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): May 6, 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.)

29 Richmond Road, Pembroke, Bermuda HM 08
(Address of principal executive offices)

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

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

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

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

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

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

TABLE OF CONTENTS

EX-99.1

Item 2.02 Results of Operations and Financial Condition.

     On May 6, 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 May 6, 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: May 6, 2010

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

EX-99.1

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128X2TM7	FHLMC AGENCY BND						1		16,521,334.00		109.859		16,368,991.15		14,900,000.00		16,322,530.22		46,460.93			(87,697.00	)		—		—		5		2.376	JJ		126,236.00		372,500.00		11/30/2009		1/30/2014
3128X4KF7	FHLMC AGENCY BND MTN						1		1,026,720.00		104.86		1,021,181.48		1,000,000.00		1,004,837.53		16,343.95			(2,498.00	)		—		—		4.75		3.708	MS		1,188.00		23,750.00		12/28/2007		9/22/2010
3128X8A93	FHLMC AGENCY BND						1		1,249,688.00		99.412		1,251,900.00		1,250,000.00		1,249,778.21		2,121.79			26.00			—		—		2.05		2.059	MN		9,965.00		—		5/7/2009		5/11/2012
3128X9C40	FHLMC AGENCY BND				1		1		6,000,000.00		99.804		5,988,240.06		6,000,000.00		6,000,000.00		(11,759.94	)		—			—		—		2.125		2.125	FA		12,396.00		—		2/17/2010		8/26/2013
3128X9JT8	FHLMC AGENCY BND				1		1		19,975,207.00		100.152		20,030,400.00		20,000,000.00		19,976,361.03		54,038.97			1,154.00			—		—		2		2.047	MN		162,222.00		—		2/19/2010		11/5/2012
3128X9KL3	FHLMC AGENCY BND MTN				1		1		57,629,827.00		99.993		57,495,972.70		57,500,000.00		57,582,693.98		(86,721.28	)		(33,554.00	)		—		—		2		1.755	MN		466,389.00		—		2/19/2010		11/5/2010
3128X9M23	FHLMC AGENCY BND				1		1		747,525.00		99.623		747,172.51		750,000.00		747,551.04		(378.53	)		26.00			—		—		2.2		2.293	MS		642.00		—		3/12/2010		12/17/2013
3128X9ZK9	FHLMC AGENCY BND				1		1		6,000,000.00		99.776		5,986,560.06		6,000,000.00		6,000,000.00		(13,439.94	)		—			—		—		1.8		1.8	FA		10,800.00		—		2/17/2010		2/25/2013
31331G4J5	FFCB AGENCY BND						1		1,747,402.00		99.865		1,747,637.47		1,750,000.00		1,747,580.80		56.67			151.00			—		—		2.3		2.342	MS		3,131.00		10,063.00		12/14/2009		9/3/2013
31331G4W6	FFCB AGENCY BND						1		13,999,300.00		99.907		13,986,979.72		14,000,000.00		13,999,374.55		(12,394.83	)		56.00			—		—		1.83		1.832	JD		83,977.00		—		11/24/2009		12/3/2012
31331GJ42	FFCB AGENCY BND				1		1		1,011,670.00		100.657		1,006,570.81		1,000,000.00		1,006,264.00		306.81			(4,033.00	)		—		—		2.4		0.751	FA		2,933.00		12,000.00		11/30/2009		8/17/2010
31331GVD8	FFCB AGENCY BND						1		3,381,186.00		100.96		3,422,542.47		3,390,000.00		3,383,114.97		39,427.50			542.00			—		—		2.2		2.27	AO		35,840.00		—		5/4/2009		4/8/2013
31331GX46	FFCB AGENCY BND				1		1		10,996,700.00		100.538		11,059,172.96		11,000,000.00		10,997,081.05		62,091.91			195.00			—		—		2.6		2.608	AO		138,233.00		—		10/1/2009		10/7/2013
31331TKB6	FFCB AGENCY BND						1		11,187,396.00		104.38		11,023,560.00		10,800,000.00		10,890,416.15		133,143.85			(37,602.00	)		—		—		4.1		2.662	MN		180,810.00		—		3/25/2008		11/4/2010
31331Y3X6	FFCB AGENCY BND						1		999,000.00		105.533		1,057,686.71		1,000,000.00		999,404.99		58,281.72			61.00			—		—		3.95		3.977	JJ		7,461.00		19,750.00		7/30/2008		7/23/2012
31331YNJ5	FFCB AGENCY BND						1		803,264.00		103.679		819,682.06		800,000.00		801,061.12		18,620.94			(325.00	)		—		—		3.5		3.33	JJ		5,678.00		14,000.00		7/7/2008		1/18/2011
31331YR51	FFCB AGENCY BND						1		990,190.00		106.269		1,062,687.68		1,000,000.00		993,480.48		69,207.20			481.00			—		—		4		4.224	MN		14,444.00		—		7/7/2008		5/21/2013
3133XDTA9	FHLB AGENCY BND						1		8,166,480.00		105.285		8,240,153.68		8,000,000.00		8,040,202.92		199,950.76			(14,153.00	)		—		—		4.75		4.006	JD		117,167.00		—		12/10/2007		12/10/2010
3133XG3W2	FHLB AGENCY BND						1		797,393.00		108.131		795,997.58		750,000.00		767,610.28		28,387.30			(3,430.00	)		—		—		5.6		3.647	JD		10,850.00		—		1/3/2008		6/28/2011
3133XH2V3	FHLB AGENCY BND						1		10,591,325.00		106.169		10,616,899.90		10,000,000.00		10,550,287.56		66,612.34			(41,038.00	)		—		—		5		1.362	AO		233,333.00		—		2/19/2010		10/13/2011
3133XHPH9	FHLB AGENCY BND						1		15,929,628.00		106.342		15,951,300.45		15,000,000.00		15,869,042.93		82,257.52			(60,585.00	)		—		—		4.875		1.276	MN		270,156.00		—		2/19/2010		11/18/2011
3133XSP93	FHLB AGENCY BND						1		19,262,688.00		103.283		19,071,205.40		18,465,000.00		19,199,446.03		(128,240.63	)		(47,245.00	)		—		—		3.125		2.004	JD		173,109.00		—		12/3/2009		12/13/2013
3133XTHN9	FHLB AGENCY BND						1		1,002,966.00		99.947		1,004,926.79		1,000,000.00		1,001,114.24		3,812.55			(512.00	)		—		—		1.25		1.041	AO		5,799.00		—		5/7/2009		10/14/2010
3133XUE41	FHLB AGENCY BND						1		12,098,988.00		100.853		12,102,360.48		12,000,000.00		12,092,620.39		9,740.09			(6,368.00	)		—		—		1.75		1.421	FA		22,750.00		121,917.00		1/28/2010		8/22/2012
3133XVCB5	FHLB AGENCY BND				1		1		15,620,248.00		100.316		15,674,375.31		15,625,000.00		15,615,174.64		59,200.67			(4,036.00	)		—		—		1.9		1.796	AO		136,892.00		—		11/20/2009		10/15/2010
3133XVD32	FHLB AGENCY BND						1		7,883,953.00		100.027		7,902,110.09		7,900,000.00		7,886,301.47		15,808.62			1,289.00			—		—		2		2.07	AO		71,100.00		—		10/9/2009		10/19/2012
3133XWE70	FHLB AGENCY BND						1		7,690,298.00		99.957		7,696,721.34		7,700,000.00		7,690,865.50		5,855.84			511.00			—		—		2.5		2.53	JD		55,611.00		—		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND						1		9,981,800.00		99.724		9,972,399.90		10,000,000.00		9,982,436.90		(10,037.00	)		637.00			—		—		1.625		1.686	MS		4,965.00		13,993.00		2/18/2010		3/20/2013
3133XXPV3	FHLB AGENCY BND						1		9,996,400.00		99.783		9,978,299.70		10,000,000.00		9,996,435.85		(18,136.15	)		36.00			—		—		1.125		1.142	MN		3,750.00		—		3/18/2010		5/18/2012
31359MA45	FNMA AGENCY BND						1		37,710,510.00		110.162		37,895,731.44		34,400,000.00		37,642,395.71		253,335.73			(68,114.00	)		—		—		5		2.972	AO		793,111.00		—		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY NT						1		15,424,317.00		101.94		15,779,019.70		14,800,000.00		15,403,206.37		375,813.33			(21,110.00	)		—		—		4.625		3.225	MN		285,208.00		—		2/19/2010		5/1/2013
3137EABK4	FHLMC AGENCY BND						1		8,988,030.00		102.627		9,206,009.46		9,000,000.00		8,995,826.36		210,183.10			984.00			—		—		2.75		2.796	AO		116,875.00		—		4/3/2008		4/11/2011
3137EABX6	FHLMC AGENCY BND						1		24,537,059.00		101.119		24,774,155.74		24,500,000.00		24,536,108.12		238,047.62			(951.00	)		—		—		2.5		2.459	JJ		142,917.00		—		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND						1		12,134,160.00		100.988		12,118,558.92		12,000,000.00		12,124,658.95		(6,100.03	)		(9,501.00	)		—		—		1.75		1.271	JD		61,833.00		—		1/28/2010		6/15/2012
31398AD33	FNMA AGENCY BND				1		1		16,294,213.00		100.154		16,195,902.05		16,171,000.00		16,287,314.98		(91,412.93	)		(6,898.00	)		—		—		2.125		1.234	JJ		63,000.00		—		3/10/2010		1/25/2011
31398AD90	FNMA AGENCY BND				1		1		20,067,643.00		99.995		19,999,000.60		20,000,000.00		20,059,508.20		(60,507.60	)		(8,134.00	)		—		—		2.05		1.686	JJ		71,750.00		—		2/19/2010		1/28/2011
31398AE24	FNMA AGENCY BND						1		2,995,680.00		100.128		3,003,839.94		3,000,000.00		2,995,944.44		7,895.50			264.00			—		—		1.75		1.798	FA		5,688.00		5,396.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND						1		22,248,348.00		108.284		22,739,639.37		21,000,000.00		22,099,548.62		640,090.75			(53,021.00	)		—		—		4.75		2.667	MN		365,750.00		—		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND						1		4,991,950.00		99.792		4,989,600.00		5,000,000.00		4,992,053.13		(2,453.13	)		103.00			—		—		1.75		1.803	MN		3,889.00		—		3/11/2010		5/7/2013
31398AUZ3	FNMA AGENCY BND						??		15,153,626.00		99.233		15,048,684.75		15,165,000.00		15,154,632.24		(105,947.49	)		584.00			—		—		3.22		3.233	JJ		86,811.00		244,157.00		11/24/2009		1/27/2016
31398AZY1	FHLMC AGENCY BND				1		1		9,077,850.00		100.109		9,009,810.81		9,000,000.00		9,051,476.85		(41,666.04	)		(20,821.00	)		—		—		3.125		2.171	MN		110,156.00		—		12/7/2009		11/10/2010
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED						??		1,646,955.00		108.391		1,625,864.99		1,500,000.00		1,644,598.28		(18,733.29	)		(2,357.00	)		—		—		4.95		3.07	MN		28,050.00		—		2/23/2010		11/15/2015
742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND						1		4,296,173.00		100.468		4,320,124.09		4,300,000.00		4,296,568.25		23,555.84			212.00			—		—		3.05		3.069	AO		66,304.00		—		9/22/2009		10/15/2014
880591CW0	TENN VALLEY AUTH BD 98-C						1		1,302,900.00		112.063		1,296,568.96		1,157,000.00		1,300,186.38		(3,617.42	)		(2,714.00	)		—		—		6		1.687	MS		3,085.00		34,710.00		3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND						1		4,539,760.00		113.287		4,460,559.68		4,000,000.00		4,437,912.93		22,646.75			(49,866.00	)		—		—		6.79		1.575	MN		96,569.00		—		9/25/2009		5/23/2012
912803AT0	UNITED STATES TREASURY STRIPS PO						1		873,278.00		63.324		983,580.00		1,500,000.00		943,686.93		39,893.07			10,740.00			—		—		0		4.631	MAT		—		—		7/24/2008		5/15/2020
912828FL9	UNITED STATES TREASURY GOVT IBND TIPS						1		6,219,885.00		117.405		6,339,893.00		5,400,000.00		6,221,879.19		118,013.81			(16,111.00	)		—		—		2.5		1.274	JJ		30,410.00		72,278.00		10/15/2009		7/15/2016
912828FU9	UNITED STATES TREASURY GOVT BND						1		5,099,609.00		105.623		5,069,904.43		4,800,000.00		4,932,631.84		137,272.59			(21,356.00	)		—		—		4.5		2.606	MS		590.00		108,000.00		7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND						1		4,230,469.00		107.676		4,242,959.88		4,000,000.00		4,113,174.26		129,785.62			(17,399.00	)		—		—		4.625		2.775	AO		77,761.00		—		7/15/2008		10/31/2011
912828GA2	UNITED STATES TREASURY GOVT BND						1		3,197,109.00		106.108		3,183,240.06		3,000,000.00		3,105,611.52		77,628.54			(15,360.00	)		—		—		4.5		2.331	MN		45,247.00		—		9/30/2008		11/30/2011
912828GC8	UNITED STATES TREASURY GOVT BND						1		3,286,406.00		106.512		3,195,360.03		3,000,000.00		3,134,408.21		60,951.82			(18,785.00	)		—		—		4.625		2.004	JD		34,879.00		—		3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND						1		5,394,141.00		107.001		5,350,049.60		5,000,000.00		5,195,818.42		154,231.18			(25,746.00	)		—		—		4.75		2.55	JJ		39,365.00		118,750.00		4/17/2008		1/31/2012
912828GX2	UNITED STATES TREASURY GOVT BND TIPS						1		8,302,250.00		115.119		8,403,684.12		7,300,000.00		8,304,734.76		98,949.36			(21,647.00	)		—		—		2.625		1.351	JJ		42,061.00		99,968.00		10/15/2009		7/15/2017
912828HK9	UNITED STATES TREASURY GOVT BND						1		16,403,320.00		105.299		17,372,520.33		16,500,000.00		16,446,206.39		926,313.94			4,751.00			—		—		3.375		3.504	MN		186,645.00		—		12/7/2007		11/30/2012
912828HT0	UNITED STATES TREASURY GOVT BND						1		10,113,359.00		103.495		10,349,500.30		10,000,000.00		10,067,909.23		281,591.07			(5,534.00	)		—		—		2.75		2.507	FA		23,913.00		137,500.00		3/5/2008		2/28/2013
912828HX1	UNITED STATES TREASURY GOVT BND						1		2,158,178.00		100.156		2,178,392.96		2,175,000.00		2,174,292.46		4,100.50			2,196.00			—		—		2.125		2.536	AO		19,407.00		—		5/22/2008		4/30/2010
912828HY9	UNITED STATES TREASURY GOVT BND						1		9,875,391.00		104.543		10,454,299.20		10,000,000.00		9,919,542.22		534,756.98			6,129.00			—		—		3.125		3.402	AO		131,215.00		—		5/30/2008		4/30/2013
912828JA9	UNITED STATES TREASURY GOVT BND						1		1,002,109.00		100.402		1,004,020.00		1,000,000.00		1,000,147.64		3,872.36			(330.00	)		—		—		2.625		2.512	MN		8,847.00		—		6/5/2008		5/31/2010
912828JB7	UNITED STATES TREASURY GOVT BND						1		759,111.00		105.666		792,495.06		750,000.00		755,964.31		36,530.75			(442.00	)		—		—		3.5		3.234	MN		8,798.00		—		6/4/2008		5/31/2013
912828JC5	UNITED STATES TREASURY GOVT BND						1		2,017,344.00		100.672		2,013,439.94		2,000,000.00		2,002,241.27		11,198.67			(2,241.00	)		—		—		2.875		2.419	JD		14,454.00		—		7/11/2008		6/30/2010
912828JD3	UNITED STATES TREASURY GOVT BND						1		14,621,953.00		105.24		15,259,799.71		14,500,000.00		14,582,182.24		677,617.47			(5,975.00	)		—		—		3.375		3.19	JD		123,020.00		—		7/21/2008		6/30/2013
912828JF8	UNITED STATES TREASURY GOVT BND						1		2,007,969.00		100.855		2,017,100.06		2,000,000.00		2,001,365.00		15,735.06			(1,006.00	)		—		—		2.75		2.543	JJ		9,116.00		27,500.00		8/1/2008		7/31/2010
912828JH4	UNITED STATES TREASURY GOVT BND						1		304,359.00		103		309,000.00		300,000.00		303,807.65		5,192.35			(95.00	)		—		—		4		3.821	FA		1,492.00		6,000.00		9/30/2008		8/15/2018
912828JL5	UNITED STATES TREASURY GOVT BND						1		3,026,367.00		100.863		3,025,890.21		3,000,000.00		3,006,724.15		19,166.06			(3,318.00	)		—		—		2		1.546	MS		164.00		30,000.00		10/8/2008		9/30/2010
912828JM3	UNITED STATES TREASURY GOVT BND						1		57,812,569.00		104.285		59,025,312.27		56,600,000.00		57,577,851.37		1,447,460.90			(50,350.00	)		—		—		3.125		2.603	MS		4,833.00		884,375.00		2/19/2010		9/30/2013
912828JQ4	UNITED STATES TREASURY GOVT BND						1		124,544,328.00		102.9		124,714,802.43		121,200,000.00		124,426,323.08		288,479.35			(100,109.00	)		—		—		2.75		1.972	AO		1,400,959.00		—		2/19/2010		10/31/2013
912828KD1	UNITED STATES TREASURY GOVT BND						1		3,274,551.00		92.812		3,248,419.86		3,500,000.00		3,276,692.65		(28,272.79	)		2,142.00			—		—		2.75		3.596	FA		11,965.00		—		2/23/2010		2/15/2019
912828KN9	UNITED STATES TREASURY GOVT BND						1		78,676,715.00		98.792		79,033,600.00		80,000,000.00		78,711,414.15		322,185.85			34,700.00			—		—		1.875		2.291	AO		629,834.00		—		2/19/2010		4/30/2014
912828KS8	UNITED STATES TREASURY GOVT BND						1		17,644,834.00		98.305		17,596,595.00		17,900,000.00		17,649,341.03		(52,746.03	)		4,507.00			—		—		2.625		2.884	FA		40,859.00		234,938.00		2/19/2010		2/29/2016
912828KU3	UNITED STATES TREASURY GOVT BND						1		2,519,533.00		100.426		2,540,778.05		2,530,000.00		2,523,811.46		16,966.59			1,244.00			—		—		0.875		1.087	MN		7,420.00		—		6/5/2009		5/31/2011
912828KX7	UNITED STATES TREASURY GOVT BND						1		62,642,999.00		101.632		62,579,901.54		61,575,000.00		62,566,063.51		13,838.03			(76,936.00	)		—		—		1.875		1.134	JD		339,381.00		—		3/23/2010		6/15/2012
912828KY5	UNITED STATES TREASURY GOVT BND						1		22,424,668.00		101.486		22,428,406.00		22,100,000.00		22,379,539.04		48,866.96			(15,575.00	)		—		—		2.625		2.311	JD		145,833.00		—		7/8/2009		6/30/2014
912828LC2	UNITED STATES TREASURY GOVT BND						1		6,231,853.00		101.375		6,183,874.52		6,100,000.00		6,223,446.49		(39,571.97	)		(6,688.00	)		—		—		2.625		2.133	JJ		26,540.00		80,063.00		12/11/2009		7/31/2014
912828LG3	UNITED STATES TREASURY GOVT BND						1		1,193,863.00		100.513		1,206,156.10		1,200,000.00		1,195,829.17		10,326.93			766.00			—		—		1		1.264	JJ		1,989.00		6,000.00		8/10/2009		7/31/2011
912828LH1	UNITED STATES TREASURY GOVT BND						1		26,362,136.00		101.227		26,319,019.22		26,000,000.00		26,340,305.26		(21,286.04	)		(21,831.00	)		—		—		1.75		1.19	FA		56,561.00		227,500.00		2/10/2010		8/15/2012
912828LK4	UNITED STATES TREASURY GOVT BND						1		2,097,047.00		100.234		2,104,913.87		2,100,000.00		2,097,370.67		7,543.20			173.00			—		—		2.375		2.394	FA		4,360.00		24,938.00		10/23/2009		8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND						1		31,558,630.00		100.134		31,642,344.94		31,600,000.00		31,564,882.52		77,462.42			3,350.00			—		—		1.375		1.42	AO		200,538.00		—		10/1/2009		10/15/2012
912828LW8	UNITED STATES TREASURY GOVT BND						1		13,818,328.00		100.404		13,855,751.86		13,800,000.00		13,814,170.32		41,581.54			(2,310.00	)		—		—		1		0.931	MS		377.00		69,000.00		10/20/2009		9/30/2011
912828LZ1	UNITED STATES TREASURY GOVT BND						1		4,684,167.00		98.677		4,657,554.50		4,720,000.00		4,686,162.17		(28,607.67	)		1,708.00			—		—		2.125		2.288	MN		33,617.00		—		12/16/2009		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND						1		43,530,506.00		99.134		43,440,520.11		43,820,000.00		43,557,963.81		(117,443.70	)		23,503.00			—		—		1.125		1.351	JD		144,913.00		—		12/16/2009		12/15/2012
912828ME7	UNITED STATES TREASURY GOVT BND						1		5,069,531.00		100.722		5,036,100.00		5,000,000.00		5,067,299.51		(31,199.51	)		(2,232.00	)		—		—		2.625		2.321	JD		33,173.00		—		1/27/2010		12/31/2014
912828MG2	UNITED STATES TREASURY GOVT BND						1		63,131,098.00		99.672		62,793,358.11		63,000,000.00		63,125,938.10		(332,579.99	)		(5,160.00	)		—		—		1.375		1.302	JJ		181,865.00		—		2/9/2010		1/15/2013
912828MH0	UNITED STATES TREASURY GOVT BND						1		136,430,595.00		98.911		135,804,807.11		137,300,000.00		136,457,426.42		(652,619.31	)		26,831.00			—		—		2.25		2.385	JJ		512,030.00		—		2/2/2010		1/31/2015
912828MJ6	UNITED STATES TREASURY GOVT BND						1		20,303,328.00		99.881		20,275,842.38		20,300,000.00		20,303,058.44		(27,216.06	)		(270.00	)		—		—		0.875		0.867	JJ		29,441.00		—		1/25/2010		1/31/2012
912828MM9	UNITED STATES TREASURY GOVT BND						1		4,999,431.00		99.862		4,993,100.00		5,000,000.00		4,999,523.43		(6,423.43	)		71.00			—		—		0.75		0.756	MN		12,569.00		—		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND						1		155,384,801.00		99.534		154,725,598.33		155,450,000.00		155,387,895.81		(662,297.48	)		3,095.00			—		—		1.375		1.389	FA		265,704.00		—		3/4/2010		2/15/2013
912828MQ0	UNITED STATES TREASURY GOVT BND						1		164,872,674.00		99.786		164,646,904.95		165,000,000.00		164,874,257.28		(227,352.33	)		1,583.00			—		—		0.875		0.915	FA		125,543.00		—		3/22/2010		2/29/2012
912828MR8	UNITED STATES TREASURY GOVT BND						1		8,529,247.00		99.297		8,440,244.75		8,500,000.00		8,528,794.98		(88,550.23	)		(452.00	)		—		—		2.375		2.302	FA		17,554.00		—		2/26/2010		2/28/2015
912828MS6	UNITED STATES TREASURY GOVT BND						1		10,972,500.00		98.439		10,828,290.33		11,000,000.00		10,972,739.18		(144,448.85	)		239.00			—		—		3		3.04	FA		28,696.00		—		3/3/2010		2/28/2017
912828MU1	UNITED STATES TREASURY GOVT BND						1		19,628,734.00		99.949		19,639,977.90		19,650,000.00		19,628,765.59		11,212.31			32.00			—		—		1		1.052	MS		534.00		—		3/30/2010		3/31/2012
912828MW7	UNITED STATES TREASURY GOVT BND						1		8,585,459.00		99.715		8,575,489.66		8,600,000.00		8,585,470.77		(9,981.11	)		12.00			—		—		2.5		2.533	MS		1,168.00		—		3/30/2010		3/31/2015
01N042641	GNMA TBA MBS				2		1		3,320.00		101.156		0.00		—		3,320.31		(3,320.31	)		—			—		—		4.5		4.25	MON		—		—		3/31/2010		4/1/2039
36202KME2	GNMA POOL # 008457				2		1		610,515.00		102.84		608,069.29		602,048.80		610,193.00		(2,123.71	)		(90.00	)		—		—		3.625		3.219	MON		1,819.00		5,456.00		3/18/2009		7/20/2024

