		4.25		4.266	FA		53,974.99		75,650.00		2232009		2242012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,081,880.00		106.164		1,061,640.17		1,000,000.00		1,081,213.34		(19,573.17	)		(667.00	)		—		—		4.75		2.783	JD		3,826.39		—		12152009		6022014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND					1FE		1,024,662.00		101.327		1,038,601.77		1,025,000.00		1,024,761.15		13,840.62			99.00			—		—		2.25		2.267	MN		2,178.13		11,531.00		5212009		5272011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND					1FE		5,500,308.00		0		5,521,405.86		5,447,000.00		5,499,186.34		22,219.52			(1,121.00	)		—		—		1.306		0.762	FMAN		6,914.23		16,307.00		12162009		5272011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP					??		2,623,957.00		108.452		2,703,713.40		2,493,000.00		2,575,547.18		128,166.22			(29,616.00	)		—		—		5.625		4.258	FA		58,429.69		140,231.00		4292008		8012012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND					1FE		4,636,170.00		103.205		4,644,236.74		4,500,000.00		4,626,636.69		17,600.05			(9,533.00	)		—		—		3.875		3.142	FA		65,875.00		—		8312009		2152014
44924EAB6	IBM INTL GROUP CAPITAL CORP BND					1FE		11,100,025.00		107.977		11,737,092.95		10,870,000.00		11,030,060.12		707,032.83			(48,067.00	)		—		—		5.05		4.481	AO		105,212.55		548,935.00		3052009		10222012
459200GN5	IBM CORP CORP BND					1FE		3,209,711.00		113.435		3,289,610.73		2,900,000.00		3,168,378.77		121,231.96			(41,348.00	)		—		—		6.5		3.845	AO		39,794.45		98,313.00		6112009		10152013
459200GQ8	IBM CORP CORP BND					??		1,800,000.00		99.801		1,796,418.06		1,800,000.00		1,800,000.00		(3,581.94	)		—			—		—		0.32		0.32	FMAN		896.00		—		11032009		11042011
459200GR6	IBM CORP CORP BND					1FE		7,798,312.00		99.012		7,722,950.98		7,800,000.00		7,798,515.18		(75,564.20	)		203.00			—		—		2.1		2.106	MN		25,025.00		—		12162009		5062013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND					??		4,683,362.00		104.166		4,895,801.67		4,700,000.00		4,688,617.28		207,184.39			3,125.00			—		—		3.5		3.577	MN		21,019.45		164,500.00		4212008		5152013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND					1FE		9,756,880.00		101.269		9,620,554.72		9,500,000.00		9,754,415.88		(133,861.16	)		(2,464.00	)		—		—		3		2.342	AO		54,625.00		—		12112009		4222014
46623EHJ1	JPMORGAN CHASE & CO CORP BND					??		8,925,840.00		99.138		8,922,420.00		9,000,000.00		8,926,960.99		(4,540.99	)		1,121.00			—		—		0.376		0.736	MJSD		384.23		9,738.00		12152009		6252012
46625HAJ9	JP MORGAN CHASE & CO CORP BND					1FE		6,522,813.00		105.459		6,591,162.19		6,250,000.00		6,344,871.00		246,291.19			(82,936.00	)		—		—		6.75		5.29	FA		175,781.25		421,875.00		10052007		2012011
46625HCE8	JPMORGAN CHASE & CO CORP BND					??		182,025.00		105.175		184,056.59		175,000.00		181,821.76		2,234.83			(203.00	)		—		—		4.75		3.908	MS		2,770.83		—		10292009		3012015
46625HGG9	JP MORGAN & COMPANY INC CORP BND					1FE		480,584.00		105.516		495,924.48		470,000.00		474,499.87		21,424.61			(3,002.00	)		—		—		5.6		4.891	JD		2,193.33		26,320.00		11282007		6012011
46625HGT1	JPMORGAN CHASE & CO CORP BND					1FE		5,222,250.00		108.316		5,415,819.15		5,000,000.00		5,136,504.88		279,314.27			(45,873.00	)		—		—		5.375		4.31	AO		67,187.50		268,750.00		1302008		10012012
46625HHB9	JPMORGAN CHASE & CO CORP BND					1FE		20,815,050.00		105.537		21,107,397.40		20,000,000.00		20,747,793.19		359,604.21			(68,952.00	)		—		—		4.75		3.544	MN		158,333.33		593,750.00		8312009		5012013
46625HHN3	JPMORGAN CHASE & CO CORP BND					1FE		13,982,296.00		105.541		13,931,426.12		13,200,000.00		13,941,249.24		(9,823.12	)		(41,047.00	)		—		—		4.65		3.273	JD		51,150.00		279,207.00		12162009		6012014
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND					??		6,106,680.00		101.913		6,114,780.12		6,000,000.00		6,050,685.31		64,094.81			(54,507.00	)		—		—		2.625		1.69	JD		13,125.00		154,000.00		12182008		12012010
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND					??		3,444,325.00		100.97		3,443,068.27		3,410,000.00		3,443,154.17		(85.90	)		(1,171.00	)		—		—		0.631		0.28	MJSD		597.93		5,770.00		11242009		6222012
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND					??		6,597,426.00		101.093		6,672,138.13		6,600,000.00		6,598,517.72		73,620.41			1,092.00			—		—		1.65		1.67	FA		38,720.00		54,450.00		2182009		2232011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND					1FE		8,974,432.00		101.489		9,113,712.02		8,980,000.00		8,975,741.14		137,970.88			1,309.00			—		—		2.2		2.22	JD		8,780.45		160,241.00		2182009		6152012
49327GAA5	KEYBANK NA - GTD SENIOR CORP BND					??		4,455,440.00		100.638		4,428,073.10		4,400,000.00		4,431,631.57		(3,558.47	)		(23,808.00	)		—		—		0.904		1.217	MJSD		1,877.54		46,852.00		4072009		12152010
49327GAB3	KEYCORP - GTD CORP BND MTN					??		4,557,024.00		101.144		4,551,490.13		4,500,000.00		4,550,063.29		1,426.84			(6,961.00	)		—		—		0.833		0.286	MON		1,145.55		9,584.00		9182009		12192011
532457BD9	ELI LILLY AND COMPANY CORP BND					1FE		4,441,432.00		103.967		4,522,567.95		4,350,000.00		4,432,413.71		90,154.24			(9,018.00	)		—		—		3.55		2.641	MS		49,330.20		39,050.00		9282009		3062012
532457BE7	ELI LILLY AND COMPANY CORP BND					1FE		1,592,745.00		105.116		1,576,739.73		1,500,000.00		1,591,942.43		(15,202.70	)		(803.00	)		—		—		4.2		2.64	MS		20,125.00		—		12152009		3062014
55263ECH6	MBNA CORPORATION CORP BND					??		352,688.00		106.589		351,743.36		330,000.00		344,751.10		6,992.26			(4,242.00	)		—		—		6.125		4.59	MS		6,737.50		20,213.00		1302008		3012013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT					1FE		2,444,463.00		109.851		2,526,577.51		2,300,000.00		2,430,562.20		96,015.31			(13,901.00	)		—		—		7.125		4.977	MN		20,939.58		81,938.00		8312009		11152012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND					1FE		5,169,456.00		114.481		5,008,540.56		4,375,000.00		4,770,797.53		237,743.03			(161,534.00	)		—		—		9.75		5.417	AO		106,640.63		426,563.00		5312007		4012012
585055AG1	MEDTRONIC INC CORP BND					??		2,921,280.00		102.531		3,075,929.73		3,000,000.00		2,981,155.68		94,774.05			25,748.00			—		—		4.375		5.301	MS		38,645.83		131,250.00		8022007		9152010
589331AH0	MERCK & CO INC CORP BND					1FE		5,225,400.00		105.008		5,250,387.95		5,000,000.00		5,204,643.06		45,744.89			(20,757.00	)		—		—		4.375		2.992	FA		82,638.89		—		8312009		2152013
589331AK3	MERCK & CO INC CORP BND					1FE		1,624,013.00		107.121		1,606,816.07		1,500,000.00		1,623,830.08		(17,014.01	)		(182.00	)		—		—		4.75		3.011	MS		23,750.00		—		12232009		3012015
589331AL1	MERCK & CO INC CORP BND					??		3,502,410.00		107.256		3,721,767.20		3,470,000.00		3,485,439.95		236,327.25			(7,708.00	)		—		—		5.125		4.873	MN		22,723.68		177,838.00		9102007		11152011
589331AP2	MERCK & CO INC CORP BND					1FE		3,909,975.00		103.793		3,892,246.61		3,750,000.00		3,901,680.13		(9,433.52	)		(8,295.00	)		—		—		4		3.192	JD		416.67		77,083.00		8312009		6302015
589331AR8	MERCK & CO INC CORP BND					1FE		8,572,942.00		100.933		8,655,036.65		8,575,000.00		8,573,473.33		81,563.32			531.00			—		—		1.875		1.887	JD		446.61		82,624.00		6222009		6302011
59018YM40	MERRILL LYNCH & CO INC CORP BND					1FE		7,110,670.00		105.245		7,367,146.43		7,000,000.00		7,100,886.20		266,260.23			(9,784.00	)		—		—		5.45		4.942	FA		154,719.44		—		8312009		2052013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN					??		1,660,278.00		107.442		1,665,349.49		1,550,000.00		1,654,682.42		10,667.07			(5,596.00	)		—		—		6.15		3.954	AO		17,476.25		38,438.00		10292009		4252013
59018YXY2	MERRILL LYNCH & CO INC CORP BND					1FE		4,003,840.00		98.463		3,938,519.88		4,000,000.00		4,002,239.85		(63,719.97	)		(1,501.00	)		—		—		0.482		3.696	JAJO		3,589.64		71,688.00		12242008		7252011
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND					??		3,414,528.00		105.475		3,375,214.84		3,200,000.00		3,414,185.88		(38,971.04	)		(342.00	)		—		—		4.65		3.121	AO		37,200.01		—		12232009		10012014
617446B99	MORGAN STANLEY CORP BND					??		469,255.00		95.475		477,374.99		500,000.00		470,522.79		6,852.20			1,268.00			—		—		0.584		2.096	JAJO		681.78		—		10222009		1092014
617446HC6	MORGAN STANLEY CORP BND					??		12,405,955.00		108.594		12,488,259.29		11,500,000.00		12,260,544.91		227,714.38			(124,500.00	)		—		—		6.6		3.51	AO		189,750.00		429,000.00		8312009		4012012
617446V89	MORGAN STANLEY CORP BND MTN					??		542,275.00		107.824		539,118.27		500,000.00		541,812.86		(2,694.59	)		(462.00	)		—		—		5.75		2.482	FA		9,663.19		—		12162009		8312012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
617446YT0	MORGAN STANLEY CORP BND							??		4,091,096.00		99.525		4,055,643.83		4,075,000.00		4,079,253.41		(23,609.58	)		(4,403.00	)		—		—		0.534		5.5	JAJO		4,473.49		85,483.00		1192007		1182011
61746BCW4	MORGAN STANLEY CORP BND MTN							1FE		9,570,510.00		106.352		9,813,069.24		9,227,000.00		9,531,508.65		281,560.59			(45,242.00	)		—		—		5.625		3.9	JJ		247,975.63		168,750.00		8312009		1092012
61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		13,304,880.00		106.825		13,620,156.01		12,750,000.00		13,276,949.41		343,206.60			(27,931.00	)		—		—		6		5.103	AO		133,875.00		382,500.00		8312009		4282015
61747YCF0	MORGAN STANLEY CORP BND							1FE		321,083.00		107.557		322,671.24		300,000.00		320,330.61		2,340.63			(752.00	)		—		—		6		4.281	MN		2,400.00		9,000.00		10292009		5132014
61757UAH3	MORGAN STANLEY-GTD CORP BND							1FE		27,806,810.00		100.856		28,239,680.84		28,000,000.00		27,854,149.91		385,530.93			47,340.00			—		—		1.95		2.168	JD		16,683.33		500,500.00		3032009		6202012
61757UAL4	MORGAN STANLEY-GTD CORP BND							1FE		3,023,745.00		100.723		3,021,693.93		3,000,000.00		3,020,667.25		1,026.68			(3,078.00	)		—		—		0.554		0.421	FMAN		2,400.93		5,707.00		9022009		2102012
61757UAN0	MORGAN STANLEY-GTD CORP BND							1FE		1,002,110.00		100.508		1,005,084.86		1,000,000.00		1,001,582.42		3,502.44			(528.00	)		—		—		0.454		1.453	MJSD		227.13		7,259.00		4022009		3132012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND							??		6,731,184.00		103.118		6,754,228.28		6,550,000.00		6,690,003.13		64,225.15			(41,181.00	)		—		—		3		1.881	JD		8,187.50		166,121.00		9082009		12162011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		107.835		8,087,643.22		7,500,000.00		7,630,752.72		456,890.50			(24,317.00	)		—		—		5.5		4.964	FA		155,833.34		303,569.00		3232009		8152013
665859AK0	NORTHERN TRUST COMPANY THE CORP BND							1FE		5,263,900.00		105.136		5,256,777.55		5,000,000.00		5,246,447.39		10,330.16			(17,453.00	)		—		—		4.625		3.392	MN		38,541.67		115,625.00		8312009		5012014
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.00		104.824		1,703,392.81		1,625,000.00		1,623,600.30		79,792.51			274.00			—		—		4.125		4.148	FA		26,253.91		33,516.00		2042009		2102014
68389XAB1	ORCALE CORP CORP BND							??		6,378,372.00		100.041		6,387,617.40		6,385,000.00		6,383,653.55		3,963.85			3,695.00			—		—		0.333		4.786	FMAN		2,830.68		80,281.00		7312008		5142010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND							1FE		5,412,790.00		107.387		5,718,365.52		5,325,000.00		5,396,644.27		321,721.25			(16,340.00	)		—		—		4.95		4.5	AO		55,646.25		263,588.00		3052009		4152013
