Allied World Assurance Co Holdings, AG - FORM 8-K - EX-99.3

Attached files

file	filename
8-K - FORM 8-K - Allied World Assurance Co Holdings, AG	y89722e8vk.htm
EX-99.1 - EX-99.1 - Allied World Assurance Co Holdings, AG	y89722exv99w1.htm
EX-99.2 - EX-99.2 - Allied World Assurance Co Holdings, AG	y89722exv99w2.htm

Exhibit 99.3


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
U.S. Government Securities
912810DW5	UNITED STATES TREASURY		7.250		5/15/2016		310,000		360,653		390,885
912810EZ7	UNITED STATES TREASURY		6.625		2/15/2027		2,475,000		3,039,167		3,254,773
912810QK7	UNITED STATES TREASURY		3.875		8/15/2040		300,000		315,371		276,411
9128277L0	UNITED STATES TREASURY		4.875		2/15/2012		1,155,000		1,184,257		1,212,715
912828AJ9	UNITED STATES TREASURY		4.375		8/15/2012		500,000		509,723		531,790
912828AP5	UNITED STATES TREASURY		4.000		11/15/2012		2,465,000		2,565,650		2,624,535
912828BA7	UNITED STATES TREASURY		3.625		5/15/2013		1,500,000		1,570,440		1,603,995
912828BR0	UNITED STATES TREASURY		4.250		11/15/2013		335,000		348,269		366,668
912828CA6	UNITED STATES TREASURY		4.000		2/15/2014		990,000		1,052,574		1,078,932
912828CT5	UNITED STATES TREASURY		4.250		8/15/2014		2,740,000		2,818,212		3,022,987
912828DM9	UNITED STATES TREASURY		4.000		2/15/2015		1,500,000		1,614,436		1,643,490
912828DV9	UNITED STATES TREASURY		4.125		5/15/2015		500,000		542,725		550,750
912828EE6	UNITED STATES TREASURY		4.250		8/15/2015		1,000,000		1,093,600		1,107,420
912828EW6	UNITED STATES TREASURY		4.500		2/15/2016		1,000,000		1,108,271		1,119,850
912828FA3	UNITED STATES TREASURY		4.750		3/31/2011		1,070,000		1,080,112		1,081,577
912828FN5	UNITED STATES TREASURY		4.875		7/31/2011		4,500,000		4,578,827		4,620,600
912828FY1	UNITED STATES TREASURY		4.625		11/15/2016		5,235,000		5,501,940		5,899,269
912828GA2	UNITED STATES TREASURY		4.500		11/30/2011		1,050,000		1,081,644		1,089,522
912828GC8	UNITED STATES TREASURY		4.625		12/31/2011		500,000		512,792		521,130
912828GM6	UNITED STATES TREASURY		4.500		3/31/2012		950,000		987,653		999,096
912828HA1	UNITED STATES TREASURY		4.750		8/15/2017		4,000,000		4,204,158		4,536,520
912828HC7	UNITED STATES TREASURY		4.125		8/31/2012		1,000,000		1,046,098		1,059,950
912828HH6	UNITED STATES TREASURY		4.250		11/15/2017		1,000,000		1,095,903		1,102,490
912828HT0	UNITED STATES TREASURY		2.750		2/28/2013		800,000		821,280		836,240
912828HV5	UNITED STATES TREASURY		2.500		3/31/2013		22,600,000		23,147,205		23,527,732
912828HY9	UNITED STATES TREASURY		3.125		4/30/2013		1,200,000		1,241,273		1,267,776
912828JK7	UNITED STATES TREASURY		3.125		8/31/2013		1,025,000		1,059,658		1,087,546
912828JQ4	UNITED STATES TREASURY		2.750		10/31/2013		1,500,000		1,499,663		1,576,995
912828JZ4	UNITED STATES TREASURY		1.750		1/31/2014		1,000,000		996,553		1,020,980
912828KC3	UNITED STATES TREASURY		1.375		2/15/2012		33,925,000		34,190,606		34,300,212
912828KN9	UNITED STATES TREASURY		1.875		4/30/2014		750,000		746,890		766,920
912828KY5	UNITED STATES TREASURY		2.625		6/30/2014		17,495,000		17,516,725		18,305,894
912828LC2	UNITED STATES TREASURY		2.625		7/31/2014		31,000,000		32,575,771		32,422,899
912828LL2	UNITED STATES TREASURY		3.000		8/31/2016		17,200,000		17,205,696		17,858,417
912828LQ1	UNITED STATES TREASURY		2.375		9/30/2014		1,700,000		1,699,970		1,760,860
912828LZ1	UNITED STATES TREASURY		2.125		11/30/2014		150,000,000		149,131,162		153,668,999
912828MA5	UNITED STATES TREASURY		2.750		11/30/2016		72,000,000		71,069,449		73,501,919
912828MG2	UNITED STATES TREASURY		1.375		1/15/2013		5,000,000		4,973,411		5,076,050
912828MM9	UNITED STATES TREASURY		0.750		11/30/2011		27,600,000		27,601,745		27,706,812
912828MR8	UNITED STATES TREASURY		2.375		2/28/2015		16,000,000		16,024,127		16,488,960
912828MZ0	UNITED STATES TREASURY		2.500		4/30/2015		11,400,000		11,624,352		11,785,662
912828NB2	UNITED STATES TREASURY		1.000		4/30/2012		31,600,000		31,665,825		31,853,751
912828NC0	UNITED STATES TREASURY		1.375		5/15/2013		64,600,000		64,818,681		65,537,339
912828NE6	UNITED STATES TREASURY		0.750		5/31/2012		55,000,000		54,997,754		55,253,545
912828NH9	UNITED STATES TREASURY		1.125		6/15/2013		47,400,000		47,275,418		47,793,891
912828NN6	UNITED STATES TREASURY		1.000		7/15/2013		62,100,000		62,478,750		62,400,565
912828NP1	UNITED STATES TREASURY		1.750		7/31/2015		60,000,000		60,880,352		59,801,999
912828NQ9	UNITED STATES TREASURY		0.625		7/31/2012		53,900,000		54,031,964		54,046,067
912828NT3	UNITED STATES TREASURY		2.625		8/15/2020		5,800,000		5,853,547		5,497,878
912828NU0	UNITED STATES TREASURY		0.750		8/15/2013		600,000		599,711		598,794
912828PD6	UNITED STATES TREASURY		0.375		10/31/2012		6,000,000		6,000,868		5,981,820
912828PE4	UNITED STATES TREASURY		1.250		10/31/2015		29,200,000		29,170,560		28,257,133
912828PJ3	UNITED STATES TREASURY		1.375		11/30/2015		37,200,000		36,531,772		36,149,101
912828PU8	UNITED STATES TREASURY		0.500		11/15/2013		23,900,000		23,677,880		23,590,256
912828PV6	UNITED STATES TREASURY		0.500		11/30/2012		12,250,000		12,255,087		12,234,198
912828PW4	UNITED STATES TREASURY		0.625		12/31/2012		32,000,000		31,947,569		32,016,318
9127952U4	UNITED STATES TREASURY		0.000		6/9/2011		12,320,000		12,310,314		12,310,314
912795VE8	UNITED STATES TREASURY		0.000		5/5/2011		105,000,000		104,885,861		104,885,861
912810FS2	UNITED STATES TREASURY		2.000		1/15/2026		4,000,000		3,806,810		4,674,980
9128276R8	UNITED STATES TREASURY		3.500		1/15/2011		10,000,000		12,585,263		12,580,044
912828CP3	UNITED STATES TREASURY		2.000		7/15/2014		11,000,000		11,322,213		13,802,193
912828FB1	UNITED STATES TREASURY		2.375		4/15/2011		10,000,000		11,104,236		11,118,759

Page 1


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
912828GX2	UNITED STATES TREASURY		2.625		7/15/2017		8,800,000		10,163,564		10,563,253
912833JY7	UNITED STATES TREASURY		0.000		5/15/2012		600,000		566,547		596,628

							1,131,540,000		1,140,268,555		1,154,200,916

U.S. Government Agencies
31331VPV2	FFCB		4.950		4/1/2016		2,975,000		2,961,136		3,360,858
3133XVEM9	FHLB		1.625		11/21/2012		3,000,000		2,996,006		3,053,430
3133XVNU1	FHLB		2.750		12/12/2014		74,500,000		74,851,828		77,140,279
3137EAAM1	FHLMC		5.000		2/16/2017		2,050,000		2,405,255		2,313,220
3137EACE7	FHLMC		2.125		9/21/2012		11,500,000		11,490,645		11,791,755
3137EACH0	FHLMC		2.875		2/9/2015		3,500,000		3,567,671		3,645,320
31398A4M1	FNMA		1.625		10/26/2015		30,000,000		30,337,103		29,255,699
31398A6F4	FNMA		0.375		12/28/2012		8,500,000		8,455,931		8,448,150
31398AJ94	FNMA		1.750		5/7/2013		5,000,000		4,993,917		5,104,550
31398AYY2	FNMA		3.000		9/16/2014		2,000,000		2,023,826		2,103,480
742651DG4	PRIVATE EXPORT FUNDING CORP		4.375		3/15/2019		20,000,000		19,911,500		21,255,000

							163,025,000		163,994,818		167,471,742

Non-U.S. Government Securities & Agencies
135087YN8	CANADA GOVERNMENT		3.500		6/1/2013		7,850,000		7,920,850		8,214,748
135087YS7	CANADA GOVERNMENT		3.000		6/1/2014		2,015,000		1,941,995		2,089,766
135087YU2	CANADA GOVERNMENT		2.000		12/1/2014		9,860,000		9,176,049		9,853,677
135087YW8	CANADA GOVERNMENT		1.000		9/1/2011		550,000		510,537		552,585
135087YX6	CANADA GOVERNMENT		2.000		9/1/2012		4,320,000		4,027,509		4,375,428
135087ZB3	CANADA GOVERNMENT		1.500		3/1/2012		4,000,000		3,911,489		4,028,120
135087ZC1	CANADA GOVERNMENT		2.500		6/1/2015		2,500,000		2,445,856		2,537,306
135087ZD9	CANADA GOVERNMENT		1.750		3/1/2013		7,600,000		7,379,979		7,650,129
135087ZF4	CANADA GOVERNMENT		3.000		12/1/2015		700,000		713,797		723,526
135087ZG2	CANADA GOVERNMENT		2.500		9/1/2013		1,700,000		1,690,952		1,738,443
135087ZK3	CANADA GOVERNMENT		1.500		12/1/2012		450,000		437,258		451,445
038461AC3	AID-EGYPT		4.450		9/15/2015		25,000,000		26,088,878		27,402,126
46513EGV8	STATE OF ISRAEL		5.500		12/4/2023		13,165,000		14,000,399		14,943,592
D20658YB6	GERMANY (FEDERAL REPUBLIC OF)		4.250		7/4/2014		19,060,000		29,341,712		28,043,836
G92444AB7	UNITED KINGDOM GILT		4.250		3/7/2011		1,750,000		3,422,753		2,758,245
G924507Q5	UNITED KINGDOM GILT		2.750		1/22/2015		575,000		903,433		925,636
G92450NU8	UNITED KINGDOM GILT		5.000		9/7/2014		8,950,000		16,057,078		15,600,191
G92450QY7	UNITED KINGDOM GILT		4.750		9/7/2015		190,000		341,790		331,177
U45818RF7	INTER-AMERICAN DEV BK		1.000		3/24/2015		23,000,000		19,785,919		22,056,081
U45942EV4	INTERNATIONAL FINANCE CO		5.610		5/20/2011		5,500,000		5,509,297		5,588,061
V05973JU3	AFRICAN DEVELOPMENT BANK		0.500		2/27/2014		20,000,000		17,221,196		19,397,839
Y0338TDY5	ASIAN DEVELOPMENT BANK		1.000		12/10/2014		10,000,000		8,543,812		9,563,140
Y0338TGD8	ASIAN DEVELOPMENT BANK		1.000		5/22/2015		27,700,000		23,258,557		26,175,946
013051DA2	ALBERTA PROVINCE OF		2.750		12/1/2014		950,000		927,727		968,478
110709FD9	BRITISH COLUMBIA PROVINCE OF		5.750		1/9/2012		900,000		925,551		944,574
563469EU5	MANITOBA PROVINCE		5.250		12/3/2012		900,000		939,574		963,884
642866FT9	NEW BRUNSWICK PROVINCE OF		4.500		2/4/2015		900,000		939,922		974,842
683234WM6	ONTARIO PROVINCE		4.500		3/8/2015		900,000		937,747		973,544
748148RK1	QUEBEC PROVINCE OF		5.250		10/1/2013		850,000		899,682		926,078
803854JF6	SASKATCHEWAN PROVINCE		5.250		6/3/2014		900,000		952,805		993,855
500769BM5	KREDITANSTALT FUER WIDERAUFBAU		4.375		2/9/2016		900,000		924,241		962,150
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU		2.500		5/28/2013		42,000,000		42,276,173		43,468,321

							245,635,000		254,354,517		266,176,769

Agency MBS
31392JTP4	FNMA		4.000		10/25/2016		14,707		14,737		14,748
31393DL74	FNMA CMO		4.000		4/25/2030		340,601		346,421		349,184
31393EFX2	FNMA CMO		4.250		5/25/2022		669,627		679,667		691,427
31393KLM5	FHLMC		4.000		7/15/2017		355,911		366,318		365,589
31393QVD1	FHLMC		4.000		6/15/2013		118,259		118,760		118,821
31393VPH8	FHLMC_2627		4.500		7/15/2017		27,178,802		27,797,088		27,768,038
31395RAR9	FHLMC		4.375		4/15/2015		475,480		481,972		484,153
31396A7E8	FHLMC_3035		0.000		9/15/2035		260,713		257,578		252,284
31396WCB0	FNMA_07-53		0.000		6/25/2037		3,523		3,506		3,497
31398MFS0	FNMA		4.000		11/25/2023		2,288,145		2,363,699		2,390,929
31398PQS1	FNMA		3.500		3/25/2028		2,833,837		2,876,626		2,868,302
31398R3Q6	FNMA_10-53		3.500		2/25/2028		4,265,521		4,366,821		4,377,064

Page 2


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
31398VYJ9	FHLMC		4.250		8/15/2038		4,119,534		4,311,256		4,342,648
31398W2U7	FHLMC		4.500		1/15/2023		6,291,298		6,481,739		6,599,131
31398W5H3	FHLMC		4.500		11/15/2037		8,063,761		8,307,067		8,479,529
38373QGX3	GNMA		4.000		4/20/2033		415,105		430,610		435,852
38376TBF8	GNMA		4.500		1/16/2040		423,871		450,998		448,460
38376VDX2	GNMA		3.000		12/20/2038		4,940,891		5,022,444		5,011,744
36206XC43	GNMA		7.000		5/15/2031		2,713		3,039		3,099
3620A8NA7	GNMA		5.000		9/15/2039		1,702,902		1,763,918		1,811,633
3620A9SW2	GNMA		4.500		9/15/2039		479,193		484,196		498,160
3620AC6T6	GNMA		5.000		10/15/2039		1,628,874		1,695,939		1,733,340
36212PPP1	GNMA		7.000		4/15/2031		11,406		12,778		13,030
36212U5G2	GNMA		7.000		5/15/2031		16,249		18,203		18,563
36213HGU7	GNMA		7.000		3/15/2031		1,712		1,918		1,956
36225DM43	GNMA		1.875		3/20/2035		11,821,924		12,100,992		12,130,633
36241KV39	GNMA		4.500		8/15/2038		9,297,558		9,703,938		9,671,320
36241KV47	GNMA		4.500		9/15/2038		6,946,392		7,250,210		7,225,637
36241KWA2	GNMA		4.500		10/15/2038		4,451,527		4,642,069		4,631,546
36295QK82	GNMA		5.000		8/15/2038		3,390,889		3,609,084		3,607,205
36296JCV5	GNMA		5.000		8/15/2039		1,811,034		1,868,566		1,927,183
36297FYL0	GNMA		4.500		10/15/2039		98,017		99,192		101,896
31371LZJ1	FNMA		4.000		1/1/2015		2,703,784		2,817,281		2,822,155
31371NP25	FNMA		5.500		1/1/2038		4,606,259		4,894,101		4,926,761
31376KKK1	FNMA		4.500		1/1/2015		1,088,676		1,129,697		1,129,948
31379T6G4	FNMA		5.000		2/1/2014		22,946		24,136		24,355
31382NR20	FNMA		5.500		4/1/2029		870		933		932
31385RB58	FNMA		8.500		4/1/2030		1,344,550		1,495,721		1,546,233
31385XK48	FNMA		2.610		7/1/2033		253,049		262,445		265,184
31388XVV3	FNMA		2.913		8/1/2033		7,021,930		7,277,609		7,186,242
31389EU78	FNMA		6.500		12/1/2011		130,625		134,883		134,780
31389EVA0	FNMA		6.500		12/1/2016		2,056,441		2,219,940		2,241,192
31389EVB8	FNMA		6.500		12/1/2016		2,249,755		2,432,212		2,451,873
31389XHM8	FNMA		6.000		3/1/2012		154,887		164,383		168,690
3138A1HR5	FNMA		4.000		12/1/2040		1,744,295		1,773,762		1,737,776
3138A2BQ1	FNMA		4.000		12/1/2040		20,002,000		20,213,888		19,927,246
31391PUF1	FNMA		5.000		12/1/2017		375,978		402,480		402,120
31391YV87	FNMA		6.000		1/1/2033		2,618		2,758		2,885
31400JM55	FNMA		5.500		5/1/2033		2,143		2,306		2,324
31400QJ87	FNMA		2.520		3/1/2033		27,934		28,709		29,298
31400UQV9	FNMA		5.500		4/1/2033		412,070		443,172		444,170
31402GP98	FNMA		5.000		7/1/2033		6,446		6,673		6,835
31402QXK2	FNMA		8.500		2/1/2031		775,691		854,893		884,288
31402YSV7	FNMA		2.908		9/1/2033		27,093		28,425		28,626
31403DC56	FNMA		4.500		12/1/2020		3,421,148		3,634,456		3,623,703
31403DC72	FNMA		4.500		11/1/2020		2,571,833		2,735,006		2,721,308
31403DJG5	FNMA		5.500		8/1/2034		26,540		28,437		28,556
31403KDB6	FNMA		2.324		12/1/2033		11,300		11,503		11,531
31404NBP0	FNMA		2.682		2/1/2035		145,532		151,467		152,753
31404SFP5	FNMA		5.500		4/1/2034		7,098		7,638		7,696
31405QNR5	FNMA		5.500		10/1/2034		1,607		1,729		1,742
31405UMM8	FNMA		2.636		10/1/2034		144,715		148,796		151,817
31405UTZ2	FNMA		2.585		11/1/2034		40,078		41,728		41,995
31406BB90	FNMA		2.368		1/1/2035		220,786		225,834		230,519
31406BEZ9	FNMA		2.368		12/1/2034		197,592		203,957		206,982
31406BJF8	FNMA		2.450		1/1/2035		224,881		232,221		232,978
31406BQQ6	FNMA		2.548		1/1/2035		275,458		284,129		288,608
31406DG67	FNMA		2.692		11/1/2034		1,028,528		1,068,131		1,073,823
31406MYP5	FNMA		2.319		3/1/2035		482,456		493,136		498,717
31406TLC3	FNMA		2.811		4/1/2035		434,454		452,920		459,112
31406TWR8	FNMA		2.036		1/1/2035		910,696		935,137		929,519
31406VHE9	FNMA		2.564		5/1/2035		235,610		243,416		244,646
31407CE29	FNMA		5.500		7/1/2035		1,119		1,204		1,213
31407FG53	FNMA		5.500		8/1/2035		2,801		3,013		3,036
31407FUW8	FNMA		2.599		8/1/2035		3,570,937		3,666,749		3,704,890
31408AG53	FNMA		6.000		2/1/2036		60,497		63,721		66,109

