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

Attached files

file	filename
8-K - FORM 8-K - VALIDUS HOLDINGS LTD	y90984e8vk.htm

Exhibit 99.1

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRSBHT2D4	ACOSTA TERM LOAN							4FE		3,017,500.00		100.107		3,003,210.00		3,000,000.00		3,017,500.00		(14,290.00	)		—			—		—			0		-0.072	FMAN		—		—		2/23/2011		2/3/2018
BRSBPYZG1	ATLANTIC BROADBAND FINANCE LLC TERM LOAN							4FE		827,027.03		100.167		828,408.17		827,027.03		827,027.03		1,381.14			—			—		—			0		0	MJSD		—		22.00		3/8/2011		3/9/2016
BRSBSD3G9	CAPITAL AUTOMOTIVE TERM LOAN							4FE		988,872.89		98.938		988,253.59		998,861.50		988,904.99		(651.40	)		32.00			—		—			0		0.167	MJSD		—		—		3/10/2011		3/1/2017
BRSBBJXL0	COMMSCOPE INC. TERM LOAN							1Z		288,550.00		100.625		291,812.50		290,000.00		288,587.62		3,224.88			38.00			—		—			0		0.071	JAJO		—		258.00		1/13/2011		1/6/2018
BRSAZTC86	COMMUNITY HLTH SYST INC TERM LOAN							3FE		2,007,456.14		99.788		1,990,758.10		1,994,987.47		2,007,074.06		(16,315.96	)		(382.00	)		—		—			0		-0.102	FMAN		—		7,376.00		1/4/2011		1/25/2017
BRSBHN254	CPG INTERNATIONAL I INC TERM LOAN							4FE		1,191,015.00		99.938		1,196,257.86		1,197,000.00		1,191,095.01		5,162.85			80.00			—		—			0		0.119	MJSD		—		14.00		2/25/2011		2/3/2017
BRS6U4Y32	GRAPHIC PACKAGING INTL LN1 TERM LOAN							3		2,998,628.20		94.375		2,984,898.88		2,994,871.80		2,998,650.35		(13,751.47	)		—			—		—			0		0	JAJO		—		251.00		00/00/0000		5/16/2014
BRSBK2348	GYMBOREE CORP TERM LOAN							4FE		788,025.00		99.839		786,756.28		788,025.00		788,025.00		(1,268.72	)		—			—		—			0		0	FMAN		—		2,520.00		2/11/2011		2/11/2018
BRSBH14P6	HOUGHTON INTERNATIONAL INC LN1 TERM LOAN							1Z		2,366,756.73		100.688		2,364,656.90		2,348,499.23		2,366,707.45		(2,050.55	)		(49.00	)		—		—			6.75		6.562	JAJO		27,301.30		8,755.00		3/8/2011		1/29/2016
BRSBQFU50	IMS HEALTH INCORPORATED							3FE		4,898,860.47		100.482		4,922,472.98		4,898,860.47		4,898,860.47		23,612.51			—			—		—			0		0	FA		—		4,101.00		3/10/2011		8/26/2017
BRSB5PYE8	INTELSAT JACKSON TERM LOAN			F				4FE		2,132,142.85		100.542		2,154,471.43		2,142,857.14		2,132,434.40		22,037.03			292.00			—		—			0		0.069	MJSD		—		—		12/17/2010		3/7/2018
BRSBR4P35	JO-ANN STORES TERM LOAN							4FE		2,673,000.00		98.969		2,672,163.00		2,700,000.00		2,673,094.19		(931.19	)		94.00			—		—			0		0.066	MJSD		—		—		3/15/2011		3/31/2018
BRSBGZMM9	MACROVISION CORPORATION TERM LOAN							4FE		304,237.50		100.625		306,906.25		305,000.00		304,246.24		2,660.01			33.00			—		—			0		0.013	FMAN		—		6.00		2/9/2011		2/1/2018
BRS9W7N54	MCC IOWA LLC TERM LOAN							3FE		1,975,050.12		99.25		1,975,050.13		1,989,974.94		1,975,148.72		(98.59	)		99.00			—		—			0		0.112	JAJO		—		3,731.00		12/17/2010		10/23/2017
BRSBLUUU7	MICHAEL FOODS INC. TERM LOAN							4FE		3,321,250.00		100.531		3,312,496.45		3,295,000.00		3,321,083.09		(8,586.64	)		(167.00	)		—		—			0		-0.113	FMAN		—		6,253.00		3/2/2011		2/14/2018
62545LA$3	MULTICAT MEXICO 2009 LTD CORP BND 144A			F				4FE		4,750,000.00		106.432		5,055,520.00		4,750,000.00		4,750,000.00		305,520.00			—			—		—			11.65		11.663	JAJO		118,360.76		139,597.00		10/8/2009		10/19/2012
BRSBL01Z4	PHILLIPS-VAN HEUSEN CORP TERM LOAN							1Z		2,012,500.00		100.833		2,016,660.00		2,000,000.00		2,012,446.65		4,213.35			(53.00	)		—		—			0		-0.119	FMAN		—		—		2/23/2011		5/16/2016
BRSBU37B5	PILOT TRAVEL CENTERS LLC TERM LOAN							1Z		1,243,750.00		100.399		1,254,987.50		1,250,000.00		1,243,750.00		11,237.50			—			—		—			0		0.072	MJSD		—		—		3/25/2011		3/25/2018
BRSBLLNC5	REGAL CINEMAS CORP							3FE		2,778,062.50		100.344		2,777,570.79		2,768,062.50		2,778,032.51		(461.72	)		(30.00	)		—		—			0		-0.057	JJ		—		2,707.00		2/24/2011		7/31/2017
BRSBJK2P4	REYNOLDS GROUP HOLDINGS INC TERM LOAN							3FE		3,385,000.00		100.42		3,384,154.00		3,370,000.00		3,384,916.37		(762.37	)		(84.00	)		—		—			0		-0.064	FMAN		—		3,235.00		3/1/2011		2/9/2018
BRS9M4ZE0	SOLUTIA INC LN1 TERM LOAN							4FE		2,981,015.62		100.75		2,984,718.75		2,962,500.00		2,980,947.62		3,771.13			(68.00	)		—		—			0		-0.103	MJSD		—		1,163.00		3/1/2011		3/17/2017
BRSB98M47	SWIFT TRANSPORTATION CO LLC SWIFT							1Z		2,614,977.22		100.5		2,654,598.09		2,641,391.13		2,615,977.45		38,620.64			1,000.00			—		—			1		6.199	MJSD		807.09		564.00		12/16/2010		12/21/2016
BRSB7CXP1	SYNIVERSE HLDGS LN1 TERM LOAN							4FE		513,513.00		100.333		520,427.27		518,700.00		513,656.35		6,770.92			143.00			—		—			0		0.144	MJSD		—		15.00		12/21/2010		12/15/2017
BRSAZNPE2	TRANSDIGM NEW TERM LOAN TERM LOAN							1Z		588,525.00		100.758		592,986.02		588,525.00		588,525.00		4,461.02			—			—		—			0		0	FA		—		2,455.00		2/15/2011		11/9/2016
BRSBU8QR8	TRANSTAR HOLDING COMPANY LN1 TERM LOAN							4FE		798,000.00		99.709		795,673.83		798,000.00		798,000.00		(2,326.17	)		—			—		—			0		0	MJSD		—		590.00		3/10/2011		12/21/2016
BRSBBKBD9	UCI INTERNATIONAL TL B TERM LOAN							4FE		169,575.00		100.625		170,634.84		169,575.00		169,575.00		1,059.84			—			—		—			0		0	JAJO		—		1,451.00		1/20/2011		7/6/2017
BRSAWQ120	UNIVISION COMMUNICATIONS INC. TERM LOAN							4FE		3,836,248.03		97.513		3,866,236.09		3,964,841.70		3,839,098.94		27,137.15			2,851.00			—		—			0		0.53	MJSD		—		21,089.00		3/4/2011		3/31/2017
BRSBRMCQ8	WARNER CHILCOTT CORP TERM LOAN					1		1Z		502,857.14		100.675		506,251.43		502,857.14		502,857.14		3,394.29			—			—		—			0		0	MJSD		—		—		3/14/2011		3/14/2018
BRSBRMD53	WARNER CHILCOTT CORP TERM LOAN					1		1Z		251,428.58		100.675		253,125.72		251,428.58		251,428.58		1,697.14			—			—		—			0		0	MJSD		—		—		3/14/2011		3/14/2018
BRSBRMD95	WARNER CHILCOTT CORP TERM LOAN					1		1Z		345,714.28		100.675		348,047.85		345,714.28		345,714.28		2,333.57			—			—		—			0		0	MJSD		—		—		3/14/2011		3/14/2018
00084DAA8	ABN AMRO BANK NV CORP BND 144A			F				1FE		4,532,569.30		100.316		4,562,386.33		4,548,000.00		4,533,156.16		29,230.17			587.00			—		—			3		3.121	JJ		22,740.00		—		2/16/2011		1/31/2014
00084DAB6	ABN AMRO BANK NV CORP BND 144A			F				1FE		5,000,000.00		100.054		5,002,700.05		5,000,000.00		5,000,000.00		2,700.05			—			—		—			2.071		2.071	JAJO		16,971.19		—		1/27/2011		1/30/2014
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				1FE		4,102,905.34		102.681		4,107,240.28		4,000,000.00		4,049,256.00		57,984.28			(11,965.00	)		—		—			3.25		2.003	AO		64,638.89		—		2/19/2010		4/2/2012
001957BC2	AT&T CO CORP BND							1FE		445,326.80		104.141		416,562.80		400,000.00		413,951.68		2,611.12			(5,544.00	)		—		—			7.3		1.634	MN		11,031.11		—		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.443		1,436,986.90		1,350,000.00		1,396,963.14		40,023.76			(6,371.00	)		—		—			4.95		2.932	JJ		13,550.63		33,413.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,715.50		107.879		1,618,191.03		1,500,000.00		1,578,170.14		40,020.89			(6,407.00	)		—		—			4.85		2.946	FA		9,295.83		36,375.00		12/16/2009		2/15/2014
00206RAT9	AT&T INC CORP BND			O				1FE		1,287,375.32		0		1,387,459.79		800,000.00		1,276,811.30		110,648.49			(2,503.00	)		—		82,782.60			5.875		4.657	APR		69,765.66		—		3/4/2010		4/28/2017
00206RAV4	AT&T CO CORP BND							1FE		2,990,820.00		99.154		2,974,633.02		3,000,000.00		2,991,985.79		(17,352.77	)		435.00			—		—			2.5		2.565	FA		9,583.33		40,625.00		7/27/2010		8/15/2015
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,027.75		107.664		11,816,130.93		10,975,000.00		11,678,941.44		137,189.49			(159,308.00	)		—		—			8.125		2.101	MN		371,549.48		—		12/22/2009		5/1/2012
002824AX8	ABBOTT LABORATORIES CORP BND							1FE		2,822,118.50		101.472		2,866,575.81		2,825,000.00		2,822,579.10		43,996.71			137.00			—		—			2.7		2.722	MN		26,272.50		—		5/24/2010		5/27/2015
00432CAY7	AGSL_03-1 ABS_03-1 A2					2		1FE		3,197,354.15		99.188		3,197,354.14		3,223,545.45		3,197,354.15		(0.01	)		—			—		—			0.568		0.831	MJSD		559.46		—		3/31/2011		12/27/2016
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		1FE		360,500.00		89.75		359,000.00		400,000.00		362,585.35		(3,585.35	)		491.00			—		—			1.748		2.517	MON		38.84		2,163.00		3/29/2010		12/26/2035
00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		1FE		311,937.50		89.75		314,125.00		350,000.00		313,594.27		530.73			380.00			—		—			1.761		2.514	MON		320.84		1,418.00		3/29/2010		12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		1FE		435,625.00		89.75		448,750.00		500,000.00		442,440.30		6,309.70			1,615.00			—		—			1.761		3.565	MON		709.29		2,703.00		3/29/2010		12/27/2032
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. - LT CORP BND			F				1FE		2,198,900.00		103.485		2,276,670.02		2,200,000.00		2,199,193.14		77,476.88			53.00			—		—			3.2		3.211	MN		28,942.22		—		10/26/2009		11/3/2014
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F				??		4,752,517.50		100.11		4,755,225.38		4,750,000.00		4,751,109.04		4,116.34			(208.00	)		—		—			0.428		0.612	JAJO		3,784.79		5,128.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F				1FE		5,979,360.00		101.417		6,085,020.42		6,000,000.00		5,987,072.89		97,947.53			1,680.00			—		—			1.625		1.743	FA		13,541.67		48,750.00		2/2/2010		2/11/2013
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,172.75		106.417		13,727,752.62		12,900,000.00		13,362,848.72		364,903.90			(65,944.00	)		—		—			4.85		2.675	JD		184,219.18		—		2/10/2010		12/15/2012
01958XBS5	ALLIED WASTE NORTH AMER INC CORP BND					1		2FE		5,506,250.00		108.25		5,412,500.00		5,000,000.00		5,453,803.70		(41,303.70	)		(52,446.00	)		—		—			6.875		1.915	JD		114,583.33		—		1/6/2011		6/2/2012
01F052649	FNMA TBA 30 YR					2		1		1,068,125.00		106.969		1,069,687.50		1,000,000.00		1,068,125.00		1,562.50			—			—		—			5.5		2.627	MON		—		—		3/8/2011		1/14/2033
02005AAA6	AMOT_10-3 ABS_10-1 A					2		1FE		5,710,468.75		101.801		5,700,856.17		5,600,000.00		5,704,474.75		(3,618.58	)		(5,994.00	)		—		—			2.005		1.069	MON		5,302.11		8,780.00		2/15/2011		1/15/2015
02005MAE2	ALLYA _10-3 ABS _10-3 A4					2		1FE		799,714.32		98.993		791,943.97		800,000.00		799,762.48		(7,818.51	)		20.00			—		—			1.55		1.565	MON		551.11		3,100.00		8/12/2010		8/17/2015
02005RAB7	ALLYA_10-5 ABS 10-5 A3					2		1FE		4,115,600.66		99.832		4,113,078.44		4,120,000.00		4,116,219.55		(3,141.11	)		499.00			—		—			1.11		1.163	MON		2,032.53		12,068.00		12/6/2010		1/15/2015
02005TAD9	ALLYA _11-1 ABS_11-1 A4					2		1FE		5,999,457.60		100.479		6,028,739.76		6,000,000.00		5,999,469.13		29,270.63			12.00			—		—			2.23		2.243	MON		5,946.67		13,380.00		2/4/2011		3/15/2016
02209SAC7	ALTRIA GROUP INC. CORP BND							2FE		11,190,603.00		116.733		11,031,252.06		9,450,000.00		11,040,485.31		(9,233.25	)		(64,675.00	)		—		—			8.5		1.854	MN		314,606.25		—		3/22/2011		11/10/2013
02364WAU9	AMERICA MOVIL SA CORP BND			F				1FE		7,088,432.66		102.407		7,168,490.00		7,000,000.00		7,077,813.09		90,676.91			(4,493.00	)		—		—			3.625		3.326	MS		704.86		126,875.00		8/27/2010		3/30/2015
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		101.311		2,152,850.74		2,125,000.00		2,124,439.45		28,411.29			69.00			—		—			2.375		2.389	MS		1,822.48		25,234.00		3/9/2010		3/18/2013
02R050648	FHLMC GOLD TBA MBS							1FE		2,086,875.00		104.414		2,088,281.25		2,000,000.00		2,086,875.00		1,406.25			—			—		—			5		4.737	MON		—		—		3/7/2011		4/1/2034
03073EAD7	AMERISOURCEBERGEN CORPORATION CORP BND							2FE		5,332,600.00		105.702		5,285,124.95		5,000,000.00		5,289,727.97		(4,603.02	)		(42,872.00	)		—		—			5.625		1.577	MS		12,500.00		140,625.00		1/10/2011		9/15/2012
034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		5,570,775.00		120.094		5,404,231.80		4,500,000.00		5,438,571.75		(34,339.95	)		(73,902.00	)		—		—			9.375		2.197	AO		202,734.37		—		10/19/2010		4/8/2014
034863AC4	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		1,298,908.00		100.499		1,306,490.87		1,300,000.00		1,299,089.97		7,400.90			88.00			—		—			2.15		2.179	MS		310.56		13,975.00		9/20/2010		9/27/2013
035229CE1	ANHEUSER-BUSCH CORP BND							2FE		1,198,937.20		106.198		1,184,103.60		1,115,000.00		1,184,357.57		(253.97	)		(14,580.00	)		—		—			7.5		0.933	MS		3,716.67		41,813.00		1/13/2011		3/15/2012
035229CY7	ANHEUSER-BUSCH SENIOR CORP BND							1FE		5,556,350.00		99.717		5,397,109.20		5,000,000.00		5,493,523.50		(96,414.30	)		(30,918.00	)		—		—			5		2.267	JJ		52,777.78		125,000.00		9/23/2010		1/15/2015
03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		1,541,745.00		102.669		1,540,032.47		1,500,000.00		1,527,097.51		12,934.96			(4,279.00	)		—		—			3		1.804	AO		20,750.00		—		5/20/2010		10/15/2012
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		3,099,120.00		105.48		3,164,414.52		3,000,000.00		3,083,175.46		81,239.06			(5,103.00	)		—		—			4.125		3.34	JJ		26,125.00		61,875.00		6/11/2010		1/15/2015
03523TBC1	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		22,250,000.00		100.78		22,423,549.78		22,250,000.00		22,250,000.00		173,549.78			—			—		—			0.854		0.854	JAJO		33,795.47		—		1/24/2011		1/27/2014
03523TBG2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		7,821,921.68		109.668		7,676,793.04		7,000,000.00		7,812,514.14		(135,721.10	)		(8,734.00	)		—		—			5.375		2.243	MN		142,138.89		—		3/16/2011		11/15/2014
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,977.50		108.743		1,631,148.26		1,500,000.00		1,576,936.36		54,211.90			(3,960.00	)		—		—			4.45		3.205	MS		2,966.67		33,375.00		11/3/2009		9/15/2015
BRS382CP3	ARAMARK CORP TERM LOAN							3FE		123,722.18		98.989		122,165.94		123,413.65		123,717.75		(1,551.81	)		(4.00	)		—		—			0		-0.086	MON		—		—		3/7/2011		1/26/2014
039483BA9	ARCHER DANIELS MIDLAND CO CORP BND							1FE		10,775,000.00		100.136		10,789,654.97		10,775,000.00		10,775,000.00		14,654.97			—			—		—			0.472		0.472	FMAN		6,922.34		—		2/9/2011		8/13/2012
046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		5,610,358.32		106.427		5,587,407.58		5,250,000.00		5,505,711.50		81,696.08			(42,925.00	)		—		—			5.4		1.984	MS		12,600.00		141,750.00		11/12/2010		9/15/2012
048312AB8	ACETF ABS 02-1 A2					2		1FE		29,426.78		100.16		29,376.45		29,329.39		29,332.86		43.59			(9.00	)		—		—			4.21		3.988	JAJO		243.52		309.00		7/7/2008		4/20/2011
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,000.82		113.983		3,499,435.00		3,317,000.00		3,465,658.68		33,776.32			(35,708.00	)		—		—			8.5		3.887	AO		140,972.50		—		1/30/2008		4/1/2012
049406AA9	ATLAS REINSURANCE V LTD CORP BND 144A			O				3FE		2,977,800.00		95.457		2,709,260.57		2,000,000.00		2,977,800.00		(268,539.43	)		—			—		(139,600.00	)		10.506		10.41	JAJO		74,546.27		71,215.00		12/4/2009		4/6/2013
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		2,500,000.00		104.268		2,606,700.00		2,500,000.00		2,500,000.00		106,700.00			—			—		—			11.803		12.954	JAJO		72,128.28		76,964.00		2/19/2009		2/24/2012
049455AC2	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		1,500,000.00		105.67		1,585,050.00		1,500,000.00		1,500,000.00		85,050.00			—			—		—			12.803		13.988	JAJO		46,943.64		50,095.00		2/12/2009		2/24/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F				1FE		3,992,895.97		102.931		4,117,231.44		4,000,000.00		3,994,489.53		122,741.91			336.00			—		—			3.7		3.739	JJ		32,066.67		74,000.00		2/19/2010		1/13/2015