68402LAE4	ORACLE CORP CORP BND							1		6,126,037.00		104.13		6,273,827.26		6,025,000.00		6,063,463.57		210,363.69			(35,659.00	)		—		—		5		4.363	JJ		138,909.73		301,250.00		3062008		1152011
693476AV5	PNC FUNDING CORP CORP BND							1FE		4,144,253.00		100.684		4,153,197.91		4,125,000.00		4,126,918.38		26,279.53			(10,037.00	)		—		—		4.5		4.247	MS		57,234.38		185,625.00		4302008		3102010
693476BE2	PNC FUNDING CORP CORP BND							??		5,258,650.00		105.889		5,294,442.00		5,000,000.00		5,242,410.09		52,031.91			(16,240.00	)		—		—		5.4		4.192	JD		15,750.00		135,750.00		8312009		6102014
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT GUA							1FE		24,515,075.00		101.754		24,929,729.51		24,500,000.00		24,511,895.13		417,834.38			(3,264.00	)		—		—		2.3		2.28	JD		14,087.50		563,500.00		2252009		6222012
69373UAA5	PACCAR INC CORP BND							1FE		6,326,096.00		113.087		6,332,884.71		5,600,000.00		6,275,726.37		57,158.34			(50,370.00	)		—		—		6.875		3.692	FA		145,444.44		—		8312009		2152014
701489AA4	PARKTON RE LTD CORP BND 144A							??		1,750,000.00		104.733		1,832,827.50		1,750,000.00		1,750,000.00		82,827.50			—			—		—		10.5		10.646	MJSD		5,614.58		74,553.00		7232009		5062011
713448BK3	PEPSICO INC SENIOR CORP BND							1FE		19,458,660.00		103.545		20,191,256.88		19,500,000.00		19,465,024.67		726,232.21			6,365.00			—		—		3.75		3.797	MS		243,750.00		363,594.00		2252009		3012014
717081CZ4	PFIZER INC. CORP BND							1FE		499,315.00		105.505		527,527.39		500,000.00		499,480.39		28,047.00			165.00			—		—		4.45		4.5	MS		6,551.39		10,569.00		3172009		3152012
717081DA8	PFIZER INC. CORP BND							1FE		824,948.00		109.022		817,661.42		750,000.00		822,854.79		(5,193.37	)		(2,093.00	)		—		—		5.35		3.302	MS		11,814.58		—		10292009		3152015
717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		102.31		1,611,382.58		1,575,000.00		1,575,000.00		36,382.58			—			—		—		2.204		3.173	MJSD		1,638.95		30,857.00		3172009		3152011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		105.672		6,472,425.25		6,125,000.00		6,113,154.23		359,271.02			3,155.00			—		—		4.875		4.938	MN		37,324.21		298,594.00		5132008		5162013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		856,493.00		113.558		851,684.71		750,000.00		852,777.47		(1,092.76	)		(3,715.00	)		—		—		6.875		3.355	MS		14,895.83		—		10292009		3172014
718507BQ8	CONOCOPHILLIPS CORP BND							1FE		5,386,576.00		103.287		5,102,374.00		4,940,000.00		5,015,303.83		87,070.17			(183,728.00	)		—		—		8.75		4.826	MN		43,225.00		432,250.00		7302008		5252010
724479AF7	PITNEY BOWES INC CORP BND							??		3,167,190.00		105.368		3,161,053.17		3,000,000.00		3,149,651.22		11,401.95			(17,539.00	)		—		—		4.625		2.727	AO		34,687.50		69,375.00		8312009		10012012
742718DA4	PROCTER & GAMBLE COMPANY CORP BND							1FE		3,275,910.00		108.395		3,251,839.14		3,000,000.00		3,258,565.26		(6,726.12	)		(17,345.00	)		—		—		4.95		2.942	FA		56,100.00		—		8312009		8152014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND							1FE		3,571,225.00		102.398		3,583,925.84		3,500,000.00		3,567,222.38		16,703.46			(4,003.00	)		—		—		3.5		3.092	FA		46,277.78		—		8312009		2152015
742718DQ9	PROCTER & GAMBLE COMPANY SENIOR CORP BND							??		2,608,242.00		100.82		2,621,318.00		2,600,000.00		2,607,823.57		13,494.43			(418.00	)		—		—		3.15		3.092	MS		27,982.50		—		8312009		9012015
744567FQ6	PUBLIC SERVICE ELECTRIC & GAS SECURED CO							??		915,000.00		100.144		916,317.51		915,000.00		915,000.00		1,317.51			—			—		—		1.129		3.776	MJSD		574.04		18,218.00		3052008		3122010
771196AN2	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,008,361.00		105.538		14,775,324.62		14,000,000.00		14,020,169.45		755,155.17			11,809.00			—		—		4.5		4.425	MS		210,000.00		294,694.00		10142009		3012012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,613,290.00		107.446		14,505,155.33		13,500,000.00		14,566,576.68		(61,421.35	)		(46,713.00	)		—		—		5		2.968	MS		225,000.00		206,667.00		12212009		3012014
771196AS1	ROCHE HOLDINGS INC CORP BND 144A							1FE		5,536,650.00		110.274		5,513,688.30		5,000,000.00		5,521,250.17		(7,561.87	)		(15,400.00	)		—		—		6		4.593	MS		100,000.00		155,000.00		8312009		3012019
771196AX0	ROCHE HOLDINGS INC CORP BND 144A							??		4,673,625.00		102.108		4,696,968.09		4,600,000.00		4,670,124.99		26,843.10			(3,500.00	)		—		—		2.262		1.26	FMAN		10,693.67		31,447.00		12092009		2252011
78387GAH6	AT&T INC CORP BND							1FE		2,163,060.00		107.88		2,157,594.00		2,000,000.00		2,141,165.94		16,428.06			(21,894.00	)		—		—		5.875		2.382	FA		48,958.33		—		8312009		2012012
78387GAP8	AT&T INC CORP BND							1FE		3,235,500.00		106.787		3,203,596.56		3,000,000.00		3,220,954.02		(17,357.46	)		(14,546.00	)		—		—		5.1		3.392	MS		45,050.00		76,500.00		8312009		9152014
828807BA4	SIMON PROPERTY GROUP L.P. CORP BND							1FE		1,677,383.00		99.985		1,674,744.43		1,675,000.00		1,675,375.38		(630.95	)		(1,742.00	)		—		—		4.875		4.761	MS		23,362.77		81,656.00		12242008		3182010
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND							??		49,806.00		101.636		50,817.78		50,000.00		49,953.46		864.32			72.00			—		—		4.875		5.029	FA		920.84		2,438.00		12052007		8152010
828807BU0	SIMON PROPERTY GROUP INC. CORP BND							??		3,232,168.00		104.65		3,374,962.30		3,225,000.00		3,227,559.73		147,402.57			(1,337.00	)		—		—		5.6		5.546	MS		60,200.00		180,600.00		12242008		9012011
842587AB3	SOUTHERN COMPANY CORP BND							??		3,225,440.00		106.573		3,410,327.87		3,200,000.00		3,213,092.13		197,235.74			(5,951.00	)		—		—		5.3		5.086	JJ		78,204.44		169,600.00		10232007		1152012
842587CD7	SOUTHERN COMPANY CORP BND							??		1,045,000.00		100.408		1,049,263.57		1,045,000.00		1,045,000.00		4,263.57			—			—		—		0.969		3.511	FMAN		1,181.44		19,803.00		8132008		8202010
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR							1FE		1,023,630.00		102.673		1,026,729.97		1,000,000.00		1,017,638.89		9,091.08			(5,991.00	)		—		—		2.75		1.866	JJ		12,527.78		15,660.00		4082009		1172012
846042AB5	SOVEREIGN BANCORP, INC - GTD CORP BND							??		2,483,688.00		101.888		2,496,256.00		2,450,000.00		2,476,132.81		20,123.19			(7,555.00	)		—		—		2.5		2.052	JD		2,722.22		60,059.00		4022009		6152012
85744RAA0	STATE STREET CORPORATION - (LT CORP BND							??		1,099,472.00		101.351		1,114,860.98		1,100,000.00		1,099,677.58		15,183.40			206.00			—		—		1.85		1.875	MS		5,991.94		9,892.00		3172009		3152011
857477AC7	STATE STREET CORPORATION SENIOR CORP BND							??		1,101,890.00		98.841		1,126,788.76		1,140,000.00		1,117,523.12		9,265.64			9,781.00			—		—		0.381		3.897	JAJO		759.36		19,024.00		4302008		4302012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		2,945,752.00		101.24		2,986,580.16		2,950,000.00		2,946,861.88		39,718.28			1,110.00			—		—		2.15		2.197	AO		10,747.02		41,226.00		3032009		4302012
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR							1FE		2,574,034.00		103.139		2,578,474.80		2,500,000.00		2,558,510.30		19,964.50			(15,523.00	)		—		—		3		1.724	MN		9,375.00		37,500.00		6242009		11162011
88579EAD7	3M COMPANY SENIOR CORP BND							??		4,363,958.00		107.155		4,366,570.24		4,075,000.00		4,327,808.91		38,761.33			(36,149.00	)		—		—		4.65		2.459	JD		8,421.66		94,744.00		7202009		12152012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		5,073,436.00		105.596		5,242,854.71		4,965,000.00		5,003,114.48		239,740.23			(26,133.00	)		—		—		5.45		4.867	MN		32,320.77		270,593.00		2282007		5182011
90333WAA6	US BANK NA CORP BND							1FE		1,439,603.00		107.037		1,471,754.40		1,375,000.00		1,409,206.53		62,547.87			(20,346.00	)		—		—		6.375		4.725	FA		36,523.45		87,656.00		9302008		8012011
90345AAA0	US CENTRAL CREDIT UNION - (LT) CORP BND							1FE		30,297,464.00		99.902		30,200,374.60		30,230,000.00		30,294,307.87		(93,933.27	)		(3,156.00	)		—		—		1.25		1.13	AO		75,575.00		—		11242009		10192011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND							1FE		13,118,336.00		99.942		13,092,402.12		13,100,000.00		13,117,248.62		(24,846.50	)		(1,087.00	)		—		—		1.9		1.851	AO		49,780.00		—		10212009		10192012
911312AG1	UNITED PARCEL SERVICE INC SENIOR CORP BN							1FE		10,836,546.00		105.543		10,712,610.55		10,150,000.00		10,795,678.36		(83,067.81	)		(40,868.00	)		—		—		4.5		2.319	JJ		210,612.50		—		10142009		1152013
91159HGJ3	US BANCORP CORP BND							1FE		4,538,500.00		102.284		4,577,190.79		4,475,000.00		4,492,665.09		84,525.70			(29,800.00	)		—		—		4.5		3.8	JJ		85,025.00		201,375.00		6052008		7292010
91159HGP9	US BANCORP CORP BND MTN							??		1,365,000.00		100.153		1,367,088.56		1,365,000.00		1,365,000.00		2,088.56			—			—		—		0.678		3.17	FMAN		1,438.56		24,300.00		5012008		5062010
91159HGS3	US BANCORP CORP BND							??		1,250,063.00		99.211		1,240,136.73		1,250,000.00		1,250,062.50		(9,925.77	)		—			—		—		2.125		2.123	FA		8,190.10		—		12162009		2152013
91160HAC1	US BANCORP - (LT) GTD CORP BND							1FE		8,536,249.00		100.575		8,589,104.75		8,540,000.00		8,537,067.61		52,037.14			819.00			—		—		1.8		1.815	MN		19,642.00		78,141.00		5192009		5152012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND							1FE		2,134,718.00		105.713		2,114,265.14		2,000,000.00		2,081,408.92		32,856.22			(53,309.00	)		—		—		6.35		2.767	MS		42,333.34		63,500.00		3182009		3012011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							??		799,383.00		108.386		834,574.45		770,000.00		789,807.57		44,766.88			(7,698.00	)		—		—		6.1		4.936	MN		6,001.72		46,970.00		9242008		5152012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,008.00		104.274		4,499,412.66		4,315,000.00		4,366,245.57		133,167.09			(43,705.00	)		—		—		5.35		4.254	FA		87,210.94		230,853.00		5302008		2152011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND							1FE		4,955,062.00		105.409		4,848,794.18		4,600,000.00		4,739,699.23		109,094.95			(136,674.00	)		—		—		7.25		3.837	JD		27,791.67		333,500.00		3132009		12012010
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		590,368.00		115.121		633,167.77		550,000.00		589,060.39		44,107.38			(1,308.00	)		—		—		7.375		5.32	MN		5,182.99		20,281.00		11102009		11152013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		8,237,052.00		106.611		8,742,077.00		8,200,000.00		8,235,164.61		506,912.39			(1,887.00	)		—		—		5.25		5.027	FA		179,375.01		—		11102009		2012012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		14,649,628.00		108.961		15,935,575.06		14,625,000.00		14,652,005.16		1,283,569.90			2,377.00			—		—		5.55		5.49	FA		338,203.15		—		12162009		2012014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		1,800,000.00		103.394		1,861,091.95		1,800,000.00		1,800,000.00		61,091.95			—			—		—		2.869		3.025	FMAN		6,025.03		13,915.00		11102009		5202011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		14,216,412.00		103.152		14,673,428.48		14,225,000.00		14,217,320.76		456,107.72			909.00			—		—		3.75		3.79	MN		60,752.61		263,755.00		11102009		5202011
