8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 10, 2011

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))

Item 2.02 Results of Operations and Financial Condition.

     On February 10, 2011, Validus Holdings, Ltd. (“Validus”) released information regarding its U.S. GAAP basis investment portfolio in a Schedule D — Part 1 format. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

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

Item 9.01. Financial Statements and Exhibits.

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

Exhibit No.	Description
99.1	Release regarding U.S. GAAP investment portfolio in a Schedule D — Part 1 format dated February 10, 2011

SIGNATURES

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

Date: February 10, 2011

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

EX-99.1

Exhibit 99.1

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRS6U4Y$2		GRAPHIC PACKAGING INTL LN1 TERM LOAN							??		993,628.20		99.542		990,315.29		994,871.80		993,628.20		(3,312.91	)		—			—		—			0		0.037	JAJO		—		—		12/17/2010		5/16/2014
	BRS9W7N54	MCC IOWA LLC TERM LOAN							3FE		1,980,025.06		99.125		1,977,531.33		1,994,987.47		1,980,025.06		(2,493.73	)		—			—		—			0		0.109	JAJO		—		—		12/17/2010		10/23/2017
62545LA$3		MULTICAT MEXICO 2009 LTD CORP BND 144A			F				??		4,750,000.00		106.785		5,072,287.50		4,750,000.00		4,750,000.00		322,287.50			—			—		—			11.5		11.663	JAJO		119,871.53		553,843.00		10/8/2009		10/19/2012
	6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		748,627.50		101.965		764,737.47		750,000.00		749,130.28		15,607.19			450.00			—		—			1.875		1.938	MN		1,640.63		14,063.00		11/10/2009		11/19/2012
	466247E74	JPMMT CMO_06-A1 2A2					2		??		528,975.24		87.407		461,999.39		528,562.30		528,826.96		(66,827.57	)		(6.00	)		—		—			4.199		4.171	MON		1,849.56		26,799.00		2/6/2008		1/25/2035
	00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				??		4,102,905.34		103.082		4,123,280.04		4,000,000.00		4,061,221.42		62,058.62			(41,684.00	)		—		—			3.25		2.003	AO		32,138.89		130,000.00		2/19/2010		4/2/2012
	001957BC2	AT&T CO CORP BND							1FE		3,693,193.80		105.639		3,565,312.88		3,375,000.00		3,463,187.11		102,125.77			(97,856.00	)		—		—			7.3		4.206	MN		31,481.25		246,375.00		10/29/2009		11/15/2011
	00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.804		1,441,848.65		1,350,000.00		1,403,334.59		38,514.06			(25,286.00	)		—		—			4.95		2.929	JJ		30,813.75		66,825.00		12/9/2009		1/15/2013
	00206RAQ5	AT&T INC CORP BND							1FE		1,611,715.50		107.594		1,613,905.68		1,500,000.00		1,584,576.82		29,328.86			(25,454.00	)		—		—			4.85		2.946	FA		27,483.33		72,750.00		12/16/2009		2/15/2014
	00206RAT9	AT&T INC CORP BND			O				??		1,287,375.32		109.43		1,370,634.01		800,000.00		1,279,314.41		91,319.60			(8,061.00	)		—		51,245.66			5.875		4.657	APR		49,997.86		71,070.00		3/4/2010		4/28/2017
	00206RAV4	AT&T CO CORP BND							1FE		7,578,812.50		99.289		7,496,333.47		7,550,000.00		7,577,425.70		(81,092.23	)		(1,387.00	)		—		—			2.5		2.416	FA		79,170.14		—		9/9/2010		8/15/2015
	00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,027.75		109.272		11,992,555.47		10,975,000.00		11,838,249.20		154,306.27			(632,464.00	)		—		—			8.125		2.101	MN		148,619.80		891,719.00		12/22/2009		5/1/2012
	002824AX8	ABBOTT LABORATORIES CORP BND							1FE		2,822,118.50		101.313		2,862,085.45		2,825,000.00		2,822,442.55		39,642.90			324.00			—		—			2.7		2.722	MN		7,203.75		38,138.00		5/24/2010		5/27/2015
	00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		??		360,500.00		91.625		366,500.00		400,000.00		362,093.98		4,406.02			1,594.00			—		—			1.761		2.541	MON		39.13		3,111.00		3/29/2010		12/26/2035
	00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		??		311,937.50		90.625		317,187.50		350,000.00		313,213.81		3,973.69			1,276.00			—		—			1.753		2.51	MON		319.93		3,225.00		3/29/2010		12/26/2035
	00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		??		435,625.00		89.114		445,568.00		500,000.00		440,825.44		4,742.56			5,200.00			—		—			1.753		3.582	MON		704.46		3,925.00		3/29/2010		12/27/2032
	00448MAA9	ACHMEA HYPOTHEEKBANK N.V. — LT CORP BND			F				1FE		13,297,403.75		104.055		13,735,260.00		13,200,000.00		13,280,728.38		454,531.62			(16,528.00	)		—		—			3.2		3.03	MN		68,053.33		422,400.00		3/12/2010		11/3/2014
	00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F				??		4,752,517.50		100.131		4,756,222.36		4,750,000.00		4,751,316.99		4,905.37			(842.00	)		—		—			0.413		0.612	JAJO		3,873.13		22,300.00		7/24/2009		7/22/2012
	00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F				??		5,979,360.00		101.568		6,094,079.58		6,000,000.00		5,985,392.46		108,687.12			6,032.00			—		—			1.625		1.743	FA		37,916.67		49,292.00		2/2/2010		2/11/2013
	010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,172.75		107.035		13,807,479.01		12,900,000.00		13,428,792.84		378,686.17			(231,736.00	)		—		—			4.85		2.671	JD		27,806.68		625,650.00		2/10/2010		12/15/2012
	01F052615	FNMA TBA 30 YR					2		??		1,065,000.00		107.047		1,070,468.75		1,000,000.00		1,065,000.00		5,468.75			—			—		—			5.5		2.264	MON		—		—		12/9/2010		1/14/2033
	02005MAE2	ALLYA _10-3 ABS _10-3 A4					2		??		799,714.32		98.721		789,765.62		800,000.00		799,742.90		(9,977.28	)		29.00			—		—			1.55		1.565	MON		551.11		4,030.00		8/12/2010		8/17/2015
	02005RAB7	ALLYA_10-5 ABS 10-5 A3					2	NR*Z*			4,115,600.66		99.885		4,115,250.88		4,120,000.00		4,115,720.76		(469.88	)		120.00			—		—			1.11		1.164	MON		2,667.70		—		12/6/2010		1/15/2015
	02209SAC7	ALTRIA GROUP INC. CORP BND							2FE		4,491,825.00		118.283		4,435,606.69		3,750,000.00		4,406,382.66		29,224.03			(85,442.00	)		—		—			8.5		2.148	MN		45,156.25		159,375.00		8/10/2010		11/10/2013
	02209SAK9	ALTRIA GROUP INC. SENIOR CORP BND							2FE		1,075,460.00		104.374		1,043,737.56		1,000,000.00		1,072,580.12		(28,842.56	)		(2,880.00	)		—		—			4.125		2.475	MS		22,916.67		—		10/15/2010		9/11/2015
	02364WAU9	AMERICA MOVIL SA CORP BND			F				1FE		7,088,432.66		103.024		7,211,710.10		7,000,000.00		7,082,306.19		129,403.91			(6,126.00	)		—		—			3.625		3.326	MS		64,142.36		126,875.00		8/27/2010		3/30/2015
	026609AM9	WYETH CORP BND							1FE		8,870,428.65		101.283		8,447,019.55		8,340,000.00		8,377,438.73		69,580.82			(181,883.00	)		—		—			6.95		4.672	MS		170,668.83		579,630.00		5/30/2008		3/15/2011
	02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		101.685		2,160,799.07		2,125,000.00		2,124,370.57		36,428.50			221.00			—		—			2.375		2.389	MS		14,439.67		25,515.00		3/9/2010		3/18/2013
	02R050614	FHLMC GOLD FHLMC TBA					2		??		2,092,343.75		104.875		2,097,500.00		2,000,000.00		2,092,343.75		5,156.25			—			—		—			5		4.562	MON		—		—		12/9/2010		1/1/2035
	034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		5,570,775.00		120.245		5,411,009.66		4,500,000.00		5,512,474.19		(101,464.53	)		(58,301.00	)		—		—			9.375		2.197	AO		97,265.63		—		10/19/2010		4/8/2014
	034863AC4	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		1,298,908.00		100.885		1,311,501.56		1,300,000.00		1,299,001.94		12,499.62			94.00			—		—			2.15		2.179	MS		7,298.06		—		9/20/2010		9/27/2013
	035229CY7	ANHEUSER-BUSCH SENIOR CORP BND							??		5,556,350.00		108.888		5,444,385.90		5,000,000.00		5,524,441.04		(80,055.14	)		(31,909.00	)		—		—			5		2.267	JJ		115,277.78		—		9/23/2010		1/15/2015
	03523TAD0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		7,908,880.00		109.715		7,680,053.99		7,000,000.00		7,866,097.65		(186,043.66	)		(42,782.00	)		—		—			5.375		2.034	MN		48,076.39		188,125.00		10/15/2010		11/15/2014
	03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		1,541,745.00		103.086		1,546,296.74		1,500,000.00		1,531,376.74		14,920.00			(10,368.00	)		—		—			3		1.804	AO		9,500.00		22,500.00		5/20/2010		10/15/2012
	03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		10,359,135.00		105.166		10,253,722.93		9,750,000.00		10,315,629.42		(61,906.49	)		(43,506.00	)		—		—			4.125		2.598	JJ		185,453.13		92,469.00		10/15/2010		1/15/2015
	038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,977.50		109.609		1,644,127.53		1,500,000.00		1,580,896.60		63,230.93			(15,698.00	)		—		—			4.45		3.205	MS		19,654.17		66,750.00		11/3/2009		9/15/2015
	046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		5,610,358.32		107.741		5,656,417.57		5,250,000.00		5,548,636.28		107,781.29			(61,722.00	)		—		—			5.4		1.984	MS		83,475.00		67,500.00		11/12/2010		9/15/2012
	048312AB8	ACETF ABS 02-1 A2					2		??		85,818.55		100.477		85,942.40		85,534.54		85,570.38		372.02			(102.00	)		—		—			4.21		3.988	JAJO		710.20		3,601.00		7/7/2008		4/20/2011
	048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							??		3,899,000.82		107.75		3,574,067.50		3,317,000.00		3,501,367.16		72,700.34			(141,696.00	)		—		—			8.5		3.887	AO		70,486.25		281,945.00		1/30/2008		4/1/2012
	049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				??		2,977,800.00		105.34		2,826,377.54		2,000,000.00		2,977,800.00		(151,422.46	)		—			—		(294,700.00	)		10.386		10.41	JAJO		71,214.84		222,764.00		12/4/2009		4/6/2013
	049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							??		2,500,000.00		105.898		2,647,450.00		2,500,000.00		2,500,000.00		147,450.00			—			—		—			11.79		12.954	JAJO		75,325.00		300,162.00		2/19/2009		2/24/2012
	049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							??		1,500,000.00		106.533		1,597,995.00		1,500,000.00		1,500,000.00		97,995.00			—			—		—			12.79		13.988	JAJO		49,028.33		195,305.00		2/12/2009		2/24/2012
	05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F				??		3,992,895.97		103.162		4,126,485.92		4,000,000.00		3,994,153.32		132,332.60			1,257.00			—		—			3.7		3.739	JJ		69,066.67		74,000.00		2/19/2010		1/13/2015
	05522NAA5	BANK OF AMERICA CORP BND 144A							??		14,237,391.19		105.338		14,747,343.38		14,000,000.00		14,217,854.60		529,488.78			(19,537.00	)		—		—			5.5		4.381	JD		36,361.11		385,000.00		11/12/2010		6/14/2012
	055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,163,085.27		107.473		4,298,930.68		4,000,000.00		4,154,108.22		144,822.46			(8,977.00	)		—		—			4.8		3.042	AO		40,533.33		—		11/12/2010		4/15/2013
	055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		7,503,892.00		110.644		7,490,583.09		6,770,000.00		7,371,401.73		119,181.36			(128,990.00	)		—		—			5.5		2.627	AO		93,087.50		215,050.00		4/16/2010		4/1/2014
	05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,826,299.75		108.473		6,736,202.18		6,210,000.00		6,684,307.19		51,894.99			(138,973.00	)		—		—			5.25		2.456	MN		48,903.76		286,650.00		12/16/2010		11/7/2013
	05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,578.50		102.127		7,174,409.32		7,025,000.00		7,024,828.53		149,580.79			140.00			—		—			3.125		3.127	MS		67,688.80		219,531.00		3/5/2009		3/10/2012
	05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,556,790.00		103.124		4,640,585.18		4,500,000.00		4,550,500.50		90,084.68			(6,290.00	)		—		—			3.875		3.584	MS		53,765.63		87,188.00		5/27/2010		3/10/2015
	05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,318,872.00		103.028		4,275,654.08		4,150,000.00		4,299,254.08		(23,600.00	)		(19,156.00	)		—		—			3.625		2.499	MN		22,147.74		102,406.00		10/5/2010		5/8/2014
	05565QBN7	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,977,280.00		99.216		7,937,256.48		8,000,000.00		7,978,348.52		(41,092.04	)		1,069.00			—		—			3.125		3.187	AO		62,500.00		—		9/28/2010		10/1/2015
	055669AD7	BMWLT_10-1 ABS_10-1 A4					2		??		1,019,897.90		99.87		1,018,674.00		1,020,000.00		1,019,912.32		(1,238.32	)		14.00			—		—			0.96		0.967	MON		435.20		2,230.00		9/15/2010		1/15/2014
	05567MAA3	BNP PARIBAS CORP BND 144A			F				??		5,834,042.19		104.234		6,254,045.10		6,000,000.00		5,858,261.74		395,783.36			24,220.00			—		—			4.8		5.401	JD		5,600.00		288,000.00		2/19/2010		6/24/2015
	05572FAA1	BNP PARIBAS COVERED BONDS SA CORP BND			F				1FE		2,998,860.00		95.962		2,878,859.94		3,000,000.00		2,998,895.95		(120,036.01	)		36.00			—		—			2.2		2.208	MN		10,816.67		—		10/26/2010		11/2/2015
	05947ULH9	BANK OF AMERICA CO CMBS 03-1					2	NR*Z*			1,561,926.15		101.338		1,641,310.14		1,619,646.56		1,604,389.17		36,920.97			5,889.00			—		—			3.878		5.149	MON		5,234.16		62,810.00		8/27/2008		9/11/2036
	05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		??		64,280.63		96.949		63,223.44		65,212.96		64,314.08		(1,090.64	)		8.00			—		—			3.223		3.547	MON		175.15		2,298.00		11/30/2007		11/25/2033
	05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1					2		??		2,880,262.60		81.24		2,373,111.80		2,921,112.51		2,881,768.44		(508,656.64	)		787.00			—		—			3.071		3.306	MON		7,474.45		119,176.00		10/19/2006		8/25/2035
	060505BM5	BANK OF AMERICA CORP BND							??		1,976,532.00		105.172		1,998,276.93		1,900,000.00		1,966,255.69		32,021.24			(10,276.00	)		—		—			5.375		4.278	JD		4,538.89		102,125.00		5/26/2010		6/15/2014
	06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		18,104,062.50		103.716		18,668,880.55		18,000,000.00		18,048,641.54		620,239.01			(32,547.00	)		—		—			3.125		2.933	JD		25,000.00		562,500.00		3/10/2009		6/15/2012
	06050BAG6	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		26,014,802.04		102.106		26,547,560.79		26,000,000.00		26,014,743.50		532,817.29			(9,598.00	)		—		—			2.1		2.061	AO		91,000.00		546,000.00		8/31/2009		4/30/2012
	06050TKN1	BANK OF AMERICA NA (US) CORP BND							1FE		3,126,390.00		101.289		3,038,678.97		3,000,000.00		3,123,911.32		(85,232.35	)		(2,479.00	)		—		—			5.3		4.528	MS		46,816.67		—		11/4/2010		3/15/2017
	06051GDW6	BANK OF AMERICA CORP BND MTN							1FE		3,245,196.00		104.715		3,366,580.52		3,215,000.00		3,259,499.02		107,081.50			4,694.00			—		—			4.9		4.246	MN		26,255.82		90,160.00		12/16/2010		5/1/2013
	06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,546,350.00		102.268		1,559,593.26		1,525,000.00		1,546,219.94		13,373.32			(130.00	)		—		—			4.5		4.138	AO		17,156.25		—		12/16/2010		4/1/2015
	06052DAC9	BAAT_09-1A ABS 09-1A A3 144A					2	NR*Z*			2,430,544.50		101.068		2,423,928.74		2,398,317.11		2,418,080.52		5,848.22			(12,464.00	)		—		—			2.67		1.507	MON		2,846.00		37,354.00		6/1/2010		5/15/2012
	06052JAC6	BAAT_10-1 ABS_10-1A A3 144A					2	NR*Z*			7,090,015.63		100.53		7,137,630.00		7,100,000.00		7,093,311.67		44,318.33			3,296.00			—		—			1.39		1.476	MON		4,386.22		57,569.00		5/26/2010		3/17/2014
	06052MAB1	BAAT ABS 10-2 A2					2		??		3,749,658.75		100.12		3,754,500.00		3,750,000.00		3,749,825.33		4,674.67			167.00			—		—			0.91		0.92	MON		1,516.67		16,209.00		6/16/2010		10/15/2012
	06052MAC9	BAAT ABS_10-2 A3					2	NR*Z*			999,972.40		100.37		1,003,700.00		1,000,000.00		999,978.77		3,721.23			6.00			—		—			1.31		1.315	MON		582.22		6,223.00		6/16/2010		7/15/2014
	06052MAD7	BAAT ABS 10-2 A4					2		??		1,199,768.04		101		1,212,000.00		1,200,000.00		1,199,801.46		12,198.54			33.00			—		—			1.94		1.954	MON		1,034.67		11,058.00		6/16/2010		6/15/2017
	06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		7,978,536.08		106.78		8,328,804.82		7,800,000.00		7,906,945.40		421,859.42			(55,524.00	)		—		—			4.95		4.159	MN		64,350.00		386,100.00		1/11/2010		11/1/2012
	06406HBQ1	BANK OF NEW YORK CO CORP BND MTN							1FE		2,996,130.00		102.042		3,061,253.14		3,000,000.00		2,996,520.02		64,733.12			390.00			—		—			2.95		2.978	JD		3,195.84		44,250.00		6/11/2010		6/18/2015
	064149B97	BANK OF NOVA SCOTIA CORP BND			A				1FE		2,989,500.00		102.387		3,071,618.98		3,000,000.00		2,991,065.68		80,553.30			1,566.00			—		—			2.375		2.48	JD		2,770.84		35,625.00		6/10/2010		12/17/2013
	06423AAS2	BANK ONE CO CORP BND							??		4,165,800.01		106.596		4,263,820.80		4,000,000.00		4,155,995.50		107,825.30			(9,805.00	)		—		—			5.25		3.293	JJ		88,083.33		—		11/12/2010		1/30/2013
	06423RBN5	BOIT ABS 04-A5 A5					2	NR*Z*			1,538,085.94		99.935		1,573,972.31		1,575,000.00		1,568,710.90		5,261.41			11,665.00			—		—			0.39		1.133	MON		290.29		6,404.00		5/6/2008		3/15/2014
	064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		29,969,700.00		102.054		30,616,200.30		30,000,000.00		29,987,295.69		628,904.61			10,047.00			—		—			2.15		2.185	MS		168,416.67		645,000.00		3/20/2009		3/27/2012
	06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		528,417.00		107.605		538,023.07		500,000.00		521,733.82		16,289.25			(5,648.00	)		—		—			5.2		3.869	JJ		12,350.00		26,000.00		10/21/2009		7/10/2014
	06739FGP0	BARCLAYS BANK PLC CORP BND			F				1FE		9,018,580.06		101.517		9,136,568.34		9,000,000.00		9,013,538.56		123,029.78			(5,042.00	)		—		—			2.5		2.425	JJ		98,750.00		150,000.00		2/19/2010		1/23/2013
	071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		106.378		4,255,106.80		4,000,000.00		4,006,964.47		248,142.33			(2,030.00	)		—		—			4		3.941	MS		53,333.34		160,000.00		2/23/2009		3/1/2014
	071813BB4	BAXTER INTERNATIONAL INC CORP BND							??		7,790,874.00		101.199		7,893,506.96		7,800,000.00		7,793,299.78		100,207.18			2,426.00			—		—			1.8		1.84	MS		41,340.00		72,540.00		3/4/2010		3/15/2013
	07384M3D2	BSARM CMO 04-9 22A1					2		??		1,373,007.04		99.25		1,389,102.42		1,399,599.42		1,373,898.95		15,203.47			284.00			—		—			3.609		4.024	MON		4,209.44		54,983.00		8/13/2007		11/25/2034
	07384MK27	BSARM CMO 04-1 21A1					2	NR*Z*			406,694.79		94.051		389,437.37		414,070.42		406,966.04		(17,528.67	)		85.00			—		—			2.614		2.998	MON		901.85		11,702.00		8/10/2007		4/25/2034
	07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		4,785,719.90		109.744		4,718,972.13		4,300,000.00		4,735,225.28		(16,253.15	)		(49,692.00	)		—		—			5.7		2.914	MN		31,318.33		131,100.00		7/16/2010		11/15/2014
	07387AAW5	BSARM CMO_05-3 2A1					2	NR*Z*			1,546,273.62		81.298		1,280,702.48		1,575,318.56		1,547,532.82		(266,830.34	)		311.00			—		—			2.845		3.146	MON		3,735.09		55,056.00		8/10/2007		6/25/2035
	07388GAA9	BSABS ABS 06-3-A1					2	NR*Z*			421,114.50		99.196		417,727.48		421,114.50		421,114.50		(3,387.02	)		—			—		—			0.411		0.411	MON		24.02		1,793.00		8/8/2006		8/25/2036
	073928X73	BEAR STEARNS CO INC CORP BND MTN							1FE		2,390,693.25		109.216		2,539,269.41		2,325,000.00		2,356,112.11		183,157.30			(17,910.00	)		—		—			6.95		6.063	FA		63,288.43		161,588.00		3/23/2009		8/10/2012
	079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		109.443		547,214.97		500,000.00		530,404.04		16,810.93			(7,579.00	)		—		—			5.2		3.436	MS		7,655.56		26,000.00		10/29/2009		9/15/2014
	09657MAC2	BMWLT_10-1 ABS 10-1 A3					2	NR*Z*			999,979.50		100.578		1,005,779.04		1,000,000.00		999,985.36		5,793.68			6.00			—		—			1.39		1.395	MON		231.67		9,421.00		4/15/2010		4/25/2014
	097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		103.589		3,107,658.24		3,000,000.00		3,018,993.05		88,665.19			(4,264.00	)		—		—			3.25		3.073	AO		17,333.34		97,500.00		1/28/2010		10/27/2014
	097023AT2	BOEING CO CORP BND							??		1,404,061.80		107.877		1,391,608.57		1,290,000.00		1,378,707.39		12,901.18			(25,354.00	)		—		—			5.125		1.807	FA		24,975.83		33,056.00		5/12/2010		2/15/2013
	097023BB0	BOEING CO CORP BND							??		685,866.90		101.82		702,560.68		690,000.00		687,375.15		15,185.53			1,353.00			—		—			1.875		2.082	MN		1,473.44		12,938.00		11/17/2009		11/20/2012
	10138MAD7	BOTTLING GROUP LLC CORP BND							??		1,530,340.01		107.714		1,615,704.87		1,500,000.00		1,525,835.23		89,869.64			(4,505.00	)		—		—			4.125		3.702	JD		2,750.00		61,875.00		2/19/2010		6/15/2015
	10138MAG0	PEPSI BOTTLING GROUP INC. CORP BND							1FE		4,288,185.41		113.542		4,541,684.28		4,000,000.00		4,251,627.27		290,057.01			(36,558.00	)		—		—			5.5		4.153	AO		55,000.00		220,000.00		2/19/2010		4/1/2016
	10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.076		9,781,450.65		8,500,000.00		9,360,633.71		420,816.94			(249,497.00	)		—		—			6.95		3.574	MS		173,943.06		590,750.00		2/5/2009		3/15/2014
	10620NAH1	BRHEA_05-3A ABS 05-3 A14					2		??		2,218,401.48		99.412		2,244,638.46		2,257,915.00		2,220,574.53		24,063.93			2,173.00			—		—			0.399		0.816	MJSD		125.25		6,101.00		7/2/2010		9/25/2023