Page 3


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
31408GFA0	FNMA		6.000		12/1/2035		533,197		561,633		582,441
31409A5P0	FNMA		6.000		3/1/2036		199,755		210,400		218,287
31409AYE3	FNMA		6.000		3/1/2036		478,174		503,649		521,229
31409CRY3	FNMA		6.000		2/1/2036		346,765		365,109		378,935
31409GML7	FNMA		6.500		7/1/2036		1,945,486		2,124,422		2,166,151
31409UB38	FNMA		6.000		3/1/2036		67,711		71,321		73,759
31409VYW7	FNMA		6.000		4/1/2036		93,809		98,810		102,188
31410CJV5	FNMA		6.000		5/1/2036		28,494		30,012		31,059
31410GD83	FNMA		2.687		4/1/2034		84,508		88,354		89,058
31410GDF7	FNMA		2.030		6/1/2033		330,242		344,481		341,491
31410GDL4	FNMA		2.517		2/1/2035		1,558,829		1,614,360		1,628,448
31410GDN0	FNMA		2.592		6/1/2033		227,233		237,211		237,888
31410GDP5	FNMA		4.957		6/1/2035		5,199,009		5,490,149		5,438,565
31410GDY6	FNMA		2.368		1/1/2035		82,155		84,892		85,234
31410KEM2	FNMA		5.500		4/1/2038		9,727,288		10,415,245		10,404,109
31410KGQ1	FNMA		6.000		5/1/2038		9,778,920		10,597,893		10,637,998
31410KLD4	FNMA		5.500		5/1/2038		3,848,542		4,088,906		4,115,106
31410KMQ4	FNMA		5.500		6/1/2038		2,040,310		2,167,391		2,181,629
31410KNA8	FNMA		5.500		7/1/2038		942,561		1,001,519		1,007,846
31410KPC2	FNMA		5.500		7/1/2038		751,853		798,955		804,897
31410KS47	FNMA		5.500		12/1/2035		13,114		14,050		14,109
31410KX74	FNMA		5.500		9/1/2036		8,402,543		9,017,374		9,050,538
31410LBU5	FNMA		4.000		9/1/2025		3,993,780		4,175,361		4,116,087
31410MMX5	FNMA		6.000		4/1/2036		475,214		500,553		519,300
31411VMN6	FNMA		5.500		3/1/2037		30,805,355		33,051,686		32,948,780
31412ESY3	FNMA		6.000		1/1/2037		51,667		54,401		56,460
31412MC71	FNMA		5.500		1/1/2038		35,675,515		38,196,772		38,157,804
31412MYZ5	FNMA		5.500		6/1/2038		1,796,441		1,908,091		1,920,869
31412N6G6	FNMA		4.500		3/1/2039		96,519		97,366		99,375
31412NXE1	FNMA		5.000		1/1/2039		2,436,095		2,587,438		2,576,536
31412NZ33	FNMA		5.000		2/1/2039		92,304		95,231		98,110
31412P5R8	FNMA		4.500		7/1/2039		44,795		46,142		46,219
31412PBJ9	FNMA		4.500		3/1/2024		44,317,604		46,755,355		46,475,653
31412PP88	FNMA		5.000		5/1/2039		287,334		296,041		304,419
31412PRN3	FNMA		4.000		5/1/2024		9,550,979		9,984,946		9,843,473
31412PXF3	FNMA		4.500		6/1/2039		133,905		134,905		137,595
31412Q2V0	FNMA		4.500		1/1/2040		4,091,162		4,183,243		4,203,259
31412QE62	FNMA		4.500		8/1/2039		157,549		162,287		161,891
31412QE70	FNMA		5.000		8/1/2039		5,329,684		5,539,725		5,606,988
31412QHF9	FNMA		5.500		8/1/2039		960,545		1,020,429		1,028,564
31412QSQ3	FNMA		4.500		11/1/2039		6,495,051		6,690,327		6,701,482
31412RG76	FNMA		4.000		4/1/2025		9,220,308		9,399,725		9,503,832
31412RGG6	FNMA		5.000		4/1/2040		424,291		442,132		446,367
31412RH42	FNMA		5.000		4/1/2040		11,529,463		12,014,171		12,129,341
31412RLS4	FNMA		3.000		12/1/2025		9,957,671		9,864,641		9,769,372
31412TKJ1	FNMA		6.000		11/1/2038		9,005,119		9,758,481		9,787,070
31412TM26	FNMA		5.500		6/1/2038		6,476,480		6,942,137		6,933,395
31412UEQ9	FNMA		4.500		9/1/2039		488,415		503,100		503,938
31412URR3	FNMA		4.000		7/1/2024		10,620,479		11,104,064		10,945,726
31412UY53	FNMA		4.500		8/1/2039		344,643		348,441		355,596
31413BTW1	FNMA		5.500		6/1/2037		9,385,228		10,069,585		10,038,248
31413CLH0	FNMA		6.000		7/1/2037		5,878,404		6,369,261		6,396,703
31413NY66	FNMA		6.000		11/1/2037		5,242,433		5,679,613		5,704,658
31413R2P0	FNMA		6.000		12/1/2037		6,136,470		6,665,414		6,705,760
31413TWV0	FNMA		5.500		1/1/2038		1,734,957		1,843,494		1,855,675
31414ANH1	FNMA		5.500		12/1/2037		2,087,552		2,217,933		2,232,803
31414CJS8	FNMA		5.500		3/1/2038		2,735,459		2,907,217		2,924,927
31414DWZ5	FNMA		5.500		6/1/2038		896,012		952,247		958,073
31414HZ67	FNMA		5.500		12/1/2037		847,459		900,388		906,425
31414NCH5	FNMA		6.000		12/1/2038		2,652,606		2,881,260		2,898,692
31414NH31	FNMA		5.000		2/1/2039		2,433,016		2,581,694		2,586,045
31414NH49	FNMA		5.000		2/1/2039		3,010,429		3,190,095		3,189,427
31415QTY2	FNMA		6.000		7/1/2038		3,967,686		4,299,368		4,312,216
31415WA60	FNMA		4.500		1/1/2039		93,927		96,748		96,913

Page 4


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
31416CEZ5	FNMA		4.500		5/1/2039		6,236,474		6,226,568		6,421,043
31416JZM6	FNMA		5.000		2/1/2039		3,771,302		3,989,328		3,967,900
31416M5A8	FNMA		5.000		3/1/2039		7,857,194		8,295,232		8,272,814
31416MLA0	FNMA		4.500		3/1/2039		68,052		68,643		70,066
31416MVP6	FNMA		4.500		4/1/2039		94,348		95,176		97,140
31416N5T5	FNMA		4.500		4/1/2039		238,304		240,929		245,357
31416NHE5	FNMA		5.000		8/1/2040		1,157,460		1,230,481		1,217,683
31416NRD6	FNMA		4.500		3/1/2039		43,292		43,668		44,574
31416QJZ9	FNMA		5.000		5/1/2039		103,556		106,843		110,070
31416QV51	FNMA		4.500		8/1/2039		42,070		42,384		43,229
31416RNK5	FNMA		4.500		7/1/2039		67,055		69,070		69,186
31416S6B2	FNMA		4.500		7/1/2039		117,834		118,714		121,082
31416SD40	FNMA		4.500		7/1/2039		123,354		124,276		126,754
31416SED9	FNMA		5.000		7/1/2039		86,855		89,612		91,374
31416SLC3	FNMA		4.500		6/1/2039		137,198		138,223		140,979
31416T3D9	FNMA		4.500		7/1/2039		454,417		459,424		468,860
31416T7K9	FNMA		4.500		7/1/2039		62,291		62,756		64,008
31416TAG4	FNMA		4.500		7/1/2039		164,672		167,281		169,211
31416TAL3	FNMA		5.000		7/1/2039		98,764		101,898		104,976
31416TB65	FNMA		4.500		8/1/2039		234,082		241,122		240,533
31416TE47	FNMA		4.500		8/1/2039		114,571		115,304		117,962
31416TEE5	FNMA		4.500		8/1/2039		169,735		172,086		174,413
31416TEF2	FNMA		4.500		8/1/2039		121,592		122,369		125,190
31416TKG3	FNMA		5.000		6/1/2039		100,416		103,603		105,651
31416WD66	FNMA		5.000		5/1/2040		699,741		729,167		736,149
31416WE57	FNMA		5.000		5/1/2040		11,953,306		12,455,924		12,575,237
31417J2B5	FNMA		5.000		9/1/2039		59,666		61,882		62,770
31417JSB7	FNMA		4.500		7/1/2039		37,328		37,566		38,356
31417KAZ0	FNMA		4.500		7/1/2039		37,509		37,789		38,542
31417KXH5	FNMA		4.500		8/1/2039		3,543,207		3,649,744		3,655,820
31417LLX1	FNMA		5.000		7/1/2039		165,693		170,952		176,114
31417M2V4	FNMA		4.500		8/1/2039		101,670		104,724		104,901
31417M2W2	FNMA		4.500		8/1/2039		21,965		22,158		22,615
31417MFB4	FNMA		4.500		8/1/2039		230,870		232,346		237,232
31417MPN7	FNMA		5.000		9/1/2039		105,714		109,640		111,214
31417MQT3	FNMA		5.000		10/1/2039		70,933		73,568		74,624
31417MTC7	FNMA		4.500		9/1/2039		508,110		515,473		522,114
31417MVC4	FNMA		4.500		10/1/2039		457,761		465,716		470,377
31417NB42	FNMA		4.500		10/1/2039		112,970		116,367		116,083
31417NCL3	FNMA		4.500		10/1/2024		6,168,296		6,532,894		6,538,069
31417NDN8	FNMA		4.500		11/1/2024		6,698,274		7,066,782		7,024,815
31417NL41	FNMA		4.500		1/1/2040		256,791		262,572		263,868
31417NZV6	FNMA		4.500		9/1/2039		96,695		99,603		99,360
31417QTZ7	FNMA		4.500		10/1/2024		6,802,110		7,175,790		7,133,713
31417QU93	FNMA		4.500		10/1/2039		301,374		310,438		309,680
31417QUG7	FNMA		4.500		10/1/2039		990,404		1,001,324		1,021,882
31417SY95	FNMA		4.500		11/1/2039		44,768		46,114		46,002
31417SYT1	FNMA		4.500		11/1/2039		93,572		94,395		96,151
31417TB98	FNMA		4.500		1/1/2040		137,843		140,945		141,642
31417TKX5	FNMA		4.500		11/1/2039		24,349		24,897		25,020
31417TL97	FNMA		4.500		12/1/2039		423,691		428,362		437,157
31417TQE1	FNMA		4.500		1/1/2040		616,084		622,878		635,665
31417UNB7	FNMA		4.500		11/1/2039		170,428		174,265		175,125
31417VJE4	FNMA		4.500		12/1/2039		125,417		128,241		128,874
31417VJS3	FNMA		4.500		12/1/2039		32,599		32,886		33,497
31417VKE2	FNMA		4.500		1/1/2040		129,394		132,307		132,960
31417VQT3	FNMA		4.500		1/1/2040		1,895,857		1,938,524		1,956,113
31417VY64	FNMA		4.500		12/1/2039		241,677		247,117		248,337
31417YTB3	FNMA		5.000		9/1/2040		6,446,933		6,853,502		6,782,958
31418MT93	FNMA		4.500		1/1/2040		1,854,980		1,874,862		1,905,496
31418MUL4	FNMA		4.500		12/1/2039		840,158		847,539		863,178
31418PCP8	FNMA		5.000		9/1/2040		288,504		306,681		303,515
31418PD44	FNMA		4.500		1/1/2040		259,886		265,734		267,007
31418W6Y1	FNMA		5.000		9/1/2040		539,327		573,205		567,389

Page 5


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
31418W7J3	FNMA		5.000		9/1/2040		424,869		451,547		446,975
31418XF52	FNMA		4.500		9/1/2040		20,361,230		21,336,624		20,920,171
31418XNF1	FNMA		5.000		9/1/2040		8,232,507		8,750,712		8,660,844
31419ADT1	FNMA		4.000		7/1/2040		15,999,999		16,080,728		15,940,612
31419ANK9	FNMA		5.500		10/1/2039		4,501,018		4,788,744		4,819,285
31419DL74	FNMA		4.500		9/1/2040		19,552,620		20,557,265		20,089,364
31419DTQ4	FNMA		5.000		9/1/2040		708,704		753,473		745,578
31419DV99	FNMA		4.000		10/1/2040		17,535,258		17,815,340		17,469,723
31419ENB1	FNMA		5.000		9/1/2040		1,520,111		1,615,650		1,603,370
31419EU80	FNMA		5.000		9/1/2040		356,387		379,030		374,929
31419GB94	FNMA		4.000		10/1/2040		24,841,128		25,713,456		24,748,288
31419JET1	FNMA		3.500		11/1/2025		10,949,847		11,239,827		11,050,804
31419L5A7	FNMA		4.000		11/1/2040		1,669,774		1,696,468		1,662,761
31421AAU7	FNMA		5.500		12/1/2038		4,728		5,074		5,061
31283K4C9	FHLMC GOLD		5.000		6/1/2020		9,563,261		10,264,358		10,223,849
31283K6U7	FHLMC GOLD		4.500		8/1/2015		1,974,209		2,086,508		2,081,441
31283KJU3	FHLMC GOLD		6.500		12/1/2014		659,584		711,139		718,122
31283KN87	FHLMC GOLD		5.000		9/1/2017		3,366		3,543		3,589
3128GNW87	FHLMC GOLD		5.000		11/1/2016		2,851		2,997		3,026
3128GNY77	FHLMC GOLD		5.000		11/1/2016		17,108		17,981		18,159
3128GP3U5	FHLMC GOLD		5.000		1/1/2017		4,147		4,359		4,401
3128GP3V3	FHLMC GOLD		5.000		1/1/2017		18,458		19,407		19,592
3128GP4U4	FHLMC GOLD		5.000		1/1/2017		4,291		4,511		4,555
3128GP7M9	FHLMC GOLD		5.000		1/1/2017		4,723		4,968		5,036
3128GPSA2	FHLMC GOLD		5.000		12/1/2016		3,380		3,554		3,588
3128GPVH3	FHLMC GOLD		5.000		12/1/2016		1,392		1,462		1,481
3128GQ3Q2	FHLMC GOLD		5.000		2/1/2017		6,614		6,955		7,054
3128GQ6E6	FHLMC GOLD		5.000		2/1/2017		5,259		5,529		5,608
3128GQGA3	FHLMC GOLD		5.000		1/1/2017		11,743		12,348		12,522
3128GQJT9	FHLMC GOLD		5.000		1/1/2017		7,694		8,091		8,167
3128GQK26	FHLMC GOLD		5.000		1/1/2017		11,890		12,496		12,621
3128GQK34	FHLMC GOLD		5.000		1/1/2017		1,923		2,021		2,041
3128GQKB6	FHLMC GOLD		5.000		1/1/2017		5,079		5,332		5,391
3128GQP54	FHLMC GOLD		5.000		1/1/2017		6,869		7,222		7,325
3128GQQQ7	FHLMC GOLD		5.000		2/1/2017		7,429		7,800		7,885
3128GQQZ7	FHLMC GOLD		5.000		2/1/2017		24,724		25,992		26,242
3128GQSG7	FHLMC GOLD		5.000		2/1/2017		3,924		4,123		4,184
3128GQU58	FHLMC GOLD		5.000		2/1/2017		6,817		7,159		7,236
3128GQU90	FHLMC GOLD		5.000		2/1/2017		2,757		2,898		2,940
3128GQVB4	FHLMC GOLD		5.000		2/1/2017		4,583		4,819		4,864
3128GQW31	FHLMC GOLD		5.000		2/1/2017		11,424		12,016		12,189
3128GQW49	FHLMC GOLD		5.000		2/1/2017		19,650		20,668		20,955
3128GR3Y3	FHLMC GOLD		5.000		2/1/2017		16,953		17,831		17,994
3128GR6N4	FHLMC GOLD		5.000		4/1/2017		23,341		24,555		24,891
3128GRBH1	FHLMC GOLD		5.000		2/1/2017		6,881		7,234		7,338
3128GRBJ7	FHLMC GOLD		5.000		2/1/2017		2,076		2,182		2,213
3128GRFT1	FHLMC GOLD		5.000		3/1/2017		14,512		15,259		15,403
3128GRJD2	FHLMC GOLD		5.000		3/1/2017		5,387		5,662		5,718
3128GRK81	FHLMC GOLD		5.000		3/1/2017		6,268		6,589		6,684
3128GRLA5	FHLMC GOLD		5.000		3/1/2017		25,169		26,471		26,841
3128GRM71	FHLMC GOLD		5.000		3/1/2017		2,601		2,736		2,774
3128GRP94	FHLMC GOLD		5.000		3/1/2017		2,421		2,544		2,570
3128GRQA0	FHLMC GOLD		5.000		3/1/2017		6,410		6,743		6,836
3128GRSP5	FHLMC GOLD		5.000		3/1/2017		6,298		6,615		6,685
3128GRSY6	FHLMC GOLD		5.000		3/1/2017		12,665		13,313		13,506
3128GRUF4	FHLMC GOLD		5.000		3/1/2017		1,291		1,357		1,376
3128GRUT4	FHLMC GOLD		5.000		3/1/2017		7,850		8,242		8,332
3128GRWQ8	FHLMC GOLD		5.000		2/1/2017		525		551		556
3128GRYD5	FHLMC GOLD		5.000		4/1/2017		3,617		3,800		3,857
3128GS5Y9	FHLMC GOLD		5.000		4/1/2017		6,030		6,341		6,431
3128GSDJ3	FHLMC GOLD		5.000		4/1/2017		9,166		9,640		9,774
3128GSGB7	FHLMC GOLD		5.000		4/1/2017		14,620		15,377		15,591
3128GSGU5	FHLMC GOLD		5.000		4/1/2017		25,971		27,320		27,695
3128GSKE6	FHLMC GOLD		5.000		4/1/2017		24,416		25,681		26,037