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7			FAIR VALUE					10			11			CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5							8		9									12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC		ACTUAL			RATE USED TO OBTAIN		GAAP FAIR						GAAP						CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36204J4C7	GNMA POOL # 371719					2		1		622,189.00			106.75		635,273.38			585,589.75			620,062.67			15,210.71			(351.00	)		—		—			6.5		5.022	MON		3,172.00		9,516.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737					2		1		555,885.00			107.235		570,122.23			523,186.20			553,985.14			16,137.09			(311.00	)		—		—			6.5		4.964	MON		2,834.00		8,502.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611					2		1		674,115.00			106.75		688,291.68			634,461.58			671,912.97			16,378.71			(340.00	)		—		—			6.5		4.942	MON		3,437.00		10,310.00		9/11/2008		4/15/2024
3620A2KC9	GNMA POOL # 716791					2		1		2,388,844.00			0		2,407,694.49			2,259,621.47			2,387,146.20			20,548.29			(815.00	)		—		—			5		3.08	MON		9,415.00		28,245.00		9/29/2009		4/15/2024
3620A55Q8	GNMA POOL # 720055					2		1		—			100.142		—			—			—			—			—			—		—			4.5		0	MON		1,218.00		—		6/18/2009		6/15/2039
3620A56N4	GNMA POOL # 720077					2		1		—			100.02		—			—			—			—			—			—		—			4.5		0	MON		1,082.00		—		6/18/2009		6/15/2039
3620A6AC1	GNMA POOL # 720103					2		1		894,705.00			100.142		891,402.54			879,317.36			894,491.97			(3,089.43	)		(48.00	)		—		—			4.5		4.237	MON		3,297.00		9,892.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220					2		??		2,035,436.00			106.553		2,064,926.95			1,937,934.11			2,033,807.98			31,118.97			(603.00	)		—		—			5		3.338	MON		8,075.00		24,224.00		7/29/2009		7/15/2024
3620ADCM2	GNMA POOL # 726476					2		1		17,197,903.00			0		17,096,547.70			16,325,508.94			17,183,108.00			(86,560.30	)		(6,155.00	)		—		—			4.5		3.093	MON		61,221.00		183,662.00		12/8/2009		11/15/2024
36210B4N2	GNMA POOL # 487829					2		1		794,886.00			102.844		804,277.70			768,005.51			793,886.39			10,391.31			(202.00	)		—		—			4.5		3.49	MON		2,880.00		8,640.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831					2		1		184,060.00			0		185,512.31			174,103.32			183,935.28			1,577.03			(60.00	)		—		—			5		2.999	MON		725.00		2,176.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832					2		1		749,634.00			104.229		764,361.61			717,353.43			748,551.63			15,809.98			(189.00	)		—		—			5		3.444	MON		2,989.00		8,967.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744					2		1		1,136,940.00			0		1,145,912.32			1,075,438.80			1,136,167.82			9,744.50			(372.00	)		—		—			5		2.984	MON		4,481.00		13,443.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745					2		1		1,033,346.00			0		1,041,500.12			977,447.95			1,032,650.38			8,849.74			(337.00	)		—		—			5		2.968	MON		4,073.00		12,218.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779					2		1		538,364.00			104.229		549,351.76			515,566.67			537,574.64			11,777.12			(146.00	)		—		—			5		3.494	MON		2,148.00		6,445.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339					2		1		407,790.00			109.906		406,057.98			369,458.50			406,897.16			(839.18	)		(77.00	)		—		—			8		4.719	MON		2,463.00		7,389.00		3/7/2008		9/15/2031
36225CD29	GNMA POOL # 080120					2		1		493,769.00			101.02		501,875.42			488,728.62			493,643.66			8,231.76			(10.00	)		—		—			3.125		2.785	MON		1,273.00		4,225.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916					2		1		412,648.00			100.563		423,044.65			414,656.88			412,675.38			10,369.27			3.00			—		—			2.75		2.876	MON		950.00		2,851.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156					2		1		1,044,318.00			102.185		1,070,548.00			1,041,389.11			1,044,260.10			26,287.90			(3.00	)		—		—			2.75		2.636	MON		2,387.00		8,027.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179					2		1		1,096,213.00			97.85		1,108,892.59			1,093,138.66			1,096,153.05			12,739.54			(2.00	)		—		—			2.75		2.631	MON		2,505.00		8,426.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224					2		1		665,963.00			99.1		673,169.96			669,099.12			665,988.93			7,181.03			4.00			—		—			3		3.112	MON		1,673.00		5,018.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431					2		1		4,176,955.00			0		4,187,268.16			4,125,387.35			4,176,476.62			10,791.54			(406.00	)		—		—			3		2.909	MON		10,313.00		30,940.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444					2		??		1,016,755.00			102.75		1,022,976.99			995,598.04			1,016,588.09			6,388.90			(140.00	)		—		—			3.75		3.153	MON		3,111.00		9,334.00		11/3/2009		12/20/2039
36241KBP2	GNMA POOL # 781846					2		1		7,284,420.00			110.278		7,780,240.58			7,055,128.00			7,280,626.84			499,613.74			(429.00	)		—		—			6.5		5.55	MON		38,215.00		114,646.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931					2		1		5,001,995.00			107.628		5,297,054.81			4,844,547.61			4,999,478.57			297,576.24			(284.00	)		—		—			6.5		5.575	MON		26,241.00		78,724.00		8/15/2008		5/15/2035
36241KGU6	GNMA POOL # 782011					2		??		307,321.00			104.422		314,041.75			300,741.79			307,243.69			6,798.06			(13.00	)		—		—			5		4.478	MON		1,253.00		3,759.00		7/14/2009		12/15/2035
36241KKB3	GNMA POOL # 782090					2		1		6,344,462.00			107.635		6,583,857.27			6,104,112.20			6,337,249.89			246,607.38			(313.00	)		—		—			6.5		5.392	MON		33,064.00		99,192.00		11/30/2007		5/15/2036
36292DWW8	GNMA POOL # 646061					2		1		424,575.00			106.297		439,845.58			407,144.29			423,840.85			16,004.73			28.00			—		—			6.5		4.1	MON		2,205.00		6,616.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418					2		1		375,112.00			108.032		388,603.72			359,712.12			374,504.54			14,099.18			26.00			—		—			6.5		4.275	MON		1,948.00		5,845.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827					2		1		1,808,941.00			104.785		1,843,481.54			1,731,302.45			1,806,160.13			37,321.41			(487.00	)		—		—			5		3.329	MON		7,214.00		21,641.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745					2		1		643,801.00			104.785		656,487.30			616,538.90			642,811.18			13,676.12			(174.00	)		—		—			5		3.335	MON		2,569.00		7,707.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161					2		1		3,017,535.00			104.785		3,061,647.10			2,875,340.50			3,014,245.23			47,401.87			(1,001.00	)		—		—			5		3.227	MON		11,981.00		35,942.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223					2		1		271,509.00			106.297		281,273.96			260,362.03			271,022.32			10,251.64			(1.00	)		—		—			6.5		3.997	MON		1,410.00		4,231.00		1/31/2008		1/15/2038
36296DR67	GNMA POOL # 688209					2		??		173,763.00			106.479		176,263.85			165,537.89			173,613.73			2,650.12			(58.00	)		—		—			5		3.25	MON		690.00		2,069.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448					2		1		591,149.00			104.785		602,797.31			566,116.04			590,264.21			12,533.10			(156.00	)		—		—			5		3.369	MON		2,359.00		7,076.00		3/26/2009		7/15/2023
36296QRL5	GNMA POOL # 698091					2		1		11,346,521.00			100.142		11,203,131.48			11,051,245.16			11,342,677.99			(139,546.51	)		(732.00	)		—		—			4.5		4.015	MON		41,442.00		124,327.00		4/28/2009		4/15/2039
36296TPY3	GNMA POOL # 700739					2		1		1,609,129.00			105.631		1,643,428.36			1,523,999.20			1,605,584.40			37,843.96			(315.00	)		—		—			5.5		3.191	MON		6,985.00		20,955.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995					2		1		911,306.00			104.785		929,262.52			872,715.27			909,986.23			19,276.29			(231.00	)		—		—			5		3.445	MON		3,636.00		10,909.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294					2		1		853,402.00			104.229		869,907.29			816,408.06			852,141.48			17,765.81			(219.00	)		—		—			5		3.394	MON		3,402.00		10,205.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697					2		1		1,705,655.00			0		1,719,114.93			1,613,389.50			1,704,513.56			14,601.37			(552.00	)		—		—			5		2.935	MON		6,722.00		20,167.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787					2		1		988,077.00			104.229		1,015,843.07			953,368.80			987,021.65			28,821.42			(202.00	)		—		—			5		3.717	MON		3,972.00		11,917.00		6/11/2009		3/15/2024
36296XHH0	GNMA POOL # 704132					2		1		333,095.00			0		335,491.78			315,076.52			332,853.42			2,638.36			(119.00	)		—		—			5		3.027	MON		1,313.00		3,938.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243					2		1		671,706.00			104.229		690,581.26			648,110.57			670,988.45			19,592.81			(128.00	)		—		—			5		3.628	MON		2,700.00		8,101.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554					2		1		4,500,373.00			104.229		4,629,628.48			4,344,906.70			4,495,654.31			133,974.17			(958.00	)		—		—			5		3.823	MON		18,104.00		54,311.00		6/11/2009		6/15/2024
36297A3K7	GNMA					2		1		1,010,417.00			104.229		1,031,037.93			967,629.18			1,008,958.19			22,079.74			(255.00	)		—		—			5		3.433	MON		4,032.00		12,095.00		3/26/2009		1/15/2024
36297AKF9	GNMA POOL # 705994					2		1		1,445,956.00			0		1,457,366.10			1,367,738.20			1,444,953.51			12,412.59			(488.00	)		—		—			5		2.973	MON		5,699.00		17,097.00		9/29/2009		1/15/2024
36297DFF9	GNMA POOL # 708566					2		1		2,415,345.00			0		2,434,405.16			2,284,689.44			2,413,668.07			20,737.09			(802.00	)		—		—			5		3.042	MON		9,520.00		28,559.00		9/29/2009		4/15/2024
36297DTR8	GNMA POOL # 708960					2		1		1,549,842.00			104.229		1,581,472.84			1,484,212.38			1,547,626.60			33,846.24			(388.00	)		—		—			5		3.462	MON		6,184.00		18,553.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884					2		1		4,274,221.00			0		4,307,950.06			4,043,011.48			4,271,236.43			36,713.63			(1,431.00	)		—		—			5		3.052	MON		16,846.00		50,538.00		9/29/2009		4/15/2024
36297JJ54	GNMA POOL # 713184					2		1		2,074,455.00			0		2,090,824.81			1,962,239.25			2,073,005.56			17,819.25			(697.00	)		—		—			5		3.052	MON		8,176.00		24,528.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542					2		1		794,060.00			104.229		816,128.06			765,936.25			793,206.01			22,922.05			(174.00	)		—		—			5		3.799	MON		3,191.00		9,574.00		6/11/2009		6/15/2024
135087ZA5	CANADA GOVERNMENT SENIOR CORP BND			A				1FE		4,076,425.00			100.009		4,100,369.12			4,100,000.00			4,078,922.72			21,446.40			1,107.00			—		—			2.375		2.498	MS		5,680.00		48,688.00		9/2/2009		9/10/2014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				1FE		5,242,350.00			103.892		5,194,599.55			5,000,000.00			5,167,526.85			27,072.70			(31,964.00	)		—		—			3.75		1.126	JJ		39,583.00		93,750.00		8/31/2009		7/15/2011
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		15,440,985.00			105.826		15,609,334.41			14,750,000.00			15,423,994.54			185,339.87			(16,990.00	)		—		—			4.1		2.938	JD		176,385.00		—		2/19/2010		6/16/2014
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		7,386,458.00			100.642		7,447,507.86			7,400,000.00			7,388,076.73			59,431.13			1,095.00			—		—			1.875		1.938	MN		50,875.00		—		11/10/2009		11/19/2012
6832348F8	ONTARIO PROVINCE CORP BND			A				1FE		2,800,000.00			100.102		2,802,855.92			2,800,000.00			2,800,000.00			2,855.92			—			—		—			0.401		0.42	FMAN		1,278.00		3,007.00		11/10/2009		11/19/2012
6832348H4	ONTARIO PROVINCE CORP BND			A				??		2,996,550.00			100.135		3,004,050.06			3,000,000.00			2,996,648.00			7,402.06			98.00			—		—			2.95		2.975	FA		13,767.00		—		1/29/2010		2/5/2015
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,978.00			106.297		1,594,453.04			1,500,000.00			1,592,764.73			1,688.31			(3,830.00	)		—		—			4.45		3.205	MS		2,967.00		33,375.00		11/3/2009		9/15/2015
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		15,082,618.00			101.917		15,358,892.95			15,070,000.00			15,086,820.56			272,072.39			105.00			—		—			2.25		2.197	JD		103,606.00		—		2/19/2010		6/11/2012
BRS7X5P83	UK CONV GILT GOVT BND			D				1FE		11,455,508.00			96.1		12,201,276.16			8,050,000.00			11,487,536.21			713,739.95			7,784.00			—		586,216.55			2.25		2.552	MS		18,665.00		139,616.00		3/20/2009		3/7/2014
F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				1FE		3,727,555.00			103.858		2,972,011.75			1,900,000.00			3,731,526.81			(759,515.06	)		473.00			—		(850,644.86	)		4.75		4.748	JAN		24,755.00		146,273.00		1/16/2008		1/25/2011
G92435NC9	UK CONV GILT GOVT BND			D				1FE		5,550,778.00			106.07		5,232,212.83			3,200,000.00			5,484,613.69			(252,400.86	)		(21,385.00	)		—		(384,312.98	)		4.5		2.689	MS		14,839.00		111,233.00		6/23/2009		3/7/2013
G92444AB7	UK CONV GILT GOVT BND			D				1FE		5,574,589.00			104.87		4,389,605.22			2,800,000.00			5,558,435.53			(1,168,830.31	)		(1,997.00	)		—		(1,305,212.27	)		4.25		4.096	MS		12,263.00		91,922.00		3/3/2008		3/7/2011
G924502Z0	UK CONV GILT GOVT BND			D				1FE		12,218,701.00			103.17		11,498,587.41			7,300,000.00			12,152,080.34			(653,492.93	)		(59,959.00	)		—		(689,536.01	)		3.25		1.137	JD		113,700.00		—		12/18/2009		12/7/2011
G92450H50	UNITED KINGDOM GOVT BND			D				1FE		40,074,976.00			108.39		32,189,519.35			19,578,000.00			39,311,777.17			(7,122,257.82	)		(93,763.00	)		—		(8,943,188.02	)		5.25		4.157	JD		492,585.00		—		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GOVT BND			D				1FE		7,366,238.00			107.35		6,839,247.03			4,200,000.00			7,222,271.94			(383,024.91	)		(46,421.00	)		—		(506,072.64	)		5		2.122	MS		21,641.00		162,215.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GOVT BND			D				1FE		9,943,987.00			110.13		9,561,976.35			5,700,000.00			9,916,417.73			(354,441.38	)		(27,569.00	)		—		(457,690.41	)		5		2.734	MS		29,369.00		220,148.00		2/1/2010		9/7/2014
G92450YY8	UNITED KINGDOM GOVT BND			D				1FE		7,879,842.00			105.59		7,946,280.65			5,000,000.00			7,878,922.46			67,358.19			(919.00	)		—		52,022.48			4		3.208	MS		20,610.00		—		3/22/2010		9/7/2016
419791YG7	HAWAII ST MUNI BND GO							1FE		2,007,940.00			100.524		2,010,480.04			2,000,000.00			2,007,761.66			2,718.38			(178.00	)		—		—			3		2.914	FA		7,167.00		—		2/10/2010		2/1/2015
4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00			100.468		3,114,508.07			3,100,000.00			3,141,835.74			(27,327.67	)		(3,083.00	)		—		—			3.321		2.808	JJ		21,734.00		—		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNITAX BND GO							1FE		2,300,000.00			100.792		2,318,216.00			2,300,000.00			2,300,000.00			18,216.00			—			—		—			4.421		4.421	JJ		21,466.00		—		1/8/2010		1/1/2015
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							1FE		1,329,838.00			105.819		1,322,737.50			1,250,000.00			1,322,797.52			(60.02	)		(6,406.00	)		—		—			4.135		1.95	JJ		12,922.00		26,849.00		12/17/2009		1/1/2013
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND							??		8,500,000.00			102.007		8,670,595.00			8,500,000.00			8,500,000.00			170,595.00			—			—		—			2.879		2.881	JD		81,572.00		—		6/19/2009		4/1/2011
98458PAB1	YALE UNIVERSITY MUNI BND							1FE		9,481,471.00			100.801		9,576,104.69			9,500,000.00			9,481,950.01			94,154.68			479.00			—		—			2.9		2.941	AO		107,904.00		—		2/19/2010		10/15/2014
01F042640	FNMA TBA 30 YR					2		1Z		2,003,359.00			100.219		2,004,375.00			2,000,000.00			2,003,359.38			1,015.62			—			—		—			4.5		4.402	MON		—		—		3/31/2010		4/1/2036
01F050445	FNMA TBA 15 YR					2		1Z		(2,344.00	)		102.781		—			—			(2,343.75	)		2,343.75			—			—		—			5		2.35	MON		—		—		3/30/2010		4/1/2018
02R050648	FHLMC GOLD TBA MBS							1FE		(1,036,563.00	)		103.289		(1,032,890.63	)		(1,000,000.00	)		(1,036,562.50	)		3,671.87			—			—		—			5		4.792	MON		—		—		3/8/2010		4/1/2034
3128JLHB8	FHLMC POOL # 1B1225					2		1		99,534.00			102.766		104,677.36			101,080.24			99,568.01			5,109.35			3.00			—		—			3.352		3.648	MON		282.00		848.00		4/2/2007		9/1/2033
3128JM6N2	FHLMC POOL # 1B2776					2		1		311,354.00			102.042		323,415.50			314,594.76			311,422.15			11,993.35			29.00			—		—			2.789		2.953	MON		731.00		3,013.00		4/2/2007		2/1/2035
3128JM7E1	FHLMC POOL # 1B2792					2		1		244,598.00			102.056		254,421.45			247,143.07			244,652.11			9,769.34			23.00			—		—			2.833		2.992	MON		583.00		2,489.00		4/2/2007		2/1/2035
3128JMW45	FHLMC POOL # 1B2566					2		1		122,821.00			101.827		128,355.34			123,786.35			122,836.25			5,519.09			2.00			—		—			3.346		3.445	MON		345.00		1,036.00		4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583					2		1		2,568,298.00			102.78		2,699,384.91			2,596,810.88			2,569,018.14			130,366.77			70.00			—		—			3.333		3.509	MON		7,213.00		21,651.00		9/17/2008		10/1/2034
3128JMY68	FHLMC POOL # 1B2632					2		1		169,211.00			102.067		175,494.82			170,541.11			169,233.18			6,261.64			3.00			—		—			3.183		3.284	MON		452.00		1,371.00		4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642					2		1		226,791.00			102.147		236,329.52			228,573.57			226,818.40			9,511.12			4.00			—		—			3.31		3.412	MON		630.00		1,892.00		4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810					2		1		246,962.00			102.443		256,299.62			249,531.67			247,012.02			9,287.60			21.00			—		—			3.069		3.23	MON		638.00		2,407.00		4/2/2007		2/1/2035
3128JRJS6	FHLMC POOL # 847473					2		1		3,409,949.00			104.06		3,518,959.46			3,423,858.47			3,409,794.66			109,164.80			(20.00	)		—		—			5.053		5.057	MON		14,417.00		43,303.00		9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,461,566.00			102.602		1,552,154.02			1,496,523.45			1,462,386.15			89,767.87			123.00			—		—			4.243		4.728	MON		5,291.00		16,459.00		5/31/2006		12/1/2035
3128JRP26	FHLMC POOL # 847641					2		1		803,860.00			103.178		844,842.25			810,342.52			803,973.00			40,869.25			37.00			—		—			3.342		3.457	MON		2,257.00		7,242.00		11/13/2006		12/1/2033
3128JRP34	FHLMC POOL # 847642					2		1		187,946.00			101.258		195,586.96			190,433.45			188,029.94			7,557.02			23.00			—		—			2.992		3.169	MON		475.00		1,829.00		11/13/2006		4/1/2035
3128JRPZ3	FHLMC POOL # 847640					2		1		700,325.00			103.204		729,450.52			704,162.74			700,290.28			29,160.24			(1.00	)		—		—			5.164		5.207	MON		3,030.00		9,087.00		11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		3,049,875.00			104.722		3,241,173.93			3,015,247.13			3,048,824.44			192,349.49			(78.00	)		—		—			6		5.461	MON		15,076.00		45,229.00		11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		42,126.00			105.253		44,035.81			40,541.98			42,095.74			1,940.07			(3.00	)		—		—			6		4.883	MON		203.00		608.00		2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		84,441.00			105.253		88,270.33			81,266.90			84,378.73			3,891.60			(5.00	)		—		—			6		4.76	MON		406.00		1,219.00		2/4/2009		9/1/2037

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE									INTEREST									DATES
		3	4	5						8		9						12		13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP				CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128KWFY4	FHLMC GOLD POOL # A65583				2		1		111,888.00		105.253		116,961.79		107,681.96		111,806.17		5,155.62		(8.00	)		—		—		6		4.783	MON		538.00		1,615.00		2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804				2		1		4,838,145.00		104.94		5,168,515.04		4,783,212.36		4,836,564.48		331,950.56		(115.00	)		—		—		6		5.523	MON		23,916.00		71,748.00		11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806				2		1		4,468,720.00		104.94		4,773,864.27		4,417,982.03		4,467,206.77		306,657.50		(142.00	)		—		—		6		5.475	MON		22,090.00		66,270.00		11/2/2007		9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969				2		1		60,189.00		105.253		62,917.88		57,925.93		60,143.46		2,774.42		(5.00	)		—		—		6		4.733	MON		290.00		869.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954				2		1		97,958.00		105.253		102,399.44		94,275.00		97,882.72		4,516.72		(8.00	)		—		—		6		4.685	MON		471.00		1,414.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		85,651.00		105.253		89,535.23		82,431.44		85,586.94		3,948.29		(6.00	)		—		—		6		4.723	MON		412.00		1,236.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		64,084.00		105.253		66,989.79		61,674.77		64,035.71		2,954.08		(5.00	)		—		—		6		4.732	MON		308.00		925.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		40,547.00		105.253		42,385.82		39,022.90		40,517.58		1,868.24		(3.00	)		—		—		6		4.829	MON		195.00		585.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		4,007,810.00		103.318		4,284,215.23		4,063,041.84		4,009,164.95		275,050.28		80.00			—		—		5.5		6.142	MON		18,622.00		55,867.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		7,976.00		105.253		8,337.98		7,676.44		7,970.44		367.54		(1.00	)		—		—		6		4.8	MON		38.00		115.00		2/4/2009		7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		16,765,455.00		106.822		17,747,192.71		16,314,263.63		16,753,639.08		993,553.63		(806.00	)		—		—		6.5		5.362	MON		88,369.00		265,107.00		11/6/2007		10/1/2037
3128M6EE4	FHLMC GOLD POOL # G04333				2		1		83,443.00		97.51		84,411.00		81,531.95		83,414.12		996.88		(4.00	)		—		—		5		4.461	MON		340.00		1,019.00		7/6/2009		4/1/2038
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		202,794.00		105.253		211,989.94		195,170.51		202,655.25		9,334.69		(15.00	)		—		—		6		4.909	MON		976.00		2,928.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		570,068.00		105.253		595,917.04		548,636.57		569,671.32		26,245.72		(40.00	)		—		—		6		4.842	MON		2,743.00		8,230.00		2/4/2009		12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		3,158,147.00		104.5		3,371,713.23		3,151,254.08		3,156,984.07		214,729.16		(106.00	)		—		—		5.5		5.389	MON		14,443.00		43,330.00		3/30/2007		1/1/2022
3128MTB72	FHLMC GOLD POOL # H00962				2		1		542,226.00		105.947		568,868.08		531,797.59		541,892.34		26,975.74		(32.00	)		—		—		6.5		5.408	MON		2,881.00		8,642.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		11,789,764.00		105.947		12,369,054.58		11,563,020.69		11,782,336.21		586,718.37		(955.00	)		—		—		6.5		5.369	MON		62,633.00		187,899.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		7,484,310.00		105.947		7,852,051.26		7,340,369.52		7,479,735.19		372,316.07		(490.00	)		—		—		6.5		5.418	MON		39,760.00		119,281.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2		1		438,130.00		103.89		456,242.65		439,159.35		438,115.71		18,126.94		12.00			—		—		3.036		3.026	MON		1,111.00		4,123.00		9/17/2008		1/1/2035
3128NCBF0	FHLMC POOL # 1G0038				2		1		259,957.00		101.853		267,875.48		262,133.10		259,996.15		7,879.33		18.00			—		—		2.921		3.041	MON		638.00		2,227.00		4/2/2007		1/1/2035
3128NCBW3	FHLMC POOL # 1G0053				2		1		313,281.00		102.006		325,291.27		316,540.90		313,351.40		11,939.87		31.00			—		—		2.826		2.984	MON		745.00		3,104.00		4/2/2007		2/1/2035
3128NCD68	FHLMC POOL # 1G0125				2		1		3,608,854.00		102.031		3,815,041.02		3,686,029.97		3,611,883.55		203,157.47		587.00			—		—		3.098		3.445	MON		9,516.00		35,278.00		12/13/2005		3/1/2035
3128NCDH4	FHLMC POOL # 1G0104				2		1		148,316.00		101.994		154,227.96		149,557.33		148,338.89		5,889.07		9.00			—		—		2.902		3.019	MON		362.00		1,370.00		4/3/2007		2/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2		1		651,575.00		103.951		673,946.27		648,333.82		651,425.73		22,520.54		(8.00	)		—		—		3.12		3.007	MON		1,686.00		6,743.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		3,679,671.00		105.75		3,949,726.53		3,734,965.99		3,680,217.36		269,509.17		37.00			—		—		5.269		5.561	MON		16,400.00		49,249.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2		1		909,741.00		104.309		939,994.18		891,902.78		909,262.34		30,731.84		(56.00	)		—		—		5.987		5.452	MON		4,450.00		13,353.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2		1		2,549,836.00		105.41		2,681,385.98		2,528,893.69		2,548,542.72		132,843.26		(58.00	)		—		—		5.921		5.605	MON		12,478.00		37,501.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2		1		270,839.00		106.5		283,656.33		266,343.97		270,717.32		12,939.01		(7.00	)		—		—		6.05		5.336	MON		1,343.00		4,036.00		12/13/2007		8/1/2037
3128S4E86	FHLMC POOL # 1Q0159				2		1		291,886.00		103.768		306,612.39		295,479.24		292,006.23		14,606.16		43.00			—		—		2.976		3.136	MON		733.00		2,940.00		11/13/2006		3/1/2035
312929CM2	FHLMC GOLD POOL # A82776				2		1		21,613.00		105.253		22,592.99		20,800.45		21,596.77		996.22		(2.00	)		—		—		6		4.68	MON		104.00		312.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		4,219.00		105.253		4,410.73		4,060.78		4,216.30		194.43		—			—		—		6		4.798	MON		20.00		61.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2		1		76,940.00		105.253		80,428.97		74,047.68		76,883.86		3,545.11		(4.00	)		—		—		6		4.721	MON		370.00		1,111.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		80,789.00		105.253		84,452.28		77,751.78		80,730.15		3,722.13		(6.00	)		—		—		6		4.727	MON		389.00		1,166.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2		1		51,600.00		104.47		53,334.63		49,659.80		51,565.21		1,769.42		(3.00	)		—		—		6		4.937	MON		248.00		745.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2		1		30,444.00		105.253		31,824.14		29,299.19		30,422.58		1,401.56		(2.00	)		—		—		6		4.846	MON		147.00		439.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2		1		23,220.00		104.47		24,000.88		22,347.19		23,203.16		797.72		(2.00	)		—		—		6		4.728	MON		112.00		335.00		2/4/2009		1/1/2039
312931T40	FHLMC GOLD POOL # A85071				2		1		474,256.00		0		479,758.59		463,395.20		474,099.51		5,659.08		(26.00	)		—		—		5		4.488	MON		1,931.00		5,792.00		7/6/2009		3/1/2039
312931WX2	FHLMC GOLD POOL # A85162				2		1		883,365.00		0		888,797.45		858,482.74		883,003.72		5,793.73		(53.00	)		—		—		5		4.327	MON		3,577.00		10,731.00		7/8/2009		3/1/2039
3129325E2	FHLMC GOLD POOL # A86245				2		1		287,926.00		0		292,020.11		281,762.35		287,839.14		4,180.97		(15.00	)		—		—		5		4.565	MON		1,174.00		3,522.00		7/1/2009		5/1/2039
312932K96	FHLMC GOLD POOL # A85720				2		1		1,279,762.00		0		1,294,610.07		1,250,454.09		1,279,331.18		15,278.89		(64.00	)		—		—		5		4.455	MON		5,210.00		15,631.00		7/6/2009		4/1/2039
312933TT1	FHLMC GOLD POOL # A86862				2		1		383,848.00		0		389,291.17		375,616.58		383,732.54		5,558.63		(20.00	)		—		—		5		4.568	MON		1,565.00		4,695.00		7/1/2009		6/1/2039
312933Z31	FHLMC GOLD POOL # A87062				2		1		585,884.00		0		594,588.24		574,308.29		585,715.84		8,872.40		(26.00	)		—		—		5		4.553	MON		2,393.00		7,179.00		7/1/2009		6/1/2039
312933ZY3	FHLMC GOLD POOL # A87059				2		1		292,000.00		0		296,151.86		285,748.97		291,911.71		4,240.15		(15.00	)		—		—		5		4.558	MON		1,191.00		3,572.00		7/1/2009		6/1/2039
312934HP0	FHLMC GOLD POOL # A87438				2		??		98,740.00		103.641		99,972.08		96,460.37		98,708.56		1,263.52		(6.00	)		—		—		5		4.56	MON		402.00		1,206.00		7/1/2009		7/1/2039
312934HU9	FHLMC GOLD POOL # A87443				2		??		99,384.00		103.531		100,713.73		97,278.63		99,353.96		1,359.77		(5.00	)		—		—		5		4.548	MON		405.00		1,216.00		7/1/2009		7/1/2039
31295NXK9	FHLMC POOL # 789682				2		1		50,878.00		102.028		52,688.93		51,171.72		50,883.24		1,805.69		—			—		—		2.779		2.849	MON		119.00		356.00		8/10/2006		9/1/2032
31342A6F1	FHLMC POOL # 780870				2		1		562,559.00		100.79		588,367.81		571,300.27		562,781.59		25,586.22		16.00			—		—		2.744		3.035	MON		1,306.00		3,919.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2		1		830,794.00		0		837,462.52		805,252.42		830,552.13		6,910.39		(80.00	)		—		—		2.854		2.057	MON		1,915.00		5,745.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2		1		1,265,367.00		102.249		1,330,301.06		1,286,319.93		1,266,075.75		64,225.31		102.00			—		—		2.605		2.915	MON		2,792.00		9,746.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2		1		277,311.00		101.962		286,195.06		279,491.39		277,351.55		8,843.51		3.00			—		—		2.609		2.725	MON		608.00		1,823.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2		1		488,762.00		101.33		507,080.53		492,604.69		488,838.23		18,242.30		10.00			—		—		2.662		2.77	MON		1,093.00		3,278.00		4/2/2007		11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		164,543.00		102.922		171,903.06		167,022.48		164,598.18		7,304.88		19.00			—		—		2.626		2.887	MON		366.00		1,500.00		9/30/2008		1/1/2035
31349ULB2	FHLMC POOL # 783022				2		1		505,019.00		100.44		523,304.00		509,528.77		505,111.05		18,192.95		48.00			—		—		2.619		2.753	MON		1,112.00		5,376.00		4/2/2007		2/1/2035
31349ULF3	FHLMC POOL # 783026				2		1		314,689.00		101.813		324,977.83		317,963.71		314,753.80		10,224.03		29.00			—		—		2.483		2.668	MON		658.00		2,927.00		4/2/2007		2/1/2035
31371NAC9	FNMA POOL # 256603				2		1		1,748,493.00		107.075		1,870,450.65		1,746,855.23		1,748,088.84		122,361.81		(61.00	)		—		—		5.5		5.382	MON		8,006.00		24,019.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2		1		671,009.00		0		677,816.12		633,027.46		670,093.65		7,722.47		(290.00	)		—		—		5.5		3.262	MON		2,901.00		8,704.00		9/29/2009		6/1/2022
31371NN68	FNMA POOL # 257013				2		1		25,098.00		103.588		26,895.91		25,456.46		25,111.43		1,784.48		2.00			—		—		5		5.438	MON		106.00		318.00		8/22/2008		11/1/2022
31371NZX6	FNMA POOL # 257358				2		1		32,937.00		103.549		35,279.77		33,406.30		32,951.76		2,328.01		2.00			—		—		5		5.441	MON		139.00		418.00		8/22/2008		9/1/2023
31379T6G4	FNMA POOL # 429371				2		1		34,840.00		103.159		36,865.91		35,125.03		34,888.94		1,976.97		6.00			—		—		5		5.266	MON		146.00		439.00		12/14/2007		2/1/2014
31385W6Z7	FNMA POOL # 555388				2		1		141,122.00		105.572		154,823.79		143,647.04		141,496.97		13,326.82		30.00			—		—		5.5		6.02	MON		658.00		1,975.00		6/28/2006		3/1/2018
31385XEW3	FNMA POOL # 555549				2		1		479,070.00		104.727		515,853.34		482,993.92		479,370.47		36,482.87		34.00			—		—		5		5.214	MON		2,012.00		6,037.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2		1		146,094.00		102.13		150,943.38		147,398.58		146,116.87		4,826.51		3.00			—		—		3.832		4.059	MON		471.00		1,481.00		4/2/2007		7/1/2033
31388UJF8	FNMA POOL # 615062				2		1		182,123.00		105.572		199,805.34		185,381.37		182,703.05		17,102.29		45.00			—		—		5.5		6.041	MON		850.00		2,549.00		6/28/2006		1/1/2017
31389FPM8	FNMA POOL # 624228				2		1		125,049.00		105.572		137,190.33		127,286.54		125,445.31		11,745.02		31.00			—		—		5.5		6.044	MON		583.00		1,750.00		6/28/2006		1/1/2017
31389FQ62	FNMA POOL # 624277				2		1		88,564.00		105.572		97,162.80		90,148.61		88,847.69		8,315.11		24.00			—		—		5.5		6.038	MON		413.00		1,240.00		6/28/2006		1/1/2017
31391PUF1	FNMA POOL # 672982				2		1		482,356.00		104.74		519,230.08		486,307.09		482,676.76		36,553.32		37.00			—		—		5		5.222	MON		2,026.00		6,079.00		12/14/2007		12/1/2017
31400EGH7	FNMA POOL # 685200				2		1		429,382.00		104.727		462,350.69		432,899.35		429,663.54		32,687.15		32.00			—		—		5		5.216	MON		1,804.00		5,411.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2		1		1,026,487.00		101.55		1,046,884.75		1,028,576.10		1,025,612.04		21,272.71		(64.00	)		—		—		5.5		5.502	MON		4,714.00		14,143.00		4/21/2006		1/1/2013
31400PG58	FNMA POOL # 693320				2		1		92,405.00		101.606		94,852.31		93,216.74		92,433.87		2,418.44		6.00			—		—		2.501		2.682	MON		194.00		682.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287				2		1		18,639.00		102.192		19,173.61		18,805.26		18,642.52		531.09		1.00			—		—		2.52		2.744	MON		39.00		205.00		4/2/2007		3/1/2033
31400SA33	FNMA POOL # 695826				2		1		367,149.00		104.727		395,339.42		370,156.64		367,384.51		27,954.91		31.00			—		—		5		5.217	MON		1,542.00		4,627.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895				2		1		494,529.00		104.727		532,499.31		498,579.56		494,848.93		37,650.38		37.00			—		—		5		5.215	MON		2,077.00		6,232.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429				2		1		255,773.00		102.235		265,781.70		258,755.10		255,882.61		9,899.09		8.00			—		—		2.631		2.88	MON		567.00		1,955.00		8/10/2006		4/1/2033
31402DGQ7	FNMA POOL # 725707				2		1		—		104.52		—		—		—		—		—			—		—		5		0	MON		2,468.00		—		12/14/2007		8/1/2019
31402DQB9	FNMA POOL # 725950				2		1		709,431.00		104.52		763,772.42		715,918.68		709,763.22		54,009.20		50.00			—		—		5		5.245	MON		2,983.00		8,949.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222				2		1		2,981,311.00		102.319		3,087,681.47		3,014,267.89		2,982,183.12		105,498.35		130.00			—		—		4.574		4.796	MON		11,489.00		34,423.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463				2		1		163,387.00		102.966		169,914.95		164,738.49		163,445.67		6,469.28		13.00			—		—		2.658		2.78	MON		365.00		1,438.00		9/28/2006		3/1/2035
31402YSV7	FNMA POOL # 742232				2		1		13,691.00		104.272		14,282.37		13,903.36		13,696.58		585.79		1.00			—		—		2.625		2.969	MON		30.00		115.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179				2		1		1,709,435.00		104.727		1,840,688.62		1,723,438.35		1,710,375.80		130,312.82		109.00			—		—		5		5.21	MON		7,181.00		21,543.00		12/14/2007		4/1/2019
31403C3B5	FNMA POOL # 745194				2		1		793,590.00		105.572		870,641.22		807,789.53		795,395.55		75,245.67		149.00			—		—		5.5		5.996	MON		3,702.00		11,107.00		6/28/2006		5/1/2019
31403C3T6	FNMA POOL # 745210				2		1		1,542,257.00		105.572		1,691,997.53		1,569,852.04		1,545,901.90		146,095.63		290.00			—		—		5.5		6.005	MON		7,195.00		21,585.00		6/28/2006		1/1/2019
31403DCC1	FNMA POOL # 745367				2		1		739,287.00		105.572		811,065.55		752,514.64		741,025.14		70,040.41		127.00			—		—		5.5		6.014	MON		3,449.00		10,347.00		6/28/2006		12/1/2018
31403DCE7	FNMA POOL # 745369				2		1		1,031,240.00		104.52		1,109,183.12		1,039,687.87		1,031,765.00		77,418.12		60.00			—		—		5		5.203	MON		4,332.00		12,996.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388				2		1		2,923,200.00		104.727		3,147,647.98		2,947,145.54		2,924,911.50		222,736.48		196.00			—		—		5		5.213	MON		12,280.00		36,839.00		12/14/2007		11/1/2018
31403DWH8	FNMA POOL # 745948				2		1		—		106.581		—		0.01		—		—		—			—		—		6.5		6.404	MON		—		—		2/4/2009		10/1/2036
31403H3P3	FNMA POOL # 749706				2		1		1,295,526.00		102.509		1,353,717.43		1,311,821.28		1,296,057.41		57,660.02		42.00			—		—		3.214		3.478	MON		3,513.00		10,569.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798				2		1		13,751.00		102.387		14,198.84		13,964.41		13,756.31		442.53		—			—		—		3.239		3.584	MON		38.00		116.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848				2		1		507,406.00		104.727		546,365.93		511,562.89		507,685.78		38,680.15		34.00			—		—		5		5.218	MON		2,132.00		6,395.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522				2		1		58,076.00		102.25		60,585.15		59,251.98		58,106.93		2,478.22		3.00			—		—		2.959		3.385	MON		146.00		438.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886				2		1		114,124.00		102.15		119,400.77		116,032.50		114,188.43		5,212.34		9.00			—		—		3.056		3.443	MON		296.00		966.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246				2		1		190,117.00		101.878		195,706.86		191,708.16		190,157.26		5,549.60		11.00			—		—		2.797		2.949	MON		447.00		1,530.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693				2		1		1,117,105.00		101.97		1,153,342.75		1,127,676.83		1,117,434.80		35,907.95		27.00			—		—		3.514		3.695	MON		3,302.00		9,849.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578				2		1		1,048,929.00		102.231		1,095,272.47		1,074,060.48		1,050,088.55		45,183.92		57.00			—		—		2.635		3.049	MON		2,384.00		7,090.00		2/28/2006		12/1/2034