05252ABH3	ANZ MELBOURNE CORP BND 144A			F				1FE		9,800,000.00		100.382		9,837,436.40		9,800,000.00		9,800,000.00		37,436.40			—			—		—			1.043		1.043	JAJO		22,433.10		—		1/5/2011		1/10/2014
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		14,237,391.19		104.454		14,623,583.38		14,000,000.00		14,181,548.63		442,034.75			(36,306.00	)		—		—			5.5		4.381	JD		228,861.11		—		11/12/2010		6/14/2012
05531FAG8	BB&T CORPORATION CORP BND MTN					1		1FE		4,094,301.00		99.562		4,082,058.11		4,100,000.00		4,094,354.69		(12,296.58	)		54.00			—		—			3.2		3.23	MS		8,746.67		—		2/28/2011		3/15/2016
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,163,085.27		107.033		4,281,318.68		4,000,000.00		4,137,949.51		143,369.17			(16,159.00	)		—		—			4.8		3.042	AO		88,533.33		—		11/12/2010		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		7,503,892.00		110.938		7,510,500.77		6,770,000.00		7,327,498.78		183,001.99			(43,903.00	)		—		—			5.5		2.627	AO		186,175.00		—		4/16/2010		4/1/2014
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,826,299.75		108.077		6,711,587.11		6,210,000.00		6,644,234.00		67,353.11			(40,073.00	)		—		—			5.25		2.456	MN		130,410.00		—		12/16/2010		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,578.50		101.85		7,154,976.34		7,025,000.00		7,024,863.71		130,112.63			35.00			—		—			3.125		3.127	MS		12,805.99		109,766.00		3/5/2009		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,556,790.00		103.886		4,674,853.58		4,500,000.00		4,547,724.48		127,129.10			(2,776.00	)		—		—			3.875		3.584	MS		10,171.88		87,188.00		5/27/2010		3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,318,872.00		103.908		4,312,166.69		4,150,000.00		4,288,601.62		23,565.07			(10,652.00	)		—		—			3.625		2.499	MN		59,757.12		—		10/5/2010		5/8/2014
05565QBN7	BP CAPITAL MARKETS PLC CORP BND			F				1FE		2,991,480.00		100.205		3,006,136.77		3,000,000.00		2,992,272.68		13,864.09			392.00			—		—			3.125		3.187	AO		46,875.00		—		9/28/2010		10/1/2015
05565QBQ0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,993,560.00		99.609		6,972,650.93		7,000,000.00		6,993,628.33		(20,977.40	)		68.00			—		—			3.2		3.22	MS		12,444.44		—		3/8/2011		3/11/2016
05565QBS6	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,490,000.00		100.436		6,518,296.21		6,490,000.00		6,490,000.00		28,296.21			—			—		—			0.91		0.91	MJSD		3,443.22		—		3/8/2011		3/11/2014
055669AD7	BMWLT_10-1 ABS_10-1 A4					2		1FE		1,019,897.90		100.015		1,020,152.99		1,020,000.00		1,019,925.73		227.26			13.00			—		—			0.96		0.967	MON		435.20		2,448.00		9/15/2010		1/15/2014
05567MAA3	BNP PARIBAS CORP BND 144A			F				1FE		5,834,042.19		88.394		6,214,078.20		6,000,000.00		5,865,276.37		348,801.83			7,015.00			—		—			4.8		5.401	JD		77,600.00		—		2/19/2010		6/24/2015
05572FAA1	BNP PARIBAS COVERED BONDS SA CORP BND			F				1FE		2,998,860.00		95.966		2,878,980.09		3,000,000.00		2,998,949.87		(119,969.78	)		54.00			—		—			2.2		2.208	MN		27,316.67		—		10/26/2010		11/2/2015
05947ULH9	BANK OF AMERICA CO CMBS 03-1					2		NRZ		839,384.93		100.569		875,352.69		870,404.09		863,155.76		12,196.93			951.00			—		—			3.878		5.132	MON		2,812.86		8,439.00		8/27/2008		9/11/2036

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2		NRZ		61,986.43		97.558		61,349.94		62,885.48		62,021.86		(671.92	)		3.00			—		—		3.219		3.528	MON		168.71		506.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1					2		1FE		2,804,771.54		66.75		2,274,502.80		2,844,550.78		2,806,326.77		(531,823.97	)		266.00			—		—		3.067		3.288	MON		7,269.35		21,761.00		10/19/2006		8/25/2035
060505BM5	BANK OF AMERICA CORP BND							1FE		1,976,532.00		107.799		2,048,188.75		1,900,000.00		1,961,811.41		86,377.34			(4,444.00	)		—		—		5.375		4.278	JD		30,070.14		—		5/26/2010		6/15/2014
06050BAA9	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		18,104,062.50		103.189		18,574,020.55		18,000,000.00		18,040,463.65		533,556.90			(8,178.00	)		—		—		3.125		2.933	JD		165,625.00		—		3/10/2009		6/15/2012
06050BAG6	BANK OF AMERICA CORP - GTD CORP BND GOVT							1FE		26,014,802.04		101.819		26,472,940.00		26,000,000.00		26,012,275.11		460,664.89			(2,468.00	)		—		—		2.1		2.061	AO		227,500.00		—		8/31/2009		4/30/2012
06050TKN1	BANK OF AMERICA NA (US) CORP BND							1FE		4,085,560.00		103.327		4,133,076.80		4,000,000.00		4,083,011.27		50,065.53			(2,549.00	)		—		—		5.3		4.894	MS		9,422.22		106,000.00		1/3/2011		3/15/2017
06051GDW6	BANK OF AMERICA CORP BND MTN							1FE		617,228.50		105.585		622,953.61		590,000.00		607,249.68		15,703.93			(1,976.00	)		—		—		4.9		3.433	MN		12,045.83		—		12/16/2009		5/1/2013
06051GEA3	BANK OF AMERICA CORP BND							1FE		4,902,612.00		111.002		4,884,080.21		4,400,000.00		4,897,167.71		(13,087.50	)		(5,444.00	)		—		—		6.5		4.117	FA		47,666.67		—		3/3/2011		8/1/2016
06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,546,350.00		103.604		1,579,966.07		1,525,000.00		1,545,155.84		34,810.23			(1,064.00	)		—		—		4.5		4.138	AO		34,312.50		—		12/16/2010		4/1/2015
06051GED7	BANK OF AMERICA CORP BND							1FE		1,505,805.00		100.297		1,504,459.65		1,500,000.00		1,505,590.34		(1,130.69	)		(215.00	)		—		—		3.7		3.608	MS		4,625.00		29,446.00		1/3/2011		9/1/2015
06051GEF2	BANK OF AMERICA CORP BND MTN							1FE		9,225,000.00		101.635		9,375,828.94		9,225,000.00		9,225,000.00		150,828.94			—			—		—		1.723		1.727	FMAN		25,611.05		—		1/26/2011		1/30/2014
06052DAC9	BAAT_09-1A ABS 09-1A A3 144A					2		1FE		1,850,753.45		100.897		1,842,599.96		1,826,213.71		1,838,593.91		4,006.05			(2,669.00	)		—		—		2.67		1.507	MON		2,167.11		12,190.00		6/1/2010		5/15/2012
06052JAC6	BAAT_10-1 ABS_10-1A A3 144A					2		1FE		7,090,015.63		100.56		7,139,760.00		7,100,000.00		7,094,732.93		45,027.07			1,421.00			—		—		1.39		1.476	MON		4,386.22		24,673.00		5/26/2010		3/17/2014
06052MAB1	BAAT ABS 10-2 A2					2		1FE		3,199,526.54		100.08		3,202,377.57		3,199,817.72		3,199,734.34		2,643.23			66.00			—		—		0.91		0.921	MON		1,294.15		7,280.00		6/16/2010		10/15/2012
06052MAC9	BAAT ABS_10-2 A3					2		1FE		999,972.40		100.55		1,005,500.00		1,000,000.00		999,981.98		5,518.02			3.00			—		—		1.31		1.315	MON		582.22		3,275.00		6/16/2010		7/15/2014
06052MAD7	BAAT ABS 10-2 A4					2		1FE		1,199,768.04		100.84		1,210,080.00		1,200,000.00		1,199,817.40		10,262.60			16.00			—		—		1.94		1.954	MON		1,034.67		5,820.00		6/16/2010		6/15/2017
063679JJ4	BANK OF MONTREAL CORP BND 144A			A				1FE		12,891,615.00		99.446		12,828,533.87		12,900,000.00		12,891,903.00		(63,369.13	)		288.00			—		—		2.625		2.639	JJ		62,081.25		—		1/18/2011		1/25/2016
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		9,050,366.08		105.711		9,302,587.38		8,800,000.00		8,957,510.25		345,077.13			(21,265.00	)		—		—		4.95		3.764	MN		181,500.03		—		1/25/2011		11/1/2012
06406HBQ1	BANK OF NEW YORK CO CORP BND MTN							1FE		2,996,130.00		101.482		3,044,467.18		3,000,000.00		2,996,701.58		47,765.60			182.00			—		—		2.95		2.978	JD		25,320.84		—		6/11/2010		6/18/2015
064149B97	BANK OF NOVA SCOTIA CORP BND			A				1FE		2,989,500.00		101.851		3,055,518.48		3,000,000.00		2,991,789.16		63,729.32			723.00			—		—		2.375		2.48	JD		20,583.34		—		6/10/2010		12/17/2013
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,085.94		99.995		1,574,916.21		1,575,000.00		1,571,609.01		3,307.20			2,898.00			—		—		0.385		1.127	MON		286.34		1,545.00		5/6/2008		3/15/2014
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		29,969,700.00		101.748		30,524,400.30		30,000,000.00		29,989,819.20		534,581.10			2,524.00			—		—		2.15		2.185	MS		7,166.67		322,500.00		3/20/2009		3/27/2012
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		3,761,307.00		108.069		3,782,399.53		3,500,000.00		3,739,084.32		43,315.21			(15,540.00	)		—		—		5.2		2.993	JJ		40,950.00		13,000.00		1/6/2011		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND			F				1FE		3,006,193.35		101.611		3,048,325.65		3,000,000.00		3,003,981.16		44,344.49			(532.00	)		—		—		2.5		2.425	JJ		14,166.67		37,500.00		2/19/2010		1/23/2013
06765XAA7	BARCLAYS BANK PLC - GTD CORP BND GOVT			F				1FE		7,152,110.00		101.98		7,138,600.21		7,000,000.00		7,139,422.53		(822.32	)		(12,687.00	)		—		—		2.7		0.542	MS		13,650.00		94,500.00		2/24/2011		3/5/2012
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		106.334		4,253,363.04		4,000,000.00		4,006,451.16		246,911.88			(513.00	)		—		—		4		3.941	MS		13,333.34		80,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND							1FE		7,790,874.00		101.305		7,901,767.39		7,800,000.00		7,794,039.75		107,727.64			740.00			—		—		1.8		1.84	MS		6,240.00		70,200.00		3/4/2010		3/15/2013
07384M3D2	BSARM CMO 04-9 22A1					2		1FE		1,339,666.83		82.72		1,356,736.99		1,365,613.48		1,340,646.13		16,090.86			109.00			—		—		3.607		4	MON		4,105.00		12,315.00		8/13/2007		11/25/2034
07384MK27	BSARM CMO 04-1 21A1					2		NRZ		369,365.05		94.694		356,109.74		376,063.68		369,637.69		(13,527.95	)		26.00			—		—		2.496		2.869	MON		782.22		2,393.00		8/10/2007		4/25/2034
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		4,785,719.90		110.239		4,740,272.66		4,300,000.00		4,708,696.09		31,576.57			(26,529.00	)		—		—		5.7		2.914	MN		92,593.33		—		7/16/2010		11/15/2014
07387AAW5	BSARM CMO_05-3 2A1					2		NRZ		1,511,367.16		82.896		1,276,396.47		1,539,756.41		1,512,678.55		(236,282.08	)		81.00			—		—		2.817		3.106	MON		3,615.06		10,897.00		8/10/2007		6/25/2035
07388GAA9	BSABS ABS 06-3-A1					2		NRZ		361,706.94		99.207		358,838.60		361,706.94		361,706.94		(2,868.34	)		—			—		—		0.4		0.4	MON		28.10		363.00		8/8/2006		8/25/2036
073928X73	BEAR STEARNS CO INC CORP BND MTN							1FE		2,390,693.25		107.59		2,501,461.57		2,325,000.00		2,351,520.48		149,941.09			(4,592.00	)		—		—		6.95		6.064	FA		22,891.55		80,794.00		3/23/2009		8/10/2012
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		109.537		547,685.74		500,000.00		528,490.42		19,195.32			(1,914.00	)		—		—		5.2		3.436	MS		1,155.56		13,000.00		10/29/2009		9/15/2014
09657MAC2	BMWLT_10-1 ABS 10-1 A3					2		1FE		999,979.50		100.728		1,007,279.97		1,000,000.00		999,987.48		7,292.49			2.00			—		—		1.39		1.395	MON		231.67		3,475.00		4/15/2010		4/25/2014
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		104.421		3,132,642.30		3,000,000.00		3,017,830.72		114,811.58			(1,162.00	)		—		—		3.25		3.073	AO		41,708.34		—		1/28/2010		10/27/2014
097023AT2	BOEING CO CORP BND							1FE		1,404,061.80		105.623		1,378,630.61		1,290,000.00		1,368,571.09		10,059.52			(10,136.00	)		—		—		5.125		1.807	FA		8,447.71		33,056.00		5/12/2010		2/15/2013
097023BB0	BOEING CO CORP BND							1FE		685,866.90		101.508		700,407.91		690,000.00		687,715.86		12,692.05			341.00			—		—		1.875		2.082	MN		4,707.82		—		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND							1		1,530,340.01		107.273		1,609,092.11		1,500,000.00		1,524,504.79		84,587.32			(1,330.00	)		—		—		4.125		3.702	JD		18,218.75		—		2/19/2010		6/15/2015
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.032		9,777,724.33		8,500,000.00		9,297,593.21		480,131.12			(63,041.00	)		—		—		6.95		3.574	MS		26,255.56		295,375.00		2/5/2009		3/15/2014
10620NAH1	BRHEA_05-3A ABS 05-3 A14					2		1FE		2,068,780.65		98.896		2,082,383.02		2,105,629.17		2,071,853.33		10,529.69			1,046.00			—		—		0.418		0.834	MJSD		171.14		2,125.00		7/2/2010		9/25/2023
10620NCG1	BRHEA_05-2 ABS 11-1 A2					2		1FE		3,748,794.81		100.01		3,800,380.00		3,800,000.00		3,748,982.61		51,397.39			188.00			—		—		1.11		1.257	FMAN		1,639.59		—		3/10/2011		2/25/2030
10778XAA4	BRFKREDIT AS CORP BND 144A			F				1FE		12,486,250.00		101.412		12,676,499.38		12,500,000.00		12,490,564.93		185,934.45			1,116.00			—		—		2.05		2.088	AO		118,159.73		—		4/8/2010		4/15/2013
110122AL2	BRISTOL MYERS SQUIBB CO CORP BND							1FE		7,448,280.00		108.844		7,619,073.70		7,000,000.00		7,249,354.83		369,718.87			(24,680.00	)		—		—		5.25		3.67	FA		46,958.34		183,750.00		3/5/2009		8/15/2013
11102AAB7	BRITISH TELECOMMUNICATIONS PLC CORP BND			F				??		3,195,390.00		106.154		3,184,619.76		3,000,000.00		3,181,264.60		3,355.16			(14,125.00	)		—		—		5.15		1.71	JJ		32,616.67		—		2/4/2011		1/15/2013
12543KAD6	COMMUNITY HLTH SYST INC TERM LOAN							3FE		—		98.922		—		—		—		—			2,953.00			—		—		0		0.668	JD		—		7,241.00		12/14/2010		7/25/2014
126408GB3	CSX CORPORATION CORP BND							2FE		1,905,408.00		105.132		1,892,380.61		1,800,000.00		1,891,015.51		1,365.10			(14,392.00	)		—		—		6.3		0.961	MS		5,040.00		56,700.00		2/2/2011		3/15/2012
126650AV2	CVS CAREMARK CORP CORP BND							2FE		5,776,192.50		107.773		5,658,085.86		5,250,000.00		5,692,467.07		(34,381.21	)		(30,379.00	)		—		—		4.875		2.321	MS		11,375.00		127,969.00		8/10/2010		9/15/2014
12668AZL2	CWALT CMO_05-64CB 1A					2		NRZ		745,676.36		94		714,557.04		760,167.06		744,812.77		(30,255.73	)		55.00			—		—		5.5		5.926	MON		3,484.10		10,452.00		1/2/2008		12/25/2035
12668HAB6	CWL ABS 06-26-2A1					2		NRZ		43,906.74		99.58		43,718.92		43,903.31		43,903.41		(184.49	)		—			—		—		0.33		0.326	MON		2.81		37.00		1/29/2007		4/25/2011
12764RAA9	CAELUS RE II LTD CORP BND 144A			F				3FE		2,900,000.00		100.775		2,922,475.00		2,900,000.00		2,900,000.00		22,475.00			—			—		—		6.64		6.705	FMAN		17,116.44		48,221.00		5/18/2010		5/24/2013
12800UAK6	CAISSE CENTRALE CORP BND 144A			A				1FE		2,296,665.00		98.694		2,269,962.00		2,300,000.00		2,296,678.68		(26,716.68	)		14.00			—		—		2.55		2.581	MS		1,140.42		—		3/17/2011		3/24/2016
135087ZA5	CANADA GOVERNMENT GOVT BND			A				1FE		695,975.00		102.627		718,389.05		700,000.00		697,177.70		21,211.35			194.00			—		—		2.375		2.498	MS		969.79		8,313.00		9/2/2009		9/10/2014
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A				1FE		1,999,520.00		101.704		2,034,080.04		2,000,000.00		1,999,702.05		34,377.99			39.00			—		—		2		2.008	FA		6,333.33		20,000.00		1/27/2010		2/4/2013
136069DT5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A				1FE		7,996,640.00		99.96		7,996,799.93		8,000,000.00		7,996,751.61		48.32			112.00			—		—		2.75		2.759	JJ		39,111.11		—		1/20/2011		1/27/2016
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,542.80		102.97		427,323.76		415,000.00		419,073.97		8,249.79			(1,832.00	)		—		—		6.375		4.508	AO		12,199.27		—		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		325,323.30		105.979		328,535.32		310,000.00		319,031.51		9,503.81			(1,108.00	)		—		—		4.4		2.856	MS		606.22		6,820.00		10/22/2009		3/15/2013
14041NBY6	COMET ABS 05-A1 A1					2		1FE		4,021,523.44		99.904		4,046,111.96		4,050,000.00		4,034,687.86		11,424.10			3,932.00			—		—		0.325		0.718	MON		621.56		3,365.00		5/28/2010		1/15/2015
14041NEF4	COMET ABS 08-A5 A5					2		1FE		1,169,999.53		100.125		1,134,416.25		1,133,000.00		1,137,486.59		(3,070.34	)		(8,329.00	)		—		—		4.85		1.229	MON		2,442.24		13,738.00		6/9/2010		6/1/2011
14170TAD3	CAREFUSION CORP CORP BND							2FE		1,874,628.00		103.46		1,862,271.06		1,800,000.00		1,865,149.63		(2,878.57	)		(9,478.00	)		—		—		4.125		1.383	FA		12,375.00		37,125.00		1/13/2011		8/1/2012