92976WBA3	WACHOVIA CORPORATION CORP BND MTN							??		527,500.00		107.726		538,629.31		500,000.00		518,715.87		19,913.44			(4,706.00	)		—		—		5.7		4.556	FA		11,875.00		28,500.00		1312008		8012013
92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND							1FE		427,674.00		106.265		425,058.68		400,000.00		426,388.97		(1,330.29	)		(1,285.00	)		—		—		5.5		3.389	MN		3,666.67		11,000.00		10292009		5012013
931142CL5	WAL-MART STORES INC CORP BND							1FE		5,340,950.00		106.014		5,300,708.40		5,000,000.00		5,310,478.74		(9,770.34	)		(30,471.00	)		—		—		4.25		2.277	AO		44,861.11		106,250.00		8312009		4152013
931142CQ4	WAL-MART STORES INC CORP BND							1FE		7,639,019.00		101.67		7,676,083.72		7,550,000.00		7,633,156.70		42,927.02			(5,862.00	)		—		—		3.2		2.929	MN		30,871.11		116,773.00		8312009		5152014
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.00		107.588		6,697,340.50		6,225,000.00		6,207,196.98		490,143.52			4,483.00			—		—		4.875		4.963	FA		126,445.32		315,270.00		7142008		8012013
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND GOV							??		5,293,799.00		103.17		5,468,009.89		5,300,000.00		5,293,799.00		174,210.89			—			—		—		3		3.658	JD		9,716.66		158,558.00		12032008		12092011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP							??		6,941,313.00		101.747		6,918,769.48		6,800,000.00		6,922,023.26		(3,253.78	)		(19,289.00	)		—		—		1.107		0.242	MJSD		4,807.39		19,918.00		9082009		12092011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND							1FE		829,784.00		101.31		840,873.04		830,000.00		829,824.96		11,048.08			41.00			—		—		2.125		2.134	JD		783.89		12,493.00		3252009		6152012
949746NB3	WELLS FARGO BANK CORP BND							??		4,157,600.00		103.236		4,129,430.84		4,000,000.00		4,119,436.66		9,994.18			(38,163.00	)		—		—		4.875		1.932	JJ		91,541.67		—		8312009		1122011
949746NW7	WELLS FARGO FINANCIAL INC CORP BND							1FE		5,323,000.00		106.887		5,344,331.35		5,000,000.00		5,289,968.27		54,363.08			(33,032.00	)		—		—		5.25		3.077	AO		49,583.33		131,250.00		8312009		10232012
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		797,552.00		103.148		825,186.89		800,000.00		798,428.64		26,758.25			466.00			—		—		4.375		4.444	JJ		14,680.56		35,000.00		1252008		1312013
949748AF4	WELLS FARGO BANK CORP BND BKNT							1FE		22,524,368.00		104.419		22,371,873.39		21,425,000.00		22,228,059.21		143,814.18			(263,351.00	)		—		—		6.45		2.909	FA		575,796.88		129,000.00		8312009		2012011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND							1FE		5,709,540.00		102.715		6,162,870.00		6,000,000.00		5,937,105.29		225,764.71			72,895.00			—		—		3.98		5.299	AO		41,126.67		238,800.00		9072006		10292010
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND							1FE		804,015.00		106.969		802,265.97		750,000.00		800,486.65		1,779.32			(3,528.00	)		—		—		5.5		2.781	FA		17,187.50		—		10202009		8012012
94980VAA6	WELLS FARGO & COMPANY CORP BND							1FE		10,003,700.00		102.08		10,207,992.60		10,000,000.00		10,003,700.00		204,292.60			—			—		—		4.75		4.742	FA		187,361.11		—		8312009		2092015
94980VAE8	WELLS FARGO BANK CORP BND							1FE		11,149,520.00		103.813		11,231,517.33		10,819,000.00		11,137,981.39		93,535.94			(11,539.00	)		—		—		5.75		5.2	MN		79,489.60		311,046.00		8312009		5162016
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND							1FE		2,696,625.00		99.455		2,685,285.05		2,700,000.00		2,696,807.33		(11,522.28	)		182.00			—		—		1.75		1.793	MN		7,743.75		—		10282009		11022012
983024AE0	WYETH CORP BND							1FE		8,223,875.00		109.172		8,187,871.20		7,500,000.00		8,173,697.71		14,173.49			(50,177.00	)		—		—		5.5		3.139	FA		171,875.00		11,250.00		9012009		2012014
BRS66CUU5	BLUE FIN LTD CORP BND 144A			O		1		??		2,498,475.00		89.385		2,564,902.57		2,000,000.00		2,501,874.45		50,673.83			3,399.00			—		12,354.29		5.294		11.646	JAJO		35,867.95		—		12182009		4102012
U36964ED9	GE CAPITAL CORP CORP BND EMTN							??		14,469,840.00		104.943		14,692,020.14		14,000,000.00		14,410,415.43		281,604.71			(59,425.00	)		—		—		5.25		3.758	FEB		632,916.67		—		8312009		2212012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				??		742,349.00		105.805		897,011.42		525,000.00		742,941.18		54,291.26			592.00			—		99,778.98		5.5		5.634	MAR		38,708.29		—		2252009		3042015
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,543.00		108.396		449,844.11		415,000.00		428,143.18		21,700.93			(6,921.00	)		—		—		6.375		4.508	AO		5,585.21		26,456.00		8132008		10152011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		325,323.00		104.272		323,243.89		310,000.00		324,537.24		(1,293.35	)		(786.00	)		—		—		4.4		2.856	MS		4,016.22		—		10222009		3152013
20825UAB0	CONOCO INC CORP BND			A				1FE		1,491,704.00		108.817		1,523,436.10		1,400,000.00		1,447,576.45		75,859.65			(25,109.00	)		—		—		6.35		4.35	AO		18,767.78		88,900.00		4212008		10152011
780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		7,769,978.00		105.878		7,751,328.24		7,321,000.00		7,661,551.71		89,776.53			(88,848.00	)		—		—		5.65		2.565	JJ		184,987.44		131,137.00		8312009		7202011
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				1FE		5,156,500.00		103.116		5,155,799.85		5,000,000.00		5,136,626.31		19,173.54			(19,874.00	)		—		—		3.25		2.002	AO		40,173.61		81,250.00		8312009		4022012

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
00254EBP6	SWEDISH EXPORT CREDIT CORP CORP BND GMT			F				??		30,384,420.00		105.793		30,151,004.72		28,500,000.00		30,080,469.94		70,534.78			(303,950.00	)		—		—			4.875		1.629	MS		355,062.50		694,688.00		8312009		9292011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP B			F				??		8,964,780.00		105.771		8,990,535.34		8,500,000.00		8,946,709.41		43,825.93			(18,071.00	)		—		—			5.125		4.266	MS		145,208.33		217,813.00		8312009		3012017
00254EJE3	SWEDISH EXPORT CREDIT CORP SENIOR CORP B			F				??		2,297,884.00		100.272		2,306,256.07		2,300,000.00		2,298,000.17		8,255.90			116.00			—		—			3.25		3.27	MS		21,802.08		—		9092009		9162014
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND			F				1FE		14,824,071.00		99.503		14,726,443.71		14,800,000.00		14,824,023.46		(97,579.75	)		(47.00	)		—		—			3.2		3.163	MN		76,302.22		—		12142009		11032014
008281AX5	AFRICAN DEVELOPMENT BANK CORP BND			F				??		5,037,500.00		100.64		5,031,999.95		5,000,000.00		5,035,105.08		(3,105.13	)		(2,395.00	)		—		—			3		2.829	MN		14,166.67		75,000.00		8312009		5272014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F				??		4,752,518.00		100.076		4,753,609.81		4,750,000.00		4,752,158.98		1,450.83			(359.00	)		—		—			0.408		0.612	JAJO		3,823.38		7,648.00		7242009		7222012
046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		6,629,590.00		109.133		6,602,564.23		6,050,000.00		6,567,032.06		35,532.17			(62,558.00	)		—		—			5.4		2.127	MS		96,195.00		163,350.00		8312009		9152012
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,239,400.00		105.944		4,237,754.20		4,000,000.00		4,218,309.67		19,444.53			(21,090.00	)		—		—			4.8		3.042	AO		40,533.33		96,000.00		8312009		4152013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		1,147,425.00		109.52		1,149,958.85		1,050,000.00		1,143,924.59		6,034.26			(3,500.00	)		—		—			5.5		3.228	AO		14,437.50		—		10292009		4012014
055654AB3	SANT CENTR HISP CORP BND			F				??		5,268,216.00		104.786		5,082,103.40		4,850,000.00		4,964,015.22		118,088.18			(157,803.00	)		—		—			7.625		4.171	MS		109,916.49		369,813.00		1092008		9142010
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		12,118,150.00		109.028		11,993,059.87		11,000,000.00		12,112,066.12		(119,006.25	)		(6,084.00	)		—		—			5.25		2.478	MN		86,625.01		—		12212009		11072013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,579.00		103.011		7,236,517.49		7,025,000.00		7,024,688.89		211,828.60			110.00			—		—			3.125		3.127	MS		67,688.80		109,766.00		3052009		3102012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		22,150,590.00		103.003		22,145,652.74		21,500,000.00		22,114,191.21		31,461.53			(36,399.00	)		—		—			3.875		3.272	MS		256,880.21		416,563.00		8312009		3102015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		1,555,770.00		102.772		1,541,585.66		1,500,000.00		1,555,308.30		(13,722.64	)		(462.00	)		—		—			3.625		2.72	MN		8,005.21		—		12152009		5082014
05565QBM9	BP CAPITAL MARKETS PLC CORP BND			F				??		10,037,800.00		100.646		10,064,617.20		10,000,000.00		10,031,400.30		33,216.90			(6,400.00	)		—		—			1.55		1.352	FA		60,277.78		—		8312009		8112011
05567LUD7	BNP PARIBAS SENIOR CORP BND			F				??		1,355,000.00		100.189		1,357,560.99		1,355,000.00		1,355,000.00		2,560.99			—			—		—			0.705		3.126	MJSD		742.99		21,421.00		5282008		6042010
05567LWH6	BNP PARIBAS CORP BND			F				??		545,000.00		100.074		545,403.25		545,000.00		545,000.00		403.25			—			—		—			0.576		3.137	MJSD		191.82		7,873.00		9052008		3102010
05567MAA3	BNP PARIBAS CORP BND 144A			F				??		7,761,440.00		101.728		8,138,242.80		8,000,000.00		7,773,879.38		364,363.42			12,439.00			—		—			4.8		5.403	JD		7,466.67		192,000.00		8312009		6242015
06738GUZ1	BARCLAYS BANK PLC CORP BND			F				??		17,114,240.00		107.947		17,271,579.52		16,000,000.00		16,995,076.79		276,502.73			(119,163.00	)		—		—			5.45		3.027	MS		264,022.22		436,000.00		8312009		9122012
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		528,417.00		106.449		532,243.01		500,000.00		527,381.62		4,861.39			(1,035.00	)		—		—			5.2		3.869	JJ		12,350.00		—		10212009		7102014
20272BAA2	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				??		10,242,816.00		101.392		10,139,199.80		10,000,000.00		10,233,024.67		(93,824.87	)		(9,791.00	)		—		—			2.4		1.234	JJ		112,666.67		—		11242009		1122012
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR CO			F				1FE		15,447,802.00		98.798		15,293,929.94		15,480,000.00		15,449,565.64		(155,635.70	)		1,764.00			—		—			2.9		2.945	MS		129,688.00		—		9102009		9172014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,341.00		100.968		7,395,883.80		7,325,000.00		7,324,386.24		71,497.56			45.00			—		—			2.75		2.753	AO		42,525.68		—		10082009		10152012
22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		11,307,687.00		108.009		11,342,013.33		10,501,000.00		11,254,582.34		87,430.99			(53,104.00	)		—		—			5.5		3.692	MN		96,259.17		283,965.00		8312009		5012014
22546QAC1	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		3,090,690.00		101.941		3,058,244.25		3,000,000.00		3,089,651.63		(31,407.38	)		(1,038.00	)		—		—			5.3		4.906	FA		60,950.00		—		10292009		8132019
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F				1FE		16,463,025.00		106.395		16,707,226.64		15,703,000.00		16,398,894.50		308,332.14			(64,131.00	)		—		—			5		3.592	MN		100,324.72		392,575.00		8312009		5152013
23636UAA5	DANSKE BANK A/S CORP BND 144A			F				??		9,236,403.00		101.285		9,368,862.87		9,250,000.00		9,238,612.27		130,250.60			2,210.00			—		—			2.5		2.554	MN		32,760.42		83,520.00		6232009		5102012