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31405GWJ5	FNMA POOL # 789149				2		1		—		104.52		—		—		—		—			—			—		—		5		0	MON		11.00		—		8/22/2008		9/1/2019
31405PAG5	FNMA POOL # 794807				2		1		314,989.00		101.253		320,250.89		314,130.99		314,931.22		5,319.67			(6.00	)		—		—		2.979		2.917	MON		780.00		2,341.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664				2		1		89,704.00		101.933		93,071.28		90,409.67		89,722.37		3,348.91			2.00			—		—		3.024		3.163	MON		228.00		683.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811				2		1		293,628.00		101.424		297,869.95		292,860.92		293,575.42		4,294.53			(6.00	)		—		—		2.635		2.578	MON		643.00		1,930.00		6/30/2007		11/1/2034
31405UTZ2	FNMA POOL # 799868				2		1		28,203.00		101.862		28,955.17		28,424.62		28,208.03		747.14			1.00			—		—		2.926		3.076	MON		69.00		209.00		4/2/2007		11/1/2034
31406BB90	FNMA POOL # 804764				2		1		313,285.00		101.971		322,165.49		315,748.31		313,345.04		8,820.45			8.00			—		—		2.847		2.992	MON		749.00		2,245.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852				2		1		288,856.00		101.739		296,914.47		291,126.83		288,911.39		8,003.08			7.00			—		—		2.851		2.996	MON		692.00		2,080.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962				2		1		360,526.00		102.229		370,664.90		363,360.35		360,596.10		10,068.80			16.00			—		—		2.771		2.915	MON		839.00		2,723.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163				2		1		387,269.00		103.027		396,026.87		390,510.28		387,352.09		8,674.78			28.00			—		—		2.642		2.796	MON		860.00		3,069.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721				2		1		708,723.00		102.997		738,301.20		714,294.86		708,858.31		29,442.89			14.00			—		—		3.172		3.313	MON		1,888.00		5,664.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530				2		1		110,367.00		102.041		114,395.82		111,148.43		110,398.20		3,997.62			10.00			—		—		2.817		2.921	MON		261.00		928.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418				2		1		416,750.00		102.148		427,424.77		420,470.65		416,860.89		10,563.88			39.00			—		—		2.339		2.491	MON		820.00		4,267.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807				2		1		435,773.00		102.224		452,976.12		439,931.26		435,975.47		17,000.65			59.00			—		—		2.613		2.746	MON		958.00		3,620.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423				2		1		603,847.00		104.136		632,092.42		609,239.02		603,984.82		28,107.60			49.00			—		—		2.841		3.004	MON		1,442.00		7,057.00		4/2/2007		4/1/2035
31406VHE9	FNMA POOL # 821129				2		1		352,837.00		102.212		364,992.38		355,987.51		352,905.58		12,086.80			16.00			—		—		3.815		3.982	MON		1,132.00		3,907.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056				2		1		1,632,634.00		103.389		1,659,678.06		1,605,280.51		1,631,971.39		27,706.67			(108.00	)		—		—		4.866		4.475	MON		6,509.00		19,531.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985				2		1		847,487.00		101.73		896,720.31		876,663.41		848,373.63		48,346.68			72.00			—		—		4.034		4.831	MON		2,947.00		8,864.00		3/16/2006		8/1/2035
31407GC22	FNMA POOL # 829989				2		1		2,122,740.00		102.4		2,213,081.04		2,142,913.92		2,123,309.86		89,771.18			166.00			—		—		3.46		3.649	MON		6,179.00		21,802.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868				2		1		1,776,817.00		101.963		1,845,772.59		1,795,898.60		1,777,668.90		68,103.69			73.00			—		—		2.944		3.096	MON		4,406.00		13,206.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547				2		1		1,570,054.00		102.763		1,642,137.67		1,582,727.75		1,570,564.39		71,573.28			114.00			—		—		2.647		2.761	MON		3,491.00		13,812.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105				2		1		1,383,276.00		106.803		1,489,486.58		1,394,607.57		1,383,907.89		105,578.69			70.00			—		—		5		5.202	MON		5,811.00		17,433.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490				2		1		474,958.00		101.718		484,397.20		476,033.84		474,967.91		9,429.29			12.00			—		—		2.701		2.723	MON		1,071.00		3,890.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492				2		1		204,693.00		102.692		211,198.69		204,303.73		204,667.57		6,531.12			—			—		—		2.671		2.599	MON		455.00		1,551.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527				2		1		55,871.00		102.929		59,152.85		56,923.20		55,892.23		3,260.62			3.00			—		—		3.712		4.241	MON		176.00		572.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499				2		1		1,635,823.00		101.573		1,693,405.48		1,645,014.00		1,636,020.14		57,385.34			19.00			—		—		2.775		2.879	MON		3,804.00		11,615.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502				2		1		194,591.00		102.689		206,355.40		197,120.41		194,653.98		11,701.42			16.00			—		—		2.577		2.892	MON		423.00		1,841.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507				2		1		975,652.00		101.908		1,021,130.10		992,731.04		976,164.75		44,965.35			89.00			—		—		2.578		2.907	MON		2,133.00		7,294.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508				2		1		974,344.00		101.875		1,019,101.48		987,966.41		974,717.77		44,383.71			73.00			—		—		2.676		2.967	MON		2,203.00		8,309.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511				2		1		130,629.00		101.764		136,374.22		131,815.08		130,655.28		5,718.94			3.00			—		—		3.376		3.564	MON		371.00		1,114.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513				2		1		225,110.00		102.089		234,663.48		226,288.78		225,134.78		9,528.70			5.00			—		—		2.664		2.757	MON		502.00		1,593.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518				2		1		253,875.00		102.692		261,457.23		254,690.66		253,889.25		7,567.98			10.00			—		—		2.701		2.74	MON		573.00		2,216.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519				2		1		102,388.00		101.983		106,925.20		104,146.62		102,439.88		4,485.32			6.00			—		—		2.851		3.176	MON		248.00		747.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520				2		1		1,244,082.00		102.108		1,293,422.40		1,252,011.51		1,244,237.13		49,185.27			12.00			—		—		3.476		3.599	MON		3,627.00		10,893.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564				2		1		22,618,394.00		104.202		23,370,903.67		21,946,288.65		22,585,561.89		785,341.78			(6,667.00	)		—		—		5		3.883	MON		91,443.00		274,329.00		2/26/2009		10/1/2021
31410GJ46	FNMA POOL # 888683				2		1		—		104.71		—		—		—		—			—			—		—		5		0	MON		7,111.00		—		12/14/2007		12/1/2019
31410GPR8	FNMA POOL # 888832				2		1		11,076,104.00		106.7		11,595,876.63		10,651,700.32		11,063,654.23		532,222.40			(938.00	)		—		—		6.5		4.532	MON		57,697.00		173,090.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626				2		1		3,606,808.00		104.36		3,746,211.82		3,589,700.86		3,605,951.95		140,259.87			(57.00	)		—		—		5.498		5.371	MON		16,447.00		49,293.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899				2		1		4,223,257.00		104.682		4,384,666.31		4,188,570.71		4,221,915.10		162,751.21			(96.00	)		—		—		5.769		5.551	MON		20,137.00		60,410.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088				2		1		8,629,269.00		104.822		9,143,254.25		8,549,121.11		8,628,269.77		514,984.48			(14.00	)		—		—		6		5.469	MON		42,746.00		128,237.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029				2		1		744,920.00		0		752,476.33		702,754.29		743,917.39		8,558.94			(294.00	)		—		—		5.5		3.17	MON		3,221.00		9,663.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359				2		1		1,004,535.00		0		1,014,725.15		947,674.26		1,003,166.92		11,558.23			(408.00	)		—		—		5.5		3.095	MON		4,344.00		13,031.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461				2		??		1,147,902.00		107.075		1,159,547.25		1,082,926.82		1,146,348.38		13,198.87			(466.00	)		—		—		5.5		3.139	MON		4,963.00		14,890.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614				2		1		7,104,283.00		0		7,158,413.55		6,685,400.72		7,097,614.03		60,799.52			(2,639.00	)		—		—		5.5		2.853	MON		30,641.00		91,924.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488				2		1		2,892,159.00		0		2,909,775.11		2,755,256.89		2,889,023.13		20,751.98			(1,015.00	)		—		—		5		3.262	MON		11,480.00		34,441.00		9/29/2009		3/1/2023
31412UXW5	FNMA POOL # 935493				2		1		196,008.00		0		198,261.48		191,446.11		195,939.66		2,321.82			(12.00	)		—		—		5		4.463	MON		798.00		2,393.00		7/6/2009		7/1/2039
31413HV62	FNMA POOL # 946237				2		1		12,164.00		103.588		13,034.81		12,337.20		12,169.90		864.91			1.00			—		—		5		5.457	MON		51.00		154.00		8/22/2008		9/1/2022
31414ARA2	FNMA POOL # 960481				2		1		3,520,490.00		0		3,543,490.32		3,353,845.48		3,516,641.94		26,848.38			(1,110.00	)		—		—		5		3.091	MON		13,974.00		41,923.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289				2		??		4,709,972.00		105.608		4,738,660.60		4,487,022.80		4,704,913.78		33,746.82			(1,481.00	)		—		—		5		3.165	MON		18,696.00		56,088.00		9/29/2009		3/1/2023
31414EFY5	FNMA POOL # 963783				2		1		31,757.00		103.549		34,016.63		32,210.24		31,772.26		2,244.37			2.00			—		—		5		5.447	MON		134.00		403.00		8/22/2008		6/1/2023
31414GD22	FNMA POOL # 965521				2		1		974,516.00		0		984,401.96		919,354.76		973,257.58		11,144.38			(332.00	)		—		—		5.5		3.031	MON		4,214.00		12,641.00		9/29/2009		12/1/2022
31414HNC7	FNMA POOL # 966687				2		1		41,853.00		103.549		44,830.83		42,450.17		41,872.98		2,957.85			3.00			—		—		5		5.459	MON		177.00		531.00		8/22/2008		4/1/2023
31414MDQ6	FNMA POOL # 970011				2		1		31,455.00		103.549		33,692.70		31,903.51		31,470.54		2,222.16			2.00			—		—		5		5.418	MON		133.00		399.00		8/22/2008		6/1/2023
31414NB45	FNMA POOL # 970859				2		1		5,236,334.00		0		5,260,398.58		4,981,054.85		5,232,451.11		27,947.47			(1,664.00	)		—		—		5		3.196	MON		20,754.00		62,263.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562				2		1		6,123,775.00		0		6,185,043.99		5,777,146.32		6,115,994.86		69,049.13			(2,342.00	)		—		—		5.5		3.271	MON		26,479.00		79,436.00		9/29/2009		3/1/2023
31414TUV1	FNMA POOL # 975896				2		1		365,922.00		103.549		391,955.02		371,140.97		366,090.41		25,864.61			19.00			—		—		5		5.455	MON		1,546.00		4,639.00		8/22/2008		7/1/2023
31415MDG7	FNMA POOL # 984003				2		1		8,187,138.00		103.51		8,928,614.17		8,433,556.32		8,191,569.30		737,044.87			463.00			—		—		5.5		6.596	MON		38,654.00		115,961.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077				2		1		4,527,333.00		0		4,554,908.88		4,313,028.87		4,522,506.54		32,402.34			(1,601.00	)		—		—		5		3.319	MON		17,971.00		53,913.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528				2		1		7,915,253.00		103.842		8,068,960.98		7,618,832.43		7,904,135.73		164,825.25			(2,727.00	)		—		—		5		3.502	MON		31,745.00		95,235.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529				2		1		13,524,542.00		107.075		13,947,516.90		13,025,894.49		13,504,858.93		442,657.97			(3,627.00	)		—		—		5.5		3.972	MON		59,702.00		179,106.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530				2		1		6,435,374.00		104.595		6,611,497.58		6,171,171.19		6,425,814.45		185,683.13			(2,300.00	)		—		—		5.5		3.796	MON		28,285.00		84,854.00		3/20/2009		12/1/2021
31416B5Z7	FNMA POOL # 995564				2		1		—		0		—		—		—		—			—			—		—		5		0	MON		17,978.00		—		12/1/2009		12/1/2019
31416B7J1	FNMA POOL # 995597				2		1		784,264.00		0		792,219.49		739,871.30		783,345.32		8,874.17			(209.00	)		—		—		5.5		3.142	MON		3,391.00		10,173.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040				2		1		4,406,172.00		0		4,426,421.78		4,191,364.84		4,402,680.05		23,741.73			(1,534.00	)		—		—		5		3.206	MON		17,464.00		52,392.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217				2		1		6,186,598.00		0		6,243,996.15		5,831,406.09		6,180,004.87		63,991.28			(1,760.00	)		—		—		5.5		3.043	MON		26,727.00		80,182.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957				2		1		14,233,555.00		0		14,285,697.68		13,527,082.14		14,225,004.11		60,693.57			(4,200.00	)		—		—		5		3.09	MON		56,363.00		169,089.00		9/28/2009		6/1/2024
31416PAQ0	FNMA POOL # AA5414				2		1		31,003.00		0		31,438.26		30,357.55		30,992.61		445.65			(2.00	)		—		—		5		4.486	MON		126.00		379.00		7/1/2009		5/1/2039
31416PWX1	FNMA POOL # AA6061				2		1		98,743.00		0		100,127.99		96,540.36		98,710.06		1,417.93			(6.00	)		—		—		5		4.522	MON		402.00		1,207.00		7/1/2009		5/1/2039
31416QTJ4	FNMA POOL # AA6852				2		1		38,809.00		0		39,354.07		38,001.25		38,796.57		557.50			(2.00	)		—		—		5		4.538	MON		158.00		475.00		7/1/2009		5/1/2039
31416RGW7	FNMA POOL # AA7412				2		1		54,587.00		0		55,353.72		53,450.90		54,569.43		784.29			(3.00	)		—		—		5		4.514	MON		223.00		668.00		7/1/2009		6/1/2039
31416S6R7	FNMA POOL # AA8979				2		1		27,432.00		0		27,817.64		26,861.39		27,423.58		394.06			(1.00	)		—		—		5		4.527	MON		112.00		336.00		7/1/2009		7/1/2039
31416T3C1	FNMA POOL # AA9794				2		1		42,551.00		0		43,149.25		41,665.97		42,537.62		611.63			(2.00	)		—		—		5		4.479	MON		174.00		521.00		7/1/2009		7/1/2039
31416TL49	FNMA POOL # AA9346				2		1		14,887,048.00		100.388		14,785,700.71		14,728,584.58		14,885,167.64		(99,466.93	)		(1,880.00	)		—		—		4.5		4.277	MON		55,232.00		55,232.00		2/2/2010		8/1/2039
31417KK22	FNMA POOL # AC1212				2		1		199,177.00		0		201,389.72		194,466.81		199,107.58		2,282.14			(12.00	)		—		—		5		4.503	MON		810.00		2,431.00		7/6/2009		7/1/2039
30250GAA6	SSGN_10-S1 AGENCY CMO 10-S1-1A 144A				2		1		1,922,275.00		100.281		1,927,676.64		1,922,275.04		1,922,275.04		5,401.60			—			—		—		0.798		0.799	MON		43.00		852.00		3/5/2010		2/25/2048
3133TJP56	FHLMC CMO AGENCY CMO 2130 QS				2		1		3,138,908.00		107.025		3,343,387.69		3,095,379.11		3,136,011.42		207,376.27			297.00			—		—		6		5.643	MON		15,477.00		46,431.00		2/6/2007		4/1/2028
31393YFB6	FNMA AGENCY CMO 04-28 PB				2		1		57,901.00		101.42		57,132.80		57,106.53		57,023.01		109.79			(83.00	)		—		—		6		4.311	MON		286.00		857.00		1/14/2008		6/1/2010
31394BPP3	FNMA AGENCY CMO 04-88 HA				2		1		123,107.00		105		126,409.28		119,052.22		122,701.64		3,707.64			(24.00	)		—		—		6.5		2.133	MON		645.00		1,935.00		1/14/2008		12/1/2015
31394CVB5	FNMA_05-15 AGENCY CMO 05-15				2		1		2,827,748.00		103.307		2,959,713.11		2,852,488.09		2,836,002.96		123,710.15			722.00			—		—		5		5.313	MON		11,885.00		35,656.00		5/24/2007		10/25/2028
31394DA42	FNMA AGENCY CMO 05-48				2		1		321,801.00		106.379		343,877.45		319,504.23		321,399.56		22,477.89			(47.00	)		—		—		5.5		5.25	MON		1,464.00		4,393.00		12/20/2007		11/1/2019
31394FRP2	FNMA AGENCY CMO 05-80 PB				2		1		4,110,740.00		103.559		4,106,265.20		3,965,144.90		4,050,202.21		56,062.99			(10,039.00	)		—		—		5.5		0.074	MON		18,174.00		54,521.00		6/18/2009		3/1/2011
31394HP88	FHR AGENCY CMO 2663				2		1FE		182,275.00		101.738		183,053.74		181,142.68		181,101.04		1,952.70			(166.00	)		—		—		4.5		3.897	MON		679.00		2,038.00		7/16/2008		9/1/2010
31394L4A7	FHLMC CMO 2684 PC				2		1		4,619,779.00		102.18		4,595,530.15		4,497,503.47		4,566,388.91		29,141.24			(16,977.00	)		—		—		5		1.655	MON		18,740.00		56,219.00		6/18/2009		4/1/2011
31395BH89	FNMA_06-10 AGENCY CMO 06-26				2		1		473,011.00		102.375		478,146.02		467,051.67		468,377.23		9,768.79			(735.00	)		—		—		5.5		4.409	MON		2,141.00		6,422.00		9/30/2008		5/1/2011
31395L4F5	FHLMC CMO 2914 AJ				2		1FE		3,798,453.00		102.875		3,796,120.63		3,694,543.59		3,767,158.57		28,962.06			(7,994.00	)		—		—		5		2.343	MON		15,394.00		46,182.00		6/30/2009		1/1/2012
31395NKX4	FNR AGENCY CMO 06-53 WA				2		1		319,612.00		102.18		320,228.96		313,057.81		314,998.60		5,230.36			(462.00	)		—		—		6		3.478	MON		1,565.00		4,696.00		8/11/2008		1/1/2011
31395VGR4	FHR AGENCY CMO 2989 WD				2		1		502,969.00		104.25		532,500.00		500,000.00		501,012.69		31,487.31			(344.00	)		—		—		5.5		5.257	MON		2,292.00		6,875.00		10/8/2008		11/15/2011
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		192,914.00		105.53		207,136.98		193,640.25		192,980.03		14,156.95			19.00			—		—		5.5		5.686	MON		888.00		2,663.00		6/17/2008		5/15/2034
31396GL41	FHLMC_3084 AGENCY CMO 3101-PA				2		1		1,489,617.00		101.115		1,499,202.04		1,482,666.89		1,482,359.62		16,842.42			(411.00	)		—		—		5.5		5.043	MON		6,796.00		20,387.00		3/23/2007		1/1/2011
31396GSK8	FHLMC AGENCY CMO 3098				2		1		912,867.00		104.297		954,628.09		915,298.62		913,387.26		41,240.83			37.00			—		—		5		5.089	MON		3,814.00		11,441.00		1/30/2006		7/15/2025
31396GU58	FHLMC AGENCY CMO 3099				2		1		923,290.00		101.724		941,708.31		925,749.50		923,816.32		17,891.99			37.00			—		—		5		5.089	MON		3,857.00		11,572.00		1/30/2006		7/15/2025
31396H6B0	FHLMC AGENCY CMO 3102				2		1		1,320,031.00		102.122		1,349,663.51		1,321,618.76		1,319,923.91		29,739.60			(229.00	)		—		—		5		4.897	MON		5,507.00		16,520.00		8/20/2008		2/1/2011
31396TUP6	FHLMC AGENCY CMO 3171 NE				2		1		1,708,243.00		100.531		1,701,061.69		1,692,071.71		1,692,061.11		9,000.58			(1,351.00	)		—		—		6		5.046	MON		8,460.00		25,381.00		10/24/2007		9/1/2010
31396XEN0	FNMA CMO _07-80 PA				2		1FE		5,705,782.00		103.911		5,743,471.27		5,473,172.10		5,641,085.59		102,385.68			(14,688.00	)		—		—		5.5		1.094	MON		25,085.00		75,256.00		6/15/2009		1/1/2012