14170TAF8	CAREFUSION CORP CORP BND							2FE		4,962,285.00		107.902		4,855,605.12		4,500,000.00		4,903,915.43		(48,310.31	)		(28,703.00	)		—		—		5.125		2.314	FA		38,437.50		115,313.00		9/23/2010		8/1/2014
141781AP9	CARGILL INC CORP BND 144A							1FE		2,764,425.00		106.225		2,655,626.87		2,500,000.00		2,628,225.39		27,401.48			(26,823.00	)		—		—		6.375		1.91	JD		53,125.00		—		12/21/2009		6/1/2012
141784DG0	CARGILL INC CORP BND 144A							1FE		4,764,583.20		106.865		4,723,433.93		4,420,000.00		4,628,802.88		94,631.05			(27,913.00	)		—		—		5.2		2.512	JJ		44,052.66		114,920.00		1/6/2010		1/22/2013
14312RAD6	CARMX_07-1 ABS 07-1					2		1FE		298,150.13		100.13		292,684.05		292,304.05		294,571.12		(1,887.07	)		(1,148.00	)		—		—		5.24		2.111	MON		680.74		3,829.00		6/8/2010		9/15/2011
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,403.75		106.369		1,196,646.22		1,125,000.00		1,124,783.16		71,863.06			30.00			—		—		4.85		4.862	JD		17,278.12		—		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.25		100.299		5,569,509.68		5,275,000.00		5,272,305.61		297,204.07			343.00			—		—		4.25		4.279	FA		33,005.38		112,094.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,226.50		101.448		659,413.53		650,000.00		649,553.38		9,860.15			63.00			—		—		1.9		1.941	JD		3,567.78		—		12/10/2009		12/17/2012
14912L4L2	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,967,291.01		101		1,989,695.33		1,970,000.00		1,967,731.93		21,963.40			283.00			—		—		2		2.059	AO		19,262.22		—		11/12/2010		4/5/2013
14912L4M0	CATERPILLAR FINL SERV CORP BND							1FE		2,000,000.00		101.495		2,029,899.14		2,000,000.00		2,000,000.00		29,899.14			—			—		—		2.75		2.75	JD		14,819.44		—		11/12/2010		6/24/2015
14912L4Q1	CATERPILLAR FINL SERV CORP BND							1FE		3,396,226.00		100.017		3,400,562.91		3,400,000.00		3,396,571.59		3,991.32			305.00			—		—		1.55		1.588	JD		14,785.28		—		12/13/2010		12/20/2013
14912L4U2	CATER PILLAR FINANCIAL SERVICE CORP BND							1FE		5,000,000.00		100.208		5,010,400.00		5,000,000.00		5,000,000.00		10,400.00			—			—		—		0		0.599	JAJO		—		—		3/23/2011		4/1/2014
14912LZ46	CATERPILLAR FINL SERV CORP BND MTN							1FE		3,041,143.35		107.264		3,217,907.64		3,000,000.00		3,036,561.86		181,345.78			(2,120.00	)		—		—		4.6		4.133	JJ		29,133.33		69,000.00		11/12/2010		1/15/2014
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		443,899.59		95.527		451,279.00		454,117.23		449,439.38		1,839.62			(218.00	)		—		—		4.875		6.355	MON		1,844.71		5,546.00		4/17/2008		10/25/2033
15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2					2		1FE		391,253.22		102.982		390,533.17		379,224.69		382,996.43		7,536.74			(27.00	)		—		—		4.97		3.748	FA		3,141.24		9,424.00		2/8/2008		8/1/2012
16132NAW6	CHARTER ONE BANK FSB CORP BND							1FE		5,031,150.00		100.244		5,012,196.55		5,000,000.00		5,000,565.38		11,631.17			(2,035.00	)		—		—		5.5		5.331	AO		118,402.78		—		1/31/2007		4/26/2011
161571CH5	CHAIT ABS_07-A17 A					2		1FE		1,413,140.63		106.414		1,383,382.01		1,300,000.00		1,376,156.90		7,225.11			(12,232.00	)		—		—		5.12		1.277	MON		2,958.22		16,640.00		6/23/2010		10/15/2012
161582AG6	CHASE MANHATTAN BANK CMBS 99-1-E					2		NRZ		241,721.34		100.077		234,054.19		233,873.78		233,624.29		429.90			(575.00	)		—		—		7.575		6.478	MON		1,476.34		4,405.00		11/28/2007		7/15/2011
161630AG3	CHASE CMO_07-A1-2A1					2		NRZ		2,718,309.90		95.29		2,636,834.10		2,767,167.70		2,721,505.34		(84,671.24	)		242.00			—		—		2.887		3.253	MON		6,656.50		19,971.00		2/22/2007		2/25/2037
161630AL2	CHASE CMO_07-A1 3A1					2		4FE		1,725,964.08		91.472		1,594,595.24		1,743,260.50		1,726,448.53		(131,853.29	)		211.00			—		—		2.905		3.066	MON		4,219.71		12,831.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1					2		1FE		419,344.12		83.133		395,208.97		426,745.46		419,924.17		(24,715.20	)		(6.00	)		—		—		2.903		3.255	MON		1,032.23		3,096.00		5/8/2007		2/25/2037
161630AU2	CHASE CMO_07-A1 7A1					2		1FE		703,291.46		90.4		710,744.19		714,653.34		704,082.27		6,661.92			30.00			—		—		2.928		3.352	MON		1,743.59		5,233.00		5/17/2007		2/25/2037
161630BD9	CHASE CMO_07-A1 11M1					2		1FE		4,075,628.11		67.281		3,215,717.08		4,036,992.80		4,073,222.35		(857,505.27	)		(324.00	)		—		—		3.743		3.565	MON		12,591.25		46,400.00		1/18/2008		2/25/2037
166751AH0	CHEVRONTEXACO CORPORATION CORP BND							1FE		8,595,814.00		106.854		8,761,993.32		8,200,000.00		8,483,664.07		278,329.25			(22,982.00	)		—		—		3.95		2.71	MS		25,192.23		161,950.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION CORP BND							1FE		3,295,695.00		102.689		3,337,378.95		3,250,000.00		3,270,604.36		66,774.59			(5,492.00	)		—		—		3.45		2.746	MS		8,720.83		56,063.00		2/9/2010		3/3/2012
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		103.624		4,144,940.48		4,000,000.00		3,992,484.43		152,456.05			487.00			—		—		2.9		2.955	MN		43,177.78		—		11/9/2009		11/17/2014
17275RAL6	CISCO SYSTEMS INC CORP BND							1FE		27,325,000.00		100.323		27,413,259.20		27,325,000.00		27,325,000.00		88,259.20			—			—		—		0.56		0.56	MJSD		6,794.82		—		3/9/2011		3/14/2014
172967CK5	CITIGROUP INC CORP BND							1FE		3,904,747.45		106.653		4,266,127.92		4,000,000.00		3,914,469.19		351,658.73			6,250.00			—		—		5.125		5.891	MN		83,138.89		—		11/12/2010		5/5/2014
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,137.50		102.046		765,345.00		750,000.00		757,576.70		7,768.30			(3,773.00	)		—		—		5.1		3.015	MS		212.50		19,125.00		10/20/2009		9/29/2011
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		105.474		527,370.53		500,000.00		510,750.35		16,620.18			(1,659.00	)		—		—		5.3		3.852	AO		12,072.22		—		10/22/2009		10/17/2012
172967EY3	CITIGROUP INC CORP BND							1FE		6,812,608.00		110.846		7,094,174.34		6,400,000.00		6,711,709.69		382,464.65			(20,962.00	)		—		—		6.375		4.791	FA		55,533.33		204,000.00		1/6/2010		8/12/2014
172967EZ0	CITIGROUP INC CORP BND							1FE		9,157,830.75		107.768		9,133,351.39		8,475,000.00		9,117,832.70		15,518.69			(39,998.00	)		—		—		5.5		3.215	AO		214,935.42		—		1/3/2011		10/15/2014
172967FA4	CITIGROUP INC CORP BND							1FE		12,294,786.25		109.106		12,574,447.48		11,525,000.00		12,255,094.55		319,352.93			(23,187.00	)		—		—		6.01		4.175	JD		203,947.68		—		2/16/2011		1/15/2015
172967FD8	CITIGROUP INC CORP BND							1FE		13,318,227.84		104.47		13,398,266.86		12,825,000.00		13,285,067.57		113,199.29			(23,855.00	)		—		—		4.75		3.801	MN		223,368.75		—		1/6/2011		5/19/2015

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20			21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
172967FM8	CITIGROUP INC CORP BND							1FE		3,225,000.00		100.296		3,234,545.93		3,225,000.00		3,225,000.00		9,545.93			—			—		—		1.16		1.16	FMAN		4,574.04		—			2/9/2011		2/15/2013
17313UAA7	CITIGROUP INC - GTD CORP BND							1FE		798,016.00		101.763		814,101.96		800,000.00		799,528.94		14,573.02			167.00			—		—		2.875		2.962	JD		7,155.56		—			12/2/2008		12/9/2011
17313UAE9	CITIGROUP INC - GTD CORP BND GOVT GUAR							1FE		18,760,536.60		101.845		18,841,325.19		18,500,000.00		18,631,220.66		210,104.53			(29,797.00	)		—		—		2.125		1.46	AO		164,894.09		—			2/19/2010		4/30/2012
17313YAL5	CITIGROUP FUNDING INC - GTD CORP BND							1FE		15,058,950.00		101.9		15,285,001.35		15,000,000.00		15,031,239.15		253,762.20			(2,449.00	)		—		—		1.875		1.739	AO		124,218.75		—			3/8/2011		10/22/2012
17313YAN1	CITIGROUP FUNDING INC - GTD CORP BND							1FE		13,079,283.56		101.917		13,249,210.91		13,000,000.00		13,047,493.85		201,717.06			(7,172.00	)		—		—		1.875		1.646	MN		92,083.34		—			2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC - GTD CORP BND							1FE		6,482,515.00		101.612		6,604,780.00		6,500,000.00		6,494,082.07		110,697.93			1,456.00			—		—		2		2.093	MS		361.11		65,000.00			3/23/2009		3/30/2012
17314JAT0	CITIBANK NA CORP BND GOVT GUAR							1FE		12,312,160.74		101.723		12,308,483.85		12,100,000.00		12,271,843.19		36,640.66			(24,204.00	)		—		—		1.75		0.926	JD		54,702.09		—			11/12/2010		12/28/2012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.25		105.638		12,280,414.95		11,625,000.00		11,592,792.11		687,622.84			2,539.00			—		—		3.625		3.725	MS		18,729.18		210,703.00			3/3/2009		3/15/2014
191216AN0	COCA-COLA COMPANY THE CORP BND							1FE		2,049,036.50		98.349		2,016,144.31		2,050,000.00		2,049,156.89		(33,012.58	)		79.00			—		—		0.75		0.766	MN		5,808.33		—			11/4/2010		11/15/2013
191216AP5	COCA-COLA COMPANY THE CORP BND							1FE		997,700.00		95.339		953,386.00		1,000,000.00		997,868.11		(44,482.11	)		110.00			—		—		1.5		1.548	MN		5,666.67		—			11/4/2010		11/15/2015
191219BS2	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,334,777.00		108.263		5,304,888.91		4,900,000.00		5,214,172.81		90,716.10			(31,687.00	)		—		—		5		2.214	FA		31,305.55		122,500.00			4/14/2010		8/15/2013
19122TAA7	COCA-COLA ENTERPRISES INC. CORP BND							2FE		5,667,849.50		98.552		5,592,827.42		5,675,000.00		5,668,757.93		(75,930.51	)		584.00			—		—		1.125		1.168	MN		24,650.78		—			11/8/2010		11/12/2013
19416QDQ0	COLGATE PALMOLIVE CO. CORP BND MTN							1FE		3,473,680.00		95.428		3,339,980.00		3,500,000.00		3,475,774.48		(135,794.48	)		1,265.00			—		—		1.375		1.532	MN		19,784.72		—			10/29/2010		11/1/2015
194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		1FE		805,000.00		90.449		904,492.00		1,000,000.00		811,875.40		92,616.60			1,028.00			—		—		1.761		3.494	MON		440.25		4,055.00			8/25/2009		3/1/2042
20030NAB7	COMCAST CORPORATION CORP BND							2FE		5,868,400.00		112.724		5,636,217.50		5,000,000.00		5,770,710.13		(134,492.63	)		(48,317.00	)		—		—		6.5		2.235	JJ		68,611.12		162,500.00			9/24/2010		1/15/2015
20030NAE1	COMCAST CORPORATION CORP BND							2FE		5,816,842.50		108.729		5,708,249.09		5,250,000.00		5,708,805.59		(556.50	)		(39,635.00	)		—		—		5.3		2.059	JJ		58,741.66		139,125.00			8/10/2010		1/15/2014
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F				1FE		4,611,321.60		103.156		4,621,388.40		4,480,000.00		4,607,975.97		13,412.43			(3,590.00	)		—		—		2.9		2.039	MS		5,052.44		64,960.00			2/22/2011		9/17/2014
202795HW3	COMMONWEALTH EDISON COMPANY CORP BND							2FE		2,496,375.00		99.089		2,477,217.48		2,500,000.00		2,496,613.78		(19,396.30	)		239.00			—		—		1.625		1.675	JJ		8,237.85		—			1/10/2011		1/15/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,340.75		102.166		7,483,633.29		7,325,000.00		7,324,655.23		158,978.06			54.00			—		—		2.75		2.753	AO		92,885.06		—			10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		1,991,660.00		101.759		2,035,170.60		2,000,000.00		1,993,253.35		41,917.25			390.00			—		—		3.5		3.592	MS		2,333.33		35,000.00			3/15/2010		3/19/2015
2027A0FP9	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		10,525,000.00		99.856		10,509,844.32		10,525,000.00		10,525,000.00		(15,155.68	)		—			—		—		1.04		1.04	MJSD		4,558.65		—			3/9/2011		3/17/2014
204279AA1	CIE FIN FONC CORP BND 144A			F				1FE		17,067,572.56		101.108		17,087,252.34		16,900,000.00		17,060,580.09		26,672.25			(6,992.00	)		—		—		2.125		1.653	AO		158,613.53		—			3/4/2011		4/22/2013
20428AAE9	COMPAGNIE DE FINANCEMENT FONCI CORP BND			F				1FE		6,149,323.50		100.114		6,157,010.88		6,150,000.00		6,149,337.57		7,673.31			14.00			—		—		2.25		2.254	MS		8,840.63		—			3/1/2011		3/7/2014
20825CAE4	CONOCOPHILLIPS CORP BND							1FE		4,249,488.80		105.849		4,233,961.20		4,000,000.00		4,199,987.36		33,973.84			(31,822.00	)		—		—		4.75		1.452	AO		87,611.11		—			11/12/2010		10/15/2012
20825CAM6	CONOCOPHILLIPS CORP BND							1FE		3,862,918.25		103.014		3,795,074.50		3,575,000.00		3,794,249.03		825.47			(25,312.00	)		—		—		4.4		1.45	MN		59,424.44		—			11/3/2010		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		107.633		7,049,981.22		6,550,000.00		6,719,268.30		330,712.92			(10,458.00	)		—		—		4.6		3.851	JJ		63,607.78		150,650.00			1/27/2010		1/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,497.60		109.485		437,939.39		400,000.00		425,356.30		12,583.09			(1,972.00	)		—		—		5.55		3.313	AO		11,100.00		—			10/29/2009		4/1/2014
21685WBL0	RABOBANK NEDERLAND UTRECHT CORP BND MTN			F				1FE		3,421,596.50		96.416		3,307,052.06		3,430,000.00		3,422,343.75		(115,291.69	)		396.00			—		—		2.125		2.177	AO		34,014.17		—			10/5/2010		10/13/2015
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		105.273		210,546.04		200,000.00		205,868.07		4,677.97			(1,200.00	)		—		—		5.8		3.252	JD		3,673.33		—			10/29/2009		6/7/2012
22540A3F3	CSFB CMBS 01-CK3					2		NRZ		462,456.61		99.906		449,706.96		450,130.76		449,131.31		575.65			(465.00	)		—		—		6.53		5.766	MON		2,449.46		7,348.00			6/29/2006		4/1/2011
22540VC75	CS FIRST BOSTON CMBS_02-CKP1 A3					2		NRZ		4,684,889.33		102.399		4,622,246.82		4,513,967.57		4,557,883.22		64,363.60			(12,843.00	)		—		—		6.439		5.388	MON		24,221.20		72,664.00			12/18/2007		6/15/2013
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,372.50		103.379		5,639,329.91		5,455,000.00		5,471,925.09		167,404.82			(6,621.00	)		—		—		6.125		5.609	MN		126,222.64		—			7/11/2007		11/15/2011
22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		2,186,460.00		109.433		2,188,652.34		2,000,000.00		2,147,870.78		40,781.56			(11,337.00	)		—		—		5.5		2.972	MN		45,833.33		—			5/19/2010		5/1/2014
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		8,486,485.00		101.952		8,665,887.19		8,500,000.00		8,489,065.16		176,822.03			631.00			—		—		3.5		3.535	MS		6,611.12		148,750.00			3/18/2010		3/23/2015
22546QAG2	CREDIT SUISSE NEW YORK NY CORP BND			F				1FE		5,800,000.00		101.233		5,871,514.13		5,800,000.00		5,800,000.00		71,514.13			—			—		—		1.263		1.263	JAJO		15,669.83		—			1/11/2011		1/14/2014
22546QAH0	CREDIT SUISSE GROUP CORP BND			F				1FE		1,997,580.00		100.235		2,004,706.58		2,000,000.00		1,997,746.84		6,959.74			167.00			—		—		2.2		2.242	JJ		9,411.11		—			1/11/2011		1/14/2014
233851AC8	DAIMLER FINANCE NORTH AMERICA CORP BND							2Z		7,500,000.00		100.031		7,502,325.00		7,500,000.00		7,500,000.00		2,325.00			—			—		—		0.919		0.919	MJSD		754.93		—			3/21/2011		3/28/2014
233851AD6	DAIMLER FINANCE NORTH AMERICA CORP BND							??		1,997,700.00		99.148		1,982,955.62		2,000,000.00		1,997,704.67		(14,749.05	)		5.00			—		—		3		3.025	MS		500.00		—			3/21/2011		3/28/2016
23636UAA5	DANSKE BANK A/S CORP BND GOVT GUAR 144A			F				1FE		9,236,402.50		102.06		9,440,549.82		9,250,000.00		9,244,562.83		195,986.99			1,199.00			—		—		2.5		2.554	MN		90,572.92		—			6/23/2009		5/10/2012
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.40		112.803		563,697.40		530,000.00		542,962.04		20,735.36			(3,984.00	)		—		—		8.6		5.39	JJ		9,622.44		22,790.00			9/24/2008		1/15/2012
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,035.75		106.607		4,184,305.99		3,925,000.00		3,928,467.50		255,838.49			(480.00	)		—		—		4.95		4.895	JD		56,127.50		—			7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		1,123,807.50		102.335		1,151,267.46		1,125,000.00		1,124,047.52		27,219.94			56.00			—		—		2.95		2.973	MS		2,028.13		16,594.00			3/3/2010		3/9/2015
24424DAA7	JOHN DEERE CAPITAL CORP - GTD CORP BND							1FE		1,028,470.52		102.912		1,029,119.95		1,000,000.00		1,012,554.35		16,565.60			(2,522.00	)		—		—		2.875		1.827	JD		8,145.83		—			8/27/2009		6/19/2012