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	10778XAA4	BRFKREDIT AS CORP BND 144A			F				??		12,486,250.00		101.861		12,732,625.00		12,500,000.00		12,489,449.39		243,175.61			3,199.00			—		—		2.05		2.088	AO		54,097.23		128,125.00		4/8/2010		4/15/2013
	110122AL2	BRISTOL MYERS SQUIBB CO CORP BND							1FE		7,448,280.00		109.749		7,682,451.92		7,000,000.00		7,274,035.28		408,416.64			(97,842.00	)		—		—		5.25		3.67	FA		138,833.34		367,500.00		3/5/2009		8/15/2013
	BRS448NT2	COMMUNITY HLTH SYST INC TERM LOAN							3FE		1,853,644.16		97.45		1,850,321.37		1,898,739.22		1,853,644.16		(3,322.79	)		—			—		—		0		0.678	JD		—		—		12/14/2010		7/25/2014
	126650AV2	CVS CAREMARK CORP CORP BND							2FE		5,776,192.50		108.929		5,718,794.55		5,250,000.00		5,722,845.98		(4,051.43	)		(53,347.00	)		—		—		4.875		2.32	MS		75,359.38		127,969.00		8/10/2010		9/15/2014
	12668AZL2	CWALT CMO_05-64CB 1A					2	NR*Z*			847,099.66		91		785,840.80		863,561.32		846,047.16		(60,206.36	)		389.00			—		—		5.5		5.931	MON		3,957.99		47,496.00		1/2/2008		12/25/2035
	12668HAB6	CWL ABS 06-26-2A1					2	NR*Z*			134,942.40		98.84		133,366.65		134,931.86		134,932.58		(1,565.93	)		(1.00	)		—		—		0.341		0.337	MON		6.38		479.00		1/29/2007		3/25/2011
	12764RAA9	CAELUS RE II LTD CORP BND 144A			F				??		2,900,000.00		100.953		2,927,637.00		2,900,000.00		2,900,000.00		27,637.00			—			—		—		6.5		6.552	FMAN		16,755.56		101,057.00		5/18/2010		5/24/2013
	135087ZA5	CANADA GOVERNMENT GOVT BND			A				1FE		4,076,425.00		103.076		4,226,115.83		4,100,000.00		4,082,334.78		143,781.05			4,519.00			—		—		2.375		2.498	MS		30,023.96		97,375.00		9/2/2009		9/10/2014
	136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A				1FE		1,999,520.00		101.786		2,035,720.06		2,000,000.00		1,999,662.95		36,057.11			143.00			—		—		2		2.008	FA		16,333.33		20,111.00		1/27/2010		2/4/2013
	136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,542.80		104.441		433,428.15		415,000.00		420,906.32		12,521.83			(7,237.00	)		—		—		6.375		4.508	AO		5,585.21		26,456.00		8/13/2008		10/15/2011
	136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				??		325,323.30		106.498		330,144.47		310,000.00		320,139.57		10,004.90			(4,398.00	)		—		—		4.4		2.856	MS		4,016.22		13,640.00		10/22/2009		3/15/2013
	14041NBY6	COMET ABS 05-A1 A1					2		??		4,021,523.44		99.661		4,036,270.62		4,050,000.00		4,030,756.11		5,514.51			9,233.00			—		—		0.33		0.723	MON		631.72		8,725.00		5/28/2010		1/15/2015
	14041NEF4	COMET ABS 08-A5 A5					2	NR*Z*			1,169,999.53		101.197		1,146,562.01		1,133,000.00		1,145,815.92		746.09			(24,184.00	)		—		—		4.85		0.929	MON		2,442.24		32,054.00		6/9/2010		4/15/2011
	14170TAF8	CAREFUSION CORP CORP BND							2FE		4,962,285.00		107.293		4,828,170.87		4,500,000.00		4,932,617.94		(104,447.07	)		(29,667.00	)		—		—		5.125		2.314	FA		96,093.75		—		9/23/2010		8/1/2014
	141781AP9	CARGILL INC CORP BND 144A							??		2,764,425.00		107.247		2,681,187.45		2,500,000.00		2,655,048.86		26,138.59			(107,041.00	)		—		—		6.375		1.91	JD		13,281.26		159,375.00		12/21/2009		6/1/2012
	141784DG0	CARGILL INC CORP BND 144A							1FE		4,764,583.20		107.161		4,736,504.54		4,420,000.00		4,656,716.35		79,788.19			(107,867.00	)		—		—		5.2		2.512	JJ		101,512.66		229,840.00		1/6/2010		1/22/2013
	14312RAD6	CARMX_07-1 ABS 07-1					2	NR*Z*			501,232.80		100.97		496,171.34		491,404.71		497,145.81		(974.47	)		(4,087.00	)		—		—		5.24		2.111	MON		1,144.43		15,021.00		6/8/2010		9/15/2011
	14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,403.75		107.055		1,204,368.67		1,125,000.00		1,124,752.67		79,616.00			119.00			—		—		4.85		4.862	JD		3,637.50		54,563.00		12/3/2007		12/7/2012
	14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							??		5,268,195.25		105.998		5,591,382.90		5,275,000.00		5,271,962.40		319,420.50			1,353.00			—		—		4.25		4.279	FA		89,052.25		224,188.00		2/4/2008		2/8/2013
	14912L4J7	CATERPILLAR FINL SERV CORP BND							??		649,226.50		101.647		660,704.63		650,000.00		649,489.94		11,214.69			253.00			—		—		1.9		1.941	JD		480.28		12,350.00		12/10/2009		12/17/2012
	14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							??		1,967,291.01		101.561		2,000,747.88		1,970,000.00		1,967,448.48		33,299.40			157.00			—		—		2		2.059	AO		9,412.22		—		11/12/2010		4/5/2013
	14912L4M0	CATERPILLAR FINL SERV CORP BND							??		5,175,000.00		101.206		5,237,398.34		5,175,000.00		5,175,000.00		62,398.34			—			—		—		2.75		2.75	JD		2,767.18		71,156.00		11/12/2010		6/24/2015
	14912L4Q1	CATERPILLAR FINL SERV CORP BND							1FE		3,396,226.00		100.444		3,415,079.14		3,400,000.00		3,396,266.65		18,812.49			41.00			—		—		1.55		1.588	JD		1,610.27		—		12/13/2010		12/20/2013
	14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,041,143.35		107.677		3,230,310.96		3,000,000.00		3,039,597.33		190,713.63			(1,180.00	)		—		—		4.6		4.133	JJ		63,633.33		—		11/12/2010		1/15/2014
	15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		??		667,961.40		97.875		668,815.58		683,336.48		676,625.62		(7,810.04	)		4,195.00			—		—		4.903		6.864	MON		2,792.25		33,500.00		4/17/2008		10/25/2033
	15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2					2		??		580,492.75		102.803		578,417.29		562,646.31		568,282.50		10,134.79			(3,354.00	)		—		—		4.97		3.748	FA		11,651.47		27,964.00		2/8/2008		8/1/2012
	16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		101.37		5,068,479.15		5,000,000.00		5,002,600.77		65,878.38			(7,992.00	)		—		—		5.5		5.331	AO		49,652.78		275,000.00		1/31/2007		4/26/2011
	161571CH5	CHAIT ABS_07-A17 A					2	NR*Z*			1,413,140.63		107.245		1,394,185.04		1,300,000.00		1,388,388.81		5,796.23			(24,752.00	)		—		—		5.12		1.277	MON		2,958.22		33,280.00		6/23/2010		10/15/2012
	161582AG6	CHASE MANHATTAN BANK CMBS 99-1-E					2	NR*Z*			387,583.01		100.76		377,848.28		375,000.00		375,521.78		2,326.50			(1,899.00	)		—		—		7.514		6.418	MON		2,347.76		28,600.00		11/28/2007		8/15/2011
	161630AG3	CHASE CMO_07-A1-2A1					2	NR*Z*			2,824,931.23		94.57		2,719,554.59		2,875,705.39		2,828,000.28		(108,445.69	)		1,754.00			—		—		2.892		3.276	MON		6,929.97		97,418.00		2/22/2007		2/25/2037
	161630AL2	CHASE CMO_07-A1 3A1					2		??		1,782,760.73		90.024		1,620,995.85		1,800,626.33		1,783,223.78		(162,227.93	)		240.00			—		—		3.069		3.239	MON		4,604.35		61,967.00		5/17/2007		2/25/2037
	161630AQ1	CHASE CMO_07-A1 5A1					2		??		433,702.12		93.45		412,448.00		441,356.88		434,272.15		(21,824.15	)		251.00			—		—		2.905		3.277	MON		1,068.38		14,880.00		5/8/2007		2/25/2037
	161630AU2	CHASE CMO_07-A1 7A1					2		??		737,478.44		98.404		737,432.30		749,392.61		738,276.03		(843.73	)		307.00			—		—		2.93		3.378	MON		1,829.83		27,169.00		5/17/2007		2/25/2037
	161630BD9	CHASE CMO_07-A1 11M1					2		??		4,314,612.39		82		3,504,443.51		4,273,711.60		4,303,503.99		(799,060.48	)		(716.00	)		—		—		5.373		5.168	MON		19,136.00		231,590.00		1/18/2008		2/25/2037
	166751AH0	CHEVRONTEXACO CORPORATION CORP BND							1FE		9,198,500.25		105.76		9,280,443.51		8,775,000.00		9,103,096.10		177,347.41			(95,404.00	)		—		—		3.95		2.71	MS		113,611.88		346,613.00		1/6/2010		3/3/2014
	166751AK3	CHEVRONTEXACO CORPORATION CORP BND							1FE		3,295,695.00		103.145		3,352,225.28		3,250,000.00		3,276,096.15		76,129.13			(19,635.00	)		—		—		3.45		2.743	MS		36,752.08		112,125.00		2/9/2010		3/3/2012
	17275RAB8	CISCO SYSTEMS INC CORP BND							1FE		261,020.00		100.656		251,638.90		250,000.00		250,552.34		1,086.56			(3,854.00	)		—		—		5.25		3.658	FA		4,703.12		13,125.00		3/6/2008		2/22/2011
	17275RAC6	CISCO SYSTEMS INC CORP BND							1FE		14,068,550.00		113.694		14,268,577.92		12,550,000.00		13,903,721.20		364,856.72			(164,829.00	)		—		—		5.5		3.207	FA		247,339.58		345,125.00		4/20/2010		2/22/2016
	17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		103.099		4,123,945.60		4,000,000.00		3,991,997.86		131,947.74			1,922.00			—		—		2.9		2.955	MN		14,177.78		116,000.00		11/9/2009		11/17/2014
	172967CK5	CITIGROUP INC CORP BND							1FE		3,904,747.45		106.01		4,240,383.32		4,000,000.00		3,908,219.50		332,163.82			3,472.00			—		—		5.125		5.891	MN		31,888.89		—		11/12/2010		5/5/2014
	172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,137.50		103.136		773,516.25		750,000.00		761,349.50		12,166.75			(14,947.00	)		—		—		5.1		3.015	MS		9,775.00		38,250.00		10/20/2009		9/29/2011
	172967EL1	CITIBANK N.A. CORP BND							??		520,145.00		105.969		529,843.68		500,000.00		512,409.06		17,434.62			(6,568.00	)		—		—		5.3		3.852	AO		5,447.22		26,500.00		10/22/2009		10/17/2012
	172967EY3	CITIGROUP INC CORP BND							1FE		22,616,908.00		110.52		23,651,212.38		21,400,000.00		22,407,054.81		1,244,157.57			(209,853.00	)		—		—		6.375		4.937	FA		526,752.08		886,125.00		5/25/2010		8/12/2014
	172967FA4	CITIGROUP INC CORP BND							??		5,153,500.00		108.734		5,436,720.30		5,000,000.00		5,136,994.87		299,725.43			(16,505.00	)		—		—		6.01		5.249	JD		13,355.56		300,500.00		6/9/2010		1/15/2015
	172967FD8	CITIGROUP INC CORP BND							1FE		13,009,699.09		104.357		13,305,517.76		12,750,000.00		12,998,068.63		307,449.13			(11,630.00	)		—		—		4.75		4.256	MN		70,656.25		302,813.00		11/12/2010		5/19/2015
	172967FE6	CITIGROUP INC CORP BND							1FE		3,229,160.60		109.304		3,279,134.91		3,000,000.00		3,219,467.48		59,667.43			(9,693.00	)		—		—		6		3.372	JD		8,000.00		90,000.00		11/12/2010		12/13/2013
	17313UAA7	CITIGROUP INC — GTD CORP BND GOVT GUAR							1FE		798,016.00		102.325		818,599.98		800,000.00		799,361.82		19,238.16			662.00			—		—		2.875		2.962	JD		1,405.56		23,000.00		12/2/2008		12/9/2011
	17313UAE9	CITIGROUP INC — GTD CORP BND GOVT GUAR							1FE		23,839,461.14		102.126		23,999,609.77		23,500,000.00		23,708,981.23		290,628.54			(134,483.00	)		—		—		2.125		1.445	AO		84,616.31		499,375.00		2/19/2010		4/30/2012
	17313YAL5	CITIGROUP FUNDING INC — GTD CORP BND							1FE		15,058,950.00		102.149		15,322,349.10		15,000,000.00		15,036,115.62		286,233.48			(19,400.00	)		—		—		1.875		1.739	AO		53,906.25		304,688.00		10/20/2009		10/22/2012
	17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND							1FE		13,079,283.56		102.174		13,282,621.43		13,000,000.00		13,054,665.92		227,955.51			(24,618.00	)		—		—		1.875		1.646	MN		31,145.84		270,156.00		2/19/2010		11/15/2012
	17314AAF9	CITIGROUP FUNDING INC — GTD CORP BND							1FE		7,380,094.00		101.879		7,539,045.85		7,400,000.00		7,391,604.87		147,440.98			6,601.00			—		—		2		2.093	MS		37,411.11		148,000.00		3/23/2009		3/30/2012
	17314JAT0	CITIBANK NA CORP BND GOVT GUAR							1FE		12,312,160.74		101.986		12,340,306.00		12,100,000.00		12,296,046.73		44,259.27			(16,114.00	)		—		—		1.75		0.926	JD		1,764.59		105,875.00		11/12/2010		12/28/2012
	191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.25		105.07		12,214,380.42		11,625,000.00		11,590,252.86		624,127.56			10,042.00			—		—		3.625		3.725	MS		124,080.74		421,406.00		3/3/2009		3/15/2014
	191216AN0	COCA-COLA COMPANY THE CORP BND							1FE		2,049,036.50		98.323		2,015,630.99		2,050,000.00		2,049,077.80		(33,446.81	)		41.00			—		—		0.75		0.766	MN		1,964.58		—		11/4/2010		11/15/2013
	191216AP5	COCA-COLA COMPANY THE CORP BND							1FE		10,500,796.50		95.777		10,080,507.57		10,525,000.00		10,501,403.41		(420,895.84	)		607.00			—		—		1.5		1.548	MN		20,172.92		—		11/15/2010		11/15/2015
	191219BS2	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,334,777.00		109.515		5,366,243.18		4,900,000.00		5,245,859.77		120,383.41			(88,917.00	)		—		—		5		2.214	FA		92,555.55		122,500.00		4/14/2010		8/15/2013
	19122TAA7	COCA-COLA ENTERPRISES INC. CORP BND							??		8,888,786.00		98.961		8,807,500.35		8,900,000.00		8,889,294.81		(81,794.46	)		509.00			—		—		1.125		1.168	MN		13,628.12		—		11/8/2010		11/12/2013
	19416QDQ0	COLGATE PALMOLIVE CO. CORP BND MTN							1FE		7,195,480.00		95.691		6,937,597.50		7,250,000.00		7,197,197.96		(259,600.46	)		1,718.00			—		—		1.375		1.532	MN		16,060.76		—		10/29/2010		11/1/2015
	194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		??		805,000.00		90		900,000.00		1,000,000.00		810,847.29		89,152.71			3,914.00			—		—		1.756		3.499	MON		439.00		13,202.00		8/25/2009		3/1/2042
	20030NAB7	COMCAST CORPORATION CORP BND							2FE		5,868,400.00		113.365		5,668,246.10		5,000,000.00		5,819,026.80		(150,780.70	)		(49,373.00	)		—		—		6.5		2.235	JJ		149,861.12		—		9/24/2010		1/15/2015
	20030NAE1	COMCAST CORPORATION CORP BND							2FE		5,816,842.50		108.713		5,707,414.76		5,250,000.00		5,748,440.92		(41,026.16	)		(68,402.00	)		—		—		5.3		2.059	JJ		128,304.16		39,750.00		8/10/2010		1/15/2014
	20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F				1FE		15,447,801.60		103.695		16,051,986.00		15,480,000.00		15,455,686.73		596,299.27			6,121.00			—		—		2.9		2.945	MS		129,688.00		448,920.00		9/10/2009		9/17/2014
	2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,340.75		102.466		7,505,664.38		7,325,000.00		7,324,601.28		181,063.10			215.00			—		—		2.75		2.753	AO		42,525.68		201,438.00		10/8/2009		10/15/2012
	2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		1,991,660.00		102.186		2,043,728.18		2,000,000.00		1,992,863.30		50,864.88			1,203.00			—		—		3.5		3.592	MS		19,833.33		34,417.00		3/15/2010		3/19/2015
	20825CAE4	CONOCOPHILLIPS CORP BND							1FE		4,249,488.80		106.817		4,272,676.40		4,000,000.00		4,231,809.72		40,866.68			(17,679.00	)		—		—		4.75		1.452	AO		40,111.11		—		11/12/2010		10/15/2012
	20825CAM6	CONOCOPHILLIPS CORP BND							??		3,862,918.25		106.619		3,811,617.63		3,575,000.00		3,819,560.67		(7,943.04	)		(41,572.00	)		—		—		4.4		1.448	MN		20,099.44		113,300.00		11/3/2010		5/15/2013
	20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		108.967		7,137,331.16		6,550,000.00		6,729,726.74		407,604.42			(38,344.00	)		—		—		4.6		3.85	JJ		138,932.78		256,795.00		1/27/2010		1/15/2015
	209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,497.60		109.577		438,309.97		400,000.00		427,328.56		10,981.41			(7,839.00	)		—		—		5.55		3.313	AO		5,550.00		22,200.00		10/29/2009		4/1/2014
	21685WBL0	RABOBANK NEDERLAND UTRECHT CORP BND MTN			F				1FE		3,421,596.50		96.586		3,312,893.21		3,430,000.00		3,421,948.15		(109,054.94	)		352.00			—		—		2.125		2.177	AO		15,792.29		—		10/5/2010		10/13/2015
	22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							??		212,574.00		105.051		210,102.81		200,000.00		207,068.55		3,034.26			(4,750.00	)		—		—		5.8		3.252	JD		773.33		11,600.00		10/29/2009		6/7/2012
	22540A3F3	CSFB CMBS 01-CK3					2	NR*Z*			2,612,246.42		100.496		2,555,231.39		2,542,622.27		2,539,604.98		15,626.41			(10,403.00	)		—		—		6.53		5.766	MON		13,836.10		166,033.00		6/29/2006		4/15/2011
	22540AJ74	CS FIRST BOSTON CMBS 01_CF2 A4					2		??		91,846.36		99.95		89,698.42		89,743.01		89,743.93		(45.51	)		(833.00	)		—		—		6.505		4.455	MON		486.48		5,838.00		9/12/2008		3/1/2011
	22540VC75	CS FIRST BOSTON CMBS_02-CKP1 A3					2	NR*Z*			4,775,786.44		103.724		4,772,915.62		4,601,548.43		4,659,407.89		113,507.73			(6,732.00	)		—		—		6.439		5.439	MON		24,691.14		296,294.00		12/18/2007		11/15/2013
	22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,372.50		104.777		5,715,558.08		5,455,000.00		5,478,545.77		237,012.31			(25,736.00	)		—		—		6.125		5.609	MN		42,692.95		334,119.00		7/11/2007		11/15/2011
	22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		2,186,460.00		109.219		2,184,370.12		2,000,000.00		2,159,207.63		25,162.49			(27,252.00	)		—		—		5.5		2.972	MN		18,333.33		55,000.00		5/19/2010		5/1/2014
	22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		8,486,485.00		102.112		8,679,507.68		8,500,000.00		8,488,433.84		191,073.84			1,949.00			—		—		3.5		3.535	MS		80,986.12		148,750.00		3/18/2010		3/23/2015
	2254C0TC1	CREDIT SUISSE NEW YORK NY CORP BND EMTN			F				1FE		4,324,000.00		107.646		4,305,847.76		4,000,000.00		4,278,692.19		27,155.57			(45,308.00	)		—		—		5		1.976	MN		25,555.56		100,000.00		8/4/2010		5/15/2013
	23636UAA5	DANSKE BANK A/S CORP BND GOVT GUAR 144A			F				??		9,236,402.50		102.368		9,469,039.63		9,250,000.00		9,243,363.35		225,676.28			4,751.00			—		—		2.5		2.554	MN		32,760.42		231,250.00		6/23/2009		5/10/2012
	239753BK1	TARGET CORPORATION CORP BND							??		580,657.40		107.492		569,706.93		530,000.00		546,946.32		22,760.61			(15,471.00	)		—		—		8.6		5.39	JJ		21,017.44		45,580.00		9/24/2008		1/15/2012
	24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,035.75		107.248		4,209,475.38		3,925,000.00		3,928,947.95		280,527.43			(1,879.00	)		—		—		4.95		4.895	JD		7,555.64		194,288.00		7/24/2008		12/17/2012
	24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		1,123,807.50		102.322		1,151,120.86		1,125,000.00		1,123,991.34		27,129.52			184.00			—		—		2.95		2.973	MS		10,325.00		16,686.00		3/3/2010		3/9/2015
	24424DAA7	JOHN DEERE CAPITAL CORP — GTD CORP BND							1FE		1,028,470.52		103.377		1,033,769.99		1,000,000.00		1,015,076.42		18,693.57			(10,069.00	)		—		—		2.875		1.827	JD		958.33		28,750.00		8/27/2009		6/19/2012
	2515A0T45	DEUTSCHE BK LDN CORP BND			F				??		999,020.00		101.446		1,014,458.39		1,000,000.00		999,330.16		15,128.23			310.00			—		—		2.375		2.409	JJ		11,215.28		11,875.00		1/5/2010		1/11/2013
	25459HAN5	DIRECTV HOLDINGS LLC CORP BND							??		3,067,385.51		101.505		3,045,160.23		3,000,000.00		3,065,387.83		(20,227.60	)		(1,998.00	)		—		—		3.55		2.994	MS		31,358.33		—		11/12/2010		3/15/2015
	25459HAV7	DIRECTV HOLDINGS LLC CORP BND							2FE		6,890,313.75		98.327		6,710,786.21		6,825,000.00		6,888,149.59		(177,363.38	)		(2,164.00	)		—		—		3.125		2.928	FA		79,388.02		—		10/15/2010		2/15/2016
	25600WAA8	DNB NOR BLGKRDIT CORP BND 144A			F				??		13,436,662.00		96.624		12,850,992.13		13,300,000.00		13,433,084.31		(582,092.18	)		(3,578.00	)		—		—		2.1		1.88	AO		59,739.17		—		11/9/2010		10/14/2015
	260543CC5	CORTS TRUST DOW CORP BND					1		2FE		7,978,000.00		95.302		7,624,151.04		8,000,000.00		7,978,254.29		(354,103.25	)		254.00			—		—		4.25		4.284	MN		49,111.11		—		11/4/2010		11/15/2020
	263534BU2	EI DUPONT DE NEMOURS & CO CORP BND							1FE		9,363,568.00		108.564		9,743,605.55		8,975,000.00		9,262,827.03		480,778.52			(109,077.00	)		—		—		5		3.647	JJ		206,923.61		448,750.00		12/21/2009		7/15/2013
	26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND							1FE		9,123,448.75		101.691		9,279,304.67		9,125,000.00		9,123,895.35		155,409.32			429.00			—		—		2.1		2.105	JD		8,516.67		190,560.00		12/14/2009		6/15/2013
	268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		14,880,439.77		109.448		14,884,925.69		13,600,000.00		14,594,215.37		290,710.32			(286,224.00	)		—		—		5.5		2.988	JJ		322,055.56		610,500.00		2/19/2010		1/26/2014
	26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		1,640,475.00		110		1,649,999.09		1,500,000.00		1,624,810.19		25,188.90			(15,665.00	)		—		—		5.6		3.512	MN		14,000.00		42,000.00		5/27/2010		5/1/2015
	278642AA1	EBAY INC. CORP BND							1FE		2,993,790.00		98.712		2,961,366.57		3,000,000.00		2,994,158.76		(32,792.19	)		369.00			—		—		0.875		0.946	AO		4,593.75		—		10/21/2010		10/15/2013
	278642AB9	EBAY INC. CORP BND							1FE		6,799,747.50		95.574		6,522,948.23		6,825,000.00		6,800,615.44		(277,667.21	)		868.00			—		—		1.625		1.703	AO		19,408.59		—		10/21/2010		10/15/2015

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2	NR*Z*			1,075,962.26		100.077		1,076,794.41		1,075,962.26		1,075,962.26		832.15			—			—		—		1.138		1.14	JAJO		2,313.73		8,962.00		2/23/2010		7/25/2023
	28264QR63	EKSPORTFINANS A/S CORP BND			F				??		5,319,022.92		103.479		5,173,949.45		5,000,000.00		5,308,307.33		(134,357.88	)		(10,716.00	)		—		—		3		1.361	MN		18,333.33		90,000.00		11/12/2010		11/17/2014
	285661AD6	ELECTRONIC DATA SYSTEMS CORP BND							??		9,874,595.25		111.368		9,772,506.20		8,775,000.00		9,658,124.75		114,381.45			(216,471.00	)		—		—		6		1.985	FA		219,375.00		263,250.00		4/30/2010		8/1/2013
	291011AZ7	EMERSON ELECTRIC CO CORP BND							??		3,276,666.54		106.928		3,421,708.74		3,200,000.00		3,274,461.57		147,247.17			(2,205.00	)		—		—		4.125		3.535	AO		27,866.67		—		11/12/2010		4/15/2015
	29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F				1FE		3,268,698.75		100.802		3,250,855.69		3,225,000.00		3,261,966.46		(11,110.77	)		(6,732.00	)		—		—		3.875		3.547	AO		29,159.38		124,969.00		3/30/2010		10/7/2014
	29364DAQ3	ENTERGY ARKANSAS INC. CORP BND					1		1FE		1,749,492.50		95.495		1,671,162.41		1,750,000.00		1,749,492.50		(78,330.09	)		—			—		—		3.75		3.754	FA		8,932.29		—		11/9/2010		2/15/2021
	293791AN9	ENTERPRISE PROD OPER LP CORP BND							??		6,442,930.00		109.753		6,310,785.14		5,750,000.00		6,392,359.52		(81,574.38	)		(50,570.00	)		—		—		5.6		2.488	AO		67,977.77		105,000.00		10/15/2010		10/15/2014
	298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				??		4,822,865.42		110.752		4,928,463.96		4,450,000.00		4,747,506.83		180,957.13			(56,637.00	)		—		—		4.625		3.114	AO		40,590.80		205,813.00		8/31/2009		10/20/2015
	298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,887,520.00		102.068		3,980,664.01		3,900,000.00		3,896,719.21		83,944.80			4,073.00			—		—		3.25		3.36	AO		27,110.42		126,750.00		8/26/2008		10/14/2011
	298785EX0	EUROPEAN INVESTMENT BANK CORP BND			F				??		3,551,186.37		104.886		3,671,010.32		3,500,000.00		3,540,922.14		130,088.18			(10,264.00	)		—		—		3		2.624	AO		24,208.33		105,000.00		2/19/2010		4/8/2014
	30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				??		5,242,350.00		101.766		5,088,300.00		5,000,000.00		5,070,171.18		18,128.82			(129,320.00	)		—		—		3.75		1.126	JJ		86,458.33		187,500.00		8/31/2009		7/15/2011
	30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A					2		1		1,561,511.42		100		1,561,511.42		1,561,511.42		1,561,511.42		—			—			—		—		0.811		0.812	MON		105.48		10,732.00		3/5/2010		2/25/2048
	302570BB1	FPL GROUP CAPITAL INC CORP BND							??		1,350,000.00		100.284		1,353,840.22		1,350,000.00		1,350,000.00		3,840.22			—			—		—		1.182		3.694	MJSD		664.81		20,645.00		6/11/2008		6/17/2011
	302570BC9	FPL GROUP CAPITAL INC CORP BND							2FE		7,402,175.00		120.684		7,301,372.20		6,050,000.00		7,219,527.24		81,844.96			(182,648.00	)		—		—		7.875		3.581	JD		21,175.00		476,438.00		2/17/2010		12/15/2015
	3128JLHB8	FHLMC POOL # 1B1225					2		??		80,445.22		105.66		86,318.91		81,695.13		80,480.64		5,838.27			10.00			—		—		2.919		3.232	MON		198.72		2,661.00		4/2/2007		9/1/2033
	3128JM6N2	FHLMC POOL # 1B2776					2		??		264,708.18		102.631		274,499.93		267,463.04		264,782.26		9,717.67			41.00			—		—		2.712		2.877	MON		604.47		8,072.00		4/2/2007		2/1/2035
	3128JM7E1	FHLMC POOL # 1B2792					2		??		195,106.12		102.698		202,454.48		197,136.62		195,163.05		7,291.43			32.00			—		—		2.688		2.849	MON		441.59		6,004.00		4/2/2007		2/1/2035
	3128JMW45	FHLMC POOL # 1B2566					2		??		113,129.18		105.597		120,399.64		114,018.52		113,150.31		7,249.33			8.00			—		—		2.968		3.069	MON		282.01		3,759.00		4/2/2007		11/1/2034
	3128JMXM4	FHLMC POOL # 1B2583					2		1		2,049,258.45		104.56		2,166,492.77		2,072,009.16		2,050,005.48		116,487.29			228.00			—		—		2.954		3.133	MON		5,100.59		68,121.00		9/17/2008		10/1/2034
	3128JMY68	FHLMC POOL # 1B2632					2		??		145,917.30		104.759		154,062.57		147,064.40		145,946.35		8,116.22			13.00			—		—		2.718		2.822	MON		333.10		4,681.00		4/3/2007		11/1/2034
	3128JMZG5	FHLMC POOL # 1B2642					2		??		208,777.39		106.414		223,915.38		210,418.70		208,815.63		15,099.75			16.00			—		—		2.898		3.002	MON		508.16		6,861.00		4/2/2007		11/1/2034
	3128JNAL9	FHLMC POOL # 1B2810					2		??		225,223.19		106.048		241,329.56		227,567.13		225,280.75		16,048.81			30.00			—		—		3.054		3.217	MON		579.16		7,427.00		4/2/2007		2/1/2035
	3128JRJS6	FHLMC POOL # 847473					2		??		2,584,603.95		105		2,724,904.08		2,595,146.74		2,584,619.03		140,285.05			117.00			—		—		3.164		3.189	MON		6,842.54		126,077.00		9/26/2007		12/1/2035
	3128JRKQ8	FHLMC POOL # 847503					2		??		1,242,871.18		103.392		1,315,766.92		1,272,598.30		1,243,864.10		71,902.82			400.00			—		—		2.93		3.412	MON		3,107.26		48,142.00		5/31/2006		12/1/2035
	3128JRP26	FHLMC POOL # 847641					2		??		712,781.35		105.494		758,003.30		718,529.58		713,015.74		44,987.56			167.00			—		—		2.714		2.89	MON		1,625.07		24,395.00		11/13/2006		12/1/2033
	3128JRP34	FHLMC POOL # 847642					2		??		163,430.13		104.702		173,378.86		165,592.77		163,527.31		9,851.55			45.00			—		—		2.694		2.869	MON		371.76		4,972.00		11/13/2006		4/1/2035
	3128JRPZ3	FHLMC POOL # 847640					2		??		448,765.18		103.627		467,592.19		451,224.36		448,748.81		18,843.38			5.00			—		—		5.08		5.116	MON		1,910.18		23,294.00		11/13/2006		5/1/2036
	3128KW5Q2	FHLMC GOLD POOL # A66255					2		??		2,563,516.26		109.228		2,768,291.88		2,534,410.15		2,562,572.11		205,719.77			(127.00	)		—		—		6		5.487	MON		12,672.05		152,065.00		11/2/2007		9/1/2037
	3128KWBZ5	FHLMC GOLD POOL # A65456					2		??		30,586.43		110.228		32,447.42		29,436.57		30,558.54		1,888.88			(8.00	)		—		—		6		4.631	MON		147.18		1,766.00		2/4/2009		9/1/2037
	3128KWFX6	FHLMC GOLD POOL # A65582					2		??		64,994.42		110.228		68,948.87		62,551.00		64,933.16		4,015.71			(17.00	)		—		—		6		4.502	MON		312.76		3,753.00		2/4/2009		9/1/2037
	3128KWFY4	FHLMC GOLD POOL # A65583					2		??		94,048.06		110.228		99,770.27		90,512.43		93,959.54		5,810.73			(26.00	)		—		—		6		4.5	MON		452.56		5,431.00		2/4/2009		9/1/2037
	3128KWNV1	FHLMC GOLD POOL # A65804					2		??		3,700,516.13		109.791		4,016,695.24		3,658,500.56		3,699,158.34		317,536.90			(237.00	)		—		—		6		5.494	MON		18,292.50		219,510.00		11/2/2007		9/1/2037
	3128KWNX7	FHLMC GOLD POOL # A65806					2		??		3,561,980.90		109.791		3,866,323.28		3,521,538.24		3,560,657.66		305,665.62			(230.00	)		—		—		6		5.465	MON		17,607.69		211,292.00		11/2/2007		9/1/2037
	3128KWT29	FHLMC GOLD POOL # A65969					2		??		54,324.90		110.228		57,630.22		52,282.62		54,273.71		3,356.51			(15.00	)		—		—		6		4.503	MON		261.41		3,137.00		2/4/2009		9/1/2037
	3128KWTK9	FHLMC GOLD POOL # A65954					2		??		84,043.08		110.228		89,156.53		80,883.56		83,964.03		5,192.50			(22.00	)		—		—		6		4.496	MON		404.42		4,853.00		2/4/2009		9/1/2037
	3128KWTP8	FHLMC GOLD POOL # A65958					2		??		74,187.77		110.228		78,701.62		71,398.77		74,118.06		4,583.56			(19.00	)		—		—		6		4.505	MON		356.99		4,284.00		2/4/2009		9/1/2037
	3128KWTZ6	FHLMC GOLD POOL # A65968					2		??		58,406.59		110.228		61,960.26		56,210.87		58,351.75		3,608.51			(15.00	)		—		—		6		4.521	MON		281.05		3,373.00		2/4/2009		9/1/2037
	3128KYXE4	FHLMC GOLD POOL # A67877					2		??		36,832.49		110.228		39,073.51		35,447.82		36,797.71		2,275.80			(10.00	)		—		—		6		4.538	MON		177.24		2,127.00		2/4/2009		4/1/2037
	3128M4HY2	FHLMC GOLD POOL # G02647					2		??		2,998,566.57		106.775		3,245,834.33		3,039,890.08		2,999,824.74		246,009.59			304.00			—		—		5.5		6.308	MON		13,932.83		167,194.00		4/9/2007		2/1/2037
	3128M4ZG1	FHLMC GOLD POOL # G03143					2		??		6,790.91		110.228		7,204.08		6,535.60		6,784.50		419.58			(2.00	)		—		—		6		4.523	MON		32.68		392.00		2/4/2009		7/1/2037
	3128M5HK9	FHLMC GOLD POOL # G03534					2		??		14,077,533.28		112.159		15,364,310.19		13,698,679.16		14,066,140.85		1,298,169.34			(2,148.00	)		—		—		6.5		5.225	MON		74,201.19		890,414.00		11/6/2007		10/1/2037
	3128M6UB2	FHLMC GOLD POOL # G04778					2		??		176,463.68		110.228		187,200.33		169,829.72		176,306.35		10,893.98			(49.00	)		—		—		6		4.62	MON		849.15		10,190.00		2/4/2009		7/1/2038
	3128M7AZ9	FHLMC GOLD POOL # G05124					2		??		483,557.63		110.228		512,978.88		465,378.77		483,130.82		29,848.06			(124.00	)		—		—		6		4.607	MON		2,326.89		27,923.00		2/4/2009		12/1/2038
	3128MBBR7	FHLMC GOLD POOL # G12548					2		??		2,333,044.54		107.193		2,495,410.30		2,327,952.16		2,332,101.29		163,309.01			(162.00	)		—		—		5.5		5.355	MON		10,669.78		128,037.00		3/30/2007		1/1/2022
	3128MCLV5	FHLMC GOLD POOL # G13740					2		??		1,549,681.83		106.852		1,543,938.15		1,444,924.78		1,548,396.74		(4,458.59	)		(1,285.00	)		—		—		5		2.007	MON		6,020.52		18,062.00		9/23/2010		9/1/2021
	3128MTB72	FHLMC GOLD POOL # H00962					2		??		352,962.41		109.409		378,745.88		346,174.14		352,722.66		26,023.22			(43.00	)		—		—		6.5		5.334	MON		1,875.11		22,501.00		10/31/2007		7/1/2037
	3128MTEE4	FHLMC GOLD POOL # H01033					2		??		8,926,430.36		109.409		9,578,495.49		8,754,755.07		8,920,528.82		657,966.67			(1,000.00	)		—		—		6.5		5.386	MON		47,421.59		569,059.00		10/31/2007		7/1/2037
	3128MTF29	FHLMC GOLD POOL # H01085					2		??		4,872,536.93		109.409		5,228,469.97		4,778,827.12		4,869,424.10		359,045.87			(454.00	)		—		—		6.5		5.453	MON		25,885.31		310,624.00		10/31/2007		7/1/2037
	3128NCB37	FHLMC POOL # 1G0058					2		??		378,550.21		103.16		391,429.82		379,439.53		378,534.62		12,895.20			8.00			—		—		2.97		2.961	MON		939.11		12,193.00		9/17/2008		1/1/2035
	3128NCBF0	FHLMC POOL # 1G0038					2		??		227,754.96		105.055		241,270.91		229,661.17		227,798.36		13,472.55			25.00			—		—		2.895		3.014	MON		554.06		6,981.00		4/2/2007		1/1/2035
	3128NCBW3	FHLMC POOL # 1G0053					2		??		259,093.19		103.632		271,297.89		261,789.63		259,164.93		12,132.96			39.00			—		—		2.798		2.961	MON		610.41		8,081.00		4/2/2007		2/1/2035
	3128NCD68	FHLMC POOL # 1G0125					2		??		2,968,593.48		103.719		3,144,832.99		3,032,077.60		2,971,785.04		173,047.95			1,182.00			—		—		2.756		3.095	MON		6,963.67		94,411.00		12/13/2005		3/1/2035
	3128NCDH4	FHLMC POOL # 1G0104					2		??		128,650.54		104.13		135,084.93		129,727.27		128,677.24		6,407.69			15.00			—		—		2.68		2.8	MON		289.72		3,946.00		4/3/2007		2/1/2035
	3128NCMS0	FHLMC POOL # 1G0369					2		1		601,248.30		106.311		636,012.01		598,257.05		601,056.76		34,955.25			(61.00	)		—		—		2.746		2.633	MON		1,369.01		20,012.00		8/27/2008		10/1/2035
	3128QJ3B0	FHLMC POOL # 1G1694					2		??		2,979,004.20		105.6		3,193,101.29		3,023,770.16		2,979,544.43		213,556.86			128.00			—		—		5.255		5.555	MON		13,241.59		159,217.00		8/10/2007		4/1/2037
	3128QJLG9	FHLMC POOL # 1G1227					2		??		599,931.47		104.985		617,488.67		588,168.10		599,538.35		17,950.32			(115.00	)		—		—		5.993		5.425	MON		2,937.41		35,218.00		1/4/2008		10/1/2036
	3128QJRN8	FHLMC POOL # 1G1393					2		??		1,751,515.48		105.11		1,825,897.23		1,737,129.89		1,750,500.97		75,396.26			(166.00	)		—		—		5.936		5.609	MON		8,593.00		102,919.00		3/30/2007		12/1/2036
	3128QPU59	FHLMC POOL # 1B7453					2		??		226,812.67		106.35		237,212.31		223,048.72		226,688.52		10,523.79			(28.00	)		—		—		6.043		5.411	MON		1,123.24		13,499.00		12/13/2007		8/1/2037
	3128S4E86	FHLMC POOL # 1Q0159					2		1		259,612.20		104.989		275,919.73		262,807.95		259,751.22		16,168.51			71.00			—		—		2.867		3.024	MON		627.89		8,290.00		11/13/2006		3/1/2035
	3128X2TM7	FHLMC AGENCY BND							1		16,521,334.00		111.06		16,547,939.69		14,900,000.00		16,053,008.87		494,930.82			(357,218.00	)		—		—		5		2.377	JJ		312,486.12		745,000.00		11/30/2009		1/30/2014
	3128X9ZK9	FHLMC AGENCY BND					1		??		6,000,000.00		100.202		6,012,120.18		6,000,000.00		6,000,000.00		12,120.18			—			—		—		1.8		1.8	FA		37,800.00		54,000.00		2/17/2010		2/25/2013
	312929CM2	FHLMC GOLD POOL # A82776					2		??		18,387.39		110.228		19,506.13		17,696.13		18,371.03		1,135.10			(4.00	)		—		—		6		4.582	MON		88.48		1,062.00		2/4/2009		1/1/2039
	31292KJH1	FHLMC GOLD POOL # C02964					2		??		3,628.38		110.228		3,849.14		3,491.97		3,624.99		224.15			(1.00	)		—		—		6		4.555	MON		17.46		209.00		2/4/2009		7/1/2037
	312930LH1	FHLMC GOLD POOL # A83928					2		??		61,174.67		110.228		64,896.74		58,874.87		61,120.38		3,776.36			(13.00	)		—		—		6		4.574	MON		294.37		3,532.00		2/4/2009		1/1/2039
	312930LQ1	FHLMC GOLD POOL # A83935					2		??		73,617.93		110.228		78,097.07		70,850.32		73,553.78		4,543.29			(16.00	)		—		—		6		4.62	MON		354.25		4,251.00		2/4/2009		1/1/2039
	312930RC6	FHLMC GOLD POOL # A84083					2		??		45,595.75		108.368		47,553.63		43,881.62		45,558.09		1,995.54			(10.00	)		—		—		6		4.858	MON		219.41		2,633.00		2/4/2009		1/1/2039
	312930RV4	FHLMC GOLD POOL # A84100					2		??		22,464.44		110.228		23,831.26		21,619.92		22,444.38		1,386.88			(6.00	)		—		—		6		4.569	MON		108.10		1,297.00		2/4/2009		1/1/2039
	312930TB6	FHLMC GOLD POOL # A84146					2		??		22,914.81		108.368		23,898.79		22,053.36		22,894.64		1,004.15			(5.00	)		—		—		6		4.603	MON		110.27		1,323.00		2/4/2009		1/1/2039
	31295NXK9	FHLMC POOL # 789682					2		??		49,295.30		103.944		51,535.41		49,580.00		49,302.04		2,233.37			2.00			—		—		2.561		2.637	MON		105.81		1,355.00		8/10/2006		9/1/2032
	31331GVD8	FFCB AGENCY BND							??		3,381,186.00		103.022		3,492,444.14		3,390,000.00		3,384,789.27		107,654.87			2,216.00			—		—		2.2		2.27	AO		17,194.83		74,580.00		5/4/2009		4/8/2013
	31331JG49	FFCB AGENCY BND							??		6,492,395.00		99.976		6,498,407.50		6,500,000.00		6,493,315.42		5,092.08			920.00			—		—		0.3		0.347	MON		921.79		4,858.00		9/17/2010		1/15/2013
	31331Y3X6	FFCB AGENCY BND							??		999,000.00		105.068		1,050,682.59		1,000,000.00		999,592.62		51,089.97			248.00			—		—		3.95		3.977	JJ		17,336.11		39,500.00		7/30/2008		7/23/2012
	31331YNJ5	FFCB AGENCY BND							??		803,264.00		100.137		801,098.62		800,000.00		800,061.78		1,036.84			(1,324.00	)		—		—		3.5		3.33	JJ		12,677.78		28,000.00		7/7/2008		1/18/2011
	31331YR51	FFCB AGENCY BND							1		990,190.00		107.393		1,073,930.07		1,000,000.00		994,964.81		78,965.26			1,966.00			—		—		4		4.224	MN		4,444.44		40,000.00		7/7/2008		5/21/2013
	3133TJP56	FHLMC CMO AGENCY CMO_2130 QS					2		??		2,663,193.87		108.522		2,850,062.12		2,626,262.05		2,660,739.67		189,322.45			255.00			—		—		6		5.511	MON		13,131.31		157,576.00		2/6/2007		5/15/2028
	3133XG3W2	FHLB AGENCY BND							??		797,392.50		102.599		769,496.00		750,000.00		757,034.35		12,461.65			(14,006.00	)		—		—		5.6		3.647	JD		350.00		42,000.00		1/3/2008		6/28/2011
	3133XH2V3	FHLB AGENCY BND							??		8,473,060.25		103.584		8,286,720.00		8,000,000.00		8,224,960.52		61,759.48			(248,100.00	)		—		—		5		1.362	AO		86,666.67		400,000.00		2/19/2010		10/13/2011
	3133XHPH9	FHLB AGENCY BND							1		12,743,702.31		103.94		12,472,786.92		12,000,000.00		12,375,970.54		96,816.38			(367,732.00	)		—		—		4.875		1.276	MN		69,875.00		585,000.00		2/19/2010		11/18/2011
	3133XSP93	FHLB AGENCY BND							1		3,612,678.30		105.481		3,654,916.75		3,465,000.00		3,573,823.38		81,093.37			(35,478.00	)		—		—		3.125		2.022	JD		5,414.06		108,281.00		11/25/2009		12/13/2013
	3133XUE41	FHLB AGENCY BND							??		12,098,988.00		101.877		12,225,239.88		12,000,000.00		12,063,804.36		161,435.52			(35,184.00	)		—		—		1.75		1.421	FA		75,250.00		226,917.00		1/28/2010		8/22/2012
	3133XWE70	FHLB AGENCY BND							??		7,690,298.00		103.275		7,952,175.16		7,700,000.00		7,692,432.67		259,742.49			2,078.00			—		—		2.5		2.53	JD		9,625.00		190,361.00		12/21/2009		6/13/2014
	3133XX7F8	FHLB AGENCY BND							1		9,981,800.00		101.831		10,183,100.90		10,000,000.00		9,986,807.32		196,293.58			5,007.00			—		—		1.625		1.686	MS		45,590.27		95,243.00		2/18/2010		3/20/2013
	3133XXYX9	FHLB AGENCY BND							??		4,600,116.00		102.315		4,604,174.78		4,500,000.00		4,583,348.22		20,826.56			(16,768.00	)		—		—		1.875		1.113	JD		2,343.75		42,188.00		6/29/2010		6/21/2013
	31342A6F1	FHLMC POOL # 780870					2		??		513,714.99		104.834		546,913.65		521,696.95		513,958.39		32,955.26			55.00			—		—		2.569		2.88	MON		1,116.87		14,115.00		4/2/2007		9/1/2033
	31342AZE2	FHLMC POOL # 780741					2		??		722,291.16		105.125		735,964.70		700,085.33		721,858.45		14,106.25			(292.00	)		—		—		2.684		1.89	MON		1,565.86		19,459.00		11/16/2009		7/1/2033
	31349SJK0	FHLMC POOL # 781166					2		??		1,142,093.62		104.754		1,216,194.09		1,161,005.32		1,142,868.09		73,326.00			227.00			—		—		2.605		2.912	MON		2,520.35		31,480.00		1/9/2006		1/1/2034
	31349UCW6	FHLMC POOL # 782785					2		??		234,295.20		103.374		244,104.06		236,137.09		234,343.15		9,760.91			17.00			—		—		2.367		2.483	MON		465.78		6,088.00		4/2/2007		10/1/2034
	31349UEJ3	FHLMC POOL # 782837					2		??		427,340.02		104.845		451,568.66		430,699.46		427,427.32		24,141.34			29.00			—		—		2.5		2.61	MON		897.29		11,434.00		4/2/2007		11/1/2034
	31349UJL3	FHLMC GOLD POOL # 782967					2		1		139,440.35		104.41		147,783.33		141,541.36		139,501.18		8,282.15			30.00			—		—		2.622		2.881	MON		309.27		4,058.00		9/30/2008		1/1/2035
	31349ULB2	FHLMC POOL # 783022					2		??		439,173.66		102.419		453,813.53		443,095.06		439,276.58		14,536.95			65.00			—		—		2.616		2.748	MON		965.95		13,377.00		4/2/2007		2/1/2035
	31349ULF3	FHLMC POOL # 783026					2		??		258,539.05		103.675		270,829.69		261,229.72		258,606.03		12,223.66			37.00			—		—		2.478		2.664	MON		539.44		7,270.00		4/2/2007		2/1/2035
	31359MA45	FNMA AGENCY BND							??		15,785,794.70		112.637		16,219,726.99		14,400,000.00		15,566,762.09		652,964.90			(219,033.00	)		—		—		5		2.972	AO		152,000.00		720,000.00		2/19/2010		4/15/2015
	31359MRK1	FNMA AGENCY BND							??		12,610,421.01		107.432		12,999,271.88		12,100,000.00		12,477,271.89		521,999.99			(133,149.00	)		—		—		4.625		3.225	MN		93,270.83		559,625.00		2/19/2010		5/1/2013