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F				??		826,755.00		103.387		775,406.17		750,000.00		759,846.76		15,559.41			(20,908.00	)		—		—			8.5		5.524	JD		2,833.33		63,750.00		2132006		6152010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F				1FE		1,426,581.00		103.282		1,451,107.47		1,405,000.00		1,412,922.13		38,185.34			(9,832.00	)		—		—			5		4.254	AO		15,415.97		70,250.00		7312008		10122010
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		6,556,040.00		108.943		6,536,578.20		6,000,000.00		6,529,950.73		6,627.47			(26,089.00	)		—		—			5.5		3.166	JJ		143,305.55		—		12302009		1262014
268317AB0	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		3,967,600.00		112.833		3,949,149.68		3,500,000.00		3,954,381.40		(5,231.72	)		(13,219.00	)		—		—			6.5		4.723	JJ		97,012.50		—		8312009		1262019
282645AQ3	EKSPORTFINANS AS CORP BND			F				??		5,322,950.00		106.846		5,342,300.05		5,000,000.00		5,309,306.69		32,993.36			(13,643.00	)		—		—			5.5		4.381	MN		27,500.00		137,500.00		8312009		5252016
29268BAA9	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1FE		5,381,150.00		108.084		5,404,198.05		5,000,000.00		5,345,379.08		58,818.97			(35,771.00	)		—		—			5.7		3.292	JJ		131,416.67		—		8312009		1152013
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND 1			F				1FE		504,685.00		101.405		507,023.28		500,000.00		504,546.33		2,476.95			(139.00	)		—		—			3.875		3.665	AO		4,520.83		—		10292009		10072014
298785DP8	EUROPEAN INVESTMENT BANK CORP BND			F				??		11,407,110.00		102.062		11,226,820.66		11,000,000.00		11,274,435.40		(47,614.74	)		(132,674.00	)		—		—			4.125		0.557	MS		133,604.17		226,875.00		8312009		9152010
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				??		10,241,815.00		107.059		10,117,076.07		9,450,000.00		10,202,057.74		(84,981.67	)		(39,758.00	)		—		—			4.625		3.114	AO		86,198.44		218,531.00		8312009		10202015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F				??		29,002,860.00		106.195		28,672,650.00		27,000,000.00		28,630,232.19		42,417.81			(372,628.00	)		—		—			5.25		1.052	JD		63,000.00		708,750.00		8312009		6152011
298785EJ1	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				??		19,954,400.00		102.815		20,563,002.00		20,000,000.00		19,982,745.86		580,256.14			14,855.00			—		—			3.25		3.329	FA		245,555.56		650,000.00		1072008		2152011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,887,520.00		103.577		4,039,503.12		3,900,000.00		3,892,646.17		146,856.95			3,940.00			—		—			3.25		3.36	AO		27,110.42		126,750.00		8262008		10142011
298785ET9	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		9,870,875.00		102.517		9,944,148.80		9,700,000.00		9,834,308.34		109,840.46			(36,567.00	)		—		—			2.625		1.868	MN		32,535.42		127,313.00		6192009		11152011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F				??		5,080,900.00		101.241		5,062,049.50		5,000,000.00		5,075,373.12		(13,323.62	)		(5,527.00	)		—		—			3		2.624	AO		34,583.33		75,000.00		8312009		4082014
35177PAK3	FRANCE TELECOM CORP BND			F				1FE		5,902,350.00		107.327		5,849,336.27		5,450,000.00		5,632,314.25		217,022.02			(149,159.00	)		—		—			7.75		4.756	MS		140,791.66		422,375.00		2252008		3012011
45074GAA8	IBERDROLA FINANCE IRELAND LTD CORP BND 1			F				1FE		503,070.00		100.461		502,306.75		500,000.00		502,982.22		(675.47	)		(88.00	)		—		—			3.8		3.66	MS		5,805.56		—		10292009		9112014
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A			F				??		10,247,790.00		101.811		10,181,098.90		10,000,000.00		10,225,094.16		(43,995.26	)		(22,696.00	)		—		—			2.625		1.534	FA		103,541.67		—		10072009		2092012
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				??		7,513,056.00		104.046		7,491,311.86		7,200,000.00		7,486,955.63		4,356.23			(26,100.00	)		—		—			3.5		2.314	JJ		121,100.00		—		8312009		7082013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND			F				??		5,516,150.00		108.823		5,441,149.90		5,000,000.00		5,493,972.94		(52,823.04	)		(22,177.00	)		—		—			5.125		3.459	MS		76,875.00		128,125.00		8312009		9132016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		27,574,473.00		107.771		27,567,822.82		25,580,000.00		27,365,236.99		202,585.83			(209,236.00	)		—		—			4.75		2.164	AO		243,010.00		607,525.00		8312009		10192012
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F				1FE		4,371,719.00		100.812		4,410,524.83		4,375,000.00		4,372,570.07		37,954.76			851.00			—		—			1.5		1.538	JD		1,622.60		32,813.00		6162009		6232011
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR COR			F				??		6,250,980.00		103.584		6,215,040.00		6,000,000.00		6,244,882.14		(29,842.14	)		(6,098.00	)		—		—			3.125		0.918	MN		23,958.34		—		12102009		11152011
478160AP9	J & J MEDICAL CORP BND			R				??		4,921,425.00		108.84		4,897,813.59		4,500,000.00		4,874,998.59		22,815.00			(46,426.00	)		—		—			5.15		1.877	FA		87,550.00		—		8312009		8152012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				??		4,203,150.00		100.158		4,191,612.18		4,185,000.00		4,198,905.17		(7,292.99	)		(4,245.00	)		—		—			0.532		0.648	MJSD		1,853.82		16,545.00		8192009		3022011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		21,218,102.00		105.354		21,070,799.20		20,000,000.00		21,144,328.36		(73,529.16	)		(73,773.00	)		—		—			4.125		2.838	AO		174,166.67		412,500.00		9022009		10152014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND			F				1FE		9,468,811.00		104.143		9,372,869.82		9,000,000.00		9,355,633.24		17,236.58			(113,177.00	)		—		—			4.625		0.844	JJ		186,156.25		—		8312009		1202011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		3,192,160.00		104.073		3,330,335.94		3,200,000.00		3,196,009.60		134,326.34			2,561.00			—		—			3.75		3.837	JD		1,333.33		120,000.00		6192008		6272011
500769DG6	KFW GROUP CORP BND			F				1FE		10,167,600.00		101.59		10,159,000.40		10,000,000.00		10,146,393.77		12,606.63			(21,206.00	)		—		—			2.25		1.596	AO		46,875.00		112,500.00		8312009		4162012
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				??		9,750,000.00		100.08		9,757,800.00		9,750,000.00		9,750,000.00		7,800.00			—			—		—			7.75		7.824	MJSD		18,890.63		—		12182009		1082013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		6,037,356.00		99.947		6,046,793.44		6,050,000.00		6,038,480.43		8,313.01			1,125.00			—		—			1.875		1.947	MS		30,565.10		—		9152009		9242012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F				??		20,428,846.00		102.378		20,711,068.99		20,230,000.00		20,413,302.93		297,766.06			(15,543.00	)		—		—			3		2.597	MN		91,035.00		240,000.00		12112009		5072012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A			F				??		5,105,375.00		101.671		5,083,549.50		5,000,000.00		5,101,564.37		(18,014.87	)		(3,811.00	)		—		—			1.287		0.393	JAJO		16,443.86		—		11252009		4022012
54313TAA3	LONGPOINT RE LTD CORP BND 144A			F				??		2,500,000.00		100.047		2,501,175.00		2,500,000.00		2,500,000.00		1,175.00			—			—		—			5.4		5.436	MJSD		5,250.00		—		12142009		12242012
54313TAB1	LONGPOINT RE LTD CORP BND 144A			F				3FE		3,000,000.00		100.052		3,001,560.00		3,000,000.00		3,000,000.00		1,560.00			—			—		—			5.4		5.436	MJSD		6,300.00		—		12142009		12242013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A			F				1FE		4,699,395.00		104.517		4,703,264.91		4,500,000.00		4,684,851.04		18,413.87			(14,544.00	)		—		—			4.1		2.992	JD		7,175.00		92,250.00		8312009		12172013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A			F				??		3,561,600.00		101.74		3,560,900.18		3,500,000.00		3,553,150.12		7,750.06			(8,450.00	)		—		—			2.6		1.842	JJ		40,697.22		—		8312009		1202012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND			F				1FE		6,439,323.00		100.611		6,539,714.48		6,500,000.00		6,443,655.49		96,058.99			4,333.00			—		—			3.3		3.508	JJ		97,716.67		—		8132009		7172014
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A			F				??		4,750,000.00		100.523		4,774,842.50		4,750,000.00		4,750,000.00		24,842.50			—			—		—			11.5		11.663	JAJO		119,871.53		—		10082009		10192012
62864WAB0	EAST LANE RE III LTD CORP BND 144A			F				??		10,000,000.00		107.885		10,788,500.00		10,000,000.00		10,000,000.00		788,500.00			—			—		—			12.254		13.55	FMAN		108,927.82		928,873.00		3132009		3202012
62914AAB8	NIBC BANK NV - GTD CORP BND 144A			F				??		5,088,882.00		100		5,100,000.00		5,100,000.00		5,089,053.83		10,946.17			172.00			—		—			2.8		2.847	JD		11,503.33		—		11242009		12022014
6325C0AR2	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				??		5,717,131.00		107.67		5,858,339.93		5,441,000.00		5,694,504.04		163,835.89			(22,627.00	)		—		—			5.35		3.892	JD		15,363.27		145,547.00		8312009		6122013
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		5,071,300.00		101.107		5,055,350.10		5,000,000.00		5,067,215.27		(11,865.17	)		(4,085.00	)		—		—			3.375		3.05	JJ		81,093.75		—		8312009		7082014
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				??		9,054,500.00		103.254		9,034,737.51		8,750,000.00		9,034,627.57		109.94			(19,872.00	)		—		—			4.2		3.392	MN		49,000.00		183,750.00		8312009		5132014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND 14			F				1FE		15,094,800.00		100.788		15,118,186.50		15,000,000.00		15,084,214.24		33,972.26			(10,586.00	)		—		—			2.65		2.422	FA		147,958.33		—		8312009		8172012
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F				1F		5,000,000.00		100.025		5,001,250.00		5,000,000.00		5,000,000.00		1,250.00			—			—		—			6.25		6.297	JAJO		868.06		—		12152009		1072011
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				??		2,540,825.00		101.354		2,533,849.73		2,500,000.00		2,538,299.84		(4,450.11	)		(2,525.00	)		—		—			0.973		0.514	FMAN		3,376.74		7,403.00		11022009		5112012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND			F				1FE		22,880,250.00		101.486		22,834,350.00		22,500,000.00		22,835,358.20		(1,008.20	)		(44,892.00	)		—		—			2.625		1.975	MN		80,390.63		295,313.00		8312009		5112012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				??		1,996,200.00		99.611		1,992,220.00		2,000,000.00		1,996,530.24		(4,310.24	)		330.00			—		—			1.45		1.548	AO		5,719.44		—		10232009		10202011
822582AA0	SHELL INTL FINAN CORP BND			F				??		3,910,694.00		106.52		4,047,751.75		3,800,000.00		3,845,915.98		201,835.77			(29,134.00	)		—		—			5.625		4.773	JD		2,375.00		213,750.00		9102007		6272011
822582AB8	SHELL INTL FINAN CORP BND			F				1FE		5,398,900.00		107.022		5,351,105.90		5,000,000.00		5,347,278.21		3,827.69			(51,622.00	)		—		—			4.95		1.747	MS		68,062.50		123,750.00		8312009		3222012
833656AH4	SOCIETE FINANCEMENT DE L ECONO SENIOR CO			F				1FE		8,355,060.00		99.126		8,326,583.92		8,400,000.00		8,357,403.53		(30,819.61	)		2,344.00			—		—			2.875		2.991	MS		66,412.50		—		9152009		9222014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		99.815		299,445.28		300,000.00		303,668.72		(4,223.44	)		(21.00	)		—		—			2.9		2.626	AO		1,836.67		—		12162009		10152014