2515A0T45	DEUTSCHE BK LDN CORP BND			F				1FE		999,020.00		0		1,014,867.94		1,000,000.00		999,410.62		15,457.32			80.00			—		—		2.375		2.409	JJ		5,277.78		11,875.00			1/5/2010		1/11/2013
25459HAV7	DIRECTV HOLDINGS LLC CORP BND							2FE		3,569,208.75		98.437		3,469,896.85		3,525,000.00		3,565,814.76		(95,917.91	)		(1,910.00	)		—		—		3.125		2.868	FA		14,075.52		54,466.00			10/15/2010		2/15/2016
25459HAY1	DIRECTV HOLDINGS LLC/DIRECTV F SENIOR							2FE		2,994,330.00		100.017		3,000,515.67		3,000,000.00		2,994,390.33		6,125.34			60.00			—		—		3.5		3.542	MS		6,125.00		—			3/7/2011		3/1/2016
25600WAA8	DNB NOR BLGKRDIT CORP BND 144A			F				1FE		13,436,662.00		96.802		12,874,666.27		13,300,000.00		13,426,518.50		(551,852.23	)		(6,566.00	)		—		—		2.1		1.88	AO		129,564.17		—			11/9/2010		10/14/2015
25600WAB6	DNB NOR BLGKRDIT CORP BND 144A			F				1FE		9,788,240.00		99.364		9,737,671.81		9,800,000.00		9,788,257.94		(50,586.13	)		18.00			—		—		2.9		2.926	MS		1,578.89		—			3/22/2011		3/29/2016
25746UBJ7	DOMINION RESOURCES INC CORP BND							2FE		3,857,214.50		97.015		3,832,091.28		3,950,000.00		3,858,438.76		(26,347.48	)		1,224.00			—		—		2.25		2.812	MS		7,406.25		—			3/4/2011		9/1/2015
25746UBK4	DOMINION RESOURCES INC CORP BND							2FE		1,424,202.00		99.965		1,424,498.59		1,425,000.00		1,424,217.59		281.00			16.00			—		—		1.8		1.819	MS		1,710.00		—			3/2/2011		3/15/2014
260543CC5	CORTS TRUST DOW CORP BND					1		2FE		5,983,500.00		95.399		5,723,937.36		6,000,000.00		5,984,055.93		(260,118.57	)		365.00			—		—		4.25		4.284	MN		100,583.34		—			11/4/2010		11/15/2020
26138EAM1	DR PEPPER SNAPPLE GROUP INC CORP BND							2FE		4,919,533.25		98.999		4,875,706.81		4,925,000.00		4,919,756.80		(44,049.99	)		224.00			—		—		2.9		2.924	JJ		31,738.89		—			1/6/2011		1/15/2016
263534BU2	EI DUPONT DE NEMOURS & CO CORP BND							1FE		9,363,568.00		107.742		9,669,826.38		8,975,000.00		9,235,330.77		434,495.61			(27,496.00	)		—		—		5		3.651	JJ		94,736.11		224,375.00			12/21/2009		7/15/2013
263534CH0	EI DUPONT DE NEMOURS & CO CORP BND							1FE		14,570,000.00		100.207		14,600,158.88		14,570,000.00		14,570,000.00		30,158.88			—			—		—		0.728		0.728	MJSD		1,767.83		—			3/22/2011		3/25/2014
26442EAB6	CINCINNATI GAS & ELECTRIC COMP CORP BND							1FE		9,123,448.75		101.201		9,234,612.51		9,125,000.00		9,124,004.31		110,608.20			109.00			—		—		2.1		2.105	JD		56,422.92		—			12/14/2009		6/15/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		14,880,439.77		109.424		14,881,697.73		13,600,000.00		14,517,172.11		364,525.62			(77,043.00	)		—		—		5.5		2.988	JJ		135,055.56		374,000.00			2/19/2010		1/26/2014
26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		1,640,475.00		109.613		1,644,198.77		1,500,000.00		1,618,152.60		26,046.17			(6,658.00	)		—		—		5.6		3.512	MN		35,000.00		—			5/27/2010		5/1/2015
26884TAC6	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		4,541,218.50		99.833		4,542,382.43		4,550,000.00		4,541,847.63		534.80			629.00			—		—		2.25		2.317	JJ		22,750.00		—			1/4/2011		1/10/2014
273323AA3	EAST LANE RE LTD CORP BND			F				??		5,000,000.00		99.828		4,991,400.00		5,000,000.00		5,000,000.00		(8,600.00	)		—			—		—		5.87		5.87	MJSD		19,565.58		—			3/1/2011		3/14/2014
273323AB1	EAST LANE RE IV LTD CORP BND			F				??		2,000,000.00		99.783		1,995,660.00		2,000,000.00		2,000,000.00		(4,340.00	)		—			—		—		0		0	MJSD		—		—			3/1/2011		3/13/2015
278642AA1	EBAY INC. CORP BND							1FE		2,993,790.00		98.834		2,965,031.43		3,000,000.00		2,994,669.35		(29,637.92	)		511.00			—		—		0.875		0.946	AO		11,156.25		—			10/21/2010		10/15/2013
278642AB9	EBAY INC. CORP BND							1FE		3,586,680.00		95.536		3,439,287.32		3,600,000.00		3,587,771.72		(148,484.40	)		634.00			—		—		1.625		1.703	AO		24,862.50		—			10/21/2010		10/15/2015
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2		1FE		1,011,425.91		100.074		1,012,170.62		1,011,425.91		1,011,425.91		744.71			—			—		—		1.153		1.155	JAJO		2,138.23		2,943.00			2/23/2010		7/25/2023
28264QR63	EKSPORTFINANS A/S CORP BND			F				1FE		2,127,609.17		102.907		2,058,140.10		2,000,000.00		2,115,604.34		(57,464.24	)		(7,719.00	)		—		—		3		1.361	MN		22,333.33		—			11/12/2010		11/17/2014
285661AD6	ELECTRONIC DATA SYSTEMS CORP BND							1FE		9,874,595.25		110.294		9,678,289.02		8,775,000.00		9,575,499.13		102,789.89			(82,626.00	)		—		—		6		1.985	FA		87,750.00		263,250.00			4/30/2010		8/1/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND							1		3,276,666.54		98.81		3,376,366.46		3,200,000.00		3,270,492.62		105,873.84			(3,969.00	)		—		—		4.125		3.535	AO		60,866.67		—			11/12/2010		4/15/2015
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F				1FE		3,268,698.75		103.027		3,322,630.36		3,225,000.00		3,259,693.40		62,936.96			(2,273.00	)		—		—		3.875		3.547	AO		60,401.57		—			3/30/2010		10/7/2014
29364DAQ3	ENTERGY ARKANSAS INC. CORP BND					1		1FE		1,749,492.50		92.535		1,619,354.82		1,750,000.00		1,749,492.50		(130,137.68	)		—			—		—		3.75		3.754	FA		8,385.42		16,953.00			11/9/2010		2/15/2021
293791AN9	ENTERPRISE PROD OPER LP CORP BND							2FE		6,442,930.00		108.8		6,255,978.27		5,750,000.00		6,352,287.34		(96,309.07	)		(40,072.00	)		—		—		5.6		2.488	AO		148,477.77		—			10/15/2010		10/15/2014
29379VAS2	ENTERPRISE PROD OPER LP CORP BND							2FE		4,995,050.00		99.217		4,960,825.75		5,000,000.00		4,995,233.67		(34,407.92	)		184.00			—		—		3.2		3.221	FA		34,666.67		—			1/4/2011		2/1/2016
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		4,822,865.42		109.878		4,889,571.27		4,450,000.00		4,733,264.26		156,307.01			(14,243.00	)		—		—		4.625		3.114	AO		92,043.92		—			8/31/2009		10/20/2015
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00		103.717		3,954,603.32		3,900,000.00		3,897,744.25		56,859.07			1,025.00			—		—		3.25		3.36	AO		58,797.92		—			8/26/2008		10/14/2011
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				1FE		5,242,350.00		100.964		5,048,200.00		5,000,000.00		5,037,843.74		10,356.26			(32,327.00	)		—		—		3.75		1.126	JJ		39,583.33		93,750.00			8/31/2009		7/15/2011
30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A					2		1		1,471,240.06		100		1,471,240.06		1,471,240.06		1,471,240.06		—			—			—		—		0.796		0.797	MON		32.54		3,991.00			3/5/2010		2/25/2048
302570BB1	FPL GROUP CAPITAL INC CORP BND							1FE		1,350,000.00		100.843		1,351,984.77		1,350,000.00		1,350,000.00		1,984.77			—			—		—		1.189		3.694	MJSD		668.81		(11.00	)		6/11/2008		6/17/2011
302570BC9	FPL GROUP CAPITAL INC CORP BND							2FE		7,402,175.00		118.936		7,195,646.76		6,050,000.00		7,165,738.44		29,908.32			(53,789.00	)		—		—		7.875		3.581	JD		140,284.38		—			2/17/2010		12/15/2015
3128JLHB8	FHLMC POOL # 1B1225					2		1		72,573.34		102.766		76,242.37		73,700.94		72,613.28		3,629.09			8.00			—		—		2.924		3.201	MON		179.58		538.00			4/2/2007		9/1/2033
3128JMW45	FHLMC POOL # 1B2566					2		1		106,140.03		101.827		113,014.51		106,974.43		106,164.69		6,849.82			5.00			—		—		2.967		3.058	MON		264.49		794.00			4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583					2		1		1,928,537.09		104.56		2,038,865.16		1,949,947.55		1,929,385.20		109,479.96			145.00			—		—		2.956		3.115	MON		4,803.37		14,404.00			9/17/2008		10/1/2034
3128JMY68	FHLMC POOL # 1B2632					2		1		144,142.71		102.067		152,033.11		145,275.86		144,177.99		7,855.12			7.00			—		—		2.718		2.813	MON		329.05		987.00			4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642					2		1		202,366.42		102.147		215,428.45		203,957.34		202,412.10		13,016.35			9.00			—		—		2.897		2.992	MON		492.39		1,478.00			4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810					2		1		214,072.17		102.443		230,086.89		216,300.06		214,146.19		15,940.70			19.00			—		—		2.653		2.803	MON		478.20		1,553.00			4/2/2007		2/1/2035
3128JR6Z4	FHLMC POOL # 848088					2		1		10,593,613.69		0		10,529,308.57		10,081,654.67		10,590,721.25		(61,412.68	)		(5,785.00	)		—		—		2.535		1.562	MON		21,297.50		—			3/8/2011		4/1/2035
3128JRJS6	FHLMC POOL # 847473					2		1		2,416,231.74		104.06		2,552,001.68		2,426,087.73		2,416,342.75		135,658.93			97.00			—		—		2.504		2.534	MON		5,062.44		16,526.00			9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,195,359.07		102.602		1,264,217.31		1,223,949.80		1,196,578.97		67,638.34			265.00			—		—		2.715		3.135	MON		2,769.19		8,547.00			5/31/2006		12/1/2035
3128JRP26	FHLMC POOL # 847641					2		1		616,617.21		103.178		641,779.62		621,589.93		616,871.17		24,908.45			51.00			—		—		2.526		2.68	MON		1,308.45		4,019.00			11/13/2006		12/1/2033
3128JRPZ3	FHLMC POOL # 847640					2		1		435,456.07		103.204		451,713.03		437,842.31		435,479.70		16,233.33			40.00			—		—		3.541		3.588	MON		1,292.00		5,421.00			11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		2,370,021.93		104.722		2,567,999.74		2,343,112.75		2,369,147.48		198,852.26			(2.00	)		—		—		6		5.56	MON		11,715.56		35,147.00			11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		27,890.40		105.253		29,611.04		26,841.89		27,864.41		1,746.63			(1.00	)		—		—		6		4.794	MON		134.21		403.00			2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		63,461.49		105.253		67,376.60		61,075.70		63,401.99		3,974.61			—			—		—		6		4.701	MON		305.38		916.00			2/4/2009		9/1/2037
3128KWFY4	FHLMC GOLD POOL # A65583					2		1		88,625.57		105.253		94,093.17		85,293.80		88,542.67		5,550.50			1.00			—		—		6		4.699	MON		426.47		1,279.00			2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804					2		1		3,468,322.88		104.94		3,770,904.91		3,428,943.63		3,467,042.73		303,862.18			(8.00	)		—		—		6		5.56	MON		17,144.72		51,434.00			11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806					2		1		3,376,108.42		104.94		3,670,645.49		3,337,776.15		3,374,857.30		295,788.19			3.00			—		—		6		5.523	MON		16,688.88		50,067.00			11/2/2007		9/1/2037

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
3128KWT29	FHLMC GOLD POOL # A65969				2		1		54,058.59		105.253		57,393.64		52,026.32		54,007.84		3,385.80			—			—		—		6		4.693	MON		260.13		780.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954				2		1		80,039.63		105.253		84,977.51		77,030.62		79,964.69		5,012.82			—			—		—		6		4.679	MON		385.15		1,155.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958				2		1		71,204.50		105.253		75,597.33		68,527.65		71,137.78		4,459.55			—			—		—		6		4.689	MON		342.64		1,028.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968				2		1		54,780.89		105.253		58,160.50		52,721.47		54,729.67		3,430.83			—			—		—		6		4.737	MON		263.61		791.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877				2		1		33,844.04		105.253		35,931.99		32,571.72		33,811.93		2,120.06			—			—		—		6		4.746	MON		162.86		489.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647				2		1		2,692,947.76		103.318		2,917,474.72		2,730,059.52		2,693,959.81		223,514.91			(118.00	)		—		—		5.5		6.163	MON		12,512.77		37,538.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143				2		1		6,465.16		105.253		6,863.99		6,222.09		6,459.07		404.92			—			—		—		6		4.74	MON		31.11		93.00		2/4/2009		7/1/2037
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		13,207,225.95		106.822		14,530,149.82		12,851,793.50		13,196,594.79		1,333,555.03			57.00			—		—		6.5		5.349	MON		69,613.88		208,842.00		11/6/2007		10/1/2037
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		167,207.55		105.253		177,523.09		160,921.56		167,057.39		10,465.70			(1.00	)		—		—		6		4.815	MON		804.61		2,414.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		461,339.55		105.253		489,800.97		443,995.96		460,931.81		28,869.16			(1.00	)		—		—		6		4.787	MON		2,219.98		6,660.00		2/4/2009		12/1/2038
3128MCLV5	FHLMC GOLD POOL # G13740				2		1		1,418,380.72		0		1,417,636.58		1,322,499.50		1,415,840.30		1,796.28			(1,364.00	)		—		—		5		2.565	MON		5,510.41		16,531.00		9/23/2010		9/1/2021
3128MTB72	FHLMC GOLD POOL # H00962				2		1		280,622.27		105.947		305,319.27		275,225.27		280,441.75		24,877.52			10.00			—		—		6.5		5.486	MON		1,490.80		4,472.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		8,296,186.53		105.947		9,026,317.32		8,136,632.24		8,290,852.18		735,465.14			151.00			—		—		6.5		5.487	MON		44,073.42		132,220.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		4,431,275.64		105.947		4,821,263.37		4,346,052.28		4,428,490.47		392,772.90			46.00			—		—		6.5		5.539	MON		23,541.12		70,623.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2		1		293,611.82		104.42		307,309.72		294,301.59		293,601.84		13,707.88			2.00			—		—		2.607		2.605	MON		639.37		2,047.00		9/17/2008		1/1/2035
3128NCD68	FHLMC POOL # 1G0125				2		1		2,586,629.18		102.031		2,745,558.67		2,641,944.89		2,590,065.80		155,492.87			656.00			—		—		2.525		2.831	MON		5,559.09		17,769.00		12/13/2005		3/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2		1		478,098.33		103.319		491,510.46		475,719.76		477,911.11		13,599.35			(35.00	)		—		—		2.743		2.641	MON		1,087.42		3,267.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		2,782,338.73		105.75		2,986,537.96		2,824,149.37		2,782,997.66		203,540.30			154.00			—		—		5.258		5.515	MON		12,374.48		37,116.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2		1		549,522.88		104.309		563,192.95		538,747.92		549,067.21		14,125.74			(96.00	)		—		—		5.995		5.507	MON		2,691.49		8,076.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2		1		1,474,402.43		105.41		1,543,596.31		1,462,292.83		1,473,436.41		70,159.90			(112.00	)		—		—		5.941		5.671	MON		7,239.57		21,683.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2		1		215,089.86		106.85		226,009.60		211,520.45		214,951.79		11,057.81			(20.00	)		—		—		6.052		5.524	MON		1,066.77		3,198.00		12/13/2007		8/1/2037
3128X2TM7	FHLMC AGENCY BND						1		8,382,000.00		110.055		8,254,125.60		7,500,000.00		8,107,860.16		146,265.44			(51,512.00	)		—		—		5		2.039	JJ		63,541.67		187,500.00		11/30/2009		1/30/2014
3128X8YK2	FHLMC AGENCY BND				1		1		11,454,710.00		100.199		11,422,685.67		11,400,000.00		11,421,666.76		1,018.91			(33,043.00	)		—		—		2.75		0.336	AO		132,366.67		—		2/17/2011		4/29/2011
312929CM2	FHLMC GOLD POOL # A82776				2		1		17,361.06		105.253		18,432.11		16,708.38		17,345.73		1,086.38			—			—		—		6		4.79	MON		83.54		251.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		3,448.99		105.253		3,661.77		3,319.33		3,445.76		216.01			—			—		—		6		4.782	MON		16.60		50.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2		1		57,807.72		105.253		61,374.05		55,634.50		57,756.75		3,617.30			—			—		—		6		4.757	MON		278.17		835.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		71,530.60		105.253		75,943.53		68,841.47		71,468.13		4,475.40			—			—		—		6		4.79	MON		344.21		1,033.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2		1		44,625.37		104.47		47,378.44		42,947.72		44,586.37		2,792.07			(2.00	)		—		—		6		4.999	MON		214.74		644.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2		1		22,363.51		105.253		23,743.20		21,522.79		22,343.61		1,399.59			—			—		—		6		4.739	MON		107.61		323.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2		1		22,806.85		104.47		24,213.87		21,949.45		22,786.70		1,427.17			—			—		—		6		4.759	MON		109.75		329.00		2/4/2009		1/1/2039