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	31359MZC0	FNMA AGENCY BND						1		5,904,904.90		109.985		5,829,205.42		5,300,000.00		5,855,179.83		(25,974.41	)		(49,725.00	)		—		—		4.375		2.065	AO		48,951.39		115,938.00		7/16/2010		10/15/2015
	31371NAC9	FNMA POOL # 256603				2		1		1,349,276.07		107.671		1,451,413.47		1,348,012.31		1,348,909.32		102,504.15			(102.00	)		—		—		5.5		5.337	MON		6,178.39		74,141.00		7/17/2008		2/1/2022
	31371NE35	FNMA POOL # 256754				2		??		529,555.16		107.671		537,901.34		499,580.34		528,339.52		9,561.82			(722.00	)		—		—		5.5		2.494	MON		2,289.74		27,477.00		9/29/2009		6/1/2022
	31379T6G4	FNMA POOL # 429371				2		??		21,974.93		106.141		23,515.47		22,154.94		22,017.92		1,497.55			16.00			—		—		5		5.266	MON		92.31		1,108.00		12/14/2007		2/1/2014
	3137EABX6	FHLMC AGENCY BND						1		19,529,496.07		103.787		20,238,465.59		19,500,000.00		19,523,359.17		715,106.42			(6,137.00	)		—		—		2.5		2.459	JJ		235,625.00		243,750.00		2/19/2010		1/7/2014
	3137EACC1	FHLMC AGENCY BND						1		9,100,620.00		101.757		9,158,130.36		9,000,000.00		9,061,881.29		96,249.07			(38,739.00	)		—		—		1.75		1.271	JD		7,000.00		157,500.00		1/28/2010		6/15/2012
	31385XEW3	FNMA POOL # 555549				2		??		379,841.90		107.174		410,425.64		382,953.40		380,102.62		30,323.02			49.00			—		—		5		5.258	MON		1,595.64		19,148.00		12/14/2007		6/1/2018
	31385XK48	FNMA POOL # 555715				2		??		127,460.53		104.796		134,765.89		128,598.62		127,491.43		7,274.46			13.00			—		—		2.61		2.828	MON		279.70		4,176.00		4/2/2007		7/1/2033
	31391PUF1	FNMA POOL # 672982				2		??		360,063.39		106.953		388,253.14		363,012.86		360,324.63		27,928.51			50.00			—		—		5		5.27	MON		1,512.56		18,151.00		12/14/2007		12/1/2017
	31394BPP3	FNMA AGENCY CMO_04-88 HA				2		??		64,841.60		108.531		68,055.11		62,705.69		64,141.41		3,913.70			(499.00	)		—		—		6.5		5.194	MON		339.66		4,076.00		1/14/2008		12/25/2015
	31394CVB5	FNMA_05-15 CMO_05-15 EA				2		??		1,764,199.11		103.75		1,846,370.69		1,779,634.40		1,770,705.59		75,665.10			1,806.00			—		—		5		5.458	MON		7,415.14		88,982.00		5/24/2007		10/25/2028
	31394DA42	FNMA CMO_05-48 AR				2		??		271,565.81		109.626		295,582.92		269,627.87		271,099.74		24,483.18			(168.00	)		—		—		5.5		5.252	MON		1,235.79		14,830.00		12/20/2007		11/25/2019
	31394FRP2	FNMA CMO_05-80 PB				2		1		788,741.57		101.313		770,793.29		760,805.73		766,896.01		3,897.28			(12,156.00	)		—		—		5.5		0.199	MON		3,487.02		41,844.00		6/18/2009		5/25/2011
	31395BH89	FNMA_06-10 AGENCY CMO_06-26 QA				2		??		147,838.77		100.75		147,071.10		145,976.28		145,769.14		1,301.96			(851.00	)		—		—		5.5		3.985	MON		669.06		8,029.00		9/30/2008		3/25/2011
	31395L4F5	FHLMC CMO_2914 AJ				2		??		1,311,696.58		100.848		1,286,631.16		1,275,814.30		1,286,112.39		518.77			(17,538.00	)		—		—		5		1.801	MON		5,315.89		63,791.00		6/30/2009		8/1/2011
	31395NKX4	FNR CMO_06-53 WA				2		??		72,066.75		100.5		70,941.74		70,588.80		70,520.70		421.04			(610.00	)		—		—		6		3.985	MON		352.94		4,235.00		8/11/2008		3/25/2011
	31395VGR4	FHR AGENCY CMO_2989 WD				2		??		502,968.75		105.559		527,797.24		500,000.00		499,999.74		27,797.50			(1,357.00	)		—		—		5.5		5.261	MON		2,291.67		27,500.00		10/8/2008		11/15/2011
	31396CLF5	FHLMC AGENCY CMO_3054 DW				2		??		165,364.61		108.278		179,727.48		165,987.07		165,440.22		14,287.26			35.00			—		—		5.5		5.692	MON		760.77		9,129.00		6/17/2008		5/15/2034
	31396GSK8	FHLMC CMO_3098 PB				2		1		34,213.48		99.969		34,293.90		34,304.60		34,237.35		56.55			6.00			—		—		5		5.089	MON		142.94		1,715.00		1/30/2006		7/15/2025
	31396GU58	FHLMC CMO_3099 OA				2		??		47,364.87		99.978		47,480.43		47,491.02		47,397.91		82.52			8.00			—		—		5		5.089	MON		197.88		2,375.00		1/30/2006		7/15/2025
	31396H6B0	FHLMC CMO_3102 PE				2		1		185,482.47		101.375		188,259.04		185,705.59		185,366.66		2,892.38			(133.00	)		—		—		5		4.898	MON		773.77		9,285.00		8/20/2008		2/1/2011
	31396UWM8	FHLMC AGENCY CMO 3184 FA				2		??		2,727,859.24		99.781		2,724,865.55		2,730,846.10		2,728,355.91		(3,490.36	)		497.00			—		—		0.41		0.505	MON		498.00		8,022.00		4/23/2010		2/15/2033
	31397B7F2	FHLMC_3221 CMO_3211 QD				2		??		1,786,475.55		106		1,889,732.65		1,782,766.65		1,782,032.11		107,700.54			(1,533.00	)		—		—		5.5		5.296	MON		8,171.01		98,052.00		4/19/2007		7/15/2012
	31397G7M6	FHRR CMO_R011 AB				2		1		3,842,359.17		104.188		3,969,763.09		3,810,210.52		3,822,876.47		146,886.62			(9,901.00	)		—		—		5.5		4.531	MON		17,463.46		209,562.00		9/4/2008		5/15/2012
	31397MTX5	FNR CMO_08-81 KA				2		1		4,924,844.77		106		5,238,342.23		4,941,832.30		4,924,972.89		313,369.34			62.00			—		—		5		5.058	MON		20,590.97		247,092.00		7/29/2008		10/25/2022
	31397Y5H0	FHLMC CMO_3484 DA				2		1		4,839,217.56		104.828		4,876,279.92		4,651,696.03		4,795,240.74		81,039.18			(28,799.00	)		—		—		5		2.246	MON		19,382.07		232,585.00		6/1/2009		7/15/2014
	31398A2W1	FNMA AGENCY BND				1		??		1,953,022.50		99.665		1,943,467.52		1,950,000.00		1,951,088.10		(7,620.58	)		(1,934.00	)		—		—		1.35		0.968	FA		9,286.88		—		9/24/2010		2/24/2011
	31398A3D2	FNMA AGENCY BND				1		??		4,923,128.50		99.607		4,905,644.85		4,925,000.00		4,923,195.16		(17,550.31	)		67.00			—		—		1.125		1.139	MS		17,237.50		—		11/26/2010		9/9/2013
	31398AD33	FNMA AGENCY BND				1		1		13,271,510.12		100.113		13,185,883.10		13,171,000.00		13,178,619.70		7,263.40			(92,890.00	)		—		—		2.125		1.232	JJ		121,282.96		139,942.00		3/10/2010		1/25/2011
	31398AD90	FNMA AGENCY BND				1		1		20,067,642.67		100.116		20,023,201.00		20,000,000.00		20,005,296.81		17,904.19			(62,346.00	)		—		—		2.05		1.686	JJ		174,250.00		205,000.00		2/19/2010		1/28/2011
	31398AE24	FNMA AGENCY BND						1		2,995,680.00		102.086		3,062,579.97		3,000,000.00		2,996,980.40		65,599.57			1,300.00			—		—		1.75		1.798	FA		18,812.50		31,646.00		1/14/2010		2/22/2013
	31398AHZ8	FNMA AGENCY BND						??		20,093,607.56		107.551		20,434,690.57		19,000,000.00		19,684,645.14		750,045.43			(313,184.00	)		—		—		4.75		2.763	MN		105,291.67		902,500.00		2/19/2010		11/19/2012
	31398AJ94	FNMA AGENCY BND						1		4,991,950.00		102.091		5,104,550.15		5,000,000.00		4,993,916.99		110,633.16			1,967.00			—		—		1.75		1.803	MN		13,125.00		56,389.00		3/11/2010		5/7/2013
	31398AS45	FNMA AGENCY BND				1		??		62,681,380.00		100.732		62,453,841.24		62,000,000.00		62,334,043.41		119,797.83			(347,337.00	)		—		—		2		0.868	JD		24,111.11		723,333.00		6/29/2010		6/24/2011
	31398AU34	FNMA AGENCY BND						1		6,730,020.00		101.449		6,847,807.30		6,750,000.00		6,731,965.40		115,841.90			1,945.00			—		—		2.375		2.437	JJ		68,132.81		19,594.00		6/10/2010		7/28/2015
	31398TX22	FNMA_10-87 AGENCY CMO_10-103 MA				2		??		7,382,996.40		104.15		7,312,347.82		7,020,977.26		7,376,388.15		(64,040.33	)		(6,608.00	)		—		—		4		1.914	MON		23,403.26		—		12/9/2010		1/1/2016
	31400EGH7	FNMA POOL # 685200				2		??		338,314.63		107.174		365,554.72		341,085.96		338,554.15		27,000.57			43.00			—		—		5		5.263	MON		1,421.19		17,054.00		12/14/2007		3/1/2018
	31400GJN6	FNMA POOL # 687069				2		??		601,584.24		103.26		622,460.26		602,808.70		600,960.92		21,499.34			(148.00	)		—		—		5.5		5.501	MON		2,762.87		33,155.00		4/21/2006		1/1/2013
	31400PG58	FNMA POOL # 693320				2		??		83,938.73		104.378		88,383.53		84,676.34		83,967.76		4,415.77			8.00			—		—		2.506		2.704	MON		176.83		2,212.00		8/10/2006		1/1/2033
	31400QJ87	FNMA POOL # 694287				2		??		14,289.92		104.882		15,121.34		14,417.52		14,293.66		827.68			2.00			—		—		2.52		2.731	MON		30.28		430.00		4/2/2007		3/1/2033
	31400SA33	FNMA POOL # 695826				2		??		242,649.55		107.174		262,187.00		244,637.25		242,813.16		19,373.84			28.00			—		—		5		5.27	MON		1,019.32		12,232.00		12/14/2007		4/1/2018
	31401A3C9	FNMA POOL # 702895				2		??		394,961.30		107.174		426,762.44		398,196.67		395,255.17		31,507.27			68.00			—		—		5		5.249	MON		1,659.16		19,910.00		12/14/2007		4/1/2018
	31401DVW8	FNMA POOL # 705429				2		??		239,460.74		104.68		253,588.89		242,252.32		239,573.49		14,015.40			18.00			—		—		2.58		2.852	MON		520.84		6,543.00		8/10/2006		4/1/2033
	31402DQB9	FNMA POOL # 725950				2		1		555,816.64		107.241		601,517.28		560,899.80		556,120.93		45,396.35			83.00			—		—		5		5.297	MON		2,337.08		28,045.00		7/17/2008		11/1/2019
	31402HD32	FNMA POOL # 729222				2		??		2,367,514.38		104.181		2,493,768.24		2,393,685.91		2,368,654.13		125,114.11			550.00			—		—		2.734		2.932	MON		5,453.61		90,573.00		9/17/2008		7/1/2035
	31402RB81	FNMA POOL # 735463				2		??		136,924.84		105.077		145,066.72		138,057.39		136,987.40		8,079.32			25.00			—		—		2.58		2.697	MON		296.82		3,911.00		9/28/2006		3/1/2035
	31402RF87	FNMA POOL # 735591				2		??		14,319,776.46		105.524		14,560,336.88		13,798,103.04		14,305,688.11		254,648.77			(14,088.00	)		—		—		5		3.03	MON		57,492.09		432,987.00		4/30/2010		6/1/2035
	31402YSV7	FNMA POOL # 742232				2		??		13,339.44		105.655		14,312.75		13,546.70		13,345.75		967.00			1.00			—		—		2.908		3.291	MON		32.83		389.00		4/2/2007		9/1/2033
	31403C2L4	FNMA POOL # 745179				2		??		1,323,338.88		107.174		1,429,890.16		1,334,179.07		1,324,108.16		105,782.00			125.00			—		—		5		5.258	MON		5,559.07		66,709.00		12/14/2007		4/1/2019
	31403DCE7	FNMA POOL # 745369				2		??		842,358.79		107.241		910,757.95		849,258.98		842,848.73		67,909.22			110.00			—		—		5		5.233	MON		3,538.58		42,463.00		12/14/2007		12/1/2019
	31403DCZ0	FNMA POOL # 745388				2		??		2,350,694.60		107.174		2,539,965.51		2,369,950.43		2,352,170.96		187,794.55			257.00			—		—		5		5.259	MON		9,874.79		118,498.00		12/14/2007		11/1/2018
	31403H3P3	FNMA POOL # 749706				2		??		896,287.47		103.891		942,877.85		907,561.08		896,736.06		46,141.79			110.00			—		—		2.816		3.086	MON		2,129.74		28,442.00		5/15/2006		11/1/2033
	31403KDB6	FNMA POOL # 750798				2		??		5,563.73		102.037		5,765.28		5,650.18		5,566.60		198.68			1.00			—		—		2.324		2.686	MON		10.94		152.00		4/2/2007		12/1/2033
	31403VBR9	FNMA POOL # 758848				2		??		418,222.80		107.174		451,896.83		421,648.67		418,464.51		33,432.32			40.00			—		—		5		5.27	MON		1,756.87		21,082.00		12/14/2007		1/1/2019
	31404CLB4	FNMA POOL # 764522				2		??		53,198.66		104.12		56,511.87		54,275.71		53,235.06		3,276.81			11.00			—		—		2.683		3.124	MON		121.35		1,521.00		9/30/2008		6/1/2034
	31404LRF9	FNMA POOL # 771886				2		??		111,828.58		106.15		120,690.55		113,698.41		111,900.25		8,790.30			18.00			—		—		2.643		3.064	MON		250.42		3,534.00		8/10/2006		2/1/2034
	31404NBP0	FNMA POOL # 773246				2		??		160,885.99		104.962		170,282.00		162,232.52		160,929.30		9,352.70			19.00			—		—		2.682		2.835	MON		362.45		4,698.00		4/2/2007		2/1/2035
	31404VGA0	FNMA POOL # 779693				2		??		852,262.71		102.473		881,604.20		860,328.28		852,640.57		28,963.63			147.00			—		—		2.639		2.803	MON		1,892.01		26,414.00		2/24/2006		7/1/2034
	31405AQ71	FNMA POOL # 783578				2		??		783,369.34		104.118		835,173.90		802,138.11		784,408.89		50,765.01			217.00			—		—		2.482		2.9	MON		1,659.09		20,870.00		2/28/2006		12/1/2034
	31405PAG5	FNMA POOL # 794807				2		??		236,829.25		103.483		244,409.78		236,184.48		236,772.17		7,637.61			(18.00	)		—		—		2.584		2.526	MON		508.59		6,791.00		6/30/2007		10/1/2034
	31405UMM8	FNMA POOL # 799664				2		??		72,970.05		104.908		77,153.06		73,543.69		72,990.42		4,162.64			7.00			—		—		2.636		2.77	MON		161.55		2,170.00		4/2/2007		10/1/2034
	31405UR84	FNMA POOL # 799811				2		??		219,713.42		102.353		224,296.06		219,139.29		219,660.58		4,635.48			(18.00	)		—		—		2.222		2.17	MON		405.77		5,675.00		6/30/2007		11/1/2034
	31405UTZ2	FNMA POOL # 799868				2		??		20,524.13		104.782		21,674.69		20,685.48		20,529.26		1,145.43			2.00			—		—		2.585		2.731	MON		44.56		594.00		4/2/2007		11/1/2034
	31406BB90	FNMA POOL # 804764				2		??		244,719.52		104.408		257,516.22		246,643.34		244,783.70		12,732.52			24.00			—		—		2.368		2.511	MON		486.71		7,047.00		4/2/2007		1/1/2035
	31406BEZ9	FNMA POOL # 804852				2		??		219,011.37		104.752		231,223.26		220,733.08		219,070.72		12,152.54			23.00			—		—		2.368		2.508	MON		435.58		6,263.00		4/2/2007		12/1/2034
	31406BJF8	FNMA POOL # 804962				2		??		249,259.26		103.6		260,263.20		251,218.75		249,324.66		10,938.54			28.00			—		—		2.45		2.591	MON		512.90		7,102.00		4/2/2007		1/1/2035
	31406BQQ6	FNMA POOL # 805163				2		??		305,581.78		104.774		322,849.87		308,139.35		305,665.50		17,184.37			40.00			—		—		2.548		2.702	MON		654.28		8,516.00		4/2/2007		1/1/2035
	31406DG67	FNMA POOL # 806721				2		??		520,147.11		104.404		547,322.62		524,236.13		520,282.70		27,039.92			47.00			—		—		2.692		2.832	MON		1,176.04		16,213.00		4/2/2007		11/1/2034
	31406GLK3	FNMA POOL # 809530				2		??		86,587.97		104.71		91,308.49		87,201.16		86,620.18		4,688.31			16.00			—		—		2.65		2.748	MON		192.57		2,557.00		9/28/2006		2/1/2035
	31406MYP5	FNMA POOL # 814418				2		??		242,970.50		103.37		253,401.99		245,139.99		243,046.13		10,355.86			33.00			—		—		2.319		2.481	MON		473.73		6,810.00		4/2/2007		3/1/2035
	31406PKU2	FNMA POOL # 815807				2		??		339,268.05		103.671		355,080.22		342,505.68		339,464.76		15,615.46			85.00			—		—		2.595		2.725	MON		740.67		9,482.00		9/28/2006		2/1/2035
	31406TLC3	FNMA POOL # 819423				2		??		480,176.12		105.676		511,959.54		484,463.64		480,315.38		31,644.16			69.00			—		—		2.811		2.973	MON		1,134.86		15,839.00		4/2/2007		4/1/2035
	31406TTE1	FNMA POOL # 819649				2		??		3,347,013.70		104.218		3,372,268.98		3,235,783.63		3,344,631.60		27,637.38			(2,382.00	)		—		—		2.529		1.948	MON		6,819.41		88,769.00		12/4/2009		3/1/2035
	31406VHE9	FNMA POOL # 821129				2		??		261,773.32		103.835		274,240.33		264,110.70		261,855.28		12,385.05			43.00			—		—		2.564		2.72	MON		564.32		8,301.00		4/2/2007		5/1/2035
	31407D5R2	FNMA POOL # 828056				2		??		1,218,462.10		104.31		1,249,683.95		1,198,048.08		1,217,724.37		31,959.58			(324.00	)		—		—		2.737		2.387	MON		2,732.55		45,357.00		2/20/2009		6/1/2035
	31407E6W8	FNMA POOL # 828985				2		??		671,293.69		103.732		720,319.23		694,404.34		672,378.44		47,940.79			439.00			—		—		2.519		3.192	MON		1,457.67		23,347.00		3/16/2006		8/1/2035
	31407GC22	FNMA POOL # 829989				2		??		1,734,408.80		105.534		1,847,793.33		1,750,891.80		1,734,997.55		112,795.78			259.00			—		—		2.748		2.942	MON		4,009.54		56,169.00		1/20/2006		4/1/2035
	31408C6D3	FNMA POOL # 847868				2		??		1,774,545.86		105.18		1,886,508.88		1,793,602.90		1,775,634.79		110,874.09			311.00			—		—		2.489		2.639	MON		3,720.23		50,795.00		5/12/2006		11/1/2035
	31409UBQ7	FNMA POOL # 878547				2		??		1,236,928.68		105.435		1,314,677.68		1,246,913.72		1,237,410.18		77,267.50			169.00			—		—		2.656		2.771	MON		2,759.84		35,686.00		5/4/2006		3/1/2036
	31410FU60	FNMA POOL # 888105				2		??		1,072,150.88		107.174		1,158,477.30		1,080,933.48		1,072,675.60		85,801.70			89.00			—		—		5		5.244	MON		4,503.89		54,047.00		12/14/2007		8/1/2020
	31410GC35	FNMA POOL # 888490				2		??		319,016.37		104.162		333,045.36		319,739.06		319,027.90		14,017.46			13.00			—		—		2.363		2.386	MON		629.62		8,559.00		6/18/2007		5/1/2035
	31410GC50	FNMA POOL # 888492				2		??		184,018.75		104.701		192,303.36		183,669.11		183,992.41		8,310.95			(4.00	)		—		—		2.58		2.504	MON		394.89		4,985.00		6/18/2007		5/1/2033
	31410GD83	FNMA POOL # 888527				2		??		42,729.61		105.384		45,878.33		43,534.46		42,753.85		3,124.48			10.00			—		—		2.687		3.157	MON		97.48		1,454.00		6/18/2007		4/1/2034
	31410GDC4	FNMA POOL # 888499				2		??		1,424,648.78		104.768		1,500,959.93		1,432,653.23		1,424,856.72		76,103.21			52.00			—		—		2.637		2.748	MON		3,148.26		38,874.00		6/18/2007		8/1/2033
	31410GDF7	FNMA POOL # 888502				2		??		164,846.10		103.406		172,677.06		166,988.80		164,917.93		7,759.13			32.00			—		—		2.03		2.339	MON		282.49		4,148.00		6/18/2007		6/1/2033
	31410GDL4	FNMA POOL # 888507				2		??		783,513.17		104.466		832,833.40		797,228.57		784,012.11		48,821.29			159.00			—		—		2.517		2.86	MON		1,671.52		21,226.00		6/18/2007		2/1/2035
	31410GDM2	FNMA POOL # 888508				2		??		769,868.46		104.276		814,011.10		780,632.03		770,231.04		43,780.06			125.00			—		—		2.654		2.953	MON		1,726.50		22,256.00		6/18/2007		3/1/2034
	31410GDQ3	FNMA POOL # 888511				2		??		107,502.56		105.14		114,054.52		108,479.01		107,532.95		6,521.57			11.00			—		—		2.431		2.625	MON		219.76		3,586.00		6/18/2007		12/1/2033
	31410GDS9	FNMA POOL # 888513				2		??		187,805.22		104.24		196,793.29		188,788.65		187,829.33		8,963.96			7.00			—		—		2.626		2.726	MON		413.13		5,100.00		6/18/2007		2/1/2034
	31410GDX8	FNMA POOL # 888518				2		??		164,855.23		103.862		171,771.57		165,384.93		164,867.82		6,903.75			9.00			—		—		2.648		2.686	MON		364.95		4,768.00		6/18/2007		4/1/2035
	31410GDY6	FNMA POOL # 888519				2		??		89,233.31		103.747		94,166.33		90,765.61		89,293.68		4,872.65			21.00			—		—		2.368		2.686	MON		179.11		2,574.00		6/18/2007		1/1/2035
	31410GDZ3	FNMA POOL # 888520				2		??		1,111,876.82		105.65		1,182,188.01		1,118,963.60		1,112,076.51		70,111.50			72.00			—		—		2.617		2.745	MON		2,440.27		33,911.00		6/18/2007		7/1/2033
	31410GFD0	FNMA POOL # 888564				2		??		17,172,322.00		106.966		17,822,777.66		16,662,046.83		17,140,248.63		682,529.03			(12,209.00	)		—		—		5		3.515	MON		69,425.20		833,102.00		2/26/2009		10/1/2021