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31397B7F2	FHLMC_3221 AGENCY CMO 3211 qd					2		1		2,285,260.00		103.699		2,416,138.05		2,280,515.78		2,281,171.77		134,966.28			(365.00	)		—		—			5.5		5.328	MON		10,452.00		31,357.00		4/19/2007		11/1/2012
31397FYM8	FHLMC AGENCY CMO 3291 XC					2		1		203,114.00		96.61		205,474.73		212,684.74		210,206.63		(4,731.90	)		403.00			—		—			0		3.872	MON		—		—		4/4/2007		3/15/2037
31397G7M6	FHRR AGENCY CMO R011 AB					2		1		5,446,989.00		104.791		5,660,221.31		5,401,414.69		5,430,203.89		230,017.42			(3,202.00	)		—		—			5.5		4.76	MON		24,756.00		74,269.00		9/4/2008		10/1/2012
31397MTX5	FNR AGENCY CMO 08-81 KA					2		1		6,513,748.00		105.5		6,895,708.62		6,536,216.70		6,513,855.12		381,853.50			19.00			—		—			5		5.057	MON		27,234.00		81,703.00		7/29/2008		10/25/2022
31397Y5H0	FHLMC CMO_3484 DA					2		1		6,774,697.00		106.025		6,904,522.15		6,512,175.31		6,746,974.22		157,547.93			(6,474.00	)		—		—			5		3.145	MON		27,134.00		81,402.00		6/1/2009		3/1/2016
38373YBQ6	GNMA AGENCY CMO 02-79 LN					2		1		2,489,784.00		102.875		2,489,229.62		2,424,214.61		2,461,603.36		27,626.26			(7,148.00	)		—		—			5.5		2.478	MON		11,111.00		33,333.00		6/15/2009		7/1/2011
38373YNS9	GNMA AGENCY CMO_02-88 GB					2		1FE		2,015,444.00		101.764		1,996,111.56		1,961,502.81		1,994,917.22		1,194.34			(7,839.00	)		—		—			5		0.839	MON		8,173.00		24,519.00		9/29/2009		3/1/2011
38374EEE3	GNMA AGENCY CMO 03-106 B					2		1		1,609,031.00		103.278		1,623,505.54		1,584,276.48		1,593,884.31		29,621.23			(1,825.00	)		—		—			5.5		3.857	MON		7,261.00		21,784.00		8/21/2008		5/1/2011
38374FCH5	GNMA AGENCY CMO 04-2-BA					2		1		171,361.00		100.148		173,383.92		172,873.94		172,275.24		1,108.68			124.00			—		—			3.25		3.944	MON		468.00		1,405.00		4/16/2008		1/16/2034
38374FT87	GNMA AGENCY CMO 04-18 AB					2		1FE		1,856,553.00		101.038		1,836,799.79		1,817,922.48		1,841,599.70		(4,799.91	)		(5,827.00	)		—		—			4.25		1.142	MON		6,438.00		19,315.00		9/29/2009		3/1/2011
38374G3A8	GNR AGENCY CMO 04-42 AE					2		1		489,643.00		101.032		482,097.28		480,484.10		480,643.86		1,453.42			(1,846.00	)		—		—			6		3.408	MON		2,402.00		7,207.00		8/13/2008		6/1/2010
38374GD41	GNMA AGENCY CMO_04-34 PV					2		1FE		278,668.00		100.289		276,364.50		275,567.81		275,887.69		476.81			(1,200.00	)		—		—			4.25		0.616	MON		976.00		2,928.00		9/29/2009		5/1/2010
38374VHH5	GNMA AGENCY CMO 09-45 AB					2		1FE		4,295,816.00		104.14		4,289,365.84		4,118,834.95		4,269,701.25		19,664.59			(26,115.00	)		—		—			5		-0.146	MON		17,162.00		17,162.00		1/28/2010		10/1/2011
38375PXQ9	GNMA AGENCY CMO 08-11-FB					2		1		2,969,691.00		99.782		2,955,815.25		2,962,284.88		2,969,749.38		(13,934.13	)		59.00			—		—			0.84		0.71	MON		760.00		2,046.00		3/8/2010		11/20/2037
38373MV23	GNR CMBS 08-45 A					2		1		849,665.00		101.91		850,609.20		834,667.06		847,291.23		3,317.97			(1,719.00	)		—		—			3.576		1.463	MON		2,487.00		7,462.00		12/15/2009		12/1/2011
001957BC2	AT&T CO CORP BND							1FE		3,693,194.00		109.35		3,690,576.34		3,375,000.00		3,537,070.19		153,506.15			(23,973.00	)		—		—			7.3		4.199	MN		93,075.00		—		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		107.593		1,452,503.06		1,350,000.00		1,422,398.85		30,104.21			(6,222.00	)		—		—			4.95		2.92	JJ		14,108.00		33,413.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,716.00		107.238		1,608,569.76		1,500,000.00		1,603,868.79		4,700.97			(6,162.00	)		—		—			4.85		2.945	FA		9,296.00		36,375.00		12/16/2009		2/15/2014
00209AAE6	AT&T WIRELESS SERVICES INC CORP BND							1FE		8,845,155.00		106.041		8,748,371.21		8,250,000.00		8,521,862.82		226,508.39			(71,604.00	)		—		—			7.875		4.167	MS		54,141.00		324,844.00		3/5/2009		3/1/2011
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,028.00		112.817		12,381,649.95		10,975,000.00		12,315,116.36		66,533.59			(155,597.00	)		—		—			8.125		2.101	MN		371,549.00		—		12/22/2009		5/1/2012
010392EA2	ALABAMA POWER COMPANY CORP BND							1FE		3,404,799.00		102.725		3,564,564.34		3,470,000.00		3,457,646.75		106,917.59			4,487.00			—		—			4.7		5.251	JD		54,363.00		—		2/13/2007		12/1/2010
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,173.00		107.396		13,854,069.69		12,900,000.00		13,627,738.24		226,331.45			(32,791.00	)		—		—			4.85		2.661	JD		184,219.00		—		2/10/2010		12/15/2012
026609AM9	WYETH CORP BND							1FE		10,475,684.00		105.371		10,368,519.39		9,840,000.00		10,064,919.85		303,599.54			(56,787.00	)		—		—			6.95		4.474	MS		30,395.00		341,940.00		2/20/2009		3/15/2011
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		100.27		2,130,732.57		2,125,000.00		2,124,160.66		6,571.91			11.00			—		—			2.375		2.389	MS		2,103.00		—		3/9/2010		3/18/2013
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,001.00		113.983		3,780,885.00		3,317,000.00		3,608,702.91		172,182.09			(34,360.00	)		—		—			8.5		3.887	AO		140,973.00		—		1/30/2008		4/1/2012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				3FE		2,977,800.00		103.742		2,807,466.00		2,000,000.00		2,977,800.00		(170,334.00	)		—			—		(271,600.00	)		10.283		10.41	JAJO		87,349.00		—		12/4/2009		4/6/2013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		110.277		2,756,925.00		2,500,000.00		2,500,000.00		256,925.00			—			—		—			11.751		12.954	JAJO		70,993.00		77,779.00		2/19/2009		2/24/2012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		108.447		1,626,705.00		1,500,000.00		1,500,000.00		126,705.00			—			—		—			12.751		13.988	JAJO		46,221.00		50,626.00		2/12/2009		2/24/2012
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,405,300.00		106.398		14,895,704.46		14,000,000.00		14,325,151.14		570,553.32			(34,724.00	)		—		—			5.5		4.382	JD		228,861.00		—		8/31/2009		6/14/2012
05531FAD5	BB&T CORPORATION CORP BND							1FE		5,051,000.00		102.188		5,109,422.30		5,000,000.00		5,035,729.04		73,693.26			(6,539.00	)		—		—			3.1		2.548	JJ		27,125.00		77,500.00		8/31/2009		7/28/2011
060505BD5	BANK OF AMERICA CORP BND							1FE		7,057,821.00		104.653		7,325,687.53		7,000,000.00		7,056,075.29		269,612.24			(1,746.00	)		—		—			4.75		4.491	FA		42,486.00		—		2/19/2010		8/15/2013
060505BU7	BANK OF AMERICA CORP BND							1FE		1,724,837.00		101.273		1,721,641.10		1,700,000.00		1,703,913.11		17,727.99			(2,852.00	)		—		—			4.5		3.804	FA		12,750.00		38,250.00		5/8/2008		8/1/2010
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,063.00		103.966		18,713,879.27		18,000,000.00		18,073,196.13		640,683.14			(7,993.00	)		—		—			3.125		2.932	JD		165,625.00		—		3/10/2009		6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND							1FE		26,124,227.00		101.796		26,578,935.08		26,110,000.00		26,131,376.68		447,558.40			(2,537.00	)		—		—			2.1		2.059	AO		229,986.00		—		8/31/2009		4/30/2012
06050BAJ0	BANK OF AMERICA CORP - GTD SENIOR CORP							1FE		923,973.00		102.354		946,774.54		925,000.00		924,283.33		22,491.21			78.00			—		—			2.375		2.411	JD		6,041.00		—		3/9/2009		6/22/2012
06051GDW6	BANK OF AMERICA SENIOR CORP BND MTN							1FE		2,238,288.00		104.861		2,359,364.42		2,250,000.00		2,247,713.29		111,651.13			(22.00	)		—		—			4.9		4.905	MN		45,938.00		—		12/16/2009		5/1/2013
06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,873,106.00		100.747		1,889,000.42		1,875,000.00		1,873,123.45		15,876.97			17.00			—		—			4.5		4.523	MS		4,688.00		—		3/8/2010		4/1/2015
06052AAF8	BANK OF AMERICA NA - (LT) GTD CORP BND							1FE		2,600,000.00		100.035		2,600,913.41		2,600,000.00		2,600,000.00		913.41			—			—		—			0.287		1.361	MJSD		352.00		1,869.00		3/9/2009		9/13/2010
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,978,536.00		108.243		8,442,917.96		7,800,000.00		7,949,208.61		493,709.35			(13,261.00	)		—		—			4.95		4.152	MN		160,875.00		—		1/11/2010		11/1/2012
06406HBJ7	BANK OF NEW YORK CO CORP BND MTN							1FE		4,713,300.00		106.852		4,808,335.10		4,500,000.00		4,680,246.02		128,089.08			(14,074.00	)		—		—			4.5		3.092	AO		101,250.00		—		8/31/2009		4/1/2013
06406HBK4	BANK OF NEW YORK CO CORP BND							1FE		5,340,050.00		109.269		5,463,437.25		5,000,000.00		5,293,734.30		169,702.95			(19,816.00	)		—		—			5.125		3.289	FA		29,184.00		128,125.00		8/31/2009		8/27/2013
06423AAG8	BANK ONE CO CORP BND							1FE		3,062,781.00		102.309		2,915,798.44		2,850,000.00		2,879,023.79		36,774.65			(21,121.00	)		—		—			7.875		4.781	FA		37,406.00		112,219.00		12/20/2007		8/1/2010
06423AAS2	BANK ONE CO CORP BND							1FE		5,313,600.00		107.239		5,361,955.25		5,000,000.00		5,262,385.91		99,569.34			(21,868.00	)		—		—			5.25		3.293	JJ		44,479.00		131,250.00		8/31/2009		1/30/2013
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		39,959,600.00		101.958		40,783,200.00		40,000,000.00		39,972,957.06		810,242.94			3,292.00			—		—			2.15		2.185	MS		9,556.00		430,000.00		3/20/2009		3/27/2012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		104.567		4,182,697.17		4,000,000.00		4,008,500.45		174,196.72			(494.00	)		—		—			4		3.941	MS		13,333.00		80,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND							1FE		7,790,874.00		99.77		7,782,098.45		7,800,000.00		7,791,051.03		(8,952.58	)		177.00			—		—			1.8		1.84	MS		8,580.00		—		3/4/2010		3/15/2013
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		325,960.00		108.372		325,115.82		300,000.00		323,981.32		1,134.50			(1,176.00	)		—		—			5.7		3.797	MN		6,460.00		—		10/29/2009		11/15/2014
073902KF4	BEAR STEARNS CO INC CORP BND							1FE		7,191,940.00		106.641		7,377,452.81		6,918,000.00		7,187,316.27		190,136.54			(4,624.00	)		—		—			5.3		4.503	AO		153,791.00		—		2/19/2010		10/30/2015
073928X73	BEAR STEARNS CO INC CORP BND							1FE		2,390,693.00		111.403		2,590,123.12		2,325,000.00		2,369,694.28		220,428.84			(4,328.00	)		—		—			6.95		6.063	FA		22,892.00		80,794.00		3/23/2009		8/10/2012
079860$$0	BELLSOUTH CORPORATION SENIOR CORP BND							1FE		7,165,550.00		102.16		6,996,313.39		7,000,000.00		7,011,370.20		(15,056.81	)		(40,933.00	)		—		—			4.95		2.55	APR		327,250.00		—		4/17/2009		4/26/2010
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		108.324		541,618.69		500,000.00		536,133.57		5,485.12			(1,849.00	)		—		—			5.2		3.436	MS		1,156.00		13,000.00		10/29/2009		9/15/2014
097014AC8	BOEING CAPITAL CORP CORP BND							1FE		648,185.00		103.271		624,787.64		605,000.00		615,068.47		9,719.17			(5,049.00	)		—		—			7.375		3.887	MS		496.00		22,309.00		7/30/2008		9/27/2010
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		100.799		3,023,961.18		3,000,000.00		3,022,469.04		1,492.14			(788.00	)		—		—			3.25		3.073	AO		41,708.00		—		1/28/2010		10/27/2014
097023BB0	BOEING CO CORP BND							1FE		685,867.00		99.997		689,978.78		690,000.00		686,356.35		3,622.43			334.00			—		—			1.875		2.082	MN		4,708.00		—		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND							1		3,315,737.00		104.172		3,385,601.64		3,250,000.00		3,314,502.29		71,099.35			(1,234.00	)		—		—			4.125		3.702	JD		39,474.00		—		2/19/2010		6/15/2015
10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,288,185.00		110.589		4,423,563.84		4,000,000.00		4,283,538.35		140,025.49			(4,647.00	)		—		—			5.5		4.153	AO		110,000.00		—		2/19/2010		4/1/2016
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.796		9,842,685.07		8,500,000.00		9,549,284.70		293,400.37			(60,846.00	)		—		—			6.95		3.574	MS		26,256.00		295,375.00		2/5/2009		3/15/2014
110122AL2	BRISTOL MYERS SQUIBB CO NT							1FE		7,448,280.00		109.755		7,682,853.58		7,000,000.00		7,348,078.52		334,775.06			(23,799.00	)		—		—			5.25		3.67	FA		46,958.00		183,750.00		3/5/2009		8/15/2013
12572QAC9	CME GROUP INC SENIOR CORP BND							2FE		975,000.00		99.907		977,115.85		975,000.00		975,000.00		2,115.85			—			—		—			0.899		3.454	FMAN		1,314.00		2,311.00		8/7/2008		8/6/2010
141781AP9	CARGILL INC CORP BND 144A							1FE		2,764,425.00		109.17		2,729,259.51		2,500,000.00		2,735,821.91		(6,562.40	)		(26,268.00	)		—		—			6.375		1.91	JD		53,125.00		—		12/21/2009		6/1/2012
141784DG0	CARGILL INC SENIOR CORP BND 144A							1FE		4,764,583.00		107.472		4,750,247.90		4,420,000.00		4,740,265.75		9,982.15			(24,317.00	)		—		—			5.2		2.512	JJ		44,053.00		114,920.00		1/6/2010		1/22/2013
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,404.00		107.609		1,210,598.94		1,125,000.00		1,124,662.36		85,936.58			29.00			—		—			4.85		4.862	JD		17,278.00		—		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.00		100.299		5,612,967.14		5,275,000.00		5,270,938.74		342,028.40			329.00			—		—			4.25		4.279	FA		33,005.00		112,094.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,227.00		99.931		649,550.80		650,000.00		649,299.09		251.71			62.00			—		—			1.9		1.941	JD		3,568.00		—		12/10/2009		12/17/2012
14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							1FE		8,884,781.00		99.971		8,897,388.47		8,900,000.00		8,884,781.00		12,607.47			—			—		—			2		2.059	AO		—		—		3/31/2010		4/5/2013
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,055,224.00		105.829		3,174,871.89		3,000,000.00		3,048,531.24		126,340.65			(1,992.00	)		—		—			4.6		4.134	JJ		29,133.00		69,000.00		8/31/2009		1/15/2014
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		102.476		5,123,775.10		5,000,000.00		5,008,661.54		115,113.56			(1,931.00	)		—		—			5.5		5.331	AO		118,403.00		—		1/31/2007		4/26/2011
166751AH0	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		18,029,164.00		104.959		18,052,962.45		17,200,000.00		17,987,179.78		65,782.67			(41,984.00	)		—		—			3.95		2.712	MS		52,842.00		339,700.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION SENIOR CORP							1FE		3,295,695.00		104.504		3,396,385.40		3,250,000.00		3,292,723.77		103,661.63			(3,007.00	)		—		—			3.45		2.735	MS		8,721.00		56,063.00		2/9/2010		3/3/2012
17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		3,950,517.00		104.154		4,009,932.47		3,850,000.00		3,881,253.99		128,678.48			(8,438.00	)		—		—			5.25		4.313	FA		21,897.00		101,063.00		10/9/2008		2/22/2011
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		101.032		4,041,275.04		4,000,000.00		3,990,548.76		50,726.28			473.00			—		—			2.9		2.955	MN		43,178.00		—		11/9/2009		11/17/2014
172967CK5	CITIGROUP INC CORP BND							1FE		4,844,800.00		102.832		5,141,598.15		5,000,000.00		4,862,360.80		279,237.35			7,340.00			—		—			5.125		5.892	MN		103,924.00		—		8/31/2009		5/5/2014
172967DH1	CITIGROUP INC CORP BND							1FE		2,191,943.00		103.12		2,242,855.32		2,175,000.00		2,180,490.33		62,364.99			(1,513.00	)		—		—			5.125		4.826	FA		14,553.00		55,734.00		4/8/2008		2/14/2011
172967DP3	CITIGROUP INC CORP BND							1FE		5,035,050.00		105.958		5,297,924.40		5,000,000.00		5,030,572.51		267,351.89			(2,128.00	)		—		—			5.85		5.642	JJ		72,313.00		146,250.00		8/31/2009		7/2/2013
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,138.00		103.901		779,260.66		750,000.00		772,643.48		6,617.18			(3,653.00	)		—		—			5.1		3.015	MS		213.00		19,125.00		10/20/2009		9/29/2011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		106.539		532,695.16		500,000.00		517,383.85		15,311.31			(1,593.00	)		—		—			5.3		3.852	AO		12,072.00		—		10/22/2009		10/17/2012
172967EQ0	CITIGROUP INC CORP BND							1FE		2,996,449.00		93.485		3,146,269.68		3,000,000.00		2,996,748.21		149,521.47			299.00			—		—			5.5		5.539	AO		77,917.00		—		2/19/2010		4/11/2013
172967EY3	CITIGROUP INC SENIOR CORP BND							1FE		17,336,808.00		106.69		17,497,197.88		16,400,000.00		17,305,386.05		191,811.83			(31,422.00	)		—		—			6.375		4.953	FA		142,304.00		204,000.00		2/9/2010		8/12/2014
17313UAA7	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		7,527,036.00		103.175		7,738,125.82		7,500,000.00		7,527,476.61		210,649.21			(4,003.00	)		—		—			2.875		2.649	JD		67,083.00		—		12/11/2009		12/9/2011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		51,093,033.00		101.857		51,794,289.59		50,850,000.00		51,112,444.67		681,844.92			(9,743.00	)		—		—			2.125		1.869	AO		453,236.00		—		2/19/2010		4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND							1FE		15,309,933.00		100.729		15,361,173.11		15,250,000.00		15,301,678.94		59,494.17			(4,762.00	)		—		—			1.875		1.739	AO		150,117.00		—		10/20/2009		10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND							1FE		31,181,233.00		100.711		31,270,765.18		31,050,000.00		31,177,183.24		93,581.94			(4,999.00	)		—		—			1.875		1.714	MN		283,008.00		—		2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		8,377,404.00		100.188		8,537,172.26		8,400,000.00		8,384,820.45		152,351.81			1,843.00			—		—			2		2.093	MS		467.00		84,000.00		3/23/2009		3/30/2012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.00		104.13		12,105,135.29		11,625,000.00		11,582,658.50		522,476.79			2,447.00			—		—			3.625		3.725	MS		18,729.00		210,703.00		3/3/2009		3/15/2014
191219BV5	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,263,970.00		105.386		5,269,319.55		5,000,000.00		5,241,103.10		28,216.45			(11,144.00	)		—		—			4.25		3.182	MS		17,708.00		106,250.00		12/16/2009		3/1/2015
20825CAM6	CONOCOPHILLIPS CORP BND							1FE		1,684,478.00		103.014		1,677,485.91		1,575,000.00		1,675,038.79		2,447.12			(7,654.00	)		—		—			4.4		2.28	MN		26,180.00		—		12/9/2009		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		107.495		7,040,899.18		6,550,000.00		6,760,892.81		280,006.37			(7,178.00	)		—		—			4.6		3.846	JJ		63,608.00		106,145.00		1/27/2010		1/15/2015
20825VAA0	CONOCOPHILLIPS CANADA FUNDING CORP BND							1FE		6,255,188.00		106.889		6,293,860.89		5,875,000.00		6,159,571.84		134,289.05			(33,500.00	)		—		—			5.3		2.831	AO		143,578.00		—		8/31/2009		4/15/2012
209111EK5	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		5,329,201.00		108.747		5,437,358.45		5,000,000.00		5,323,558.24		113,800.21			(5,643.00	)		—		—			5.375		4.091	JD		79,132.00		—		2/19/2010		12/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,498.00		106.822		437,213.72		400,000.00		433,267.99		3,945.73			(1,900.00	)		—		—			5.55		3.313	AO		11,100.00		—		10/29/2009		4/1/2014
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		106.25		212,500.00		200,000.00		210,656.16		1,843.84			(1,162.00	)		—		—			5.8		3.252	JD		3,673.00		—		10/29/2009		6/7/2012
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		16,057,878.00		107.423		16,322,963.74		15,195,000.00		15,798,335.63		524,628.11			(90,229.00	)		—		—			6.125		3.57	MN		351,595.00		—		8/31/2009		11/15/2011
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.00		112.803		593,745.39		530,000.00		558,639.37		35,106.02			(3,778.00	)		—		—			8.6		5.39	JJ		9,622.00		22,790.00		9/24/2008		1/15/2012