Page 6


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
3128GSKV8	FHLMC GOLD		5.000		4/1/2017		7,957		8,367		8,486
3128GSLX3	FHLMC GOLD		5.000		4/1/2017		8,090		8,505		8,627
3128GSLY1	FHLMC GOLD		5.000		4/1/2017		13,891		14,611		14,813
3128GSNL7	FHLMC GOLD		5.000		4/1/2017		7,683		8,076		8,194
3128GSQN0	FHLMC GOLD		5.000		4/1/2017		8,569		9,001		9,095
3128GSSN8	FHLMC GOLD		5.000		4/1/2017		21,175		22,283		22,581
3128GV2N9	FHLMC GOLD		5.000		10/1/2017		33,538		35,285		35,765
3128GV3C2	FHLMC GOLD		5.000		10/1/2017		16,348		17,185		17,434
3128GV3D0	FHLMC GOLD		5.000		10/1/2017		26,552		27,913		28,315
3128GV3Z1	FHLMC GOLD		5.000		10/1/2017		31,179		32,819		33,249
3128GV7G9	FHLMC GOLD		5.000		10/1/2017		6,726		7,071		7,173
3128GVBY5	FHLMC GOLD		5.000		8/1/2017		2,105		2,215		2,246
3128GVH94	FHLMC GOLD		5.000		9/1/2017		3,510		3,688		3,743
3128GVJA9	FHLMC GOLD		5.000		9/1/2017		13,913		14,625		14,836
3128GVJB7	FHLMC GOLD		5.000		9/1/2017		8,166		8,583		8,709
3128GVJQ4	FHLMC GOLD		5.000		9/1/2017		20,544		21,614		21,908
3128GVLF5	FHLMC GOLD		5.000		9/1/2017		8,940		9,394		9,489
3128GVLH1	FHLMC GOLD		5.000		9/1/2017		12,935		13,614		13,794
3128GVLJ7	FHLMC GOLD		5.000		9/1/2017		19,238		20,220		20,515
3128GVMM9	FHLMC GOLD		5.000		8/1/2017		3,162		3,327		3,372
3128GVNL0	FHLMC GOLD		5.000		9/1/2017		8,248		8,670		8,796
3128GVNM8	FHLMC GOLD		5.000		9/1/2017		11,189		11,764		11,932
3128GVNN6	FHLMC GOLD		5.000		9/1/2017		17,248		18,135		18,865
3128GVNV8	FHLMC GOLD		5.000		9/1/2017		5,477		5,759		5,840
3128GVNX4	FHLMC GOLD		5.000		9/1/2017		80,277		84,479		85,608
3128GVPM6	FHLMC GOLD		5.000		9/1/2017		7,171		7,538		7,647
3128GVPN4	FHLMC GOLD		5.000		9/1/2017		5,857		6,157		6,246
3128GVPP9	FHLMC GOLD		5.000		9/1/2017		27,631		29,083		29,466
3128GVQH6	FHLMC GOLD		5.000		9/1/2017		25,133		26,450		26,803
3128GVRA0	FHLMC GOLD		5.000		9/1/2017		6,317		6,641		6,737
3128GVRC6	FHLMC GOLD		5.000		9/1/2017		13,384		14,080		14,273
3128GVRE2	FHLMC GOLD		5.000		9/1/2017		8,556		9,001		9,124
3128GVRS1	FHLMC GOLD		5.000		9/1/2017		5,327		5,601		5,681
3128GVRT9	FHLMC GOLD		5.000		9/1/2017		15,143		15,920		16,148
3128GVRY8	FHLMC GOLD		5.000		9/1/2017		70,026		73,679		74,677
3128GVT83	FHLMC GOLD		5.000		9/1/2017		28,992		30,503		30,917
3128GVTN0	FHLMC GOLD		5.000		9/1/2017		7,111		7,480		7,583
3128GVTW0	FHLMC GOLD		5.000		9/1/2017		19,475		20,498		20,768
3128GVUD0	FHLMC GOLD		5.000		9/1/2017		3,432		3,613		3,660
3128GVUE8	FHLMC GOLD		5.000		9/1/2017		18,634		19,613		19,871
3128GVUX6	FHLMC GOLD		5.000		10/1/2017		6,216		6,531		6,628
3128GVVE7	FHLMC GOLD		5.000		10/1/2017		41,278		43,391		44,019
3128GVVF4	FHLMC GOLD		5.000		10/1/2017		19,993		21,020		21,321
3128GVVJ6	FHLMC GOLD		5.000		10/1/2017		28,997		30,504		30,923
3128GVVY3	FHLMC GOLD		5.000		10/1/2017		17,249		18,159		18,404
3128GVW22	FHLMC GOLD		5.000		9/1/2017		6,056		6,374		6,458
3128GVW89	FHLMC GOLD		5.000		10/1/2017		10,629		11,175		11,334
3128GVZV5	FHLMC GOLD		5.000		10/1/2017		21,353		22,475		22,771
3128GW5Q7	FHLMC GOLD		5.000		11/1/2017		13,750		14,458		14,664
3128GW6G8	FHLMC GOLD		5.000		11/1/2017		7,147		7,515		7,622
3128GWAQ1	FHLMC GOLD		5.000		10/1/2017		5,248		5,517		5,571
3128GWAT5	FHLMC GOLD		5.000		10/1/2017		30,906		32,533		32,975
3128GWAU2	FHLMC GOLD		5.000		10/1/2017		31,743		33,374		33,851
3128GWB49	FHLMC GOLD		5.000		10/1/2017		3,664		3,858		3,907
3128GWB80	FHLMC GOLD		5.000		10/1/2017		20,641		21,699		22,012
3128GWBH0	FHLMC GOLD		5.000		10/1/2017		28,050		29,530		29,913
3128GWC89	FHLMC GOLD		5.000		10/1/2017		10,220		10,757		10,898
3128GWCL0	FHLMC GOLD		5.000		10/1/2017		17,262		18,153		18,408
3128GWCW6	FHLMC GOLD		5.000		10/1/2017		5,569		5,855		5,939
3128GWDP0	FHLMC GOLD		5.000		10/1/2017		13,012		13,682		13,876
3128GWEG9	FHLMC GOLD		5.000		10/1/2017		39,832		41,882		42,477
3128GWEK0	FHLMC GOLD		5.000		10/1/2017		11,133		11,703		11,872
3128GWEP9	FHLMC GOLD		5.000		10/1/2017		6,046		6,364		6,447
3128GWF86	FHLMC GOLD		5.000		10/1/2017		14,056		14,778		14,990

Page 7


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
3128GWFN3	FHLMC GOLD		5.000		10/1/2017		11,942		12,555		12,735
3128GWHH4	FHLMC GOLD		5.000		10/1/2017		12,989		13,655		13,852
3128GWJG4	FHLMC GOLD		5.000		11/1/2017		30,521		32,123		32,565
3128GWK31	FHLMC GOLD		5.000		10/1/2017		17,494		18,393		18,656
3128GWK56	FHLMC GOLD		5.000		11/1/2017		19,394		20,392		20,682
3128GWMS4	FHLMC GOLD		5.000		11/1/2017		10,298		10,827		10,982
3128GWP85	FHLMC GOLD		5.000		11/1/2017		10,481		11,034		11,177
3128GWQ27	FHLMC GOLD		5.000		11/1/2017		19,260		20,251		20,539
3128GWQ92	FHLMC GOLD		5.000		11/1/2017		15,857		16,671		16,910
3128GWQN1	FHLMC GOLD		5.000		11/1/2017		16,921		17,787		18,045
3128GWQY7	FHLMC GOLD		5.000		11/1/2017		7,413		7,791		7,905
3128GWR42	FHLMC GOLD		5.000		11/1/2017		19,261		20,252		20,540
3128GWRF7	FHLMC GOLD		5.000		11/1/2017		13,330		14,035		14,223
3128GWV21	FHLMC GOLD		5.000		11/1/2017		27,940		29,409		29,796
3128GWVL9	FHLMC GOLD		5.000		11/1/2017		5,220		5,495		5,567
3128GWWM6	FHLMC GOLD		5.000		11/1/2017		3,435		3,617		3,665
3128GWXD5	FHLMC GOLD		5.000		11/1/2017		11,049		11,618		11,783
3128GWXW3	FHLMC GOLD		5.000		11/1/2017		22,575		23,769		24,087
3128GWYS1	FHLMC GOLD		5.000		11/1/2017		4,559		4,793		4,862
3128GWZQ4	FHLMC GOLD		5.000		11/1/2017		14,061		14,782		14,995
3128GX3H7	FHLMC GOLD		5.000		12/1/2017		22,811		24,021		24,338
3128GX5V4	FHLMC		5.000		12/1/2017		26,919		28,350		28,722
3128GXAX4	FHLMC GOLD		5.000		11/1/2017		34,427		36,200		36,713
3128GXBC9	FHLMC GOLD		5.000		11/1/2017		6,911		7,266		7,370
3128GXEA0	FHLMC GOLD		5.000		12/1/2017		15,984		16,831		17,055
3128GXEK8	FHLMC GOLD		5.000		12/1/2017		7,503		7,900		8,005
3128GXFT8	FHLMC GOLD		5.000		12/1/2017		18,039		18,970		19,237
3128GXHA7	FHLMC GOLD		5.000		12/1/2017		24,921		26,231		26,576
3128GXHQ2	FHLMC GOLD		5.000		12/1/2017		27,759		29,219		29,603
3128GXN36	FHLMC GOLD		5.000		12/1/2017		30,351		31,962		32,367
3128GY2H6	FHLMC GOLD		5.000		2/1/2018		17,952		18,884		19,145
3128GYF66	FHLMC GOLD		5.000		1/1/2018		4,584		4,822		4,888
3128GYFK5	FHLMC GOLD		5.000		1/1/2018		711		747		758
3128GYG73	FHLMC GOLD		5.000		1/1/2018		23,892		25,123		25,479
3128GYKK9	FHLMC GOLD		5.000		1/1/2018		2,878		3,027		3,069
3128GYLX0	FHLMC GOLD		5.000		1/1/2018		2,988		3,144		3,186
3128GYNT7	FHLMC GOLD		5.000		2/1/2018		2,312		2,432		2,465
3128GYQC1	FHLMC GOLD		5.000		2/1/2018		20,334		21,389		21,684
3128GYS88	FHLMC GOLD		5.000		2/1/2018		2,154		2,268		2,297
3128GYTW4	FHLMC GOLD		5.000		2/1/2018		2,164		2,277		2,307
3128GYU44	FHLMC GOLD		5.000		2/1/2018		16,354		17,194		17,440
3128GYU51	FHLMC GOLD		5.000		2/1/2018		15,344		16,134		16,363
3128GYV35	FHLMC GOLD		5.000		2/1/2018		32,093		33,757		34,224
3128GYVB7	FHLMC GOLD		5.500		2/1/2018		66,104		71,320		71,002
3128GYVZ4	FHLMC GOLD		5.000		2/1/2018		21,561		22,674		22,886
3128GYZE7	FHLMC GOLD		5.000		2/1/2018		11,122		11,703		11,884
3128H22V4	FHLMC GOLD		5.000		4/1/2018		9,324		9,810		9,963
3128H25K5	FHLMC GOLD		5.000		4/1/2018		2,488		2,618		2,653
3128H26F5	FHLMC GOLD		5.000		3/1/2018		1,837		1,932		1,955
3128H26M0	FHLMC GOLD		5.500		3/1/2018		1,078,359		1,163,551		1,158,272
3128H26W8	FHLMC GOLD		5.500		2/1/2018		456,343		492,369		490,161
3128H27K3	FHLMC GOLD		5.000		4/1/2018		6,871		7,230		7,328
3128H2B69	FHLMC GOLD		5.000		2/1/2018		25,889		27,224		27,608
3128H2B77	FHLMC GOLD		5.000		2/1/2018		23,514		24,731		25,076
3128H2B85	FHLMC GOLD		5.000		2/1/2018		20,261		21,309		21,606
3128H2C84	FHLMC GOLD		5.000		2/1/2018		4,559		4,795		4,861
3128H2E41	FHLMC GOLD		5.000		3/1/2018		28,527		30,004		30,421
3128H2ED1	FHLMC GOLD		5.000		2/1/2018		49,863		52,436		53,280
3128H2EG4	FHLMC GOLD		5.000		2/1/2018		28,273		29,735		30,150
3128H2LV3	FHLMC GOLD		5.000		2/1/2018		28,325		29,787		30,206
3128H2LY7	FHLMC GOLD		5.000		3/1/2018		11,927		12,550		12,744
3128H2QV8	FHLMC GOLD		5.000		3/1/2018		29,433		30,950		31,388
3128H2T86	FHLMC GOLD		5.000		3/1/2018		3,316		3,489		3,544
3128H2TF0	FHLMC GOLD		5.000		3/1/2018		28,617		30,104		30,517

Page 8


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
3128H2TJ2	FHLMC GOLD		5.000		3/1/2018		10,120		10,648		10,792
3128H2TW3	FHLMC GOLD		5.000		3/1/2018		22,681		23,861		24,188
3128H2VW0	FHLMC GOLD		5.000		3/1/2018		32,986		34,700		35,177
3128H2YM9	FHLMC GOLD		5.000		3/1/2018		10,000		10,516		10,664
3128H2YN7	FHLMC GOLD		5.000		3/1/2018		10,426		10,966		11,118
3128H2YS6	FHLMC GOLD		5.000		3/1/2018		11,861		12,476		12,649
3128H2ZJ5	FHLMC GOLD		5.000		3/1/2018		8,058		8,477		8,593
3128H2ZT3	FHLMC GOLD		5.000		4/1/2018		14,062		14,787		14,995
3128H2ZU0	FHLMC GOLD		5.000		4/1/2018		18,656		19,625		19,895
3128H32W0	FHLMC GOLD		5.000		4/1/2018		16,085		16,932		17,153
3128H3C25	FHLMC GOLD		5.000		4/1/2018		3,333		3,507		3,554
3128H3CD1	FHLMC GOLD		5.000		4/1/2018		4,382		4,613		4,673
3128H3FG1	FHLMC GOLD		5.000		4/1/2018		18,431		19,393		19,655
3128H3KN0	FHLMC GOLD		5.000		4/1/2018		3,214		3,382		3,428
3128H3MN8	FHLMC GOLD		5.000		4/1/2018		31,860		33,518		33,976
3128H3N72	FHLMC GOLD		5.000		4/1/2018		8,285		8,715		8,835
3128H3RY9	FHLMC GOLD		5.000		5/1/2018		32,761		34,460		34,936
3128H3S36	FHLMC GOLD		5.000		4/1/2018		10,044		10,565		10,711
3128H3SZ5	FHLMC GOLD		5.000		5/1/2018		16,731		17,599		17,843
3128H3V65	FHLMC GOLD		5.000		5/1/2018		6,225		6,547		6,638
3128H3WF4	FHLMC GOLD		5.000		4/1/2018		13,021		13,696		13,885
3128H3XU0	FHLMC GOLD		5.000		5/1/2018		11,799		12,409		12,583
3128H45V7	FHLMC GOLD		5.000		6/1/2018		19,486		20,504		20,780
3128H4J59	FHLMC GOLD		5.000		6/1/2018		12,629		13,289		13,468
3128H4JG5	FHLMC GOLD		5.000		5/1/2018		13,578		14,285		14,480
3128H4JT7	FHLMC GOLD		5.000		6/1/2018		29,872		31,426		31,856
3128H5JX5	FHLMC GOLD		5.000		7/1/2018		22,559		23,735		24,057
3128H5RP3	FHLMC GOLD		5.000		7/1/2018		12,944		13,621		13,804
3128H5TK2	FHLMC GOLD		5.000		7/1/2018		34,876		36,694		37,192
3128H6BG8	FHLMC GOLD		5.000		7/1/2018		26,290		27,663		28,036
3128H6CZ5	FHLMC GOLD		5.000		7/1/2018		26,971		28,385		28,762
3128H6FR0	FHLMC GOLD		5.000		8/1/2018		18,704		19,681		19,946
3128H6FU3	FHLMC GOLD		5.000		8/1/2018		15,504		16,316		16,534
3128H6WU4	FHLMC GOLD		5.500		8/1/2018		297,114		321,093		320,203
3128H6XM1	FHLMC GOLD		5.000		8/1/2018		7,203		7,579		7,681
3128H6ZC1	FHLMC GOLD		5.500		7/1/2018		97,206		105,038		104,759
3128H77K2	FHLMC GOLD		5.500		10/1/2018		201,005		217,269		216,625
3128JLDM8	FHLMC		2.955		9/1/2033		273,848		287,058		292,021
3128JLEY1	FHLMC		2.949		9/1/2033		474,679		497,609		494,353
3128JLHB8	FHLMC		2.919		9/1/2033		72,490		75,048		76,593
3128JM6N2	FHLMC		2.712		2/1/2035		237,070		242,995		243,307
3128JM7E1	FHLMC		2.688		2/1/2035		175,907		180,443		180,652
3128JMW45	FHLMC		2.968		11/1/2034		101,350		106,101		107,022
3128JMY68	FHLMC		2.718		11/1/2034		130,724		135,671		136,945
3128JMZG5	FHLMC		2.898		11/1/2034		186,140		194,874		198,079
3128JNAL9	FHLMC		3.054		2/1/2035		201,998		211,826		214,214
3128JRP26	FHLMC		2.714		12/1/2033		2,210,860		2,335,446		2,332,318
3128K17K1	FHLMC GOLD		5.000		1/1/2036		5,756,871		6,089,451		6,066,533
3128KA4Z1	FHLMC GOLD		6.000		6/1/2036		89,368		93,801		97,125
3128KE5H2	FHLMC GOLD		6.500		9/1/2036		152,740		167,166		169,605
3128KVAR6	FHLMC GOLD		6.500		8/1/2037		193,937		212,267		215,218
3128KWBZ5	FHLMC GOLD		6.000		9/1/2037		17,662		19,416		19,469
3128KWFX6	FHLMC GOLD		6.000		9/1/2037		37,531		41,249		41,369
3128KWFY4	FHLMC GOLD		6.000		9/1/2037		54,308		59,689		59,863
3128KWT29	FHLMC GOLD		6.000		9/1/2037		31,369		34,478		34,578
3128KWTK9	FHLMC GOLD		6.000		9/1/2037		48,530		53,338		53,494
3128KWTP8	FHLMC GOLD		6.000		9/1/2037		42,839		47,084		47,221
3128KWTZ6	FHLMC GOLD		6.000		9/1/2037		33,726		37,069		37,176
3128KYXE4	FHLMC GOLD		6.000		4/1/2037		21,269		23,378		23,444
3128M4XA6	FHLMC GOLD		5.500		7/1/2037		3,839,568		4,119,162		4,114,205
3128M4ZG1	FHLMC GOLD		6.000		7/1/2037		3,921		4,310		4,322
3128M5R93	FHLMC GOLD		5.500		2/1/2038		1,102,818		1,169,556		1,174,915
3128M6UB2	FHLMC GOLD		6.000		7/1/2038		101,897		112,017		112,320
3128M7AZ9	FHLMC GOLD		6.000		12/1/2038		279,228		306,955		307,788