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		103.54		7,144,260.07		6,900,000.00		7,050,981.78		93,278.29			(9,857.00	)		—		—			4.875		4.328	JD		19,621.88		168,188.00		8312009		6102014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND			F				1FE		3,925,166.00		99.723		3,919,113.90		3,930,000.00		3,925,633.88		(6,519.98	)		468.00			—		—			2.875		2.918	MS		33,582.39		—		9092009		9142012
90261XBY7	UBS AG (STAMFORD BRANCH) CORP BND			F				1FE		4,695,950.00		100.714		5,035,692.60		5,000,000.00		4,708,074.52		327,618.08			12,125.00			—		—			5.875		7.003	JJ		135,451.39		—		8312009		7152016
92857TAG2	VODAFONE GROUP PLC CORP BND			F				1FE		5,353,393.00		100.748		5,037,415.85		5,000,000.00		5,014,977.74		22,438.11			(120,168.00	)		—		—			7.75		5.236	FA		146,388.89		387,500.00		2272007		2152010
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				??		2,968,684.00		105.909		3,203,737.23		3,025,000.00		2,984,814.53		218,922.70			13,269.00			—		—			5.4		5.929	AO		40,837.50		163,350.00		12242008		10012012
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				??		984,970.00		101.899		1,013,894.78		995,000.00		991,351.09		22,543.69			4,017.00			—		—			4.375		4.811	MN		5,562.33		43,531.00		5202008		11152010
961214BH5	WESTPAC BANKING SENIOR CORP BND			F				1FE		5,026,350.00		101.426		5,071,306.25		5,000,000.00		5,024,918.12		46,388.13			(1,432.00	)		—		—			4.2		4.092	FA		72,333.33		—		8312009		2272015
9612EAAB1	WESTPAC SECURITIES NZ LTD - ( SENIOR CO			F				??		3,139,587.00		101.113		3,134,502.97		3,100,000.00		3,137,120.76		(2,617.79	)		(2,466.00	)		—		—			3.45		3.167	JJ		45,453.75		—		8312009		7282014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A			F				??		14,959,113.00		103.092		14,948,340.43		14,500,000.00		14,887,282.25		61,058.18			(71,831.00	)		—		—			3.25		1.853	JD		19,635.42		235,625.00		8132009		12162011
BRS4F0R06	DANSKE BANK A/S CORP BND			D				??		1,879,788.00		102.535		1,572,993.18		950,000.00		1,878,429.53		38,308.19			(1,004.00	)		—		(343,744.54	)		6.25		6.087	JUL		41,504.96		97,942.00		5062008		7272010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		??		827,691.00		104.101		672,427.93		400,000.00		827,911.16		26,962.05			60.00			—		(182,445.28	)		6.375		6.387	FA		15,907.37		39,493.00		11282007		8132017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				??		6,545,425.00		106.034		5,650,554.50		3,300,000.00		6,559,836.65		339,243.31			9,101.00			—		(1,248,525.46	)		4.875		4.978	MAR		213,525.20		194,598.00		4222008		3072012
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		15,146,935.00		100.686		15,102,900.75		15,000,000.00		15,137,779.42		(34,878.67	)		(9,155.00	)		—		—			2.5		2.204	MAY		221,875.00		—		9302009		5282013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				??		3,688,345.00		101.012		3,588,619.47		2,200,000.00		3,687,148.51		(2,461.48	)		(1,197.00	)		—		(96,067.56	)		3		2.668	SEP		37,960.04		—		11112009		9092013

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST										DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20			21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				??		4,140,525.00		106.582		3,442,293.06		2,000,000.00		4,141,803.94		213,210.93			361.00			—		(912,721.81	)		5.25		5.193	JAN		164,449.25		155,831.00			11282007		1122012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		17,230,404.00		105.558		17,205,953.84		16,300,000.00		17,142,811.44		63,142.40			(87,593.00	)		—		—			4.375		2.567	JAN		685,392.36		—			8312009		1152013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				??		294,146.00		102.75		308,249.81		300,000.00		298,466.28		9,783.53			1,757.00			—		—			4.75		5.324	NOV		2,335.42		14,250.00			6302007		11022010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		4,099,836.00		103.066		4,225,706.08		4,100,000.00		4,100,141.48		125,564.60			123.00			—		—			3.125		3.099	JUN		69,756.94		138,802.00			7092008		6152011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				??		53,888,500.00		106.775		53,387,497.00		50,000,000.00		53,197,546.40		189,950.60			(690,954.00	)		—		—			5.5		1.305	JUL		1,222,222.22		—			8312009		7212011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				??		28,086,820.00		106.729		28,283,183.94		26,500,000.00		27,898,409.90		384,774.04			(188,410.00	)		—		—			5.125		2.806	MAY		796,012.15		—			8312009		5312012
F4901MJY4	DEXIA MUNICIPAL AGENCY SECURED CORP BND			F				??		693,074.00		100.022		700,154.54		700,000.00		699,865.35		289.19			2,723.00			—		—			4.875		5.218	JAN		32,442.12		34,125.00			6302007		1192010
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		??		2,607,685.00		98.096		2,138,545.37		1,350,000.00		2,616,691.49		(19,061.54	)		4,331.00			—		(459,084.58	)		5.25		5.406	APR		79,959.96		103,626.00			1142008		4212015
G1279MEG7	BP CAPITAL MARKETS PLC CORP BND			D				??		1,383,429.00		100.639		1,137,622.54		700,000.00		1,450,195.26		7,004.17			(1,769.00	)		—		(319,576.89	)		5.75		5.536	FEB		55,025.46		57,809.00			1152008		2262010
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				??		1,890,267.00		103.427		1,503,167.99		900,000.00		1,872,609.19		43,222.28			(8,782.00	)		—		(412,663.48	)		6.8		6.176	NOV		8,784.78		100,919.00			11282007		11292010
G2927DAC4	DUBAI HOLDING COMMERICAL OPERA CORP BND			F				??		8,935,822.00		62.5		6,856,250.00		10,970,000.00		9,193,442.81		(2,337,192.81	)		257,621.00			—		—			0.656		9.402	FMAN		11,987.10		23,796.00			8312009		2012012
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				??		911,019.00		101.01		897,139.59		550,000.00		911,060.50		11,339.09			41.00			—		(25,260.00	)		5.125		5.107	NOV		6,235.42		—			11062009		11112016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				??		5,101,200.00		103.499		5,174,949.65		5,000,000.00		5,089,824.14		85,125.51			(11,376.00	)		—		—			5.5		4.647	JUN		149,722.22		—			8312009		6152012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		??		2,622,227.00		103.226		2,250,378.24		1,350,000.00		2,651,210.85		64,308.21			14,476.00			—		(465,140.82	)		5.75		6.218	JUN		64,565.24		128,205.00			1142008		6272017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				??		2,216,051.00		103.899		2,181,155.85		1,300,000.00		2,200,785.93		23,133.47			(15,265.00	)		—		(42,763.55	)		4		2.441	NOV		10,352.74		87,337.00			6302009		11172011
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		??		1,963,292.00		101.43		1,605,180.02		980,000.00		1,988,183.43		55,128.96			12,008.00			—		(438,132.37	)		4.625		5.35	FA		30,279.87		70,904.00			11282007		2032013
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				??		10,369,700.00		103.392		10,339,199.10		10,000,000.00		10,338,204.02		995.08			(31,496.00	)		—		—			3.5		2.451	JUN		188,611.11		—			8312009		6172013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND			D				??		2,217,335.00		104.108		2,185,537.94		1,300,000.00		2,201,775.15		26,545.56			(15,560.00	)		—		(42,782.77	)		4.125		2.53	NOV		10,913.09		89,943.00			6302009		11142011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				??		1,980,725.00		107.144		1,643,698.62		950,000.00		1,950,883.41		81,435.76			(17,078.00	)		—		(388,620.55	)		5.5		4.437	DEC		5,779.18		85,842.00			3102008		12072011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				??		687,853.00		101.852		712,963.98		700,000.00		694,751.90		18,212.08			2,785.00			—		—			5		5.388	OCT		8,458.33		35,000.00			6302007		10042011
N0265DAF3	ABN AMRO BANK N.V. CORP BND EMTN			D				??		709,150.00		100.333		567,080.35		350,000.00		724,558.70		2,191.33			7,526.00			—		(159,669.68	)		4.875		5.899	JAN		26,119.10		23,826.00			11282007		1202010
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F				??		12,812,172.00		103.71		12,756,329.88		12,300,000.00		12,686,559.78		69,770.10			(125,612.00	)		—		—			5.125		1.945	JAN		623,370.83		—			8312009		1052011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND EMT			F				??		15,921,300.00		107.169		16,075,349.85		15,000,000.00		15,860,646.27		214,703.58			(60,653.00	)		—		—			5		3.526	MAY		468,750.00		—			8312009		5162014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				??		5,441,401.00		108.976		5,448,799.90		5,000,000.00		5,384,842.38		63,957.52			(56,558.00	)		—		—			6		2.398	MAR		229,166.67		—			8312009		3262012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND EMT			F				??		5,478,027.00		103.474		5,484,121.95		5,300,000.00		5,463,211.50		20,910.45			(14,815.00	)		—		—			3.75		2.802	JUL		91,645.83		—			8312009		7152013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN			D				??		813,092.00		100.963		815,197.03		500,000.00		813,267.48		11,313.22			175.00			—		(9,383.67	)		4		4.047	SEP		9,998.80		—			9032009		9102015
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				??		1,733,854.00		101.898		1,439,818.09		875,000.00		1,765,576.38		35,936.21			17,726.00			—		(361,694.50	)		4.625		5.637	AUG		24,528.99		66,005.00			3132008		8172010
N8155ZAC7	SOVRISC CORP BND			F				??		7,162,064.00		102.728		7,190,957.41		7,000,000.00		7,130,227.18		60,730.23			(31,837.00	)		—		—			5.25		3.8	AO		62,270.83		183,750.00			8312009		4302011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR CO			D				??		1,703,032.00		102.373		1,405,197.72		850,000.00		1,741,588.64		47,399.80			19,566.00			—		(383,790.72	)		4.625		5.752	DEC		3,478.56		63,814.00			11282007		12122010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		??		896,199.00		101.835		740,019.53		450,000.00		903,009.87		36,004.31			3,242.00			—		(198,994.65	)		5.5		6.058	DEC		1,423.51		34,827.00			11282007		12192016
030612AB1	AMCAR 06-RM ABS 06-RM A2					2		??		536,856.00		100.969		542,158.61		536,955.51		536,296.18		5,862.43			14.00			—		—			5.42		5.488	MON		2,021.04		29,103.00			5092006		8082011
07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			882,310.00		91.107		803,846.93		882,309.86		882,309.86		(78,462.93	)		—			—		—			0.381		0.382	MON		37.38		4,486.00			8082006		8252036
12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			941,475.00		95.22		896,402.62		941,401.62		941,411.40		(45,008.78	)		(18.00	)		—		—			0.311		0.307	MON		32.56		4,115.00			1292007		5252010
13974AAD4	CARAT ABS 06-SN1A 144A					2		??		—				—		—		—		—			—			—		—			5.31		0	MON		—		(1,762.00	)		0		10202009
23383VDK3	DCAT ABS 06-A A4					2		1FE		1,200,643.00		100.631		1,208,517.40		1,200,933.86		1,200,915.92		7,601.48			26.00			—		—			5.01		5.07	MON		3,843.99		60,167.00			2282006		1082011
23383WAD0	DCAT 06-B ABS 06-B					2		1FE		704,464.00		100.2		718,417.49		716,983.53		714,310.56		4,106.93			5,658.00			—		—			5.38		6.873	MON		2,464.43		38,574.00			9292008		3082011
233875AC7	DCAT 06-C ABS 06-C-A4					2		1FE		2,348,165.00		101.297		2,403,403.06		2,372,632.98		2,367,284.61		36,118.45			2,467.00			—		—			4.98		5.447	MON		7,548.93		118,157.00			7112007		11082011
34528CAE5	FORDO ABS 06-C A4A					2		??		5,565,882.00		102.094		5,729,198.48		5,611,695.74		5,600,063.30		129,135.18			12,422.00			—		—			5.15		5.511	MON		12,844.55		289,002.00			8232007		2152012
34528XAB5	FORDO ABS 08-C A2A					2		??		195,520.00		100.25		198,795.92		198,300.17		197,906.30		889.62			1,446.00			—		—			3.72		5.415	MON		327.86		7,377.00			10062008		1152011