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		5,354,700.00		106.207		5,310,361.50		5,000,000.00		5,334,089.95		(23,728.45	)		(20,610.00	)		—		—		5.4		1.03	AO		123,000.00		—		2/23/2010		10/17/2011
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		3,933,036.00		108.501		4,258,675.32		3,925,000.00		3,930,368.86		328,306.46			(458.00	)		—		—		4.95		4.895	JD		56,128.00		—		7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND						1FE		1,123,808.00		99.266		1,116,746.09		1,125,000.00		1,123,821.58		(7,075.49	)		14.00			—		—		2.95		2.973	MS		2,120.00		—		3/3/2010		3/9/2015
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND						1FE		1,028,471.00		103.437		1,034,369.96		1,000,000.00		1,022,668.66		11,701.30			(2,477.00	)		—		—		2.875		1.827	JD		8,146.00		—		8/27/2009		6/19/2012
254687AV8	WALT DISNEY COMPANY THE SENIOR CORP BND						1FE		1,621,295.00		107.527		1,747,306.82		1,625,000.00		1,622,909.28		124,397.54			181.00			—		—		4.7		4.752	JD		25,458.00		—		11/29/2007		12/1/2012
263534BN8	EI DUPONT DE NEMOURS & CO CORP BND						1FE		5,317,250.00		107.303		5,365,157.70		5,000,000.00		5,280,194.02		84,963.68			(15,755.00	)		—		—		4.875		3.392	AO		102,240.00		—		8/31/2009		4/30/2014
263534BU2	EI DUPONT DE NEMOURS & CO SENIOR CORP						1FE		9,363,568.00		108.072		9,699,489.28		8,975,000.00		9,345,118.94		354,370.34			(26,785.00	)		—		—		5		3.633	JJ		94,736.00		224,375.00		12/21/2009		7/15/2013
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND						1FE		9,123,449.00		100.06		9,130,473.35		9,125,000.00		9,123,570.06		6,903.29			104.00			—		—		2.1		2.105	JD		55,358.00		—		12/14/2009		6/15/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND						1		4,325,202.00		98.81		4,387,163.26		4,200,000.00		4,313,436.53		73,726.73			(5,052.00	)		—		—		4.125		3.535	AO		79,888.00		—		8/31/2009		4/15/2015
302570BB1	FPL GROUP CAPITAL INC SENIOR CORP BND						1FE		1,350,000.00		100.843		1,359,371.54		1,350,000.00		1,350,000.00		9,371.54			—			—		—		1.138		3.694	MJSD		640.00		3,825.00		6/11/2008		6/17/2011
302570BC9	FPL GROUP CAPITAL INC CORP BND						1FE		7,402,175.00		120.939		7,316,839.20		6,050,000.00		7,380,105.40		(63,266.20	)		(22,070.00	)		—		—		7.875		3.581	JD		140,284.00		—		2/17/2010		12/15/2015
302570BD7	FPL GROUP CAPITAL INC CORP BND						1FE		5,472,554.00		107.6		5,380,012.90		5,000,000.00		5,467,663.95		(87,651.05	)		(4,890.00	)		—		—		6		4.703	MS		25,000.00		150,000.00		2/19/2010		3/1/2019
341081EN3	FLORIDA POWER & LIGHT CO CORP BND						1FE		2,779,405.00		106.725		2,902,929.71		2,720,000.00		2,757,001.03		145,928.68			(3,023.00	)		—		—		4.85		4.335	FA		21,987.00		65,960.00		4/25/2008		2/1/2013
35047AAA6	FOUNDATION RE LTD CORP BND 144A						3FE		5,013,184.00		93.445		4,979,750.00		5,000,000.00		5,004,319.70		(24,569.70	)		(1,570.00	)		—		—		7		9.529	FMAN		41,806.00		90,707.00		10/7/2008		11/26/2010
36186CBF9	GMAC LLC CORP BND GTD						1FE		11,960,952.00		101.453		12,154,069.76		11,980,000.00		11,965,248.99		188,820.77			1,301.00			—		—		2.2		2.247	JD		74,675.00		—		6/3/2009		12/19/2012
368710AG4	GENENTECH INC CORP BND						1FE		802,028.00		107.024		802,681.16		750,000.00		798,635.20		4,045.96			(2,078.00	)		—		—		4.75		3.4	JJ		7,521.00		17,813.00		10/29/2009		7/15/2015
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND						1FE		4,489,680.00		110.336		4,413,442.68		4,000,000.00		4,480,977.88		(67,535.20	)		(8,702.00	)		—		—		5.375		2.94	FA		27,472.00		—		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND						1FE		2,140,411.00		101.04		2,172,351.66		2,150,000.00		2,143,954.52		28,397.14			1,149.00			—		—		1.8		2.022	JJ		8,170.00		21,608.00		6/19/2009		7/15/2011
369604AY9	GENERAL ELEC CAP CO CORP BND						1FE		6,328,500.00		107.847		6,470,838.30		6,000,000.00		6,275,376.81		195,461.49			(22,791.00	)		—		—		5		3.292	FA		50,000.00		150,000.00		8/31/2009		2/1/2013
369604BC6	GE CAPITAL CORP CORP BND						1FE		5,498,186.00		104.915		5,696,901.93		5,430,000.00		5,497,524.24		199,377.69			(662.00	)		—		—		5.25		5.052	JD		91,066.00		—		2/19/2010		12/6/2017
36962G3T9	GE CAPITAL CORP CORP BND						1FE		5,275,481.00		107.46		5,480,452.15		5,100,000.00		5,249,485.53		230,966.62			(11,304.00	)		—		—		4.8		3.784	MN		102,000.00		—		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP SENIOR CORP BND						1FE		261,338.00		105.816		264,540.08		250,000.00		260,995.45		3,544.63			(214.00	)		—		—		6		5.395	FA		2,250.00		7,500.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND						??		230,445.00		103.506		232,887.41		225,000.00		229,629.59		3,257.82			(463.00	)		—		—		3.5		2.599	FA		1,050.00		3,938.00		10/20/2009		8/13/2012
36962G4H4	GE CAPITAL CORP CORP BND						1FE		9,987,581.00		101.17		10,117,047.10		10,000,000.00		9,988,098.98		128,948.12			518.00			—		—		2.8		2.844	JJ		64,556.00		—		2/19/2010		1/8/2013
36962GXS8	GENERAL ELEC CAP CO CORP BND						1FE		4,511,962.00		107.513		4,891,845.32		4,550,000.00		4,528,152.94		363,692.38			2,694.00			—		—		5.875		6.15	FA		34,157.00		133,656.00		9/24/2008		2/15/2012
36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00		108.188		3,245,634.61		3,000,000.00		3,084,313.87		161,320.74			(8,968.00	)		—		—		6		4.644	JD		53,000.00		—		1/14/2008		6/15/2012
36962GZY3	GENERAL ELEC CAP CO CORP BND						1FE		159,668.00		107.811		161,716.02		150,000.00		158,468.54		3,247.48			(717.00	)		—		—		5.45		3.314	JJ		1,726.00		4,088.00		10/29/2009		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		6,281,919.00		103.378		6,512,813.87		6,300,000.00		6,289,617.57		223,196.30			1,478.00			—		—		3		3.101	JD		58,800.00		—		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		21,614,110.00		101.953		21,996,360.39		21,575,000.00		21,601,560.02		394,800.37			(2,930.00	)		—		—		2.2		2.142	JD		148,987.00		—		3/3/2009		6/8/2012
36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		9,896,931.00		101.219		10,020,681.20		9,900,000.00		9,898,536.55		122,144.65			380.00			—		—		1.8		1.816	MS		9,900.00		89,100.00		3/9/2009		3/11/2011
36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		3,000,000.00		100.819		3,014,462.61		3,000,000.00		3,000,000.00		14,462.61			—			—		—		0.456		1.531	MJSD		759.00		3,331.00		3/9/2009		3/12/2012
36967HAU1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		3,110,902.00		99.968		3,109,013.88		3,110,000.00		3,110,712.54		(1,698.66	)		(64.00	)		—		—		0.271		0.6	MJSD		234.00		1,992.00		7/6/2009		12/21/2012
373334JQ5	GEORGIA POWER COMPANY CORP BND				1		1FE		4,600,000.00		100.196		4,609,016.32		4,600,000.00		4,600,000.00		9,016.32			—			—		—		0.576		0.576	MJSD		1,177.00		—		3/9/2010		3/15/2013
377372AC1	GLAXOSK CAP INC CORP BND						1FE		19,423,975.00		108.266		19,920,933.88		18,400,000.00		19,263,641.96		657,291.92			(58,918.00	)		—		—		4.85		3.252	MN		337,129.00		—		1/28/2010		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND						1FE		819,038.00		109.388		820,409.49		750,000.00		813,177.21		7,232.28			(3,540.00	)		—		—		6		3.755	MN		18,750.00		—		10/29/2009		5/1/2014
38141EA41	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		519,565.00		103.277		516,386.91		500,000.00		517,564.48		(1,177.57	)		(1,790.00	)		—		—		3.625		2.077	FA		3,021.00		9,516.00		12/16/2009		8/1/2012
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00		108.177		4,327,064.52		4,000,000.00		4,049,634.21		277,430.31			(6,520.00	)		—		—		6.6		5.859	JJ		55,733.00		132,000.00		8/14/2007		1/15/2012
38141GDQ4	GOLDMAN SACHS & CO CORP BND						1FE		3,158,283.00		107.743		3,232,299.03		3,000,000.00		3,153,687.10		78,611.93			(4,595.00	)		—		—		5.25		3.692	AO		72,625.00		—		2/19/2010		10/15/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND						1FE		11,529,433.00		105.472		11,601,923.41		11,000,000.00		11,523,448.33		78,475.08			(5,985.00	)		—		—		5.125		4.02	JJ		119,014.00		—		3/18/2010		1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC SENIOR CORP BND						1FE		1,099,528.00		105.944		1,090,161.17		1,029,000.00		1,099,101.75		(8,940.58	)		(426.00	)		—		—		5.15		3.223	JJ		11,188.00		—		3/18/2010		1/15/2014
38143UAW1	GOLDMAN SACHS GROUP INC CORP BND						1FE		5,178,505.00		105.509		5,275,429.90		5,000,000.00		5,174,622.01		100,807.89			(3,883.00	)		—		—		5		4.141	AO		125,000.00		—		2/19/2010		10/1/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		5,092,400.00		108.049		5,402,427.30		5,000,000.00		5,056,044.21		346,383.09			(5,019.00	)		—		—		5.45		4.982	MN		113,542.00		—		5/13/2008		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND						1FE		12,276,600.00		104.25		12,353,625.00		11,850,000.00		12,138,129.05		215,495.95			(31,529.00	)		—		—		3.25		2.116	JD		113,398.00		—		2/20/2009		6/15/2012
38146FAF8	GOLDMAN SACHS GROUP INC - GTD CORP BND						1FE		2,765,674.00		101.197		2,772,797.96		2,740,000.00		2,756,466.61		16,331.35			(3,141.00	)		—		—		1.625		1.154	JJ		9,400.00		22,263.00		7/2/2009		7/15/2011
40429CAA0	HOUSEHOLD FINANCE CORPORATION CORP BND						1FE		5,786,983.00		105.213		5,786,688.00		5,500,000.00		5,765,814.69		20,873.31			(26,341.00	)		—		—		6.75		2.356	MN		140,250.00		—		2/19/2010		5/15/2011
40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.00		102.906		205,811.82		200,000.00		199,470.59		6,341.23			163.00			—		—		5.25		5.599	JJ		2,246.00		5,250.00		6/30/2007		1/14/2011
4042EPAA5	HSBC USA INC CORP BND GOV GUAR						1FE		9,089,247.00		103.63		9,119,439.73		8,800,000.00		8,973,542.75		145,896.98			(24,686.00	)		—		—		3.125		1.946	JD		80,208.00		—		1/28/2009		12/16/2011
428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,224.00		107.105		3,068,565.56		2,865,000.00		2,864,275.12		204,290.44			88.00			—		—		5.25		5.264	MS		12,534.00		75,206.00		2/22/2007		3/1/2012
428236AQ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,547,098.00		106.959		5,615,337.47		5,250,000.00		5,499,446.96		115,890.51			(20,219.00	)		—		—		4.5		2.792	MS		19,688.00		118,125.00		8/31/2009		3/1/2013
428236AT0	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,127,237.00		112.602		7,290,977.82		6,475,000.00		6,997,360.83		293,616.99			(30,371.00	)		—		—		6.125		3.883	MS		33,049.00		198,297.00		10/26/2009		3/1/2014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,549.00		104.409		1,077,993.49		1,025,000.00		1,024,705.70		53,287.79			36.00			—		—		4.25		4.266	FA		4,477.00		21,781.00		2/23/2009		2/24/2012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,028,445.00		107.984		7,018,930.82		6,500,000.00		7,011,171.98		7,758.84			(16,606.00	)		—		—		4.75		2.742	JD		102,059.00		—		2/17/2010		6/2/2014
428236AX1	HEWLETT-PACKARD COMPANY CORP BND						1FE		1,024,662.00		101.171		1,037,000.69		1,025,000.00		1,024,802.95		12,197.74			42.00			—		—		2.25		2.267	MN		7,944.00		—		5/21/2009		5/27/2011
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,100,308.00		101.188		5,106,958.56		5,047,000.00		5,090,010.05		16,948.51			(9,176.00	)		—		—		1.302		0.688	FMAN		6,023.00		15,195.00		12/16/2009		5/27/2011
438516AV8	HONEYWELL INTERNATIONAL INC SENIOR CORP						1FE		3,175,427.00		106.106		3,265,892.26		2,993,000.00		3,115,613.11		150,279.15			(11,404.00	)		—		—		5.625		3.767	FA		28,059.00		84,178.00		1/14/2010		8/1/2012
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND						1FE		5,162,275.00		104.624		5,231,187.46		5,000,000.00		5,144,973.83		86,213.63			(7,768.00	)		—		—		3.875		3.075	FA		24,757.00		87,188.00		2/17/2010		2/15/2014
44924EAB6	IBM INTL GROUP CAPITAL CORP BND						1FE		11,100,025.00		108.624		11,807,447.94		10,870,000.00		11,016,623.16		790,824.78			(13,437.00	)		—		—		5.05		4.482	AO		242,446.00		—		3/5/2009		10/22/2012
459200GN5	IBM CORP CORP BND						1FE		3,209,711.00		114.561		3,322,275.55		2,900,000.00		3,152,021.26		170,254.29			(16,358.00	)		—		—		6.5		3.845	AO		86,919.00		—		6/11/2009		10/15/2013
459200GQ8	IBM CORP CORP BND						1FE		1,800,000.00		100.03		1,800,539.84		1,800,000.00		1,800,000.00		539.84			—			—		—		0.29		0.318	FMAN		813.00		1,429.00		11/3/2009		11/4/2011
459200GR6	IBM CORP CORP BND						1FE		9,808,092.00		100.658		9,864,456.07		9,800,000.00		9,807,947.48		56,508.59			(348.00	)		—		—		2.1		2.073	MN		82,892.00		—		1/28/2010		5/6/2013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND						1FE		4,683,362.00		102.501		4,935,611.00		4,700,000.00		4,689,411.40		246,199.60			794.00			—		—		3.5		3.577	MN		62,144.00		—		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND						1FE		9,756,880.00		102.73		9,759,350.29		9,500,000.00		9,740,555.20		18,795.09			(13,861.00	)		—		—		3		2.342	AO		125,875.00		—		12/11/2009		4/22/2014
46623EHJ1	JPMORGAN CHASE & CO CORP BND						1FE		8,925,840.00		99.502		8,955,179.92		9,000,000.00		8,934,154.68		21,025.24			7,194.00			—		—		0.409		0.736	MJSD		809.00		8,076.00		12/15/2009		6/25/2012
46625HAJ9	JP MORGAN CHASE & CO CORP BND						1FE		6,522,813.00		104.704		6,543,989.75		6,250,000.00		6,323,645.33		220,344.42			(21,226.00	)		—		—		6.75		5.29	FA		70,313.00		210,938.00		10/5/2007		2/1/2011
46625HCE8	JPMORGAN CHASE & CO CORP BND						1FE		182,025.00		105.316		184,303.22		175,000.00		181,529.64		2,773.58			(292.00	)		—		—		4.75		3.908	MS		693.00		4,156.00		10/29/2009		3/1/2015
46625HGG9	JP MORGAN & COMPANY INC CORP BND						1FE		480,584.00		105.17		494,296.66		470,000.00		473,733.52		20,563.14			(766.00	)		—		—		5.6		4.891	JD		8,773.00		—		11/28/2007		6/1/2011
46625HGT1	JPMORGAN CHASE & CO CORP BND						1FE		5,222,250.00		108.379		5,418,962.10		5,000,000.00		5,124,920.86		294,041.24			(11,584.00	)		—		—		5.375		4.31	AO		134,375.00		—		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND						1FE		20,714,262.00		106.39		21,277,905.20		20,000,000.00		20,694,467.69		583,437.51			(24,047.00	)		—		—		4.75		3.545	MN		395,833.00		—		2/19/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND						1FE		13,928,170.00		105.366		13,908,327.71		13,200,000.00		13,902,434.31		5,893.40			(23,028.00	)		—		—		4.65		3.273	JD		204,600.00		—		2/19/2010		6/1/2014
46625HHP8	JPMORGAN CHASE & CO SENIOR CORP BND						1FE		10,584,590.00		100.604		10,563,447.62		10,500,000.00		10,584,245.81		(20,798.19	)		(344.00	)		—		—		3.7		3.516	JJ		76,621.00		—		3/18/2010		1/20/2015
481247AD6	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		6,106,680.00		101.467		6,088,040.94		6,000,000.00		6,037,049.56		50,991.38			(13,636.00	)		—		—		2.625		1.69	JD		52,500.00		—		12/18/2008		12/1/2010
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND						1FE		3,444,325.00		101.344		3,438,828.04		3,410,000.00		3,439,859.80		(1,031.76	)		(3,294.00	)		—		—		0.651		0.28	MJSD		617.00		5,381.00		11/24/2009		6/22/2012
481247AG9	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		6,597,426.00		100.902		6,671,703.59		6,600,000.00		6,598,834.39		72,869.20			317.00			—		—		1.65		1.67	FA		11,495.00		54,450.00		2/18/2009		2/23/2011
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND						1FE		8,194,916.00		101.994		8,363,508.25		8,200,000.00		8,196,494.24		167,014.01			383.00			—		—		2.2		2.22	JD		53,118.00		—		2/18/2009		6/15/2012
481247AM6	JPMORGAN CHASE & CO-GTD CORP BND						1FE		2,532,458.00		101.347		2,533,675.20		2,500,000.00		2,532,426.24		1,248.96			(31.00	)		—		—		2.125		1.637	JD		14,019.00		—		3/30/2010		12/26/2012
49327GAB3	KEYCORP - GTD CORP BND MTN						1FE		4,557,024.00		101.034		4,546,526.76		4,500,000.00		4,543,794.57		2,732.19			(6,269.00	)		—		—		0.837		0.286	MON		1,361.00		9,149.00		9/18/2009		12/19/2011
49328CAA3	KEYBANK NA - GTD CORP BND						1FE		2,088,898.00		104.133		2,082,659.92		2,000,000.00		2,081,845.26		814.66			(7,053.00	)		—		—		3.2		1.312	JD		18,844.00		—		1/15/2010		6/15/2012
532457BD9	ELI LILLY AND COMPANY CORP BND						1FE		5,489,332.00		104.03		5,565,601.68		5,350,000.00		5,468,323.44		97,278.24			(11,990.00	)		—		—		3.55		2.363	MS		13,189.00		94,963.00		2/12/2010		3/6/2012
532457BE7	ELI LILLY AND COMPANY CORP BND						1FE		1,592,745.00		105.705		1,585,582.35		1,500,000.00		1,586,784.98		(1,202.63	)		(5,157.00	)		—		—		4.2		2.64	MS		4,375.00		31,500.00		12/15/2009		3/6/2014
55263ECH6	MBNA CORPORATION CORP BND						1FE		352,688.00		96.24		353,997.33		330,000.00		343,674.36		10,322.97			(1,077.00	)		—		—		6.125		4.59	MS		1,684.00		10,106.00		1/30/2008		3/1/2013
5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT						1FE		2,444,463.00		110.788		2,548,120.37		2,300,000.00		2,419,965.10		128,155.27			(10,597.00	)		—		—		7.125		4.977	MN		61,908.00		—		8/31/2009		11/15/2012
580169AM2	MCDONNELL DOUGLAS CORP CORP BND						1FE		5,169,456.00		115.172		5,038,762.84		4,375,000.00		4,729,789.25		308,973.59			(41,008.00	)		—		—		9.75		5.417	AO		213,281.00		—		5/31/2007		4/1/2012
585055AG1	MEDTRONIC INC CORP BND						1FE		2,921,280.00		102.669		3,051,962.01		3,000,000.00		2,987,721.12		64,240.89			6,565.00			—		—		4.375		5.301	MS		5,833.00		65,625.00		8/2/2007		9/15/2010
585055AR7	MEDTRONIC INC CORP BND						1FE		12,482,088.00		99.493		12,411,693.25		12,475,000.00		12,482,042.38		(70,349.13	)		(46.00	)		—		—		3		2.988	MS		15,594.00		—		3/16/2010		3/15/2015
589331AK3	MERCK & CO INC CORP BND						1FE		8,701,863.00		107.889		8,631,146.24		8,000,000.00		8,684,486.55		(53,340.31	)		(17,194.00	)		—		—		4.75		2.871	MS		31,667.00		190,000.00		2/17/2010		3/1/2015
589331AL1	MERCK & CO INC CORP BND						1FE		3,502,410.00		106.917		3,701,121.71		3,470,000.00		3,483,465.79		217,655.92			(1,974.00	)		—		—		5.125		4.873	MN		67,183.00		—		9/10/2007		11/15/2011
589331AR8	MERCK & CO INC CORP BND						1FE		2,099,496.00		100.862		2,118,110.80		2,100,000.00		2,099,687.40		18,423.40			61.00			—		—		1.875		1.887	JD		9,953.00		—		6/22/2009		6/30/2011
59018YM40	MERRILL LYNCH & CO INC CORP BND						1FE		7,096,913.00		105.703		7,399,211.26		7,000,000.00		7,093,465.42		305,745.84			(3,448.00	)		—		—		5.45		4.941	FA		59,344.00		—		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN						1FE		7,066,778.00		99.458		7,123,933.07		6,550,000.00		7,046,238.46		77,694.61			(14,944.00	)		—		—		6.15		3.52	AO		174,558.00		—		3/4/2010		4/25/2013
59018YTZ4	MERRILL LYNCH & CO INC CORP BND						1FE		2,251,650.00		104.808		2,227,174.68		2,125,000.00		2,245,936.72		(18,762.04	)		(5,713.00	)		—		—		5.45		3.993	JJ		24,449.00		57,906.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND						1FE		4,003,840.00		99.428		3,977,120.04		4,000,000.00		4,001,886.31		(24,766.27	)		(367.00	)		—		—		0.449		3.696	JAJO		3,292.00		4,875.00		12/24/2008		7/25/2011
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND						1FE		3,414,528.00		103.482		3,370,918.70		3,200,000.00		3,403,922.00		(33,003.30	)		(10,264.00	)		—		—		4.65		3.121	AO		74,400.00		—		12/23/2009		10/1/2014

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes			6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4	5					8		9						12			13			14		15		16		17		18	19			20		21		22
			FOREIGN	BOND	NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST			DURING YEAR		ACQUIRED		MATURITY
617446B99	MORGAN STANLEY CORP BND					1FE		469,255.00		89.778		478,045.01		500,000.00		472,259.75		5,785.26			1,737.00			—		—		0.549		2.096	JAJO		610.00			763.00		10/22/2009		1/9/2014
617446HC6	MORGAN STANLEY CORP BND					1FE		1,602,555.00		108.613		1,629,191.43		1,500,000.00		1,551,776.37		77,415.06			(6,033.00	)		—		—		6.6		4.77	AO		49,500.00			—		1/25/2008		4/1/2012
617446V89	MORGAN STANLEY CORP BND MTN					1FE		542,275.00		103.6		538,859.60		500,000.00		538,040.12		819.48			(3,773.00	)		—		—		5.75		2.482	FA		2,476.00			14,375.00		12/16/2009		8/31/2012
617446YT0	MORGAN STANLEY CORP BND					1FE		4,091,096.00		96.885		4,075,325.84		4,075,000.00		4,078,251.31		(2,925.47	)		(1,002.00	)		—		—		0.501		5.5	JAJO		4,085.00			5,562.00		1/19/2007		1/18/2011
61746BCW4	MORGAN STANLEY CORP BND MTN					1FE		9,500,059.00		106.051		9,785,296.43		9,227,000.00		9,494,927.00		290,369.43			(16,080.00	)		—		—		5.625		3.905	JJ		118,221.00			84,375.00		2/19/2010		1/9/2012
61747YCE3	MORGAN STANLEY CORP BND MTN					1FE		8,380,126.00		106.916		8,553,289.20		8,000,000.00		8,373,939.92		179,349.28			(6,186.00	)		—		—		6		4.945	AO		204,000.00			—		3/1/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND					1FE		10,876,247.00		107.867		10,786,676.00		10,000,000.00		10,854,440.65		(67,764.65	)		(21,806.00	)		—		—		6		3.741	MN		230,000.00			—		2/19/2010		5/13/2014
61747YCG8	MORGAN STANLEY CORP BND					1FE		5,582,650.00		110.606		5,530,278.80		5,000,000.00		5,581,411.37		(51,132.57	)		(1,239.00	)		—		—		7.3		5.649	MN		139,917.00			—		3/17/2010		5/13/2019
61747YCL7	MORGAN STANLEY CORP BND					1FE		7,998,915.00		98.999		7,944,695.50		8,025,000.00		7,998,983.75		(54,288.25	)		69.00			—		—		4.1		4.174	JJ		59,407.00			—		3/24/2010		1/26/2015
61757UAH3	MORGAN STANLEY-GTD CORP BND					1FE		29,831,864.00		101.444		30,433,202.40		30,000,000.00		29,891,270.12		541,932.28			12,066.00			—		—		1.95		2.118	JD		164,125.00			—		1/6/2010		6/20/2012
61757UAL4	MORGAN STANLEY-GTD CORP BND					1FE		3,023,745.00		100.519		3,015,583.20		3,000,000.00		3,018,255.57		(2,672.37	)		(2,412.00	)		—		—		0.53		0.421	FMAN		2,208.00			4,248.00		9/2/2009		2/10/2012
61757UAN0	MORGAN STANLEY-GTD CORP BND					1FE		1,002,110.00		100.385		1,003,848.96		1,000,000.00		1,001,405.56		2,443.40			(177.00	)		—		—		0.457		1.453	MJSD		241.00			1,148.00		4/2/2009		3/13/2012
64944QAA5	NEW YORK COMMUNITY BANK - GTD CORP BND					1FE		6,731,184.00		103.152		6,766,150.20		6,550,000.00		6,672,544.69		93,605.51			(17,458.00	)		—		—		3		1.881	JD		57,313.00			—		9/8/2009		12/16/2011
665501AD4	NORTHERN NAT GAS CO SENIOR CORP BND 144A					??		1,608,465.00		106.364		1,595,453.00		1,500,000.00		1,597,045.84		(1,592.84	)		(11,419.00	)		—		—		7		1.401	JD		35,000.00			—		2/5/2010		6/1/2011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND					1FE		7,654,145.00		110.391		8,279,343.82		7,500,000.00		7,622,479.96		656,863.86			(8,273.00	)		—		—		5.5		4.964	FA		52,708.00			206,250.00		3/23/2009		8/15/2013
66989HAA6	NOVARTIS CAPITAL CORP CORP BND					1FE		2,947,376.00		105.482		3,032,605.37		2,875,000.00		2,944,594.81		88,010.56			(3,055.00	)		—		—		4.125		3.441	FA		16,801.00			59,297.00		1/20/2010		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND					1FE		16,752,689.00		99.88		16,754,806.76		16,775,000.00		16,752,936.01		1,870.75			247.00			—		—		1.9		1.944	AO		13,280.00			—		3/9/2010		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND					1FE		20,352,249.00		99.107		20,267,349.19		20,450,000.00		20,352,862.12		(85,512.93	)		613.00			—		—		2.9		3.001	AO		24,710.00			—		3/9/2010		4/24/2015
68389XAB1	ORCALE CORP CORP BND					1FE		4,735,000.00		100.006		4,735,520.94		4,735,000.00		4,735,000.00		520.94			—			—		—		0.31		5.42	FMAN		1,876.00			4,023.00		5/10/2007		5/14/2010
68389XAD7	ORACLE CORPORATION SENIOR CORP BND					1FE		5,412,790.00		108.562		5,780,925.49		5,325,000.00		5,391,559.44		389,366.05			(5,085.00	)		—		—		4.95		4.501	AO		121,543.00			—		3/5/2009		4/15/2013
68402LAE4	ORACLE CORP CORP BND					1		6,126,037.00		103.514		6,236,724.35		6,025,000.00		6,054,378.76		182,345.59			(9,085.00	)		—		—		5		4.364	JJ		63,597.00			150,625.00		3/6/2008		1/15/2011
693476BE2	PNC FUNDING CORP CORP BND					1		5,235,662.00		108.108		5,405,389.00		5,000,000.00		5,230,050.13		175,338.87			(5,612.00	)		—		—		5.4		4.191	JD		83,250.00			—		2/19/2010		6/10/2014
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT					1FE		24,515,075.00		102.224		25,044,881.72		24,500,000.00		24,510,731.59		534,150.13			(1,164.00	)		—		—		2.3		2.28	JD		154,963.00			—		2/25/2009		6/22/2012
69373UAA5	PACCAR INC CORP BND					1FE		6,255,597.00		113.822		6,374,040.90		5,600,000.00		6,238,161.45		135,879.45			(17,435.00	)		—		—		6.875		3.692	FA		49,194.00			—		2/19/2010		2/15/2014
701489AA4	PARKTON RE LTD CORP BND 144A					4FE		1,750,000.00		103.723		1,815,152.50		1,750,000.00		1,750,000.00		65,152.50			—			—		—		10.5		10.646	MJSD		5,104.00			46,460.00		7/23/2009		5/6/2011
713448BF4	PEPSICO INC CORP BND					1FE		1,013,969.00		107.538		1,010,856.86		940,000.00		1,013,782.65		(2,925.79	)		(186.00	)		—		—		5.15		1.379	MN		18,288.00			—		3/25/2010		5/15/2012
713448BK3	PEPSICO INC SENIOR CORP BND					1FE		19,458,660.00		104.554		20,388,077.77		19,500,000.00		19,466,949.91		921,127.86			1,925.00			—		—		3.75		3.797	MS		60,938.00			365,625.00		2/25/2009		3/1/2014
713448BL1	PEPSICO INC CORP BND					1FE		4,000,000.00		100.05		4,002,000.44		4,000,000.00		4,000,000.00		2,000.44			—			—		—		0.281		0.281	JAJO		2,406.00			—		1/11/2010		7/15/2011
717081CZ4	PFIZER INC. CORP BND					1FE		499,315.00		106.011		530,053.33		500,000.00		499,536.21		30,517.12			56.00			—		—		4.45		4.5	MS		989.00			11,125.00		3/17/2009		3/15/2012
717081DA8	PFIZER INC. CORP BND					1FE		1,380,478.00		110.207		1,377,588.09		1,250,000.00		1,374,079.62		3,508.47			(4,305.00	)		—		—		5.35		3.168	MS		2,972.00			33,438.00		2/17/2010		3/15/2015
717081DC4	PFIZER INC. CORP BND					1FE		1,575,000.00		101.878		1,604,578.47		1,575,000.00		1,575,000.00		29,578.47			—			—		—		2.207		3.173	MJSD		1,641.00			8,677.00		3/17/2009		3/15/2011
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		6,108,095.00		107.625		6,592,007.42		6,125,000.00		6,113,962.61		478,044.81			808.00			—		—		4.875		4.938	MN		111,973.00			—		5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND					1FE		856,493.00		114.929		861,969.11		750,000.00		847,112.98		14,856.13			(5,664.00	)		—		—		6.875		3.355	MS		2,005.00			25,781.00		10/29/2009		3/17/2014
718507BQ8	CONOCOPHILLIPS CORP BND					1FE		5,386,576.00		101.048		4,991,755.04		4,940,000.00		4,968,238.93		23,516.11			(47,065.00	)		—		—		8.75		4.827	MN		151,288.00			—		7/30/2008		5/25/2010
724479AF7	PITNEY BOWES INC CORP BND					1		—				—		—		—		—			—			—		—		4.625		0	AO		69,375.00			—		8/31/2009		10/1/2012
742718DA4	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,275,910.00		109.385		3,281,561.73		3,000,000.00		3,245,652.17		35,909.56			(12,913.00	)		—		—		4.95		2.942	FA		18,975.00			74,250.00		8/31/2009		8/15/2014
742718DL0	PROCTER & GAMBLE COMPANY CORP BND					1FE		21,510,867.00		107.464		21,546,508.34		20,050,000.00		21,432,639.46		113,868.88			(78,227.00	)		—		—		4.6		2.674	JJ		194,708.00			461,150.00		1/6/2010		1/15/2014
742718DM8	PROCTER & GAMBLE COMPANY CORP BND					1FE		3,571,225.00		102.426		3,584,904.75		3,500,000.00		3,564,233.67		20,671.08			(2,989.00	)		—		—		3.5		3.092	FA		15,653.00			61,250.00		8/31/2009		2/15/2015
742718DR7	PROCTER & GAMBLE COMPANY CORP BND					1FE		2,498,175.00		99.769		2,494,226.65		2,500,000.00		2,498,278.64		(4,051.99	)		104.00			—		—		1.375		1.405	FA		5,061.00			—		2/1/2010		8/1/2012
771196AN2	ROCHE HOLDINGS INC CORP BND 144A					1FE		9,034,861.00		105.889		9,529,976.35		9,000,000.00		9,035,002.19		494,974.16			(4,497.00	)		—		—		4.5		4.28	MS		33,750.00			202,500.00		10/14/2009		3/1/2012
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A					1FE		19,993,133.00		108.255		20,027,218.30		18,500,000.00		19,936,773.67		90,444.63			(53,956.00	)		—		—		5		2.887	MS		77,083.00			462,500.00		2/19/2010		3/1/2014
771196AS1	ROCHE HOLDINGS INC CORP BND 144A					1FE		5,536,650.00		110.64		5,531,976.70		5,000,000.00		5,509,865.04		22,111.66			(11,385.00	)		—		—		6		4.593	MS		25,000.00			150,000.00		8/31/2009		3/1/2019
771196AX0	ROCHE HOLDINGS INC CORP BND 144A					1FE		4,673,625.00		101.108		4,683,489.78		4,600,000.00		4,655,119.23		28,370.55			(15,006.00	)		—		—		2.252		1.263	FMAN		10,071.00			26,590.00		12/9/2009		2/25/2011
78387GAH6	AT&T INC CORP BND					1FE		2,163,060.00		107.774		2,155,484.92		2,000,000.00		2,124,789.29		30,695.63			(16,377.00	)		—		—		5.875		2.382	FA		19,583.00			58,750.00		8/31/2009		2/1/2012
78387GAP8	AT&T INC CORP BND					1FE		3,235,500.00		108.214		3,246,414.63		3,000,000.00		3,210,184.13		36,230.50			(10,770.00	)		—		—		5.1		3.392	MS		6,800.00			76,500.00		8/31/2009		9/15/2014
824348AN6	SHERWIN-WILLIAMS COMPANY THE CORP BND					1FE		5,008,830.00		100.058		5,002,887.75		5,000,000.00		5,008,672.14		(5,784.39	)		(158.00	)		—		—		3.125		3.085	JD		43,403.00			—		2/19/2010		12/15/2014
828807BE6	SIMON PROPERTY GROUP L.P. CORP BND					1FE		49,806.00		101		50,655.30		50,000.00		49,971.76		683.54			18.00			—		—		4.875		5.029	FA		311.00			1,219.00		12/5/2007		8/15/2010
842587AB3	SOUTHERN COMPANY CORP BND					1FE		3,225,440.00		104.914		3,403,457.50		3,200,000.00		3,211,562.67		191,894.83			(1,529.00	)		—		—		5.3		5.086	JJ		35,804.00			84,800.00		10/23/2007		1/15/2012
846042AA7	SOVEREIGN BANK - GTD CORP BND GOVT GUAR					1FE		1,023,630.00		103.045		1,030,449.98		1,000,000.00		1,015,531.19		14,918.79			(2,108.00	)		—		—		2.75		1.866	JJ		5,653.00			13,750.00		4/8/2009		1/17/2012
846042AB5	SOVEREIGN BANCORP INC - GTD CORP BND					1FE		2,483,688.00		101.259		2,511,813.57		2,450,000.00		2,473,553.54		38,260.03			(2,579.00	)		—		—		2.5		2.052	JD		18,035.00			—		4/2/2009		6/15/2012
857477AC7	STATE STREET CORPORATION SENIOR CORP BND					1FE		1,101,890.00		94.838		1,136,640.85		1,140,000.00		1,119,878.60		16,762.25			2,355.00			—		—		0.349		3.897	JAJO		674.00			1,109.00		4/30/2008		4/30/2012
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND					1FE		9,058,970.00		101.96		9,125,420.63		8,950,000.00		9,051,415.99		74,004.64			(8,664.00	)		—		—		2.15		1.593	AO		80,712.00			—		1/27/2010		4/30/2012
863667AA9	STRYKER CORP CORP BND					1FE		5,494,170.00		100.037		5,502,016.25		5,500,000.00		5,494,398.60		7,617.65			229.00			—		—		3		3.023	JJ		34,833.00			—		1/12/2010		1/15/2015
86801BAB1	SUNTRUST BANK - GTD CORP BND GOVT GUAR					1FE		2,574,034.00		103.341		2,583,525.08		2,500,000.00		2,550,849.85		32,675.23			(7,660.00	)		—		—		3		1.724	MN		28,125.00			—		6/24/2009		11/16/2011
88579EAD7	3M COMPANY SENIOR CORP BND					??		4,363,958.00		108.248		4,411,086.44		4,075,000.00		4,307,294.65		103,791.79			(20,514.00	)		—		—		4.65		2.459	JD		55,794.00			—		7/20/2009		12/15/2012
892332AQ0	TOYOTA MOTOR CREDIT CORP CORP BND					1FE		5,073,436.00		104.322		5,179,598.22		4,965,000.00		4,996,418.87		183,179.35			(6,696.00	)		—		—		5.45		4.867	MN		99,969.00			—		2/28/2007		5/18/2011
90333WAA6	US BANK NA CORP BND					1FE		1,439,603.00		106.511		1,464,526.69		1,375,000.00		1,404,018.97		60,507.72			(5,188.00	)		—		—		6.375		4.726	FA		14,609.00			43,828.00		9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND					1FE		35,034,961.00		100.867		35,081,541.56		34,780,000.00		35,025,202.04		56,339.52			(8,671.00	)		—		—		1.9		1.616	AO		297,369.00			—		3/4/2010		10/19/2012
911312AG1	UNITED PARCEL SERVICE INC SENIOR CORP					1FE		12,184,671.00		107.083		12,207,493.35		11,400,000.00		12,086,989.13		120,504.22			(56,814.00	)		—		—		4.5		2.258	JJ		108,300.00			228,375.00		1/22/2010		1/15/2013
91159HGJ3	US BANCORP CORP BND					1FE		4,538,500.00		101.338		4,534,882.80		4,475,000.00		4,485,105.03		49,777.77			(7,560.00	)		—		—		4.5		3.8	JJ		34,681.00			100,688.00		6/5/2008		7/29/2010
91159HGS3	US BANCORP CORP BND					1FE		1,250,063.00		100.012		1,250,154.79		1,250,000.00		1,250,061.15		93.64			(1.00	)		—		—		2.125		2.123	FA		3,394.00			11,510.00		12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN					1FE		549,043.00		99.722		548,471.30		550,000.00		549,056.55		(585.25	)		14.00			—		—		3.15		3.188	MS		1,299.00			—		3/1/2010		3/4/2015
91160HAC1	US BANCORP - (LT) GTD CORP BND					1FE		2,828,564.00		101.197		2,858,815.42		2,825,000.00		2,827,565.62		31,249.80			(295.00	)		—		—		1.8		1.756	MN		19,210.00			—		5/19/2009		5/15/2012
913017BD0	UNITED TECHNOLOGIES CORP CORP BND					1FE		2,134,718.00		104.75		2,094,992.82		2,000,000.00		2,064,327.78		30,665.04			(17,081.00	)		—		—		6.35		2.767	MS		10,583.00			63,500.00		3/18/2009		3/1/2011
913017BF5	UNITED TECHNOLOGIES CORP CORP BND					1FE		799,383.00		106.712		839,870.90		770,000.00		787,835.11		52,035.79			(1,972.00	)		—		—		6.1		4.936	MN		17,744.00			—		9/24/2008		5/15/2012
92343VAB0	VERIZON COMMUNICATIONS INC CORP BND					1FE		4,434,008.00		104.034		4,489,068.96		4,315,000.00		4,355,181.74		133,887.22			(11,064.00	)		—		—		5.35		4.254	FA		29,498.00			115,426.00		5/30/2008		2/15/2011
92344GAL0	VERIZON GLOBAL FDG CO CORP BND					1FE		3,367,012.00		104.337		3,234,434.79		3,100,000.00		3,167,169.57		67,265.22			(24,517.00	)		—		—		7.25		3.925	JD		74,917.00			—		2/22/2008		12/1/2010
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND					1FE		6,784,125.00		101.199		6,741,844.63		6,250,000.00		6,774,552.86		(32,708.23	)		(9,572.00	)		—		—		4.9		3.21	MS		13,611.00			153,125.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		590,368.00		115.912		637,514.89		550,000.00		586,782.40		50,732.49			(2,278.00	)		—		—		7.375		5.32	MN		15,324.00			—		11/10/2009		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,237,052.00		106.518		8,734,457.63		8,200,000.00		8,231,342.23		503,115.40			(3,822.00	)		—		—		5.25		5.028	FA		71,750.00			215,250.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		22,328,738.00		109.464		23,671,592.60		21,625,000.00		22,310,759.61		1,360,832.99			(20,356.00	)		—		—		5.55		4.613	FA		200,031.00			405,844.00		2/19/2010		2/1/2014
92344SAS9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		1,800,000.00		102.913		1,852,433.89		1,800,000.00		1,800,000.00		52,433.89			—			—		—		2.851		3.025	FMAN		5,703.00			13,198.00		11/10/2009		5/20/2011
92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND					1FE		8,869,642.00		102.723		9,116,690.57		8,875,000.00		8,871,052.16		245,638.41			843.00			—		—		3.75		3.79	MN		121,107.00			—		11/10/2009		5/20/2011
92976WBA3	WACHOVIA CORPORATION CORP BND MTN					1FE		527,500.00		101.414		544,484.87		500,000.00		517,517.21		26,967.66			(1,199.00	)		—		—		5.7		4.556	FA		4,750.00			14,250.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION SENIOR CORP BND					1FE		427,674.00		108.135		432,540.31		400,000.00		424,522.19		8,018.12			(1,867.00	)		—		—		5.5		3.389	MN		9,167.00			—		10/29/2009		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND					1FE		5,298,213.00		106.814		5,340,720.00		5,000,000.00		5,287,714.93		53,005.07			(10,498.00	)		—		—		4.25		2.28	AO		97,986.00			—		2/19/2010		4/15/2013
931142CQ4	WAL-MART STORES INC CORP BND					1FE		2,549,669.00		102.64		2,617,329.90		2,550,000.00		2,549,713.54		67,616.36			16.00			—		—		3.2		3.203	MN		30,827.00			—		5/14/2009		5/15/2014
931142CR2	WAL-MART STORES INC CORP BND					1FE		9,930,900.00		99.787		9,978,691.90		10,000,000.00		9,930,900.00		47,791.90			—			—		—		2.875		3.025	AO		(1,597.00	)		—		3/24/2010		4/1/2015
931422AD1	WALGREEN CO CORP BND					1FE		6,200,660.00		107.946		6,719,655.06		6,225,000.00		6,208,329.62		511,325.44			1,133.00			—		—		4.875		4.963	FA		50,578.00			151,734.00		7/14/2008		8/1/2013
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND					1FE		5,293,799.00		103.122		5,480,147.11		5,300,000.00		5,293,799.00		186,348.11			—			—		—		3		3.658	JD		49,467.00			—		12/3/2008		12/9/2011
949744AB2	WELLS FARGO & COMPANY - GTD SENIOR CORP					??		6,941,313.00		101.477		6,900,417.44		6,800,000.00		6,906,514.32		(6,096.88	)		(15,509.00	)		—		—		1.104		0.242	MJSD		4,795.00			18,812.00		9/8/2009		12/9/2011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND					1FE		829,784.00		101.839		845,263.68		830,000.00		829,842.22		15,421.46			17.00			—		—		2.125		2.134	JD		5,193.00			—		3/25/2009		6/15/2012
949746CE9	WELLS FARGO CORP CORP BND					1FE		10,690,800.00		106.373		10,637,345.10		10,000,000.00		10,619,764.21		17,580.89			(71,036.00	)		—		—		6.375		1.667	FA		106,250.00			—		2/1/2010		8/1/2011
949746NY3	WELLS FARGO & COMPANY SENIOR CORP BND					1FE		6,069,402.00		104.726		6,074,133.99		5,800,000.00		6,064,463.76		9,670.23			(5,815.00	)		—		—		4.375		2.685	JJ		42,997.00			17,500.00		3/3/2010		1/31/2013
949748AF4	WELLS FARGO BANK CORP BND BKNT					1FE		2,103,060.00		104.654		6,724,043.66		6,425,000.00		6,589,051.96		134,991.70			(8,363.00	)		—		—		6.45		4.665	FA		21,500.00			64,500.00		12/5/2007		2/1/2011
94974BAZ3	WELLS FARGO & COMPANY SENIOR CORP BND					1FE		5,709,540.00		101.962		6,117,690.36		6,000,000.00		5,955,675.22		162,015.14			18,570.00			—		—		3.98		5.299	AO		100,827.00			—		9/7/2006		10/29/2010
94974BEU0	WELLS FARGO & COMPANY CORP BND					1FE		8,039,938.00		99.834		8,036,608.11		8,050,000.00		8,039,937.50		(3,329.39	)		—			—		—		3.625		3.652	AO		(1,203.00	)		—		3/23/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND					1FE		804,015.00		107.047		802,852.76		750,000.00		795,822.05		7,030.71			(4,665.00	)		—		—		5.5		2.781	FA		6,875.00			20,625.00		10/20/2009		8/1/2012
94980VAA6	WELLS FARGO & COMPANY CORP BND					1FE		10,003,682.00		103.226		10,322,586.10		10,000,000.00		10,003,638.84		318,947.26			(43.00	)		—		—		4.75		4.741	FA		68,611.00			—		2/19/2010		2/9/2015
94980VAE8	WELLS FARGO BANK CORP BND					1FE		11,132,218.00		104.524		11,308,398.98		10,819,000.00		11,127,747.59		180,651.39			(4,471.00	)		—		—		5.75		5.199	MN		235,013.00			—		2/19/2010		5/16/2016
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND					1FE		6,706,837.00		100.365		6,724,454.87		6,700,000.00		6,706,712.17		17,742.70			(307.00	)		—		—		1.75		1.71	MN		48,528.00			—		1/27/2010		11/2/2012
983024AA8	WYETH CORP BND					1FE		1,104,250.00		109.452		1,094,515.84		1,000,000.00		1,102,045.42		(7,529.58	)		(2,205.00	)		—		—		5.5		1.929	MS		2,444.00			27,500.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND					1FE		8,152,990.00		110.277		8,270,766.45		7,500,000.00		8,135,313.42		135,453.03			(17,677.00	)		—		—		5.5		3.139	FA		68,750.00			—		2/19/2010		2/1/2014