Page 9


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
3128M7B88	FHLMC GOLD		5.500		2/1/2039		690,017		731,751		734,844
3128M7FG6	FHLMC GOLD		5.500		12/1/2038		3,318,386		3,519,030		3,533,961
3128M7PN0	FHLMC GOLD		5.000		7/1/2039		1,296,628		1,335,165		1,369,895
3128MMAC7	FHLMC GOLD		5.000		7/1/2019		821,591		879,773		878,343
3128MMLD3	FHLMC GOLD		4.500		9/1/2024		3,149,067		3,318,143		3,292,371
3128NCBF0	FHLMC		2.895		1/1/2035		207,525		214,679		218,016
3128NCBH6	FHLMC		2.649		1/1/2035		866,867		891,973		898,619
3128NCBW3	FHLMC		2.798		2/1/2035		233,488		239,316		241,968
3128NCDH4	FHLMC		2.680		2/1/2035		115,626		121,667		120,402
3128PR7G8	FHLMC GOLD		4.000		8/1/2025		1,966,463		2,045,984		2,025,298
3128PRVD8	FHLMC GOLD		4.000		6/1/2025		2,257,194		2,342,191		2,325,271
3128PRWK1	FHLMC GOLD		4.000		7/1/2025		1,651,711		1,704,319		1,701,129
3128PRWU9	FHLMC GOLD		4.000		7/1/2025		5,112,593		5,305,143		5,266,789
3128PRZ85	FHLMC GOLD		4.000		7/1/2025		1,663,013		1,715,952		1,712,769
3128PSBA4	FHLMC GOLD		4.000		8/1/2025		4,383,486		4,560,643		4,514,636
312929CM2	FHLMC GOLD		6.000		1/1/2039		10,618		11,672		11,704
31292K7B7	FHLMC GOLD		5.000		10/1/2040		11,303,155		11,988,564		11,861,757
31292K7G6	FHLMC GOLD		4.000		10/1/2040		9,925,221		10,243,961		9,863,387
31292KJH1	FHLMC GOLD		6.000		7/1/2037		2,095		2,303		2,309
31292KX93	FHLMC GOLD		4.500		9/1/2039		5,485,152		5,535,536		5,626,065
312930LH1	FHLMC GOLD		6.000		1/1/2039		35,325		38,831		38,938
312930LQ1	FHLMC GOLD		6.000		1/1/2039		42,510		46,733		46,858
312930RC6	FHLMC GOLD		6.000		1/1/2039		26,329		28,559		28,532
312930RV4	FHLMC GOLD		6.000		1/1/2039		12,972		14,259		14,299
312930TB6	FHLMC GOLD		6.000		1/1/2039		13,232		14,348		14,339
312931D62	FHLMC GOLD		4.000		2/1/2039		3,637,326		3,683,707		3,616,746
312931TJ7	FHLMC GOLD		5.000		3/1/2039		3,434,676		3,631,325		3,604,417
312932CX2	FHLMC GOLD		4.500		4/1/2039		3,588,019		3,718,506		3,685,454
312932ZE9	FHLMC GOLD		5.000		5/1/2039		97,339		100,415		103,173
312933F41	FHLMC GOLD		4.500		6/1/2039		4,870,141		5,045,372		4,995,255
3129345K4	FHLMC GOLD		5.000		8/1/2039		185,372		190,885		195,846
312934PJ5	FHLMC GOLD		5.000		8/1/2039		98,747		101,869		104,667
312934R38	FHLMC GOLD		5.000		8/1/2039		84,983		87,669		90,077
3129353B3	FHLMC GOLD		4.500		9/1/2039		753,789		760,132		773,154
3129356Q7	FHLMC GOLD		4.500		9/1/2039		191,054		192,662		195,962
312935AT6	FHLMC GOLD		5.000		8/1/2039		183,842		189,312		194,230
312935KY4	FHLMC GOLD		4.500		9/1/2039		279,627		282,389		286,811
312935LV9	FHLMC GOLD		4.500		9/1/2039		187,237		189,086		192,047
312935MQ9	FHLMC GOLD		4.500		9/1/2039		929,381		939,879		957,524
312935MV8	FHLMC GOLD		4.500		9/1/2039		1,881,650		1,900,957		1,929,989
312936LH8	FHLMC GOLD		5.000		10/1/2039		368,980		384,250		387,215
312936LM7	FHLMC GOLD		5.000		10/1/2039		643,946		669,288		680,333
3129385D1	FHLMC GOLD		5.000		1/1/2040		104,594		108,750		110,177
312942ER2	FHLMC GOLD		5.000		9/1/2040		2,864,719		3,038,698		3,006,293
312943EE9	FHLMC GOLD		5.000		10/1/2040		7,825,826		8,299,569		8,212,578
312943HT3	FHLMC GOLD		4.000		11/1/2040		13,655,214		14,079,293		13,570,142
312944BH3	FHLMC GOLD		4.000		12/1/2040		10,498,019		10,650,789		10,437,588
312944BJ9	FHLMC GOLD		4.000		12/1/2040		4,136,159		4,199,269		4,112,350
312944BN0	FHLMC GOLD		4.000		12/1/2040		2,076,428		2,108,066		2,064,475
31294KDZ5	FHLMC GOLD		5.000		9/1/2016		1,809		1,901		1,925
31294KFJ9	FHLMC GOLD		5.000		11/1/2016		3,319		3,489		3,532
31294KHD0	FHLMC GOLD		5.000		2/1/2017		7,039		7,402		7,511
31294KHL2	FHLMC GOLD		5.000		3/1/2017		13,940		14,661		14,866
31294KJT3	FHLMC GOLD		5.000		5/1/2017		4,161		4,377		4,417
31294KKU8	FHLMC GOLD		5.000		9/1/2017		7,158		7,534		7,637
31294MAK7	FHLMC GOLD		4.000		8/1/2025		5,547,139		5,771,419		5,713,105
312962CQ4	FHLMC GOLD		5.000		8/1/2018		10,887		11,466		11,611
312962CT8	FHLMC GOLD		5.000		8/1/2018		1,860		1,957		1,974
312962KD4	FHLMC GOLD		5.500		10/1/2018		121,175		130,979		130,592
312962KT9	FHLMC GOLD		5.000		10/1/2018		18,716		19,702		19,959
312962MD2	FHLMC GOLD		5.000		11/1/2018		33,010		34,747		35,203
312962Q63	FHLMC GOLD		5.500		10/1/2018		19,267		20,826		20,765
312962UW1	FHLMC GOLD		5.500		11/1/2018		1,492,235		1,613,034		1,608,195
312963VY4	FHLMC GOLD		5.500		12/1/2018		249,902		270,148		269,321

Page 10


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par			Book Value $			Market Value $
312963WH0	FHLMC GOLD		5.500		12/1/2018		28,179			30,462			30,369
312963ZG9	FHLMC GOLD		5.500		11/1/2018		100,557			108,693			108,371
3129642B4	FHLMC GOLD		5.500		3/1/2019		316,289			341,898			340,847
312964KG3	FHLMC GOLD		5.000		2/1/2019		4,880			5,142			5,204
312964WX3	FHLMC GOLD		5.500		10/1/2018		476,483			515,016			513,510
312965QA7	FHLMC GOLD		5.500		11/1/2018		257,292			278,109			277,286
312966WU4	FHLMC GOLD		5.500		5/1/2019		1,504,921			1,626,885			1,621,767
312968QL7	FHLMC GOLD		5.500		12/1/2018		2,193,481			2,367,910			2,356,031
3129696M5	FHLMC GOLD		4.000		11/1/2014		2,714,327			2,848,979			2,820,748
312969VY1	FHLMC GOLD		4.500		10/1/2014		4,361,566			4,607,869			4,605,275
3129714D3	FHLMC GOLD		4.000		3/1/2015		3,560,646			3,736,602			3,691,186
31342A6F1	FHLMC		2.569		9/1/2033		466,161			486,522			488,694
31349UCW6	FHLMC		2.367		10/1/2034		211,793			220,183			218,939
31349UEJ3	FHLMC		2.500		11/1/2034		383,764			401,431			402,359
31349ULB2	FHLMC		2.616		2/1/2035		394,498			410,038			404,040
31349ULF3	FHLMC		2.478		2/1/2035		234,299			240,478			242,909
31349UMF2	FHLMC		2.622		3/1/2035		653,345			673,721			673,795
01N040611	GNMA		4.000		1/1/2041		13,000,000			13,186,875			13,093,438
01N040629	GNMA		4.000		2/1/2041		77,000,000			76,795,469			77,264,688
01F030413	FNMA		3.000		1/1/2026		62,000,000			61,297,578			60,701,875
01F030413	FNMA		3.000		1/1/2026		(30,000,000	)		(29,635,898	)		(29,371,875	)
01F030421	FNMA		3.000		2/1/2026		64,000,000			62,571,055			62,495,000
01F032419	FNMA		3.500		1/1/2026		39,000,000			39,890,664			39,280,313
01F032419	FNMA		3.500		1/1/2026		(39,000,000	)		(39,236,797	)		(39,280,313	)
01F032427	FNMA		3.500		2/1/2026		16,000,000			16,278,984			16,069,375
01F032427	FNMA		3.500		2/1/2026		(16,000,000	)		(15,980,625	)		(16,069,375	)
01F042616	FNMA		4.500		2/25/2037		12,000,000			12,217,500			12,318,750
01F050619	FNMA		5.000		1/1/2037		65,000,000			68,178,906			68,341,406
01F052615	FNMA TBA		5.500		1/14/2033		3,000,000			3,210,586			3,211,406
01F052615	FNMA TBA		5.500		1/14/2033		(1,000,000	)		(1,063,594	)		(1,070,469	)
01F060618	FNMA TBA		6.000		1/1/2033		13,000,000			14,063,359			14,129,375
02R050614	FHLMC GOLD		5.000		1/1/2035		37,000,000			38,708,359			38,803,750
02R052610	FHLMC TBA		5.500		1/15/2033		1,000,000			1,060,000			1,066,172

							1,156,158,564			1,200,429,949			1,195,904,760

Non Agency RMBS
000780ET9	AMAC		5.000		4/25/2018		706,126			688,543			723,038
04271AAB7	ARRMF		0.362		9/16/2056		634,174			618,784			622,886
05948X6X4	BANK OF AMERICA MTG SEC		4.750		6/25/2019		5,446,078			5,474,238			5,636,364
07384MWF5	BSARM		3.002		8/25/2033		133,531			121,643			125,064
126380AB0	CSMC		5.500		11/25/2036		2,254,604			1,830,342			1,893,868
126384AJ5	CSMC		5.000		3/25/2037		985,899			905,348			900,441
12638PBU2	CSMC		5.000		4/25/2037		1,090,393			898,929			923,410
12669E5B8	CWHL		5.000		11/25/2018		878,800			902,094			900,067
12669EYQ3	COUNTRYWIDE HOME LOANS TR		3.321		8/25/2033		96,378			72,848			78,625
16162WLM9	CHASE		5.500		10/25/2035		12,844,852			12,227,856			12,997,963
161630AC2	CHASE		3.051		2/25/2037		13,783,798			13,750,135			13,481,519
161630AG3	CHASE		2.892		2/25/2037		23,487,529			22,002,074			22,212,156
161630AN8	CHASE		3.072		2/25/2037		3,862,659			3,792,629			3,671,754
161630AQ1	CHASE		2.905		2/25/2037		3,089,498			2,838,144			2,887,136
1729733P2	CMSI		5.000		10/25/2035		12,974,719			12,580,591			13,246,799
38741QAC0	GRAN		0.789		7/20/2043		89,173			83,564			83,519
38741SAF9	GRAN		0.444		9/20/2044		36,939			34,006			34,538
449670EQ7	IMC HOME EQUITY LOAN TRUST		6.840		8/20/2029		181,992			178,136			178,791
46070MAA7	IMT		0.830		7/7/2034		12,471			12,471			12,367
46630GAA3	JPMMT		3.011		7/25/2035		7,872,036			7,369,514			7,164,266
46630GAD7	JPMMT		3.102		7/25/2035		2,842,648			2,639,988			2,642,468
46630GAN5	JPMMT_07-A1		2.978		7/25/2035		2,088,946			1,969,415			2,010,256
46630GAS4	JPMMT		3.112		7/25/2035		7,934,668			7,410,606			7,456,763
525170BL9	LABS		5.000		12/25/2033		12,152,002			12,054,542			12,372,257
55265K5Q8	MASTR		4.750		1/25/2034		590,922			591,861			604,983
576433QQ2	MARM_04-8		1.972		9/25/2034		1,245,106			915,272			931,825
58403GAB1	MEDL		0.332		2/27/2039		338,737			328,221			326,793
589929W53	MLMI		2.704		7/25/2033		213,903			216,122			209,154
76110H2P3	RES ASSET SEC		3.383		3/25/2035		1,799,259			1,089,792			1,177,387

Page 11


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
76110HHG7	RFMSI_03-Q16		5.000		8/25/2018		7,646,868		7,411,626		7,656,044
86359BGD7	STRUCTURED ASSET SEC CORP		2.771		2/25/2034		132,551		108,408		117,360
863579KY3	SARM		2.780		2/25/2035		2,665,413		1,878,733		1,880,064
86359BVE8	STRUCTURED ASSET SEC CORP		2.578		6/25/2034		10,073,573		9,098,803		9,217,319
88522AAC5	THORNBURG MORTGAGE SECURITIES		0.381		7/25/2036		9,045,763		8,756,645		8,969,009
92922F4M7	WASHINGTON MUTUAL		0.551		10/25/2045		1,277,112		715,136		1,067,538
92922F4P0	WAMU		1.041		10/25/2045		6,289,017		5,044,284		5,349,438
92922FB49	WASHINGTON MUTUAL		0.621		11/25/2034		407,718		223,854		335,372
92922FZF8	WAMU_04-A12		0.651		10/25/2044		7,496,678		4,221,644		6,208,029
949781AA6	WFMBS		2.838		2/25/2035		3,785,342		3,527,806		3,482,515
94982BAG5	WFMBS		2.876		6/25/2035		5,429,270		5,082,195		5,123,819

							173,917,145		159,666,841		164,912,966

Non Agency RMBS — High Yield Mandate
751153AA5	RALI_06-Q010		0.421		1/25/2037		4,350,906		2,545,643		2,567,035
92922FR67	WASHINGTON MUTUAL		0.531		7/25/2045		594,780		474,759		502,411
86361HAA2	SAMI_06-AR7		0.471		8/25/2036		10,344,311		6,195,676		6,460,415
02660BAA0	AHMA_07-1		1.028		2/25/2047		9,423,874		4,609,920		4,673,205
02660UAE0	AHMA_06-3		1.282		10/25/2046		11,048,888		4,743,720		6,341,178
05954DAG1	BAFC		5.706		7/20/2047		6,837,797		4,185,349		4,832,059
07384MWF5	BSARM		3.002		8/25/2033		26,706		24,329		25,013
073868AA9	BALTA_06-6		0.421		11/25/2036		17,260,552		6,639,813		7,966,780
07401AAA5	BSMF		0.453		9/25/2046		10,208,063		4,973,682		6,168,099
07401YAQ8	BEAR STEARNS MORTGAGE FUNDING		0.471		6/25/2037		14,647,866		8,265,358		9,019,424
12566XAK4	CMA_07-A7		0.661		7/25/2037		7,587,615		4,501,489		4,741,652
12667GNS8	COUNTRYWIDE ALTERNATIVE LOAN T		1.652		7/20/2035		1,007,922		439,597		628,802
12668BPY3	CWALT		5.500		4/25/2036		14,564,240		9,223,969		10,807,540
126694A32	COUNTRYWIDE HOME LOANS		0.471		3/20/2046		1,993,404		917,370		1,053,714
12669EYQ3	COUNTRYWIDE HOME LOANS TR		3.321		8/25/2033		32,126		24,283		26,208
22541NQ77	CSFB_03-AR9		2.593		3/25/2033		82,110		47,492		72,003
22541QUJ9	CS FIRST BOSTON MORTGAGE SECUR		2.427		10/25/2033		165,106		84,207		149,752
22942KCD0	CSMC		6.000		8/25/2036		15,303,104		9,154,595		9,943,693
232434AE0	CWALT_06-OC8		0.511		11/25/2036		25,201,995		3,928,052		4,091,803
23245GAD3	CWALT_06-OC9		0.511		12/25/2046		6,264,732		1,238,194		1,038,404
23245QAA7	CWALT		0.451		3/20/2047		12,797,654		5,973,304		6,937,851
25151AAG6	DBALT		0.541		8/25/2036		30,411,485		5,540,948		6,539,077
32052DAG6	FHAMS_06-FA8		6.000		2/25/2037		6,926,233		5,098,183		5,159,507
40431HAJ6	HALO		0.561		12/25/2036		5,587,847		1,326,342		2,037,944
41161VAC4	HVMLT		0.461		9/19/2036		5,647,212		3,173,953		3,293,344
41162DAF6	HVMLT_06-12		0.451		12/19/2036		7,368,224		4,056,548		4,789,345
45660NQ24	INDX		2.761		8/25/2034		429,000		252,421		285,328
45668WAC1	INX		0.511		2/25/2037		5,000,000		627,955		895,790
52520MBY8	LMT_05-2		1.011		12/25/2035		3,971,590		2,405,279		2,774,196
525221HA8	LXS		0.521		2/25/2046		4,634,392		1,975,992		2,723,187
52524GAA0	LXS_07-7N		0.481		6/25/2047		11,779,030		6,920,015		7,458,364
52524HAJ9	LXS		1.078		3/25/2047		2,703,578		1,475,743		1,555,314
52524PAG7	LXS_07-16N		0.421		5/25/2037		11,790,463		7,846,643		7,916,471
52524VAQ2	LXS_07-15N		1.161		8/25/2047		8,112,296		4,268,405		4,515,302
55027WAA0	LUM_07-2		0.491		5/25/2037		5,076,374		2,849,987		2,849,673
55027XAA8	LUM_06-5		0.451		7/25/2036		7,419,077		3,560,093		4,155,351
57643LLC8	MABS		5.648		11/25/2035		10,000,000		4,112,684		5,069,494
59024KAX1	MLA_07-AF1		5.296		6/25/2037		4,334,941		2,377,157		2,467,093
74958XAB0	RFMSI		5.616		4/25/2037		6,476,740		4,290,571		4,888,255
76110H2P3	RES ASSET SEC		3.383		3/25/2035		362,578		219,610		237,262
761118FG8	RALI		3.449		8/25/2035		4,239,702		2,444,802		2,827,063
761118QM3	RALI		1.328		1/25/2046		4,482,875		2,404,784		2,584,048
863579J90	SARM		2.600		12/25/2035		9,945,000		3,291,188		3,898,410
86359A5B5	SASC		2.728		11/25/2033		401,244		295,505		379,150
86359AH71	SASC		2.562		7/25/2033		610,012		471,164		547,266
86359BGD7	STRUCTURED ASSET SEC CORP		2.771		2/25/2034		33,138		27,102		29,340
86359LQM4	SAMI_06-AR1		2.478		3/25/2046		4,149,928		2,121,670		2,487,052
92922F7P7	WASHINGTON MUTUAL		0.531		12/25/2045		8,893,074		5,293,208		7,559,113
92922FJ25	WASHINGTON MUTUAL		0.491		4/25/2045		1,824,224		1,452,577		1,527,532
92922FR75	WASHINGTON MUTUAL		0.551		7/25/2045		5,966,184		4,572,774		5,000,782
92925DAB6	WAMU		1.138		12/25/2046		3,833,318		1,821,316		2,538,650