438125AC0	HAROT07-1 ABS 07-1-A3					2		??		1,686,523.00		100.755		1,708,338.37		1,695,532.86		1,694,502.24		13,836.13			2,105.00			—		—			5.1		5.446	MON		3,122.60		86,472.00			8232007		3182011
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		??		2,802,434.00		100.598		2,805,615.82		2,788,930.20		2,792,031.80		13,584.02			(5,657.00	)		—		—			5.46		5.088	MON		4,229.87		152,283.00			9042008		6212010
61746REV9	MSAC ABS 04-H1					2		??		941,018.00		77.032		723,753.43		939,550.16		940,674.93		(216,921.50	)		(130.00	)		—		—			0.971		0.956	MON		101.39		9,569.00			12282009		1252034
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS 07-HE					2	NR*Z*			764,162.00		96.83		739,938.07		764,162.01		764,162.01		(24,223.94	)		—			—		—			0.286		0.286	MON		24.28		3,107.00			1112007		11252036
65475CAD4	NAROT ABS 2006-B A4					2		1FE		474,022.00		100.764		481,930.85		478,278.72		476,646.13		5,284.72			1,495.00			—		—			5.22		5.989	MON		1,109.61		24,966.00			9292008		11152011
65475FAD7	NAROT ABS 08-A A3					2		1FE		960,683.00		101.016		970,556.51		960,791.03		960,767.85		9,788.66			36.00			—		—			3.89		3.927	MON		1,661.10		37,375.00			1152008		8152011
65475XAB2	NAROT ABS 08-B A2					2		??		99,836.00		100.095		99,936.52		99,841.46		99,841.15		95.37			4.00			—		—			3.8		3.835	MON		168.62		3,794.00			6092008		10152010
90327KAB8	USAOT ABS 08-3					2		??		239,206.00		100.075		239,408.40		239,228.74		239,227.49		180.91			18.00			—		—			3.58		3.618	MON		380.64		8,564.00			7152008		3152011
90327LAC4	USAOT ABS 06-4 A3					2		1FE		34,742.00		100.124		34,306.99		34,264.56		34,280.43		26.56			(194.00	)		—		—			5.01		3.842	MON		76.30		1,717.00			2052008		1152010
90327PAC5	USAOT ABS 07-1					2		1FE		2,874,758.00		100.958		2,892,391.77		2,864,950.85		2,867,203.52		25,188.25			(4,426.00	)		—		—			5.43		5.164	MON		6,914.09		155,567.00			9042008		6152010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS 07-B					2		1FE		2,770,088.00		101.816		2,820,463.23		2,770,157.18		2,770,135.62		50,327.61			31.00			—		—			5.28		5.34	MON		6,500.64		146,264.00			9172007		1172012
007036EP7	ARMT WHOLE CMO 04-5 2A1					2	NR*Z*			429,711.00		90.834		397,531.10		437,643.50		430,425.92		(32,894.82	)		600.00			—		—			3.394		3.826	MON		1,237.96		20,908.00			8102007		4252035
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NR*Z*			77,489.00		89.2		70,123.12		78,613.36		77,519.83		(7,396.71	)		11.00			—		—			3.619		3.935	MON		237.11		3,855.00			11302007		11252033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO 05-G-2					2		??		3,364,210.00		78.8		2,688,595.46		3,411,923.17		3,365,340.89		(676,745.43	)		496.00			—		—			4.917		5.196	MON		13,980.51		167,789.00			10192006		8252035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		??		1,717,779.00		89.919		1,574,525.69		1,751,048.93		1,718,538.99		(144,013.30	)		228.00			—		—			4.15		4.619	MON		6,056.24		80,231.00			8132007		11252034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2	NR*Z*			467,286.00		88.299		420,093.49		475,760.84		467,500.50		(47,407.01	)		83.00			—		—			3.634		4.027	MON		1,440.79		20,758.00			8102007		4252034
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO 03-5					2		??		1,605,430.00		88.497		1,443,852.23		1,631,534.68		1,606,068.90		(162,216.67	)		239.00			—		—			3.438		3.841	MON		4,671.27		80,138.00			8142007		2192034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2	NR*Z*			75,893.00		99.751		76,444.90		76,635.78		76,265.86		179.04			260.00			—		—			5.5		6.194	MON		351.25		4,215.00			4042008		9252035
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		??		1,310,141.00		97.125		1,301,764.01		1,340,297.56		1,318,906.16		(17,142.15	)		6,735.00			—		—			4.902		6.433	MON		5,475.13		65,770.00			4172008		10252033
16162WLN7	CHASE WHOLE CMO 05-S2 A2`					2		??		17,747.00		99.723		17,870.73		17,920.42		17,846.50		24.23			70.00			—		—			5.5		6.268	MON		82.14		986.00			4042008		10252035
161630AG3	CHASE CMO 07-A1-2A1					2	NR*Z*			3,575,540.00		90.721		3,302,049.25		3,639,804.95		3,577,203.84		(275,154.59	)		1,806.00			—		—			4.128		4.557	MON		12,519.72		150,347.00			2222007		2252037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		??		1,065,426.00		90.77		982,710.88		1,082,638.40		1,066,134.59		(83,423.71	)		454.00			—		—			4.59		5.028	MON		4,140.82		49,791.00			5172007		2252037
172973XT1	CMSI WHOLE CMO 04-4 A3					2		??		430,033.00		99.281		431,254.68		434,376.76		432,195.13		(940.45	)		1,972.00			—		—			5.25		6.161	MON		1,900.40		22,805.00			4172008		6252034
32051GBD6	FHASI 04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			195,512.00		93		185,810.88		199,796.64		195,792.53		(9,981.65	)		166.00			—		—			3.007		3.549	MON		500.61		8,777.00			8102007		12252034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NR*Z*			2,530,608.00		89		2,278,923.87		2,560,588.62		2,532,779.48		(253,855.61	)		1,786.00			—		—			3.262		3.558	MON		6,960.22		99,570.00			11212007		9252035
466247XG3	JPMMT CMO 05-ALT1-2A1					2		??		1,452,076.00		82.963		1,239,237.92		1,493,717.99		1,452,523.27		(213,285.35	)		448.00			—		—			5.579		6.155	MON		6,944.07		62,661.00			3182009		10252035
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		??		1,101,071.00		93.188		1,015,587.23		1,089,832.04		1,100,596.24		(85,009.01	)		(101.00	)		—		—			6.5		6.275	MON		5,903.26		70,839.00			10032007		2012035
863579AQ1	SARM WHOLE CMO 04-12 3A2					2	NR*Z*			335,065.00		80.36		272,839.30		339,521.20		335,319.24		(62,479.94	)		7.00			—		—			3.249		3.488	MON		919.21		15,328.00			8102007		9252034
863579EK0	SARM WHOLE CMO 04-16 3A1					2	NR*Z*			1,556,484.00		81.748		1,287,124.07		1,574,504.31		1,557,575.62		(270,451.55	)		240.00			—		—			3.049		3.266	MON		4,000.84		76,834.00			8102007		11252034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		??		856,971.00		82.28		719,502.78		874,459.87		860,539.92		(141,037.14	)		(1,013.00	)		—		—			3.269		3.663	MON		2,382.07		35,256.00			8142007		9252033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2	NR*Z*			785,234.00		80.687		647,905.16		802,987.44		786,592.24		(138,687.08	)		1,067.00			—		—			2.963		3.446	MON		1,982.68		31,240.00			8102007		5252034
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		??		1,457,098.00		73.067		1,063,325.76		1,455,279.37		1,456,964.45		(393,638.69	)		(128.00	)		—		—			0.556		0.543	MON		157.31		9,869.00			12152005		8252036
92922F3N6	WAMU 05-A12 WHOLE CMO 05-A12-1A8					2	NR*Z*			4,767,004.00		85.25		4,105,568.44		4,815,916.06		4,767,818.48		(662,250.04	)		319.00			—		—			4.825		5.021	MON		19,365.97		232,426.00			1102008		10252035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		??		1,948,320.00		70.952		1,382,369.72		1,948,320.27		1,948,320.27		(565,950.55	)		—			—		—			0.491		0.492	MON		106.35		12,030.00			12152005		11252045
92922FG44	WASHINGTON MUTUAL WHOLE CMO 2005-AR4 A3					2		??		520,135.00		98.88		531,158.77		537,173.49		534,640.04		(3,481.27	)		6,436.00			—		—			4.585		7.191	MON		2,052.45		24,629.00			8282008		4252035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			910,046.00		92.138		859,106.98		932,409.37		910,695.19		(51,588.21	)		277.00			—		—			3.136		3.623	MON		2,436.68		32,236.00			8102007		6252034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		??		1,583,766.00		76.155		1,204,988.20		1,582,282.12		1,583,612.24		(378,624.04	)		(123.00	)		—		—			0.521		0.51	MON		91.64		10,248.00			12162005		11252030
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		??		2,939,883.00		67.5		2,025,000.00		3,000,000.00		2,950,851.47		(925,851.47	)		(4,061.00	)		—		—			4.821		5.042	MON		12,051.73		144,849.00			3242006		9252035
949781AA6	WFMBS WHOLE CMO 05-AR1					2	NR*Z*			3,449,669.00		86		3,039,223.63		3,533,980.96		3,454,978.33		(415,754.70	)		4,493.00			—		—			4.233		4.848	MON		12,466.83		159,343.00			12052006		2252035
94980RAC1	WFMBS 04-Z CMO 04-Z-2A1					2	NR*Z*			292,216.00		88		259,420.28		294,795.77		292,275.16		(32,854.88	)		34.00			—		—			2.971		3.113	MON		729.79		12,717.00			1142008		12252034
94981NAH8	WFMBS 05-AR4 WHOLE CMO 05-AR4					2	NR*Z*			2,781,574.00		89.2		2,552,863.27		2,861,954.34		2,784,321.62		(231,458.35	)		3,415.00			—		—			4.338		4.997	MON		10,345.30		129,102.00			7192006		4252035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2	NR*Z*			1,112,968.00		92.93		1,052,201.23		1,132,251.40		1,113,595.86		(61,394.63	)		241.00			—		—			3.518		3.892	MON		3,319.78		44,354.00			12152005		6252035
949835AB8	WFMBS CMO 05-AR15 1A2					2		??		5,005,918.00		88.863		4,459,897.51		5,018,857.73		5,006,571.03		(546,673.52	)		(14.00	)		—		—			5.128		5.155	MON		21,449.16		257,233.00			1282008		9252035
02660BAA0	AHMA 07-1 CMO 07-1 A1					2		??		6,716,533.00		61.349		4,235,569.92		6,904,054.35		6,720,505.00		(2,484,935.08	)		(4,016.00	)		—		—			1.244		1.476	MON		7,158.18		143,886.00			10232007		2252047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		??		5,877,619.00		75.723		4,504,386.15		5,948,489.89		5,879,177.32		(1,374,791.17	)		(1,899.00	)		—		—			1.602		1.72	MON		7,939.60		140,034.00			10162007		10252046
02660UAE0	AHMA 06-3 WHOLE CMO 06-3 2A11					2		??		3,752,575.00		69.712		2,651,572.67		3,803,615.84		3,753,876.25		(1,102,303.58	)		(1,213.00	)		—		—			1.572		1.687	MON		4,981.69		88,389.00			2012009		10252046
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2	NR*Z*			1,737,267.00		75.888		1,343,132.42		1,769,899.42		1,738,332.00		(395,199.58	)		603.00			—		—			5.08		5.434	MON		7,493.18		89,921.00			8102007		6252035
07388DAS7	BSARM 06-2 WHOLE CMO 06-2 3A2					2		??		604,830.00		90.319		558,850.22		618,751.44		604,023.56		(45,173.34	)		398.00			—		—			5.75		6.425	MON		2,964.85		35,578.00			8172007		7252036
07389KAA9	BSA 20-701 WHOLE CMO 20-701 1A1					2		??		5,368,291.00		60.889		3,273,296.67		5,375,823.28		5,354,280.49		(2,080,983.82	)		1,413.00			—		—			5.985		6.001	MON		26,812.68		326,732.00			9172007		9252047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		??		309,120.00		74.919		231,879.95		309,506.97		308,987.70		(77,107.75	)		7.00			—		—			2.044		2.052	MON		527.24		8,926.00			8062007		9252035
12668AZL2	CWALT CMO 2005-64CB 1A1					2	NR*Z*			1,252,424.00		94.238		1,203,195.90		1,276,762.40		1,250,418.33		(47,222.43	)		(2,549.00	)		—		—			5.5		5.88	MON		5,851.83		70,226.00			1022008		12252035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2	NR*Z*			559,780.00		84.676		485,103.50		572,893.42		560,351.92		(75,248.42	)		352.00			—		—			3.611		4.051	MON		1,727.91		24,443.00			8102007		11202034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		??		2,083,793.00		80.093		1,704,398.76		2,128,016.24		2,085,454.48		(381,055.72	)		549.00			—		—			4.855		5.245	MON		8,609.78		103,927.00			8102007		8202035
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		??		2,104,833.00		86.98		1,849,130.63		2,125,926.22		2,105,207.47		(256,076.84	)		211.00			—		—			4.348		4.538	MON		7,703.65		100,434.00			5172007		2252037