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5					8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND	NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRS84L796	AT&T INC CORP BND MTN			O			1FE		1,287,375.00		107.89		1,309,262.36		800,000.00		1,286,837.56		22,424.80			(538.00	)		—		9,873.44		5.875		4.654	APR		65,630.00		—		3/4/2010		4/28/2017
BRS9MDU39	MEDTRONIC INC CORP BND						1FE		2,899,739.00		99.499		2,885,471.00		2,900,000.00		2,899,740.98		(14,269.98	)		2.00			—		—		3		3.002	MS		3,625.00		—		3/11/2010		3/15/2015
U36964ED9	GE CAPITAL CORP CORP BND EMTN						1FE		14,386,742.00		0		14,733,459.72		14,000,000.00		14,365,559.31		367,900.41			(21,183.00	)		—		—		5.25		3.758	FEB		81,667.00		735,000.00		2/19/2010		2/21/2012
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O			1FE		742,349.00		104.722		860,306.24		525,000.00		743,120.23		117,186.01			179.00			—		48,674.86		5.5		5.634	MAR		3,360.00		43,467.00		2/25/2009		3/4/2015
12201PAC0	BURLINGTON RESOURCES FINANCE CORP BND			A			1FE		1,079,590.00		106.982		1,069,824.78		1,000,000.00		1,068,418.03		1,406.75			(11,172.00	)		—		—		6.4		1.362	FA		8,178.00		32,000.00		1/5/2010		8/15/2011
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A			1FE		1,999,520.00		100.408		2,008,159.94		2,000,000.00		1,999,544.39		8,615.55			24.00			—		—		2		2.008	FA		6,444.00		—		1/27/2010		2/4/2013
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A			1FE		437,543.00		107.586		446,480.56		415,000.00		426,390.72		20,089.84			(1,752.00	)		—		—		6.375		4.508	AO		12,199.00		—		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A			1FE		325,323.00		105.878		328,220.61		310,000.00		323,464.72		4,755.89			(1,073.00	)		—		—		4.4		2.856	MS		606.00		6,820.00		10/22/2009		3/15/2013
20825UAB0	CONOCO INC CORP BND			A			1FE		1,491,704.00		107.867		1,510,141.58		1,400,000.00		1,441,224.26		68,917.32			(6,352.00	)		—		—		6.35		4.35	AO		40,993.00		—		4/21/2008		10/15/2011
780085LP9	ROYAL BANK OF CANADA CORP BND			A			1FE		7,769,978.00		105.364		7,713,696.10		7,321,000.00		7,607,805.78		105,890.32			(53,746.00	)		—		—		5.65		2.568	JJ		81,578.00		206,818.00		8/31/2009		7/20/2011
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F			1FE		5,128,632.00		103.667		5,183,350.00		5,000,000.00		5,121,763.19		61,586.81			(6,868.00	)		—		—		3.25		2.003	AO		80,799.00		—		2/19/2010		4/2/2012
00254EBP6	SWEDISH EXPORT CREDIT CORP CORP BND			F			1FE		30,384,420.00		105.571		30,087,734.72		28,500,000.00		29,857,893.47		229,841.25			(222,576.00	)		—		—		4.875		1.629	MS		7,719.00		694,688.00		8/31/2009		9/29/2011
00254EBZ4	SWEDISH EXPORT CREDIT CORP SENIOR CORP			F			1FE		8,964,780.00		108.158		9,193,429.15		8,500,000.00		8,933,455.84		259,973.31			(13,254.00	)		—		—		5.125		4.266	MS		36,302.00		217,813.00		8/31/2009		3/1/2017
00254EJE3	SWEDISH EXPORT CREDIT CORP SENIOR CORP			F			1FE		2,297,884.00		102.121		2,348,783.23		2,300,000.00		2,298,097.87		50,685.36			98.00			—		—		3.25		3.27	MS		3,115.00		37,375.00		9/9/2009		9/16/2014
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND			F			1FE		19,894,104.00		101.449		20,086,901.40		19,800,000.00		19,892,388.34		194,513.06			(1,668.00	)		—		—		3.2		3.09	MN		260,480.00		—		3/12/2010		11/3/2014
008281AX5	AFRICAN DEVELOPMENT BANK CORP BND			F			1FE		5,037,500.00		101.985		5,099,250.05		5,000,000.00		5,033,234.79		66,015.26			(1,870.00	)		—		—		3		2.829	MN		51,667.00		—		8/31/2009		5/27/2014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F			??		4,752,518.00		100.055		4,752,612.50		4,750,000.00		4,751,951.40		661.10			(208.00	)		—		—		0.374		0.612	JAJO		3,404.00		4,954.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F			1FE		5,979,360.00		99.731		5,983,860.18		6,000,000.00		5,980,305.55		3,554.63			946.00			—		—		1.625		1.743	FA		14,083.00		—		2/2/2010		2/11/2013
02364WAR6	AMERICA MOVIL SA CORP BND 144A			F			1FE		6,985,090.00		99.51		6,965,674.24		7,000,000.00		6,985,104.91		(19,430.67	)		15.00			—		—		3.625		3.672	MS		705.00		—		3/23/2010		3/30/2015
045167BX0	ASIAN DEVELOPMENT BANK CORP BND			F			1FE		5,978,520.00		99.825		5,989,499.82		6,000,000.00		5,979,089.34		10,410.48			569.00			—		—		2.625		2.702	FA		22,750.00		—		2/2/2010		2/9/2015
046353AC2	ASTRAZENECA PLC CORP BND			F			1FE		5,758,675.00		109.048		5,725,027.82		5,250,000.00		5,677,704.70		47,323.12			(39,610.00	)		—		—		5.4		1.981	MS		12,600.00		141,750.00		1/15/2010		9/15/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F			1FE		9,982,240.00		100.252		10,025,228.10		10,000,000.00		9,982,691.25		42,536.85			451.00			—		—		3.7		3.739	JJ		80,167.00		—		2/19/2010		1/13/2015
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F			1FE		4,239,400.00		107.357		4,294,274.92		4,000,000.00		4,202,661.72		91,613.20			(15,648.00	)		—		—		4.8		3.042	AO		88,533.00		—		8/31/2009		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F			1FE		1,147,425.00		110.225		1,157,366.49		1,050,000.00		1,138,832.42		18,534.07			(5,092.00	)		—		—		5.5		3.228	AO		28,875.00		—		10/29/2009		4/1/2014
055654AB3	SANT CENTR HISP CORP BND			F			1FE		5,268,216.00		102.876		4,989,634.55		4,850,000.00		4,924,019.05		65,615.50			(39,996.00	)		—		—		7.625		4.171	MS		17,463.00		184,906.00		1/9/2008		9/14/2010
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F			1FE		12,118,150.00		110.243		12,126,702.72		11,000,000.00		12,043,622.43		83,080.29			(68,444.00	)		—		—		5.25		2.478	MN		231,000.00		—		12/21/2009		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F			1FE		7,024,579.00		103.632		7,280,181.50		7,025,000.00		7,024,722.99		255,458.51			34.00			—		—		3.125		3.127	MS		12,806.00		109,766.00		3/5/2009		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F			1FE		15,007,105.00		103.798		15,154,489.60		14,600,000.00		14,998,541.15		155,948.45			(8,564.00	)		—		—		3.875		3.272	MS		33,002.00		282,875.00		2/19/2010		3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F			1FE		1,555,770.00		103.8		1,556,999.82		1,500,000.00		1,552,340.25		4,659.57			(2,968.00	)		—		—		3.625		2.72	MN		21,599.00		—		12/15/2009		5/8/2014
05567LUD7	BNP PARIBAS SENIOR CORP BND			F			1FE		1,355,000.00		99.553		1,356,138.09		1,355,000.00		1,355,000.00		1,138.09			—			—		—		0.702		3.126	MJSD		740.00		2,388.00		5/28/2008		6/4/2010
05567MAA3	BNP PARIBAS CORP BND 144A			F			1FE		7,778,723.00		88.394		8,199,732.08		8,000,000.00		7,783,001.75		416,730.33			4,279.00			—		—		4.8		5.401	JD		103,467.00		—		2/19/2010		6/24/2015
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F			1FE		528,417.00		106.645		533,223.50		500,000.00		525,996.88		7,226.62			(1,385.00	)		—		—		5.2		3.869	JJ		5,850.00		13,000.00		10/21/2009		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND			F			1FE		16,033,031.00		100.049		16,007,774.72		16,000,000.00		16,031,974.93		(24,200.21	)		(1,056.00	)		—		—		2.5		2.425	JJ		142,222.00		—		2/19/2010		1/23/2013
20272BAA2	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		10,242,816.00		102.115		10,211,499.80		10,000,000.00		10,204,830.16		6,669.64			(28,195.00	)		—		—		2.4		1.234	JJ		52,667.00		120,000.00		11/24/2009		1/12/2012
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F			1FE		15,447,802.00		100.585		15,570,557.85		15,480,000.00		15,451,062.97		119,494.88			1,497.00			—		—		2.9		2.945	MS		17,458.00		224,460.00		9/10/2009		9/17/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		7,324,341.00		101.152		7,409,391.33		7,325,000.00		7,324,438.73		84,952.60			52.00			—		—		2.75		2.753	AO		92,885.00		—		10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F			1FE		1,991,660.00		99.139		1,982,788.70		2,000,000.00		1,991,701.58		(8,912.88	)		42.00			—		—		3.5		3.592	MS		1,750.00		—		3/15/2010		3/19/2015
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			R			1FE		9,484,895.00		99.138		9,418,062.98		9,500,000.00		9,484,963.20		(66,900.22	)		68.00			—		—		3.5		3.535	MS		7,389.00		—		3/18/2010		3/23/2015
2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F			1FE		5,946,137.00		107.367		6,123,145.03		5,703,000.00		5,938,083.24		185,061.79			(8,054.00	)		—		—		5		3.592	MN		107,723.00		—		2/19/2010		5/15/2013
23636UAA5	DANSKE BANK A/S CORP BND 144A			F			1		9,236,403.00		100.32		9,451,187.04		9,250,000.00		9,239,781.70		211,405.34			1,169.00			—		—		2.5		2.554	MN		90,573.00		—		6/23/2009		5/10/2012
25156PAB9	DEUTSCHE TELEKOM INTL FIN CORP BND			F			2FE		826,755.00		105.61		761,259.88		750,000.00		754,475.80		6,784.08			(5,371.00	)		—		—		8.5		5.524	JD		18,771.00		—		2/13/2006		6/15/2010
2515A0HP1	DEUTSCHE BK LDN UNSEC CORP BND			F			1FE		1,426,581.00		102.43		1,439,134.82		1,405,000.00		1,410,436.72		28,698.10			(2,485.00	)		—		—		5		4.254	AO		32,978.00		—		7/31/2008		10/12/2010
2515A0T45	DEUTSCHE BK LDN CORP BND			F			1FE		999,020.00		99.851		998,509.60		1,000,000.00		999,090.05		(580.45	)		70.00			—		—		2.375		2.409	JJ		5,278.00		—		1/5/2010		1/11/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F			1FE		15,963,205.00		109.479		15,983,984.66		14,600,000.00		15,905,151.54		78,833.12			(58,054.00	)		—		—		5.5		3.005	JJ		144,986.00		236,500.00		2/19/2010		1/26/2014
268317AD6	ELECTRICITE DE FRANCE CORP BND 144A			F			1FE		3,983,160.00		98.478		3,939,100.04		4,000,000.00		3,983,235.25		(44,135.21	)		75.00			—		—		4.6		4.653	JJ		33,222.00		—		3/15/2010		1/27/2020
282645AQ3	EKSPORTFINANS AS CORP BND			F			1FE		5,322,950.00		101.91		5,534,600.05		5,000,000.00		5,298,807.80		235,792.25			(10,499.00	)		—		—		5.5		4.381	MN		96,250.00		—		8/31/2009		5/25/2016
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F			1FE		10,705,589.00		100.882		10,643,096.48		10,550,000.00		10,704,065.03		(60,968.55	)		(1,523.00	)		—		—		3.875		3.522	AO		200,391.00		—		3/30/2010		10/7/2014
298785DP8	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		11,407,110.00		101.689		11,185,822.12		11,000,000.00		11,177,635.67		8,186.45			(96,800.00	)		—		—		4.125		0.557	MS		20,167.00		226,875.00		8/31/2009		9/15/2010
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		10,241,815.00		108.257		10,230,286.88		9,450,000.00		10,172,732.66		57,554.22			(29,325.00	)		—		—		4.625		3.114	AO		195,464.00		—		8/31/2009		10/20/2015
298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		29,002,860.00		105.465		28,475,548.92		27,000,000.00		28,354,377.66		121,171.26			(275,855.00	)		—		—		5.25		1.052	JD		417,375.00		—		8/31/2009		6/15/2011
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		3,887,520.00		103.717		4,040,790.04		3,900,000.00		3,893,637.62		147,152.42			991.00			—		—		3.25		3.36	AO		58,798.00		—		8/26/2008		10/14/2011
298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		5,073,123.00		102.29		5,114,500.05		5,000,000.00		5,071,253.55		43,246.50			(1,870.00	)		—		—		3		2.624	AO		72,083.00		—		2/19/2010		4/8/2014
298785FC5	EUROPEAN INVESTMENT BANK CORP BND			F			1FE		2,989,950.00		99.532		2,985,959.94		3,000,000.00		2,990,452.60		(4,492.66	)		503.00			—		—		1.625		1.736	MS		2,167.00		5,823.00		1/26/2010		3/15/2013
35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F			3FE		1,400,000.00		101.323		1,418,522.00		1,400,000.00		1,400,000.00		18,522.00			—			—		—		5.806		5.847	FMAN		14,450.00		—		1/21/2010		2/3/2014
35177PAK3	FRANCE TELECOM CORP BND			F			1FE		5,902,350.00		105.88		5,770,444.90		5,450,000.00		5,594,416.15		176,028.75			(37,898.00	)		—		—		7.75		4.756	MS		35,198.00		211,188.00		2/25/2008		3/1/2011
45324QAB2	ING BANK NV - (LT) GTD CORP BND 144A			F			1FE		10,247,790.00		101.071		10,248,400.10		10,000,000.00		10,199,125.67		49,274.43			(25,968.00	)		—		—		2.625		1.534	FA		37,917.00		131,250.00		10/7/2009		2/9/2012
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F			1FE		7,513,056.00		104.945		7,556,040.50		7,200,000.00		7,467,408.54		88,631.96			(19,547.00	)		—		—		3.5		2.314	JJ		58,100.00		126,000.00		8/31/2009		7/8/2013
4581X0AM0	INTER-AMERICAN DEV BK CORP BND			F			1FE		5,516,150.00		110.57		5,528,500.00		5,000,000.00		5,477,683.09		50,816.91			(16,290.00	)		—		—		5.125		3.459	MS		12,813.00		128,125.00		8/31/2009		9/13/2016
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F			1FE		27,281,765.00		108.159		27,667,071.43		25,580,000.00		27,210,303.83		456,767.60			(71,461.00	)		—		—		4.75		2.168	AO		546,773.00		—		2/19/2010		10/19/2012
4581X0BF4	INTER-AMERICAN DEV BK CORP BND			F			1FE		4,371,719.00		101.036		4,420,325.13		4,375,000.00		4,372,974.15		47,350.98			404.00			—		—		1.5		1.538	JD		17,849.00		—		6/16/2009		6/23/2011
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F			2FE		6,250,980.00		103.685		6,221,099.88		6,000,000.00		6,212,599.37		8,500.51			(32,283.00	)		—		—		3.125		0.918	MN		70,833.00		—		12/10/2009		11/15/2011
478160AP9	J & J MEDICAL CORP BND			R			1FE		4,921,425.00		109.115		4,889,461.55		4,500,000.00		4,840,542.65		48,918.90			(34,456.00	)		—		—		5.15		1.877	FA		29,613.00		115,875.00		8/31/2009		8/15/2012
48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F			1FE		4,203,150.00		100.12		4,190,022.42		4,185,000.00		4,195,963.73		(5,941.31	)		(2,941.00	)		—		—		0.527		0.648	MJSD		1,837.00		5,561.00		8/19/2009		3/2/2011
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F			1FE		22,014,834.00		106.326		22,062,644.17		20,750,000.00		21,883,933.41		178,710.76			(57,127.00	)		—		—		4.125		2.833	AO		394,682.00		—		1/13/2010		10/15/2014
500769BL7	KFW INTERNATIONAL FINANCE INC CORP BND			F			1FE		9,468,811.00		102.992		9,269,309.34		9,000,000.00		9,271,967.85		(2,658.51	)		(83,665.00	)		—		—		4.625		0.844	JJ		82,094.00		208,125.00		8/31/2009		1/20/2011
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F			1FE		3,192,160.00		104.453		3,319,679.94		3,200,000.00		3,196,660.75		123,019.19			651.00			—		—		3.75		3.837	JD		31,333.00		—		6/19/2008		6/27/2011
500769DG6	KFW GROUP CORP BND			F			1FE		10,137,931.00		102.041		10,204,100.80		10,000,000.00		10,130,705.95		73,394.85			(7,225.00	)		—		—		2.25		1.597	AO		103,125.00		—		2/19/2010		4/16/2012
500769DN1	KFW GROUP - (LT) GTD CORP BND			F			1FE		5,993,340.00		100.346		6,020,760.48		6,000,000.00		5,993,811.55		26,948.93			472.00			—		—		1.875		1.913	JJ		24,688.00		—		1/5/2010		1/14/2013
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F			3FE		9,750,000.00		101.313		9,878,017.50		9,750,000.00		9,750,000.00		128,017.50			—			—		—		7.75		7.824	MJSD		2,099.00		206,674.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F			1FE		6,037,356.00		100.858		6,101,908.64		6,050,000.00		6,039,502.49		62,406.15			1,022.00			—		—		1.875		1.947	MS		2,206.00		56,719.00		9/15/2009		9/24/2012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F			1FE		20,428,846.00		100.948		20,856,120.33		20,230,000.00		20,394,322.89		461,797.44			(18,980.00	)		—		—		3		2.598	MN		242,760.00		—		12/11/2009		5/7/2012
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND 144A			F			1FE		5,105,375.00		101.485		5,074,250.05		5,000,000.00		5,090,482.82		(16,232.77	)		(11,082.00	)		—		—		1.251		0.393	JAJO		15,648.00		16,801.00		11/25/2009		4/2/2012
54313TAA3	LONGPOINT RE LTD CORP BND 144A			F			3FE		2,500,000.00		101.462		2,536,550.00		2,500,000.00		2,500,000.00		36,550.00			—			—		—		5.4		5.436	MJSD		6,375.00		32,625.00		12/14/2009		12/24/2012
54313TAB1	LONGPOINT RE LTD CORP BND 144A			F			3FE		3,000,000.00		101.432		3,042,960.00		3,000,000.00		3,000,000.00		42,960.00			—			—		—		5.4		5.436	MJSD		7,650.00		39,150.00		12/14/2009		12/24/2013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND 144A			F			1FE		4,678,890.00		106.102		4,774,590.23		4,500,000.00		4,673,889.33		100,700.90			(5,001.00	)		—		—		4.1		2.992	JD		53,300.00		—		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND 144A			F			1FE		3,549,726.00		102.433		3,585,154.97		3,500,000.00		3,546,822.04		38,332.93			(2,904.00	)		—		—		2.6		1.843	JJ		17,947.00		—		2/19/2010		1/20/2012
55607EAL4	MACQUARIE BANK LTD - GTD SENIOR CORP BND			F			1FE		6,439,323.00		102.483		6,661,395.13		6,500,000.00		6,446,528.85		214,866.28			2,873.00			—		—		3.3		3.508	JJ		44,092.00		107,250.00		8/13/2009		7/17/2014
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A			F			4FE		4,750,000.00		105.602		5,016,095.00		4,750,000.00		4,750,000.00		266,095.00			—			—		—		11.5		11.663	JAJO		116,837.00		139,597.00		10/8/2009		10/19/2012
62864WAB0	EAST LANE RE III LTD CORP BND 144A			F			3		10,000,000.00		0		10,849,300.00		10,000,000.00		10,000,000.00		849,300.00			—			—		—		12.252		13.55	FMAN		105,503.00		309,763.00		3/13/2009		3/20/2012
62914AAB8	NIBC BANK NV - GTD CORP BND 144A			F			1FE		5,088,882.00		99.497		5,074,347.10		5,100,000.00		5,089,569.31		(15,222.21	)		515.00			—		—		2.8		2.847	JD		47,203.00		—		11/24/2009		12/2/2014
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F			1FE		5,071,300.00		102.91		5,145,500.20		5,000,000.00		5,063,396.20		82,104.00			(3,819.00	)		—		—		3.375		3.056	JJ		38,906.00		84,375.00		8/31/2009		7/8/2014
6325C0AZ4	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F			1FE		7,000,000.00		100.184		7,012,888.40		7,000,000.00		7,000,000.00		12,888.40			—			—		—		2.5		2.5	JJ		40,347.00		—		1/4/2010		1/8/2013
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F			1FE		17,723,175.00		99.74		17,793,626.79		17,100,000.00		17,700,238.81		93,387.98			(22,936.00	)		—		—		4.2		3.281	MN		275,310.00		—		2/19/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV SENIOR CORP BND			F			1FE		15,080,378.00		101.314		15,197,114.25		15,000,000.00		15,076,818.80		120,295.45			(3,559.00	)		—		—		2.65		2.427	FA		48,583.00		—		2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F			1FE		9,993,100.00		98.866		9,886,612.69		10,000,000.00		9,993,173.22		(106,560.53	)		73.00			—		—		3.2		3.215	MS		17,778.00		—		3/4/2010		3/11/2015
75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F			1F		5,000,000.00		100.878		5,043,900.00		5,000,000.00		5,000,000.00		43,900.00			—			—		—		6.25		6.297	JAJO		78,993.00		—		12/15/2009		1/7/2011
78010XAC5	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F			1FE		4,988,400.00		99.623		4,981,164.55		5,000,000.00		4,988,490.18		(7,325.63	)		90.00			—		—		4.875		4.928	MS		10,156.00		—		3/9/2010		3/16/2015
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F			1FE		2,540,825.00		101.061		2,526,524.92		2,500,000.00		2,534,308.88		(7,783.96	)		(3,991.00	)		—		—		0.95		0.514	FMAN		3,167.00		6,213.00		11/2/2009		5/11/2012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND			F			1FE		22,880,250.00		102.224		23,000,401.58		22,500,000.00		22,800,746.42		199,655.16			(34,612.00	)		—		—		2.625		1.975	MN		228,047.00		—		8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F			1FE		1,996,200.00		100.412		2,008,240.06		2,000,000.00		1,997,002.00		11,238.06			472.00			—		—		1.45		1.548	AO		12,969.00		—		10/23/2009		10/20/2011
822582AA0	SHELL INTL FINAN CORP BND			F			1FE		3,910,694.00		107.401		4,016,476.39		3,800,000.00		3,838,458.51		178,017.88			(7,457.00	)		—		—		5.625		4.773	JD		55,813.00		—		9/10/2007		6/27/2011
822582AF9	SHELL INTL FINAN CORP BND			F			1FE		11,034,169.00		105.092		10,982,091.96		10,450,000.00		11,024,040.64		(41,948.68	)		(10,128.00	)		—		—		4		2.537	MS		11,611.00		209,000.00		3/2/2010		3/21/2014
822582AL6	SHELL INTL FINAN CORP BND			F			1FE		7,990,480.00		99.87		7,989,564.80		8,000,000.00		7,990,538.93		(974.13	)		59.00			—		—		1.875		1.916	MS		2,500.00		—		3/18/2010		3/25/2013