Page 12


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
92927BAA0	WAMU_07-OA6		1.138		7/25/2047		12,484,282		6,467,762		8,097,305
93363RAA4	EAST PACES FERRY LLC		1.208		10/25/2046		9,042,395		4,766,900		5,961,018
93936RAA2	WAL		1.168		5/25/2047		8,960,673		4,402,088		5,364,666
94981QAA6	WFMBS		2.898		10/25/2035		575,840		475,944		562,981

							383,216,699		180,878,115		207,021,713

CMBS
05947UDP0	BAFU		5.464		4/11/2037		351,631		360,076		356,218
05950EAE8	BACM		5.740		5/10/2045		5,865,000		6,425,189		6,420,781
07383FXJ2	BEAR STEARNS COMMERCIAL MORTGA		5.186		5/11/2039		4,000,000		4,119,154		4,267,294
07383FXN3	BSCMS		4.680		8/13/2039		4,000,000		4,021,281		4,220,888
07388LAE0	BEAR STEARNS		5.540		9/11/2041		7,500,000		8,148,981		8,048,996
07388PAE1	BSCMS		5.201		12/11/2038		13,500,000		14,696,688		14,259,758
12513YAC4	CD		5.205		12/11/2049		1,200,000		1,236,962		1,233,830
12622DAA2	COMM_10-C1		3.156		7/10/2046		9,982,206		10,279,184		10,004,665
17310MAE0	CITIGROUP		5.431		10/15/2049		1,000,000		1,068,217		1,068,059
17310MBQ2	CGCMT		5.501		10/15/2049		446,136		412,274		407,643
17313KAD3	CGCMT		6.099		12/10/2049		6,150,000		6,590,513		6,541,447
22545BAA9	CSMC		5.250		3/15/2039		682,831		684,444		683,774
36158YDC0	GECMC		5.560		6/10/2038		24,220		24,267		24,314
36158YFT1	GECCMC_02-2		5.349		8/11/2036		24,929,000		26,007,379		26,081,734
361849YU0	GMACC		5.471		5/10/2040		1,550,000		1,674,524		1,668,597
361849ZS4	GMACC		4.646		4/10/2040		98,779		99,910		102,568
361849ZT2	GMACC		5.023		4/10/2040		4,000,000		4,086,199		4,272,500
36228CVQ3	GSMS		4.607		7/10/2039		500,000		505,790		507,601
36249KAC4	GSMS_10-C1		4.592		8/10/2043		6,000,000		6,447,657		6,057,900
38376GDL1	GOV NATL MTGE ASSOC		3.100		12/16/2050		10,844,216		10,822,397		11,151,789
38376GXU9	GNMA		3.707		12/16/2050		2,500,000		2,574,802		2,599,375
396789JS9	GCCFC		4.569		8/10/2042		500,000		505,500		511,482
46625YSF1	JPMCC_05-LDP3		4.959		8/15/2042		4,089,077		4,222,942		4,226,964
46629PAM0	JPMCC		5.298		5/15/2047		2,000,000		2,043,590		2,035,482
50179MAE1	LBUBS		5.372		9/15/2039		1,500,000		1,657,002		1,604,834
52108HMU5	LBUBS COMM MTG TR		4.853		9/15/2031		28,000,000		29,179,535		29,281,949
52108HRB2	LBUBS		3.850		5/15/2027		414,795		422,269		426,679
52108MAF0	LBUBS		5.197		11/15/2030		1,450,000		1,533,018		1,563,847
61745M5G4	MSC		4.890		6/12/2047		500,000		527,218		531,568
61745ML27	MSC		4.690		6/13/2041		1,001,819		1,003,728		1,001,260
61745ML43	MSC		5.270		6/13/2041		4,000,000		4,070,703		4,284,526
61750HAE6	MSC		5.328		11/12/2041		4,250,000		4,436,840		4,500,393
62888XAB0	NCUA_10-C1		2.900		10/29/2020		250,000		249,379		243,068
62888XAC8	NCUA_10-C1		2.650		10/29/2020		10,448,229		10,427,886		10,173,677
929766UK7	WBCMT_04-C14		5.088		8/15/2041		8,800,000		9,451,406		9,331,251
929766X24	WBCMT_05-C19		4.661		5/15/2044		4,200,000		4,363,406		4,345,992

							176,527,938		184,380,308		184,042,702

Corporate Securities — Financials
17313YAL5	CITIGROUP FUNDING INC — GTD		1.875		10/22/2012		37,000,000		37,033,300		37,795,128
17313YAN1	CITIGROUP FUNDING INC — GTD		1.875		11/15/2012		59,300,000		59,238,344		60,589,189
90345AAA0	US CENTRAL CREDIT UNION — (LT)		1.250		10/19/2011		27,200,000		27,194,280		27,386,362
90345AAC6	US CENTRAL CREDIT UNION — (LT)		1.900		10/19/2012		15,500,000		15,493,993		15,826,119
008252AL2	AFFILIATED MANAGERS GROUP INC.		3.950		8/15/2038		1,950,000		1,924,320		2,159,625
02580ECC5	AMERICAN EXPRESS BANK FSB		6.000		9/13/2017		3,000,000		3,342,359		3,339,352
025816AX7	AMERICAN EXPRESS COMPANY		6.150		8/28/2017		16,600,000		19,103,320		18,714,838
0258M0DA4	AMERICAN EXPRESS CREDIT CO		2.750		9/15/2015		15,000,000		15,039,786		14,730,041
02666QF32	AMERICAN HONDA FINANCE		2.375		3/18/2013		2,150,000		2,149,363		2,186,220
06051GDY2	BANK OF AMERICA		7.375		5/15/2014		8,500,000		9,303,442		9,434,569
06051GEA3	BANK OF AMERICA		6.500		8/1/2016		8,000,000		8,889,843		8,653,744
06051GEB1	BANK OF AMERICA		4.500		4/1/2015		3,000,000		3,039,777		3,068,052
06051GED7	BANK OF AMERICA		3.700		9/1/2015		15,000,000		15,116,111		14,832,052
06406HBQ1	BANK OF NEW YORK CO		2.950		6/18/2015		4,000,000		3,995,360		4,081,671
073902PR3	BEAR STEARNS CO INC		6.400		10/2/2017		13,000,000		15,067,355		14,785,022
140420MV9	CAPITAL ONE BANK		8.800		7/15/2019		9,000,000		11,367,960		11,068,361
14912L4Q1	CATERPILLAR FINL SERV		1.550		12/20/2013		4,000,000		3,995,608		4,017,740
172967EU1	CITIGROUP INC		6.500		8/19/2013		4,000,000		4,170,983		4,400,112
172967EY3	CITIGROUP INC		6.375		8/12/2014		29,875,000		31,250,126		33,017,756

Page 13


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
172967EZ0	CITIGROUP INC		5.500		10/15/2014		10,650,000		11,157,119		11,413,131
172967FD8	CITIGROUP INC		4.750		5/19/2015		750,000		774,315		782,678
172967FE6	CITIGROUP INC		6.000		12/13/2013		2,000,000		2,030,619		2,186,090
172967FF3	CITIGROUP INC		5.375		8/9/2020		13,000,000		13,693,255		13,464,045
24422EQV4	JOHN DEERE CAPITAL CORPORATION		5.750		9/10/2018		9,000,000		9,806,567		10,170,838
26441YAS6	DUKE REALTY LP		7.375		2/15/2015		4,466,000		5,006,538		5,003,751
278642AB9	EBAY INC.		1.625		10/15/2015		6,550,000		6,526,598		6,260,119
302508BA3	FMR CORP.		4.750		3/1/2013		2,500,000		2,614,620		2,604,547
354613AE1	FRANKLIN RESOURCES INC.		2.000		5/20/2013		3,975,000		3,975,644		4,007,676
36962G3T9	GE CAPITAL CORP		4.800		5/1/2013		2,000,000		2,094,082		2,138,971
36962G4G6	GE CAPITAL CORP		3.750		11/14/2014		850,000		847,338		878,953
36962G4H4	GE CAPITAL CORP		2.800		1/8/2013		2,000,000		1,998,240		2,047,624
36962G4L5	GE CAPITAL CORP		3.500		6/29/2015		24,500,000		25,618,187		24,996,931
36962GK86	GE CAPITAL CORP		4.750		9/15/2014		4,000,000		4,275,173		4,270,536
36962GU51	GE CAPITAL CORP		0.490		1/8/2016		8,200,000		7,701,226		7,747,852
38141EA33	GOLDMAN SACHS GROUP INC		6.000		5/1/2014		5,350,000		5,720,146		5,888,475
38141EA74	GOLDMAN SACHS GROUP INC		3.700		8/1/2015		4,400,000		4,399,799		4,462,207
38141GDB7	GOLDMAN SACHS GROUP INC		5.250		4/1/2013		1,500,000		1,535,130		1,608,508
38141GEG5	GOLDMAN SACHS GROUP INC		0.753		3/22/2016		19,300,000		17,996,995		18,227,885
40429CFQ0	HSBC FINANCE CORP		5.700		6/1/2011		1,800,000		1,802,385		1,835,992
40429CGB2	HSBC FINANCE CORP		6.676		1/15/2021		3,127,000		2,963,496		3,188,637
46623EJD2	JPMORGAN CHASE & CO		1.650		9/30/2013		3,000,000		2,999,670		3,000,220
46625HGT1	JPMORGAN CHASE & CO		5.375		10/1/2012		3,250,000		3,436,360		3,478,388
46625HHB9	JPMORGAN CHASE & CO		4.750		5/1/2013		15,895,000		15,889,009		17,038,087
46625HHN3	JPMORGAN CHASE & CO		4.650		6/1/2014		3,000,000		3,149,248		3,188,232
46625HHP8	JPMORGAN CHASE & CO		3.700		1/20/2015		3,000,000		3,006,163		3,089,483
46625HHR4	JPMORGAN CHASE & CO		3.400		6/24/2015		20,000,000		20,744,212		20,195,610
53117CAG7	LIBERTY PROPERTY TR		6.375		8/15/2012		2,500,000		2,632,416		2,673,285
57629WBM1	MASSMUTUAL GLOBAL FUNDING II		2.300		9/28/2015		4,000,000		3,933,069		3,900,547
59018YJ69	MERRILL LYNCH & CO INC		6.400		8/28/2017		8,000,000		8,719,089		8,555,192
59217EBW3	MET LIFE GLOBAL FUND		5.125		6/10/2014		4,000,000		4,356,032		4,314,775
6174467N3	MORGAN STANLEY		4.000		7/24/2015		9,000,000		8,971,383		9,031,862
617446V71	MORGAN STANLEY		6.250		8/28/2017		10,500,000		10,888,253		11,263,065
61746SBR9	MORGAN STANLEY		5.375		10/15/2015		20,000,000		20,631,201		21,040,396
61747YCF0	MORGAN STANLEY		6.000		5/13/2014		5,500,000		5,795,716		5,930,298
61747YCK9	MORGAN STANLEY		4.200		11/20/2014		2,150,000		2,129,737		2,191,315
637432ML6	NATIONAL RURAL UTILITIES		1.900		11/1/2015		4,000,000		3,996,123		3,853,377
637432MM4	NATIONAL RURAL UTILITIES		1.125		11/1/2013		4,050,000		4,048,661		4,002,786
63866EBL3	NATIONWIDE LIFE GLOBAL FUNDING		5.450		10/2/2012		600,000		602,541		618,480
693476BE2	PNC FUNDING CORP		5.400		6/10/2014		2,000,000		2,157,643		2,165,070
693476BH5	PNC FUNDING CORP		3.625		2/8/2015		24,725,000		24,704,390		25,303,349
828807BM8	SIMON PROPERTY GROUP L.P.		5.100		6/15/2015		4,000,000		4,336,006		4,336,711
828807CB1	SIMON PROPERTY GROUP L.P.		6.750		5/15/2014		17,675,000		18,314,285		20,111,290
90331HKP7	U.S. BANK NATIONAL ASSOCIATION		4.950		10/30/2014		2,750,000		2,770,544		2,956,606
91159HGY0	US BANCORP		1.375		9/13/2013		3,000,000		2,996,515		2,982,453
92933DAA8	WEA FINANCE LLC		7.500		6/2/2014		1,580,000		1,782,806		1,786,629
92933WAA6	WEA FINANCE LLC/WT FINANCE AUS		5.750		9/2/2015		3,000,000		2,976,476		3,246,098
92976WBJ4	WACHOVIA CORPORATION		5.500		5/1/2013		5,000,000		5,233,373		5,433,091
929903DT6	WACHOVIA CORPORATION		5.750		6/15/2017		27,025,000		27,842,934		29,928,499
929903DU3	WACHOVIA CORPORATION		0.572		6/15/2017		19,900,000		18,099,696		18,263,424
949746NJ6	WELLS FARGO & COMPANY		5.300		8/26/2011		2,000,000		2,000,950		2,056,888
949746NY3	WELLS FARGO & COMPANY		4.375		1/31/2013		1,500,000		1,560,690		1,584,923
94974BEP1	WELLS FARGO & COMPANY		0.738		1/24/2011		1,177,000		1,176,930		1,177,341
94974BET3	WELLS FARGO & COMPANY		3.750		10/1/2014		1,750,000		1,750,056		1,820,519
94974BEU0	WELLS FARGO & COMPANY		3.625		4/15/2015		250,000		261,412		258,130
00279VCA1	ABBEY NATIONAL TREASURY SERVIC		3.875		11/10/2014		3,750,000		3,749,321		3,698,445
05565QBH0	BP CAPITAL MARKETS PLC		3.875		3/10/2015		22,675,000		21,454,237		23,383,393
05565QBL1	BP CAPITAL MARKETS PLC		3.625		5/8/2014		5,000,000		4,990,734		5,151,390
05565QBN7	BP CAPITAL MARKETS PLC		3.125		10/1/2015		4,000,000		3,957,559		3,968,628
05571AAB1	GROUPE BPCE		2.375		10/4/2013		5,310,000		5,345,181		5,341,854
05572FAA1	BNP PARIBAS COVERED BONDS SA		2.200		11/2/2015		17,400,000		17,393,596		16,697,388
064149B97	BANK OF NOVA SCOTIA		2.375		12/17/2013		5,000,000		4,985,109		5,119,365
064149C39	BANK OF NOVA SCOTIA		1.450		7/26/2013		14,900,000		14,882,089		14,919,221
06415AAA1	BANK OF NOVA SCOTIA		1.650		10/29/2015		18,500,000		18,469,257		17,724,480

Page 14


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
064255AB8	BANK OF TOKYO-MITSUBISHI UFJ L		3.850		1/22/2015		18,500,000		18,493,737		19,266,023
06739FGP0	BARCLAYS BANK PLC		2.500		1/23/2013		12,000,000		11,859,594		12,182,091
06739GBB4	BARCLAYS BANK PLC		3.900		4/7/2015		3,250,000		3,392,432		3,344,643
10778XAA4	BRFKREDIT AS		2.050		4/15/2013		29,700,000		29,674,932		30,252,717
136069DF5	CANADIAN IMPERIAL BK COMRC		2.000		2/4/2013		21,200,000		21,516,310		21,578,633
136069DM0	CANADIAN IMPERIAL BK COMRC		2.600		7/2/2015		10,500,000		10,612,437		10,570,665
136069DS7	CANADIAN IMPERIAL BK COMRC		2.350		12/11/2015		5,000,000		4,994,900		4,875,485
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA		3.500		3/19/2015		3,000,000		2,989,295		3,065,592
204279AA1	CIE FIN FONC		2.125		4/22/2013		7,000,000		7,070,564		7,062,160
22546QAA5	CREDIT SUISSE GROUP		5.500		5/1/2014		3,000,000		3,238,811		3,276,555
22546QAF4	CREDIT SUISSE FIRST BOSTON		4.375		8/5/2020		19,000,000		19,503,249		18,549,915
2254C0TC1	CREDIT SUISSE NEW YORK NY		5.000		5/15/2013		27,000,000		28,742,790		29,064,472
249575AM3	DEPFA ACS BANK		5.500		6/28/2011		2,800,000		2,834,491		2,796,119
2515A0Q30	DEUTSCHE BK LDN		3.875		8/18/2014		9,500,000		9,606,579		9,918,827
2515A0U76	DEUTSCHE BK LDN		3.450		3/30/2015		2,500,000		2,602,923		2,550,076
40411EAB4	BANK OF SCOTLAND PLC		5.250		2/21/2017		2,000,000		1,790,667		2,092,240
44328MAB0	HSBC BANK PLC		3.500		6/28/2015		13,950,000		13,939,641		14,262,246
44914PAR8	HYPOTHEKENBANK IN ESSEN AG		5.000		1/20/2012		2,500,000		2,537,994		2,596,725
53947MAB2	LLOYDS TSB BANK PLC		5.800		1/13/2020		11,000,000		10,976,286		10,770,228
6325C0BW0	NATIONAL AUSTRALIA BANK LIMITE		1.700		12/10/2013		5,000,000		4,996,569		4,971,934
65557CAA1	NORDEA BANK AB		3.700		11/13/2014		31,250,000		31,214,262		32,106,617
74977RBU7	RABOBANK NEDERLAND NV		2.650		8/17/2012		2,250,000		2,309,022		2,305,386
78010XAD3	ROYAL BANK OF SCOTLAND PLC THE		3.400		8/23/2013		3,825,000		3,823,166		3,863,818
78010XAF8	ROYAL BANK OF SCOTLAND PLC THE		2.704		8/23/2013		300,000		306,929		304,614
78011HT39	ROYAL BANK OF SCOTLAND		1.663		10/15/2012		20,000,000		20,000,000		19,984,200
84650WAA4	SPAREBNK 1 BOLIG		1.250		10/25/2014		19,700,000		19,682,880		19,477,587
865622AD6	SUMITOMO MITSUI BANKING CORPOR		2.150		7/22/2013		4,400,000		4,398,568		4,451,890
90261XEM0	UBS AG		5.875		12/20/2017		5,000,000		5,468,730		5,468,622
90261XFA5	UBS AG STAMFORD CT		5.750		4/25/2018		4,000,000		4,355,519		4,346,439
90261XGD8	UBS AG STAMFORD BRANCH		4.875		8/4/2020		19,000,000		20,317,366		19,174,853
90261XGF3	UBS AG STAMFORD BRANCH		2.250		8/12/2013		2,325,000		2,322,355		2,349,974
96008YAB1	WESTFIELD CAPITAL CORP LTD		5.125		11/15/2014		4,650,000		4,931,655		4,936,108
961214BH5	WESTPAC BANKING		4.200		2/27/2015		5,000,000		4,996,042		5,259,793
961214BP7	WESTPAC BANKING		3.000		12/9/2015		5,000,000		4,969,281		4,964,968
BRS2GW0D0	TNK-BP FINANCE SA		7.500		7/18/2016		4,750,000		5,292,972		5,277,535
BRSAC4WT8	WAHA AEROSPACE BV		3.925		7/28/2020		5,200,000		5,328,135		5,181,800
N9636WAL1	WHITE NIGHTS FINANCE BV		10.500		3/8/2014		3,500,000		4,185,553		4,175,290
302154AU3	EXPORT-IMPORT BANK OF KOREA		5.875		1/14/2015		6,100,000		6,839,121		6,588,081
87973PAA2	TEMASEK FINANCIAL I LTD		4.300		10/25/2019		5,950,000		6,438,380		6,055,845
06738CAF6	BARCLAYS BANK PLC		7.375		6/29/2049		16,777,000		12,113,102		16,525,345
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. — LT		3.200		11/3/2014		36,000,000		36,068,591		37,459,800
20272BAF1	COMMONWEALTH BANK AUSTRALIA, G		3.625		6/25/2014		40,000,000		40,484,063		42,513,599
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA		2.900		9/17/2014		3,500,000		3,547,526		3,629,325
25214GAA1	DEXIA CREDIT LOCAL/NEW YORK		2.000		3/5/2013		22,000,000		22,280,104		21,946,099
31737UAH1	FINANCE FOR DANISH INDUSTRY IN		2.000		6/12/2013		22,700,000		23,312,015		23,109,733
45324QAB2	ING BANK NV — (LT) GTD		2.625		2/9/2012		26,700,000		27,018,078		27,254,022
52205VAA3	LEASEPLAN CORPORATION NV — GTD		3.000		5/7/2012		700,000		699,913		720,195
55607EAL4	MACQUARIE BANK LTD — GTD		3.300		7/17/2014		2,000,000		2,104,321		2,102,260
62914AAB8	NIBC BANK NV — GTD		2.800		12/2/2014		8,600,000		8,585,091		8,815,516
74733WAB4	QATAR DIAR FIN		5.000		7/21/2020		3,000,000		3,162,651		3,020,980
78011CAG1	ROYAL BK OF STLAND GRP PLC		1.500		3/30/2012		5,000,000		4,998,670		5,040,050
M8181FAB2	QATARI DIAR FINANCE QSC		5.000		7/21/2020		3,100,000		3,252,782		3,107,750