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	31410GPR8	FNMA POOL # 888832					2		??		7,737,540.08		111.693		8,311,166.72		7,441,060.32		7,727,888.50		583,278.22			(1,610.00	)		—		—		6.5		4.41	MON		40,305.74		483,669.00		1/25/2008		11/1/2037
	31411DA33	FNMA POOL # 904626					2		1		1,887,315.39		105.16		1,975,287.38		1,878,363.81		1,886,805.43		88,481.95			(92.00	)		—		—		5.519		5.379	MON		8,638.91		103,399.00		12/13/2006		12/1/2036
	31411GUY6	FNMA POOL # 907899					2		1		2,686,662.53		106.512		2,838,115.67		2,664,596.33		2,685,687.57		152,428.10			(182.00	)		—		—		5.754		5.517	MON		12,776.74		153,507.00		12/14/2006		1/1/2037
	31411KCZ4	FNMA POOL # 910088					2		??		6,512,946.10		109.277		7,051,058.00		6,452,454.33		6,512,128.40		538,929.60			(74.00	)		—		—		6		5.369	MON		32,262.27		387,147.00		3/29/2007		3/1/2037
	31411LEA5	FNMA POOL # 911029					2		??		520,918.93		107.671		529,129.00		491,432.95		519,645.36		9,483.64			(779.00	)		—		—		5.5		2.884	MON		2,252.40		27,029.00		9/29/2009		7/1/2022
	31412LMG2	FNMA POOL # 928359					2		??		680,675.61		107.671		691,403.55		642,146.79		679,129.43		12,274.12			(896.00	)		—		—		5.5		2.334	MON		2,943.17		35,318.00		9/29/2009		5/1/2022
	31412LQN3	FNMA POOL # 928461					2		??		892,911.41		107.671		906,984.36		842,369.26		890,866.96		16,117.40			(1,198.00	)		—		—		5.5		2.471	MON		3,860.86		46,330.00		9/29/2009		6/1/2022
	31412LVF4	FNMA POOL # 928614					2		??		5,424,958.90		107.671		5,496,686.18		5,105,092.93		5,415,146.33		81,539.85			(6,736.00	)		—		—		5.5		2.334	MON		23,398.34		280,780.00		10/21/2009		8/1/2022
	31412SRH0	FNMA POOL # 933488					2		??		2,140,817.54		106.061		2,163,097.28		2,039,480.84		2,136,997.00		26,100.28			(2,251.00	)		—		—		5		2.531	MON		8,497.84		101,974.00		9/29/2009		3/1/2023
	31414ARA2	FNMA POOL # 960481					2		??		2,768,635.34		106.106		2,798,638.34		2,637,580.55		2,763,557.78		35,080.56			(2,924.00	)		—		—		5		2.531	MON		10,989.92		131,879.00		9/29/2009		12/1/2022
	31414CRJ9	FNMA POOL # 962289					2		??		3,632,731.22		106.061		3,670,537.48		3,460,774.01		3,626,257.43		44,280.05			(3,715.00	)		—		—		5		2.523	MON		14,419.89		173,039.00		9/29/2009		3/1/2023
	31414GD22	FNMA POOL # 965521					2		??		472,925.04		107.671		480,378.69		446,155.70		471,853.19		8,525.50			(622.00	)		—		—		5.5		2.779	MON		2,044.88		24,539.00		9/29/2009		12/1/2022
	31414NB45	FNMA POOL # 970859					2		??		4,029,386.74		106.061		4,065,269.73		3,832,948.15		4,024,298.15		40,971.58			(3,381.00	)		—		—		5		2.435	MON		15,970.62		191,647.00		10/21/2009		12/1/2023
	31414RB79	FNMA POOL # 973562					2		??		4,323,991.12		107.618		4,390,009.50		4,079,236.88		4,314,670.51		75,338.99			(5,481.00	)		—		—		5.5		2.664	MON		18,696.50		224,358.00		9/29/2009		3/1/2023
	31415MDG7	FNMA POOL # 984003					2		??		6,370,176.78		107.583		7,059,481.53		6,561,907.50		6,374,333.34		685,148.19			1,069.00			—		—		5.5		6.765	MON		30,075.41		360,905.00		7/25/2008		6/1/2038
	31415MFS9	FNMA POOL # 984077					2		??		3,162,713.55		106.061		3,195,628.28		3,013,004.87		3,157,114.69		38,513.59			(3,346.00	)		—		—		5		2.65	MON		12,554.19		150,650.00		9/29/2009		6/1/2023
	31416B4M7	FNMA POOL # 995528					2		??		5,752,056.39		106.549		5,899,266.74		5,536,646.25		5,741,600.31		157,666.43			(4,359.00	)		—		—		5		3.042	MON		23,069.36		276,832.00		3/20/2009		12/1/2021
	31416B4N5	FNMA POOL # 995529					2		1		9,736,799.06		107.671		10,097,142.50		9,377,804.94		9,718,311.84		378,830.66			(6,928.00	)		—		—		5.5		3.525	MON		42,981.60		515,779.00		2/27/2009		11/1/2022
	31416B4P0	FNMA POOL # 995530					2		??		4,881,873.75		107.688		5,041,340.27		4,681,449.23		4,872,029.56		169,310.71			(4,337.00	)		—		—		5.5		3.378	MON		21,456.64		257,480.00		3/20/2009		12/1/2021
	31416B7J1	FNMA POOL # 995597					2		??		560,252.88		107.671		569,082.89		528,540.46		559,169.94		9,912.95			(576.00	)		—		—		5.5		2.638	MON		2,422.48		29,070.00		9/29/2009		3/1/2024
	31416BLV8	FNMA POOL # 995040					2		??		3,026,140.72		106.061		3,053,089.48		2,878,611.86		3,022,074.47		31,015.01			(2,721.00	)		—		—		5		2.416	MON		11,994.22		143,931.00		10/21/2009		6/1/2023
	31416BSE9	FNMA POOL # 995217					2		??		4,480,673.46		107.671		4,547,387.67		4,223,424.05		4,472,470.75		74,916.92			(4,702.00	)		—		—		5.5		2.571	MON		19,357.36		232,288.00		10/21/2009		12/1/2023
	31416CME3	FNMA POOL # 995957					2		??		10,532,320.58		106.061		10,616,252.28		10,009,555.88		10,521,342.21		94,910.07			(7,759.00	)		—		—		5		2.461	MON		41,706.48		500,478.00		9/28/2009		6/1/2024
	31416TL49	FNMA POOL # AA9346					2		1		14,142,959.12		102.928		14,402,152.01		13,992,416.15		14,139,375.68		262,776.33			(3,583.00	)		—		—		4.5		4.115	MON		52,471.57		524,715.00		2/2/2010		8/1/2039
	31419ESP5	FNMA POOL # AE4125					2		1		8,078,022.59		99.626		7,763,962.40		7,793,087.82		8,071,987.57		(308,025.17	)		(6,035.00	)		—		—		4		2.608	MON		25,976.96		25,977.00		11/5/2010		10/1/2040
	32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NR*Z*			166,354.65		93.895		159,622.34		170,000.35		166,714.47		(7,092.13	)		121.00			—		—		2.769		3.285	MON		392.28		5,022.00		8/10/2007		12/25/2034
	33736XBZ1	FUNBC CMBS_01-C2 A2					2	NR*Z*			509,854.08		99.958		490,847.25		491,055.85		491,289.82		(442.57	)		(5,085.00	)		—		—		6.663		4.491	MON		2,726.59		32,719.00		12/21/2007		3/12/2011
	341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE		2,779,404.80		107.065		2,912,160.60		2,720,000.00		2,747,618.99		164,541.61			(12,405.00	)		—		—		4.85		4.335	FA		54,966.67		131,920.00		4/25/2008		2/1/2013
	34528RAE2	FORDO ABS 09-A A3B					2	NR*Z*			3,098,670.86		101.176		3,074,462.73		3,038,727.21		3,078,148.08		(3,685.35	)		(20,523.00	)		—		—		2.76		0.565	MON		3,960.92		50,031.00		6/9/2010		2/15/2012
	34529LAD6	FORDO_10-A ABS 10-A-A3					2		??		1,999,634.80		100.29		2,005,800.62		2,000,000.00		1,999,746.73		6,053.89			112.00			—		—		1.32		1.332	MON		1,173.33		16,647.00		4/21/2010		6/15/2014
	34529MAD4	FORDO_10-B ABS_10-B A4					2		??		899,948.88		99.926		899,330.25		900,000.00		899,954.29		(624.04	)		5.00			—		—		1.58		1.587	MON		632.00		5,175.00		7/27/2010		9/15/2015
	35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F				??		1,400,000.00		100.272		1,403,808.00		1,400,000.00		1,400,000.00		3,808.00			—			—		—		5.75		5.79	FMAN		11,627.78		64,741.00		1/21/2010		2/3/2014
	35177PAS6	FRANCE TELECOM CORP BND			F				1FE		6,246,739.39		107.102		6,298,676.56		5,881,000.00		6,189,134.25		109,542.31			(57,605.00	)		—		—		4.375		2.801	JJ		123,643.94		128,647.00		4/14/2010		7/8/2014
	35177PAU1	FRANCE TELECOM CORP BND			F				1FE		3,986,400.00		97.195		3,887,803.96		4,000,000.00		3,987,165.03		(99,361.07	)		765.00			—		—		2.125		2.197	MS		24,791.67		—		9/7/2010		9/16/2015
	354613AE1	FRANKLIN RESOURCES INC. CORP BND							1FE		1,974,114.25		100.822		1,991,235.37		1,975,000.00		1,974,294.94		16,940.43			181.00			—		—		2		2.015	MN		4,498.61		19,750.00		5/19/2010		5/20/2013
	36158YDC0	GECMC CMBS_01-3 A1					2	NR*Z*			49,383.56		100.387		49,563.24		49,372.14		49,308.93		254.31			(25.00	)		—		—		5.56		5.519	MON		228.76		2,745.00		12/21/2007		3/10/2011
	361849QE5	GMACC CMBS 01_C1 A2					2	NR*Z*			131,156.84		99.965		127,311.69		127,356.06		128,665.40		(1,353.71	)		45.00			—		—		6.465		5.161	MON		686.13		8,234.00		12/21/2007		11/15/2012
	36186CBF9	GMAC LLC CORP BND GOVT GUAR							1FE		4,687,534.95		102.861		4,829,323.95		4,695,000.00		4,690,785.02		138,538.93			2,076.00			—		—		2.2		2.247	JD		3,443.00		103,290.00		6/3/2009		12/19/2012
	36201YER3	GNMA POOL # 606844					2		??		1,556,738.85		106.798		1,586,648.59		1,485,648.26		1,556,147.56		30,501.03			(591.00	)		—		—		5		3.623	MON		6,190.20		49,522.00		4/23/2010		9/15/2033
	36202E5P0	GNMA POOL # 004454					2		??		22,674.86		105.896		22,569.45		21,312.83		22,650.55		(81.10	)		(24.00	)		—		—		4.5		1.826	MON		79.92		160.00		10/7/2010		6/20/2024
	36202EVU0	GNMA POOL # 004227					2		??		40,019.60		105.449		39,665.40		37,615.72		39,973.18		(307.78	)		(46.00	)		—		—		4.5		1.608	MON		141.06		282.00		10/7/2010		7/20/2023
	36202FAE6	GNMA POOL # 004505					2		??		77,829.75		105.818		77,411.13		73,154.71		77,747.02		(335.89	)		(83.00	)		—		—		4.5		1.838	MON		274.33		549.00		10/7/2010		8/20/2024
	36202FBR6	GNMA POOL # 004548					2		??		46,207.78		105.818		45,959.24		43,432.19		46,158.91		(199.67	)		(49.00	)		—		—		4.5		1.837	MON		162.87		326.00		10/7/2010		10/20/2024
	36202FD78	GNMA POOL # 004626					2		??		1,989,835.49		105.872		1,980,144.32		1,870,310.93		1,987,789.06		(7,644.74	)		(2,046.00	)		—		—		4.5		1.909	MON		7,013.67		14,027.00		10/7/2010		2/20/2025
	36202FET9	GNMA POOL # 004646					2		??		312,432.94		105.872		310,911.28		293,665.85		312,114.49		(1,203.21	)		(318.00	)		—		—		4.5		1.927	MON		1,101.25		2,203.00		10/7/2010		3/20/2025
	36202FF43	GNMA POOL # 004687					2		??		885,042.21		105.872		880,731.76		831,879.89		884,160.62		(3,428.86	)		(882.00	)		—		—		4.5		1.998	MON		3,119.55		6,239.00		10/7/2010		5/20/2025
	36202FFH4	GNMA POOL # 004668					2		??		1,250,457.05		105.872		1,244,366.91		1,175,345.15		1,249,204.23		(4,837.32	)		(1,253.00	)		—		—		4.5		1.985	MON		4,407.54		8,815.00		10/7/2010		4/20/2025
	36202KME2	GNMA POOL # 008457					2		??		555,109.57		103.88		568,651.17		547,411.60		554,669.10		13,982.07			(229.00	)		—		—		2.625		2.186	MON		1,197.46		18,931.00		3/18/2009		7/20/2024
	36204J4C7	GNMA POOL # 371719					2		??		436,903.47		113.344		466,073.20		411,203.26		434,902.77		31,170.43			(754.00	)		—		—		6.5		4.863	MON		2,227.35		26,728.00		9/11/2008		4/15/2024
	36204SV60	GNMA POOL # 378737					2		??		429,494.64		113.749		459,807.83		404,230.24		427,527.77		32,280.06			(739.00	)		—		—		6.5		4.8	MON		2,189.58		26,275.00		9/11/2008		1/15/2024
	36205BKY7	GNMA POOL # 385611					2		??		539,498.44		113.344		575,517.90		507,763.24		537,125.71		38,392.19			(882.00	)		—		—		6.5		4.789	MON		2,750.38		33,005.00		9/11/2008		4/15/2024
	3620A2KC9	GNMA POOL # 716791					2		??		2,107,774.81		106.557		2,124,480.78		1,993,756.84		2,105,295.52		19,185.26			(1,701.00	)		—		—		5		2.326	MON		8,307.32		99,688.00		9/29/2009		4/15/2024
	3620A32R4	GNMA POOL # 718184					2		??		133,265.76		105.961		132,688.01		125,224.03		133,123.96		(435.95	)		(142.00	)		—		—		4.5		1.762	MON		469.59		939.00		10/7/2010		3/15/2025
	3620A5FJ3	GNMA POOL # 719369					2		??		1,385,527.93		105.961		1,375,482.24		1,298,108.45		1,384,072.11		(8,589.87	)		(1,456.00	)		—		—		4.5		1.66	MON		4,867.91		14,604.00		8/31/2010		4/15/2025
	3620A6AC1	GNMA POOL # 720103					2		??		855,535.79		103.997		874,429.90		840,821.42		855,228.11		19,201.79			(150.00	)		—		—		4.5		4.187	MON		3,153.08		37,837.00		6/18/2009		6/15/2039
	3620A6DZ7	GNMA POOL # 720220					2		??		1,949,687.23		106.557		1,978,003.38		1,856,292.52		1,947,445.38		30,558.00			(1,260.00	)		—		—		5		2.703	MON		7,734.55		92,815.00		7/29/2009		7/15/2024
	3620A7R64	GNMA POOL # 721509					2		??		545,845.41		105.961		543,479.00		512,907.15		545,257.96		(1,778.96	)		(587.00	)		—		—		4.5		1.726	MON		1,923.40		3,847.00		10/7/2010		2/15/2025
	3620A7RQ0	GNMA POOL # 721495					2		??		710,931.40		105.961		707,849.29		668,031.27		710,166.46		(2,317.17	)		(765.00	)		—		—		4.5		1.737	MON		2,505.12		5,010.00		10/7/2010		1/15/2025
	3620A9MU2	GNMA POOL # 723171					2		1		73,879.71		105.896		73,514.68		69,421.54		73,798.19		(283.51	)		(82.00	)		—		—		4.5		1.663	MON		260.33		521.00		10/7/2010		10/15/2024
	3620A9QJ3	GNMA POOL # 723257					2		??		1,108,886.07		105.896		1,103,407.35		1,041,971.93		1,107,653.73		(4,246.38	)		(1,232.00	)		—		—		4.5		1.643	MON		3,907.39		7,815.00		10/7/2010		9/15/2024
	3620A9WS6	GNMA POOL # 723457					2		??		937,767.12		105.896		933,133.85		881,178.91		936,759.01		(3,625.16	)		(1,008.00	)		—		—		4.5		1.75	MON		3,304.42		6,609.00		10/7/2010		12/15/2024
	3620A9WW7	GNMA POOL # 723461					2		??		531,141.04		105.896		528,516.81		499,090.10		530,565.92		(2,049.11	)		(575.00	)		—		—		4.5		1.721	MON		1,871.59		3,743.00		10/7/2010		12/15/2024
	3620A9ZN4	GNMA POOL # 723549					2		??		1,256,191.49		105.961		1,250,745.51		1,180,388.42		1,254,841.09		(4,095.58	)		(1,350.00	)		—		—		4.5		1.74	MON		4,426.46		8,853.00		10/7/2010		1/15/2025
	3620ADCM2	GNMA POOL # 726476					2		??		14,871,453.76		105.896		14,949,425.46		14,117,072.69		14,847,016.37		102,409.09			(16,966.00	)		—		—		4.5		2.166	MON		52,939.02		635,268.00		12/8/2009		11/15/2024
	3620AFY35	GNMA POOL # 728930					2		??		164,400.03		105.896		163,587.78		154,479.55		164,223.34		(635.56	)		(177.00	)		—		—		4.5		1.751	MON		579.30		1,159.00		10/7/2010		12/15/2024
	3620AKQR0	GNMA POOL # 732264					2		??		396,230.81		105.961		394,513.03		372,320.84		395,810.09		(1,297.06	)		(421.00	)		—		—		4.5		1.762	MON		1,396.20		2,792.00		10/7/2010		4/15/2025
	3620AKR57	GNMA POOL # 732308					2		??		132,382.33		105.961		131,808.40		124,393.90		132,243.92		(435.52	)		(138.00	)		—		—		4.5		1.823	MON		466.48		933.00		10/7/2010		4/15/2025
	3620AL5N0	GNMA POOL # 733553					2		??		870,711.86		105.961		866,937.06		818,170.01		869,792.54		(2,855.48	)		(919.00	)		—		—		4.5		1.784	MON		3,068.14		6,136.00		10/7/2010		4/15/2025
	3620AQ5X7	GNMA POOL # 737162					2		??		468,225.35		105.961		466,195.44		439,970.96		467,734.92		(1,539.48	)		(490.00	)		—		—		4.5		1.816	MON		1,649.89		3,300.00		10/7/2010		4/15/2025
	3620AQ6A6	GNMA POOL # 737165					2		??		1,894,469.29		105.961		1,886,256.18		1,780,150.27		1,892,457.76		(6,201.58	)		(2,012.00	)		—		—		4.5		1.762	MON		6,675.56		13,351.00		10/7/2010		4/15/2025
	3620AQG72	GNMA POOL # 736522					2		??		1,075,924.79		105.961		1,071,260.33		1,010,999.66		1,074,793.32		(3,532.99	)		(1,131.00	)		—		—		4.5		1.8	MON		3,791.25		7,583.00		10/7/2010		4/15/2025
	3620AQHC0	GNMA POOL # 736527					2		??		492,489.43		105.961		490,354.33		462,770.86		491,973.20		(1,618.87	)		(516.00	)		—		—		4.5		1.813	MON		1,735.39		3,471.00		10/7/2010		4/15/2025
	3620AQXC2	GNMA POOL # 736975					2		??		660,400.12		105.961		657,537.07		620,549.22		659,692.82		(2,155.75	)		(707.00	)		—		—		4.5		1.746	MON		2,327.06		4,654.00		10/7/2010		2/15/2025
	3620AWE48	GNMA POOL # 741855					2		??		421,978.40		105.961		420,148.98		396,514.71		421,538.91		(1,389.93	)		(439.00	)		—		—		4.5		1.829	MON		1,486.93		2,974.00		10/7/2010		5/15/2025
	3620AWE63	GNMA POOL # 741857					2		??		303,357.80		105.961		302,042.65		285,052.11		303,041.33		(998.68	)		(316.00	)		—		—		4.5		1.822	MON		1,068.95		2,138.00		10/7/2010		5/15/2025
	36210B4N2	GNMA POOL # 487829					2		??		676,971.68		105.896		692,643.89		654,078.93		675,947.32		16,696.57			(345.00	)		—		—		4.5		2.884	MON		2,452.80		29,434.00		3/26/2009		4/15/2024
	36210B4Q5	GNMA POOL # 487831					2		??		177,111.52		106.557		178,515.30		167,530.86		176,910.31		1,604.99			(139.00	)		—		—		5		2.249	MON		698.05		8,377.00		9/29/2009		4/15/2024
	36210B4R3	GNMA POOL # 487832					2		??		678,731.62		106.557		692,089.74		649,503.95		677,453.96		14,635.78			(469.00	)		—		—		5		2.85	MON		2,706.27		32,475.00		3/26/2009		4/15/2024
	36210BZH1	GNMA POOL # 487744					2		??		849,861.96		106.557		856,597.87		803,889.53		848,903.40		7,694.47			(659.00	)		—		—		5		2.201	MON		3,349.54		40,194.00		9/29/2009		3/15/2024
	36210BZJ7	GNMA POOL # 487745					2		??		773,724.20		106.557		779,856.64		731,870.36		772,849.01		7,007.63			(607.00	)		—		—		5		2.208	MON		3,049.46		36,594.00		9/29/2009		3/15/2024
	36211V6Q8	GNMA POOL # 524779					2		??		500,654.77		106.557		510,890.10		479,453.92		499,706.63		11,183.47			(349.00	)		—		—		5		2.873	MON		1,997.72		23,973.00		3/26/2009		1/15/2024
	36225BPY8	GNMA POOL # 781339					2		1		359,019.81		114.125		371,217.53		325,272.75		357,935.44		13,282.09			(367.00	)		—		—		8		5.033	MON		2,168.49		26,022.00		3/7/2008		9/15/2031
	36225CD29	GNMA POOL # 080120					2		??		450,312.99		103.75		462,430.91		445,716.54		450,114.40		12,316.51			(94.00	)		—		—		3.125		2.818	MON		1,160.72		14,300.00		3/18/2009		10/20/2027
	36225DAS3	GNMA POOL # 080916					2		??		370,328.86		102.25		380,504.33		372,131.37		370,365.27		10,139.06			14.00			—		—		1.875		2.003	MON		581.46		8,877.00		4/17/2008		5/20/2034
	36225DJA3	GNMA POOL # 081156					2		??		961,840.20		103.24		990,218.85		959,142.63		961,760.26		28,458.59			(29.00	)		—		—		2.75		2.647	MON		2,198.04		27,176.00		3/18/2009		11/20/2034
	36225DJZ8	GNMA POOL # 081179					2		??		969,056.67		101.743		983,182.14		966,338.85		968,981.16		14,200.98			(24.00	)		—		—		2.75		2.634	MON		2,214.52		27,380.00		3/18/2009		12/20/2034
	36225DLE2	GNMA POOL # 081224					2		??		614,033.98		103.038		635,670.35		616,925.81		614,077.28		21,593.07			23.00			—		—		2		2.111	MON		1,028.21		14,395.00		3/18/2009		1/20/2035
	36225EVZ2	GNMA POOL # 082431					2		??		3,985,941.90		103		4,054,834.73		3,936,732.75		3,984,316.98		70,517.75			(1,556.00	)		—		—		3		2.909	MON		9,841.84		118,102.00		10/28/2009		12/20/2039
	36225EWE8	GNMA POOL # 082444					2		??		909,436.17		104		926,133.28		890,512.77		909,198.97		16,934.31			(214.00	)		—		—		3.75		3.016	MON		2,782.85		33,394.00		11/3/2009		12/20/2039
	362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2		??		216,077.39		96		209,496.52		218,225.54		216,120.96		(6,624.44	)		(84.00	)		—		—		2.864		3.086	MON		520.85		6,438.00		11/21/2007		9/25/2035
	36241K6L7	GNMA POOL # 782675					2		??		106,665.90		105.896		106,138.89		100,229.30		106,547.15		(408.26	)		(119.00	)		—		—		4.5		1.666	MON		375.86		752.00		10/7/2010		6/15/2024
	36241KBP2	GNMA POOL # 781846					2		1		6,158,417.10		113.212		6,752,624.15		5,964,568.64		6,154,143.22		598,480.93			(1,430.00	)		—		—		6.5		5.538	MON		32,308.08		387,697.00		8/15/2008		9/15/2034
	36241KEC8	GNMA POOL # 781931					2		??		4,292,171.58		113.229		4,707,013.05		4,157,066.90		4,289,267.41		417,745.64			(988.00	)		—		—		6.5		5.578	MON		22,517.44		270,209.00		8/15/2008		5/15/2035