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
833656AE1	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		9,730,222.00		103.469		10,036,493.19		9,700,000.00		9,725,103.05		311,390.14			(1,417.00	)		—		—			3.375		3.307	MN		132,769.00		—		4/24/2009		5/5/2014
833656AH4	SOCIETE FINANCEMENT DE L ECONO SENIOR			F				1FE		2,287,695.00		101.092		2,325,116.07		2,300,000.00		2,288,908.37		36,207.70			572.00			—		—			2.875		2.991	MS		1,398.00		33,063.00		9/15/2009		9/22/2014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		99.741		299,224.37		300,000.00		303,494.64		(4,270.27	)		(174.00	)		—		—			2.9		2.626	AO		4,012.00		—		12/16/2009		10/15/2014
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		105.534		7,281,845.79		6,900,000.00		7,043,283.77		238,562.02			(7,698.00	)		—		—			4.875		4.328	JD		103,716.00		—		8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB SENIOR CORP BND			F				1FE		17,692,582.00		102.187		17,913,381.80		17,530,000.00		17,679,597.27		233,784.53			(13,453.00	)		—		—			2.875		2.513	MS		23,799.00		251,994.00		1/5/2010		9/14/2012
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				1FE		2,968,684.00		93.983		3,207,922.11		3,025,000.00		2,988,150.23		219,771.88			3,321.00			—		—			5.4		5.929	AO		81,675.00		—		12/24/2008		10/1/2012
92928WAF2	WMC FINANCE LTD BND			F				1FE		10,811,300.00		107.584		10,758,404.50		10,000,000.00		10,772,212.08		(13,807.58	)		(39,088.00	)		—		—			5.125		2.537	MN		193,611.00		—		1/27/2010		5/15/2013
96008YAA3	WESTFIELD CAPITAL CORP LTD CORP BND 144A			F				1FE		984,970.00		97.032		1,011,987.42		995,000.00		992,379.42		19,608.00			1,028.00			—		—			4.375		4.811	MN		16,445.00		—		5/20/2008		11/15/2010
9612EAAB1	WESTPAC SECURITIES NZ LTD - ( SENIOR			F				1FE		3,139,587.00		103.044		3,194,363.97		3,100,000.00		3,135,251.97		59,112.00			(1,869.00	)		—		—			3.45		3.167	JJ		18,716.00		53,475.00		8/31/2009		7/28/2014
9612EMAA7	WESTPAC BANKING CORP - GTD CORP BND 144A			F				1FE		14,959,113.00		102.667		15,013,010.30		14,500,000.00		14,839,018.17		173,992.13			(48,264.00	)		—		—			3.25		1.853	JD		137,448.00		—		8/13/2009		12/16/2011
BRS4F0R06	DANSKE BANK A/S CORP BND			D				1F		1,879,788.00		103.176		1,461,381.19		950,000.00		1,878,122.20		(416,741.01	)		(307.00	)		—		(436,760.60	)		6.25		6.087	JUL		61,195.00		—		5/6/2008		7/27/2010
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,691.00		95.267		643,142.06		400,000.00		827,926.63		(184,784.57	)		15.00			—		(221,600.66	)		6.375		6.387	FA		4,981.00		20,107.00		11/28/2007		8/13/2017
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,425.00		105.161		5,321,606.56		3,300,000.00		6,562,179.84		(1,240,573.28	)		2,343.00			—		(1,571,248.29	)		4.875		4.978	MAR		16,714.00		242,921.00		4/22/2008		3/7/2012
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,146,935.00		101.658		15,248,699.55		15,000,000.00		15,128,416.18		120,283.37			(9,363.00	)		—		—			2.5		2.204	MAY		315,625.00		—		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				1FE		3,688,345.00		102.427		3,418,185.71		2,200,000.00		3,684,700.15		(266,514.44	)		(2,448.00	)		—		(313,678.98	)		3		2.668	SEP		60,344.00		—		11/11/2009		9/9/2013
D4085MKR7	KREDITANSTALT FUER WIDERAUFBAU CORP BND			D				1FE		4,140,525.00		106.242		3,241,175.10		2,000,000.00		4,141,897.25		(900,722.15	)		93.00			—		(1,108,609.31	)		5.25		5.193	JAN		34,473.00		170,006.00		11/28/2007		1/12/2012
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		17,230,404.00		106.652		17,384,276.00		16,300,000.00		17,076,504.79		307,771.21			(66,307.00	)		—		—			4.375		2.567	JAN		150,549.00		713,125.00		8/31/2009		1/15/2013
D5799CGN7	NRW.BANK SENIOR CORP BND MTN			F				1FE		294,146.00		103.877		306,840.15		300,000.00		298,918.86		7,921.29			453.00			—		—			4.75		5.324	NOV		5,898.00		—		6/30/2007		11/2/2010
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		99.935		4,210,535.96		4,100,000.00		4,100,117.96		110,418.00			(24.00	)		—		—			3.125		3.099	JUN		101,788.00		—		7/9/2008		6/15/2011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				1FE		53,888,500.00		106.134		53,066,997.50		50,000,000.00		52,691,970.60		375,026.90			(505,576.00	)		—		—			5.5		1.305	JUL		1,909,722.00		—		8/31/2009		7/21/2011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				1FE		28,086,820.00		107.201		28,408,262.09		26,500,000.00		27,760,549.05		647,713.04			(137,861.00	)		—		—			5.125		2.806	MAY		1,135,543.00		—		8/31/2009		5/31/2012
G0016ZBJ5	ABBEY NATIONAL PLC SUB CORP BND			D		1		1FE		2,607,685.00		95.266		2,041,535.79		1,350,000.00		2,617,776.32		(576,240.53	)		1,085.00			—		(590,200.51	)		5.25		5.406	APR		101,619.00		—		1/14/2008		4/21/2015
G16553AB8	SANT CENTR HISP SUB CORP BND EMTN			D				1FE		1,890,267.00		101.29		1,399,756.32		900,000.00		1,870,321.03		(470,564.71	)		(2,288.00	)		—		(500,605.20	)		6.8		6.176	NOV		31,461.00		—		11/28/2007		11/29/2010
G2927DAC4	DUBAI HOLDING COMMERICAL OPERA CORP BND			F				1FE		4,212,439.00		80		3,976,000.00		4,970,000.00		4,252,747.03		(276,747.03	)		40,308.00			—		—			0.624		9.134	FMAN		5,081.00		—		2/19/2010		2/1/2012
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				1FE		911,019.00		103.998		867,649.78		550,000.00		911,134.45		(43,484.67	)		74.00			—		(78,995.34	)		5.125		5.107	NOV		16,400.00		—		11/6/2009		11/11/2016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				1FE		5,101,200.00		96.51		5,214,750.30		5,000,000.00		5,081,500.35		133,249.95			(8,324.00	)		—		—			5.5		4.647	JUN		218,472.00		—		8/31/2009		6/15/2012
G4637EBQ7	HSBC BANK PLC SUB CORP BND MTN			D		1		1FE		2,622,227.00		99.122		2,142,901.19		1,350,000.00		2,654,886.08		(511,984.89	)		3,675.00			—		(598,567.23	)		5.75		6.218	JUN		89,683.00		—		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND EMTN			D				1FE		2,216,051.00		103.485		2,053,681.93		1,300,000.00		2,193,019.98		(139,338.05	)		(7,766.00	)		—		(173,047.30	)		4		2.441	NOV		29,174.00		—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC - GTD CORP BND			D				1FE		1,867,254.00		102.313		1,862,389.99		1,200,000.00		1,865,715.05		(3,325.06	)		(1,539.00	)		—		(6,740.30	)		2.75		1.634	MAR		2,194.00		50,137.00		2/26/2010		3/16/2012
G53734AT9	LAND SECT CP MKT SECURED CORP BND			D		1		1FE		1,963,292.00		98.514		1,510,437.63		980,000.00		1,991,249.45		(480,811.82	)		3,066.00			—		(532,972.58	)		4.625		5.35	FA		10,737.00		36,115.00		11/28/2007		2/3/2013
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				1FE		10,325,657.00		104.328		10,432,800.30		10,000,000.00		10,315,210.20		117,590.10			(10,447.00	)		—		—			3.5		2.451	JUN		276,111.00		—		2/19/2010		6/17/2013
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND			D				1FE		2,217,335.00		103.469		2,057,218.26		1,300,000.00		2,193,849.84		(136,631.58	)		(7,925.00	)		—		(173,112.78	)		4.125		2.53	NOV		30,308.00		—		6/30/2009		11/14/2011
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,725.00		107.382		1,541,258.05		950,000.00		1,946,496.89		(405,238.84	)		(4,387.00	)		—		(482,293.97	)		5.5		4.437	DEC		24,972.00		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,853.00		96.361		724,017.00		700,000.00		695,466.54		28,550.46			715.00			—		—			5		5.388	OCT		17,208.00		—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		15,921,300.00		109.056		16,358,400.00		15,000,000.00		15,816,265.72		542,134.28			(44,381.00	)		—		—			5		3.526	MAY		656,250.00		—		8/31/2009		5/16/2014
N65210DK4	BANK NEDERLANDSE GEMEENTEN CORP BND			D				2FE		3,403,798.00		100.675		3,436,045.85		2,250,000.00		3,403,605.11		32,440.74			(193.00	)		—		28,508.56			2.625		2.448	DEC		27,491.00		—		3/11/2010		12/10/2013
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				1FE		5,441,401.00		108.942		5,447,099.70		5,000,000.00		5,343,405.58		103,694.12			(41,437.00	)		—		—			6		2.398	MAR		4,167.00		300,000.00		8/31/2009		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		5,478,027.00		105.013		5,565,689.00		5,300,000.00		5,452,371.12		113,317.88			(10,840.00	)		—		—			3.75		2.802	JUL		141,333.00		—		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND EMTN			D				1FE		813,092.00		102.364		776,378.92		500,000.00		813,406.86		(37,027.94	)		139.00			—		(58,153.83	)		4		4.047	SEP		16,873.00		—		9/3/2009		9/10/2015
N7660FAX5	RWE FINANCE BV SENIOR CORP BND			D				1FE		1,733,854.00		102.222		1,342,817.28		875,000.00		1,770,099.84		(427,282.56	)		4,523.00			—		(447,992.90	)		4.625		5.637	AUG		38,178.00		—		3/13/2008		8/17/2010
N8155ZAC7	SOVRISC CORP BND			F				1FE		7,162,064.00		102.347		7,164,276.56		7,000,000.00		7,106,375.17		57,901.39			(23,852.00	)		—		—			5.25		3.8	AO		154,146.00		—		8/31/2009		4/30/2011
Q6534XTX9	NATIONAL AUSTRALIA BANK LIMITE SENIOR			D				1FE		1,703,032.00		101.398		1,316,445.46		850,000.00		1,746,549.05		(430,103.59	)		4,960.00			—		(467,476.72	)		4.625		5.752	DEC		17,972.00		—		11/28/2007		12/12/2010
T17071BQ2	INTESA SANPAOLO SPA SUB CORP BND EMTN			D		1		1FE		896,199.00		93.657		692,603.39		450,000.00		903,855.91		(211,252.52	)		846.00			—		(241,923.69	)		5.5		6.058	DEC		10,594.00		—		11/28/2007		12/19/2016
030612AB1	AMCAR_06-RM ABS 06-RM A2					2		1FE		355,398.00		100.077		359,516.96		355,464.28		355,184.03		4,332.93			3.00			—		—			5.42		5.488	MON		1,338.00		4,817.00		5/9/2006		8/8/2011
07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			749,089.00		94.715		709,500.12		749,089.18		749,089.18		(39,589.06	)		—			—		—			0.396		0.396	MON		58.00		688.00		8/8/2006		8/25/2036
12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			746,603.00		96.11		717,504.40		746,545.00		746,554.49		(29,050.09	)		2.00			—		—			0.326		0.322	MON		47.00		560.00		1/29/2007		10/25/2010
23383WAD0	DCAT_06-B ABS 06-B					2		1FE		342,198.00		100.093		348,603.55		348,279.13		347,406.87		1,196.68			426.00			—		—			5.38		6.83	MON		1,197.00		4,684.00		9/29/2008		3/8/2011
233875AC7	DCAT_06-C ABS 06-C-A4					2		1FE		1,708,485.00		100.662		1,737,713.55		1,726,287.08		1,723,254.96		14,458.59			859.00			—		—			4.98		5.447	MON		5,492.00		21,492.00		7/11/2007		11/8/2011
34528CAE5	FORDO ABS 06-C A4A					2		1FE		4,360,896.00		103.56		4,483,538.61		4,396,791.67		4,389,270.94		94,267.67			1,593.00			—		—			5.15		5.511	MON		10,064.00		56,609.00		8/23/2007		2/15/2012
43813HAC3	HONDA AUTO RECEIVABLES OWNER T 07-2 A3					2		1FE		424,899.00		101.61		422,424.66		420,301.51		420,904.45		1,520.21			(542.00	)		—		—			5.46		4.463	MON		637.00		5,737.00		9/4/2008		6/21/2010
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.00		51.241		731,225.86		939,550.16		940,646.11		(209,420.25	)		(29.00	)		—		—			0.986		0.971	MON		180.00		2,203.00		2/25/2010		1/25/2034
617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS					2	NR*Z*			507,133.00		97.898		496,472.72		507,133.17		507,133.17		(10,660.45	)		—			—		—			0.296		0.296	MON		29.00		343.00		1/11/2007		11/25/2036
65475FAD7	NAROT ABS 08-A A3					2		1FE		615,484.00		100.809		620,533.15		615,553.34		615,543.97		4,989.18			5.00			—		—			3.89		3.927	MON		1,064.00		5,986.00		1/15/2008		8/15/2011
90327PAC5	USAOT ABS 07-1					2		1FE		281,201.00		100.384		279,281.32		278,212.81		278,607.48		673.84			(403.00	)		—		—			5.43		4.302	MON		671.00		3,777.00		9/4/2008		6/15/2010
98156DAD9	WORLD OMNI AUTO RECEIVABLES TR ABS_07-B					2		1FE		1,882,680.00		101.242		1,906,110.35		1,882,726.94		1,882,714.45		23,395.90			2.00			—		—			5.28		5.34	MON		4,418.00		24,852.00		9/17/2007		1/17/2012
007036EP7	ARMT WHOLE CMO 04-5 2A1					2	NR*Z*			417,451.00		81.155		345,036.90		425,156.52		418,348.70		(73,311.80	)		204.00			—		—			3.175		3.606	MON		1,125.00		3,375.00		8/10/2007		4/25/2035
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NR*Z*			73,810.00		94.06		70,432.75		74,880.88		73,841.98		(3,409.23	)		3.00			—		—			3.614		3.92	MON		225.00		676.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC WHOLE CMO					2		1FE		3,227,055.00		66.75		2,547,893.23		3,272,823.67		3,228,255.02		(680,361.79	)		115.00			—		—			4.91		5.185	MON		13,392.00		40,222.00		10/19/2006		8/25/2035
07384M3D2	BSARM WHOLE CMO 04-9 22A1					2		1FE		1,620,314.00		82.72		1,476,946.55		1,651,695.99		1,621,109.74		(144,163.19	)		79.00			—		—			4.14		4.585	MON		5,699.00		17,113.00		8/13/2007		11/25/2034
07384MK27	BSARM WHOLE CMO 04-1 21A1					2	NR*Z*			448,321.00		89.84		410,075.93		456,451.39		448,559.43		(38,483.50	)		33.00			—		—			3.059		3.435	MON		1,163.00		3,750.00		8/10/2007		4/25/2034
12669E5Y8	COUNTRYWIDE HOME LOANS TR WHOLE CMO					2		1FE		1,553,133.00		84.28		1,316,923.78		1,578,387.43		1,553,804.05		(236,880.27	)		53.00			—		—			3.422		3.824	MON		4,500.00		13,541.00		8/14/2007		2/19/2034
12669G3U3	CWHL WHOLE CMO 05-16 A26					2	NR*Z*			16,731.00		99		16,725.27		16,894.21		16,825.33		(100.06	)		13.00			—		—			5.5		6.194	MON		77.00		232.00		4/4/2008		9/25/2035
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		1,110,829.00		95.527		1,100,555.57		1,136,397.55		1,119,634.53		(19,078.96	)		1,374.00			—		—			4.908		6.418	MON		4,648.00		13,933.00		4/17/2008		10/25/2033
161630AG3	CHASE CMO_07-A1-2A1					2	NR*Z*			3,353,888.00		94.95		3,241,754.15		3,414,169.72		3,355,827.62		(114,073.47	)		378.00			—		—			4.125		4.559	MON		11,736.00		35,210.00		2/22/2007		2/25/2037
161630AU2	CHASE WHOLE CMO 07-A1 7A1					2		1FE		949,988.00		90.4		965,432.22		965,335.69		950,692.30		14,739.92			72.00			—		—			4.562		4.999	MON		3,670.00		11,056.00		5/17/2007		2/25/2037
172973XT1	CMSI WHOLE CMO 04-4 A3					2		1FE		241,609.00		97.053		242,309.54		244,049.61		242,913.73		(604.19	)		90.00			—		—			5.25		6.123	MON		1,068.00		3,203.00		4/17/2008		6/25/2034
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			191,100.00		96.092		187,657.10		195,288.14		191,421.76		(3,764.66	)		47.00			—		—			3.007		3.512	MON		489.00		1,468.00		8/10/2007		12/25/2034
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NR*Z*			242,021.00		94		229,761.77		244,427.42		242,182.28		(12,420.51	)		18.00			—		—			3.001		3.256	MON		611.00		1,870.00		11/21/2007		9/25/2035
466247XG3	JPMMT CMO 05-ALT1-2A1					2		1FE		1,420,817.00		57.39		1,129,484.93		1,461,562.62		1,421,353.72		(291,868.79	)		99.00			—		—			5.558		6.12	MON		6,770.00		20,346.00		3/18/2009		10/25/2035
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		1,072,815.00		94.686		988,362.03		1,061,864.27		1,072,229.28		(83,867.25	)		(123.00	)		—		—			6.5		6.222	MON		5,752.00		17,255.00		10/3/2007		9/1/2031
863579AQ1	SARM WHOLE CMO 04-12 3A2					2	NR*Z*			326,329.00		76.163		251,846.33		330,669.10		326,635.23		(74,788.90	)		59.00			—		—			2.582		2.817	MON		711.00		2,357.00		8/10/2007		9/25/2034
863579EK0	SARM WHOLE CMO 04-16 3A1					2	NR*Z*			1,529,259.00		76.242		1,179,433.70		1,546,964.87		1,530,651.82		(351,218.12	)		159.00			—		—			2.95		3.167	MON		3,803.00		11,552.00		8/10/2007		11/25/2034
86359AS95	SASC WHOLE CMO 03-26A 3A5					2		1FE		823,572.00		74.72		644,473.44		840,379.31		827,114.77		(182,641.33	)		113.00			—		—			2.533		2.913	MON		1,774.00		5,898.00		8/14/2007		9/25/2033
86359BPQ8	STRUCTURED ASSET SEC CORP WHOLE CMO 04-5					2	NR*Z*			777,718.00		75.335		599,138.41		795,302.05		779,173.47		(180,035.06	)		110.00			—		—			2.915		3.41	MON		1,932.00		5,841.00		8/10/2007		5/25/2034
92922F2G2	WASHINGTON MUTUAL CMO 2005-AR11 A1A					2		1FE		1,423,811.00		35		1,009,681.69		1,422,033.20		1,423,675.24		(413,993.55	)		(5.00	)		—		—			0.566		0.553	MON		157.00		1,956.00		12/15/2005		9/25/2036
92922F3N6	WAMU_05-A12 WHOLE CMO 05-A12-1A8					2	NR*Z*			4,576,953.00		83.275		3,850,551.61		4,623,914.20		4,578,148.15		(727,596.54	)		95.00			—		—			4.821		5.014	MON		18,577.00		55,737.00		1/10/2008		10/25/2035
92922F5T1	WASHINGTON MUTUAL CMO 2005-AR15 A1A1					2		1FE		1,902,393.00		48.382		1,308,330.14		1,902,393.06		1,902,393.06		(594,062.92	)		—			—		—			0.506		0.507	MON		187.00		2,332.00		12/15/2005		11/25/2045
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			863,100.00		93.25		824,618.67		884,309.57		863,772.60		(39,153.93	)		57.00			—		—			3.08		3.567	MON		2,270.00		6,878.00		8/10/2007		6/25/2034
92922FR75	WASHINGTON MUTUAL CMO 2005-AR8 2A1A					2		1FE		1,523,303.00		46.672		1,131,612.94		1,521,876.20		1,523,169.02		(391,556.08	)		13.00			—		—			0.536		0.526	MON		159.00		1,979.00		12/16/2005		3/25/2033
92922FW46	WASHINGTON MUTUAL CMO 2005-AR10 1A3					2		1FE		2,939,883.00		58		2,426,100.00		3,000,000.00		2,951,654.96		(525,554.96	)		803.00			—		—			4.791		5.012	MON		11,978.00		35,976.00		3/24/2006		9/25/2035
949781AA6	WFMBS WHOLE CMO 05-AR1					2	NR*Z*			3,298,374.00		91		3,074,878.83		3,378,987.72		3,305,026.23		(230,147.40	)		387.00			—		—			2.87		3.432	MON		8,083.00		24,259.00		12/5/2006		2/25/2035
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2	NR*Z*			272,922.00		91.67		252,396.07		275,331.16		273,003.24		(20,607.17	)		26.00			—		—			2.976		3.115	MON		683.00		2,046.00		1/14/2008		12/25/2034
94981NAH8	WFMBS_05-AR4 WHOLE CMO 05-AR4					2	NR*Z*			2,613,539.00		92.56		2,488,997.25		2,689,063.58		2,616,523.05		(127,525.80	)		1,682.00			—		—			3.017		3.634	MON		6,760.00		23,597.00		7/19/2006		4/25/2035
94982BAG5	WFMBS WHOLE CMO 05-AR8 3A2					2	NR*Z*			1,022,077.00		95.33		991,227.48		1,039,785.46		1,022,694.66		(31,467.18	)		41.00			—		—			3.352		3.725	MON		2,905.00		8,960.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2					2		1FE		4,752,641.00		76.28		4,344,659.37		4,764,925.83		4,753,097.17		(408,437.80	)		(9.00	)		—		—			5.114		5.14	MON		20,307.00		60,986.00		1/28/2008		9/25/2035
G7014VBF9	PERMM 2010-1 CMO 10-1 3A			D		2		1FE		2,003,000.00		101.307		1,920,915.70		1,250,000.00		2,003,000.00		(82,084.30	)		—			—		(106,875.00	)		4.805		4.802	JJ		13,978.00		—		1/29/2010		7/15/2017
02660BAA0	AHMA_07-1 CMO 07-1 A1					2		1FE		6,425,138.00		34.58		3,758,867.39		6,604,523.60		6,429,519.18		(2,670,651.79	)		640.00			—		—			1.163		1.393	MON		6,403.00		19,792.00		10/23/2007		2/25/2047
02660UAA8	AMERICAN HOME MORTGAGE ASSETS WHOLE CMO					2		3FE		5,637,546.00		71.289		4,067,425.20		5,705,522.35		5,639,241.45		(1,571,816.25	)		201.00			—		—			1.441		1.558	MON		6,851.00		20,948.00		10/16/2007		10/25/2046
02660UAE0	AHMA_06-3 WHOLE CMO 06-3 2A11					2		1FE		3,617,022.00		40.8		2,375,370.67		3,666,219.90		3,618,715.13		(1,243,344.46	)		233.00			—		—			1.411		1.521	MON		4,310.00		13,186.00		10/16/2007		10/25/2046
07387AAW5	BSARM WHOLE CMO 05-3 2A1					2	NR*Z*			1,685,124.00		78.04		1,339,772.44		1,716,776.58		1,686,228.55		(346,456.11	)		72.00			—		—			4.902		5.252	MON		7,013.00		21,435.00		8/10/2007		6/25/2035
07388DAS7	BSARM_06-2 WHOLE CMO 06-2 3A2					2		1FE		590,868.00		59.46		515,513.91		604,469.02		590,145.78		(74,631.87	)		58.00			—		—			5.75		6.425	MON		2,896.00		8,689.00		8/17/2007		7/25/2036
07389KAA9	BSA_20-701 WHOLE CMO 20-701 1A1					2		1FE		5,267,209.00		47		2,904,675.05		5,274,599.38		5,253,462.49		(2,348,787.44	)		(10.00	)		—		—			5.905		5.92	MON		25,954.00		78,286.00		9/17/2007		9/25/2047
12667GY98	CWALT WHOLE CMO 05-38 A1					2		1FE		301,426.00		45.66		215,096.82		301,803.17		301,297.49		(86,200.67	)		1.00			—		—			1.963		1.971	MON		494.00		1,508.00		8/6/2007		9/25/2035

Validus Holdings, Ltd March 31, 2010 GAAP fixed maturity portfolio in Schedule D format