							1,292,982,000		1,314,554,818		1,334,617,425

Corporate Securities — Industrial
06846NAA2	BILL BARRETT		5.000		3/15/2028		1,850,000		1,842,481		1,900,875
159864AB3	CHARLES RIVER LABS INTL INC.		2.250		6/15/2013		2,870,000		2,766,585		2,870,000
436440AA9	HOLOGIC, INC.		2.000		12/15/2037		3,400,000		3,085,444		3,183,250
451055AB3	ICONIX BRAND GROUP INC		1.875		6/30/2012		2,651,000		2,559,638		2,664,255
457985AH2	INTEGRA LIFESCIENCES HLDGS COR		2.375		6/1/2012		3,175,000		3,105,916		3,175,000
470355AC2	JAMES RIVER COAL CO		4.500		12/1/2015		2,050,000		1,918,089		2,480,500
496902AD9	KINROSS GOLD CORP		1.750		3/15/2028		2,150,000		2,109,257		2,217,188
535919AF1	LIONS GATE ENTER		2.938		10/15/2024		1,600,000		1,562,061		1,572,000
74973WAA5	RTI INTL METALS, INC.		3.000		12/1/2015		1,300,000		1,300,000		1,347,125
896356AA0	TRINIDAD DRILING LTD		7.750		7/31/2012		1,800,000		1,757,861		1,811,684

Page 15


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
00206RAM4	AT&T INC		5.600		5/15/2018		6,950,000		8,119,298		7,745,633
00206RAR3	AT&T INC		5.800		2/15/2019		22,000,000		23,675,537		24,797,071
00209AAG1	NEW CINGULAR WIRELESS SERVICES		8.125		5/1/2012		10,425,000		10,926,980		11,391,562
002824AS9	ABBOTT LABORATORIES		5.600		5/15/2011		1,200,000		1,203,240		1,223,306
00846UAF8	AGILENT TECHNOLOGIES INC		2.500		7/15/2013		7,000,000		6,988,920		7,052,074
020039DB6	ALLTEL CORPORATION		7.000		7/1/2012		9,225,000		9,330,952		9,989,281
02209SAD5	ALTRIA GROUP INC.		9.700		11/10/2018		14,900,000		20,387,491		19,569,421
035229CE1	ANHEUSER-BUSCH		7.500		3/15/2012		1,600,000		1,590,434		1,723,327
03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE		3.000		10/15/2012		2,500,000		2,547,905		2,577,161
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE		4.125		1/15/2015		10,000,000		10,309,077		10,516,639
03523TAN8	ANHEUSER-BUSCH INBEV WORLDWIDE		5.375		1/15/2020		10,000,000		11,334,982		10,818,267
053611AC3	AVERY DENNISON CORP		4.875		1/15/2013		1,500,000		1,462,309		1,592,016
054303AS1	AVON PRODUCTS INC		5.125		1/15/2011		1,700,000		1,699,335		1,702,091
067383AB5	C.R. BARD INC.		2.875		1/15/2016		5,000,000		4,995,692		5,025,826
071813AZ2	BAXTER INTERNATIONAL INC		4.000		3/1/2014		6,400,000		6,455,901		6,808,171
097014AK0	BOEING CAPITAL CORPORATION		3.250		10/27/2014		250,000		249,572		258,972
097023AY1	BOEING CO		3.500		2/15/2015		1,250,000		1,247,008		1,302,936
10138MAH8	BOTTLING GROUP LLC		6.950		3/15/2014		3,000,000		3,288,996		3,452,277
115637AK6	BROWN-FORMAN CORPORATION		2.500		1/15/2016		7,000,000		6,955,512		6,923,217
126650AV2	CVS CAREMARK CORP		4.875		9/15/2014		12,160,000		12,007,264		13,245,817
134429AM1	CAMPBELL SOUP COMPANY		6.750		2/15/2011		1,550,000		1,553,065		1,561,060
189054AC3	CLOROX COMPANY THE		6.125		2/1/2011		1,000,000		999,787		1,003,960
191216AL4	COCA-COLA COMPANY THE		3.625		3/15/2014		6,825,000		6,804,600		7,171,023
20030NAB7	COMCAST CORPORATION		6.500		1/15/2015		5,000,000		5,623,946		5,668,246
20030NAE1	COMCAST CORPORATION		5.300		1/15/2014		2,000,000		2,037,338		2,174,253
20030NAL5	COMCAST CORPORATION		5.900		3/15/2016		7,500,000		7,867,954		8,400,876
20825CAS3	CONOCOPHILLIPS		4.750		2/1/2014		12,500,000		12,477,315		13,497,773
20825CAT1	CONOCOPHILLIPS		4.600		1/15/2015		9,000,000		9,334,951		9,807,020
21079UAA3	CONTINENTAL AIRLINES		7.250		5/10/2021		4,861,872		5,460,411		5,396,678
21079VAA1	CONTINENTAL AIRLINES INC.		4.750		1/12/2021		2,400,000		2,400,000		2,388,000
224044BF3	COX COMMUNICATIONS INC.		4.625		6/1/2013		1,225,000		1,263,783		1,305,054
233835AW7	DAIMLERCHRYSLER NA HLDG		6.500		11/15/2013		6,200,000		7,092,056		7,012,540
244199BC8	DEERE & COMPANY		4.375		10/16/2019		15,400,000		15,324,535		16,051,302
24702RAH4	DELL INC		3.375		6/15/2012		14,600,000		14,595,066		15,089,163
24702RAK7	DELL INC		1.400		9/10/2013		5,200,000		5,194,678		5,179,897
24702RAL5	DELL INC		2.300		9/10/2015		4,650,000		4,648,994		4,515,587
247361ZH4	DELTA AIR LINES INC.		4.950		5/23/2019		150,000		150,000		150,375
25459HAV7	DIRECTV HOLDINGS LLC		3.125		2/15/2016		12,125,000		12,117,601		11,922,093
25468PBX3	WALT DISNEY		6.375		3/1/2012		2,000,000		2,118,011		2,128,482
260003AD0	DOVER CORP		6.500		2/15/2011		1,000,000		1,001,085		1,006,972
260543CA9	DOW CHEMICAL COMPANY THE		5.900		2/15/2015		6,100,000		6,856,086		6,740,006
26138EAK5	DR PEPPER SNAPPLE GROUP INC		1.700		12/21/2011		2,500,000		2,504,848		2,522,775
263534BS7	EI DUPONT DE NEMOURS & CO		5.000		1/15/2013		768,000		817,904		824,232
26483EAE0	DUN & BRADSTREET CORPORATION T		2.875		11/15/2015		1,500,000		1,494,808		1,467,267
26875PAJ0	EOG RESOURCES INC		1.025		2/3/2014		3,000,000		3,000,000		3,002,640
26882PBD3	ERAC USA FINANCE COMPANY		5.800		10/15/2012		2,122,000		2,258,854		2,274,621
293791AN9	ENTERPRISE PROD OPER LP		5.600		10/15/2014		10,000,000		9,889,965		10,975,279
294429AH8	EQUIFAX INC		4.450		12/1/2014		2,000,000		2,008,880		2,067,887
29444UAG1	EQUINIX, INC.		3.000		10/15/2014		1,440,000		1,407,513		1,441,800
31428XAQ9	FEDERAL EXPRESS CORP		7.375		1/15/2014		1,000,000		1,049,606		1,141,348
35671DAS4	FREEPORT-MCMORAN COPPER & GOLD		8.375		4/1/2017		5,500,000		6,138,213		6,063,750
369550AK4	GENERAL DYNAMICS CORPORATION		4.250		5/15/2013		1,250,000		1,206,980		1,338,981
369604AY9	GENERAL ELEC CAP CO		5.000		2/1/2013		500,000		528,435		534,935
377372AC1	GLAXOSK CAP INC		4.850		5/15/2013		10,000,000		10,693,991		10,832,137
406216AX9	HALLIBURTON COMPANY		6.150		9/15/2019		2,500,000		2,716,086		2,861,265
41283DAA1	HARLEY-DAVIDSON FUNDING CORPOR		5.250		12/15/2012		2,500,000		2,566,995		2,620,641
41283DAC7	HARLEY-DAVIDSON INC		5.750		12/15/2014		500,000		527,667		527,702
428236AQ6	HEWLETT-PACKARD COMPANY		4.500		3/1/2013		4,000,000		4,235,228		4,272,798
440452AD2	HORMEL FOODS CORP		6.625		6/1/2011		1,500,000		1,514,200		1,538,449
44107TAE6	HOST MARRIOTT LP		2.625		4/15/2027		2,350,000		2,292,737		2,326,500
452308AH2	ILLINOIS TOOL WORKS INC.		5.150		4/1/2014		5,000,000		5,203,534		5,482,451
459200GN5	IBM CORP		6.500		10/15/2013		10,810,000		11,598,921		12,265,654
459200GR6	IBM CORP		2.100		5/6/2013		3,900,000		3,897,858		3,976,695
459284AA3	INTERNATIONAL CCE INC		2.125		9/15/2015		3,000,000		2,989,592		2,906,855

Page 16


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
50075NAX2	KRAFT FOODS INC.		6.750		2/19/2014		9,680,000		10,848,125		10,970,286
50075NBA1	KRAFT FOODS INC.		5.375		2/10/2020		10,000,000		11,164,442		10,745,036
565849AG1	MARATHON OIL CORP		6.500		2/15/2014		2,000,000		2,089,763		2,234,680
579780AD9	MCCORMICK & CO INC		5.200		12/15/2015		1,500,000		1,459,431		1,656,480
582839AD8	MEAD JOHNSON NUTRITION CO		3.500		11/1/2014		2,000,000		2,000,318		2,053,137
58405UAF9	MEDCO HEALTH SOLUTIONS INC.		2.750		9/15/2015		2,225,000		2,224,311		2,213,847
585055AP1	MEDTRONIC INC		4.500		3/15/2014		2,750,000		2,826,297		2,965,563
589331AP2	MERCK & CO INC		4.000		6/30/2015		7,000,000		7,080,481		7,485,858
58933YAB1	MERK & CO INC		2.250		1/15/2016		5,000,000		4,988,051		4,947,123
62875UAF2	NBC UNIVERSAL		3.650		4/30/2015		20,000,000		20,186,830		20,430,508
62875UAH8	NBC UNIVERSAL		4.375		4/1/2021		11,000,000		11,226,732		10,664,312
62875UAM7	NBC UNIVERSAL		2.100		4/1/2014		3,500,000		3,499,575		3,483,919
652482BG4	NEWS AMERICA INC		5.300		12/15/2014		10,000,000		9,948,529		11,003,017
654742AA3	NISSAN MOTOR ACCEPT CO		3.250		1/30/2013		2,500,000		2,532,611		2,557,725
66989HAA6	NOVARTIS CAPITAL CORP		4.125		2/10/2014		17,775,000		17,763,182		18,894,241
70336TAA2	PATRIOT COAL CORP		3.250		5/31/2013		3,040,000		2,740,356		2,869,000
706451BS9	PEMEX PROJECT FUNDING MASTER T		5.750		3/1/2018		1,250,000		1,390,600		1,332,312
713448BK3	PEPSICO INC		3.750		3/1/2014		16,350,000		16,327,307		17,231,629
717081DA8	PFIZER INC.		5.350		3/15/2015		7,750,000		8,246,263		8,703,989
717081DB6	PFIZER INC.		6.200		3/15/2019		14,100,000		17,352,552		16,657,473
718172AA7	PHILIP MORRIS INTERNATIONAL IN		5.650		5/16/2018		1,100,000		1,291,202		1,244,580
718172AG4	PHILIP MORRIS INTERNATIONAL IN		6.875		3/17/2014		4,000,000		4,626,546		4,594,772
74005PAJ3	PRAXAIR INC.		6.375		4/1/2012		1,000,000		1,007,770		1,067,894
74369LAF0	PROTEIN DESIGN LABS, INC.		2.000		2/15/2012		2,390,000		2,313,314		2,384,025
771196AQ5	ROCHE HOLDINGS INC		5.000		3/1/2014		5,000,000		5,205,003		5,431,586
78387GAP8	AT&T INC		5.100		9/15/2014		4,000,000		4,382,142		4,371,072
78403DAB6	SBA TOWER TRUST		5.101		4/15/2042		5,300,000		5,668,144		5,457,323
790849AE3	ST. JUDE MEDICAL INC.		3.750		7/15/2014		5,353,000		5,732,869		5,640,690
833034AC5	SNAP-ON INCORPORATED		6.250		8/15/2011		1,400,000		1,413,866		1,443,806
887317AC9	TIME WARNER INC		5.875		11/15/2016		3,800,000		4,440,722		4,261,418
88732JAH1	TIME WARNER CABLE INC		5.850		5/1/2017		3,800,000		4,355,586		4,211,198
88732JAK4	TIME WARNER CABLE INC		6.200		7/1/2013		2,500,000		2,721,742		2,767,926
88732JAR9	TIME WARNER CABLE INC		7.500		4/1/2014		1,500,000		1,687,269		1,711,736
88732JAW8	TIME WARNER CABLE INC		5.000		2/1/2020		1,050,000		1,063,114		1,076,634
904764AJ6	UNILEVER CAPITAL CORP		3.650		2/15/2014		20,000,000		19,983,021		21,003,584
907818CV8	UNION PACIFIC CO		4.875		1/15/2015		1,150,000		1,156,443		1,242,159
91913YAQ3	VALERO ENERGY CORPORATION		4.500		2/1/2015		325,000		324,280		338,015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR		7.375		11/15/2013		4,550,000		4,797,474		5,243,406
92344SAK6	CELLCO PARTNERSHIP/VERIZON WIR		8.500		11/15/2018		15,700,000		21,482,553		20,549,109
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR		5.550		2/1/2014		10,150,000		10,551,301		11,121,798
931142CQ4	WAL-MART STORES INC		3.200		5/15/2014		10,000,000		9,999,071		10,497,203
931142CZ4	WAL-MART STORES INC		3.250		10/25/2020		5,500,000		5,495,439		5,165,962
98235TAA5	WRIGHT MEDICAL GRP INC.		2.625		12/1/2014		2,665,000		2,451,904		2,508,431
982526AF2	WM. WRIGLEY JR. COMPANY		2.450		6/28/2012		2,000,000		1,999,506		2,013,181
983024AA8	WYETH		5.500		3/15/2013		5,000,000		5,243,804		5,461,106
984121BS1	XEROX CREDIT CORPORATION		5.500		5/15/2012		1,550,000		1,622,481		1,636,062
02364WAV7	AMERICA MOVIL SA		5.000		3/30/2020		10,000,000		10,947,319		10,426,009
034863AA8	ANGLO AMERICAN CAPITAL PLC		9.375		4/8/2014		6,980,000		7,712,540		8,393,077
034863AC4	ANGLO AMERICAN CAPITAL PLC		2.150		9/27/2013		1,800,000		1,798,618		1,815,925
05530QAC4	BAT INTERNATIONAL FINANCE PLC		8.125		11/15/2013		5,255,000		6,157,990		6,133,316
055451AH1	BHP BILLITON FINANCE (USA) LTD		6.500		4/1/2019		6,000,000		7,413,459		7,117,158
067316AA7	BACARDI LTD		7.450		4/1/2014		12,100,000		12,092,438		13,911,150
067901AB4	BARRICK GOLD CORP		6.950		4/1/2019		1,700,000		2,162,500		2,079,598
22303QAJ9	COVIDIEN INTERNATIONAL FINANCE		1.875		6/15/2013		5,000,000		4,994,998		5,057,505
22303QAK6	COVIDIEN INTERNATIONAL FINANCE		2.800		6/15/2015		10,800,000		10,820,257		10,883,876
25156PAL7	DEUTSCHE TELEKOM INTL		6.750		8/20/2018		3,800,000		4,631,356		4,480,505
25243YAK5	DIAGEO CAPITAL PLC		5.125		1/30/2012		3,919,000		4,075,713		4,092,308
25243YAL3	DIAGEO CAPITAL PLC		5.200		1/30/2013		1,000,000		1,073,161		1,077,706
25244SAD3	DIAGEO FINANCE BV		5.500		4/1/2013		4,500,000		4,855,576		4,902,221
35177PAS6	FRANCE TELECOM		4.375		7/8/2014		400,000		440,346		428,409
368266AN2	GAZ CAPITAL FOR GAZPROM		5.092		11/29/2015		2,750,000		2,750,000		2,818,750
37373WAA8	METALURGICA GERDAU SA		5.750		1/30/2021		3,300,000		3,401,648		3,308,250
44841AAA6	HUTCHISON WHAMPOA INTERNATIONA		4.625		9/11/2015		6,100,000		6,611,423		6,426,501
44920UAB4	HYUNDAI CAP SVC		6.000		5/5/2015		2,000,000		2,001,963		2,164,920