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	36241KEH7	GNMA POOL # 781936				2		??		3,492,501.98		104.373		3,525,677.59		3,377,967.77		3,491,245.90		34,431.69			(1,256.00	)		—		—		4.5		3.727	MON		12,667.38		76,004.00		6/3/2010		6/15/2035
	36241KGU6	GNMA POOL # 782011				2		??		262,822.63		106.604		274,181.61		257,196.28		262,724.75		11,456.86			(44.00	)		—		—		5		4.317	MON		1,071.65		12,860.00		7/14/2009		12/15/2035
	36241KKB3	GNMA POOL # 782090				2		??		5,268,577.30		112.719		5,713,697.66		5,068,986.00		5,261,642.47		452,055.19			(1,206.00	)		—		—		6.5		5.382	MON		27,457.00		329,484.00		11/30/2007		5/15/2036
	36241LHQ2	GNMA POOL # 782939				2		??		8,900,538.68		106.499		9,046,117.89		8,494,083.49		8,897,800.95		148,316.94			(2,738.00	)		—		—		5		3.66	MON		35,392.02		283,136.00		4/23/2010		9/15/2036
	36241LN36	GNMA POOL # 783110				2		??		2,032,560.77		108.615		2,038,822.59		1,877,112.40		2,032,219.39		6,603.20			(341.00	)		—		—		5.5		2.293	MON		8,603.43		25,810.00		9/23/2010		4/15/2036
	36290SJB8	GNMA POOL # 615958				2		??		9,932,656.59		106.798		10,123,493.44		9,479,068.36		9,928,719.15		194,774.29			(3,937.00	)		—		—		5		3.698	MON		39,496.12		315,969.00		4/23/2010		9/15/2033
	36292DWW8	GNMA POOL # 646061				2		??		325,770.67		112.764		352,269.46		312,396.21		325,298.46		26,971.00			113.00			—		—		6.5		4.755	MON		1,692.15		20,306.00		1/31/2008		11/15/2037
	36295KAT0	GNMA POOL # 672418				2		??		287,792.07		112.764		311,201.60		275,976.80		287,394.51		23,807.09			89.00			—		—		6.5		4.912	MON		1,494.87		17,938.00		1/31/2008		12/15/2037
	36295P4L3	GNMA POOL # 676827				2		??		1,144,980.69		106.509		1,167,162.59		1,095,839.16		1,142,690.78		24,471.81			(838.00	)		—		—		5		2.664	MON		4,566.00		54,792.00		3/26/2009		5/15/2023
	36295PZJ4	GNMA POOL # 676745				2		??		434,609.00		106.509		443,293.92		416,204.94		433,738.25		9,555.67			(320.00	)		—		—		5		2.681	MON		1,734.19		20,810.00		3/26/2009		3/15/2023
	36295QJE1	GNMA POOL # 677161				2		??		2,099,874.03		106.509		2,131,153.56		2,000,922.18		2,097,100.79		34,052.77			(1,181.00	)		—		—		5		2.495	MON		8,337.18		100,046.00		4/27/2009		8/15/2023
	36295TVQ4	GNMA POOL # 680223				2		??		236,691.58		112.764		255,944.48		226,974.22		236,337.82		19,606.66			70.00			—		—		6.5		4.647	MON		1,229.44		14,753.00		1/31/2008		1/15/2038
	36296A5Y6	GNMA POOL # 685863				2		??		200,268.87		105.857		199,206.11		188,183.93		200,035.37		(829.26	)		(234.00	)		—		—		4.5		1.623	MON		705.69		1,411.00		10/7/2010		5/15/2023
	36296DR67	GNMA POOL # 688209				2		??		166,141.70		106.509		168,578.88		158,277.29		165,939.22		2,639.66			(115.00	)		—		—		5		2.547	MON		659.49		7,914.00		7/29/2009		7/15/2023
	36296E5H5	GNMA POOL # 689448				2		??		518,544.72		106.509		528,906.96		496,586.30		517,529.81		11,377.15			(375.00	)		—		—		5		2.758	MON		2,069.11		24,829.00		3/26/2009		7/15/2023
	36296TPY3	GNMA POOL # 700739				2		??		1,216,768.02		107.751		1,241,712.84		1,152,395.91		1,213,126.49		28,586.35			(1,199.00	)		—		—		5.5		2.688	MON		5,281.81		63,382.00		6/3/2009		10/15/2023
	36296U3C2	GNMA POOL # 701995				2		??		875,610.92		106.509		893,108.52		838,532.09		873,965.98		19,142.54			(600.00	)		—		—		5		2.819	MON		3,493.88		41,927.00		3/26/2009		1/15/2024
	36296UC73	GNMA POOL # 701294				2		??		407,889.74		106.557		415,793.07		390,208.42		407,107.73		8,685.34			(284.00	)		—		—		5		2.747	MON		1,625.87		19,510.00		3/27/2009		1/15/2024
	36296URS1	GNMA POOL # 701697				2		??		1,431,736.59		106.557		1,443,084.37		1,354,288.24		1,430,137.90		12,946.47			(1,104.00	)		—		—		5		2.146	MON		5,642.87		67,714.00		9/29/2009		2/15/2024
	36296UUL2	GNMA POOL # 701787				2		??		950,218.99		106.557		976,954.41		916,840.27		948,821.39		28,133.02			(577.00	)		—		—		5		3.202	MON		3,820.17		45,842.00		6/11/2009		3/15/2024
	36296UXG0	GNMA POOL # 701879				2		??		638,929.53		105.896		635,772.75		600,374.25		638,211.93		(2,439.18	)		(718.00	)		—		—		4.5		1.64	MON		2,251.40		4,503.00		10/7/2010		5/15/2024
	36296XHH0	GNMA POOL # 704132				2		??		278,405.46		106.509		280,485.40		263,345.39		278,084.22		2,401.18			(219.00	)		—		—		5		2.159	MON		1,097.27		13,167.00		9/29/2009		12/15/2023
	36296XLY8	GNMA POOL # 704243				2		??		645,243.96		106.557		663,398.58		622,578.22		644,292.69		19,105.89			(385.00	)		—		—		5		3.084	MON		2,594.08		31,129.00		6/11/2009		1/15/2024
	36296XWP5	GNMA POOL # 704554				2		??		4,106,887.28		106.557		4,224,986.78		3,965,014.13		4,100,948.76		124,038.02			(2,507.00	)		—		—		5		3.368	MON		16,520.89		198,251.00		6/11/2009		6/15/2024
	36297A3K7	GNMA				2		??		852,453.67		106.557		869,881.12		816,355.44		850,859.34		19,021.78			(579.00	)		—		—		5		2.785	MON		3,401.48		40,818.00		3/26/2009		1/15/2024
	36297AKC6	GNMA POOL # 705991				2		??		124,691.98		105.896		124,075.91		117,167.62		124,550.40		(474.49	)		(142.00	)		—		—		4.5		1.638	MON		439.38		879.00		10/7/2010		1/15/2024
	36297AKF9	GNMA POOL # 705994				2		??		1,094,564.47		106.557		1,103,239.86		1,035,355.10		1,093,325.23		9,914.63			(850.00	)		—		—		5		2.146	MON		4,313.98		51,768.00		9/29/2009		1/15/2024
	36297CV22	GNMA POOL # 708133				2		??		82,877.10		105.896		82,467.63		77,876.00		82,784.17		(316.54	)		(93.00	)		—		—		4.5		1.693	MON		292.04		584.00		10/7/2010		1/15/2024
	36297DFF9	GNMA POOL # 708566				2		??		2,133,502.43		106.557		2,150,412.32		2,018,092.76		2,131,015.67		19,396.65			(1,714.00	)		—		—		5		2.306	MON		8,408.72		100,905.00		9/29/2009		4/15/2024
	36297DP35	GNMA POOL # 708842				2		??		99,219.14		105.896		98,728.93		93,231.91		99,105.48		(376.55	)		(114.00	)		—		—		4.5		1.556	MON		349.62		699.00		10/7/2010		5/15/2024
	36297DTR8	GNMA POOL # 708960				2		??		1,489,841.60		106.557		1,520,299.77		1,426,752.41		1,487,058.48		33,241.29			(1,026.00	)		—		—		5		2.891	MON		5,944.81		71,338.00		3/26/2009		3/15/2024
	36297G2R0	GNMA POOL # 711884				2		??		3,509,036.58		106.557		3,536,848.79		3,319,218.77		3,504,960.23		31,888.56			(2,801.00	)		—		—		5		2.299	MON		13,830.08		165,961.00		9/29/2009		4/15/2024
	36297GCD0	GNMA POOL # 711168				2		??		1,270,478.47		105.961		1,264,970.55		1,193,813.27		1,269,118.00		(4,147.45	)		(1,360.00	)		—		—		4.5		1.746	MON		4,476.80		8,954.00		10/7/2010		2/15/2025
	36297JJ54	GNMA POOL # 713184				2		??		1,825,918.83		106.557		1,840,390.83		1,727,147.57		1,823,816.83		16,574.00			(1,440.00	)		—		—		5		2.279	MON		7,196.45		86,357.00		9/29/2009		4/15/2024
	36297KZF1	GNMA POOL # 714542				2		??		568,271.74		106.557		584,084.56		548,144.56		567,429.92		16,654.64			(355.00	)		—		—		5		3.327	MON		2,283.94		27,407.00		6/11/2009		6/15/2024
	36828QHU3	GECCMC CMBS 04-C3 A2				2		??		105,280.64		100.568		106,443.64		105,842.94		105,689.92		753.72			54.00			—		—		4.433		4.703	MON		391.00		4,692.00		3/25/2008		7/10/2039
	368710AG4	GENENTECH INC CORP BND						1FE		802,027.50		109.085		818,137.04		750,000.00		792,243.86		25,893.18			(8,469.00	)		—		—		4.75		3.4	JJ		16,427.08		35,625.00		10/29/2009		7/15/2015
	369550AM0	GENERAL DYNAMICS CORPORATION CORP BND						??		4,489,680.00		112.874		4,514,960.32		4,000,000.00		4,418,039.24		96,921.08			(71,641.00	)		—		—		5.375		2.94	FA		81,222.22		107,500.00		2/17/2010		8/15/2015
	369550AP3	GENERAL DYNAMICS CORPORATION CORP BND						1FE		2,140,411.00		100.725		2,165,586.32		2,150,000.00		2,147,459.17		18,127.15			4,653.00			—		—		1.8		2.022	JJ		17,845.00		40,958.00		6/19/2009		7/15/2011
	36962G3T9	GE CAPITAL CORP CORP BND						1FE		104,630.90		106.949		106,948.53		100,000.00		103,141.46		3,807.07			(1,274.00	)		—		—		4.8		3.387	MN		800.00		4,800.00		10/29/2009		5/1/2013
	36962G4D3	GE CAPITAL CORP CORP BND MTN						1FE		261,337.50		110.191		275,476.97		250,000.00		260,298.69		15,178.28			(911.00	)		—		—		6		5.395	FA		6,000.00		15,000.00		10/29/2009		8/7/2019
	36962G4E1	GE CAPITAL CORP CORP BND						??		230,445.00		103.672		233,261.67		225,000.00		228,188.45		5,073.22			(1,904.00	)		—		—		3.5		2.599	FA		3,018.75		7,875.00		10/20/2009		8/13/2012
	36962G4Q4	GE CAPITAL CORP CORP BND MTN						1FE		5,015,736.32		99.994		4,999,690.65		5,000,000.00		5,015,000.32		(15,309.67	)		(736.00	)		—		—		1.875		1.761	MS		27,343.75		—		11/12/2010		9/16/2013
	36962G4T8	GE CAPITAL CORP CORP BND						??		14,988,750.00		95.696		14,354,410.20		15,000,000.00		14,989,062.97		(634,652.77	)		313.00			—		—		2.25		2.266	MN		48,750.00		—		11/4/2010		11/9/2015
	36962GK86	GE CAPITAL CORP CORP BND						1FE		1,589,400.00		106.763		1,601,450.85		1,500,000.00		1,577,590.60		23,860.25			(11,809.00	)		—		—		4.75		3.255	MS		20,979.17		35,625.00		5/19/2010		9/15/2014
	36962GXS8	GENERAL ELEC CAP CO CORP BND MTN						1FE		4,511,962.00		105.368		4,794,260.47		4,550,000.00		4,536,637.60		257,622.87			11,179.00			—		—		5.875		6.15	FA		100,984.72		267,313.00		9/24/2008		2/15/2012
	36962GYY4	GENERAL ELEC CAP CO CORP BND						1FE		3,161,025.00		106.981		3,209,436.27		3,000,000.00		3,056,511.86		152,924.41			(36,770.00	)		—		—		6		4.644	JD		8,000.00		180,000.00		1/14/2008		6/15/2012
	36962GZY3	GENERAL ELEC CAP CO CORP BND MTN						1FE		159,667.65		107.594		161,390.63		150,000.00		156,263.18		5,127.45			(2,922.00	)		—		—		5.45		3.314	JJ		3,769.59		8,175.00		10/29/2009		1/15/2013
	36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		1,296,269.00		102.441		1,331,733.03		1,300,000.00		1,298,798.26		32,934.77			1,246.00			—		—		3		3.101	JD		2,383.33		39,000.00		12/4/2008		12/9/2011
	36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		4,306,742.40		102.348		4,400,963.66		4,300,000.00		4,303,006.27		97,957.39			(2,043.00	)		—		—		2.2		2.15	JD		6,043.89		94,600.00		2/20/2009		6/8/2012
	36967HAL1	GENERAL ELECTRIC CAPITAL CORPO CORP BND						1FE		9,896,931.00		100.293		9,928,967.50		9,900,000.00		9,899,702.92		29,264.58			1,546.00			—		—		1.8		1.816	MS		54,450.00		178,200.00		3/9/2009		3/11/2011
	36967HAP2	GENERAL ELECTRIC CAPITAL CORPO CORP BND						??		3,000,000.00		100.215		3,006,460.83		3,000,000.00		3,000,000.00		6,460.83			—			—		—		0.502		1.531	MJSD		795.13		16,221.00		3/9/2009		3/12/2012
	373334JM4	GEORGIA POWER COMPANY CORP BND						1FE		14,714,084.40		111.704		14,610,914.47		13,080,000.00		14,394,876.19		216,038.28			(319,208.00	)		—		—		6		2.311	MN		130,800.00		784,800.00		4/9/2010		11/1/2013
	373334JQ5	GEORGIA POWER COMPANY CORP BND				1		??		4,600,000.00		100.493		4,622,678.18		4,600,000.00		4,600,000.00		22,678.18			—			—		—		0.622		0.576	MJSD		1,350.16		23,905.00		3/9/2010		3/15/2013
	377372AC1	GLAXOSK CAP INC CORP BND						1FE		19,423,974.50		108.321		19,931,131.16		18,400,000.00		19,062,939.54		868,191.62			(259,621.00	)		—		—		4.85		3.255	MN		114,028.88		892,400.00		1/28/2010		5/15/2013
	38141EA33	GOLDMAN SACHS GROUP INC CORP BND						1FE		819,037.50		110.065		825,487.18		750,000.00		802,251.84		23,235.34			(14,465.00	)		—		—		6		3.755	MN		7,500.00		45,000.00		10/29/2009		5/1/2014
	38141EA74	GOLDMAN SACHS GROUP INC CORP BND						1FE		8,856,835.97		101.414		8,893,989.83		8,770,000.00		8,854,639.95		39,349.88			(2,196.00	)		—		—		3.7		3.47	FA		137,908.25		—		11/12/2010		8/1/2015
	38141GBU7	GOLDMAN SACHS GROUP INC CORP BND						1FE		4,113,480.00		105.827		4,233,092.36		4,000,000.00		4,029,419.38		203,672.98			(26,735.00	)		—		—		6.6		5.859	JJ		121,733.33		264,000.00		8/14/2007		1/15/2012
	38141GCG7	GOLDMAN SACHS GROUP INC CORP BND						??		1,402,821.06		107.058		1,428,158.39		1,334,000.00		1,385,504.28		42,654.11			(17,317.00	)		—		—		5.7		3.294	MS		25,346.00		38,019.00		5/28/2010		9/1/2012
	38141GDB7	GOLDMAN SACHS GROUP INC CORP BND						1FE		53,919.00		107.234		53,616.92		50,000.00		53,311.45		305.47			(608.00	)		—		—		5.25		2.212	AO		656.25		1,313.00		7/26/2010		4/1/2013
	38141GEA8	GOLDMAN SACHS GROUP INC CORP BND						1FE		9,821,774.00		106.792		10,038,442.27		9,400,000.00		9,779,957.51		258,484.76			(41,816.00	)		—		—		5.125		4.028	JJ		222,140.27		240,875.00		7/8/2010		1/15/2015
	38143UAB7	GOLDMAN SACHS GROUP INC CORP BND						1FE		213,708.00		106.908		213,815.19		200,000.00		211,067.62		2,747.57			(2,640.00	)		—		—		5.15		3.223	JJ		4,749.44		5,150.00		3/18/2010		1/15/2014
	38144LAC4	GOLDMAN SACHS GROUP INC CORP BND						1FE		6,284,090.84		107.022		6,568,985.26		6,138,000.00		6,219,639.19		349,346.07			(33,115.00	)		—		—		5.45		4.681	MN		55,753.50		303,511.00		5/28/2010		11/1/2012
	38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND						1FE		12,173,000.00		103.889		12,206,957.50		11,750,000.00		11,939,723.70		267,233.80			(127,237.00	)		—		—		3.25		2.116	JD		16,972.22		381,875.00		2/20/2009		6/15/2012
	38373MV23	GNR CMBS_08-45 A				2		??		776,132.57		101.91		776,995.08		762,432.62		770,193.57		6,801.51			(5,341.00	)		—		—		3.576		1.879	MON		2,272.05		27,264.00		12/15/2009		6/16/2012
	38373YBQ6	GNMA CMO_02-79 LN				2		??		1,325,208.70		102.125		1,317,728.06		1,290,309.00		1,300,062.17		17,665.89			(13,952.00	)		—		—		5.5		2.612	MON		5,913.91		70,967.00		6/15/2009		9/20/2011
	38373YNS9	GNMA CMO_02-88 GB				2		??		826,405.87		100.584		808,985.01		804,287.96		808,726.08		258.93			(12,477.00	)		—		—		5		1.16	MON		3,351.20		40,214.00		9/29/2009		5/20/2011
	38374EEE3	GNMA CMO_03-106 B				2		??		845,904.91		100.837		839,859.47		832,891.01		834,449.14		5,410.33			(4,453.00	)		—		—		5.5		3.852	MON		3,817.41		45,809.00		8/21/2008		7/20/2011
	38374FT87	GNMA CMO_04-18 BJ				2		??		275,039.72		99.996		269,304.62		269,316.74		269,576.87		(272.25	)		(4,111.00	)		—		—		4.25		0.941	MON		953.83		11,446.00		9/29/2009		2/1/2011
	38374H7F1	GNMA AGENCY CMO 04-69-FG				2		??		4,581,682.87		99.37		4,548,557.66		4,577,391.56		4,580,852.00		(32,294.34	)		(831.00	)		—		—		0.561		0.464	MON		784.12		15,863.00		5/21/2010		11/20/2012
	38374VHH5	GNMA CMO_09-45 AB				2		??		2,792,017.74		102.307		2,738,758.61		2,676,990.80		2,725,743.84		13,014.77			(66,274.00	)		—		—		5		-0.207	MON		11,154.13		111,541.00		1/28/2010		10/20/2011
	38375PXQ9	GNMA CMO 08-11 FB				2		1		2,335,228.30		99.593		2,319,933.42		2,329,404.78		2,335,207.87		(15,274.45	)		(20.00	)		—		—		0.861		0.761	MON		612.56		17,049.00		3/8/2010		10/20/2037
	38375XTH7	GNMA_08-72 CMO_08-72 V				2		??		5,310,555.09		105.125		5,266,717.97		5,009,957.64		5,243,225.42		23,492.55			(67,330.00	)		—		—		6		-3.979	MON		25,049.79		100,199.00		8/18/2010		2/20/2012
	40429CAA0	HSBC FINANCE CORPORATION CORP BND						1FE		488,635.00		102.162		510,809.27		500,000.00		498,269.56		12,539.71			4,462.00			—		—		6.75		7.721	MN		4,312.50		33,750.00		9/30/2008		5/15/2011
	40429CCX8	HSBC FINANCE CORP CORP BND						1FE		197,781.20		100.112		200,223.83		200,000.00		199,976.01		247.82			669.00			—		—		5.25		5.599	JJ		4,870.83		10,500.00		6/30/2007		1/14/2011
	40429CFV9	HSBC FINANCE CORP CORP BND						??		9,139,665.00		95.956		9,115,820.10		9,500,000.00		9,203,687.37		(87,867.27	)		64,022.00			—		—		0.539		1.592	JAJO		11,095.66		32,113.00		4/26/2010		1/15/2014
	4042EPAA5	HSBC USA INC CORP BND GOVT GUAR						??		1,859,164.20		102.607		1,846,926.03		1,800,000.00		1,820,007.64		26,918.39			(20,539.00	)		—		—		3.125		1.946	JD		2,343.75		56,250.00		1/28/2009		12/16/2011
	41283KAC1	HDMOT_10-1 ABS 10-1 A3				2		1FE		1,099,844.68		99.852		1,098,371.97		1,100,000.00		1,099,848.99		(1,477.02	)		4.00			—		—		1.16		1.169	MON		567.11		780.00		11/17/2010		2/15/2015
	419791YG7	HAWAII ST MUNI BND GO						??		2,007,940.00		102.762		2,055,240.02		2,000,000.00		2,006,612.46		48,627.56			(1,328.00	)		—		—		3		2.914	FA		25,000.00		27,167.00		2/10/2010		2/1/2015
	BRS29NQV0	HELIX ENERGY SOLUTIONS TERM LOAN						3FE		742,418.74		99		740,548.67		748,028.96		742,479.37		(1,930.70	)		61.00			—		—		0		0.294	JAJO		—		241.00		12/16/2010		7/1/2013
	428236AL7	HEWLETT-PACKARD COMPANY CORP BND						1FE		2,863,223.70		105.157		3,012,746.90		2,865,000.00		2,864,551.71		148,195.19			365.00			—		—		5.25		5.264	MS		50,137.50		150,413.00		2/22/2007		3/1/2012
	428236AT0	HEWLETT-PACKARD COMPANY CORP BND						1FE		7,127,236.50		111.731		7,234,557.72		6,475,000.00		6,902,864.12		331,693.60			(124,867.00	)		—		—		6.125		3.884	MS		132,197.91		396,594.00		10/26/2009		3/1/2014
	428236AU7	HEWLETT-PACKARD COMPANY CORP BND						??		1,024,549.00		103.991		1,065,903.89		1,025,000.00		1,024,819.71		41,084.18			150.00			—		—		4.25		4.266	FA		15,367.87		43,563.00		2/23/2009		2/24/2012
	428236AV5	HEWLETT-PACKARD COMPANY CORP BND						1FE		10,351,763.65		108.477		10,391,056.85		9,579,000.00		10,206,063.11		184,993.74			(145,034.00	)		—		—		4.75		2.73	JD		36,652.98		455,003.00		4/9/2010		6/2/2014
	428236AZ6	HEWLETT-PACKARD COMPANY CORP BND						1FE		5,100,307.54		100.424		5,068,399.48		5,047,000.00		5,061,933.94		6,465.54			(37,252.00	)		—		—		1.342		0.69	FMAN		6,584.35		69,360.00		12/16/2009		5/27/2011
	428236BB8	HEWLETT-PACKARD COMPANY CORP BND						1FE		499,605.00		99.743		498,716.43		500,000.00		499,644.38		(927.95	)		39.00			—		—		1.25		1.277	MS		1,875.00		—		9/8/2010		9/13/2013
	429827AB4	HEF_10-401 ABS 04-1 A2 144A				2		??		164,000.00		87.682		175,363.80		200,000.00		166,633.07		8,730.73			1,936.00			—		—		1.635		3.203	MON		9.08		2,668.00		9/10/2009		1/1/2044
	429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		??		164,000.00		87.722		175,443.00		200,000.00		166,554.57		8,888.43			2,228.00			—		—		0		1.187	MON		—		2,610.00		9/10/2009		1/1/2044
	429827AF5	HEF_10-401 ABS 04-1 A6 144A				2		??		164,000.00		87.687		175,373.60		200,000.00		165,982.16		9,391.44			1,426.00			—		—		1.758		3.058	MON		48.83		2,679.00		9/10/2009		1/1/2044
	429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1				2		??		164,224.00		87.68		175,360.80		200,000.00		166,344.26		9,016.54			1,598.00			—		—		0.412		1.486	MON		66.38		2,842.00		9/10/2009		1/1/2044
	429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS_04-1				2		??		164,196.00		87.677		175,354.80		200,000.00		166,275.52		9,079.28			1,407.00			—		—		6.32		9.86	MON		173.15		3,110.00		9/10/2009		1/1/2044
	429827AN8	HEF_04-1 ABS 04-1 A13 144A				2		??		164,000.00		87.727		175,453.00		200,000.00		165,806.11		9,646.89			1,379.00			—		—		0		0.84	MON		—		2,810.00		9/10/2009		1/1/2044

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	429827AQ1	HEF_04-1 ABS 04-1 A15 144A							??		246,000.00		87.117		261,349.80		300,000.00		247,865.51		13,484.29			1,429.00			—		—		0		0.579	MON		—		3,952.00		9/10/2009		1/1/2044
	43812KAC7	HAROT_10-2 ABS 10-2 A3					2		??		3,899,524.59		100.518		3,920,201.92		3,900,000.00		3,899,656.11		20,545.81			132.00			—		—		1.34		1.349	MON		1,887.17		30,485.00		5/12/2010		5/20/2013
	438516AV8	HONEYWELL INTERNATIONAL INC CORP BND							??		3,175,427.29		107.248		3,209,917.83		2,993,000.00		3,077,098.33		132,819.50			(49,919.00	)		—		—		5.625		3.775	FA		70,148.44		168,356.00		1/14/2010		8/1/2012
	438516AY2	HONEYWELL INTERNATIONAL INC CORP BND							1FE		526,105.00		105.696		528,478.82		500,000.00		520,689.78		7,789.04			(5,415.00	)		—		—		3.875		2.489	FA		7,319.44		9,688.00		2/17/2010		2/15/2014
	44328MAB0	HSBC BANK PLC CORP BND 144A			F				1FE		3,497,130.00		102.238		3,578,341.17		3,500,000.00		3,497,400.94		80,940.23			271.00			—		—		3.5		3.518	JD		1,020.83		61,250.00		6/21/2010		6/28/2015
	44328MAD6	HSBC BANK PLC CORP BOND 144A			F				1FE		7,042,386.00		99.816		7,037,042.10		7,050,000.00		7,043,345.18		(6,303.08	)		959.00			—		—		1.625		1.662	FA		44,233.85		—		8/5/2010		8/12/2013
	44923WAB7	HART ABS 10-A A2					2		??		4,249,741.18		100.11		4,254,675.00		4,250,000.00		4,249,885.67		4,789.33			144.00			—		—		0.86		0.867	MON		1,624.44		21,524.00		5/5/2010		11/15/2012
	44923WAD3	HART ABS 10-A 4					2		??		8,149,863.90		102.228		8,331,599.12		8,150,000.00		8,149,879.90		181,719.22			16.00			—		—		2.45		2.463	MON		8,874.44		117,586.00		5/5/2010		12/15/2016
	44923YAC1	HART_10-B ABS 10-B A3					2	NR*Z*			3,899,304.42		99.14		3,866,460.00		3,900,000.00		3,899,401.90		(32,941.90	)		97.00			—		—		0.97		0.979	MON		1,681.34		11,454.00		8/19/2010		4/15/2015
	44923YAD9	HART_10-B ABS_10-B A4					2		??		7,549,294.08		99		7,474,500.00		7,550,000.00		7,549,354.65		(74,854.65	)		61.00			—		—		1.63		1.638	MON		5,469.56		37,261.00		8/19/2010		3/15/2017
	44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		6,275,836.70		107.615		6,747,470.41		6,270,000.00		6,272,443.61		475,026.80			(1,294.00	)		—		—		5.05		5.027	AO		60,688.38		316,635.00		1/31/2008		10/22/2012
	4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00		99.887		3,096,497.03		3,100,000.00		3,130,726.39		(34,229.36	)		(14,193.00	)		—		—		3.321		2.808	JJ		51,475.50		47,472.00		1/12/2010		1/1/2013
	4521518V8	ILLINOIS ST MUNI BND GO							1FE		2,300,000.00		100.148		2,303,403.90		2,300,000.00		2,300,000.00		3,403.90			—			—		—		4.421		4.421	JJ		50,841.50		46,887.00		1/8/2010		1/1/2015
	45324QAB2	ING BANK NV — (LT) GTD CORP BND GOVT			F				??		10,247,789.90		102.075		10,207,498.90		10,000,000.00		10,119,130.38		88,368.52			(105,964.00	)		—		—		2.625		1.534	FA		103,541.67		262,500.00		10/7/2009		2/9/2012
	4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				??		7,418,582.14		106.051		7,635,672.22		7,200,000.00		7,407,799.25		227,872.97			(10,783.00	)		—		—		3.5		2.314	JJ		121,100.00		—		11/12/2010		7/8/2013
	4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		16,616,493.09		107.17		16,697,085.69		15,580,000.00		16,284,930.16		412,155.53			(331,563.00	)		—		—		4.75		2.168	AO		148,010.00		740,050.00		2/19/2010		10/19/2012
	4581X0BM9	INTER-AMERICAN DEV BK CORP BND			F				??		998,720.00		101.434		1,014,339.90		1,000,000.00		998,950.36		15,389.54			230.00			—		—		1.625		1.667	JJ		7,493.06		2,528.00		5/26/2010		7/15/2013
	459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F				??		5,209,150.00		102.051		5,102,546.40		5,000,000.00		5,095,396.47		7,149.93			(108,672.00	)		—		—		3.125		0.918	MN		19,965.28		156,250.00		12/10/2009		11/15/2011
	459200GN5	IBM CORP CORP BND							1FE		3,209,710.75		113.466		3,290,508.57		2,900,000.00		3,101,071.46		189,437.11			(67,307.00	)		—		—		6.5		3.847	AO		39,794.45		188,500.00		6/11/2009		10/15/2013
	459200GR6	IBM CORP CORP BND							1FE		6,794,492.00		101.967		6,933,725.07		6,800,000.00		6,796,265.21		137,459.86			1,537.00			—		—		2.1		2.124	MN		21,816.67		142,800.00		11/3/2009		5/6/2013
	459200GT2	IBM CORP CORP BND							1FE		8,972,631.90		99.371		8,943,412.14		9,000,000.00		8,974,668.29		(31,256.15	)		2,036.00			—		—		1		1.11	FA		36,500.00		—		11/12/2010		8/5/2013
	459200GU9	IBM CORP CORP BND							1FE		4,485,510.00		97.823		4,402,053.45		4,500,000.00		4,485,652.06		(83,598.61	)		142.00			—		—		2		2.067	JJ		5,500.00		—		12/6/2010		1/5/2016
	45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				??		4,683,362.00		105.923		4,978,380.86		4,700,000.00		4,691,854.93		286,525.93			3,238.00			—		—		3.5		3.577	MN		21,019.45		164,500.00		4/21/2008		5/15/2013
	45950KAZ3	INTERNATIONAL FINANCE CO CORP BND			F				??		9,756,880.00		105.115		9,985,924.81		9,500,000.00		9,697,613.88		288,310.93			(56,802.00	)		—		—		3		2.342	AO		54,625.00		285,000.00		12/11/2009		4/22/2014
	46623EHJ1	JPMORGAN CHASE & CO CORP BND							??		7,438,200.00		99.856		7,489,200.23		7,500,000.00		7,463,515.71		25,684.52			24,382.00			—		—		0.428		0.736	MJSD		710.22		35,577.00		12/15/2009		6/25/2012
	46623EJC4	JPMORGAN CHASE & CO CORP BND							??		1,647,101.20		100.321		1,645,264.27		1,640,000.00		1,646,809.81		(1,545.54	)		(291.00	)		—		—		1.053		0.887	MJSD		47.96		4,261.00		11/16/2010		9/30/2013
	466247K36	JPMMT CMO_06-A2 3A3					2		??		11,334,033.20		88.27		10,702,737.50		12,125,000.00		11,597,586.00		(894,848.50	)		42,720.00			—		—		5.686		6.757	MON		57,454.77		688,853.00		11/21/2007		4/25/2036
	46625HAJ9	JP MORGAN CHASE & CO CORP BND							1FE		6,522,812.50		100.327		6,270,453.25		6,250,000.00		6,257,489.53		12,963.72			(87,381.00	)		—		—		6.75		5.29	FA		175,781.25		421,875.00		10/5/2007		2/1/2011
	46625HCE8	JPMORGAN CHASE & CO CORP BND							1FE		182,024.50		106.343		186,099.51		175,000.00		180,607.87		5,491.64			(1,214.00	)		—		—		4.75		3.908	MS		2,770.83		8,313.00		10/29/2009		3/1/2015
	46625HGG9	JP MORGAN & COMPANY INC CORP BND							1FE		480,584.40		101.982		479,316.33		470,000.00		471,349.43		7,966.90			(3,150.00	)		—		—		5.6		4.891	JD		2,193.33		26,320.00		11/28/2007		6/1/2011
	46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		107.027		5,351,365.65		5,000,000.00		5,088,633.26		262,732.39			(47,872.00	)		—		—		5.375		4.31	AO		67,187.50		268,750.00		1/30/2008		10/1/2012
	46625HHB9	JPMORGAN CHASE & CO CORP BND							1FE		7,647,350.00		107.191		8,039,361.75		7,500,000.00		7,619,065.18		420,296.57			(32,537.00	)		—		—		4.75		4.02	MN		59,375.00		356,250.00		4/23/2010		5/1/2013
	46625HHN3	JPMORGAN CHASE & CO CORP BND							1FE		3,390,096.00		106.274		3,400,780.77		3,200,000.00		3,347,224.77		53,556.00			(40,163.00	)		—		—		4.65		3.216	JD		12,400.00		148,800.00		12/16/2009		6/1/2014
	46625HHP8	JPMORGAN CHASE & CO CORP BND							1FE		10,081,000.00		102.983		10,298,275.00		10,000,000.00		10,069,298.70		228,976.30			(11,701.00	)		—		—		3.7		3.515	JJ		165,472.22		185,000.00		3/18/2010		1/20/2015
	46625HHR4	JPMORGAN CHASE & CO CORP BND							1FE		8,309,810.00		100.978		8,078,244.00		8,000,000.00		8,298,601.38		(220,357.38	)		(11,209.00	)		—		—		3.4		2.513	JD		5,288.89		136,000.00		10/25/2010		6/24/2015
	46625HHW3	JPMORGAN CHASE & CO CORP BND							??		3,746,437.50		96.705		3,626,439.56		3,750,000.00		3,746,461.20		(120,021.64	)		24.00			—		—		2.6		2.619	JJ		11,645.83		—		11/10/2010		1/15/2016
	46625MLR8	JPMCC CMBS_02-C1-A2					2		??		44,585.43		100.47		45,197.68		44,986.07		44,826.64		371.04			88.00			—		—		4.914		5.434	MON		184.22		2,211.00		8/27/2008		7/12/2037
	477874AC5	JDOT_09 ABS 09 A3					2	NR*Z*			1,103,024.29		100.969		1,100,852.56		1,090,290.05		1,098,821.08		2,031.48			(4,203.00	)		—		—		2.59		1.414	MON		1,255.04		16,472.00		5/13/2010		4/15/2012
	47787AAD9	JDOT_10-A ABS 10-A-A3					2	NR*Z*			1,049,848.49		100.55		1,055,775.00		1,050,000.00		1,049,889.21		5,885.79			41.00			—		—		1.32		1.329	MON		616.00		8,971.00		4/15/2010		5/15/2014
	478160AP9	J & J MEDICAL CORP BND			R				1FE		4,753,433.62		107.082		4,818,675.29		4,500,000.00		4,734,170.99		84,504.30			(19,263.00	)		—		—		5.15		1.877	FA		87,550.00		—		11/12/2010		8/15/2012
	478160AW4	JOHNSON & JOHNSON CORP BND							??		1,204,040.25		95.647		1,171,674.39		1,225,000.00		1,204,718.06		(33,043.67	)		678.00			—		—		2.95		3.15	MS		13,451.18		—		8/12/2010		9/1/2020
	479403AB3	JOHNSTON RE LTD CORP BND 144A							??		5,000,000.00		100.71		5,035,500.00		5,000,000.00		5,000,000.00		35,500.00			—			—		—		6.5		0	MJSD		21,666.67		194,097.00		4/30/2010		5/8/2013
	48121CJN7	JPMORGAN CHS BNK CORP BND							??		4,488,880.00		109.39		4,375,604.68		4,000,000.00		4,479,463.95		(103,859.27	)		(9,416.00	)		—		—		5.875		3.443	JD		11,750.00		117,500.00		11/16/2010		6/13/2016
	481247AE4	JPMORGAN CHASE & CO-GTD CORP BND GOVT							1FE		10,269,800.00		102.301		10,230,100.30		10,000,000.00		10,204,675.89		25,424.41			(65,124.00	)		—		—		2.125		0.725	JD		5,312.50		106,250.00		7/7/2010		6/22/2012
	481247AF1	JPMORGAN CHASE & CO-GTD CORP BND GOVT							??		2,939,292.06		100.532		2,925,495.55		2,910,000.00		2,926,882.13		(1,386.58	)		(11,411.00	)		—		—		0.683		0.28	MJSD		551.94		21,193.00		11/24/2009		6/22/2012
	481247AK0	JPMORGAN CHASE BANK NA — GTD CORP BND							1FE		2,523,434.50		102.385		2,585,221.12		2,525,000.00		2,524,282.84		60,938.28			480.00			—		—		2.2		2.22	JD		2,468.89		55,550.00		2/18/2009		6/15/2012
	BRS3KKB54	ADESA TERM LOAN							4FE		1,995,000.00		99.438		1,988,760.00		2,000,000.00		1,995,000.00		(6,240.00	)		—			—		—		0		0.089	MON		—		—		12/20/2010		10/21/2013
	48245ABT7	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				??		3,480,027.71		100.025		3,465,866.32		3,465,000.00		3,466,627.74		(761.42	)		(9,885.00	)		—		—		0.575		0.648	MJSD		1,661.21		21,450.00		8/19/2009		3/2/2011
	487836BD9	KELLOGG COMPANY CORP BND							1FE		4,956,850.00		98.674		4,933,684.55		5,000,000.00		4,957,025.25		(23,340.70	)		175.00			—		—		4		4.106	JD		10,000.00		—		12/8/2010		12/15/2020
	49328CAA3	KEYBANK NA — GTD CORP BND GOVT GUAR							??		2,088,898.00		103.811		2,076,220.10		2,000,000.00		2,054,169.29		22,050.81			(34,729.00	)		—		—		3.2		1.312	JD		2,844.44		64,000.00		1/15/2010		6/15/2012
	49925JAE7	KWKF_20-10 ABS 10-1 A					2		??		960,658.08		98.559		960,093.66		974,130.89		960,930.17		(836.51	)		272.00			—		—		1.242		1.403	FMAN		1,209.90		2,353.00		9/15/2010		2/25/2042
	50075NAX2	KRAFT FOODS INC. CORP BND							2FE		4,348,650.00		113.329		4,249,852.47		3,750,000.00		4,285,341.08		(35,488.61	)		(63,309.00	)		—		—		6.75		2.024	FA		92,812.50		126,563.00		8/10/2010		2/19/2014
	50075NBB9	KRAFT FOODS INC. CORP BND							2FE		5,709,690.00		104.736		5,498,615.17		5,250,000.00		5,693,443.99		(194,828.82	)		(16,246.00	)		—		—		4.125		2.359	FA		85,421.88		—		10/14/2010		2/9/2016
	500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,891,001.50		108.886		16,332,900.30		15,000,000.00		15,670,734.35		662,165.95			(165,463.00	)		—		—		4.125		2.87	AO		130,625.00		618,750.00		8/31/2009		10/15/2014
	500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		3,192,160.00		101.641		3,252,500.26		3,200,000.00		3,198,669.80		53,830.46			2,660.00			—		—		3.75		3.837	JD		1,333.33		120,000.00		6/19/2008		6/27/2011
	500769DG6	KFW GROUP CORP BND GOVT GUAR			F				??		7,096,551.77		102.152		7,150,640.00		7,000,000.00		7,058,055.93		92,584.07			(38,496.00	)		—		—		2.25		1.597	AO		32,812.50		157,500.00		2/19/2010		4/16/2012
	51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				??		9,750,000.00		103.942		10,134,345.00		9,750,000.00		9,750,000.00		384,345.00			—			—		—		7.87		7.895	MJSD		2,131.46		783,154.00		12/18/2009		1/8/2013
	515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		2,844,043.50		101.968		2,906,088.06		2,850,000.00		2,846,530.95		59,557.11			1,958.00			—		—		1.875		1.947	MS		14,398.43		53,438.00		9/15/2009		9/24/2012
	52205VAA3	LEASEPLAN CORPORATION NV — GTD CORP BND			F				??		32,739,003.00		102.885		33,056,953.71		32,130,000.00		32,601,668.43		455,285.28			(121,792.00	)		—		—		3		1.888	MN		144,585.00		785,400.00		10/28/2010		5/7/2012
	52520MBU6	LMT WHOLE CMO 05-2					2		??		1,545,473.83		95.431		1,475,962.02		1,546,632.29		1,539,768.42		(63,806.40	)		(399.00	)		—		—		5.5		5.501	MON		7,088.72		85,065.00		5/19/2008		12/25/2035
	532457BD9	ELI LILLY AND COMPANY CORP BND							??		3,628,870.50		103.165		3,662,353.21		3,550,000.00		3,588,733.47		73,619.74			(32,326.00	)		—		—		3.55		2.599	MS		40,257.98		126,025.00		9/28/2009		3/6/2012
	532457BE7	ELI LILLY AND COMPANY CORP BND							1FE		2,087,017.00		106.859		2,030,322.62		1,900,000.00		2,077,873.07		(47,550.45	)		(9,144.00	)		—		—		4.2		1.189	MS		25,491.67		—		10/28/2010		3/6/2014
	539473AD0	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			F				??		5,105,375.00		100.99		5,049,499.91		5,000,000.00		5,056,579.51		(7,079.60	)		(44,985.00	)		—		—		1.29		0.393	JAJO		15,945.84		68,413.00		11/25/2009		4/2/2012
	54313TAA3	LONGPOINT RE LTD CORP BND 144A			F				??		2,500,000.00		101.312		2,532,800.00		2,500,000.00		2,500,000.00		32,800.00			—			—		—		5.4		5.5	MJSD		6,375.00		135,750.00		12/14/2009		12/24/2012
	54313TAB1	LONGPOINT RE LTD CORP BND 144A			F				??		2,000,000.00		101.223		2,024,460.00		2,000,000.00		2,000,000.00		24,460.00			—			—		—		5.4		5.5	MJSD		5,100.00		109,222.00		12/14/2009		12/24/2013
	55263ECH6	MBNA CORPORATION CORP BND							??		352,687.50		106.727		352,199.42		330,000.00		340,312.36		11,887.06			(4,439.00	)		—		—		6.125		4.59	MS		6,737.50		20,213.00		1/30/2008		3/1/2013
	5526E2AC3	MBNA AMERICA BANK N.A. CORP BND BKNT							1FE		2,393,298.11		108.79		2,502,167.38		2,300,000.00		2,387,133.03		115,034.35			(6,165.00	)		—		—		7.125		4.977	MN		20,939.58		81,938.00		11/12/2010		11/15/2012
	55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND GOVT			F				1FE		4,678,890.29		107.388		4,832,459.69		4,500,000.00		4,640,152.22		192,307.47			(38,738.00	)		—		—		4.1		2.992	JD		7,175.00		184,500.00		2/19/2010		12/17/2013
	55607EAD2	MACQUARIE BANK LTD — GTD CORP BND GOVT			F				??		3,549,726.04		101.966		3,568,810.11		3,500,000.00		3,527,470.84		41,339.27			(22,255.00	)		—		—		2.6		1.843	JJ		40,697.22		45,500.00		2/19/2010		1/20/2012
	55607EAL4	MACQUARIE BANK LTD — GTD CORP BND GOVT			F				1FE		3,962,660.00		105.113		4,204,519.64		4,000,000.00		3,972,503.10		232,016.54			7,177.00			—		—		3.3		3.508	JJ		60,133.33		132,000.00		8/13/2009		7/17/2014
	57583PEM7	MASSACHUSETTS ST MUNITAX BND REV							??		4,625,000.00		99.503		4,602,013.66		4,625,000.00		4,625,000.00		(22,986.34	)		—			—		—		2.983		2.983	JD		3,065.86		—		12/15/2010		12/15/2015
	580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.25		110.974		4,855,121.47		4,375,000.00		4,600,394.15		254,727.32			(170,403.00	)		—		—		9.75		5.417	AO		106,640.63		426,563.00		5/31/2007		4/1/2012
	585055AR7	MEDTRONIC INC CORP BND							1FE		12,439,239.50		102.935		12,635,210.12		12,275,000.00		12,418,377.38		216,832.74			(20,862.00	)		—		—		3		2.704	MS		108,429.17		183,102.00		4/30/2010		3/15/2015
	587682AC9	MBART_10-A ABS 10-A-A3					2	NR*Z*			799,846.00		100.871		806,966.48		800,000.00		799,889.65		7,076.83			44.00			—		—		1.42		1.432	MON		504.89		7,384.00		4/13/2010		8/15/2014
	589331AK3	MERCK & CO INC CORP BND							1FE		8,701,862.50		109.829		8,786,295.77		8,000,000.00		8,585,731.98		200,563.79			(115,948.00	)		—		—		4.75		2.871	MS		126,666.67		380,000.00		2/17/2010		3/1/2015
	589331AR8	MERCK & CO INC CORP BND							1FE		2,099,496.00		100.796		2,116,709.70		2,100,000.00		2,099,875.13		16,834.57			249.00			—		—		1.875		1.887	JD		109.37		39,375.00		6/22/2009		6/30/2011
	58933YAB1	MERK & CO INC CORP BND							1FE		4,588,914.00		98.942		4,551,353.48		4,600,000.00		4,589,006.84		(37,653.36	)		93.00			—		—		2.25		2.3	JJ		6,037.50		—		12/7/2010		1/15/2016
	59018YJ69	MERRILL LYNCH & CO INC CORP BND							??		5,897,310.00		106.94		5,667,814.86		5,300,000.00		5,880,451.48		(212,636.62	)		(16,859.00	)		—		—		6.4		4.461	FA		114,008.89		—		10/6/2010		8/28/2017
	59018YM40	MERRILL LYNCH & CO INC CORP BND							1FE		5,069,223.87		105.045		5,252,248.75		5,000,000.00		5,050,067.75		202,181.00			(19,156.00	)		—		—		5.45		4.941	FA		110,513.89		136,250.00		2/19/2010		2/5/2013
	59018YN56	MERRILL LYNCH & CO INC CORP BND MTN							??		6,982,495.68		106.885		7,000,964.62		6,550,000.00		6,929,209.45		71,755.17			(47,690.00	)		—		—		6.15		3.521	AO		73,851.25		95,325.00		11/12/2010		4/25/2013
	59018YTZ4	MERRILL LYNCH & CO INC CORP BND							1FE		2,251,650.00		104.692		2,224,697.57		2,125,000.00		2,226,209.37		(1,511.80	)		(25,441.00	)		—		—		5.45		3.993	JJ		53,402.43		115,813.00		1/6/2010		7/15/2014
	59018YXY2	MERRILL LYNCH & CO INC CORP BND							??		4,005,840.00		99.945		3,997,800.00		4,000,000.00		4,000,807.45		(3,007.45	)		(1,488.00	)		—		—		0.488		3.696	JAJO		3,690.44		21,685.00		12/24/2008		7/25/2011
	594918AB0	MICROSOFT CORPORATION CORP BND							1FE		3,127,590.00		103.578		3,107,328.87		3,000,000.00		3,127,192.06		(19,863.19	)		(398.00	)		—		—		2.95		1.667	JD		7,375.00		—		12/22/2010		6/1/2014
	594918AF1	MICROSOFT CORPORATION CORP BND							1FE		2,483,662.50		99.268		2,456,895.03		2,475,000.00		2,483,021.89		(26,126.86	)		(641.00	)		—		—		0.875		0.755	MS		5,654.69		—		10/7/2010		9/27/2013
	594918AG9	MICROSOFT CORPORATION CORP BND							1FE		8,641,894.80		97.146		8,432,259.86		8,680,000.00		8,643,839.43		(211,579.57	)		1,945.00			—		—		1.625		1.717	MS		36,829.73		—		9/22/2010		9/25/2015
	595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND							??		14,515,750.75		107.967		14,311,052.49		13,255,000.00		14,372,855.43		(61,802.94	)		(142,553.00	)		—		—		4.65		2.285	AO		154,089.39		382,579.00		7/29/2010		10/1/2014
	6174467N3	MORGAN STANLEY CORP BND							1FE		7,641,215.00		100.354		7,526,551.43		7,500,000.00		7,636,192.11		(109,640.68	)		(5,023.00	)		—		—		4		3.563	JJ		129,166.66		—		10/15/2010		7/24/2015
	617446B99	MORGAN STANLEY CORP BND							??		469,255.00		96.49		482,449.99		500,000.00		477,613.61		4,836.38			7,091.00			—		—		0.589		2.096	JAJO		670.87		3,282.00		10/22/2009		1/9/2014
	617446H51	MORGAN STANLEY CORP BND							1FE		4,126,668.00		104.574		4,078,385.88		3,900,000.00		4,119,507.68		(41,121.80	)		(7,160.00	)		—		—		5.55		4.516	AO		38,480.00		108,225.00		9/30/2010		4/27/2017
	617446HC6	MORGAN STANLEY CORP BND							1FE		560,894.25		106.613		559,720.33		525,000.00		536,487.70		23,232.63			(8,745.00	)		—		—		6.6		4.77	AO		8,662.50		34,650.00		1/25/2008		4/1/2012
	617446V89	MORGAN STANLEY CORP BND MTN							??		542,275.00		106.969		534,844.17		500,000.00		526,408.67		8,435.50			(15,404.00	)		—		—		5.75		2.482	FA		9,663.19		28,750.00		12/16/2009		8/31/2012
	61745MHB2	MORGAN STANLEY CAP I CMBS 98-WF2 D					2		??		199,568.20		99.946		195,423.24		195,528.61		195,063.75		359.49			(1,090.00	)		—		—		7.398		6.346	MON		1,177.76		14,256.00		12/21/2007		1/1/2011
	61745ML27	MSC CMBS 04-T15 A2					2	NR*Z*			300,023.82		99.944		303,412.06		303,581.40		302,660.98		751.08			768.00			—		—		4.69		5.36	MON		1,186.50		14,238.00		7/30/2008		6/13/2041