1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC		ACTUAL		RATE USED TO OBTAIN		GAAP FAIR				GAAP					CURRENT YEAR					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			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
12668AZL2	CWALT CMO 2005-64CB 1A1					2	NR*Z*			1,151,001.00		90.719		1,064,462.07		1,173,368.15		1,149,243.08		(84,781.01	)		245.00			—		—			5.5		5.877	MON		5,378.00		16,134.00		1/2/2008		12/25/2035
12669GBA8	CWHL WHOLE CMO 04-HYB6					2	NR*Z*			533,017.00		80.707		440,261.56		545,504.28		533,742.47		(93,480.91	)		180.00			—		—			3.52		3.953	MON		1,603.00		4,886.00		8/10/2007		11/20/2034
12669GM24	CWHL WHOLE CMO 05-HY4 2A1					2		5FE		2,028,273.00		74.956		1,552,579.59		2,071,317.13		2,030,004.60		(477,425.01	)		137.00			—		—			4.675		5.06	MON		8,069.00		24,664.00		8/10/2007		8/20/2035
161630AL2	CHASE WHOLE CMO 07-A1 3A1					2		4FE		2,020,058.00		90.77		1,851,981.64		2,040,301.47		2,020,482.40		(168,500.76	)		65.00			—		—			3.824		4.008	MON		6,502.00		20,449.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1					2		1FE		490,415.00		83.133		458,396.61		499,070.89		490,951.77		(32,555.16	)		92.00			—		—			4.078		4.489	MON		1,696.00		5,094.00		5/8/2007		2/25/2037
161630BD9	CHASE WHOLE CMO 07-A1 11M1					2		1FE		5,075,716.00		67.281		3,907,387.83		5,027,599.94		5,062,808.87		(1,155,421.04	)		(121.00	)		—		—			5.422		5.165	MON		22,715.00		68,155.00		1/18/2008		2/1/2037
23243VAB6	CWALT_06-OC7 WHOLE CMO 06-OC7-2A1					2		1FE		259,314.00		91		327,052.78		259,314.11		193,497.83		133,554.95			—			—		—			0.316		0.316	MON		16.00		188.00		8/17/2006		7/25/2046
23244JAB2	COUNTRYWIDE ALTERNATIVE LOAN T WHOLE CMO					2		5FE		569,870.00		126.073		719,626.52		570,800.80		570,561.33		149,065.19			7.00			—		—			0.346		0.373	MON		38.00		456.00		10/12/2007		3/25/2028
41161PWW9	HARBORVIEW MTG TR WHOLE CMO 05-14 5A1A					2		1FE		1,843,494.00		55.58		1,502,136.75		1,915,318.21		1,846,152.01		(344,015.26	)		149.00			—		—			5.712		6.562	MON		9,130.00		27,397.00		8/16/2007		12/19/2035
41162DAF6	HVMLT_06-12 CMO 06-12-2A2A					2		1FE		3,341,696.00		39		2,120,104.22		3,341,696.47		3,341,696.47		(1,221,592.25	)		—			—		—			0.427		0.428	MON		516.00		3,445.00		10/19/2006		12/19/2036
41164YAB7	HVMLT_07-4 CMO 2007-4-2A1					2		1FE		1,357,198.00		37		1,093,740.73		1,464,746.35		1,360,058.82		(266,318.09	)		3,311.00			—		—			0.457		2.389	MON		242.00		1,617.00		3/18/2009		7/19/2047
45660LRE1	INDX WHOLE CMO 05-A13 4A1					2		1FE		1,152,627.00		64.06		993,517.10		1,175,634.95		1,152,548.73		(159,031.63	)		92.00			—		—			4.766		5.15	MON		4,669.00		14,513.00		8/13/2007		8/25/2035
45660LVL0	INDX WHOLE CMO 05-AR15 A1					2		3FE		1,050,217.00		86.351		956,494.56		1,107,677.86		1,051,575.12		(95,080.56	)		99.00			—		—			5.221		6.518	MON		4,819.00		14,521.00		8/16/2007		9/25/2035
45661EAA2	INDYMAC INDX MORTGAGE LOAN TR CMO					2		1Z		1,369,417.00		38.587		879,093.72		1,369,416.92		1,369,416.92		(490,323.20	)		—			—		—			0.466		0.467	MON		124.00		1,490.00		2/13/2006		4/25/2046
466247E74	JPMMT WHOLE CMO 06-A1 2A2					2	NR*Z*			717,011.00		87		623,312.28		716,450.89		716,833.19		(93,520.91	)		(10.00	)		—		—			5.293		5.254	MON		3,160.00		9,505.00		2/6/2008		7/1/2031
466247K36	JPMMT WHOLE CMO 06-A2-3A3					2		3FE		11,334,033.00		76.87		9,320,487.50		12,125,000.00		11,520,783.75		(2,200,296.25	)		24,943.00			—		—			5.677		6.903	MON		57,361.00		172,081.00		11/21/2007		4/25/2036
52520MBU6	LMT WHOLE CMO 05-2					2	NR*Z*			2,607,075.00		102.686		2,679,112.63		2,609,029.19		2,596,093.70		83,018.93			(163.00	)		—		—			5.5		5.509	MON		11,958.00		35,874.00		5/19/2008		12/25/2035
52525BAD4	LXS_07-16N LXS_07-16N 2A2					2		1FE		6,794,343.00		39.2		4,667,265.29		6,820,977.73		6,794,966.36		(2,127,701.07	)		57.00			—		—			1.096		1.154	MON		1,454.00		17,808.00		8/30/2007		9/25/2047
550279BA0	LUM WHOLE CMO 06-2					2		1FE		1,816,166.00		43.634		1,123,663.14		1,816,165.54		1,816,165.54		(692,502.40	)		—			—		—			0.446		0.446	MON		158.00		1,888.00		2/14/2006		2/25/2046
55027XAA8	LUM_06-5 WHOLE CMO 06-5 A1A					2		4FE		1,120,108.00		60.541		689,109.49		1,138,249.01		1,121,302.89		(432,193.40	)		132.00			—		—			0.436		0.611	MON		97.00		1,156.00		8/8/2007		7/25/2036
59024KAX1	MLA_07-AF1 WHOLE CMO 07-AF1 AV1					2		4FE		4,599,400.00		45		2,783,370.91		4,651,548.14		4,586,188.55		(1,802,817.64	)		24,299.00			—		—			5.442		5.656	MON		21,094.00		89,889.00		10/11/2007		6/25/2037
61756XAG0	MORGAN STANLEY MTGE LN TR CMO					2		1FE		2,359,696.00		54.41		1,498,623.06		2,366,635.14		2,359,589.72		(860,966.66	)		2.00			—		—			5.737		5.788	MON		11,315.00		34,502.00		3/18/2009		11/25/2037
749241AA3	RALI_07-QH9 WHOLE CMO 07-QH9 A1					2		1FE		7,201,253.00		35.313		4,691,941.23		7,176,851.36		7,203,451.39		(2,511,510.16	)		(165.00	)		—		—			6.454		6.421	MON		38,602.00		116,234.00		9/26/2007		10/1/2037
75115YAA7	RALI_07-Q01 WHOLE CMO 07-Q01 A1					2		1FE		6,421,544.00		39.83		4,139,564.64		6,421,544.41		6,421,544.41		(2,281,979.77	)		—			—		—			0.396		0.396	MON		495.00		5,901.00		1/30/2007		2/25/2037
761118QM3	RALI WHOLE CMO 05-QO5 A1					2		1FE		1,856,942.00		45.266		1,192,113.32		1,876,884.28		1,857,819.44		(665,706.12	)		100.00			—		—			1.463		1.567	MON		2,289.00		7,032.00		8/3/2007		1/25/2046
76111XYH0	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A1					2		1FE		486,194.00		73.92		410,125.56		495,560.12		486,495.68		(76,370.12	)		16.00			—		—			5.216		5.652	MON		2,154.00		6,461.00		8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I WHOLE CMO 05-SA4 2A2					2		1FE		1,657,381.00		76.58		1,448,362.19		1,717,493.41		1,661,455.20		(213,093.01	)		265.00			—		—			5.2		6.416	MON		7,442.00		22,310.00		8/16/2007		9/25/2035
86361WAA9	SAMI_06-AR8 CMO 06-AR8-A1A					2		5FE		3,500,103.00		65.559		2,294,638.20		3,500,102.54		3,500,102.54		(1,205,464.34	)		—			—		—			0.446		0.446	MON		304.00		3,639.00		10/27/2006		3/25/2036
86364PAA1	SARM_07-1O WHOLE CMO 07-10 1A1					2		1FE		5,831,547.00		50.94		3,347,609.22		5,859,011.09		5,831,557.34		(2,483,948.12	)		7.00			—		—			6		6.092	MON		29,295.00		87,885.00		10/11/2007		11/25/2037
86364RAA7	SAMI_07-AR6 WHOLE CMO 07-AR6 A1					2		5FE		6,006,009.00		66.665		4,013,903.85		6,021,050.63		6,006,510.99		(1,992,607.14	)		9.00			—		—			1.963		1.987	MON		9,851.00		32,368.00		9/12/2007		8/25/2047
92926WAA5	WAMU_07 CMO 07-0A1-A1A					2		1FE		4,671,479.00		40.17		2,913,581.18		4,671,479.15		4,671,479.15		(1,757,897.97	)		—			—		—			1.163		1.159	MON		4,558.00		13,998.00		2/7/2007		2/25/2047
933635AA2	WAMU_07-OA2 WHOLE CMO_07-OA2 1A					2		1FE		1,421,391.00		40.69		888,743.87		1,421,390.84		1,421,390.84		(532,646.97	)		—			—		—			1.171		1.166	MON		1,387.00		4,259.00		2/21/2007		3/25/2047
93363TAD4	WAMU WHOLE CMO 06-AR11-3A1A					2		1FE		659,026.00		36		407,212.09		659,026.32		659,026.32		(251,814.23	)		—			—		—			1.383		1.378	MON		760.00		2,337.00		8/16/2006		9/25/2046
93934FEN8	WMALT_05-5 WHOLE CMO 05-9-2A2					2		5FE		5,627,295.00		84.837		5,210,420.86		6,141,658.67		5,645,554.82		(435,133.96	)		1,075.00			—		—			5.5		7.425	MON		28,149.00		84,448.00		12/17/2007		11/25/2035
949781AC2	WFMBS WHOLE CMO 05-AR1 2A1					2		1FE		936,432.00		71		822,860.08		959,827.46		937,145.38		(114,285.30	)		120.00			—		—			2.869		3.368	MON		2,295.00		6,885.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NR*Z*			443,460.00		87.563		385,862.89		440,671.39		443,206.82		(57,343.93	)		(3.00	)		—		—			6		5.612	MON		2,203.00		6,610.00		1/17/2008		11/1/2037
05947ULH9	BANK OF AMERICA CO SENIOR CMBS 03-1					2		1FE		1,814,136.00		101.73		1,913,727.59		1,881,177.21		1,854,568.69		59,158.90			(2,047.00	)		—		—			3.878		5.13	MON		6,079.00		18,238.00		8/27/2008		9/11/2036
161505EY4	CCMSC SENIOR CMBS 2000-2 A2					2		1FE		231,391.00		100.168		223,562.33		223,186.71		223,695.94		(133.61	)		(654.00	)		—		—			7.631		4.459	MON		1,419.00		4,258.00		9/4/2008		7/1/2010
161582AG6	CHASE MANHATTAN BANK SUB CMBS 99-1-E					2		1FE		387,583.00		101.495		380,606.48		375,000.00		377,473.94		3,132.54			53.00			—		—			7.762		6.536	MON		2,370.00		7,106.00		11/28/2007		5/15/2011
22540A3F3	CSFB CMBS 01-CK3					2		1FE		5,973,845.00		103.549		6,020,959.07		5,814,624.22		5,842,813.36		178,145.71			11,300.00			—		—			6.53		5.844	MON		31,641.00		94,924.00		6/29/2006		3/1/2012
22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		1FE		819,795.00		102.691		822,578.55		801,020.84		806,290.21		16,288.34			(2,174.00	)		—		—			6.505		4.315	MON		4,342.00		13,027.00		9/12/2008		1/1/2011
22540VC75	CS FIRST BOSTON SENIOR CMBS_02-CKP1 A3					2		1FE		4,935,048.00		106.192		5,049,408.20		4,755,000.00		4,849,398.69		200,009.51			27,653.00			—		—			6.439		5.562	MON		25,515.00		76,544.00		12/18/2007		11/15/2014
33736XBZ1	FUNBC SENIOR CMBS_01-C2 A2					2		1FE		2,592,975.00		103.128		2,575,495.10		2,497,372.06		2,520,836.68		54,658.42			(3,585.00	)		—		—			6.663		4.538	MON		13,867.00		41,600.00		12/21/2007		4/1/2011
33736XEA3	FIRST UNION NAT BANK SENIOR CMBS 01-C4					2		1FE		216,297.00		100.213		215,466.85		215,009.35		214,753.03		713.82			(202.00	)		—		—			5.673		4.969	MON		1,016.00		3,049.00		7/17/2008		5/1/2010
36158YDC0	GECMC CMBS_01-3 A1					2		1FE		188,695.00		101.924		192,282.35		188,651.80		188,482.73		3,799.62			(24.00	)		—		—			5.56		5.519	MON		874.00		2,622.00		12/21/2007		3/1/2011
361849QE5	GMACC CMBS 01_C1 A2					2		1FE		477,488.00		103.026		477,678.67		463,650.91		471,735.13		5,943.54			3,482.00			—		—			6.465		5.35	MON		2,498.00		7,494.00		12/21/2007		9/1/2013
36828QHU3	GECCMC SENIOR CMBS 04-C3 A2					2		1FE		145,784.00		99.779		147,888.26		146,562.67		146,200.73		1,687.53			(75.00	)		—		—			4.433		4.69	MON		541.00		1,624.00		3/25/2008		7/10/2039
46625MAC3	JP MORGAN CHASE SENIOR CMBS 01-CIBC					2		1FE		569,772.00		102.303		574,456.92		561,525.00		566,058.50		8,398.42			2,007.00			—		—			6.26		5.621	MON		2,929.00		8,788.00		4/16/2008		3/1/2013
46625MLR8	JPMCC 2002-C1 A2					2		1FE		100,771.00		100.954		103,903.93		101,676.23		101,125.32		2,778.61			9.00			—		—			4.914		5.412	MON		416.00		1,249.00		8/27/2008		7/12/2037
52108HBK9	LBUBS COMM MTG TR CMBS_00-C4 A2					2		1FE		214,941.00		100.485		207,731.96		206,728.42		207,363.23		368.73			(823.00	)		—		—			7.37		4.215	MON		846.00		3,809.00		11/30/2007		6/11/2010
52108HBL7	LBUBS SENIOR CMBS 00-C4 B					2		1FE		3,613,336.00		101.404		3,484,327.85		3,450,000.00		3,460,965.09		23,362.76			(16,629.00	)		—		—			7.48		5.576	MON		14,337.00		64,515.00		10/23/2007		6/15/2010
52108HXK5	LBUBS SENIOR CMBS 03-C8					2		1FE		48,691.00		100.503		49,226.27		48,979.78		48,851.52		374.75			(47.00	)		—		—			4.207		4.515	MON		114.00		515.00		1/25/2008		11/15/2027
617059JH4	JPMCMFC SENIOR CMBS_00-C10 A2					2		1FE		29,879.00		100		29,387.21		29,275.48		29,275.48		111.73			(18.00	)		—		—			7.371		4.55	MON		180.00		539.00		8/27/2008		3/1/2010
61745MHB2	MORGAN STANLEY CAP I SUB CMBS 98-WF2 D					2		1FE		1,367,164.00		101.702		1,362,289.22		1,339,490.69		1,344,758.40		17,530.82			984.00			—		—			7.388		6.448	MON		7,675.00		24,160.00		12/21/2007		7/1/2011
61745ML27	MSC SENIOR CMBS 04-T15 A2					2		1FE		585,188.00		100.817		596,966.27		592,127.05		588,999.07		7,967.20			166.00			—		—			4.69		5.36	MON		2,314.00		6,943.00		7/30/2008		6/13/2041
79548CAB2	SBM7 CMBS_00-C3 A2					2		1FE		773,538.00		100.951		761,410.43		754,237.48		757,282.12		4,128.31			(920.00	)		—		—			6.592		4.748	MON		4,143.00		12,430.00		4/16/2008		12/1/2010
79548K4M7	SALOMON BROTHERS CMBS 00_C2 A2					2		1FE		366,601.00		99.885		352,918.11		353,323.33		352,932.18		(14.07	)		(844.00	)		—		—			7.455		4.775	MON		2,195.00		6,887.00		6/4/2007		5/1/2010
87246AAA6	TIAA CMBS 07-C4 A1					2		1FE		5,897,401.00		103.613		6,071,973.78		5,860,256.76		5,876,306.01		195,667.77			559.00			—		—			5.669		5.419	MON		19,379.00		83,054.00		12/21/2007		7/10/2012
929766CT8	WACHOVIA BANK COMM MTG TR SENIOR CMBS					2		1FE		3,173,671.00		99.385		3,325,573.93		3,265,842.00		3,226,820.59		98,753.34			5,682.00			—		—			4.037		5.156	MON		10,987.00		32,961.00		8/27/2008		2/15/2035
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		1FE		360,500.00		90.125		360,500.00		400,000.00		360,500.00		—			—			—		—			1.687		2.514	MON		111.00		—		3/29/2010		12/26/2035
00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		1FE		311,938.00		89.125		311,937.50		350,000.00		311,937.50		—			—			—		—			1.73		2.532	MON		332.00		—		3/29/2010		12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		1FE		435,625.00		87.125		435,625.00		500,000.00		435,625.00		—			—			—		—			1.73		4.024	MON		—		—		3/29/2010		12/27/2032
048312AB8	ACETF ABS 02-1 A2					2		1FE		252,132.00		102.062		255,879.03		251,297.40		251,627.92		4,251.11			(75.00	)		—		—			4.21		3.988	JAJO		2,087.00		2,645.00		7/7/2008		4/20/2011
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,086.00		99.778		1,571,503.50		1,575,000.00		1,559,911.27		11,592.23			2,865.00			—		—			0.36		1.102	MON		268.00		1,428.00		5/6/2008		3/15/2014
15200DAB3	CENTERPOINT ENERGY INC. SECURED ABS_05-A					2		1FE		711,927.00		104.653		722,146.89		690,039.36		700,996.20		21,150.69			(69.00	)		—		—			4.97		3.748	FA		5,716.00		17,147.00		2/8/2008		8/1/2012
194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		1FE		805,000.00		85		850,000.00		1,000,000.00		807,669.87		42,330.13			736.00			—		—			1.733		3.506	MON		433.00		3,984.00		8/25/2009		3/1/2042
207678AE3	CTRRB ABS 2001-1 A5					2		1FE		694,979.00		102.442		686,862.43		670,490.00		677,372.84		9,489.59			(1,716.00	)		—		—			6.21		4.139	MJSD		116.00		10,409.00		4/17/2008		12/30/2010
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2		1FE		1,250,000.00		99.783		1,247,292.75		1,250,000.00		1,250,000.00		(2,707.25	)		—			—		—			1.1		1.102	MON		1,299.00		—		2/23/2010		7/25/2023
429827AB4	HEF_10-401 ABS 04-1 A2 144A					2		1FE		164,000.00		82		164,000.00		200,000.00		164,864.93		(864.93	)		168.00			—		—			4.4		6.374	MON		24.00		734.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,000.00		85		170,000.00		200,000.00		164,328.06		5,671.94			2.00			—		—			4.44		6.135	MON		444.00		755.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A					2		1FE		164,000.00		82		164,000.00		200,000.00		164,620.56		(620.56	)		64.00			—		—			4.4		6.106	MON		147.00		723.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,224.00		82		164,000.00		200,000.00		164,796.61		(796.61	)		51.00			—		—			4.42		6.077	MON		712.00		841.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 SECURED					2		1FE		164,196.00		82		164,000.00		200,000.00		165,118.78		(1,118.78	)		250.00			—		—			4.45		7.659	MON		122.00		539.00		9/10/2009		1/1/2044
429827AN8	HEF_04-1 ABS 04-1 A13 144A					2		1FE		164,000.00		77		154,000.00		200,000.00		164,770.62		(10,770.62	)		344.00			—		—			0		0.849	MON		—		904.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A							1FE		246,000.00		77		231,000.00		300,000.00		246,251.60		(15,251.60	)		(185.00	)		—		—			4.46		5.712	MON		990.00		753.00		9/10/2009		1/1/2044
71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		1FE		452,730.00		90.547		452,734.37		500,000.00		452,923.90		(189.53	)		194.00			—		—			1.327		2.249	MON		703.00		—		3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		1FE		1,177,098.00		90.547		1,177,109.38		1,300,000.00		1,177,246.54		(137.16	)		149.00			—		—			1.746		2.311	MON		849.00		1,724.00		3/9/2010		4/25/2044
78442GHX7	SLMA ABS 03-10A A1B 144A					2		1FE		499,844.00		99.932		499,660.65		500,000.00		499,852.07		(191.42	)		8.00			—		—			1.678		1.692	MON		210.00		2,000.00		1/12/2010		12/15/2016
78442GHY5	SLMA ABS 03-10A-A1C					2		1FE		1,799,688.00		99.932		1,798,778.34		1,800,000.00		1,799,723.30		(944.96	)		36.00			—		—			1.678		1.692	MON		587.00		3,696.00		2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		1FE		1,993,438.00		99.932		1,998,642.60		2,000,000.00		1,994,724.40		3,918.20			635.00			—		—			1.68		1.819	MON		280.00		7,924.00		9/24/2009		12/15/2016
78442GJA5	REP FHLP ABS_03-10A A1E 144A					2		1FE		999,688.00		99.932		999,321.30		1,000,000.00		999,702.91		(381.61	)		15.00			—		—			1.687		1.701	MON		750.00		3,999.00		1/15/2010		12/15/2016
78442GJD9	REP FHLP ABS 03-10A A1H 144A					2		1FE		650,000.00		99.932		649,558.91		650,000.00		650,000.00		(441.09	)		—			—		—			1.68		1.685	MON		121.00		1,733.00		1/13/2010		12/15/2016
BRS8WUHY9	SMI ABS 09-1 A3			D		2		1FE		833,162.00		103.285		799,029.29		510,000.00		830,646.02		(31,616.73	)		(1,489.00	)		—		(59,362.73	)		5.063		4.332	AO		15,989.00		—		10/27/2009		1/21/2055
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND									1,575,000.00				2,115,000.00		9,000,000.00		1,575,000.00		540,000.00			—			—		—			0		0	JJ		—		—
500769CF9	KFW INTERNATIONAL FINANCE INC CORP BND			F						8,098,461.00				8,053,593.44		8,000,000.00		8,058,883.67		(5,290.23	)		(39,578.00	)		—		—			5		0.641	JD		133,333.00		—
N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F						12,635,320.00				12691339.63		12,300,000.00		12,592,357.47		98,982.16			(42,963.00	)		—		—			5.125		1.954	JAN		150,590.00		—
TOTAL														5,181,044,264.51		5,028,000,456.16		5,173,254,848.78		7,789,415.73

Validus Holdings, Ltd March 31, 2010 GAAP short-term investments portfolio in Schedule D format

1	2	3	4		5	6		7		CHANGE IN BOOK/ADJUSTED CARRYING VALUE								12		13		INTEREST
										8			9			10	11					14		15	16		17		18	19	20
		FOREIGN	DATE					GAAP					CURRENT YEAR				TOTAL FX CHG	PAR		ACTUAL		ACCRUED		NON-ADMITTED ACCRUED	INTEREST		EFFECTIVE RATE		HOW	GROSS REC’D	PAID FOR
DESCRIPTION	*	CODE	ACQUIRED		NAME OF VENDOR	MATURITY DATE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS	IN B/A. C.V.	VALUE		COST		INTEREST		INTEREST	RATE		OF INTEREST		PAID	DURING YEAR	ACCRUED INT
UNITED STATES TREASURY TBILL CASH				12/28/2009	BA SECURITIES		4/1/2010		13,900,000.00		(3,573.00	)		3,573.00		—	—		13,900,000.00		13,896,427.00		—			0		0.1	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	BARCLAYS CAPITAL		7/1/2010		4,498,407.00		—			17.00		—	—		4,500,000.00		4,498,390.00		—			0.14		0.142	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	BARCLAYS CAPITAL		7/1/2010		9,996,461.00		—			39.00		—	—		10,000,000.00		9,996,422.00		—			0.14		0.142	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/30/2010	GOLDMAN SACHS & CO.		7/1/2010		5,897,733.00		—			25.00		—	—		5,900,000.00		5,897,708.00		—			0.152		0.154	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/8/2010	BA SECURITIES		7/29/2010		2,998,502.00		—			641.00		—	—		3,000,000.00		2,997,861.00		—			0.151		0.153	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/1/2010	NOMURA SECURITIES INTL. INC.		7/29/2010		4,997,404.00		—			1,264.00		—	—		5,000,000.00		4,996,140.00		—			0.157		0.159	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/24/2010	NOMURA SECURITIES INTL. INC.		8/26/2010		5,196,029.00		—			945.00		—	—		5,200,000.00		5,195,084.00		—			0.187		0.19	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/16/2010	BA SECURITIES		8/26/2010		1,998,195.00		—			184.00		—	—		2,000,000.00		1,998,011.00		—			0.221		0.224	MAT	—		—
UNITED STATES TREASURY TBILL CASH				12/30/2009	J.P. MORGAN SECURITIES INC		12/16/2010		15,155,190.00		—			15,532.00		—	—		15,200,000.00		15,139,485.00		—			0.41		0.416	MAT	—		—
UNITED STATES TREASURY TBILL CASH				10/23/2009	DEUTSCHE BANK AG		4/15/2010		4,999,694.00		—			1,969.00		—	—		5,000,000.00		4,996,259.00		—			0.157		0.16	MAT	—		—
UNITED STATES TREASURY TBILL CASH				10/16/2009	A_TALHLD		4/15/2010		999,942.00		—			375.00		—	—		1,000,000.00		999,258.00		—			0.189		0.152	MAT	—		—
UNITED STATES TREASURY TBILL CASH				11/12/2009	UBS WARBURG LLC		5/13/2010		9,998,185.00		—			3,888.00		—	—		10,000,000.00		9,992,182.00		—			0.155		0.158	MAT	—		—
UNITED STATES TREASURY TBILL CASH				12/4/2009	DEUTSCHE BANK AG		5/27/2010		5,998,436.00		(3,209.58	)		2,512.00		—	—		6,000,000.00		5,995,226.00		—			0		0.168	MAT	—		—
UNITED STATES TREASURY TBILL CASH				2/17/2010	UBS WARBURG LLC		8/19/2010		16,987,932.00		—			3,617.00		—	—		17,000,000.00		16,984,315.00		—			0.182		0.185	MAT	—		—
UNITED STATES TREASURY TBILL CASH				3/17/2010	BARCLAYS CAPITAL		3/10/2011		4,185,392.00		—			595.00		—	—		4,200,000.00		4,184,798.00		—			0.365		0.371	MAT	—		—
WYETH CORP BND				3/15/2010	FIRST TENNESSEE CAPITAL MARKET		3/15/2011		673,424.23		(4,317.54	)		(1,530.00	)	—	—		635,000.00		674,954.00		1,961.00			6.95		0.578	MS	—		368.00
UNITED STATES TREASURY TBILL CASH				1/15/2010			4/1/2010		8,150,000.00		(660.00	)		660.00					8,150,000.00		8,150,000.00
UNITED STATES TREASURY TBILL CASH				3/26/2010			5/13/2010		1,699,745.00		—			18.00					1,699,745.00		1,699,745.00
UNITED STATES TREASURY TBILL CASH				3/26/2010			5/13/2010		2,549,618.00		—			27.00					2,549,618.00		2,549,618.00
UNITED STATES TREASURY TBILL CASH				3/19/2010			5/13/2010		1,999,673.00		—			78.00					1,999,673.00		1,999,673.00
UNITED STATES TREASURY TBILL CASH				3/30/2010			4/29/2010		9,999,067.00		—			33.00					9,999,067.00		9,999,067.00
CITI-INSTITUTION LIQ FUND USD STIF FUND		B0A0ATCJ9		3/31/2010			3/31/2010		1,940,047.00		—			136.00					1,940,047.00		1,940,047.00
CITIFUNDS INST CASH RESERVE STIF FUND		BRS668GM8		3/31/2010			3/31/2010		547,252.00		—			80.00					547,252.00		547,252.00
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20		3/31/2010			3/31/2010		41,418,290.00		—			4,425.00					41,418,290.00		41,418,290.00
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND		S99992125		3/31/2010			3/31/2010		81,635,133.00		—			1,681.00					81,635,133.00		81,635,133.00
GOLDMAN SACHS PLUS DOLLIQ		S999936$0		3/31/2010			3/31/2010		12,055,865.00		—			505.00					12055865		12,055,865.00
ML INST LIQ FUND — AGENCY OPEN_END FUND		BRS263RF1		3/31/2010			3/31/2010		24.00		—			2,766.00					24.00		24.00
CITIBANK US GOVT MMF				00/00/0000			00/00/0000		—		—			6.00					—		—
BONY CASH RESERVE CASH RESERVE FUND		S875996$0		3/9/2010			3/9/2010		38,038,284.00		—			4,327.00					38,038,284.00		38,038,284.00
									308,513,924.23		(11,760.12	)		48,388.00		—	—		308,567,998.00		308,475,518.00

Validus Holdings, Ltd March 31, 2010 GAAP other investments portfolio in Schedule D format

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		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				9/4/2009		20,746,746.37		21,919,342.90		20,746,746.37		1,172,596.53		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		8,789,584.99		10,212,046.66		8,789,584.99		1,422,461.67		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		20,910.77		17,203.14		3,707.63		—		—		—		—		—		—
MFS MERIDIAN US GOVERNMENT BOND FUND				9/4/2009		1,846,092.99		1,888,965.01		1,846,092.99		42,872.02		—		—		—		—		—		—
MFS MERIDIAN GLOBAL TOTAL RETURN FUND				9/4/2009		114,276.48		123,283.12		114,276.48		9,006.64		—		—		—		—		—		—
MFS MERIDIAN US VALUE FUND				9/4/2009		203,403.74		234,067.62		203,403.74		30,663.88		—		—		—		—		—		—
						31,717,325.01		34,398,633.44		31,717,325.01		2,681,308.43