Page 17


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
71645WAN1	PETROBRAS INTERNATIONAL FINANC		7.875		3/15/2019		4,300,000		5,386,534		5,074,000
71654QAW2	PETROLEOS MEXICANOS		6.000		3/5/2020		3,600,000		4,025,063		3,807,000
74733LAC6	QTEL INTERNATIONAL FINANCE LTD		3.375		10/14/2016		6,100,000		6,120,381		5,834,650
758202AF2	REED ELSEVIER PLC		7.750		1/15/2014		9,825,000		9,808,558		11,197,058
767201AE6	RIO TINTO FINANCE USA LIMITED		5.875		7/15/2013		2,500,000		2,688,403		2,774,964
767201AF3	RIO TINTO FINANCE USA LIMITED		8.950		5/1/2014		10,975,000		13,495,216		13,238,927
767201AJ5	RIO TINTO FINANCE USA LIMITED		1.875		11/2/2015		1,600,000		1,598,745		1,535,998
77509NAH6	ROGERS CABLE INC.		6.250		6/15/2013		625,000		680,725		688,382
77509NAK9	ROGERS COMMUN INC.		5.500		3/15/2014		10,000,000		10,826,902		10,881,467
822582AF9	SHELL INTL FINAN		4.000		3/21/2014		1,000,000		1,017,984		1,064,214
822582AG7	SHELL INTL FINAN		1.300		9/22/2011		1,250,000		1,249,982		1,258,989
822582AQ5	SHELL INTL FINAN		3.100		6/28/2015		19,500,000		19,487,827		19,957,394
84359YAB2	SOUTHERN PACIFIC RESOURCE CORP		6.000		6/30/2016		1,800,000		1,751,260		1,823,080
85771SAB2	STATOIL ASA		3.875		4/15/2014		12,000,000		11,967,795		12,710,876
878742AJ4	TECK COMINCO LIMITED		9.750		5/15/2014		6,100,000		7,531,357		7,564,000
87938WAJ2	TLEFONICA EMISNS		4.949		1/15/2015		22,000,000		23,210,136		22,553,302
88166CAA6	TEVA PHARMACEUTICAL FINANCE II		3.000		6/15/2015		13,875,000		13,859,507		13,976,288
8935268Y2	TRANSCANADA PIPELINES LIMITED		7.125		1/15/2019		1,800,000		2,303,975		2,199,502
893526CC5	TRANSCANADA PIPELINES LIMITED		8.625		5/15/2012		11,675,000		12,227,919		12,808,713
91911TAF0	VALE OVERSEAS LIMITED		6.250		1/11/2016		4,300,000		4,915,656		4,776,569
92857WAP5	VODAFONE GROUP PLC		5.625		2/27/2017		25,000,000		26,820,570		27,838,909
92857WAS9	VODAFONE GROUP PLC		5.450		6/10/2019		2,750,000		3,201,366		3,022,091
980888AC5	WOOLWORTHS LTD		2.550		9/22/2015		2,750,000		2,746,952		2,712,027

							888,764,872		940,024,254		958,734,358

Corporate Securities — Utilities
037735CQ8	APPALACHIAN POWER COMPANY		3.400		5/24/2015		1,075,000		1,072,395		1,087,519
166751AH0	CHEVRONTEXACO CORPORATION		3.950		3/3/2014		3,000,000		3,199,509		3,172,801
209111DZ3	CONSOLIDATED EDISON CO OF NY		5.625		7/1/2012		550,000		541,869		586,504
209111EA7	CONSOLIDATED EDISON CO OF NY		4.875		2/1/2013		3,000,000		3,194,026		3,207,070
209111EL3	CONSOLIDATED EDISON CO OF NY		5.850		3/15/2036		300,000		331,934		314,222
209111EX7	CONSOLIDATED EDISON CO OF NY		6.650		4/1/2019		4,589,000		5,706,395		5,452,410
22282EAA0	COVANTA HOLDING CORP		1.000		2/1/2027		2,780,000		2,639,333		2,748,725
264399EQ5	DUKE ENERGY CORP		6.300		2/1/2014		15,150,000		15,692,672		16,841,094
291011AT1	EMERSON ELECTRIC CO		4.500		5/1/2013		1,000,000		980,582		1,072,171
29364GAE3	ENTERGY CORPORATION		3.625		9/15/2015		3,175,000		3,207,629		3,142,500
302570AV8	FPL GROUP CAPITAL INC		5.625		9/1/2011		1,000,000		993,307		1,030,680
340711AR1	FL GAS TSMN CO		4.000		7/15/2015		700,000		699,882		715,625
373334FN6	GEORGIA POWER COMPANY		5.125		11/15/2012		1,250,000		1,247,696		1,340,235
373334JM4	GEORGIA POWER COMPANY		6.000		11/1/2013		1,000,000		1,109,791		1,117,042
391164AD2	GREAT PLAINS ENERGY INCORPORAT		2.750		8/15/2013		3,000,000		2,998,791		3,007,730
45138LAK9	IDAHO POWER COMPANY		4.750		11/15/2012		1,750,000		1,717,157		1,863,225
461070AH7	INTERSTATE POWER & LIGHT CO		3.300		6/15/2015		3,000,000		2,991,751		3,027,060
494550AU0	KINDER MORGAN ENERGY PARTNERS		6.000		2/1/2017		2,000,000		2,200,585		2,190,984
494550BB1	KINDER MORGAN ENERGY PARTNERS		6.850		2/15/2020		2,145,000		2,443,780		2,432,037
494550BE5	KINDER MORGAN ENERGY PARTNERS		5.300		9/15/2020		1,375,000		1,374,464		1,427,324
559080AA4	MAGELLAN MIDSTREAM PARTNERS LP		6.450		6/1/2014		10,550,000		10,272,711		11,790,951
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO		4.650		10/1/2014		25,800,000		25,936,549		27,855,538
67021CAB3	NSTAR ELEC CO		4.875		4/15/2014		5,000,000		5,227,858		5,411,356
674599BZ7	OCCIDENTAL PETROLEUM		2.500		2/1/2016		5,000,000		4,997,000		4,979,950
69331CAE8	PG&E CORPORATION		5.750		4/1/2014		10,000,000		9,963,578		10,889,037
694308GP6	PACIFIC GAS AND ELECTRIC CO		6.250		12/1/2013		13,000,000		12,940,784		14,578,384
694308GT8	PACIFIC GAS AND ELECTRIC CO		3.500		10/1/2020		9,650,000		9,388,835		9,110,670
695114BU1	PACIFICORP		6.900		11/15/2011		1,000,000		1,004,314		1,053,475
737679CW8	POTOMAC ELECTRIC POWER COMPANY		4.950		11/15/2013		1,200,000		1,112,889		1,313,904
743263AM7	PROGRESS ENERGY INC.		6.050		3/15/2014		10,000,000		10,146,425		11,098,336
744448BU4	PUBLIC SERVICE COLORADO		7.875		10/1/2012		8,770,000		9,230,789		9,764,352
74451PAA1	PUB SERV NC INC		6.625		2/15/2011		1,550,000		1,553,923		1,560,184
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS		2.700		5/1/2015		1,075,000		1,073,303		1,083,139
748356AA0	QUESTAR CORP		2.750		2/1/2016		1,200,000		1,197,981		1,187,913
779382AN0	ROWAN CO		5.000		9/1/2017		1,625,000		1,617,271		1,646,724
842434CA8	SOUTHERN CALIFORNIA GAS CO		4.800		10/1/2012		700,000		687,096		746,475
842587CE5	SOUTHERN COMPANY		4.150		5/15/2014		10,575,000		10,586,331		11,148,300
842587CG0	SOUTHERN COMPANY		2.375		9/15/2015		400,000		407,508		393,170
84755TAB3	SPECTRA ENERGY CAPITAL LLC		5.900		9/15/2013		2,650,000		2,847,169		2,888,035

Page 18


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
947074AJ9	WEATHERFORD INTL, INC.		6.350		6/15/2017		2,000,000		2,213,325		2,193,072
96950FAB0	WILLIAMS PRTNRS		3.800		2/15/2015		5,000,000		5,011,949		5,160,943
15135UAB5	CENOVUS ENERGY INC		4.500		9/15/2014		1,350,000		1,349,069		1,445,734
268317AA2	ELECTRICITE DE FRANCE		5.500		1/26/2014		9,900,000		9,874,621		10,835,350
29268BAE1	ENEL FINANCE INTERNATIONAL SA		5.125		10/7/2019		11,000,000		10,956,337		10,824,767
50064YAB9	KOREA HYDRO		3.125		9/16/2015		6,100,000		6,179,523		5,980,917
65504LAB3	NOBLE HOLDING INTERNATIONAL CA		3.450		8/1/2015		825,000		825,000		840,274
893526DH3	TRANSCANADA PIPELINES LIMITED		3.400		6/1/2015		4,250,000		4,249,260		4,383,036
89352HAA7	TRANS-CANADA PIPELINES		4.000		6/15/2013		5,300,000		5,294,609		5,618,642
94707VAA8	WEATHERFORD INTL, INC.		5.125		9/15/2020		1,650,000		1,647,760		1,640,073

							218,959,000		222,137,315		233,199,660

Asset Backed Securities — Credit Cards
161571CH5	CHAIT		5.120		10/15/2014		15,600,000		16,659,605		16,730,220
17305EER2	CCCIT		2.250		12/23/2014		10,000,000		10,090,511		10,210,500
126802BM8	CABMT_10-IA		2.290		9/17/2018		2,000,000		1,999,210		1,963,980

							27,600,000		28,749,326		28,904,701

Asset Backed Securities — Auto Receivables
06052FAC4	BAAT_09-2		2.130		9/15/2013		20,388,448		20,388,359		20,554,141
06052MAC9	BAAT		1.310		7/15/2014		2,300,000		2,299,951		2,308,510
09657MAC2	BMWLT_10-1		1.390		4/25/2014		1,350,000		1,349,980		1,357,802
14313CAC0	CARMX_10-1		1.560		7/15/2014		1,500,000		1,499,862		1,511,745
14313EAC6	CARMX_10-2		1.410		2/16/2015		10,000,000		9,999,855		10,067,200
34529GAF2	FORDO_09-D		2.170		10/15/2013		32,000,000		31,998,396		32,361,949
34529HAC7	FORDO		1.510		1/15/2014		2,650,000		2,649,750		2,661,699
41283KAC1	HDMOT_10-1		1.160		2/15/2015		3,650,000		3,649,499		3,644,598
43812BAG8	HAROT_10-1		1.250		10/21/2013		2,500,000		2,499,797		2,512,475
43812WAC1	HONDA AUTO RECIEVABLES OWNER T		2.310		5/15/2013		1,670,306		1,687,066		1,688,964
44923YAC1	HART_10-B		0.970		4/15/2015		2,150,000		2,149,670		2,131,510
44924CAA2	HCAF_10-8A		1.261		9/20/2016		2,275,000		2,221,591		2,245,653
587682AC9	MBART_10-A		1.420		8/15/2014		1,050,000		1,049,855		1,059,144

							83,483,754		83,443,632		84,105,388

Asset Backed Securities — Student Loan
00432CAZ4	AGSL_03-1		1.761		12/26/2035		4,100,000		3,711,463		3,756,625
00432CBB6	AGSL_03-1		1.756		12/26/2035		3,600,000		3,221,628		3,262,500
00432CBP5	AGSL_03-1		1.749		12/27/2032		5,350,000		4,716,832		4,767,578
041150DJ9	ASLA_10-1		1.188		11/25/2043		7,473,796		7,401,689		7,427,683
194262CD1	COLLE_04-1		0.448		4/25/2021		17,219,723		17,179,217		17,144,473
28140VAB9	EFCT_04-1		0.462		12/15/2022		5,059,285		5,001,800		5,018,558
429827AB4	HEF_10-401		1.635		1/1/2044		2,100,000		1,749,647		1,841,320
429827AE8	HIGHER EDUCATION FUNDING HEF0		0.000		1/1/2044		2,100,000		1,748,823		1,842,152
429827AF5	HEF_10-401		1.758		1/1/2044		2,100,000		1,742,813		1,841,423
429827AJ7	HIGHER EDUCATION FUNDING HEF0		0.412		1/1/2044		2,100,000		1,746,615		1,841,288
429827AK4	HIGHER EDUCATION FUNDING HEF0		6.320		1/1/2044		2,300,000		1,912,169		2,016,580
429827AN8	HEF_04-1		0.000		1/1/2044		2,100,000		1,740,964		1,842,257
429827AQ1	HEF_04-1		0.000		1/1/2044		2,950,000		2,437,344		2,569,940
698475AM2	PPHEA_10-2		1.490		10/1/2035		8,400,000		8,400,000		8,463,840
71722TAF1	PHEAA_04-1		0.000		4/25/2044		2,000,000		1,822,695		1,865,000
71722TAG9	PHEAA_04-1		1.761		4/25/2044		6,000,000		5,478,241		5,436,216
78442GHZ2	SLMA		1.703		12/15/2016		8,100,000		8,100,000		8,099,985
78442GJA5	SLM STUDENT LOAN TR 2003-10A		1.705		12/15/2016		1,800,000		1,800,000		1,799,997
78442GJD9	SLM STUDENT LOAN TR 2003-10A		1.703		12/15/2016		8,200,000		8,145,854		8,199,985
78442GQR0	SLMA		1.038		1/25/2028		425,000		415,281		416,258
83715AAK5	SOUTH CAROLINA STUDENT LN CORP		0.734		1/25/2021		7,750,000		7,734,791		7,738,995
86386MAD6	STUDENT LOAN CON		0.000		3/1/2042		14,300,000		13,166,143		12,932,048
86386MAE4	STUDENT LOAN CON		0.100		3/1/2042		14,400,000		13,242,903		13,022,482
86386MAK0	STUDENT LOAN CON		0.648		7/1/2042		12,400,000		11,364,409		11,214,039
86386MAM6	STUDENT LOAN CON		0.000		7/1/2042		10,100,000		9,316,425		9,133,571
86386MAR5	STUDENT LOAN CON		1.850		7/1/2042		9,100,000		8,314,167		8,229,485
86386MAS3	STUDENT LOAN CON		0.492		7/1/2042		9,000,000		8,230,279		8,139,600
86386MAT1	SLCC_02-2		0.000		7/1/2042		11,000,000		10,042,363		9,947,454
86386MAU8	STUDENT LOAN CON		0.005		7/1/2042		8,900,000		8,117,782		8,048,395

							190,427,804		178,002,335		177,859,725

Page 19


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
Asset Backed Securities — Other
12612AAC6	CNH_09-C		1.850		12/16/2013		1,400,000		1,399,988		1,411,507
12612BAC4	CNH_10-A		1.540		7/15/2014		1,900,000		1,899,795		1,915,377
12621UAC1	CNH_10-B		1.030		11/17/2014		5,000,000		4,999,110		4,997,500
12621UAD9	CNH_10-B		1.740		1/17/2017		4,750,000		4,748,983		4,716,180
15200MAA5	CNP		4.192		2/1/2020		3,156,442		3,393,893		3,417,164
15200NAA3	CNP		1.833		2/15/2016		2,277,836		2,277,818		2,287,572
15200NAB1	CNP		3.460		8/15/2018		2,400,000		2,489,936		2,440,164
29365KAA1	ETI		2.120		2/1/2016		1,302,317		1,302,281		1,316,304
36829KAC2	GESET		1.920		7/15/2016		4,000,000		3,999,782		4,022,640
477874AC5	JDOT_09		2.590		10/15/2013		2,057,922		2,076,470		2,077,859
47787AAD9	JDOT_10-A		1.320		5/15/2014		1,450,000		1,449,847		1,457,975
542388AD5	LBART_06-A		5.500		5/15/2013		8,015,733		8,050,603		8,027,899
57164XAA7	MVCOT 2009-2A		4.809		7/20/2031		7,117,748		7,117,648		7,332,490
62888VAB4	NGN_10-R1		1.840		10/7/2020		2,133,252		2,133,063		2,111,579
693401AE1	PERF		4.470		12/25/2014		2,900,000		3,066,487		3,076,697
75953MAD2	CENTERPOINT ENERGY TRANSITION		5.630		9/15/2015		6,036,683		6,416,695		6,463,054
826502AA4	SRFC		5.270		3/20/2019		573,176		586,456		594,767
82651KAA3	SRFC		4.520		8/20/2026		2,616,526		2,616,319		2,623,172
041239CD4	ARKLE_06-1A		1.684		5/17/2060		5,000,000		5,000,000		4,993,000
43641NBC7	HMI		1.671		10/15/2054		4,700,000		4,700,000		4,687,310
493897AB8	KDRE		0.362		12/10/2043		123,175		118,166		112,089
525221FY8	LXS		0.461		1/25/2036		57,401		57,401		53,728
82651AAA5	SRFC		5.370		9/20/2019		1,476,917		1,513,853		1,527,221
82651CAA1	SRFC		9.790		12/22/2025		307,722		312,462		312,060

							70,752,850		71,727,055		71,975,307

Asset Backed Securities — CLO
16208NAA3	CHAT		0.536		8/3/2019		29,707,265		27,208,468		27,758,438
730018AA6	PLMR_10-1A		1.920		2/16/2019		3,650,000		3,650,000		3,637,590
BRS6DUE27	STANFIELD VEYRON		0.509		7/15/2018		25,000,000		24,045,552		23,880,325
00083VAA9	ACASC_07-1		0.519		4/20/2021		6,750,000		5,975,384		5,930,442
04010HAB8	ARES CLO FUNDS ARES		0.544		9/18/2017		8,272,163		7,679,167		7,775,594
04010HAC6	ARES_05-10A		0.544		9/18/2017		21,379,549		19,983,167		20,096,156
04011XAB2	ARES		0.534		2/24/2018		21,390,634		19,480,852		20,156,395
04011XAC0	ARES		0.534		2/24/2018		22,849,087		20,750,779		21,530,694
042423AA1	ARMST		0.837		8/1/2016		5,056,880		4,884,374		4,996,051
363206AF0	GALE		0.529		4/19/2021		10,000,000		8,815,248		9,128,010
482474AA1	KKR FINANCIAL CLO LTD KKR_05-1		0.558		4/26/2017		1,000,000		915,406		940,000
48248CAA2	KKR FINANCIAL CLO LTD KKR_07-1		0.636		5/15/2021		12,619,306		11,664,343		11,515,117
51506DAA1	LANDM_04-1A		0.652		12/15/2016		25,648,414		24,256,169		24,236,520
51506JAA8	LANDM_05-1A		0.596		6/1/2017		4,928,783		4,661,731		4,623,199