Validus Holdings, Ltd December 31, 2009 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
											RATE USED
			FOREIGN		BOND		NAIC		ACTUAL		TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR			IMPAIR-		TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC'D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		COST		FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			MENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
161630AQ1	CHASE CMO07-A1 5A1					2		??		535,290.00		89.074		485,220.55		544,737.48		535,655.85		(50,435.30	)		184.00			—		—			4.092		4.488	MON		1,857.60		22,422.00		5082007		2252037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		??		5,295,096.00		80.219		4,207,393.54		5,244,900.40		5,281,734.66		(1,074,341.12	)		(490.00	)		—		—			5.428		5.172	MON		23,724.87		284,670.00		1182008		2012037
23243VAB6	CWALT06-OC7 WHOLE CMO 06-OC7-2A1					2		??		493,088.00		127.059		626,513.99		493,087.66		367,759.05		258,754.94			—			—		—			0.301		0.301	MON		16.50		2,105.00		8172006		7252046
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		??		1,051,727.00		114.361		1,204,733.82		1,053,445.67		1,053,000.31		151,733.51			(952.00	)		—		—			0.331		0.358	MON		38.77		4,819.00		10122007		3252028
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		??		1,888,316.00		82.608		1,620,666.59		1,961,886.56		1,890,887.86		(270,221.27	)		503.00			—		—			5.721		6.572	MON		9,355.60		112,339.00		8162007		12192035
41162DAF6	HVMLT 06-12 CMO 06-12-2A2A					2		??		3,421,057.00		66.897		2,288,600.47		3,421,057.30		3,421,057.30		(1,132,456.83	)		—			—		—			0.423		0.424	MON		442.31		19,263.00		10192006		12192036
41164YAB7	HVMLT07-4 CMO 2007-4-2A1					2		??		1,409,262.00		77.67		1,181,306.20		1,520,935.96		1,408,794.57		(227,488.37	)		(467.00	)		—		—			0.453		1.833	MON		210.58		7,212.00		3182009		7192047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		??		1,202,918.00		89.772		1,101,437.19		1,226,929.20		1,202,764.03		(101,326.84	)		(290.00	)		—		—			5.145		5.539	MON		5,260.96		64,045.00		8132007		8252035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		??		1,078,337.00		90.915		1,034,013.06		1,137,336.08		1,079,629.24		(45,616.18	)		298.00			—		—			5.263		6.55	MON		4,988.54		60,428.00		8162007		9252035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO 2006-A					2		??		1,413,420.00		68.565		969,118.19		1,413,419.57		1,413,419.57		(444,301.38	)		—			—		—			0.451		0.452	MON		70.87		8,195.00		2132006		4252046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2	NR*Z*			805,090.00		91.774		738,287.94		804,461.93		804,903.03		(66,615.09	)		804.00			—		—			5.324		5.285	MON		3,569.31		42,961.00		2062008		7012031
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		??		11,334,033.00		67.746		8,214,251.00		12,125,000.00		11,494,350.23		(3,280,099.23	)		97,516.00			—		—			5.673		6.899	MON		57,321.04		688,213.00		11212007		4252036
52520MBU6	LMT WHOLE CMO 05-2					2	NR*Z*			2,909,216.00		101.912		2,967,071.87		2,911,396.62		2,896,494.69		70,577.18			(1,820.00	)		—		—			5.5		5.508	MON		13,343.90		160,127.00		5192008		12252035
52525BAD4	LXS07-16N LXS07-16N 2A2					2		??		6,979,722.00		71.215		4,990,085.62		7,007,083.35		6,980,332.82		(1,990,247.20	)		(468.00	)		—		—			1.081		1.139	MON		841.82		85,636.00		8302007		9252047
550279BA0	LUM WHOLE CMO 06-2					2		??		1,839,777.00		65.166		1,198,914.46		1,839,777.10		1,839,777.10		(640,862.64	)		—			—		—			0.431		0.432	MON		88.16		10,292.00		2142006		2252046
55027XAA8	LUM06-5 WHOLE CMO 06-5 A1A					2		??		1,146,528.00		64.65		753,234.74		1,165,096.36		1,147,612.78		(394,378.04	)		1,057.00			—		—			0.421		0.596	MON		54.53		6,399.00		8082007		7252036
59024KAX1	MLA07-AF1 WHOLE CMO 07-AF1 AV1					2		??		4,646,100.00		62.376		2,930,903.31		4,698,777.87		4,636,234.39		(1,705,331.08	)		(3,458.00	)		—		—			5.5		5.715	MON		21,534.42		261,475.00		10112007		6252037
61756XAG0	MORGAN STANLEY MTGE LN TR CMO 07-15AR-2A					2		??		2,419,234.00		67.634		1,641,024.00		2,426,347.37		2,419,190.87		(778,166.87	)		(43.00	)		—		—			6.039		6.093	MON		12,211.23		112,573.00		3182009		11252037
749241AA3	RALI07-QH9 WHOLE CMO 07-QH9 A1					2		??		7,278,840.00		72.27		5,242,585.43		7,254,175.31		7,281,126.47		(2,038,541.04	)		(803.00	)		—		—			6.506		6.473	MON		39,330.47		473,804.00		9262007		10012037
75115YAA7	RALI07-Q01 WHOLE CMO 07-Q01 A1					2		??		6,635,092.00		68.467		4,542,823.22		6,635,092.09		6,635,092.09		(2,092,268.87	)		—			—		—			0.381		0.382	MON		281.07		33,737.00		1302007		2252037
761118QM3	RALI WHOLE CMO 05-QO5 A1					2		??		1,923,254.00		67.791		1,317,791.66		1,943,907.93		1,924,070.51		(606,278.85	)		568.00			—		—			1.544		1.649	MON		2,501.44		46,344.00		8032007		1252046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		??		515,711.00		81		425,773.06		525,645.75		516,014.64		(90,241.58	)		66.00			—		—			5.21		5.647	MON		2,282.31		27,373.00		8142007		9252035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		??		1,772,172.00		82.15		1,508,642.06		1,836,448.03		1,776,249.53		(267,607.47	)		1,942.00			—		—			5.19		6.406	MON		7,942.82		95,229.00		8162007		9252035
86361WAA9	SAMI 06-AR8 CMO 06-AR8-A1A					2		??		3,587,934.00		69.458		2,492,122.80		3,587,934.36		3,587,934.36		(1,095,811.56	)		—			—		—			0.431		0.432	MON		171.92		20,072.00		10272006		3252036
86364PAA1	SARM 07-1O WHOLE CMO 07-10 1A1					2		??		6,050,152.00		61.446		3,735,070.23		6,078,645.88		6,050,155.63		(2,315,085.40	)		23.00			—		—			6		6.092	MON		30,393.23		365,891.00		10112007		11252037
86364RAA7	SAMI 07-AR6 WHOLE CMO 07-AR6 A1					2		??		6,099,852.00		78.703		4,812,765.92		6,115,129.24		6,100,380.39		(1,287,614.47	)		(77.00	)		—		—			2.044		2.068	MON		10,416.97		176,367.00		9122007		8252047
92926WAA5	WAMU 07 CMO 07-0A1-A1A					2		??		4,770,826.00		65.859		3,142,021.38		4,770,826.27		4,770,826.27		(1,628,804.89	)		—			—		—			1.244		1.24	MON		5,294.31		99,429.00		2072007		2252047
933635AA2	WAMU 07-OA2 WHOLE CMO07-OA2 1A					2		??		1,447,318.00		66.023		955,562.48		1,447,318.28		1,447,318.28		(491,755.80	)		—			—		—			1.332		1.327	MON		1,606.13		30,164.00		2212007		3252047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		??		674,070.00		66.104		445,588.10		674,070.17		674,070.17		(228,482.07	)		—			—		—			1.464		1.459	MON		822.46		15,531.00		8162006		9252046
93934FEN8	WMALT05-5 WHOLE CMO 05-9-2A2					2		??		5,730,435.00		90.091		5,634,495.20		6,254,226.96		5,747,950.20		(113,455.00	)		(6,610.00	)		—		—			5.5		7.425	MON		28,665.21		343,983.00		12172007		11252035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		??		958,759.00		85.34		838,647.31		982,713.04		959,070.02		(120,422.71	)		222.00			—		—			4.139		4.692	MON		3,389.53		43,762.00		5272008		2252035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NR*Z*			469,096.00		87.563		408,168.92		466,145.81		468,831.03		(60,662.11	)		4.00			—		—			6		5.612	MON		2,330.73		27,969.00		1172008		11012037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		2,593,841.00		101.144		2,720,454.68		2,689,695.59		2,654,578.32		65,876.36			18,096.00			—		—			3.878		5.283	MON		8,692.20		104,306.00		8272008		9112036
161505EA6	CCMSC SENIOR CMBS 00-1					2		1FE		748,356.00		99.911		703,303.94		703,932.90		702,761.26		542.68			(12,971.00	)		—		—			7.757		4.302	MON		4,550.34		54,604.00		11302007		1012010
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		618,062.00		101.786		606,795.00		596,148.44		599,255.62		7,539.38			(13,132.00	)		—		—			7.631		4.351	MON		3,791.01		45,492.00		9042008		6012010
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		102.9		385,874.29		375,000.00		377,420.72		8,453.57			(2,780.00	)		—		—			7.58		6.21	MON		2,368.56		28,954.00		11282007		9152010
22540A3F3	CSFB CMBS 01-CK3					2		??		6,065,487.00		103.915		6,134,964.07		5,903,824.05		5,920,972.30		213,991.77			(49,165.00	)		—		—			6.53		5.766	MON		32,126.64		390,678.00		6292006		4152011
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		826,372.00		103.097		832,450.29		807,447.44		814,950.87		17,499.42			(8,631.00	)		—		—			6.505		4.315	MON		4,377.04		52,524.00		9122008		1012011
22540VC75	CS FIRST BOSTON SENIOR CMBS02-CKP1 A3					2		1FE		4,935,048.00		105.539		5,018,401.80		4,755,000.00		4,821,745.85		196,655.95			(56,853.00	)		—		—			6.439		5.212	MON		25,514.53		306,174.00		12182007		1152012
33736XAB5	FIRST UNION NAT BANK CMBS00-C1 A2					2		1FE		494,823.00		100.111		473,535.23		473,008.63		474,252.87		(717.64	)		(10,994.00	)		—		—			7.841		3.207	MON		3,090.72		37,089.00		4162008		3012010
33736XBZ1	FUNBC SENIOR CMBS01-C2 A2					2		1FE		2,786,570.00		103.645		2,781,649.63		2,683,829.93		2,712,899.40		68,750.23			(29,932.00	)		—		—			6.663		4.442	MON		14,901.97		178,824.00		12212007		2012011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		352,153.00		100.735		352,628.11		350,056.59		349,967.87		2,660.24			(1,304.00	)		—		—			5.673		4.969	MON		1,654.89		19,859.00		7172008		5012010
36158YDC0	GECMC CMBS01-3 A1					2		1FE		216,678.00		102.106		221,189.19		216,627.43		216,460.63		4,728.56			(109.00	)		—		—			5.56		5.519	MON		1,003.70		12,045.00		12212007		3012011
361849EC2	GMACC SUB CMBS 98-C2 D					2		??		14,642.00		99.886		14,454.49		14,471.00		14,630.55		(176.06	)		157.00			—		—			6.5		6.441	MON		78.38		941.00		1252008		5012035
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		480,612.00		103.599		483,479.26		466,684.27		471,316.34		12,162.92			(4,621.00	)		—		—			6.465		4.493	MON		2,514.26		30,171.00		12212007		3012011
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		??		315,872.00		100.191		318,164.88		317,558.66		316,936.86		1,228.02			453.00			—		—			4.433		4.749	MON		1,173.11		14,077.00		3252008		7102039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		584,004.00		102.872		592,081.20		575,550.92		577,989.22		14,091.98			(3,514.00	)		—		—			6.26		5.063	MON		3,002.46		36,029.00		4162008		1012011
46625MLR8	JPMCC 2002-C1 A2					2		??		136,606.00		101.865		140,403.72		137,833.31		137,074.65		3,329.07			334.00			—		—			4.914		5.508	MON		564.43		6,773.00		8272008		7122037
52108HAT1	LBUBS 2000-C3 A2					2		1FE		1,211,840.00		100.131		1,156,031.70		1,154,513.86		1,154,877.23		1,154.47			(26,922.00	)		—		—			7.95		5.605	MON		5,099.10		91,791.00		11262007		5152025
52108HBK9	LBUBS COMM MTG TR CMBS00-C4 A2					2		??		291,455.00		101.503		284,530.48		280,318.69		282,294.77		2,235.71			(4,452.00	)		—		—			7.37		4.215	MON		1,147.75		20,659.00		11302007		6112010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		??		3,613,336.00		101.003		3,484,589.70		3,450,000.00		3,477,593.65		6,996.05			(64,274.00	)		—		—			7.48		5.576	MON		14,336.67		258,060.00		10232007		6152010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		54,736.00		100.581		55,380.45		55,060.30		54,968.42		412.03			97.00			—		—			4.207		4.618	MON		128.69		2,316.00		1252008		11152027