31295NXK9	FHLMC POOL # 789682				2		1		48,799.82		102.028		51,140.83		49,081.66		48,807.82		2,333.01			1.00			—		—		2.561		2.63	MON		104.75		314.00		8/10/2006		9/1/2032
31331GVD8	FFCB AGENCY BND						1		3,381,186.00		102.414		3,471,843.62		3,390,000.00		3,385,343.68		86,499.94			554.00			—		—		2.2		2.27	AO		35,839.83		—		5/4/2009		4/8/2013
31331JG49	FFCB AGENCY BND						1		6,492,395.00		100.068		6,504,433.00		6,500,000.00		6,494,120.51		10,312.49			805.00			—		—		0.295		0.347	MON		905.49		4,913.00		9/17/2010		1/15/2013
31331Y3X6	FFCB AGENCY BND						1		299,700.00		105.533		313,024.67		300,000.00		299,896.75		13,127.92			19.00			—		—		3.95		3.977	JJ		2,238.33		5,925.00		7/30/2008		7/23/2012
31331YR51	FFCB AGENCY BND						1		990,190.00		106.201		1,062,013.85		1,000,000.00		995,466.63		66,547.22			502.00			—		—		4		4.224	MN		14,444.44		—		7/7/2008		5/21/2013
313371MR4	FHLB AGENCY BND				1		1		8,959,167.00		99.45		8,950,499.73		9,000,000.00		8,960,032.26		(9,532.53	)		865.00			—		—		0.7		0.91	MN		22,575.00		—		3/14/2011		5/22/2013
313371UC8	FHLB AGENCY BND						1		1,483,065.00		99.004		1,485,059.97		1,500,000.00		1,484,380.71		679.26			1,316.00			—		—		0.875		1.263	JD		3,427.08		—		1/5/2011		12/27/2013
3133TJP56	FHLMC CMO AGENCY CMO_2130 QS				2		1FE		2,385,899.07		107.779		2,535,838.63		2,352,812.63		2,383,425.67		152,412.96			(275.00	)		—		—		6		5.564	MON		11,764.06		35,292.00		2/6/2007		5/15/2028
3133XG3W2	FHLB AGENCY BND						1		797,392.50		108.131		759,827.79		750,000.00		753,477.66		6,350.13			(3,557.00	)		—		—		5.6		3.647	JD		10,850.00		—		1/3/2008		6/28/2011
3133XHPH9	FHLB AGENCY BND						1		9,557,776.73		102.936		9,264,227.76		9,000,000.00		9,202,461.55		61,766.21			(79,516.00	)		—		—		4.875		1.276	MN		162,093.75		—		2/19/2010		11/18/2011
3133XSP93	FHLB AGENCY BND						1		3,612,678.30		104.851		3,633,087.08		3,465,000.00		3,564,927.54		68,159.54			(8,896.00	)		—		—		3.125		2.022	JD		32,484.38		—		11/25/2009		12/13/2013
3133XUE41	FHLB AGENCY BND						1		12,098,988.00		101.687		12,202,440.48		12,000,000.00		12,054,325.27		148,115.21			(9,479.00	)		—		—		1.75		1.421	FA		22,750.00		105,000.00		1/28/2010		8/22/2012
3133XWE70	FHLB AGENCY BND						1		7,690,298.00		102.797		7,915,368.77		7,700,000.00		7,692,954.81		222,413.96			522.00			—		—		2.5		2.53	JD		57,750.00		—		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND						1		9,981,800.00		101.541		10,154,099.30		10,000,000.00		9,988,258.37		165,840.93			1,451.00			—		—		1.625		1.686	MS		4,965.27		81,250.00		2/18/2010		3/20/2013
3133XXYX9	FHLB AGENCY BND						1		4,600,116.00		0		4,587,390.05		4,500,000.00		4,575,097.57		12,292.48			(8,251.00	)		—		—		1.875		1.113	JD		23,437.50		—		6/29/2010		6/21/2013
31342A6F1	FHLMC POOL # 780870				2		1		488,646.52		100.79		521,273.96		496,238.98		488,933.09		32,340.87			55.00			—		—		2.57		2.847	MON		1,062.78		3,187.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2		1		697,959.27		0		710,749.38		676,501.49		697,443.95		13,305.43			(97.00	)		—		—		2.686		1.932	MON		1,514.24		4,540.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2		1		1,075,981.85		102.249		1,140,905.27		1,093,798.81		1,076,888.53		64,016.74			177.00			—		—		2.48		2.755	MON		2,260.52		6,966.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2		1		212,759.68		101.962		220,609.13		214,432.28		212,813.25		7,795.88			10.00			—		—		2.367		2.471	MON		422.97		1,269.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2		1		411,908.73		101.33		436,436.94		415,146.87		412,012.52		24,424.42			20.00			—		—		2.5		2.6	MON		864.89		2,595.00		4/2/2007		11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		128,351.68		104.95		136,734.76		130,285.62		128,417.94		8,316.82			10.00			—		—		2.5		2.733	MON		271.43		836.00		9/30/2008		1/1/2035
31349ULB2	FHLMC POOL # 783022				2		1		404,667.16		100.44		417,981.19		408,280.45		404,787.07		13,194.12			25.00			—		—		2.494		2.615	MON		848.54		2,658.00		4/2/2007		2/1/2035
31359MA45	FNMA AGENCY BND						1		10,962,357.43		111.751		11,175,099.90		10,000,000.00		10,766,343.76		408,756.14			(43,908.00	)		—		—		5		2.972	AO		230,555.56		—		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY BND						1		3,126,550.66		101.94		3,205,500.18		3,000,000.00		3,083,902.68		121,597.50			(9,636.00	)		—		—		4.625		3.225	MN		57,812.50		—		2/19/2010		5/1/2013
31359MZC0	FNMA AGENCY BND						1		5,904,904.90		109.234		5,789,402.05		5,300,000.00		5,827,859.77		(38,457.72	)		(27,320.00	)		—		—		4.375		2.065	AO		106,920.14		—		7/16/2010		10/15/2015
31371NAC9	FNMA POOL # 256603				2		1		1,208,101.60		108.119		1,304,961.62		1,206,970.07		1,207,680.38		97,281.24			(93.00	)		—		—		5.5		5.375	MON		5,531.94		16,596.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2		1		487,090.01		0		496,826.31		459,518.87		485,634.92		11,191.39			(337.00	)		—		—		5.5		3.017	MON		2,106.13		6,318.00		9/29/2009		6/1/2022
31379T6G4	FNMA POOL # 429371				2		1		18,704.55		103.159		20,049.57		18,857.76		18,745.11		1,304.46			4.00			—		—		5		5.262	MON		78.57		236.00		12/14/2007		2/1/2014
3137A7SR2	FHLMC CMO_3824 FA				2		1		6,000,000.00		99.469		5,968,125.00		6,000,000.00		6,000,000.00		(31,875.00	)		—			—		—		0.413		0.413	MON		1,101.33		—		2/28/2011		3/15/2026
3137EABX6	FHLMC AGENCY BND						1		19,529,496.07		103.298		20,143,109.42		19,500,000.00		19,521,495.21		621,614.21			(1,864.00	)		—		—		2.5		2.459	JJ		113,750.00		243,750.00		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND						1		9,100,620.00		101.595		9,143,549.46		9,000,000.00		9,051,422.03		92,127.43			(10,459.00	)		—		—		1.75		1.271	JD		46,375.00		—		1/28/2010		6/15/2012
31385W2S7	FNMA POOL # 555285				2		1		5,350,609.73		105.288		5,340,894.70		4,855,913.54		5,342,280.16		(1,385.46	)		(8,330.00	)		—		—		6		2.586	MON		24,279.57		48,559.00		1/5/2011		3/1/2033
31385XEW3	FNMA POOL # 555549				2		1		347,859.18		104.727		375,805.34		350,708.69		348,170.34		27,635.00			72.00			—		—		5		5.225	MON		1,461.29		4,384.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2		1		124,053.00		102.13		131,479.79		125,160.66		124,090.82		7,388.97			8.00			—		—		2.593		2.783	MON		270.45		815.00		4/2/2007		7/1/2033
31391PUF1	FNMA POOL # 672982				2		1		302,513.60		104.74		326,554.55		304,991.64		302,803.92		23,750.63			71.00			—		—		5		5.231	MON		1,270.80		3,812.00		12/14/2007		12/1/2017
31393RDQ0	FHLMC CMO_2613 BV				2		1		5,518,988.48		104.625		5,509,526.18		5,265,974.84		5,503,494.53		6,031.65			(15,494.00	)		—		—		5		1.406	MON		21,941.56		—		2/24/2011		10/1/2014
31394BPP3	FNMA AGENCY CMO_04-88 HA				2		1		57,443.07		108.172		60,090.49		55,550.87		56,763.82		3,326.67			(59.00	)		—		—		6.5		5.194	MON		300.90		903.00		1/14/2008		12/25/2015
31394CGZ9	FANNIE MAE FNR_05-13 CMO_05-13 PC				2		1		574,578.13		104.5		574,750.00		550,000.00		572,682.78		2,067.22			(1,895.00	)		—		—		5		1.604	MON		2,291.67		2,292.00		2/4/2011		9/1/2013
31394CVB5	FNMA_05-15 CMO_05-15 EA				2		1		1,420,802.84		102.25		1,465,481.46		1,433,233.70		1,426,497.48		38,983.98			455.00			—		—		5		5.313	MON		5,971.81		17,915.00		5/24/2007		10/25/2028
31394DA42	FNMA CMO_05-48 AR				2		1		255,337.00		108.439		274,908.84		253,514.87		254,857.42		20,051.42			(41.00	)		—		—		5.5		5.252	MON		1,161.94		3,486.00		12/20/2007		11/25/2019
31394FRP2	FNMA CMO_05-80 PB				2		1		183,148.85		100.206		177,026.53		176,662.04		177,203.79		(177.26	)		(872.00	)		—		—		5.5		0.932	MON		809.70		2,429.00		6/18/2009		6/25/2011
31394L4A7	FHLMC CMO_2684 PC				2		1		235,159.36		100		228,935.18		228,935.18		228,790.97		144.21			(939.00	)		—		—		5		1.62	MON		953.90		2,862.00		6/18/2009		4/1/2011
31395BH89	FNMA_06-10 AGENCY CMO_06-26 QA				2		1		42,780.68		100.28		42,360.00		42,241.73		42,138.13		221.87			(44.00	)		—		—		5.5		4.409	MON		193.61		581.00		9/30/2008		5/1/2011
31395L4F5	FHLMC CMO_2914 AJ				2		1FE		559,160.93		102.875		545,551.85		543,864.73		546,184.44		(632.59	)		(2,070.00	)		—		—		5		1.895	MON		2,266.10		6,798.00		6/30/2009		8/15/2011
31395VGR4	FHR AGENCY CMO_2989 WD				2		1		502,968.75		102.781		513,906.25		500,000.00		499,965.18		13,941.07			(35.00	)		—		—		5.5		5.286	MON		2,291.67		6,875.00		10/8/2008		3/15/2012
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		156,464.78		106.969		167,998.80		157,053.73		156,532.17		11,466.63			(4.00	)		—		—		5.5		5.663	MON		719.83		2,159.00		6/17/2008		5/15/2034
31396L5J5	FNMA CMO_06-129 FA				2		1		3,237,290.15		99.205		3,213,555.05		3,239,314.73		3,237,300.83		(23,745.78	)		11.00			—		—		0.45		0.49	MON		242.68		—		3/23/2011		1/25/2037
31396UWM8	FHLMC AGENCY CMO 3184 FA				2		1		2,584,746.49		99.844		2,583,540.03		2,587,576.65		2,585,284.83		(1,744.80	)		68.00			—		—		0.405		0.483	MON		465.76		2,668.00		4/23/2010		2/15/2033
31397B7F2	FHLMC_3221 CMO_3211 QD				2		1		1,630,864.72		103.699		1,712,921.53		1,627,478.89		1,626,993.96		85,927.57			186.00			—		—		5.5		5.339	MON		7,459.28		22,378.00		4/19/2007		3/15/2013
31397G7M6	FHRR CMO_R011 AB				2		1		3,339,426.72		105.188		3,483,269.40		3,311,486.06		3,322,632.51		160,636.89			138.00			—		—		5.5		4.752	MON		15,177.64		45,533.00		9/4/2008		12/15/2012
31397MTX5	FNR CMO_08-81 KA				2		1		4,876,224.28		105.537		5,136,148.24		4,866,684.46		4,874,812.52		261,335.72			(1,526.00	)		—		—		5		4.727	MON		20,277.85		58,990.00		1/7/2011		4/25/2015
31397Y5H0	FHLMC CMO_3484 DA				2		1		4,209,716.18		104.92		4,245,688.30		4,046,588.07		4,171,093.29		74,595.01			(367.00	)		—		—		5		2.896	MON		16,860.79		50,582.00		6/1/2009		7/15/2015
31398A2W1	FNMA AGENCY BND						1		1,953,022.50		99.791		1,945,924.50		1,950,000.00		1,950,000.00		(4,075.50	)		(1,088.00	)		—		—		1.35		0.968	FA		2,705.63		13,163.00		9/24/2010		2/24/2014
31398A3D2	FNMA AGENCY BND				1		1FE		4,923,128.50		99.542		4,902,443.50		4,925,000.00		4,923,371.77		(20,928.27	)		177.00			—		—		1.125		1.139	MS		3,385.94		27,703.00		11/26/2010		9/9/2013
31398AD33	FNMA AGENCY BND						1		—		0		—		—		—		—			—			—		—		2.125		0	JJ		—		139,942.00		00/00/0000		1/25/2013
31398AE24	FNMA AGENCY BND						1		2,995,680.00		101.745		3,052,349.85		3,000,000.00		2,997,321.79		55,028.06			341.00			—		—		1.75		1.798	FA		5,687.50		26,250.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND						1		11,797,857.47		106.577		12,043,201.34		11,300,000.00		11,538,366.15		504,835.19			(35,433.00	)		—		—		4.75		3.405	MN		196,808.34		—		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND						1		4,991,950.00		101.697		5,084,850.30		5,000,000.00		4,994,548.83		90,301.47			632.00			—		—		1.75		1.803	MN		35,000.00		—		3/11/2010		5/7/2013
31398AS45	FNMA AGENCY BND				1		1		62,681,380.00		100.391		62,242,414.42		62,000,000.00		62,161,262.33		81,152.09			(172,781.00	)		—		—		2		0.868	JD		334,111.11		—		6/29/2010		6/24/2011
31398AU34	FNMA AGENCY BND						1		6,730,020.00		101.212		6,831,809.87		6,750,000.00		6,732,891.97		98,917.90			927.00			—		—		2.375		2.437	JJ		28,054.69		80,156.00		6/10/2010		7/28/2015
31398TX22	FNMA_10-87 AGENCY CMO_10-103 MA				2		1		7,210,494.32		103.685		7,109,611.69		6,856,933.68		7,183,688.14		(74,076.45	)		(20,352.00	)		—		—		4		1.61	MON		22,856.45		68,569.00		12/9/2010		1/25/2016
31400EGH7	FNMA POOL # 685200				2		1		315,471.96		104.727		340,816.21		318,056.17		315,765.35		25,050.86			70.00			—		—		5		5.227	MON		1,325.24		3,976.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2		1		468,018.30		101.55		483,663.76		468,970.90		467,499.44		16,164.32			(34.00	)		—		—		5.5		5.502	MON		2,149.45		6,448.00		4/21/2006		1/1/2013

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
31400PG58	FNMA POOL # 693320					2		1		83,041.47		101.606		87,621.50		83,771.20		83,076.40		4,545.10			6.00			—		—		2.39		2.564	MON		166.84		509.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287					2		1		14,160.21		102.192		15,016.84		14,286.65		14,165.00		851.84			1.00			—		—		2.351		2.535	MON		27.99		89.00		4/2/2007		3/1/2033
31400SA33	FNMA POOL # 695826					2		1		204,570.33		104.727		221,005.03		206,246.09		204,756.81		16,248.22			49.00			—		—		5		5.228	MON		859.36		2,578.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895					2		1		358,033.53		104.727		386,797.10		360,966.40		358,366.96		28,430.14			67.00			—		—		5		5.223	MON		1,504.03		4,512.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429					2		1		215,623.37		102.235		226,099.04		218,137.06		215,744.89		10,354.15			20.00			—		—		2.501		2.742	MON		454.82		1,404.00		8/10/2006		4/1/2033
31402DQB9	FNMA POOL # 725950					2		1		512,392.44		107.293		554,791.31		517,078.46		512,769.88		42,021.43			97.00			—		—		5		5.255	MON		2,154.49		6,463.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222					2		1		2,351,380.20		102.319		2,483,151.32		2,377,373.37		2,352,765.43		130,385.89			253.00			—		—		2.734		2.911	MON		5,416.45		16,249.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463					2		1		135,747.36		102.966		144,757.83		136,870.17		135,820.75		8,937.08			11.00			—		—		2.423		2.53	MON		276.48		874.00		9/28/2006		3/1/2035
31402RF87	FNMA POOL # 735591					2		1		13,143,104.87		105.264		13,330,998.74		12,664,297.92		13,132,706.61		198,292.13			2,532.00			—		—		5		3.644	MON		52,767.91		158,304.00		4/30/2010		6/1/2035
31402YSV7	FNMA POOL # 742232					2		1		13,229.44		104.272		14,190.23		13,434.98		13,237.37		952.86			2.00			—		—		2.75		3.084	MON		30.79		97.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179					2		1		1,206,877.68		104.727		1,303,835.28		1,216,763.87		1,207,812.06		96,023.22			233.00			—		—		5		5.221	MON		5,069.85		15,210.00		12/14/2007		4/1/2019
31403DCE7	FNMA POOL # 745369					2		1		789,620.16		104.52		854,150.67		796,088.36		790,221.55		63,929.12			142.00			—		—		5		5.203	MON		3,317.04		9,951.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388					2		1		2,141,045.19		104.727		2,313,051.56		2,158,583.68		2,142,812.71		170,238.85			423.00			—		—		5		5.224	MON		8,994.10		26,982.00		12/14/2007		11/1/2018
31403H3P3	FNMA POOL # 749706					2		1		889,114.06		102.509		947,274.91		900,297.45		889,661.75		57,613.16			103.00			—		—		2.816		3.055	MON		2,112.70		6,338.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798					2		1		5,522.49		102.387		5,763.33		5,608.31		5,526.06		237.27			1.00			—		—		2.324		2.641	MON		10.86		33.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848					2		1		387,607.76		104.727		418,747.21		390,782.85		387,908.26		30,838.95			76.00			—		—		5		5.23	MON		1,628.27		4,885.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522					2		1		43,707.76		104.44		46,572.56		44,592.65		43,741.44		2,831.12			4.00			—		—		2.678		3.08	MON		99.52		299.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886					2		1		111,002.96		102.15		119,529.58		112,858.99		111,089.79		8,439.79			16.00			—		—		2.471		2.833	MON		232.40		713.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246					2		1		153,039.84		101.878		162,422.73		154,320.70		153,092.96		9,329.77			12.00			—		—		2.378		2.515	MON		305.81		957.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693					2		1		755,399.82		101.97		781,345.54		762,548.71		755,810.40		25,535.14			76.00			—		—		2.651		2.798	MON		1,684.60		5,046.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578					2		1		775,160.35		102.231		828,328.33		793,732.44		776,394.24		51,934.09			205.00			—		—		2.482		2.859	MON		1,641.70		4,925.00		2/28/2006		12/1/2034