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	61746BCW4	MORGAN STANLEY CORP BND MTN							1FE		2,978,670.00		104.326		3,129,775.53		3,000,000.00		2,994,604.21		135,171.32			4,985.00			—		—		5.625		5.809	JJ		80,625.00		168,750.00		8/14/2007		1/9/2012
	61746REV9	MSAC ABS 04-H1					2		??		941,018.19		83.575		785,227.72		939,550.15		940,676.48		(155,448.76	)		2.00			—		—		1.001		0.99	MON		130.58		9,606.00		2/25/2010		1/25/2034
	61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		3,571,581.60		107.807		3,697,770.91		3,430,000.00		3,558,046.69		139,724.22			(13,535.00	)		—		—		6		5.028	AO		36,015.00		102,900.00		6/22/2010		4/28/2015
	61747YCF0	MORGAN STANLEY CORP BND							1FE		11,402,273.37		107.824		11,321,478.11		10,500,000.00		11,281,747.95		39,730.16			(120,525.00	)		—		—		6		3.627	MN		84,000.00		465,000.00		9/17/2010		5/13/2014
	61747YCT0	MORGAN STANLEY CORP BND							1FE		8,619,480.00		98.12		8,462,850.00		8,625,000.00		8,619,649.12		(156,799.12	)		169.00			—		—		3.45		3.464	MN		48,767.19		—		10/26/2010		11/2/2015
	617526AC2	MORGAN STANLEY ABS CAPITAL I M ABS					2	NR*Z*			71,500.37		99.854		71,396.27		71,500.37		71,500.37		(104.10	)		—			—		—		0.306		0.306	MON		3.04		232.00		1/11/2007		11/25/2036
	61757UAH3	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		14,907,014.00		102.041		15,306,151.20		15,000,000.00		14,961,633.24		344,517.96			25,609.00			—		—		1.95		2.128	JD		8,937.50		292,500.00		1/6/2010		6/20/2012
	61757UAL4	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		3,023,745.00		100.321		3,009,619.35		3,000,000.00		3,010,883.95		(1,264.60	)		(9,783.00	)		—		—		0.566		0.421	FMAN		2,451.06		18,489.00		9/2/2009		2/10/2012
	61757UAN0	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		1,002,110.00		100.276		1,002,759.60		1,000,000.00		1,000,864.28		1,895.32			(718.00	)		—		—		0.502		1.453	MJSD		265.04		5,410.00		4/2/2009		3/13/2012
	62864WAB0	EAST LANE RE III LTD CORP BND 144A			F				??		10,000,000.00		106.398		10,639,800.00		10,000,000.00		10,000,000.00		639,800.00			—			—		—		12.294		13.55	FMAN		109,283.38		1,250,714.00		3/13/2009		3/20/2012
	62875UAJ4	NBC UNIVERSAL CORP BND 144A							2FE		11,006,960.00		96.958		10,665,344.80		11,000,000.00		11,006,845.02		(341,500.22	)		(115.00	)		—		—		2.875		2.862	AO		76,427.09		—		11/2/2010		4/1/2016
	62875UAM7	NBC UNIVERSAL CORP BND 144A							2FE		2,599,662.00		99.541		2,588,054.12		2,600,000.00		2,599,683.93		(11,629.81	)		22.00			—		—		2.1		2.104	AO		13,195.01		—		9/27/2010		4/1/2014
	62888UAA8	NGN_10-R2 CMBS_10-R2 1A					2		??		5,991,044.12		99.969		5,989,186.90		5,991,044.12		5,991,044.12		(1,857.22	)		—			—		—		0.635		0.636	MON		2,536.21		2,179.00		11/10/2010		11/6/2017
	62888VAA6	NCUA GUARANTEED NOTES NGN_10-R CMO_10-R1					2	NR*Z*			3,202,789.51		99.875		3,198,786.02		3,202,789.51		3,202,789.51		(4,003.49	)		—			—		—		0.704		0.705	MON		1,781.10		2,589.00		10/18/2010		10/7/2020
	62888VAB4	NGN_10-R1 ABS 10-R1 2A					2	NR*Z*			1,020,158.98		98.984		1,009,885.36		1,020,251.12		1,020,160.37		(10,275.01	)		1.00			—		—		1.84		1.849	MON		1,407.95		1,929.00		10/18/2010		10/7/2020
	62888XAC8	NCUA_10-C1 CMBS_10-C1 A-PT					2		??		4,866,174.03		97.372		4,747,715.99		4,875,840.39		4,866,346.84		(118,630.85	)		173.00			—		—		2.65		2.706	MON		1,435.66		16,869.00		11/3/2010		10/29/2020
	62889AAA1	NCUA GUARANTEED NOTES AGENCY ABS 10-A1 A					2		??		3,200,000.00		100.105		3,203,360.00		3,200,000.00		3,200,000.00		3,360.00			—			—		—		0.615		0.616	MON		820.00		—		12/10/2010		12/7/2020
	62944BAA2	BANK NEDERLANDSE GEMEENTEN CORP BND 144A			F				??		8,962,672.46		96.965		8,726,849.64		9,000,000.00		8,963,698.78		(236,849.14	)		1,026.00			—		—		1.75		1.839	AO		37,187.50		—		11/12/2010		10/6/2015
	62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		??		1,007,018.69		96		956,870.23		996,739.82		1,006,273.77		(49,403.54	)		(311.00	)		—		—		6.5		6.347	MON		5,399.01		64,788.00		10/3/2007		2/25/2035
	6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		8,188,453.32		105.442		8,435,360.08		8,000,000.00		8,181,892.86		253,467.22			(6,560.00	)		—		—		3.375		2.692	JJ		129,750.00		—		11/12/2010		7/8/2014
	6325C0BW0	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		4,996,500.00		99.439		4,971,934.15		5,000,000.00		4,996,569.01		(24,634.86	)		69.00			—		—		1.7		1.724	JD		4,958.33		—		12/6/2010		12/10/2013
	637432MM4	NATIONAL RURAL UTILITIES SECURED CORP							1FE		2,998,950.00		98.834		2,965,026.63		3,000,000.00		2,999,008.24		(33,981.61	)		58.00			—		—		1.125		1.137	MN		5,625.00		—		10/25/2010		11/1/2013
	63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							??		1,329,837.50		104.103		1,301,287.46		1,250,000.00		1,303,312.78		(2,025.32	)		(25,890.00	)		—		—		4.135		1.95	JJ		25,843.75		52,693.00		12/17/2009		1/1/2013
	64031BAA2	NLST_10-3A ABS_10-3A A					2		??		1,182,786.73		99.8		1,180,421.19		1,182,786.73		1,182,786.73		(2,365.54	)		—			—		—		1.068		1.07	JAJO		2,387.06		3,304.00		7/28/2010		7/27/2048
	64944QAA5	NEW YORK COMMUNITY BANK — GTD CORP BND							??		5,192,010.00		102.489		5,175,694.40		5,050,000.00		5,105,043.37		70,651.03			(56,627.00	)		—		—		3		1.844	JD		6,312.50		151,500.00		9/8/2009		12/16/2011
	65475VAC4	NAROT ABS 09-1 A3					2	NR*Z*			3,644,510.76		102.593		3,613,648.47		3,522,329.95		3,607,342.09		6,306.38			(37,169.00	)		—		—		5		2.236	MON		7,827.40		102,735.00		5/24/2010		9/15/2012
	665501AD4	NORTHERN NAT GAS CO CORP BND 144A							??		1,608,465.00		102.497		1,537,455.00		1,500,000.00		1,534,599.12		2,855.88			(73,866.00	)		—		—		7		1.401	JD		8,750.00		105,000.00		2/5/2010		6/1/2011
	665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		110.118		8,258,856.60		7,500,000.00		7,596,656.44		662,200.16			(34,096.00	)		—		—		5.5		4.967	FA		155,833.34		412,500.00		3/23/2009		8/15/2013
	666807BC5	NORTHROP GRUMMAN CORP CORP BND							2FE		4,074,736.80		95.55		3,898,422.37		4,080,000.00		4,074,883.53		(176,461.16	)		147.00			—		—		1.85		1.877	MN		11,112.33		—		11/1/2010		11/15/2015
	66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.25		106.297		1,727,321.62		1,625,000.00		1,623,919.62		103,402.00			319.00			—		—		4.125		4.148	FA		26,253.91		67,031.00		2/4/2009		2/10/2014
	66989HAB4	NOVARTIS CAPITAL CORP CORP BND							1FE		5,243,017.50		101.507		5,329,128.11		5,250,000.00		5,244,812.53		84,315.58			1,795.00			—		—		1.9		1.944	AO		18,564.58		60,404.00		3/9/2010		4/24/2013
	66989HAC2	NOVARTIS CAPITAL CORP CORP BND							1FE		15,376,149.00		102.556		15,844,963.18		15,450,000.00		15,387,295.95		457,667.23			11,147.00			—		—		2.9		3.001	AO		83,387.08		271,319.00		3/9/2010		4/24/2015
	674599CA1	OCCIDENTAL PETROLEUM CORP BND							1FE		6,542,205.50		100.239		6,565,665.38		6,550,000.00		6,542,317.67		23,347.71			112.00			—		—		1.45		1.491	JD		3,957.29		—		12/13/2010		12/13/2013
	6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		13,347,291.75		108.108		13,783,769.24		12,750,000.00		13,233,569.08		550,200.16			(113,723.00	)		—		—		4.1		2.938	JD		21,781.25		522,750.00		2/19/2010		6/16/2014
	6832348F8	ONTARIO PROVINCE CORP BND			A				??		2,800,000.00		100.071		2,801,987.97		2,800,000.00		2,800,000.00		1,987.97			—			—		—		0.434		0.42	FMAN		1,452.76		13,739.00		11/10/2009		11/19/2012
	68389XAD7	ORACLE CORPORATION CORP BND							1FE		5,412,789.50		108.566		5,781,115.23		5,325,000.00		5,375,728.15		405,387.08			(20,916.00	)		—		—		4.95		4.503	AO		55,646.25		263,588.00		3/5/2009		4/15/2013
	68402LAC8	ORACLE CORP CORP BND							1FE		11,066,300.00		111.867		11,186,693.60		10,000,000.00		10,948,327.99		238,365.61			(117,972.00	)		—		—		5.25		3.197	JJ		242,083.33		262,500.00		4/20/2010		1/15/2016
	68402LAE4	ORACLE CORP CORP BND							1		479,788.25		100.136		475,645.48		475,000.00		475,062.98		582.50			(1,634.00	)		—		—		5		4.643	JJ		10,951.40		23,750.00		12/12/2007		1/15/2011
	693506BF3	PPG INDUSTRIES INC CORP BND							??		3,256,223.40		94.823		3,114,944.26		3,285,000.00		3,256,914.23		(141,969.97	)		691.00			—		—		1.9		2.079	JJ		8,495.38		—		11/8/2010		1/15/2016
	69351CAC7	PNC FUNDING CORP — GTD CORP BND GOVT							1FE		4,089,240.00		102.556		4,102,240.00		4,000,000.00		4,062,022.39		40,217.61			(27,218.00	)		—		—		2.3		1.234	JD		2,300.00		92,000.00		5/3/2010		6/22/2012
	69362BAS1	PSE&G POWER LLC CORP BND							??		5,499,426.56		109.42		5,471,009.45		5,000,000.00		5,476,869.63		(5,860.18	)		(22,557.00	)		—		—		5.32		3.462	MS		78,322.22		—		9/15/2010		9/15/2016
	69371RJ98	PACCAR FINL CORP BND							??		6,366,521.25		101.089		6,444,413.36		6,375,000.00		6,368,020.26		76,393.10			1,499.00			—		—		2.05		2.096	JD		5,082.29		65,707.00		6/9/2010		6/17/2013
	69373UAA5	PACCAR INC CORP BND							1FE		4,021,455.09		113.335		4,080,060.50		3,600,000.00		3,934,981.29		145,079.21			(86,474.00	)		—		—		6.875		3.692	FA		93,500.00		123,750.00		2/19/2010		2/15/2014
	694308GD3	PACIFIC GAS AND ELECTRIC CO CORP BND							1FE		5,548,050.00		107.546		5,377,281.95		5,000,000.00		5,516,840.47		(139,558.52	)		(31,210.00	)		—		—		4.8		1.444	MS		80,000.00		—		10/19/2010		3/1/2014
	701489AA4	PARKTON RE LTD CORP BND 144A							??		1,750,000.00		102.598		1,795,465.00		1,750,000.00		1,750,000.00		45,465.00			—			—		—		10.5		10.646	MJSD		5,614.58		186,315.00		7/23/2009		5/6/2011
	713448BK3	PEPSICO INC CORP BND							1FE		19,458,660.00		105.392		20,551,484.28		19,500,000.00		19,472,935.47		1,078,548.81			7,911.00			—		—		3.75		3.797	MS		243,750.00		731,250.00		2/25/2009		3/1/2014
	713448BQ0	PEPSICO INC CORP BND							1FE		8,696,172.00		98.836		8,598,761.06		8,700,000.00		8,696,404.32		(97,643.26	)		232.00			—		—		0.875		0.89	AO		13,744.79		—		10/19/2010		10/25/2013
	717081CZ4	PFIZER INC. CORP BND							1FE		2,883,727.29		104.432		2,870,837.55		2,749,000.00		2,834,585.48		36,252.07			(49,307.00	)		—		—		4.45		1.813	MS		36,019.54		72,290.00		4/15/2010		3/15/2012
	717081DA8	PFIZER INC. CORP BND							1FE		1,380,477.50		112.31		1,403,869.25		1,250,000.00		1,356,441.51		47,427.74			(21,943.00	)		—		—		5.35		3.169	MS		19,690.97		66,875.00		2/17/2010		3/15/2015
	717081DC4	PFIZER INC. CORP BND							1FE		1,575,000.00		100.401		1,581,315.64		1,575,000.00		1,575,000.00		6,315.64			—			—		—		2.252		3.173	MJSD		1,674.60		36,497.00		3/17/2009		3/15/2011
	71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		??		452,730.00		93.25		466,250.00		500,000.00		455,673.64		10,576.36			2,944.00			—		—		0		0.801	MON		—		4,645.00		3/9/2010		4/25/2044
	71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		??		1,177,098.00		90.604		1,177,846.80		1,300,000.00		1,186,952.30		(9,105.50	)		9,854.00			—		—		1.761		2.988	MON		815.37		13,688.00		3/9/2010		4/25/2044
	718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		107.973		6,613,367.75		6,125,000.00		6,116,466.58		496,901.17			3,312.00			—		—		4.875		4.938	MN		37,324.21		298,594.00		5/13/2008		5/16/2013
	718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		7,341,675.50		114.869		7,351,635.72		6,400,000.00		7,171,220.10		180,415.62			(166,740.00	)		—		—		6.875		2.911	MS		127,111.10		245,781.00		4/14/2010		3/17/2014
	BRS4QJRM5	PINNACLE FOODS FINANCE TERM LOAN							4FE		1,960,000.00		97.938		1,958,760.00		2,000,000.00		1,960,000.00		(1,240.00	)		—			—		—		0		0.625	AO		—		—		12/16/2010		4/2/2014
	742651DB5	PRIVATE EXPORT FUNDING CORP SECURED							??		1,646,955.00		112.085		1,681,274.99		1,500,000.00		1,626,649.08		54,625.91			(20,306.00	)		—		—		4.95		3.07	MN		9,487.50		74,250.00		2/23/2010		11/15/2015
	742651DH2	PRIVATE EXPORT FUNDING CORP AGENCY BND							??		4,296,173.00		104.502		4,493,585.96		4,300,000.00		4,297,110.74		196,475.22			754.00			—		—		3.05		3.069	AO		27,687.22		136,979.00		9/22/2009		10/15/2014
	742718DS5	PROCTER & GAMBLE COMPANY CORP BND							1FE		6,446,830.00		97.193		6,317,516.79		6,500,000.00		6,448,067.09		(130,550.30	)		1,237.00			—		—		1.8		1.973	MN		13,975.00		—		11/15/2010		11/15/2015
	74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND							1FE		549,021.00		100.757		554,164.23		550,000.00		549,131.77		5,032.46			111.00			—		—		2.7		2.739	MN		2,475.00		6,641.00		5/17/2010		5/1/2015
	74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				??		5,051,420.50		105.573		5,120,299.28		4,850,000.00		5,008,848.13		111,451.15			(42,572.00	)		—		—		4.2		3.166	MN		27,160.00		203,700.00		1/8/2010		5/13/2014
	74977RBU7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		13,069,661.10		102.462		13,320,006.18		13,000,000.00		13,045,921.91		274,084.27			(23,739.00	)		—		—		2.65		2.427	FA		128,230.55		172,250.00		2/19/2010		8/17/2012
	74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		9,993,100.00		101.912		10,191,181.90		10,000,000.00		9,994,144.90		197,037.00			1,045.00			—		—		3.2		3.215	MS		97,777.78		160,000.00		3/4/2010		3/11/2015
	75778AAA7	REDWOOD CAPITAL XI LTD CORP BND 144A			F				??		5,000,000.00		99.99		4,999,500.00		5,000,000.00		5,000,000.00		(500.00	)		—			—		—		6.313		6.361	JAJO		75,520.83		242,236.00		12/15/2009		1/7/2011
	759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND							??		8,500,000.00		100.442		8,537,570.00		8,500,000.00		8,500,000.00		37,570.00			—			—		—		2.879		2.881	JD		20,392.92		244,715.00		6/19/2009		4/1/2011
	76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1					2		??		431,878.26		79.935		351,872.27		440,198.00		432,187.80		(80,315.53	)		118.00			—		—		3.212		3.586	MON		1,178.17		19,053.00		8/14/2007		9/25/2035
	76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2					2		??		1,367,682.24		88.314		1,251,663.11		1,417,287.31		1,371,910.66		(120,247.55	)		586.00			—		—		5.209		6.624	MON		6,151.64		73,724.00		8/16/2007		9/25/2035
	767201AF3	RIO TINTO FINANCE USA LIMITED CORP BND			F				1FE		4,576,294.00		120.628		4,463,237.35		3,700,000.00		4,535,396.98		(72,159.63	)		(40,897.00	)		—		—		8.95		1.92	MN		55,191.67		—		10/28/2010		5/1/2014
	767201AJ5	RIO TINTO FINANCE USA LIMITED CORP BND			F				2FE		6,070,079.25		96		5,831,991.19		6,075,000.00		6,070,235.54		(238,244.35	)		156.00			—		—		1.875		1.892	MN		18,667.96		—		10/28/2010		11/2/2015
	771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		14,102,816.51		108.632		14,122,123.73		13,000,000.00		13,862,597.13		259,526.60			(237,816.00	)		—		—		5		2.793	MS		216,666.67		650,000.00		2/19/2010		3/1/2014
	771196AX0	ROCHE HOLDINGS INC CORP BND 144A							??		4,673,625.00		100.31		4,614,259.54		4,600,000.00		4,609,197.78		5,061.76			(60,927.00	)		—		—		2.288		1.272	FMAN		10,522.50		109,087.00		12/9/2009		2/25/2011
	780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		2,408,127.55		102.524		2,379,579.72		2,321,000.00		2,336,236.90		43,342.82			(26,727.00	)		—		—		5.65		4.431	JJ		58,647.16		131,137.00		7/9/2008		7/20/2011
	78008HX96	ROYAL BANK OF CANADA CORP BND MTN			A				1FE		2,014,326.69		101.519		2,030,376.74		2,000,000.00		2,013,633.07		16,743.67			(694.00	)		—		—		2.1		1.828	JJ		17,733.33		—		11/12/2010		7/29/2013
	78008KNA7	ROYAL BANK OF CANADA SENIOR CORP BND			A				1FE		4,493,578.81		98.459		4,430,658.06		4,500,000.00		4,493,845.74		(63,187.68	)		267.00			—		—		1.125		1.171	JJ		11,953.13		—		11/12/2010		1/15/2014
	78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		2,498,650.00		101.015		2,525,370.98		2,500,000.00		2,498,801.25		26,569.73			151.00			—		—		3.4		3.419	FA		29,986.11		—		8/17/2010		8/23/2013
	78011CAB2	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				??		2,540,825.00		100.701		2,517,524.90		2,500,000.00		2,522,101.85		(4,576.95	)		(16,198.00	)		—		—		0.986		0.514	FMAN		3,422.33		26,262.00		11/2/2009		5/11/2012
	78011CAC0	ROYAL BK OF STLAND GRP PLC — ( CORP BND			F				1FE		22,880,250.25		102.28		23,012,999.79		22,500,000.00		22,695,072.85		317,926.94			(140,285.00	)		—		—		2.625		1.975	MN		80,390.63		590,625.00		8/31/2009		5/11/2012
	78011CAE6	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				??		1,996,200.00		100.562		2,011,230.00		2,000,000.00		1,998,447.80		12,782.20			1,918.00			—		—		1.45		1.548	AO		5,719.44		29,000.00		10/23/2009		10/20/2011
	78355HJL4	RYDER SYSTEM INC. CORP BND							??		2,163,660.00		106.937		2,138,746.80		2,000,000.00		2,150,266.88		(11,520.08	)		(13,393.00	)		—		—		5.85		3.327	MS		39,000.00		—		9/10/2010		3/1/2014
	78387GAH6	AT&T INC CORP BND							1FE		2,083,466.23		105.128		2,102,557.84		2,000,000.00		2,074,347.27		28,210.57			(9,119.00	)		—		—		5.875		2.379	FA		48,958.33		—		11/12/2010		2/1/2012
	78387GAP8	AT&T INC CORP BND							1FE		3,183,016.41		109.277		3,278,303.82		3,000,000.00		3,176,834.04		101,469.78			(6,182.00	)		—		—		5.1		3.392	MS		45,050.00		—		11/12/2010		9/15/2014
	78442GHX7	SLMA ABS 03-10A A1B 144A					2		??		499,843.75		100		499,999.10		500,000.00		499,880.26		118.84			37.00			—		—		1.714		1.729	MON		214.25		7,601.00		1/12/2010		12/15/2016
	78442GHY5	SLMA ABS 03-10A-A1C					2		??		1,799,687.50		100		1,799,996.76		1,800,000.00		1,799,844.27		152.49			157.00			—		—		1.712		1.727	MON		599.20		23,599.00		2/4/2010		12/15/2016
	78442GHZ2	SLMA ABS 03-10A A1D 144A					2		??		1,893,765.62		100		1,899,996.58		1,900,000.00		1,896,745.30		3,251.28			2,360.00			—		—		1.703		1.842	MON		269.64		33,017.00		9/24/2009		12/15/2016
	78442GJA5	SLM STUDENT LOAN TR 2003-10A ABS_03-10A					2		??		899,718.75		100		899,998.38		900,000.00		899,783.86		214.52			65.00			—		—		1.705		1.72	MON		682.00		15,067.00		1/15/2010		12/15/2016
	78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A					2		??		650,000.00		100		649,998.83		650,000.00		650,000.00		(1.17	)		—			—		—		1.703		1.708	MON		30.75		10,395.00		1/13/2010		12/15/2016
	78444YAB1	SLMA ABS 08-5 A2					2		??		5,358,551.91		101.246		5,336,941.38		5,271,246.88		5,345,186.89		(8,245.51	)		(13,365.00	)		—		—		1.388		0.423	JAJO		13,824.42		21,290.00		8/10/2010		10/25/2013
	78444YAD7	SLMA ABS 08-5 A4					2	NR*Z*			1,943,656.25		104.009		1,924,160.95		1,850,000.00		1,936,998.07		(12,837.12	)		(6,658.00	)		—		—		1.988		1.311	JAJO		6,948.49		19,704.00		6/1/2010		4/26/2021
	78445XAA4	SLMA_10-1 ABS 10-1A					2	NR*Z*			3,354,266.80		99.75		3,345,881.13		3,354,266.80		3,354,266.80		(8,385.67	)		—			—		—		0.661		0.662	MON		307.77		9,635.00		7/30/2010		3/25/2025
	790849AE3	ST. JUDE MEDICAL INC. CORP BND							1FE		6,365,893.24		105.374		6,318,247.47		5,996,000.00		6,358,978.73		(40,731.26	)		(6,915.00	)		—		—		3.75		1.97	JJ		103,680.83		—		12/1/2010		7/15/2014
	790849AH6	ST. JUDE MEDICAL INC. CORP BND							??		4,995,350.00		98.438		4,921,920.40		5,000,000.00		4,995,396.62		(73,476.22	)		47.00			—		—		2.5		2.52	JD		8,680.56		—		12/1/2010		1/15/2016
	796269UF3	SAN ANTONIO TEX INDPT SCH DIST MUNI BND							??		1,000,000.00		98.851		988,509.98		1,000,000.00		1,000,000.00		(11,490.02	)		—			—		—		2.235		2.235	FA		124.17		—		12/15/2010		8/15/2014
	822582AF9	SHELL INTL FINAN CORP BND			F				1FE		11,034,168.50		106.421		11,121,034.95		10,450,000.00		10,919,601.18		201,433.77			(114,567.00	)		—		—		4		2.537	MS		116,111.12		418,000.00		3/2/2010		3/21/2014
	822582AQ5	SHELL INTL FINAN CORP BND			F				??		12,215,823.75		102.346		12,409,405.46		12,125,000.00		12,207,582.21		201,823.25			(8,242.00	)		—		—		3.1		2.936	JD		3,132.29		187,938.00		7/2/2010		6/28/2015