617059JH4	JPMCMFC SENIOR CMBS00-C10 A2					2		??		141,985.00		99.966		139,067.93		139,115.55		139,201.91		(133.98	)		(1,936.00	)		—		—			7.371		4.55	MON		854.52		10,254.00		8272008		3012010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		1,585,388.00		102.61		1,593,843.95		1,553,297.30		1,558,264.92		35,579.03			(8,504.00	)		—		—			7.381		6.329	MON		9,343.75		113,198.00		12212007		1012011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		625,040.00		100.821		637,642.25		632,451.41		628,933.07		8,709.18			2,325.00			—		—			4.69		5.407	MON		2,471.83		29,662.00		7302008		6132041
61746WBF6	MSDWC CMBS01-LIFE A2					2		??		89,837.00		99.915		88,741.25		88,816.91		88,614.23		127.02			(731.00	)		—		—			7.57		5.924	MON		560.29		6,723.00		5202008		1152010
79548CAB2	SBM7 CMBS00-C3 A2					2		1FE		1,344,689.00		101.755		1,334,149.03		1,311,138.67		1,318,031.26		16,117.77			(12,903.00	)		—		—			6.592		4.642	MON		7,202.52		86,430.00		4162008		10012010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		1,486,755.00		100.229		1,436,197.11		1,432,908.87		1,434,746.95		1,450.16			(19,909.00	)		—		—			7.455		4.7	MON		8,901.94		106,823.00		6042007		4012010
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		6,058,664.00		103.464		6,229,028.42		6,020,504.05		6,036,417.53		192,610.89			(10,137.00	)		—		—			5.669		5.378	MON		19,910.74		348,615.00		12212007		12102011
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS 03					2		??		3,375,913.00		101.169		3,514,556.68		3,473,957.93		3,426,405.29		88,151.39			16,852.00			—		—			4.037		5.123	MON		11,686.97		140,244.00		8272008		2152035
02586GAR3	AEIT ABS 08-2 A					2		??		779,996.00		100.386		783,010.80		780,000.00		779,998.73		3,012.07			2.00			—		—			4.02		4.054	MON		1,393.60		31,356.00		8012008		1182011
048312AB8	ACETF ABS 02-1 A2					2		??		305,846.00		102.063		311,121.01		304,833.81		305,325.25		5,795.76			(359.00	)		—		—			4.21		3.988	JAJO		2,531.05		12,834.00		7072008		4202011
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		99.586		1,568,479.48		1,575,000.00		1,557,046.10		11,433.38			11,631.00			—		—			0.363		1.105	MON		270.08		8,651.00		5062008		3152014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS05-A					2		1FE		889,065.00		104.375		899,432.96		861,732.18		875,501.13		23,931.83			(7,944.00	)		—		—			4.97		3.748	FA		17,845.04		42,828.00		2082008		8012012
194262AX9	COLLE02-2 ABS 02-2 A21 144A					2		??		805,000.00		85		850,000.00		1,000,000.00		806,933.51		43,066.49			1,934.00			—		—			0		1.481	MON		—		5,037.00		8252009		3012042
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		938,082.00		103.304		934,925.15		905,027.56		916,634.92		18,290.23			(9,191.00	)		—		—			6.21		4.139	MJSD		156.12		56,202.00		4172008		12302010
429827AB4	HEF10-401 ABS 04-1 A2 144A					2		??		164,000.00		82		164,000.00		200,000.00		164,697.20		(697.20	)		697.00			—		—			4.4		6.374	MON		—		158.00		9102009		1012044
429827AE8	HIGHER EDUCATION FUNDING HEF0 ABS 04-1					2		??		164,000.00		75		150,000.00		200,000.00		164,326.21		(14,326.21	)		326.00			—		—			4.44		6.135	MON		—		230.00		9102009		1012044
429827AF5	HEF10-401 ABS 04-1 A6 144A					2		??		164,000.00		82		164,000.00		200,000.00		164,556.57		(556.57	)		557.00			—		—			4.4		6.106	MON		—		173.00		9102009		1012044
429827AJ7	HIGHER EDUCATION FUNDING HEF0 ABS 04-1					2		??		164,224.00		75		150,000.00		200,000.00		164,745.95		(14,745.95	)		522.00			—		—			4.42		6.077	MON		—		272.00		9102009		1012044
429827AK4	HIGHER EDUCATION FUNDING HEF0 SECURED A					2		??		164,196.00		82		164,000.00		200,000.00		164,868.97		(868.97	)		673.00			—		—			4.45		7.69	MON		—		262.00		9102009		1012044
429827AN8	HEF04-1 ABS 04-1 A13 144A					2		??		164,000.00		75		150,000.00		200,000.00		164,426.83		(14,426.83	)		427.00			—		—			0		0.849	MON		—		—		9102009		1012044
429827AQ1	HEF04-1 ABS 04-1 A15 144A							??		246,000.00		75		225,000.00		300,000.00		246,436.76		(21,436.76	)		437.00			—		—			4.46		5.712	MON		—		333.00		9102009		1012044
575796AE7	MASSACHUSETTS RRB SPECIAL PURP ABS 99-1					2		1FE		355,575.00		101.227		347,240.16		343,032.59		345,228.49		2,011.67			(5,425.00	)		—		—			7.03		3.834	MS		7,100.58		24,115.00		1152008		3152010
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		??		1,993,438.00		99.814		1,996,280.60		2,000,000.00		1,994,089.62		2,190.98			652.00			—		—			1.733		1.872	MON		288.83		8,132.00		9242009		12152016
BRS8WUHY9	SMI ABS 09-1 A3			D		2		??		833,162.00		99.797		821,898.77		510,000.00		832,134.70		(659.75	)		(1,027.00	)		—		(9,576.18	)		5.063		4.332	AO		6,740.14		—		10272009		1212055
3133XR2Y5	FHLB AGENCY BND									16,315,000.00				16,193,788.80		16,000,000.00		16,179,288.00		14,500.91			(135,712.00	)		—		—			3		0.461	JD		26,666.67		240,000.00		8312009		6112010
3133XT7F7	FHLB AGENCY BND									10,084,375.00				10,069,710.20		10,000,000.00		10,055,908.00		13,801.85			(28,467.00	)		—		—			1.375		0.518	FA		47,361.11		—		8312009		8272010
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND									1,575,000.00				1,755,000.00		9,000,000.00		1,575,000.00		180,000.00			—			—		—			0		0	JJ		—		—		8312009		7262010
585510CG3	MELLON FINANCIAL COMPANY CORP BND									6,666,010.00				6,542,685.63		6,500,000.00		6,544,467.00		(1,781.33	)		(121,543.00	)		—		—			6.375		0.747	FA		156,541.67		—		8312009		2152010
500769CF9	KFW INTERNATIONAL FINANCE INC CORP BND			F						8,264,232.00				8153600		8,000,000.00		8,145,761.00		7,838.79			(118,471.00	)		—		—			5		0.595	JD		33,333.33		200,000.00		8312009		6012010
TOTAL														4,869,378,669.55		4,725,630,240.92		4,870,395,323.51		12,759,224.11

Validus Holdings, Ltd December 31, 2009 GAAP short-term investments portfolio in Schedule D format

1		2		3		4	5		6		7	CHANGE IN BOOK/ADJUSTED CARRYING VALUE											12		13	INTEREST
													8	9				10	11								14	15		16		17		18	19		20
																												NON-ADMITTED
			FOREIGN		DATE					GAAP				CURRENT YEAR					TOTAL FX CHG			PAR		ACTUAL		ACCRUED		ACCRUED		INTEREST		EFFECTIVE RATE		HOW	GROSS REC’D		PAID FOR
DESCRIPTION	*		CODE		ACQUIRED		NAME OF VENDOR	MAURITY DATE		BOOK VALUE		UGL		AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			VALUE		COST		INTEREST		INTEREST		RATE		OF INTEREST		PAID	DURING YEAR		ACCRUED INT
UNITED STATES							J.P. MORGAN
TREASURY TBILL CASH						8112009	SECURITIES INC		1282010		5,998,854.00		—		6,022.00			—		—			6,000,000.00		5,992,832.00		—		—		0		0.255	MAT		—		—
UNITED STATES TREASURY TBILL CASH						8192009	BARCLAYS CAPITAL		2182010		16,994,214.00		—		16,130.00			—		—			17,000,000.00		16,978,084.00		—		—		0.51		0.259	MAT		—		—
UNITED STATES							CREDIT SUISSE FIRST
TREASURY TBILL CASH						9282009	BOSTON COR		2252010		2,749,414.00		—		1,001.00			—		—			2,750,000.00		2,748,412.00		—		—		0.139		0.142	MAT		—		—
UNITED STATES TREASURY TBILL CASH						9282009	HSBC SECURITIES INC.		2252010		1,399,691.00		—		528.00			—		—			1,400,000.00		1,399,163.00		—		—		0.145		0.147	MAT		—		—
UNITED STATES TREASURY TBILL CASH						9282009	HSBC SECURITIES INC.		2252010		509,887.00		—		192.00			—		—			510,000.00		509,695.00		—		—		0.234		0.147	MAT		—		—
UNITED STATES							BANC OF AMERICA
TREASURY TBILL CASH						11052009	SECURITIES LLC		5062010		3,448,173.00		—		833.00			—		—			3,450,000.00		3,447,340.00		—		—		0.152		0.155	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12162009	UBS WARBURG LLC		12162010		22,914,257.00		—		3,675.00			—		—			23,000,000.00		22,910,582.00		—		—		0.385		0.391	MAT		—		—
UNITED STATES							J.P. MORGAN
TREASURY TBILL CASH						12302009	SECURITIES INC		12162010		17,928,542.00		—		204.00			—		—			18,000,000.00		17,928,338.00		—		—		0.41		0.416	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12282009	BA SECURITIES		4012010		28,043,023.00		—		233.00			—		—			28,050,000.00		28,042,790.00		—		—		0		0.1	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10232009	DEUTSCHE BANK AG		4152010		4,997,724.00		—		1,465.00			—		—			5,000,000.00		4,996,259.00		—		—		0.157		0.16	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10162009	BARCLAYS CAPITAL		4152010		4,997,833.00		—		1,541.00			—		—			5,000,000.00		4,996,292.00		—		—		0.189		0.152	MAT		—		—
UNITED STATES TREASURY TBILL CASH						10232009	BNP PARIBAS		4222010		399,792.00		—		126.00			—		—			400,000.00		399,666.00		—		—		0.169		0.171	MAT		—		—
UNITED STATES TREASURY TBILL CASH						11122009	UBS WARBURG LLC		5132010		9,994,297.00		—		2,115.00			—		—			10,000,000.00		9,992,182.00		—		—		0.155		0.158	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12042009	DEUTSCHE BANK AG		5272010		5,995,924.00		—		697.00			—		—			6,000,000.00		5,995,226.00		—		—		0		0.168	MAT		—		—
UNITED STATES TREASURY TBILL CASH						12292009	BARCLAYS CAPITAL		6172010		5,994,433.00		—		67.00			—		—			6,000,000.00		5,994,367.00		—		—		0.2		0.203	MAT		—		—
HONEYWELL INTERNATIONAL INC CORP BND						3062009	Various		3012010		2,210,185.00		—		(99,696.00	)		—		—			2,190,000.00		2,309,881.00		54,750.00		—		7.5		1.794	MS		82,125.00		4,563.00
CITI-INSTITUTION LIQ FUND USD STIF FUND						12292009			12/31/2059		1,178,772.00		—		2,185.00			—		—			1,178,772.00		1,178,772.00		—		—							—		—
CITIFUNDS INST CASH RESERVE STIF FUND						12282009			12/31/2059		2,111,850.00		—		663.00			—		—			2,111,850.00		2,111,850.00		—		—							—		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID						12312009			12/31/2059		268,367,559.87		—		19,091.00			—		—			268,367,559.87		268,367,559.87		—		—							—		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND						12312009			12/31/2059		9,820,557.00		—		5,318.00			—		—			9820556.52		9,820,557.00		—		—							—		—
GOLDMAN SACHS PLUS DOLLIQ						12312009			12/31/2059		16,606,586.00		—		16,305.00			—		—			16,606,586.05		16,606,586.00		—		—							—		—
ML INST LIQ FUND — AGENCY OPEN_END FUND						12312009			12/31/2059		5,047,545.59		—		253,775.00			—		(865,508.24	)		2,587,297.49		5,047,545.59		—		—							—		—
BONY CASH RESERVE CASH RESERVE FUND						12312009			12/31/2059		44,922,572.00		—		14,993.00			—		—			44,922,572.00		44,922,572.00		—		—							—		—
											482,631,685.46		—		247,463.00			—		(865,508.24	)		480,345,193.93		482,696,551.46

Validus Holdings, Ltd December 31, 2009 GAAP other investments portfolio in Schedule D format

1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				942009		24,956,418.41		25,670,234.09		24,956,418.41		713,815.68		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				942009		17.00		17.30		17.00		0.30		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				942009		8,803,584.99		9,716,859.75		8,803,584.99		913,274.76		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				942009		17,203.14		19,209.95		17,203.14		2,006.81		—		—		—		—		—		—
MFS MERIDIAN US GOVERNMENT BOND FUND				942009		1,846,092.99		1,862,729.39		1,846,092.99		16,636.40		—		—		—		—		—		—
MFS MERIDIAN GLOBAL TOTAL RETURN FUND				942009		114,276.48		121,510.97		114,276.48		7,234.49		—		—		—		—		—		—
MFS MERIDIAN US VALUE FUND				942009		203,403.74		224,913.14		203,403.74		21,509.40		—		—		—		—		—		—
						35,940,996.75		37,615,474.59		35,940,996.75		1,674,477.84