31405PAG5	FNMA POOL # 794807					2		1		218,103.34		101.253		226,782.70		217,509.56		218,039.61		8,743.09			(11.00	)		—		—		2.576		2.524	MON		466.93		1,405.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664					2		1		70,198.27		101.933		74,430.38		70,750.13		70,222.01		4,208.37			4.00			—		—		2.629		2.752	MON		155.00		465.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811					2		1		218,008.67		101.424		226,430.88		217,439.00		217,945.60		8,485.28			(11.00	)		—		—		2.222		2.176	MON		402.63		1,208.00		6/30/2007		11/1/2034
31405UTZ2	FNMA POOL # 799868					2		1		20,305.99		101.862		21,509.04		20,465.62		20,312.38		1,196.66			1.00			—		—		2.584		2.713	MON		44.07		132.00		4/2/2007		11/1/2034
31406BB90	FNMA POOL # 804764					2		1		236,858.33		101.971		251,140.13		238,720.35		236,935.97		14,204.16			16.00			—		—		2.367		2.494	MON		470.88		1,413.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852					2		1		209,999.58		101.739		222,425.66		211,650.45		210,070.01		12,355.65			14.00			—		—		2.357		2.483	MON		415.72		1,250.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962					2		1		242,297.06		102.229		256,827.77		244,201.81		242,378.03		14,449.74			17.00			—		—		2.359		2.484	MON		480.06		1,459.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163					2		1		294,994.78		103.027		312,609.52		297,463.74		295,097.99		17,511.53			22.00			—		—		2.339		2.477	MON		579.81		1,792.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721					2		1		492,920.24		102.997		522,196.15		496,795.23		493,079.42		29,116.73			31.00			—		—		2.691		2.816	MON		1,114.06		3,343.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530					2		1		79,951.85		102.041		84,630.77		80,518.05		79,988.30		4,642.47			7.00			—		—		2.343		2.432	MON		157.21		494.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418					2		1		226,078.99		102.148		237,099.94		228,097.66		226,168.75		10,931.19			19.00			—		—		2.149		2.293	MON		408.48		1,300.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807					2		1		327,700.04		102.224		346,560.48		330,827.28		327,927.91		18,632.57			38.00			—		—		2.256		2.375	MON		621.96		1,979.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423					2		1		451,159.68		104.136		479,414.50		455,188.11		451,324.26		28,090.24			34.00			—		—		2.686		2.831	MON		1,018.86		3,193.00		4/2/2007		4/1/2035
31406TTE1	FNMA POOL # 819649					2		1		3,287,456.95		0		3,318,651.03		3,178,206.10		3,284,343.55		34,307.48			(774.00	)		—		—		2.265		1.738	MON		5,998.86		19,175.00		12/4/2009		3/1/2035
31406VHE9	FNMA POOL # 821129					2		1		252,105.07		102.212		267,311.45		254,356.11		252,203.80		15,107.65			20.00			—		—		2.5		2.639	MON		529.91		1,627.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056					2		1		1,190,107.75		104.44		1,222,124.26		1,170,168.77		1,189,223.67		32,900.59			(164.00	)		—		—		2.736		2.424	MON		2,667.98		8,007.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985					2		1		619,190.90		101.73		666,584.92		640,507.80		620,408.68		46,176.24			217.00			—		—		2.515		3.113	MON		1,342.40		4,029.00		3/16/2006		8/1/2035
31407GC22	FNMA POOL # 829989					2		1		1,652,108.64		102.4		1,752,696.78		1,667,809.50		1,652,834.40		99,862.38			165.00			—		—		2.591		2.759	MON		3,601.08		11,191.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868					2		1		1,671,013.46		101.963		1,770,208.44		1,688,958.65		1,672,222.55		97,985.89			184.00			—		—		2.49		2.628	MON		3,503.18		10,510.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547					2		1		1,194,967.38		102.763		1,264,628.18		1,204,613.69		1,195,544.09		69,084.09			112.00			—		—		2.487		2.591	MON		2,496.56		7,910.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105					2		1		978,102.14		107.156		1,056,680.49		986,114.32		978,737.73		77,942.76			157.00			—		—		5		5.21	MON		4,108.81		12,326.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490					2		1		306,837.79		101.718		321,432.65		307,532.89		306,853.20		14,579.45			4.00			—		—		2.217		2.239	MON		568.17		1,776.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492					2		1		177,743.46		102.692		186,194.52		177,405.74		177,712.47		8,482.05			(6.00	)		—		—		2.499		2.434	MON		369.45		1,137.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527					2		1		41,585.65		102.929		44,739.80		42,368.96		41,614.89		3,124.91			6.00			—		—		2.621		3.031	MON		92.51		282.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499					2		1		1,361,405.60		101.573		1,428,679.63		1,369,054.71		1,361,651.74		67,027.89			47.00			—		—		2.627		2.726	MON		2,997.09		9,013.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502					2		1		161,512.84		102.689		168,949.86		163,612.22		161,601.46		7,348.40			18.00			—		—		1.915		2.184	MON		261.10		813.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507					2		1		737,552.51		101.908		786,317.33		750,463.38		738,135.26		48,182.07			113.00			—		—		2.446		2.751	MON		1,529.69		4,634.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508					2		1		740,276.47		101.875		788,627.92		750,626.32		740,718.61		47,909.31			93.00			—		—		2.431		2.694	MON		1,520.64		4,828.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511					2		1		105,473.91		101.764		112,573.93		106,431.94		105,511.60		7,062.33			8.00			—		—		2.433		2.602	MON		215.79		647.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513					2		1		180,343.23		102.089		189,681.19		181,287.58		180,372.78		9,308.41			6.00			—		—		2.538		2.627	MON		383.42		1,168.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518					2		1		159,467.77		102.692		167,585.84		159,980.16		159,483.86		8,101.98			4.00			—		—		2.448		2.484	MON		326.36		1,032.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519					2		1		84,343.30		101.983		89,600.74		85,791.63		84,413.79		5,186.95			13.00			—		—		2.36		2.643	MON		168.72		507.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520					2		1		1,043,190.05		102.108		1,103,458.24		1,049,839.04		1,043,421.67		60,036.57			44.00			—		—		2.616		2.73	MON		2,288.65		6,869.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564					2		1		15,612,942.64		104.202		16,233,068.05		15,149,004.39		15,573,045.87		660,022.18			(10,736.00	)		—		—		5		3.835	MON		63,120.85		189,363.00		2/26/2009		10/1/2021
31410GPR8	FNMA POOL # 888832					2		1		7,203,491.95		106.7		7,796,851.50		6,927,475.36		7,194,697.65		602,153.85			191.00			—		—		6.5		4.572	MON		37,523.82		112,571.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626					2		1		1,625,601.77		104.45		1,689,887.67		1,617,891.50		1,625,048.64		64,839.03			(114.00	)		—		—		5.505		5.395	MON		7,422.08		22,295.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899					2		1		2,542,835.90		107.817		2,719,082.77		2,521,950.99		2,541,704.41		177,378.36			(209.00	)		—		—		5.779		5.582	MON		12,141.09		36,335.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088					2		1		6,265,671.13		104.822		6,804,587.75		6,207,476.04		6,264,736.10		539,851.65			(148.00	)		—		—		6		5.441	MON		31,037.38		93,112.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029					2		1		491,135.51		0		500,952.69		463,335.39		489,551.41		11,401.28			(383.00	)		—		—		5.5		3.276	MON		2,123.62		6,371.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359					2		1		591,820.81		0		603,650.54		558,321.51		590,107.63		13,542.91			(369.00	)		—		—		5.5		2.864	MON		2,558.97		7,677.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461					2		??		762,470.18		108.119		777,710.99		719,311.49		760,205.90		17,505.09			(518.00	)		—		—		5.5		2.995	MON		3,296.84		9,891.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614					2		1		4,732,377.67		0		4,814,906.22		4,453,347.61		4,719,921.01		94,985.21			(3,897.00	)		—		—		5.5		2.915	MON		20,411.18		61,234.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488					2		1		1,927,143.20		0		1,951,819.55		1,835,920.88		1,922,660.66		29,158.89			(1,043.00	)		—		—		5		3.008	MON		7,649.67		22,949.00		9/29/2009		3/1/2023
31414ARA2	FNMA POOL # 960481					2		1		2,423,682.03		0		2,454,900.29		2,308,955.79		2,417,882.16		37,018.13			(1,355.00	)		—		—		5		2.992	MON		9,620.65		28,862.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289					2		??		3,361,389.83		106.313		3,404,431.18		3,202,276.70		3,353,678.34		50,752.84			(1,721.00	)		—		—		5		2.971	MON		13,342.82		40,028.00		9/29/2009		3/1/2023
31414GD22	FNMA POOL # 965521					2		1		410,940.92		0		419,155.11		387,680.12		409,735.21		9,419.90			(274.00	)		—		—		5.5		3.186	MON		1,776.87		5,331.00		9/29/2009		12/1/2022
31414NB45	FNMA POOL # 970859					2		1		3,565,125.98		0		3,605,409.31		3,391,320.79		3,558,449.41		46,959.90			(2,174.00	)		—		—		5		2.984	MON		14,130.50		42,392.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562					2		1		3,954,794.70		0		4,034,488.41		3,730,938.37		3,944,177.96		90,310.45			(2,092.00	)		—		—		5.5		3.017	MON		17,100.13		51,300.00		9/29/2009		3/1/2023
31415MDG7	FNMA POOL # 984003					2		1		5,621,921.72		103.51		6,222,788.77		5,791,131.33		5,625,419.86		597,368.91			(170.00	)		—		—		5.5		6.585	MON		26,542.69		79,628.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077					2		1		2,696,726.02		0		2,731,256.61		2,569,075.11		2,690,462.77		40,793.84			(1,489.00	)		—		—		5		3.094	MON		10,704.48		32,113.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528					2		1		5,180,076.45		103.842		5,324,717.17		4,986,086.51		5,166,310.35		158,406.82			(4,350.00	)		—		—		5		3.454	MON		20,775.36		62,326.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529					2		1		8,817,931.65		108.119		9,182,331.19		8,492,816.01		8,797,239.11		385,092.08			(3,950.00	)		—		—		5.5		3.83	MON		38,925.41		116,776.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530					2		1		4,375,933.27		104.595		4,537,250.55		4,196,280.05		4,363,477.52		173,773.03			(3,632.00	)		—		—		5.5		3.768	MON		19,232.95		57,699.00		3/20/2009		12/1/2021
31416B7J1	FNMA POOL # 995597					2		1		500,870.15		0		510,881.92		472,519.02		499,655.86		11,226.06			(246.00	)		—		—		5.5		3.115	MON		2,165.71		6,497.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040					2		1		2,618,553.10		0		2,648,140.84		2,490,894.74		2,613,226.14		34,914.70			(1,808.00	)		—		—		5		2.994	MON		10,378.73		31,136.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217					2		1		4,013,088.91		0		4,089,793.80		3,782,684.98		4,003,558.31		86,235.49			(2,184.00	)		—		—		5.5		3.046	MON		17,337.30		52,012.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957					2		1		9,463,978.68		0		9,562,032.07		8,994,240.42		9,447,764.07		114,268.00			(6,350.00	)		—		—		5		3.003	MON		37,476.00		112,428.00		9/28/2009		6/1/2024
31416TL49	FNMA POOL # AA9346					2		1		13,819,404.09		102.109		13,960,679.49		13,672,305.15		13,816,023.29		144,656.20			121.00			—		—		4.5		4.275	MON		51,271.15		153,813.00		2/2/2010		8/1/2039
31419ESP5	FNMA POOL # AE4125					2		1		7,786,035.79		98.535		7,401,341.84		7,511,400.23		7,782,451.87		(381,110.03	)		2,233.00			—		—		4		3.262	MON		25,038.00		75,114.00		11/5/2010		10/1/2040
31737UAE8	FINANCE FOR DANISH IND SENIOR CORP BND			F				1FE		14,740,425.00		99.975		14,696,324.70		14,700,000.00		14,737,793.93		(41,469.23	)		(2,631.00	)		—		—		0.54		0.382	MJSD		5,507.40		19,833.00		2/14/2011		12/6/2012
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2		NRZ		162,473.30		95.47		158,512.28		166,033.95		162,836.11		(4,323.83	)		11.00			—		—		2.769		3.249	MON		383.17		1,149.00		8/10/2007		12/25/2034
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE		2,779,404.80		106.327		2,892,103.00		2,720,000.00		2,744,463.80		147,639.20			(3,155.00	)		—		—		4.85		4.335	FA		21,986.67		65,960.00		4/25/2008		2/1/2013
34528QAJ3	FORDF ABS 10-1 A 144A					2		1FE		4,591,757.81		101.25		4,556,250.00		4,500,000.00		4,589,545.21		(33,295.21	)		(2,213.00	)		—		—		1.905		0.848	MON		4,048.13		—		3/10/2011		12/15/2014
34528RAE2	FORDO ABS 09-A A3B					2		1FE		2,364,799.59		101.023		2,342,776.62		2,319,052.64		2,342,771.03		5.59			(6,366.00	)		—		—		2.755		0.56	MON		3,017.02		16,015.00		6/9/2010		2/15/2012
34529KAC0	FORDL_10-A ABS_10-A-A3					2		1FE		3,915,082.03		100.312		3,912,157.86		3,900,000.00		3,909,656.97		2,500.89			(5,425.00	)		—		—		1.62		0.871	MON		2,808.00		10,530.00		1/19/2011		8/15/2011
34529LAD6	FORDO_10-A ABS 10-A-A3					2		1FE		1,999,634.80		100.55		2,011,000.06		2,000,000.00		1,999,788.66		11,211.40			42.00			—		—		1.32		1.332	MON		1,173.33		6,600.00		4/21/2010		6/15/2014
34529MAD4	FORDO_10-B ABS_10-B A4					2		1FE		899,948.88		99.739		897,650.98		900,000.00		899,957.74		(2,306.76	)		3.00			—		—		1.58		1.587	MON		632.00		3,555.00		7/27/2010		9/15/2015
34529PAC9	FORDO_11-A ABS _11-A A3					2		1FE		3,499,517.70		99.649		3,487,715.07		3,500,000.00		3,499,542.55		(11,827.48	)		25.00			—		—		0.97		0.976	MON		1,508.89		4,432.00		1/25/2011		1/15/2015
BRS3K93X7	FORD MOTOR COMPANY TERM LOAN							3FE		2,500,000.00		99.918		2,497,950.00		2,500,000.00		2,500,000.00		(2,050.00	)		—			—		—		0		0	MJSD		—		—		3/16/2011		12/15/2013
35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F				3FE		1,400,000.00		99.883		1,398,362.00		1,400,000.00		1,400,000.00		(1,638.00	)		—			—		—		5.865		5.872	FMAN		11,404.17		20,572.00		1/21/2010		2/3/2014
35177PAS6	FRANCE TELECOM CORP BND			F				1FE		6,246,739.39		107.274		6,308,771.94		5,881,000.00		6,168,304.69		140,467.25			(20,830.00	)		—		—		4.375		2.801	JJ		59,320.50		128,647.00		4/14/2010		7/8/2014
35177PAU1	FRANCE TELECOM CORP BND			F				1FE		996,600.00		97.287		972,872.31		1,000,000.00		996,951.97		(24,079.66	)		161.00			—		—		2.125		2.197	MS		885.42		10,625.00		9/7/2010		9/16/2015

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes				6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4	5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN	BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE	CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
354613AE1	FRANKLIN RESOURCES INC. CORP BND						1FE		1,974,114.25		100.955		1,993,859.02		1,975,000.00		1,974,366.83		19,492.19			72.00			—		—		2		2.015	MN		14,373.61		—		5/19/2010		5/20/2013
36186CBF9	ALLY FINANCIAL INC CORP BND GOVT GUAR						1FE		6,998,532.45		102.486		7,117,652.70		6,945,000.00		6,995,324.80		122,327.90			(6,458.00	)		—		—		2.2		1.767	JD		42,866.08		—		1/5/2011		12/19/2012
36201YER3	GNMA POOL # 606844				2		1		1,534,781.28		106.828		1,564,699.82		1,464,693.41		1,533,766.82		30,933.00			(432.00	)		—		—		5		3.978	MON		6,102.89		18,309.00		4/23/2010		9/15/2033
36202E5P0	GNMA POOL # 004454				2		1		21,548.77		0		21,537.67		20,254.38		21,518.02		19.65			(8.00	)		—		—		4.5		2.622	MON		75.95		228.00		10/7/2010		6/20/2024
36202EVU0	GNMA POOL # 004227				2		1		39,437.70		0		39,251.38		37,068.77		39,378.02		(126.64	)		(14.00	)		—		—		4.5		2.431	MON		139.01		417.00		10/7/2010		7/20/2023