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				??		15,082,618.30		102.118		15,389,180.94		15,070,000.00		15,081,111.21		308,069.73			(5,604.00	)		—		—		2.25		2.198	JD		18,837.50		339,075.00		2/19/2010		6/11/2012
	842587AB3	SOUTHERN COMPANY CORP BND							??		3,225,440.00		104.433		3,341,868.16		3,200,000.00		3,206,834.21		135,033.95			(6,258.00	)		—		—		5.3		5.086	JJ		78,204.44		169,600.00		10/23/2007		1/15/2012
	846042AB5	SOVEREIGN BANCORP INC — GTD CORP BND							??		2,483,687.50		102.745		2,517,252.75		2,450,000.00		2,465,637.50		51,615.25			(10,495.00	)		—		—		2.5		2.052	JD		2,722.22		61,250.00		4/2/2009		6/15/2012
	84650WAA4	SPAREBNK 1 BOLIG LOCAL BND 144A			F				1FE		13,350,480.00		98.871		13,149,843.27		13,300,000.00		13,348,621.95		(198,778.68	)		(1,858.00	)		—		—		1.25		1.152	AO		30,017.36		—		11/9/2010		10/25/2014
	85235XAA3	STADSHYPOTEK AB CORP BND 144A			F				??		13,238,490.17		99.458		13,028,998.00		13,100,000.00		13,231,810.95		(202,812.95	)		(6,679.00	)		—		—		1.45		1.077	MS		48,015.14		—		11/9/2010		9/30/2013
	857477AC7	STATE STREET CORPORATION CORP BND							??		1,101,889.80		99.919		1,139,077.07		1,140,000.00		1,127,094.21		11,982.86			9,571.00			—		—		0.388		3.897	JAJO		749.74		5,032.00		4/30/2008		4/30/2012
	85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		8,335,014.00		102.186		8,404,798.26		8,225,000.00		8,290,408.11		114,390.15			(45,443.00	)		—		—		2.15		1.541	AO		29,964.13		176,838.00		1/27/2010		4/30/2012
	85771SAB2	STATOIL ASA CORP BND			F				1FE		8,220,819.00		105.924		8,367,993.23		7,900,000.00		8,165,033.16		202,960.07			(55,786.00	)		—		—		3.875		2.799	AO		64,626.40		306,125.00		4/6/2010		4/15/2014
	85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		103.067		309,200.36		300,000.00		302,943.37		6,256.99			(725.00	)		—		—		2.9		2.626	AO		1,836.67		8,700.00		12/16/2009		10/15/2014
	863667AA9	STRYKER CORP CORP BND							1FE		5,495,074.87		101.855		5,602,006.74		5,500,000.00		5,495,332.37		106,674.37			258.00			—		—		3		3.022	JJ		76,083.33		—		11/12/2010		1/15/2015
	86386MAD6	STUDENT LOAN CON ABS_02-1-A4 144A					2	NR*Z*			1,365,000.00		90.434		1,356,508.50		1,500,000.00		1,381,063.96		(24,555.46	)		16,064.00			—		—		0		3.287	MON		—		14,434.00		4/1/2010		3/1/2042
	86386MAE4	STUDENT LOAN CON ABS 02-1-A4 144A					2	NR*Z*			1,365,000.00		90.434		1,356,508.50		1,500,000.00		1,379,469.03		(22,960.53	)		14,469.00			—		—		0.1		1.545	MON		61.64		13,959.00		4/1/2010		3/1/2042
	86386MAK0	STUDENT LOAN CON ABS_02-02 A9 144A					2	NR*Z*			1,183,000.00		90.436		1,175,665.40		1,300,000.00		1,191,429.94		(15,764.54	)		8,430.00			—		—		0.648		1.676	MON		115.40		12,171.00		4/1/2010		7/1/2042
	86386MAM6	STUDENT LOAN CON ABS 02-2 A11					2	NR*Z*			919,187.50		90.431		904,314.00		1,000,000.00		922,738.65		(18,424.65	)		3,551.00			—		—		0		1.421	MON		—		4,813.00		8/18/2010		7/1/2042
	86386MAR5	STUDENT LOAN CON ABS 02-2-A15 144A					2	NR*Z*			819,000.00		90.434		813,905.10		900,000.00		822,280.24		(8,375.14	)		3,280.00			—		—		1.85		3.033	MON		1,140.41		8,052.00		4/1/2010		7/1/2042
	86386MAS3	STUDENT LOAN CON ABS_02-2 A16					2	NR*Z*			819,000.00		90.44		813,960.00		900,000.00		823,027.88		(9,067.88	)		4,028.00			—		—		0.492		1.455	MON		218.23		7,939.00		4/1/2010		7/1/2042
	86386MAT1	SLCC_02-2 ABS_02-2-A17					2	NR*Z*			1,001,000.00		90.431		994,745.40		1,100,000.00		1,004,236.27		(9,490.87	)		3,236.00			—		—		0		0.836	MON		—		9,809.00		4/1/2010		7/1/2042
	86386MAU8	STUDENT LOAN CON ABS_02-2-A18 144A					2	NR*Z*			819,000.00		90.431		813,882.60		900,000.00		820,899.31		(7,016.71	)		1,899.00			—		—		0.005		0.583	MON		3.01		7,480.00		4/1/2010		7/1/2042
	BRS8CFLV5	SUNGARD DATA SYSTEMS INC. TERM LOAN							3FE		1,997,336.54		99.25		2,035,796.16		2,051,180.01		1,997,336.54		38,459.62			—			—		—		0		0.513	MJSD		—		—		12/15/2010		2/28/2016
	86801BAB1	SUNTRUST BANK — GTD CORP BND GOVT GUAR							??		2,574,033.75		102.282		2,557,039.00		2,500,000.00		2,527,497.63		29,541.37			(31,013.00	)		—		—		3		1.724	MN		9,375.00		75,000.00		6/24/2009		11/16/2011
	86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		106.81		7,369,889.86		6,900,000.00		7,019,428.42		350,461.44			(31,553.00	)		—		—		4.875		4.328	JD		19,621.88		336,375.00		8/31/2009		6/10/2014
	86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				??		17,692,582.10		101.856		17,855,357.33		17,530,000.00		17,634,577.47		220,779.86			(58,472.00	)		—		—		2.875		2.514	MS		149,796.28		503,988.00		1/5/2010		9/14/2012
	87246AAA6	TIAA CMBS 07-C4 A1					2	NR*Z*			4,576,840.03		101.839		4,631,648.64		4,548,013.41		4,554,892.37		76,756.27			(5,142.00	)		—		—		5.638		5.381	MON		14,978.51		257,315.00		12/21/2007		7/15/2012
	87938WAL7	TLEFONICA EMISNS CORP BND			F				??		2,545,355.15		97.518		2,437,960.83		2,500,000.00		2,544,048.44		(106,087.61	)		(1,307.00	)		—		—		3.729		3.288	AO		16,573.33		—		11/12/2010		4/27/2015
	87938XAA9	TELEFONICA MOVILES CHILE SA CORP BND			F				??		3,490,445.00		96.317		3,371,082.51		3,500,000.00		3,490,706.81		(119,624.30	)		262.00			—		—		2.875		2.934	MN		14,534.72		—		11/3/2010		11/9/2015
	880591CW0	TENN VALLEY AUTH AGENCY BND							??		1,302,900.01		111.076		1,285,149.27		1,157,000.00		1,264,379.50		20,769.77			(38,521.00	)		—		—		6		1.687	MS		20,440.33		69,420.00		3/10/2010		3/15/2013
	880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							1		4,539,760.00		108.594		4,343,760.08		4,000,000.00		4,286,076.48		57,683.60			(201,702.00	)		—		—		6.79		1.575	MN		28,668.89		271,600.00		9/25/2009		5/23/2012
	88166BAA8	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				??		2,300,000.00		100.401		2,309,222.84		2,300,000.00		2,300,000.00		9,222.84			—			—		—		0.704		0.939	MJSD		539.54		9,659.00		6/15/2010		12/19/2011
	88166BAB6	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		3,996,080.00		100.765		4,030,603.32		4,000,000.00		3,997,126.69		33,476.63			1,047.00			—		—		1.5		1.55	JD		2,666.67		29,500.00		6/15/2010		6/15/2012
	88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		13,833,261.99		100.73		13,951,105.00		13,850,000.00		13,834,613.71		116,491.29			1,352.00			—		—		3		3.027	JD		18,466.66		204,288.00		11/12/2010		6/15/2015
	88579EAD7	3M COMPANY CORP BND							??		4,363,958.25		107.558		4,382,991.56		4,075,000.00		4,244,234.21		138,757.35			(83,575.00	)		—		—		4.65		2.459	JD		8,421.66		189,488.00		7/20/2009		12/15/2012
	887317AJ4	TIME WARNER INC CORP BND							2FE		7,260,260.00		100.996		7,069,692.92		7,000,000.00		7,247,054.93		(177,362.01	)		(13,205.00	)		—		—		3.15		2.326	JJ		102,287.50		—		9/23/2010		7/15/2015
	88732JAK4	TIME WARNER CABLE INC CORP BND							2FE		1,676,085.00		110.717		1,660,755.50		1,500,000.00		1,642,987.21		17,768.29			(33,098.00	)		—		—		6.2		2.257	JJ		46,500.00		46,500.00		5/20/2010		7/1/2013
	88732JAV0	TIME WARNER CABLE INC CORP BND							2FE		10,994,818.00		102.433		10,652,995.40		10,400,000.00		10,968,551.74		(315,556.34	)		(26,266.00	)		—		—		3.5		2.096	FA		151,666.67		—		10/15/2010		2/1/2015
	89152UAE2	TOTAL CAPITAL S.A. CORP BND			F				??		8,642,021.91		97.146		8,257,448.59		8,500,000.00		8,638,438.25		(380,989.66	)		(3,584.00	)		—		—		2.3		1.969	MS		57,563.89		—		11/12/2010		3/15/2016
	89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN							1FE		3,246,272.95		103.305		3,357,397.13		3,250,000.00		3,246,441.04		110,956.09			168.00			—		—		3.2		3.227	JD		4,044.45		52,000.00		11/12/2010		6/17/2015
	89233P4H6	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		4,996,098.00		100.2		5,009,978.50		5,000,000.00		4,996,302.31		13,676.19			204.00			—		—		1.375		1.404	FA		26,545.14		—		11/12/2010		8/12/2013
	89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT					2		??		4,999,209.00		99.64		4,982,000.00		5,000,000.00		4,999,271.54		(17,271.54	)		63.00			—		—		1.09		1.098	MON		2,422.22		11,506.00		9/22/2010		12/15/2014
	89235YAC9	TAOT_10-B ABS_10-B A3					2	NR*Z*			4,089,646.62		100.281		4,101,503.13		4,090,000.00		4,089,720.99		11,782.14			74.00			—		—		1.04		1.047	MON		1,890.49		16,896.00		7/14/2010		2/18/2014
	89235YAD7	TAOT_10-B ABS_10-B A4					2		??		1,099,799.58		100.672		1,107,390.63		1,100,000.00		1,099,827.98		7,562.65			28.00			—		—		1.47		1.481	MON		718.67		6,423.00		7/14/2010		1/17/2017
	893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND			A				1FE		7,668,401.75		103.13		7,915,246.62		7,675,000.00		7,669,119.40		246,127.22			718.00			—		—		3.4		3.419	JD		21,745.83		130,475.00		5/27/2010		6/1/2015
	902118BK3	TYCO INTERNATIONAL GROUP SA CORP BND			F				1FE		5,616,616.50		111.117		5,500,313.62		4,950,000.00		5,573,694.42		(73,380.80	)		(42,922.00	)		—		—		6		1.498	MN		37,950.00		148,500.00		10/14/2010		11/15/2013
	902118BN7	TYCO INTERNATIONAL FINANCE SA CORP BND			F				1FE		3,676,511.91		102.044		3,571,524.99		3,500,000.00		3,671,828.22		(100,303.23	)		(4,684.00	)		—		—		3.375		2.286	AO		24,937.50		—		11/12/2010		10/15/2015
	90261XGF3	UBS AG STAMFORD BRANCH CORP BOND							1FE		4,444,215.00		101.074		4,497,799.01		4,450,000.00		4,444,938.02		52,860.99			723.00			—		—		2.25		2.295	FA		38,659.38		—		8/5/2010		8/12/2013
	90290FAC0	USAOT_1-1 ABS 10-1 A3					2		??		2,652,898.44		100.51		2,663,515.05		2,650,000.00		2,651,902.93		11,612.12			(996.00	)		—		—		1.3		1.246	MON		1,531.11		22,967.00		4/28/2010		3/15/2013
	90333WAA6	US BANK NA CORP BND							1FE		1,439,603.25		103.324		1,420,710.50		1,375,000.00		1,387,894.91		32,815.59			(21,312.00	)		—		—		6.375		4.726	FA		36,523.45		87,656.00		9/30/2008		8/1/2011
	90345AAC6	US CENTRAL CREDIT UNION — (LT) CORP BND							1FE		14,757,824.30		102.104		14,937,814.61		14,630,000.00		14,717,376.89		220,437.72			(40,519.00	)		—		—		1.9		1.561	AO		55,594.00		277,970.00		3/4/2010		10/19/2012
	911312AG1	UNITED PARCEL SERVICE INC CORP BND							1FE		12,184,671.00		106.528		12,144,240.68		11,400,000.00		11,906,091.87		238,148.81			(237,711.00	)		—		—		4.5		2.259	JJ		236,550.00		484,875.00		1/22/2010		1/15/2013
	911312AL0	UNITED PARCEL SERVICE INC CORP BND							1FE		12,414,426.00		106.148		12,525,485.95		11,800,000.00		12,310,816.88		214,669.07			(103,609.00	)		—		—		3.875		2.479	AO		114,312.50		228,625.00		4/20/2010		4/1/2014
	911312AM8	UNITED PARCEL SERVICE INC CORP BND							??		5,214,825.00		92.626		4,862,876.97		5,250,000.00		5,215,106.01		(352,229.04	)		281.00			—		—		3.125		3.202	JJ		22,330.72		—		11/8/2010		1/15/2021
	91159HGS3	US BANCORP CORP BND							??		1,250,062.50		101.097		1,263,709.64		1,250,000.00		1,250,048.61		13,661.03			(14.00	)		—		—		2.125		2.123	FA		10,034.72		24,792.00		12/16/2009		2/15/2013
	91159HGU8	US BANCORP CORP BND MTN							1FE		549,043.00		101.51		558,302.92		550,000.00		549,191.50		9,111.42			149.00			—		—		3.15		3.188	MS		5,630.63		8,663.00		3/1/2010		3/4/2015
	91159HGW4	US BANCORP CORP BND							1FE		9,538,062.50		100.725		9,619,208.94		9,550,000.00		9,540,195.64		79,013.30			2,133.00			—		—		2		2.043	JD		9,019.44		95,500.00		6/9/2010		6/14/2013
	91159HGX2	US BANCORP CORP BND							1FE		7,492,650.00		99.083		7,431,251.93		7,500,000.00		7,493,246.84		(61,994.91	)		597.00			—		—		2.45		2.471	JJ		78,604.17		—		7/22/2010		7/27/2015
	91159HGY0	US BANCORP CORP BND							1FE		5,442,969.50		99.415		5,418,122.95		5,450,000.00		5,443,669.08		(25,546.13	)		700.00			—		—		1.375		1.419	MS		22,481.25		—		9/8/2010		9/13/2013
	91159HGZ7	US BANCORP CORP BND							??		6,839,930.50		98.698		6,760,845.26		6,850,000.00		6,840,479.35		(79,634.09	)		549.00			—		—		1.125		1.175	AO		12,629.69		—		10/28/2010		10/30/2013
	91160HAC1	US BANCORP — (LT) GTD CORP BND GOVT GUAR							1FE		2,004,620.00		101.762		2,035,239.86		2,000,000.00		2,002,154.98		33,084.88			(1,542.00	)		—		—		1.8		1.72	MN		4,600.00		36,000.00		5/19/2009		5/15/2012
	912828FU9	UNITED STATES TREASURY GOVT BND							1		2,089,062.50		103.105		2,062,100.22		2,000,000.00		2,021,695.31		40,404.91			(28,427.00	)		—		—		4.5		3.014	MS		22,994.51		90,000.00		7/29/2008		9/30/2011
	912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,468.75		103.537		4,141,480.12		4,000,000.00		4,059,693.61		81,786.51			(70,880.00	)		—		—		4.625		2.775	AO		32,019.23		185,000.00		7/15/2008		10/31/2011
	912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.25		104.226		3,126,779.70		3,000,000.00		3,077,252.75		49,526.95			(75,941.00	)		—		—		4.625		2.004	JD		383.29		138,750.00		3/7/2008		12/31/2011
	912828GF1	UNITED STATES TREASURY GOVT BND							1		1,078,359.38		104.703		1,047,029.95		1,000,000.00		1,023,226.76		23,803.19			(20,924.00	)		—		—		4.75		2.558	JJ		19,877.72		47,500.00		4/17/2008		1/31/2012
	912828GX2	UNITED STATES TREASURY GOVT BND TIPS							1		4,776,637.13		120.037		5,041,552.43		4,200,000.00		4,784,189.50		257,362.93			(50,431.00	)		—		—		2.625		1.351	JJ		53,745.65		115,521.00		10/15/2009		7/15/2017
	912828HK9	UNITED STATES TREASURY GOVT BND							??		16,403,320.31		105.4		17,391,000.33		16,500,000.00		16,460,899.57		930,100.76			19,444.00			—		—		3.375		3.504	MN		48,956.04		556,875.00		12/7/2007		11/30/2012
	912828HY9	UNITED STATES TREASURY GOVT BND							1		3,456,386.72		105.648		3,697,680.11		3,500,000.00		3,478,446.65		219,233.46			8,752.00			—		—		3.125		3.402	AO		18,732.73		109,375.00		5/30/2008		4/30/2013
	912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.33		106.655		799,912.49		750,000.00		754,600.25		45,312.24			(1,806.00	)		—		—		3.5		3.234	MN		2,307.69		26,250.00		6/4/2008		5/31/2013
	912828JD3	UNITED STATES TREASURY GOVT BND							1		14,621,953.13		106.49		15,441,048.55		14,500,000.00		14,563,930.74		877,117.81			(24,227.00	)		—		—		3.375		3.19	JD		1,351.86		489,375.00		7/21/2008		6/30/2013
	912828JM3	UNITED STATES TREASURY GOVT BND							1		41,835,864.70		106.086		43,601,348.47		41,100,000.00		41,517,026.55		2,084,321.92			(144,749.00	)		—		—		3.125		2.738	MS		328,150.76		1,284,375.00		10/7/2008		9/30/2013
	912828JQ4	UNITED STATES TREASURY GOVT BND							1		5,968,750.00		105.133		6,202,847.65		5,900,000.00		5,940,082.61		262,765.04			(13,039.00	)		—		—		2.75		2.5	AO		27,788.67		162,250.00		11/6/2008		10/31/2013
	912828JT8	UNITED STATES TREASURY GOVT BND							1		8,013,562.50		102.951		8,133,129.32		7,900,000.00		7,995,501.61		137,627.71			(18,061.00	)		—		—		2		1.574	MN		13,890.11		79,000.00		6/3/2010		11/30/2013
	912828JZ4	UNITED STATES TREASURY GOVT BND							1		22,737,799.27		102.098		23,482,540.00		23,000,000.00		22,748,677.62		733,862.38			10,878.00			—		—		1.75		2.118	JJ		168,437.50		—		11/12/2010		1/31/2014
	912828KF6	UNITED STATES TREASURY GOVT BND							1		16,268,646.66		102.408		16,180,462.42		15,800,000.00		16,226,732.39		(46,269.97	)		(41,914.00	)		—		—		1.875		1.004	FA		100,659.53		103,125.00		12/17/2010		2/28/2014
	912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,532.69		100.285		2,537,210.60		2,530,000.00		2,527,802.20		9,408.40			5,235.00			—		—		0.875		1.087	MN		1,946.15		22,138.00		6/5/2009		5/31/2011
	912828KX7	UNITED STATES TREASURY GOVT BND							1		4,376,593.75		102.112		4,390,815.66		4,300,000.00		4,347,090.49		43,725.17			(29,503.00	)		—		—		1.875		1.113	JD		3,765.45		80,625.00		1/27/2010		6/15/2012
	912828KY5	UNITED STATES TREASURY GOVT BND							1		22,424,667.77		104.635		23,124,335.44		22,100,000.00		22,332,102.98		792,232.46			(63,011.00	)		—		—		2.625		2.311	JD		1,602.56		580,125.00		7/8/2009		6/30/2014
	912828LC2	UNITED STATES TREASURY GOVT BND							1		26,828,915.19		104.59		26,984,218.98		25,800,000.00		26,797,267.40		186,951.58			(29,930.00	)		—		—		2.625		1.51	JJ		283,414.41		160,125.00		12/23/2010		7/31/2014
	912828LH1	UNITED STATES TREASURY GOVT BND							1		18,263,671.88		102.059		18,370,619.64		18,000,000.00		18,171,209.38		199,410.26			(92,463.00	)		—		—		1.75		1.156	FA		118,980.98		315,000.00		2/10/2010		8/15/2012
	912828LK4	UNITED STATES TREASURY GOVT BND							1		58,429,373.94		103.601		57,912,962.36		55,900,000.00		58,256,472.01		(343,509.65	)		(173,053.00	)		—		—		2.375		1.185	FA		452,267.86		138,938.00		11/12/2010		8/31/2014
	912828LP3	UNITED STATES TREASURY GOVT BND							??		8,406,594.50		103.721		8,297,680.08		8,000,000.00		8,381,128.42		(83,448.34	)		(25,466.00	)		—		—		3		2.115	MS		61,318.68		120,000.00		7/30/2010		9/30/2016
	912828LR9	UNITED STATES TREASURY GOVT BND							1		62,128,666.13		101.474		62,507,983.38		61,600,000.00		62,049,681.22		458,302.16			(81,723.00	)		—		—		1.375		0.96	AO		181,500.00		628,375.00		8/19/2010		10/15/2012
	912828LS7	UNITED STATES TREASURY GOVT BND							1		79,955,859.48		103.529		79,717,329.23		77,000,000.00		79,696,240.87		21,088.36			(259,619.00	)		—		—		2.375		1.428	AO		316,514.43		914,375.00		9/15/2010		10/31/2014
	912828LU2	UNITED STATES TREASURY GOVT BND							1		9,826,431.73		104.321		9,701,852.91		9,300,000.00		9,795,681.98		(93,829.07	)		(30,750.00	)		—		—		3.125		2.142	AO		48,570.21		145,313.00		7/30/2010		10/31/2016
	912828LZ1	UNITED STATES TREASURY GOVT BND							1		105,083,544.73		102.446		102,650,891.00		100,200,000.00		104,883,514.09		(2,232,623.09	)		(200,312.00	)		—		—		2.125		0.905	MN		187,186.81		1,106,063.00		11/12/2010		11/30/2014
	912828MB3	UNITED STATES TREASURY GOVT BND							??		41,543,936.97		101.028		42,249,909.60		41,820,000.00		41,638,708.76		611,200.84			90,999.00			—		—		1.125		1.351	JD		21,972.73		470,475.00		12/16/2009		12/15/2012
	912828MG2	UNITED STATES TREASURY GOVT BND							1		10,972,107.16		101.521		11,167,310.44		11,000,000.00		10,980,838.56		186,471.88			8,731.00			—		—		1.375		1.462	JJ		69,870.92		75,625.00		1/19/2010		1/15/2013
	912828MH0	UNITED STATES TREASURY GOVT BND							1		24,835,044.69		102.656		25,663,999.50		25,000,000.00		24,863,844.78		800,154.72			28,800.00			—		—		2.25		2.391	JJ		235,394.02		281,250.00		1/29/2010		1/31/2015
	912828MK3	UNITED STATES TREASURY GOVT BND							1		6,951,424.84		103.926		6,859,116.20		6,600,000.00		6,930,934.92		(71,818.72	)		(20,490.00	)		—		—		3.125		2.238	JJ		86,311.14		—		8/2/2010		1/31/2017
	912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,430.81		100.387		5,019,350.05		5,000,000.00		4,999,738.32		19,611.73			286.00			—		—		0.75		0.756	MN		3,296.70		37,500.00		12/3/2009		11/30/2011
	912828MN7	UNITED STATES TREASURY GOVT BND							1		47,230,136.84		101.51		47,513,786.63		46,807,000.00		47,173,201.04		340,585.59			(56,936.00	)		—		—		1.375		1.001	FA		243,097.49		162,298.00		9/9/2010		2/15/2013
	912828MR8	UNITED STATES TREASURY GOVT BND							1		42,074,916.81		103.056		41,480,040.00		40,250,000.00		42,024,953.50		(544,913.50	)		(49,963.00	)		—		—		2.375		1.28	FA		324,807.49		77,188.00		11/23/2010		2/28/2015
	912828MU1	UNITED STATES TREASURY GOVT BND							1		11,437,362.58		100.766		11,537,707.69		11,450,000.00		11,442,116.01		95,591.68			4,753.00			—		—		1		1.056	MS		28,943.07		57,250.00		3/30/2010		3/31/2012
	912828MZ0	UNITED STATES TREASURY GOVT BND							1		6,352,265.63		103.383		6,202,980.18		6,000,000.00		6,338,572.12		(135,591.94	)		(13,694.00	)		—		—		2.5		1.16	AO		25,690.61		75,000.00		10/27/2010		4/30/2015
	912828NC0	UNITED STATES TREASURY GOVT BND							1		1,503,579.24		101.451		1,521,764.84		1,500,000.00		1,502,884.64		18,880.20			(695.00	)		—		—		1.375		1.292	MN		2,677.83		10,313.00		5/28/2010		5/15/2013
	912828NF3	UNITED STATES TREASURY GOVT BND							1		301,395.54		101.593		304,779.01		300,000.00		301,265.57		3,513.44			(130.00	)		—		—		2.125		2.024	MN		563.54		3,188.00		6/15/2010		5/31/2015