							198,252,082		183,970,639		186,204,531

State and Municipal
658256E32	NORTH CAROLINA ST		5.000		5/1/2017		5,000,000		5,816,801		5,850,350
04057PFH6	ARIZONA SCH FACS BRD CTFS PART		5.000		9/1/2019		1,775,000		1,700,147		1,837,320
040654MP7	ARIZONA ST TRANSN BRD		5.000		7/1/2020		500,000		482,404		537,010
040654NY7	ARIZONA ST TRANSN BRD		5.000		7/1/2021		1,500,000		1,426,953		1,607,145
040688GV9	ARIZONA WTR INFRASTRUCTURE FIN		5.000		10/1/2021		1,000,000		955,299		1,081,090
058508AN2	BALL ST UNIV IND		5.000		7/1/2018		1,900,000		1,879,370		2,052,532
071365ZL7	BATTLE CREEK MICH		5.000		5/1/2011		2,025,000		2,035,257		2,048,774
126775RR8	CABARRUS CNTY N C		5.000		2/1/2018		500,000		499,408		576,010
13063A4V3	STATE OF CALIFORNIA		5.750		4/1/2031		1,250,000		1,293,088		1,260,488
144470AR2	CARRIER CREEK MICH DRAIN DIST		5.000		6/1/2022		1,000,000		925,028		1,056,530
165573QR0	CHESTER CNTY PA		5.000		8/15/2022		1,000,000		955,568		1,082,360
181059BM7	CLARK CNTY NEV SCH DIST FOR IS		5.000		6/15/2017		1,500,000		1,496,160		1,656,420
184126UY4	CLAYTON CNTY & CLAYTON CNTY GA		5.000		5/1/2020		2,000,000		1,902,861		2,129,860
189194CL5	CLOVERDALE IND MULTI-SCH BLDG		5.000		7/15/2019		1,365,000		1,326,637		1,449,889
196632HT3	COLORADO SPRINGS COLO UTILS		5.000		11/15/2022		1,000,000		1,177,190		1,103,940
196632HU0	COLORADO SPRINGS COLO UTILS		5.000		11/15/2023		1,250,000		1,457,479		1,363,750
196632HV8	COLORADO SPRINGS UTILS REV		5.000		11/15/2024		1,500,000		1,736,502		1,619,895
199491RW3	COLUMBUS OHIO		5.500		7/1/2012		500,000		512,760		535,640
207758AY9	CONNECTICUT ST SPL TAX OBLIG R		5.000		7/1/2019		650,000		622,931		710,450
207758KT9	CONNECTICUT ST SPL TAX OBLIG R		5.000		11/1/2015		2,250,000		2,597,469		2,549,340
2131838D1	COOK CNTY ILL		5.000		11/15/2019		1,000,000		959,671		1,051,220

Page 20


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
230822PL6	CUMBERLAND VALLEY PA SCH DIST		5.000		11/15/2020		1,300,000		1,241,452		1,372,137
231266DM6	CURATORS UNIV MO SYS FACS REV		5.000		11/1/2021		2,000,000		1,858,289		2,113,540
235308KE2	DALLAS TEX INDPT SCH DIST		5.000		8/15/2021		1,605,000		1,526,282		1,733,416
249164HG2	DENVER COLO CITY & CNTY		5.000		8/1/2021		2,000,000		1,907,698		2,186,620
250119BY9	DES MOINES IOWA MET WASTEWATER		5.000		6/1/2019		1,045,000		1,011,162		1,123,041
251255C94	DETROIT MICH WTR SUPPLY SYS		5.500		7/1/2033		2,000,000		2,023,982		2,071,380
294223LN0	EPHRATA PA AREA SCH DIST		5.000		3/1/2019		500,000		481,841		532,335
346604FJ5	FORSYTH CNTY GA SCH DIST		5.000		2/1/2020		1,430,000		1,376,245		1,539,967
3494602Z7	FORT WORTH TEX INDPT SCH DIST		5.000		2/15/2026		1,000,000		1,130,354		1,052,260
365653GZ1	GARFIELD CNTY COLO SCH DIST NO		5.000		12/1/2020		1,610,000		1,546,219		1,753,757
385244HG6	GRAND BLANC MICH CMNTY SCHS		5.000		5/1/2020		1,000,000		965,677		1,060,710
406036EP4	HALL CNTY NEB SCH DIST NO 2 GR		5.000		12/15/2019		1,080,000		1,050,642		1,186,369
4140033N1	HARRIS CNTY TEX		0.000		8/15/2011		2,000,000		1,953,284		1,994,760
41981VBQ0	HAWAII ST HSG & CMNTY DEV CORP		4.400		1/1/2033		145,000		121,316		145,000
442331TN4	HOUSTON TEX		5.000		3/1/2017		5,000,000		5,796,366		5,691,400
452281JB5	ILLINOIS STUDENT ASSISTANCE CO		0.768		4/25/2017		9,000,000		9,000,000		8,985,600
468312DN0	JACKSON MICH PUB SCHS		5.000		5/1/2020		1,000,000		960,024		1,045,330
48542KHX0	KANSAS ST DEV FIN AUTH REV		5.000		11/1/2020		2,000,000		1,906,603		2,167,640
48542KNH8	KANSAS ST DEV FIN AUTH REV		5.000		6/1/2012		500,000		508,300		529,145
49151EXA6	KENTUCKY ST PRP & BLDG COM		5.000		10/1/2017		565,000		562,062		633,817
49474EWA7	KING CNTY WASH		4.000		1/1/2011		3,000,000		3,000,000		3,000,000
508205GV7	LAKE COOK KANE AND MCHENRY CNT		5.000		12/1/2016		2,385,000		2,416,636		2,732,972
567505GY2	MARICOPA CNTY ARIZ UN HIGH SCH		5.125		7/1/2016		1,125,000		1,151,194		1,290,195
5741924V9	MARYLAND ST		5.000		11/1/2017		5,000,000		5,821,365		5,867,300
575579RS8	MASSACHUSETTS BAY TRANSN AUTH		5.000		7/1/2020		35,000		35,195		40,898
575579SL2	MASSACHUSETTS BAY TRANSN AUTH		5.000		7/1/2020		1,575,000		1,507,135		1,761,039
57582PDK3	MASSACHUSETTS ST		0.652		11/1/2018		2,000,000		1,510,447		1,794,300
57583PDB2	MASSACHUSETTS ST FED HWY		5.750		6/15/2011		3,250,000		3,250,000		3,264,657
586158KZ9	MEMPHIS TENN ELEC SYS REV		5.000		12/1/2014		2,000,000		2,018,181		2,211,880
603827EJ1	MINN & ST PAUL MET ARPTS REV		5.250		1/1/2026		2,000,000		2,000,000		2,000,000
615401JW7	MOON AREA SCH DIST PA		5.000		11/15/2018		1,360,000		1,344,693		1,495,402
625574HL5	MULTNOMAH CNTY ORE SCH DIST NO		5.000		6/15/2018		500,000		491,569		559,185
644682UL8	NEW HAMPSHIRE ST		5.000		6/1/2017		1,730,000		1,723,624		2,009,066
64468TRZ2	NEW HAMPSHIRE ST HSG FIN AUTH		5.875		7/1/2021		60,000		53,601		60,029
64983QWY1	NEW YORK ST DORM AUTH REVS NON		5.000		8/1/2018		2,000,000		1,981,371		2,229,760
650013T21	NEW YORK ST TWY AUTH		5.000		4/1/2019		2,000,000		1,940,843		2,163,040
650034X89	NEW YORK ST URBAN DEV CORP		5.500		3/15/2017		2,050,000		2,107,171		2,406,290
656491KZ9	NORRISTOWN PA AREA SCH DIST		5.000		9/1/2021		1,000,000		1,020,883		1,087,760
662835QT7	NORTH TEX MUN WTR DIST TEX		5.000		6/1/2025		1,050,000		1,176,812		1,108,422
663903CA8	NORTHEAST OHIO REGL SWR DIST W		5.000		11/15/2016		1,900,000		1,937,694		2,202,290
677520SW9	OHIO ST		5.000		11/1/2020		2,000,000		1,910,160		2,154,500
677632HM6	OHIO ST UNIV		5.000		6/1/2011		2,000,000		2,011,174		2,038,240
680616PF0	OLENTANGY LOC SCH DIST OHIO		5.000		12/1/2017		2,000,000		2,005,646		2,256,700
681793T88	OMAHA PUB PWR DIST NEB ELEC RE		5.000		2/1/2018		2,000,000		1,971,929		2,182,680
709223YW5	PA ST TPK COMM		5.000		12/1/2023		4,500,000		5,099,623		4,675,680
742633PD6	PRIOR LAKE MINN INDPT SCH DIST		5.000		2/1/2020		1,195,000		1,166,916		1,274,133
759136LA0	REGIONAL TRANSN DIST COLO		5.000		11/1/2017		1,550,000		1,550,013		1,730,653
780427KA7	ROYAL OAK CITY MICH SCH DIST		5.000		5/1/2019		2,000,000		1,925,906		2,163,320
7832434J4	RUTHERFORD CNTY TENN		5.000		6/1/2018		1,430,000		1,431,354		1,660,673
795560AR2	SALT LAKE & SANDY UTAH		5.000		7/1/2020		1,820,000		1,733,684		1,929,801
802072KA5	SANTA FE N M GROSS RCPTS TAX		5.000		6/1/2019		2,000,000		1,928,714		2,131,840
806640PN2	SCHERTZ-CIBOLO-UNVL CITY TEX I		5.000		2/1/2020		2,025,000		1,933,926		2,194,695
837562KS5	SOUTH DAKOTA ST UNIV		5.000		4/1/2020		1,545,000		1,463,845		1,609,519
882756S26	TEXAS ST PUB FIN AUTH		5.000		7/1/2017		2,000,000		2,220,658		2,234,240
88283LCS3	TEXAS TRANSN COMMN ST HWY FD		5.000		4/1/2022		2,000,000		1,890,952		2,147,720
914119HX3	UNIVERSITY CINCINNATI OHIO		5.000		6/1/2018		2,015,000		1,950,650		2,168,886
914437PF9	UNIVERSITY MASS BLDG AUTH		5.000		11/1/2019		1,530,000		1,463,638		1,624,523
915506KJ7	UPPER ARLINGTON OHIO CITY SCH		5.000		12/1/2021		1,250,000		1,184,140		1,321,713
927749GJ4	VIRGINIA BEACH VA		5.000		10/1/2019		790,000		772,277		912,877
927749GP0	VIRGINIA BEACH VA		5.000		10/1/2019		945,000		923,799		1,039,056
92817SNE4	VIRGINIA ST PUB SCH AUTH		5.000		8/1/2018		5,060,000		5,990,174		5,857,658
938234MJ7	WASHINGTON CNTY ORE		5.000		6/1/2020		1,035,000		993,368		1,141,491
93974A7Q1	WASHINGTON STATE		5.000		1/1/2020		2,000,000		1,920,206		2,172,840
977123YW2	WISCONSIN ST TRANSN REV		5.000		7/1/2016		4,850,000		5,664,633		5,675,664

Page 21


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
13063BFQ0	CALIFORNIA ST		5.750		3/1/2017		17,000,000		17,561,251		17,378,929
419791YH5	HAWAII ST		3.380		2/1/2016		2,575,000		2,586,656		2,642,542
4521518T3	ILLINOIS ST		3.321		1/1/2013		12,000,000		12,118,941		11,986,440
4521518V8	ILLINOIS ST		4.421		1/1/2015		12,620,000		12,644,242		12,638,677
57583PEN5	MASSACHUSETTS ST		3.586		12/15/2016		5,000,000		5,000,000		5,017,800
63968AQF5	NEBRASKA PUB PWR DIST		4.850		1/1/2014		6,500,000		6,500,000		6,939,205
64966JAS5	NEW YORK NY		6.646		12/1/2031		4,000,000		4,000,000		4,034,920
64971M5E8	NEW YORK NY CITY TRANSITIONAL		4.075		11/1/2020		3,000,000		3,000,000		2,828,070
650035TC2	NEW YORK ST URBAN DEV CORP REV		2.482		12/15/2013		4,250,000		4,331,228		4,338,868
677521HS8	OHIO ST		2.177		8/1/2014		3,500,000		3,500,000		3,441,550
83714RBA0	SOUTH CAROLINA STUDENT LN		0.386		12/2/2019		5,000,000		4,876,532		4,862,500
864784BK8	SUFFOLK CNTY N Y WTR AUTH WTRW		5.500		6/1/2035		500,000		485,616		472,440
914455KY5	UNIVERSITY MICH UNIV REVS		2.355		4/1/2016		2,000,000		2,000,000		1,928,300
98458PAB1	YALE UNIVERSITY		2.900		10/15/2014		1,400,000		1,397,758		1,441,902

							232,150,000		236,284,806		245,613,967


Total Fixed Income Securities							6,633,392,707		6,542,867,285		6,660,946,629


Equities
G16962204	BUNGE LTD		0.000		1/0/1900		31,000		2,669,608		2,891,603
018802108	ALLIANT ENERGY CORP		0.000		1/0/1900		93,700		3,259,531		3,445,349
024835100	AMER CMPS COMM		0.000		1/0/1900		100,300		2,845,783		3,185,528
053484101	AVALONBAY COMMUNITIES INC		0.000		1/0/1900		31,500		3,277,827		3,545,325
098536105	BONAVISTA ENERGY TRUST		0.000		1/0/1900		2,100		49,162		60,867
126132109	CNOOC LTD.		0.000		1/0/1900		5,700		967,695		1,358,709
253868103	DIGITAL REALTY		0.000		1/0/1900		33,200		1,775,293		1,711,128
264411505	DUKE REALTY CORP		0.000		1/0/1900		296,800		3,470,767		3,698,128
351858105	FRANCO NEVADA CORP		0.000		1/0/1900		130,100		4,032,785		4,354,779
478160104	JOHNSON & JOHNSON		1.660		1/0/1900		54,200		3,416,965		3,352,270
595017104	MICROCHIP TECHNOLOGY INC		0.000		1/0/1900		97,400		2,909,238		3,332,054
638620104	NATIONWIDE HLTH PROPERTIES INC		0.000		1/0/1900		92,700		3,333,960		3,372,426
646025106	NEW JERSEY RESOURCES		1.720		1/0/1900		65,300		2,475,382		2,815,083
649445103	NEW YORK COMMUNITY BANCORP INC		0.000		1/0/1900		187,900		3,137,772		3,541,915
654445303	NINTENDO CO LTD		0.000		1/0/1900		37,850		1,320,761		1,390,117
655844108	NORFOLK SOUTHERN CORPORATION		0.320		1/0/1900		48,800		2,801,158		3,065,616
664397106	NORTHEAST UTILITIES		0.000		1/0/1900		57,200		1,574,466		1,823,536
718172109	PHILIP MORRIS INTERNATIONAL IN		0.000		1/0/1900		56,400		2,899,116		3,301,092
718252604	PHILIPPINE LONG DISTANCE TEL C		0.000		1/0/1900		38,300		2,101,861		2,231,741
743263105	PROGRESS ENERGY INC		0.000		1/0/1900		51,800		2,122,522		2,252,264
754907103	RAYONIER INC.		1.080		1/0/1900		65,000		3,111,500		3,413,800
780287108	ROYAL GOLD INC		0.000		1/0/1900		61,300		2,989,236		3,348,819
847560109	SPECTRA ENERGY CORP		0.000		1/0/1900		129,200		2,870,728		3,228,708
872375100	TECO ENERGY INC.		0.000		1/0/1900		230,000		3,814,892		4,094,000
904784709	UNILEVER N.V.		1.188		1/0/1900		115,700		3,415,375		3,632,980
911312106	UNITED PARCEL SERV INC		0.000		1/0/1900		51,500		3,380,743		3,737,870
962166104	WEYERHAEUSER COMPANY		2.400		1/0/1900		155,000		3,140,205		2,934,150
976657106	WISCONSIN ENERGY CORPORATION		0.800		1/0/1900		17,800		1,062,918		1,047,708
71646E100	PETROCHINA CO LTD		0.000		1/0/1900		17,500		2,282,662		2,301,075
67019E107	NSTAR		1.980		1/0/1900		46,400		1,688,948		1,957,616
89151E109	TOTAL SA		0.000		1/0/1900		57,600		3,076,327		3,080,448
00163T109	AMB PROP CORP		0.000		1/0/1900		161,600		4,394,069		5,124,336
03761U106	APOLLO INVSTMNT		0.000		1/0/1900		310,800		3,436,066		3,440,556
03836W103	PHILADELPHIA SUBURBAN CORPORAT		0.000		1/0/1900		133,000		2,507,318		2,989,840
09247X101	BLACKROCK CREDIT (OFFSHORE)		0.000		1/0/1900		24,000		4,001,922		4,573,920
13466Y105	CAMPUS CREST COMMUNITIES INC		0.000		1/0/1900		195,300		2,468,534		2,738,106
15135U109	CENOVUS ENERGY INC		0.000		1/0/1900		148,100		4,230,708		4,922,844
15189T107	CENTERPOINT ENERGY INC.		1.500		1/0/1900		276,000		4,278,515		4,338,720
16941M109	CHINA MOBILE HONG KONG LIMITED		0.000		1/0/1900		63,000		3,199,447		3,126,060
17133Q106	CHUNGHWA TELECOM CO. LTD.		0.000		1/0/1900		60,200		1,310,979		1,521,254
22576C101	CRESCENT POINT ENERGY CORP		0.000		1/0/1900		107,100		4,079,826		4,767,889
29250X103	ENBRIDGE ENERGY MANAGEMENT L.L		0.000		1/0/1900		31,447		1,576,861		2,007,891
30161N101	EXELON CORPORATION		0.000		1/0/1900		72,800		3,088,251		3,031,392
49455U100	KINDER MORGAN MANAGEMENT LLC		0.000		1/0/1900		36,991		2,128,855		2,473,927

Page 22


		Allied World Assurance Company Holdings, AG Securities Listing as at December 31, 2010


Cusip	Security Description	Coupon		Maturity		Par		Book Value $		Market Value $
69331C108	PG&E CORPORATION		0.000		1/0/1900		64,800		2,843,646		3,100,032
80105N105	SANOFI AVENTIS		0.000		1/0/1900		133,000		4,132,174		4,286,590
98156Q108	WORLD WRESTLING ENTERTAINMENT		0.000		1/0/1900		227,000		3,638,019		3,232,480
98389B100	XCEL ENERGY INC		0.000		1/0/1900		119,400		2,626,339		2,811,870
Q25758105	COAL & ALLIED INDUSTRIES LTD		0.000		1/0/1900		15,500		1,761,321		1,905,799
Q3944W187	FOSTERS GROUP LTD		0.000		1/0/1900		781,000		4,196,694		4,547,204
S62435862	SINGAPORE AIRPORT TERMINAL SER		0.000		1/0/1900		1,444,000		3,098,848		3,246,337
SB01CGS48	BONAVISTA ENERGY TRUST		0.000		1/0/1900		159,400		3,985,936		4,660,856
SB01DC129	ARC ENERGY TRUST		0.000		1/0/1900		142,400		2,954,816		3,635,472
SB0D6P437	MAPLETREE LG TR		0.000		1/0/1900		3,191,560		2,059,406		2,404,165
SB296MJ50	LIPPO MAPLETREE INDONESIA RETA		0.000		1/0/1900		3,064,900		1,094,206		1,268,020
SB53X5727	AG GROWTH INTERNATIONAL INC		0.000		1/0/1900		31,500		1,318,409		1,602,720
SB67C8W83	CRESCENT POINT ENERGY CORP		0.000		1/0/1900		900		35,000		40,025
SBOTLGM70	GZI REAL ESTATE INVESTMENT TRU		0.000		1/0/1900		4,768,000		2,064,752		2,661,957
Y0205X103	ASCENDAS REAL ESTATE INVESTMEN		0.000		1/0/1900		1,862,000		2,727,118		3,008,735

							20,084,948		160,513,219		174,975,699

Page 23

Attached files

Allied World Assurance Co Holdings, AG Reports

Also read

Allied World Assurance Co Holdings, AG - FORM 8-K - EX-99.3 - February 17, 2011

Attached files

Allied World Assurance Co Holdings, AG Reports

Also read