36202FAE6	GNMA POOL # 004505				2		1		71,772.90		0		71,284.22		67,461.68		71,671.85		(387.63	)		(25.00	)		—		—		4.5		2.642	MON		252.98		759.00		10/7/2010		8/20/2024
36202FBR6	GNMA POOL # 004548				2		1		43,793.33		0		43,495.15		41,162.77		43,732.75		(237.60	)		(14.00	)		—		—		4.5		2.635	MON		154.36		463.00		10/7/2010		10/20/2024
36202FD78	GNMA POOL # 004626				2		1		1,924,941.81		0		1,912,659.16		1,809,315.25		1,922,351.15		(9,691.99	)		(611.00	)		—		—		4.5		2.666	MON		6,784.93		20,355.00		10/7/2010		2/20/2025
36202FET9	GNMA POOL # 004646				2		1		302,939.67		0		301,006.67		284,742.82		302,536.72		(1,530.05	)		(94.00	)		—		—		4.5		2.692	MON		1,067.79		3,203.00		10/7/2010		3/20/2025
36202FF43	GNMA POOL # 004687				2		1		841,332.22		0		835,963.86		790,795.45		840,228.06		(4,264.20	)		(266.00	)		—		—		4.5		2.707	MON		2,965.48		8,896.00		10/7/2010		5/20/2025
36202FFH4	GNMA POOL # 004668				2		1		1,203,165.35		0		1,195,488.21		1,130,894.15		1,201,574.11		(6,085.90	)		(386.00	)		—		—		4.5		2.705	MON		4,240.85		12,723.00		10/7/2010		4/20/2025
36202KME2	GNMA POOL # 008457				2		1		541,022.22		102.84		547,497.81		533,519.60		540,439.21		7,058.60			(154.00	)		—		—		2.625		2.255	MON		1,167.07		3,501.00		3/18/2009		7/20/2024
36204J4C7	GNMA POOL # 371719				2		1		425,120.45		106.75		455,003.91		400,113.36		422,825.64		32,178.27			(348.00	)		—		—		6.5		4.964	MON		2,167.28		6,502.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737				2		1		423,303.63		107.235		454,675.14		398,403.40		420,996.31		33,678.83			(369.00	)		—		—		6.5		4.922	MON		2,158.02		6,474.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611				2		1		511,128.03		106.75		547,057.33		481,061.68		508,424.53		38,632.80			(456.00	)		—		—		6.5		4.93	MON		2,605.75		7,817.00		9/11/2008		4/15/2024
3620A2KC9	GNMA POOL # 716791				2		1		2,012,539.39		0		2,026,219.27		1,903,673.08		2,008,191.67		18,027.60			(1,980.00	)		—		—		5		3.081	MON		7,931.97		23,796.00		9/29/2009		4/15/2024
3620A32R4	GNMA POOL # 718184				2		1		131,453.91		0		131,360.13		123,521.51		131,279.60		80.53			(34.00	)		—		—		4.5		2.625	MON		463.21		1,390.00		10/7/2010		3/15/2025
3620A5FJ3	GNMA POOL # 719369				2		1		1,367,484.24		0		1,362,507.80		1,281,203.22		1,365,529.27		(3,021.47	)		(518.00	)		—		—		4.5		2.535	MON		4,804.51		14,414.00		8/31/2010		4/15/2025
3620A6AC1	GNMA POOL # 720103				2		1		835,391.06		100.142		850,894.36		821,023.16		834,979.87		15,914.49			(111.00	)		—		—		4.5		4.256	MON		3,078.83		9,237.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220				2		??		1,919,028.53		106.437		1,944,719.51		1,827,102.44		1,915,107.06		29,612.45			(1,715.00	)		—		—		5		3.332	MON		7,612.93		22,839.00		7/29/2009		7/15/2024
3620A7R64	GNMA POOL # 721509				2		1		519,057.50		0		518,687.21		487,735.72		518,365.23		321.98			(134.00	)		—		—		4.5		2.61	MON		1,829.01		5,487.00		10/7/2010		2/15/2025
3620A7RQ0	GNMA POOL # 721495				2		1		681,160.96		0		680,675.03		640,057.28		680,244.79		430.24			(183.00	)		—		—		4.5		2.615	MON		2,400.21		7,201.00		10/7/2010		1/15/2025
3620A9MU2	GNMA POOL # 723171				2		1		70,711.93		106.336		70,654.78		66,444.91		70,614.71		40.07			(19.00	)		—		—		4.5		2.6	MON		249.17		748.00		10/7/2010		10/15/2024
3620A9QJ3	GNMA POOL # 723257				2		1		1,035,299.68		0		1,034,463.14		972,826.01		1,033,866.83		596.31			(282.00	)		—		—		4.5		2.59	MON		3,648.10		10,944.00		10/7/2010		9/15/2024
3620A9WS6	GNMA POOL # 723457				2		1		886,756.36		0		886,039.84		833,246.32		885,552.16		487.68			(251.00	)		—		—		4.5		2.627	MON		3,124.67		9,374.00		10/7/2010		12/15/2024
3620A9WW7	GNMA POOL # 723461				2		1		511,997.00		0		511,583.30		481,101.28		511,302.32		280.98			(140.00	)		—		—		4.5		2.62	MON		1,804.13		5,412.00		10/7/2010		12/15/2024
3620A9ZN4	GNMA POOL # 723549				2		1		1,226,763.04		0		1,225,887.87		1,152,735.78		1,225,112.01		775.86			(332.00	)		—		—		4.5		2.619	MON		4,322.76		12,968.00		10/7/2010		1/15/2025
3620ADCM2	GNMA POOL # 726476				2		1		13,973,656.54		0		14,105,261.30		13,264,817.83		13,940,891.60		164,369.70			(9,803.00	)		—		—		4.5		2.947	MON		49,743.07		149,229.00		12/8/2009		11/15/2024
3620AFY35	GNMA POOL # 728930				2		1		155,776.51		0		155,650.65		146,376.41		155,565.00		85.65			(44.00	)		—		—		4.5		2.626	MON		548.91		1,647.00		10/7/2010		12/15/2024
3620AKQR0	GNMA POOL # 732264				2		1		381,700.43		0		381,428.13		358,667.27		381,198.15		229.98			(97.00	)		—		—		4.5		2.626	MON		1,345.00		4,035.00		10/7/2010		4/15/2025
3620AKR57	GNMA POOL # 732308				2		1		130,670.94		0		130,577.71		122,785.78		130,498.48		79.23			(36.00	)		—		—		4.5		2.648	MON		460.45		1,381.00		10/7/2010		4/15/2025
3620AL5N0	GNMA POOL # 733553				2		1		853,444.24		0		852,835.41		801,944.38		852,319.15		516.26			(224.00	)		—		—		4.5		2.639	MON		3,007.29		9,022.00		10/7/2010		4/15/2025
3620AQ5X7	GNMA POOL # 737162				2		1		459,997.82		0		459,669.66		432,239.91		459,391.24		278.42			(125.00	)		—		—		4.5		2.641	MON		1,620.90		4,863.00		10/7/2010		4/15/2025
3620AQ6A6	GNMA POOL # 737165				2		1		1,811,602.58		0		1,810,310.21		1,702,284.03		1,809,218.74		1,091.47			(460.00	)		—		—		4.5		2.625	MON		6,383.57		19,151.00		10/7/2010		4/15/2025
3620AQG72	GNMA POOL # 736522				2		1		989,966.38		0		989,260.15		930,228.28		988,664.04		596.11			(261.00	)		—		—		4.5		2.623	MON		3,488.36		10,465.00		10/7/2010		4/15/2025
3620AQHC0	GNMA POOL # 736527				2		1		482,813.22		0		482,468.79		453,678.55		482,177.02		291.77			(130.00	)		—		—		4.5		2.636	MON		1,701.29		5,104.00		10/7/2010		4/15/2025
3620AQXC2	GNMA POOL # 736975				2		1		623,760.63		0		623,315.65		586,120.69		622,926.70		388.95			(166.00	)		—		—		4.5		2.628	MON		2,197.95		6,594.00		10/7/2010		2/15/2025
3620AWE48	GNMA POOL # 741855				2		1		368,611.34		0		368,348.37		346,368.01		368,128.09		220.28			(99.00	)		—		—		4.5		2.655	MON		1,298.88		3,897.00		10/7/2010		5/15/2025
3620AWE63	GNMA POOL # 741857				2		1		273,493.40		0		273,298.30		256,989.84		273,135.28		163.02			(73.00	)		—		—		4.5		2.647	MON		963.71		2,891.00		10/7/2010		5/15/2025
36210B4N2	GNMA POOL # 487829				2		1		619,456.80		102.844		636,429.83		598,508.99		618,087.31		18,342.52			(432.00	)		—		—		4.5		3.428	MON		2,244.41		6,733.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831				2		1		174,711.65		0		175,899.24		165,260.81		174,346.43		1,552.81			(167.00	)		—		—		5		3.03	MON		688.59		2,066.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832				2		1		660,789.99		104.229		673,040.57		632,334.93		659,108.49		13,932.08			(438.00	)		—		—		5		3.466	MON		2,634.73		7,904.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744				2		1		838,638.90		0		844,339.41		793,273.57		836,886.31		7,453.10			(807.00	)		—		—		5		3.008	MON		3,305.31		9,916.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745				2		1		746,976.71		0		752,054.14		706,569.74		745,408.11		6,646.03			(724.00	)		—		—		5		3.015	MON		2,944.04		8,832.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779				2		1		441,728.60		104.229		450,254.55		423,023.05		440,566.24		9,688.31			(326.00	)		—		—		5		3.524	MON		1,762.60		5,288.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339				2		1		341,370.58		114.125		352,968.65		309,282.50		340,202.15		12,766.50			(137.00	)		—		—		8		5.184	MON		2,061.88		6,186.00		3/7/2008		9/15/2031
36225C5S1	GNMA POOL # 080856				2		1		10,102,808.61		0		10,030,801.12		9,868,433.32		10,101,430.38		(70,629.26	)		(1,378.00	)		—		—		1.875		1.22	MON		15,419.43		—		3/2/2011		3/20/2034
36225C6Y7	GNMA POOL # 080886				2		1		10,458,748.45		101.863		10,393,705.03		10,203,657.02		10,456,427.17		(62,722.14	)		(2,321.00	)		—		—		1.875		0.831	MON		15,943.21		—		3/2/2011		4/20/2034
36225CD29	GNMA POOL # 080120				2		1		440,413.64		101.02		447,339.30		435,918.24		440,190.07		7,149.23			(29.00	)		—		—		2.125		1.838	MON		771.94		2,679.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916				2		1		358,303.88		100.563		368,148.94		360,047.86		358,347.26		9,801.68			8.00			—		—		1.875		1.985	MON		562.57		1,688.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156				2		1		950,479.33		102.185		977,290.64		947,813.63		950,391.98		26,898.66			(8.00	)		—		—		1.75		1.665	MON		1,382.23		4,937.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179				2		1		935,977.35		97.85		949,611.31		933,352.31		935,896.42		13,714.89			(8.00	)		—		—		1.75		1.659	MON		1,361.14		4,861.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224				2		1		597,728.96		99.1		611,778.54		600,544.01		597,781.86		13,996.68			11.00			—		—		2		2.096	MON		1,000.91		3,003.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431				2		1		3,930,111.58		0		4,001,921.04		3,881,591.70		3,928,122.95		73,798.09			(386.00	)		—		—		3		2.909	MON		9,703.98		29,112.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444				2		1		845,488.21		0		863,080.99		827,895.43		845,247.68		17,833.31			(20.00	)		—		—		3.75		3.036	MON		2,587.17		7,762.00		11/3/2009		12/20/2039
362341RT8	GSAA WHOLE CMO 05-AR6 1A1				2		NRZ		209,386.20		97		205,123.80		211,467.83		209,434.79		(4,310.99	)		6.00			—		—		2.815		3.028	MON		496.14		1,497.00		11/21/2007		9/25/2035
36241K6L7	GNMA POOL # 782675				2		1		98,704.03		0		98,624.28		92,747.88		98,564.07		60.21			(30.00	)		—		—		4.5		2.586	MON		347.80		1,043.00		10/7/2010		6/15/2024
36241KBP2	GNMA POOL # 781846				2		1		5,834,640.63		113.635		6,421,468.24		5,650,983.68		5,829,882.12		591,586.12			(709.00	)		—		—		6.5		5.634	MON		30,609.49		91,828.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931				2		1		4,092,165.52		107.628		4,503,004.82		3,963,356.43		4,088,844.26		414,160.56			(552.00	)		—		—		6.5		5.689	MON		21,468.17		64,405.00		8/15/2008		5/15/2035
36241KEH7	GNMA POOL # 781936				2		1		3,333,777.44		0		3,346,548.11		3,224,448.50		3,332,135.57		14,412.54			(443.00	)		—		—		4.5		3.854	MON		12,091.68		36,275.00		6/3/2010		6/15/2035
36241KGU6	GNMA POOL # 782011				2		??		249,675.44		106.568		260,377.84		244,330.54		249,548.29		10,829.55			(34.00	)		—		—		5		4.555	MON		1,018.04		3,054.00		7/14/2009		12/15/2035
36241KKB3	GNMA POOL # 782090				2		1		4,984,001.00		107.635		5,423,060.65		4,795,190.40		4,976,913.86		446,146.79			(527.00	)		—		—		6.5		5.519	MON		25,973.95		77,922.00		11/30/2007		5/15/2036
36241LHQ2	GNMA POOL # 782939				2		1		8,384,042.11		0		8,505,934.34		8,001,173.43		8,379,706.74		126,227.60			(1,757.00	)		—		—		5		4.009	MON		33,338.22		100,015.00		4/23/2010		9/15/2036
36241LN36	GNMA POOL # 783110				2		??		1,856,680.90		108.792		1,865,440.48		1,714,683.66		1,855,860.77		9,579.71			(508.00	)		—		—		5.5		3.681	MON		7,858.97		23,577.00		9/23/2010		4/15/2036
36290SJB8	GNMA POOL # 615958				2		1		9,258,778.10		0		9,439,265.80		8,835,963.44		9,252,638.77		186,627.03			(2,469.00	)		—		—		5		3.981	MON		36,816.51		110,450.00		4/23/2010		9/15/2033
36292DWW8	GNMA POOL # 646061				2		1		314,383.24		106.297		341,161.63		301,476.30		313,951.71		27,209.92			24.00			—		—		6.5		5.099	MON		1,633.00		4,899.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418				2		1		252,865.90		113.164		274,404.37		242,484.52		252,524.22		21,880.15			8.00			—		—		6.5		5.208	MON		1,313.46		3,940.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827				2		1		1,035,171.00		104.785		1,053,768.53		990,742.41		1,032,349.49		21,419.04			(751.00	)		—		—		5		3.37	MON		4,128.09		12,384.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745				2		1		384,764.32		104.785		391,911.30		368,471.00		383,708.20		8,203.10			(285.00	)		—		—		5		3.386	MON		1,535.30		4,606.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161				2		1		1,937,324.17		104.785		1,963,467.53		1,846,032.12		1,932,567.45		30,900.08			(2,198.00	)		—		—		5		3.275	MON		7,691.80		23,075.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223				2		1		217,330.26		106.297		235,841.88		208,407.78		217,030.10		18,811.78			25.00			—		—		6.5		5.029	MON		1,128.88		3,387.00		1/31/2008		1/15/2038
36296A5Y6	GNMA POOL # 685863				2		1		196,427.75		0		196,211.16		184,574.59		196,116.60		94.56			(82.00	)		—		—		4.5		2.554	MON		692.15		2,076.00		10/7/2010		5/15/2023
36296DR67	GNMA POOL # 688209				2		??		163,543.35		106.362		165,713.28		155,801.93		163,166.03		2,547.25			(178.00	)		—		—		5		3.307	MON		649.17		1,948.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448				2		1		509,361.54		104.785		518,822.91		487,792.00		507,989.77		10,833.14			(375.00	)		—		—		5		3.44	MON		2,032.47		6,097.00		3/26/2009		7/15/2023
36296TPY3	GNMA POOL # 700739				2		1		1,013,340.14		105.631		1,038,272.17		959,730.21		1,009,885.21		28,386.96			(422.00	)		—		—		5.5		3.398	MON		4,398.76		13,196.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995				2		1		863,384.48		104.785		879,421.79		826,823.39		861,158.88		18,262.91			(604.00	)		—		—		5		3.486	MON		3,445.10		10,335.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294				2		1		401,613.41		104.229		408,936.74		384,204.15		400,569.13		8,367.61			(274.00	)		—		—		5		3.421	MON		1,600.85		4,803.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697				2		1		1,306,387.55		0		1,315,267.49		1,235,719.82		1,303,616.59		11,650.90			(1,312.00	)		—		—		5		3.009	MON		5,148.83		15,446.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787				2		1		937,156.97		104.229		962,446.04		904,237.09		935,323.69		27,122.35			(455.00	)		—		—		5		3.72	MON		3,767.65		11,303.00		6/11/2009		3/15/2024
36296UXG0	GNMA POOL # 701879				2		1		582,469.03		0		581,998.38		547,320.77		581,636.82		361.56			(178.00	)		—		—		4.5		2.581	MON		2,052.45		6,157.00		10/7/2010		5/15/2024
36296XHH0	GNMA POOL # 704132				2		1		253,005.33		0		254,543.55		239,319.25		252,451.65		2,091.90			(262.00	)		—		—		5		3.014	MON		997.16		2,991.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243				2		1		636,346.83		104.229		653,518.57		613,993.62		635,115.15		18,403.42			(294.00	)		—		—		5		3.662	MON		2,558.31		7,675.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554				2		1		3,719,258.87		104.229		3,821,927.45		3,590,776.42		3,711,997.02		109,930.43			(1,884.00	)		—		—		5		3.817	MON		14,961.57		44,885.00		6/11/2009		6/15/2024
36297A3K7	GNMA				2		1		841,082.11		104.229		857,316.10		805,465.43		838,941.14		18,374.96			(568.00	)		—		—		5		3.461	MON		3,356.11		10,068.00		3/26/2009		1/15/2024
36297AKC6	GNMA POOL # 705991				2		1		117,223.60		0		117,128.88		110,149.91		117,050.87		78.01			(40.00	)		—		—		4.5		2.558	MON		413.06		1,239.00		10/7/2010		1/15/2024
36297AKF9	GNMA POOL # 705994				2		1		984,601.47		0		991,294.13		931,340.44		982,476.63		8,817.50			(1,010.00	)		—		—		5		3.014	MON		3,880.59		11,642.00		9/29/2009		1/15/2024
36297CV22	GNMA POOL # 708133				2		1		81,648.06		0		81,582.08		76,721.12		81,526.69		55.39			(30.00	)		—		—		4.5		2.61	MON		287.70		863.00		10/7/2010		1/15/2024
36297DFF9	GNMA POOL # 708566				2		1		1,969,181.40		0		1,982,566.58		1,862,660.51		1,964,964.43		17,602.15			(1,922.00	)		—		—		5		3.067	MON		7,761.09		23,283.00		9/29/2009		4/15/2024
36297DP35	GNMA POOL # 708842				2		1		81,335.84		0		81,270.12		76,427.75		81,220.81		49.31			(22.00	)		—		—		4.5		2.506	MON		286.60		860.00		10/7/2010		5/15/2024