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	912828NL0	UNITED STATES TREASURY GOVT BND							1		15,410,932.95		100.398		15,360,894.46		15,300,000.00		15,403,079.92		(42,185.46	)		(7,853.00	)		—		—			1.875		1.718	JD		792.48		143,438.00		9/10/2010		6/30/2015
	912828NQ9	UNITED STATES TREASURY GOVT BND							1		5,812,906.15		100.271		5,815,717.77		5,800,000.00		5,810,389.34		5,328.43			(2,517.00	)		—		—			0.625		0.511	JJ		15,169.83		—		8/13/2010		7/31/2012
	912828NV8	UNITED STATES TREASURY GOVT BND							1		34,729,068.03		97.253		34,077,450.50		35,040,000.00		34,749,197.12		(671,746.62	)		20,129.00			—		—			1.25		1.429	FA		149,967.41		—		9/24/2010		8/31/2015
	912828NX4	UNITED STATES TREASURY GOVT BND							1		27,311,519.08		99.758		27,233,934.82		27,300,000.00		27,310,351.14		(76,416.32	)		(1,168.00	)		—		—			0.375		0.353	MS		26,156.26		—		10/20/2010		9/30/2012
	912828NY2	UNITED STATES TREASURY GOVT BND							1		10,018,392.88		99.682		9,968,199.90		10,000,000.00		10,016,764.80		(48,564.90	)		(1,628.00	)		—		—			0.75		0.687	MS		22,375.69		—		9/24/2010		9/15/2013
	912828NZ9	UNITED STATES TREASURY GOVT BND							1		19,784,499.59		97.014		19,111,758.00		19,700,000.00		19,780,619.64		(668,861.64	)		(3,880.00	)		—		—			1.25		1.16	MS		62,915.52		—		10/26/2010		9/30/2015
	912828PA2	UNITED STATES TREASURY GOVT BND							1		1,981,946.98		95.248		1,904,960.02		2,000,000.00		1,982,556.61		(77,596.59	)		610.00			—		—			1.875		2.012	MS		9,581.04		—		9/24/2010		9/30/2017
	912828PB0	UNITED STATES TREASURY GOVT BND							1		39,862,433.77		98.884		39,489,326.60		39,935,000.00		39,866,722.99		(377,396.39	)		4,289.00			—		—			0.5		0.562	AO		42,787.48		—		10/28/2010		10/15/2013
	912828PD6	UNITED STATES TREASURY GOVT BND							1		47,279,229.11		99.697		47,256,377.53		47,400,000.00		47,286,640.46		(30,262.93	)		7,411.00			—		—			0.375		0.505	AO		30,276.10		—		11/18/2010		10/31/2012
	912828PE4	UNITED STATES TREASURY GOVT BND							1		48,906,802.82		96.771		47,659,719.47		49,250,000.00		48,914,536.62		(1,254,817.15	)		7,734.00			—		—			1.25		1.395	AO		104,859.21		—		12/7/2010		10/31/2015
	912828PF1	UNITED STATES TREASURY GOVT BND							1		1,438,655.76		95.082		1,369,180.81		1,440,000.00		1,438,668.00		(69,487.19	)		12.00			—		—			1.875		1.887	AO		4,598.90		—		11/3/2010		10/31/2017
	912828PH7	UNITED STATES TREASURY GOVT BND							1		4,388,155.37		99.818		4,391,992.04		4,400,000.00		4,389,915.06		2,076.98			1,760.00			—		—			0.375		0.513	FA		5,575.55		—		9/14/2010		8/31/2012
	912828PJ3	UNITED STATES TREASURY GOVT BND							1		23,833,616.80		97.175		23,837,028.24		24,530,000.00		23,837,620.14		(591.90	)		4,003.00			—		—			1.375		1.981	MN		29,651.65		—		12/29/2010		11/30/2015
	912828PL8	UNITED STATES TREASURY GOVT BND							1		37,738,750.00		99.283		37,727,538.87		38,000,000.00		37,742,688.42		(15,149.55	)		3,938.00			—		—			0.75		0.981	JD		13,310.44		—		12/14/2010		12/15/2013
	912828PU8	UNITED STATES TREASURY GOVT BND							1		7,559,134.84		98.704		7,501,504.16		7,600,000.00		7,560,403.69		(58,899.53	)		1,269.00			—		—			0.5		0.684	MN		4,933.70		—		11/30/2010		11/15/2013
	913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.20		106.648		821,192.38		770,000.00		781,724.54		39,467.84			(8,083.00	)		—		—			6.1		4.936	MN		6,001.72		46,970.00		9/24/2008		5/15/2012
	914455KX7	UNIVERSITY MICH UNIV REVS MUNITAX BND							??		3,500,000.00		97.152		3,400,320.00		3,500,000.00		3,500,000.00		(99,680.00	)		—			—		—			1.754		1.754	AO		8,867.44		—		10/28/2010		4/1/2015
	91913YAQ3	VALERO ENERGY CORPORATION CORP BND							2FE		1,531,485.00		104.005		1,560,069.00		1,500,000.00		1,527,831.65		32,237.35			(3,653.00	)		—		—			4.5		4.003	FA		28,125.00		32,438.00		5/20/2010		2/1/2015
	92343VAB0	VERIZON COMMUNICATIONS INC CORP BND							1FE		4,434,007.70		100.575		4,339,792.09		4,315,000.00		4,320,661.62		19,130.47			(45,584.00	)		—		—			5.35		4.254	FA		87,210.94		230,853.00		5/30/2008		2/15/2011
	92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND							??		6,784,125.00		110.056		6,878,499.00		6,250,000.00		6,707,450.76		171,048.24			(76,674.00	)		—		—			4.9		3.21	MS		90,173.61		306,250.00		2/17/2010		9/15/2015
	92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		6,369,194.90		115.24		6,371,602.63		5,529,000.00		6,209,061.21		162,541.42			(158,826.00	)		—		—			7.375		2.872	MN		52,103.14		407,764.00		4/20/2010		11/15/2013
	92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		7,987,672.58		104.568		8,313,145.12		7,950,000.00		7,969,055.55		344,089.57			(16,681.00	)		—		—			5.25		5.019	FA		173,906.26		417,375.00		11/10/2009		2/1/2012
	92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		24,052,049.92		109.574		25,339,071.68		23,125,000.00		23,960,853.94		1,378,217.74			(93,573.00	)		—		—			5.55		4.254	FA		534,765.65		867,188.00		11/12/2010		2/1/2014
	92344SAT7	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		649,607.57		101.079		657,012.61		650,000.00		649,900.96		7,111.65			252.00			—		—			3.75		3.79	MN		2,776.04		24,375.00		11/10/2009		5/20/2011
	92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8					2	NR*Z*			4,003,555.85		86.325		3,491,530.45		4,044,634.18		4,004,856.90		(513,326.45	)		722.00			—		—			2.721		2.887	MON		9,170.30		165,593.00		1/10/2008		10/25/2035
	92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NR*Z*			773,181.32		96.661		765,730.36		792,181.29		773,913.40		(8,183.04	)		181.00			—		—			2.707		3.219	MON		1,786.78		22,397.00		8/10/2007		6/25/2034
	92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3					2		??		2,939,882.81		79.919		2,397,570.00		3,000,000.00		2,959,120.84		(561,550.84	)		6,581.00			—		—			2.77		2.955	MON		6,926.03		118,061.00		3/24/2006		9/25/2035
	92924SAA6	WESTFIELD GROUP CORP BND 144A			R				??		2,960,718.75		106.084		3,209,027.35		3,025,000.00		2,998,710.90		210,316.45			13,834.00			—		—			5.4		5.929	AO		40,837.50		163,350.00		12/24/2008		10/1/2012
	92928WAF2	WMC FINANCE LTD CORP BND			F				1FE		10,811,300.00		108.13		10,813,011.90		10,000,000.00		10,591,539.14		221,472.76			(219,761.00	)		—		—			5.125		2.537	MN		65,486.11		512,500.00		1/27/2010		5/15/2013
	929766CT8	WACHOVIA BANK COMM MTG TR CMBS 03-C3					2		??		2,290,848.69		100.925		2,379,175.26		2,357,380.81		2,334,695.78		44,479.48			9,584.00			—		—			4.037		5.078	MON		7,930.62		95,168.00		8/27/2008		2/15/2035
	92976WBA3	WACHOVIA CORPORATION CORP BND MTN							??		527,500.00		109.675		548,373.03		500,000.00		513,793.19		34,579.84			(4,923.00	)		—		—			5.7		4.556	FA		11,875.00		28,500.00		1/31/2008		8/1/2013
	92976WBJ4	WACHOVIA CORPORATION CORP BND MTN							1FE		9,141,125.82		108.662		9,127,593.47		8,400,000.00		9,093,056.08		34,537.39			(46,784.00	)		—		—			5.5		1.865	MN		77,000.00		22,000.00		11/12/2010		5/1/2013
	931142AS2	WAL-MART STORES INC CORP BND							??		6,759,610.00		114.297		6,629,244.44		5,800,000.00		6,616,990.14		12,254.30			(142,620.00	)		—		—			7.25		1.305	JD		35,041.67		210,250.00		7/22/2010		6/1/2013
	931142BT9	WAL-MART STORES INC CORP BND							1FE		2,291,772.00		107.788		2,263,538.59		2,100,000.00		2,270,404.69		(6,866.10	)		(21,367.00	)		—		—			4.55		1.019	MN		15,925.00		47,775.00		9/10/2010		5/1/2013
	931142CL5	WAL-MART STORES INC CORP BND							1FE		3,178,928.01		106.918		3,207,551.43		3,000,000.00		3,130,894.44		76,656.99			(48,034.00	)		—		—			4.25		2.28	AO		26,916.67		127,500.00		2/19/2010		4/15/2013
	931142CR2	WAL-MART STORES INC CORP BND							1FE		6,072,390.00		101.849		6,110,952.78		6,000,000.00		6,064,099.44		46,853.34			(8,291.00	)		—		—			2.875		2.607	AO		43,125.00		86,250.00		5/20/2010		4/1/2015
	931142CX9	WAL-MART STORES INC CORP BND							1FE		10,617,248.25		95.514		10,196,083.63		10,675,000.00		10,619,328.85		(423,245.22	)		2,081.00			—		—			1.5		1.613	AO		29,356.25		—		10/18/2010		10/25/2015
	931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.25		108.395		6,747,579.54		6,225,000.00		6,211,854.80		535,724.74			4,658.00			—		—			4.875		4.963	FA		126,445.32		303,469.00		7/14/2008		8/1/2013
	93934FEN8	WMALT_05-5 CMO 05-9-2A2					2		??		5,075,466.24		80		4,431,512.14		5,539,390.17		5,097,255.38		(665,743.24	)		17,346.00			—		—			5.5		7.847	MON		25,388.87		304,667.00		12/17/2007		11/25/2035
	949744AA4	WELLS FARGO & COMPANY — GTD CORP BND							??		1,298,479.00		102.441		1,331,733.03		1,300,000.00		1,298,479.00		33,254.03			—			—		—			3		3.658	JD		2,383.33		39,000.00		12/3/2008		12/9/2011
	949744AB2	WELLS FARGO & COMPANY — GTD SENIOR CORP							??		6,941,312.51		100.81		6,855,078.58		6,800,000.00		6,859,101.03		(4,022.45	)		(62,922.00	)		—		—			1.152		0.242	MJSD		5,005.62		81,724.00		9/8/2009		12/9/2011
	949744AC0	WELLS FARGO & COMPANY — GTD CORP BND							1FE		829,784.20		102.307		849,148.09		830,000.00		829,895.22		19,252.87			70.00			—		—			2.125		2.134	JD		783.89		17,638.00		3/25/2009		6/15/2012
	949746NY3	WELLS FARGO & COMPANY CORP BND							1FE		797,552.00		105.662		845,292.36		800,000.00		798,915.56		46,376.80			487.00			—		—			4.375		4.444	JJ		14,680.56		35,000.00		1/25/2008		1/31/2013
	949748AF4	WELLS FARGO BANK CORP BND							1FE		2,103,060.00		100.387		2,007,741.52		2,000,000.00		2,002,938.75		4,802.77			(34,356.00	)		—		—			6.45		4.665	FA		53,750.00		129,000.00		12/5/2007		2/1/2011
	94974BEU0	WELLS FARGO & COMPANY CORP BND							1FE		4,044,937.50		103.252		4,181,701.03		4,050,000.00		4,045,690.86		136,010.17			753.00			—		—			3.625		3.652	AO		30,993.76		79,523.00		3/23/2010		4/15/2015
	94975CAL1	WELLS FARGO FINANCIAL INC CORP BND							1FE		804,015.00		106.642		799,818.53		750,000.00		781,384.44		18,434.09			(19,102.00	)		—		—			5.5		2.781	FA		17,187.50		41,250.00		10/20/2009		8/1/2012
	949781AA6	WFMBS CMO 05-AR1 1A1					2	NR*Z*			2,956,026.71		92		2,786,011.62		3,028,273.50		2,962,635.12		(176,623.50	)		1,742.00			—		—			2.838		3.391	MON		7,163.09		86,718.00		12/5/2006		2/25/2035
	949781AC2	WFMBS CMO 05-AR1 2A1					2		??		840,283.74		90.26		777,388.96		861,277.38		841,089.73		(63,700.77	)		260.00			—		—			2.836		3.343	MON		2,035.37		24,669.00		5/27/2008		2/25/2035
	949797AA2	WFMBS WHOLE CMO 07-15 A1					2		??		365,571.92		92		334,211.24		363,273.09		365,383.78		(31,172.54	)		(21.00	)		—		—			6		5.72	MON		1,816.37		21,796.00		1/17/2008		11/25/2037
	94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2		??		240,973.21		95.5		232,160.82		243,100.33		241,062.55		(8,901.73	)		41.00			—		—			2.736		2.875	MON		554.20		7,126.00		1/14/2008		12/25/2034
	94980VAF5	WELLS FARGO BANK NA CORP BND							1FE		5,406,072.80		92.454		5,487,145.02		5,935,000.00		5,421,122.68		66,022.34			15,050.00			—		—			0.494		2.28	FMAN		3,749.19		8,892.00		10/27/2010		5/16/2016
	94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2					2		??		2,308,484.10		94.634		2,247,743.12		2,375,193.64		2,312,337.50		(64,594.38	)		2,646.00			—		—			2.913		3.544	MON		5,764.88		73,498.00		7/19/2006		4/25/2035
	94982BAG5	WFMBS CMO 05-AR8 3A2					2	NR*Z*			889,467.09		94.374		853,969.84		904,878.29		890,132.52		(36,162.68	)		163.00			—		—			2.876		3.248	MON		2,168.80		27,760.00		12/15/2005		6/25/2035
	949835AB8	WFMBS CMO_05-AR15 1A2					2		??		3,971,535.05		97.53		3,883,450.17		3,981,800.65		3,971,854.25		(88,404.08	)		(63.00	)		—		—			5.067		5.087	MON		16,811.50		202,667.00		1/28/2008		9/25/2035
	95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND							1FE		6,706,837.00		101.857		6,824,419.67		6,700,000.00		6,704,794.00		119,625.67			(2,225.00	)		—		—			1.75		1.71	MN		19,215.97		117,250.00		1/27/2010		11/2/2012
	961214BN2	WESTPAC BANKING CORP BND			F				1FE		5,008,446.75		99.811		4,990,545.25		5,000,000.00		5,008,722.70		(18,177.45	)		276.00			—		—			3		2.959	FA		61,666.67		—		11/12/2010		8/4/2015
	961214BP7	WESTPAC BANKING CORP BND			F				1FE		6,667,924.50		99.299		6,628,232.41		6,675,000.00		6,668,008.01		(39,775.60	)		84.00			—		—			3		3.023	JD		12,237.51		—		12/2/2010		12/9/2015
	961214BR3	WESTPAC BANKING CORP BND			F				1FE		9,195,216.00		99.923		9,192,900.27		9,200,000.00		9,195,314.43		(2,414.16	)		98.00			—		—			1.85		1.868	JD		10,401.11		—		12/2/2010		12/9/2013
	9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND GOVT			F				??		3,130,512.81		105.693		3,276,483.25		3,100,000.00		3,129,509.54		146,973.71			(1,003.00	)		—		—			3.45		3.166	JJ		45,453.75		—		11/12/2010		7/28/2014
	9612EMAA7	WESTPAC BANKING CORP — GTD CORP BND GOVT			F				??		11,864,124.26		102.475		11,784,624.76		11,500,000.00		11,651,496.06		133,128.70			(155,659.00	)		—		—			3.25		1.853	JD		15,572.92		373,750.00		8/13/2009		12/16/2011
	9612EMAH2	WESTPAC BANKING CORP — GTD SENIOR CORP			F				??		10,104,800.00		103.709		10,370,899.20		10,000,000.00		10,089,706.46		281,192.74			(15,094.00	)		—		—			2.9		2.643	MS		89,416.67		145,000.00		4/28/2010		9/10/2014
	983024AA8	WYETH CORP BND							1FE		1,104,250.00		109.222		1,092,221.22		1,000,000.00		1,076,592.92		15,628.30			(27,657.00	)		—		—			5.5		1.929	MS		16,194.44		55,000.00		3/3/2010		3/15/2013
	983024AE0	WYETH CORP BND							1FE		7,066,916.13		110.464		7,180,148.37		6,500,000.00		6,948,569.33		231,579.04			(118,347.00	)		—		—			5.5		3.135	FA		148,958.33		178,750.00		2/19/2010		2/1/2014
	BRS17HYX4	PENN NTL GAMING INC. TERM LOAN							??		998,750.00		99.438		994,380.00		1,000,000.00		998,750.00		(4,370.00	)		—			—		—			0		0.076	MON		—		—		12/17/2010		10/3/2012
	BRS2VEN71	TIME WARNER TELECOM HOLDINGS I TERM LOAN							1Z		997,402.60		98.813		985,563.43		997,402.60		997,402.60		(11,839.17	)		—			—		—			0		0	JAJO		—		—		12/14/2010		1/7/2013
	BRS3BP8V0	B&G FOODS INC LN1 TERM LOAN							??		995,000.00		99.025		990,250.00		1,000,000.00		995,000.00		(4,750.00	)		—			—		—			2.31		2.558	FMAN		—		—		12/16/2010		2/26/2013
	BRS3BRB18	NATIONAL CINEMEDIA INC LN1 TERM LOAN							??		1,471,875.00		97.813		1,467,195.00		1,500,000.00		1,471,875.00		(4,680.00	)		—			—		—			2.06		2.536	FMAN		—		—		12/16/2010		2/13/2015
	BRS3NTN59	CEQUEL COMMUNICATIONS LLC TERM LOAN							??		1,974,870.47		99.146		1,977,782.91		1,994,818.66		1,974,870.47		2,912.44			—			—		—			0		0.364	MON		—		—		12/14/2010		11/5/2013
	BRS3T9YQ9	LAS VEGAS SANDS LLC LN1 TERM LOAN							??		972,500.00		97.036		970,360.00		1,000,000.00		972,500.00		(2,140.00	)		—			—		—			0		0.818	MJSD		—		—		12/30/2010		5/23/2014
	BRS42NQM3	POLYPORE INC LN1 TERM LOAN							??		1,985,000.00		99.25		1,985,000.00		2,000,000.00		1,985,000.00		—			—			—		—			2.552		2.775	JAJO		—		—		12/17/2010		7/3/2014
	BRS47V6P5	BIOMET INC LN1 TERM LOAN							??		1,989,858.25		99.613		1,987,125.31		1,994,845.36		1,989,858.25		(2,732.94	)		—			—		—			0		0.059	MON		—		—		12/16/2010		3/25/2015
	BRS47WDF7	COMMUNITY HLTH SYST INC TERM LOAN							??		95,325.64		97.45		95,154.76		97,644.70		95,325.64		(170.88	)		—			—		—			0		0.678	JD		—		—		12/14/2010		7/25/2014
	BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		??		827,690.77		103.972		651,132.98		400,000.00		827,975.41		(176,842.43	)		64.00			—		(202,126.52	)		6.375		6.387	FA		15,422.72		39,816.00		11/28/2007		8/13/2017
	BRS4QJUM1	TEAM HLTH INC. LN1 TERM LOAN							??		954,445.89		98.75		947,251.57		959,242.10		954,445.89		(7,194.32	)		—			—		—			2.284		2.557	FMAN		—		—		12/17/2010		11/23/2012
	BRS58NX61	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN							??		993,688.95		99.612		993,559.28		997,429.31		993,688.95		(129.67	)		—			—		—			0		0.087	MON		—		—		12/14/2010		4/24/2015
	BRS59XBE5	FIRST DATA CORPORATION TERM LOAN							??		928,750.00		92.375		923,750.00		1,000,000.00		928,750.00		(5,000.00	)		—			—		—			0		1.976	MON		—		—		12/30/2010		9/24/2014
	BRS5B8108	CATALINA MARKETING CORPORATION LN1 TERM							??		1,325,917.28		99.25		1,320,926.38		1,330,908.19		1,325,928.17		(5,001.79	)		11.00			—		—			0		0.099	MON		—		156.00		12/20/2010		10/1/2014
	BRS5BXBC6	AEROFLEX INCORPORATED LN1 TERM LOAN							??		1,995,000.00		99.25		1,985,000.00		2,000,000.00		1,995,000.00		(10,000.00	)		—			—		—			4.286		4.36	FMAN		—		—		12/23/2010		8/15/2014
	BRS5LH024	SERVICEMASTER CO LN1 TERM LOAN							??		2,609,000.37		96.25		2,619,205.06		2,721,252.01		2,609,000.37		10,204.69			—			—		—			0		1.183	MON		—		—		12/15/2010		7/24/2014
	BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				??		6,545,424.63		104.308		5,389,205.98		3,300,000.00		6,569,596.54		(1,180,390.56	)		9,760.00			—		(1,412,444.73	)		4.875		4.978	MAR		207,019.68		242,921.00		4/22/2008		3/7/2012
	BRS6WT6X0	SERVICEMASTER CO LN1 TERM LOAN							??		259,817.46		96.25		260,833.70		270,996.05		259,817.46		1,016.24			—			—		—			0		1.183	MON		—		—		12/15/2010		7/24/2014
	BRS7X5P83	UNITED KINGDOM GILT GOVT BND			D				??		3,059,545.68		102.11		3,437,173.21		2,150,000.00		3,074,513.74		362,659.47			8,493.00			—		260,745.18			2.25		2.552	MS		24,269.74		74,793.00		3/20/2009		3/7/2014
	BRS8WUHY9	SILVMA ABS_09-1 A3			D		1		??		833,161.50		103.208		824,094.55		510,000.00		833,161.50		(9,066.95	)		1,027.00			—		(34,680.00	)		5.063		5.061	AO		7,974.67		38,770.00		10/27/2009		10/21/2014
	BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				??		6,993,840.00		100.252		7,017,632.30		7,000,000.00		6,996,475.28		21,157.02			2,635.00			—		—			0.875		0.93	NOV		6,465.28		61,080.00		5/3/2010		11/23/2011
	BRS95J848	WEST BROMWICH BUILDING SOCIETY LOCAL BND			D				??		2,743,325.17		100.925		2,844,235.82		1,800,000.00		2,733,914.88		110,320.94			(9,410.00	)		—		108,851.83			2		1.29	APR		41,847.90		—		6/29/2010		4/5/2012
	BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			D				??		3,403,270.07		102.307		3,603,980.07		2,250,000.00		3,400,095.96		203,884.11			(3,174.00	)		—		138,666.41			2.625		2.447	DEC		5,573.60		92,891.00		4/27/2010		12/10/2013
	BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND			D				??		4,153,705.78		101.31		4,282,647.68		2,700,000.00		4,147,205.59		135,442.09			(6,500.00	)		—		159,830.61			3		2.571	DEC		8,686.15		87,666.00		7/12/2010		12/7/2015
	BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING							??		1,475,648.61		98.107		1,467,898.18		1,496,221.66		1,475,648.61		(7,750.43	)		—			—		—			3.56		3.83	MJSD		—		—		12/17/2010		9/6/2016
	BRS9SHAY8	HCA INC LN1 TERM LOAN							??		1,995,000.00		99.854		1,997,080.00		2,000,000.00		1,995,000.00		2,080.00			—			—		—			3.553		3.614	FMAN		—		—		12/16/2010		3/31/2017
	BRS9WB7G9	ARKEL_10-1 ABS_10-1 5A			D		2		??		918,390.00		100.438		943,503.12		600,000.00		918,390.00		25,113.12			—			—		21,000.00			4.681		4.369	FA		16,504.88		11,869.00		4/30/2010		1/19/2016
	BRSA440T2	NUANCE COMMUNICATIONS INC LN1 TERM LOAN							??		983,701.54		98.594		983,392.34		997,416.01		983,701.54		(309.20	)		—			—		—			2.053		2.681	MJSD		—		—		12/15/2010		3/29/2013
	BRSABN708	DEAN FOODS COMPANY TERM LOAN							1Z		1,960,075.19		97.35		1,942,120.30		1,994,987.47		1,960,075.19		(17,954.89	)		—			—		—			0		0.336	MJSD		—		—		12/17/2010		4/2/2016
	BRSALFYS3	CAISSE D’AMORT DETTE SOCIALE CORP BND			D				??		2,159,930.71		97.988		2,147,810.96		1,400,000.00		2,160,187.52		(12,376.56	)		257.00			—		25,406.59			2.25		2.297	DEC		14,457.60		—		9/9/2010		12/7/2015

Validus Holdings, Ltd December 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				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP		DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
	BRSAQNGR3	ADVANCE PIERRE FOODS TERM LOAN							??		1,995,000.00		99.917		1,998,340.00		2,000,000.00		1,995,021.33		3,318.67			21.00			—		—			0		0.043	MJSD		—		8.00		12/14/2010		9/29/2016
	BRSAZLZQ8	GREEN MOUNTAIN COFFEE ROASTERS TERM							??		2,000,000.00		99.917		1,998,340.00		2,000,000.00		2,000,000.00		(1,660.00	)		—			—		—			6		5.5	FMAN		—		—		12/15/2010		11/9/2016
	BRSB9FFC1	BIG WEST OIL LLC TERM LOAN							1Z		1,194,000.00		99.5		1,194,000.00		1,200,000.00		1,194,012.47		(12.47	)		12.00			—		—			0		0.094	MJSD		—		—		12/17/2010		3/31/2016
	BRSBBCPS9	ADVANTAGE SALES & MARKETING HO TERM LOAN							1Z		761,175.00		99.5		761,175.00		765,000.00		761,189.96		(14.96	)		15.00			—		—			0		0.071	MJSD		—		—		12/17/2010		12/15/2017
	BRSBBCR99	SHELL: CCC INFORMATION SYSTEMS TERM LOAN							1Z		267,300.00		99		267,300.00		270,000.00		267,300.00		—			—			—		—			0		0.209	MON		—		—		12/14/2010		11/11/2015
	BRSBBCS15	CENVEO CORP TERM LOAN							1Z		495,000.00		99		495,000.00		500,000.00		495,009.11		(9.11	)		9.00			—		—			0		0.166	MJSD		—		—		12/14/2010		12/21/2016
	BRSBBCSA5	DARLING INTL INC. TERM LOAN							1Z		358,200.00		99.5		358,200.00		360,000.00		358,200.00		—			—			—		—			0		0.085	MJSD		—		—		12/15/2010		12/17/2016
	BRSBBCT22	INTELSAT JACKSON HLDGS SA TERM LOAN							1Z		2,132,142.85		99.5		2,132,142.85		2,142,857.14		2,132,142.85		—			—			—		—			0		0.1	MJSD		—		—		12/17/2010		12/23/2015
	BRSBBCU12	NOVELIS TERM LOAN							1Z		603,900.00		99		603,900.00		610,000.00		603,924.99		(24.99	)		25.00			—		—			0		0.166	MJSD		—		—		12/13/2010		12/17/2016
	BRSBBCU87	REMY INTERNATIONAL INC TERM LOAN							1Z		242,550.00		99		242,550.00		245,000.00		242,550.00		—			—			—		—			0		0.171	MJSD		—		—		12/17/2010		12/28/2016
	BRSBBCUC8	SWIFT TRANSP CO TERM LOAN							1Z		2,772,000.00		99		2,772,000.00		2,800,000.00		2,772,000.00		—			—			—		—			0		0.169	MJSD		—		—		12/16/2010		12/21/2016
	BRSBBCUF1	SYNIVERSE HLDGS TERM LOAN							1Z		514,800.00		99		514,800.00		520,000.00		514,800.00		—			—			—		—			0		0.143	MJSD		—		—		12/21/2010		1/17/2018
	BRSBBCVB9	TRANSTAR HOLDING COMPANY TERM LOAN							1Z		792,000.00		99		792,000.00		800,000.00		792,000.00		—			—			—		—			0		0.169	MJSD		—		—		12/16/2010		12/21/2016
	D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				??		7,573,467.30		103.496		7,762,200.15		7,500,000.00		7,549,316.58		212,883.57			(19,573.00	)		—		—			2.5		2.204	MAY		110,937.50		187,500.00		9/30/2009		5/28/2013
	D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				??		3,688,345.49		103.49		3,564,634.75		2,200,000.00		3,677,014.84		(112,380.09	)		(10,134.00	)		—		(204,913.10	)		3		2.668	SEP		32,273.84		106,609.00		11/11/2009		9/9/2013
	D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		16,986,810.74		106.695		17,391,285.00		16,300,000.00		16,874,091.13		517,193.87			(112,720.00	)		—		—			4.375		2.562	JAN		685,392.36		—		7/31/2010		1/15/2013
	D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				??		4,099,836.00		101.18		4,148,370.86		4,100,000.00		4,100,044.46		48,326.40			(97.00	)		—		—			3.125		3.099	JUN		69,756.94		128,125.00		7/9/2008		6/15/2011
	F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				??		37,228,729.56		102.709		35,948,252.55		35,000,000.00		35,797,336.14		150,916.41			(1,029,247.00	)		—		—			5.5		1.305	JUL		855,555.55		1,375,000.00		8/31/2009		7/21/2011
	F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				??		27,408,177.25		105.562		27,973,928.94		26,500,000.00		27,329,491.83		644,437.11			(78,685.00	)		—		—			5.125		2.803	MAY		796,012.16		—		11/12/2010		5/31/2012
	F77540GQ3	RESEAU FERRE DE FRANCE CORP BND EMTN			D				??		3,727,555.12		100.22		2,981,276.60		1,900,000.00		3,732,989.79		(751,713.19	)		1,936.00			—		(758,356.53	)		4.75		4.748	JAN		132,008.95		146,273.00		1/16/2008		1/25/2011
	G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				??		911,019.43		106.833		919,947.24		550,000.00		911,360.20		8,587.04			300.00			—		(52,265.08	)		5.375		5.351	NOV		6,467.15		45,405.00		11/6/2009		11/11/2016
	G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				??		5,059,594.40		103.639		5,181,949.60		5,000,000.00		5,054,785.05		127,164.55			(4,809.00	)		—		—			5.5		4.632	JUN		149,722.22		—		11/12/2010		6/15/2012
	G4637EBQ7	HSBC BANK PLC LOCAL BND MTN			D		1		??		2,622,226.84		102.577		2,168,101.40		1,350,000.00		2,628,619.31		(460,517.91	)		(22,592.00	)		—		(527,213.20	)		5.75		5.776	JUN		62,598.12		116,267.00		1/14/2008		6/27/2017
	G47188AX8	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				??		2,216,050.77		102.483		2,085,874.47		1,300,000.00		2,169,195.35		(83,320.88	)		(31,591.00	)		—		(106,954.89	)		4		2.441	NOV		10,037.32		82,787.00		6/30/2009		11/17/2011
	G4718BAV5	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				??		1,867,254.05		101.742		1,911,513.80		1,200,000.00		1,850,849.93		60,663.87			(16,404.00	)		—		52,580.96			2.75		1.634	MAR		41,191.61		50,137.00		2/26/2010		3/16/2012
	G63983GA5	NATIONWIDE BUILDING SOCIETY -G LOCAL BND			D				??		2,421,014.08		102.28		2,482,096.43		1,550,000.00		2,392,498.40		89,598.03			(28,516.00	)		—		86,614.15			3.75		1.284	NOV		10,222.31		92,721.00		6/28/2010		11/21/2011
	G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				??		7,227,959.79		105.577		7,390,390.21		7,000,000.00		7,170,406.68		219,983.53			(57,553.00	)		—		—			3.5		2.451	JUN		132,027.77		245,000.00		2/19/2010		6/17/2013
	G7014VBF9	PERMM 2010-1 ABS_10-1 3A			D		2		??		2,003,000.00		101.233		1,981,201.30		1,250,000.00		2,003,000.00		(21,798.70	)		—			—		(45,937.50	)		4.805		4.673	JJ		43,440.93		41,067.00		1/29/2010		1/17/2017
	G768FHAB7	ROYAL BANK OF SCOTLAND PLC — G LOCAL BND			D				??		2,217,335.31		102.553		2,087,315.22		1,300,000.00		2,169,528.54		(82,213.32	)		(32,247.00	)		—		(106,971.32	)		4.125		2.53	NOV		10,810.61		86,612.00		6/30/2009		11/14/2011
	G92435BV0	UNITED KINGDOM GILT IBND GOVT 8 MO			D				??		3,421,244.93		314.974		3,439,325.98		700,000.00		3,465,981.74		(26,655.76	)		44,737.00			—		(38,529.15	)		2.5		-0.106	JJ		32,318.02		—		8/5/2010		7/26/2016
	G92435JR1	UNITED KINGDOM GILT GOVT BND			D				??		10,644,597.47		118.32		10,744,367.06		5,800,000.00		10,278,190.57		466,176.49			(366,407.00	)		—		251,532.36			8		1.976	MS		192,652.79		358,057.00		4/1/2010		9/27/2013
	G92435NC9	UNITED KINGDOM GILT GOVT BND			D				??		27,544,281.43		107.32		27,388,165.96		16,300,000.00		27,131,385.33		256,780.63			(368,117.00	)		—		(383.35	)		4.5		1.541	MS		367,996.96		679,897.00		7/29/2010		3/7/2013
	G92450H50	UNITED KINGDOM GILT GOVT BND			D				??		20,680,399.42		106.34		16,649,122.10		10,000,000.00		20,129,087.94		(3,479,965.84	)		(202,887.00	)		—		(4,231,639.12	)		5.25		4.131	JD		56,453.72		790,046.00		3/3/2008		6/7/2012
	G92450HJ0	UNITED KINGDOM GILT GOVT BND			D				1FE		2,192,332.80		105.02		2,055,307.04		1,250,000.00		2,106,964.47		(51,657.43	)		(56,337.00	)		—		(84,668.66	)		5		2.122	MS		31,356.24		96,733.00		6/23/2009		3/7/2012
	G92450NU8	UNITED KINGDOM GILT GOVT BND			D				??		8,722,795.50		111.33		8,715,190.73		5,000,000.00		8,577,941.99		137,248.74			(144,854.00	)		—		(132,959.99	)		5		2.734	MS		125,425.00		386,963.00		2/1/2010		9/7/2014
	G92450UG1	UNITED KINGDOM GILT GOVT BND			D				??		4,225,449.02		110.62		4,243,208.97		2,450,000.00		4,225,351.64		17,857.33			(97.00	)		—		—			4.75		3.449	MS		58,385.34		—		12/31/2010		3/7/2020
	L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				??		1,980,724.79		104.294		1,551,232.09		950,000.00		1,933,038.96		(381,806.87	)		(17,844.00	)		—		(432,228.34	)		5.5		4.437	DEC		5,603.10		81,957.00		3/10/2008		12/7/2011
	L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				??		687,852.90		101.906		713,343.56		700,000.00		697,688.76		15,654.80			2,937.00			—		—			5		5.388	OCT		8,458.33		35,000.00		6/30/2007		10/4/2011
	N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				??		15,921,299.70		109.891		16,483,649.85		15,000,000.00		15,675,461.08		808,188.77			(185,185.00	)		—		—			5		3.526	MAY		468,750.00		750,000.00		8/31/2009		5/16/2014
	N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				??		5,237,966.40		105.729		5,286,449.80		5,000,000.00		5,214,396.99		72,052.81			(23,569.00	)		—		—			6		2.405	MAR		229,166.67		—		11/12/2010		3/26/2012
	N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				??		5,478,026.68		106.187		5,627,910.79		5,300,000.00		5,418,632.33		209,278.46			(44,579.00	)		—		—			3.75		2.802	JUL		91,645.83		198,750.00		8/31/2009		7/15/2013
	N7277KAG6	RABOBANK NEDERLAND NV CORP BND MTN			D				??		813,092.49		103.707		811,842.52		500,000.00		813,839.88		(1,997.36	)		572.00			—		(33,899.62	)		4		4.047	SEP		9,694.16		30,767.00		9/3/2009		9/10/2015
	Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND			D				??		679,712.30		101.093		712,245.20		450,000.00		680,124.00		32,121.20			412.00			—		20,241.78			3.875		3.97	DEC		1,346.35		18,483.00		4/7/2010		12/14/2015
	U36964ED9	GE CAPITAL CORP CORP BND EMTN							??		7,193,371.11		104.462		7,312,340.42		7,000,000.00		7,111,467.00		200,873.42			(81,904.00	)		—		—			5.25		3.758	FEB		316,458.33		735,000.00		2/19/2010		2/21/2012
	U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				??		742,348.77		109.916		903,469.14		525,000.00		743,688.19		159,780.95			747.00			—		74,178.15			5.5		5.634	MAR		37,528.96		43,467.00		2/25/2009		3/4/2015
	W5818PAC4	NORDEA BANK AB CORP BND MTN			D				??		1,375,264.68		100.368		1,414,263.81		900,000.00		1,375,922.72		38,341.09			658.00			—		26,012.33			3.875		3.951	DEC		2,543.12		36,048.00		4/13/2010		12/15/2015
	00254EBP6	SWEDISH EXPORT CREDIT CORP BND GMTN			F				??		15,936,844.00		103.281		16,008,544.33		15,500,000.00		15,868,280.00		140,264.33			(68,564.00	)		—		—			4.875		1.636	MS		193,104.00		—		11/12/2010		9/29/2011
	24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND							??		4,161,095.00		104.028		4,161,112.26		4,000,000.00		4,137,273.00		23,839.26			(23,822.00	)		—		—			5.4		1.039	AO		44,400.00		—		11/12/2010		10/17/2011
	273325AC4	EAST LANE RE II LTD CORP BND 144A							??		4,875,000.00		101.993		5,099,649.71		5,000,000.00		4,962,102.00		137,547.71			87,102.00			—		—			14.79		18.178	JAJO		188,983.00		379,029.00		5/7/2010		4/7/2011
	298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F				??		32,800,355.00		101.964		32,628,584.70		32,000,000.00		32,615,699.00		12,885.70			(186,656.00	)		—		—			5.25		0.998	JD		74,667.00		840,000.00		11/12/2010		6/15/2011
	N8155ZAC7	SOVRISC CORP BND			F				??		6,258,573.00		101.425		6,305,878.39		6,217,266.00		6,246,352.00		59,526.39			(12,221.00	)		—		—			5.25		3.794	AO		55,308.00		—		11/12/2010		4/30/2011
	N2553JBP4	DEUTSCHE BAHN FIN B.V. CORP BND EMTN			F				??		12,635,320.00		100.010		12,301,230.14		12,300,000.00		12,304,192.00		(2,961.86	)		(331,129.00	)		—		—			5.125		1.954	JAN		623,371.00		—		2/19/2010		1/5/2011
	52517PA35	LEHMAN BROS HOLDINGS INC CORP BND							??		1,575,000.00		23.500		2,115,000.00		9,000,000.00		1,575,000.00		540,000.00			—			—		—			4.5					—		—		11/12/2010		7/26/2010
TOTAL															4,823,867,225.84		4,634,906,091.52		4,772,036,876.92		51,830,348.92

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

											CHANGE IN BOOK/ADJUSTED CARRYING VALUE												INTEREST
1	2	3		4		5	6		7		8		9		10		11		12		13		14		15	16		17		18	19		20
																															GROSS		PAID
																	TOTAL								NON-ADMITTED			EFFECTIVE			REC'D		FOR
		FOREIGN		DATE					GAAP				CURRENT YEAR				FX CHG		PAR		ACTUAL		ACCRUED		ACCRUED	INTEREST		RATE OF		HOW	DURING		ACCRUED
DESCRIPTION	*	CODE		ACQUIRED		NAME OF VENDOR	MATURITY DATE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		IN B/A. C.V.		VALUE		COST		INTEREST		INTEREST	RATE		INTEREST		PAID	YEAR		INT
FHLMC DN			313396EN9		12/17/2010	GOLDMAN SACHS & CO.		4/19/2011		5,796,868.00		—		348.00		—		—		5,800,000.00		5,796,520.00		—			0.18		0.183	MAT		—		—
FNMA DN			313588EV3		12/6/2010	NOMURA SECURITIES INTL. INC.		4/26/2011		4,596,987.00		—		654.00		—		—		4,600,000.00		4,596,333.00		—			0.205		0.208	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952H3		12/13/2010	UBS WARBURG LLC		3/24/2011		4,998,331.00		—		366.00		—		—		5,000,000.00		4,997,965.00		—			0.149		0.149	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952V2		12/15/2010	BA SECURITIES		6/16/2011		5,195,384.00		—		444.00		—		—		5,200,000.00		5,194,939.00		—			0.21		0.195	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V40		11/10/2010	GOLDMAN SACHS & CO.		2/10/2011		19,997,233.00		—		3,458.00		—		—		20,000,000.00		19,993,775.00		—			0.2		0.126	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/10/2010	BARCLAYS CAPITAL		3/10/2011		9,897,747.00		—		629.00		—		—		9,900,000.00		9,897,117.00		—			0.12		0.122	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/10/2010	BARCLAYS CAPITAL		3/10/2011		16,796,176.00		—		1,068.00		—		—		16,800,000.00		16,795,108.00		—			0.121		0.122	MAT		—		—
UNITED STATES TREASURY TBILL CASH			912795V99		12/9/2010	J.P. MORGAN SECURITIES INC		3/10/2011		1,999,473.00		—		170.00		—		—		2,000,000.00		1,999,303.00		—			0.14		0.141	MAT		—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/23/2010			2/17/2011		1,599,760.00		—				—		—		1,599,999.53		1,599,720.89		—			0.115					—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/21/2010			2/17/2011		1,799,731.00		—				—		—		1,800,000.47		1,799,687.01		—			0.114					—		—
UNITED STATES TREASURY TBILL CASH			9127952$6		12/21/2010			2/17/2011		4,799,282.00		—				—		—		4,800,000.00		4,799,129.80		—			0.115					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		11/30/2010			2/10/2011		599,904.00		—				—		—		600,000.00		599,829.01		—			0.144					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		11/30/2010			2/10/2011		1,499,759.00		—				—		—		1,500,000.00		1,499,572.52		—			0.183					—		—
UNITED STATES TREASURY TBILL CASH			912795V$0		12/16/2010			2/10/2011		4,199,442.00		—				—		—		4,200,000.00		4,199,233.21		—			0.16					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		2,899,343.00		—				—		—		2,900,000.00		2,899,168.67		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		10,997,507.00		—				—		—		11,000,000.00		10,996,846.67		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795V$9		12/13/2010			3/10/2011		14,996,600.00		—				—		—		15,000,000.00		14,995,700.00		—			0.12					—		—
UNITED STATES TREASURY TBILL CASH			912795X$9		11/30/2010			1/20/2011		1,799,863.00		—				—		—		1,799,998.17		1,799,636.17		—			0.361					—		—
UNITED STATES TREASURY TBILL CASH			912795X$9		11/29/2010			1/20/2011		13,898,958.00		—				—		—		13,900,001.83		13,897,206.36		—			0.362					—		—
WELLS FARGO & COMPANY CORP BND			949746NA5		11/12/2010			10/28/2015		3,788,434.00		70,285.64				—		—		4,000,000.00		3,782,660.47		3,527.62			0.488					—		—
CITI-INSTITUTION LIQ FUND USD CASH			B0A0ATCJ9		12/30/2010					2,818,621.00		—				—		—		2,818,621.36		2,818,621.36		—								—		—
CITIFUNDS INST CASH RESERVE STIF FUND			BRS668GM8		12/27/2010					4,766,935.00		—				—		—		4,766,935.02		4,766,935.02		—								—		—
GOLDMAN SACHS US LIQ RESERVE			BRS7BJXM7		12/20/2010					973,096.00		—				—		—		973,096.20		973,096.20		—								—		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20			12/28/2010					12,823,101.40		—				—		—		12,823,101.40		12,823,101.40		—								—		—
BONY CASH RESERVE CASH RESERVE FUND			S875996$0		12/31/2010					69,118,919.00		—				—		—		69,118,919.10		69,118,919.10		—								—		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND			S99992125		12/31/2010					35,174,867.08		—				—		—		35,174,866.80		35,174,866.80		—								—		—
BLACKROCK INTL $ RESERVE			S99993578		12/31/2010					7,344,315.00		—				—		—		7,344,315.37		7,344,315.37		—								—		—
GOLDMAN SACHS PLUS DOLLIQ			S999936$0		12/31/2010					8,267,300.00		—				—		—		8,267,300.03		8,267,300.03		—								—		—
										273,443,936.48		70,285.64		7,137.00		—		—		273,687,155.28		273,426,606.06		3,527.62

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

1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				9/4/2009		11,767,785.75		12,891,972.10		11,767,785.75		1,124,186.35		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		8,561,183.88		6,606,428.23		1,954,755.65		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		24,671.13		17,203.14		7,467.99		—		—		—		—		—		—
						18,391,434.42		21,477,844.47		18,391,434.42		3,086,410.05