36297DTR8	GNMA POOL # 708960				2		1		1,468,740.50		104.229		1,497,089.16		1,406,544.87		1,465,022.79		32,066.37			(974.00	)		—		—		5		3.493	MON		5,860.61		17,582.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884				2		1		3,306,310.67		0		3,328,784.76		3,127,459.11		3,299,256.20		29,528.56			(3,214.00	)		—		—		5		3.062	MON		13,031.08		39,093.00		9/29/2009		4/15/2024
36297GCD0	GNMA POOL # 711168				2		1		1,204,067.84		0		1,203,208.88		1,131,410.10		1,202,460.09		748.79			(318.00	)		—		—		4.5		2.619	MON		4,242.79		12,728.00		10/7/2010		2/15/2025

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
36297JJ54	GNMA POOL # 713184					2		1		1,800,669.26		0		1,812,908.99		1,703,263.85		1,796,868.84		16,040.15			(1,727.00	)		—		—		5		3.045	MON		7,096.93		21,291.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542					2		1		560,958.16		104.229		575,921.89		541,090.01		559,840.12		16,081.77			(287.00	)		—		—		5		3.781	MON		2,254.54		6,764.00		6/11/2009		6/15/2024
36830HAC6	GE EQUIPMENT SMALL TICKET LLC ABS 11-1					2		1FE		1,699,745.68		99.845		1,697,365.02		1,700,000.00		1,699,751.76		(2,386.74	)		6.00			—		—		1.45		1.458	MON		684.72		2,807.00		2/1/2011		1/21/2018
368710AG4	GENENTECH INC CORP BND							1FE		802,027.50		108.347		812,605.02		750,000.00		790,092.00		22,513.02			(2,152.00	)		—		—		4.75		3.4	JJ		7,520.83		17,813.00		10/29/2009		7/15/2015
369550AK4	GENERAL DYNAMICS CORPORATION CORP BND							1FE		803,002.50		105.736		793,017.65		750,000.00		798,552.97		(5,535.32	)		(4,450.00	)		—		—		4.25		1.153	MN		12,041.67		—		1/14/2011		5/15/2013
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND							1FE		4,489,680.00		110.846		4,433,824.48		4,000,000.00		4,397,128.66		36,695.82			(20,911.00	)		—		—		5.375		2.94	FA		27,472.22		107,500.00		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND							1FE		1,144,871.00		100.425		1,154,889.77		1,150,000.00		1,149,266.83		5,622.94			626.00			—		—		1.8		2.022	JJ		4,370.00		10,350.00		6/19/2009		7/15/2011
36962G3T9	GE CAPITAL CORP CORP BND							1FE		104,630.90		106.225		106,225.43		100,000.00		102,818.41		3,407.02			(323.00	)		—		—		4.8		3.387	MN		2,000.00		—		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP CORP BND MTN							1FE		261,337.50		109.584		273,959.81		250,000.00		260,063.64		13,896.17			(235.00	)		—		—		6		5.395	FA		2,250.00		7,500.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND							??		230,445.00		103.186		232,167.45		225,000.00		227,710.29		4,457.16			(478.00	)		—		—		3.5		2.599	FA		1,050.00		3,938.00		10/20/2009		8/13/2012
36962G4Q4	GE CAPITAL CORP CORP BND MTN							1FE		5,015,736.32		99.764		4,988,222.50		5,000,000.00		5,013,673.33		(25,450.83	)		(1,327.00	)		—		—		1.875		1.761	MS		3,906.25		46,875.00		11/12/2010		9/16/2013
36962G4T8	GE CAPITAL CORP CORP BND							1FE		16,120,380.00		95.853		15,863,588.92		16,550,000.00		16,137,843.29		(274,254.37	)		17,338.00			—		—		2.25		2.827	MN		146,881.26		—		1/26/2011		11/9/2015
36962G4X9	GE CAPITAL CORP CORP BND							1FE		9,995,100.00		99.833		9,983,281.71		10,000,000.00		9,995,462.19		(12,180.48	)		362.00			—		—		2.1		2.117	JJ		49,000.00		—		1/4/2011		1/7/2014
36962GK86	GE CAPITAL CORP CORP BND							1FE		1,589,400.00		107.19		1,607,855.54		1,500,000.00		1,572,691.17		35,164.37			(4,899.00	)		—		—		4.75		3.255	MS		3,166.67		35,625.00		5/19/2010		9/15/2014
36962GZY3	GENERAL ELEC CAP CO CORP BND MTN							1FE		159,667.65		106.864		160,296.12		150,000.00		155,521.44		4,774.68			(742.00	)		—		—		5.45		3.314	JJ		1,657.71		4,088.00		10/29/2009		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		1,296,269.00		101.864		1,324,232.00		1,300,000.00		1,299,112.83		25,119.17			315.00			—		—		3		3.101	JD		12,133.33		—		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		4,306,742.40		102.062		4,388,665.83		4,300,000.00		4,302,493.72		86,172.11			(513.00	)		—		—		2.2		2.15	JD		29,693.89		—		2/20/2009		6/8/2012
BRS8GH3X3	GEORGIA-PACIFIC CORPORATION TERM LOAN					2		3FE		3,010,819.37		100.275		3,000,346.95		2,992,118.62		3,010,819.37		(10,472.42	)		—			—		—		0		-0.168	MJSD		—		—		3/1/2011		12/23/2014
373334JM4	GEORGIA POWER COMPANY CORP BND							1FE		14,714,084.40		111.107		14,532,851.85		13,080,000.00		14,282,904.03		249,947.82			(111,972.00	)		—		—		6		2.311	MN		327,000.00		—		4/9/2010		11/1/2013
373334JQ5	GEORGIA POWER COMPANY CORP BND					1		1FE		4,600,000.00		100.144		4,606,623.55		4,600,000.00		4,600,000.00		6,623.55			—			—		—		0.63		0.576	MJSD		1,367.41		7,148.00		3/9/2010		3/15/2013
377372AC1	GLAXOSK CAP INC CORP BND							1FE		17,941,735.50		107.42		18,180,832.13		16,925,000.00		17,544,042.75		636,789.38			(68,028.00	)		—		—		4.85		3.052	MN		310,103.61		—		1/24/2011		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND							1FE		819,037.50		109.816		823,617.15		750,000.00		798,576.85		25,040.30			(3,675.00	)		—		—		6		3.755	MN		18,750.00		—		10/29/2009		5/1/2014
38141EA74	GOLDMAN SACHS GROUP INC CORP BND							1FE		10,523,517.47		100.49		10,471,075.30		10,420,000.00		10,516,467.23		(45,391.93	)		(4,854.00	)		—		—		3.7		3.468	FA		64,256.67		195,983.00		1/5/2011		8/1/2015
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND							1FE		4,113,480.00		104.361		4,174,420.24		4,000,000.00		4,022,512.05		151,908.19			(6,907.00	)		—		—		6.6		5.859	JJ		55,733.33		132,000.00		8/14/2007		1/15/2012
38141GCG7	GOLDMAN SACHS GROUP INC CORP BND							1FE		1,402,821.06		105.946		1,413,322.28		1,334,000.00		1,378,029.12		35,293.16			(7,475.00	)		—		—		5.7		3.294	MS		6,336.50		38,019.00		5/28/2010		9/1/2012
38141GDB7	GOLDMAN SACHS GROUP INC CORP BND							1FE		53,919.00		106.354		53,176.96		50,000.00		52,955.95		221.01			(356.00	)		—		—		5.25		2.212	AO		1,312.50		—		7/26/2010		4/1/2013
38141GDK7	GOLDMAN SACHS GROUP INC CORP BND							1FE		372,277.50		106.251		371,876.95		350,000.00		370,358.95		1,518.00			(1,919.00	)		—		—		4.75		2.133	JJ		3,509.72		8,313.00		1/6/2011		7/15/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND							1FE		6,229,470.00		106.717		6,403,020.60		6,000,000.00		6,194,370.07		208,650.53			(11,779.00	)		—		—		5.125		4.189	JJ		64,916.66		153,750.00		7/8/2010		1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC CORP BND							1FE		213,708.00		107.338		214,676.38		200,000.00		210,201.43		4,474.95			(866.00	)		—		—		5.15		3.223	JJ		2,174.44		5,150.00		3/18/2010		1/15/2014
38143USC6	GOLDMAN SACHS GROUP INC CORP BND							1FE		7,878,940.00		98.896		7,812,811.41		7,900,000.00		7,879,323.85		(66,512.44	)		384.00			—		—		3.625		3.682	FA		42,956.25		—		3/7/2011		2/7/2016
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND							1FE		5,092,400.00		106.248		5,312,403.85		5,000,000.00		5,035,179.29		277,224.56			(5,272.00	)		—		—		5.45		4.982	MN		113,541.67		—		5/13/2008		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND							1FE		11,655,000.00		103.338		11,625,525.56		11,250,000.00		11,401,080.71		224,444.85			(30,570.00	)		—		—		3.25		2.116	JD		107,656.25		—		2/20/2009		6/15/2012
38373MV23	GNR CMBS_08-45 A					2		1FE		572,303.24		101.56		570,971.54		562,201.20		567,426.37		3,545.17			(498.00	)		—		—		3.576		2.009	MON		1,675.36		5,026.00		12/15/2009		9/16/2012
38373YBQ6	GNMA CMO_02-79 LN					2		1		868,587.28		101.594		859,191.36		845,712.81		851,740.53		7,450.83			(365.00	)		—		—		5.5		3.036	MON		3,876.18		11,629.00		6/15/2009		1/20/2012
38373YNS9	GNMA CMO_02-88 GB					2		1FE		387,289.89		100.301		378,060.55		376,924.47		378,186.59		(126.04	)		(818.00	)		—		—		5		1.573	MON		1,570.52		4,712.00		9/29/2009		7/20/2011
383742TU7	GNMA CMO 08-17 EH					2		1		3,506,808.63		104.75		3,496,897.97		3,338,327.42		3,502,842.42		(5,944.45	)		(3,966.00	)		—		—		5.25		1.869	MON		14,605.18		—		3/15/2011		12/1/2014
38374EEE3	GNMA CMO_03-106 B					2		1		576,950.47		100.528		571,076.43		568,074.33		569,032.78		2,043.65			(104.00	)		—		—		5.5		4.138	MON		2,603.67		7,811.00		8/21/2008		11/20/2011
38374GRG9	GNMA CMO_04-38 VA					2		1		1,878,275.82		106.04		1,870,712.00		1,764,156.92		1,870,044.52		667.48			(8,231.00	)		—		—		5		0.878	MON		7,350.65		14,701.00		1/7/2011		9/20/2014
38374H7F1	GNMA AGENCY CMO 04-69-FG					2		1		3,964,725.20		99.378		3,936,361.58		3,961,011.75		3,963,995.75		(27,634.17	)		(10.00	)		—		—		0.554		0.488	MON		669.91		5,559.00		5/21/2010		12/20/2013
38374JUS3	GNMA CMO_04-82 MA					2		1		8,262,815.99		105.185		8,174,613.29		7,771,625.00		8,252,611.88		(77,998.59	)		(10,204.00	)		—		—		5		2.094	MON		32,381.78		—		3/9/2011		10/1/2016
38374VHH5	GNMA CMO_09-45 AB					2		1		2,168,921.41		101.709		2,115,112.56		2,079,565.10		2,110,233.12		4,879.44			(7,205.00	)		—		—		5		0.433	MON		8,664.85		25,995.00		1/28/2010		12/20/2011
38374VKJ7	GNMA CMO_09-45 BA					2		1		6,655,312.50		107.219		6,647,562.50		6,200,000.00		6,653,519.56		(5,957.06	)		(1,793.00	)		—		—		5		4.23	MON		25,833.33		—		3/7/2011		12/1/2033
38375PXQ9	GNMA CMO 08-11 FB					2		1		2,167,142.74		99.563		2,152,280.78		2,161,738.39		2,167,100.99		(14,820.21	)		(23.00	)		—		—		0.854		0.794	MON		563.76		4,655.00		3/8/2010		9/20/2037
38375XTH7	GNMA_08-72 CMO_08-72 V					2		1		5,189,174.87		106.047		5,191,475.74		4,895,448.00		5,115,916.27		75,559.47			(7,468.00	)		—		—		6		-0.682	MON		24,477.24		73,432.00		8/18/2010		11/20/2012
38869CAG8	GRAPHIC PACKAGING INTL TERM LOAN							3FE		—		99.667		—		—		—		—			22.00			—		—		0		-0.04	JAJO		—		—		3/1/2011		5/16/2014
40414LAB5	HEALTH CARE PROPERTY INVESTORS CORP BND							2FE		6,767,745.00		100.236		6,765,949.03		6,750,000.00		6,766,717.04		(768.01	)		(1,028.00	)		—		—		2.7		2.609	FA		33,918.76		—		1/20/2011		2/1/2014
404280AK5	HSBC BANK BILL CORP BND			F				1FE		1,995,660.00		100.752		2,015,043.34		2,000,000.00		1,995,660.00		19,383.34			—			—		—		5.1		5.128	AO		—		—		3/29/2011		4/5/2021
40429CAA0	HSBC FINANCE CORPORATION CORP BND							1FE		488,635.00		100.652		503,261.03		500,000.00		499,431.80		3,829.23			1,162.00			—		—		6.75		7.721	MN		12,750.00		—		9/30/2008		5/15/2011
40429CFV9	HSBC FINANCE CORP CORP BND							1FE		9,139,665.00		98.53		9,360,349.90		9,500,000.00		9,227,163.02		133,186.88			23,476.00			—		—		0.553		1.592	JAJO		10,655.43		13,514.00		4/26/2010		1/15/2014
41283KAC1	HDMOT_10-1 ABS 10-1 A3					2		1FE		1,099,844.68		99.873		1,098,603.01		1,100,000.00		1,099,870.05		(1,267.04	)		21.00			—		—		1.16		1.17	MON		567.11		3,190.00		11/17/2010		2/15/2015
41283KAD9	HDMOT_10-1 ABS_10-1 A4					2		1FE		1,497,187.50		99.308		1,489,623.75		1,500,000.00		1,497,313.89		(7,690.14	)		126.00			—		—		1.53		1.666	MON		1,020.00		3,825.00		2/2/2011		9/15/2015
41283LAA3	HARLEY-DAVIDSON FINANCIAL CORP BND 144A							2FE		2,248,650.00		99.769		2,244,799.51		2,250,000.00		2,248,664.28		(3,864.77	)		14.00			—		—		3.875		3.888	MS		6,539.06		—		3/1/2011		3/15/2016
415864AK3	HARSCO CORPORATION CORP BND							2FE		3,452,015.00		96.971		3,393,989.55		3,500,000.00		3,453,668.54		(59,678.99	)		1,654.00			—		—		2.7		3.014	AO		50,137.50		—		1/28/2011		10/15/2015
419791YG7	HAWAII ST MUNI BND GO							1FE		2,007,940.00		102.361		2,047,220.00		2,000,000.00		2,006,233.54		40,986.46			(379.00	)		—		—		3		2.914	FA		10,000.00		30,000.00		2/10/2010		2/1/2015
42217KAV8	HEALTH CARE REIT INC. CORP BND							2FE		2,869,574.40		98.788		2,845,091.81		2,880,000.00		2,869,666.01		(24,574.20	)		92.00			—		—		3.625		3.705	MS		4,930.00		—		3/9/2011		3/15/2016
BRS29NQV0	HELIX ENERGY SOLUTIONS TERM LOAN							3FE		1,737,847.28		98.75		1,721,630.16		1,743,422.95		1,738,450.00		(16,819.84	)		542.00			—		—		0		0.125	JAJO		—		5,973.00		2/22/2011		7/1/2013
428236AL7	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,863,223.70		104.297		2,988,116.84		2,865,000.00		2,864,645.08		123,471.76			93.00			—		—		5.25		5.264	MS		12,534.38		75,206.00		2/22/2007		3/1/2012
428236AT0	HEWLETT-PACKARD COMPANY CORP BND							1FE		7,127,236.50		111.743		7,235,364.43		6,475,000.00		6,871,294.83		364,069.60			(31,569.00	)		—		—		6.125		3.884	MS		33,049.49		198,297.00		10/26/2009		3/1/2014
428236AU7	HEWLETT-PACKARD COMPANY CORP BND							1FE		1,024,549.00		104.409		1,058,419.91		1,025,000.00		1,024,857.69		33,562.22			38.00			—		—		4.25		4.266	FA		4,477.25		21,781.00		2/23/2009		2/24/2012
428236AV5	HEWLETT-PACKARD COMPANY CORP BND							1FE		10,351,763.65		108.524		10,395,517.13		9,579,000.00		10,162,563.22		232,953.91			(43,500.00	)		—		—		4.75		2.73	JD		150,403.61		—		4/9/2010		6/2/2014
428236AZ6	HEWLETT-PACKARD COMPANY CORP BND							1FE		5,100,307.54		100.171		5,055,629.87		5,047,000.00		5,052,730.60		2,899.27			(9,203.00	)		—		—		1.361		0.691	FMAN		6,103.50		17,119.00		12/16/2009		5/27/2011
428236BB8	HEWLETT-PACKARD COMPANY CORP BND							1FE		499,605.00		99.297		496,484.19		500,000.00		499,676.52		(3,192.33	)		32.00			—		—		1.25		1.277	MS		312.50		3,125.00		9/8/2010		9/13/2013
429827AB4	HEF_10-401 ABS 04-1 A2 144A					2		1FE		164,000.00		87.212		174,423.80		200,000.00		166,079.54		8,344.26			(554.00	)		—		—		1.635		2.799	MON		9.08		676.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,000.00		87.212		174,423.60		200,000.00		166,371.66		8,051.94			(183.00	)		—		—		0		0.925	MON		—		752.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A					2		1FE		164,000.00		87.212		174,423.20		200,000.00		165,873.58		8,549.62			(109.00	)		—		—		1.758		2.871	MON		58.60		661.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,224.00		87.213		174,425.60		200,000.00		167,882.74		6,542.86			1,538.00			—		—		0.412		1.986	MON		67.73		619.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS_04-1					2		1FE		164,196.00		87.213		174,425.60		200,000.00		166,948.32		7,477.28			673.00			—		—		0.152		1.98	MON		4.16		307.00		9/10/2009		1/1/2044
429827AN8	HEF_04-1 ABS 04-1 A13 144A					2		1FE		164,000.00		87.213		174,425.60		200,000.00		166,572.95		7,852.65			767.00			—		—		4.4		6.537	MON		241.10		683.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A							1FE		246,000.00		88.499		265,498.20		300,000.00		248,219.08		17,279.12			354.00			—		—		0		0.579	MON		—		1,138.00		9/10/2009		1/1/2044
43812KAC7	HAROT_10-2 ABS 10-2 A3					2		1FE		3,899,524.59		100.59		3,923,009.84		3,900,000.00		3,899,709.75		23,300.09			54.00			—		—		1.34		1.349	MON		1,887.17		13,065.00		5/12/2010		5/20/2013
43813TAD5	HAROT_11-1 ABS_11-1 A4					2		1FE		2,199,414.14		100.129		2,202,837.96		2,200,000.00		2,199,422.49		3,415.47			8.00			—		—		1.8		1.815	MON		1,760.00		2,310.00		2/17/2011		4/17/2017
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND							1FE		526,105.00		106.616		533,079.07		500,000.00		519,112.87		13,966.20			(1,577.00	)		—		—		3.875		2.489	FA		2,475.69		9,688.00		2/17/2010		2/15/2014
44328MAB0	HSBC BANK PLC CORP BND 144A			F				1FE		3,497,130.00		101.472		3,551,508.52		3,500,000.00		3,497,534.29		53,974.23			133.00			—		—		3.5		3.518	JD		31,645.83		—		6/21/2010		6/28/2015
44328MAD6	HSBC BANK PLC CORP BOND 144A			F				1FE		7,042,386.00		99.726		7,030,688.22		7,050,000.00		7,043,961.23		(13,273.01	)		616.00			—		—		1.625		1.662	FA		15,593.23		57,281.00		8/5/2010		8/12/2013
44328MAH7	HSBC BANK PLC CORP BND 144A			F				1FE		3,950,000.00		100.027		3,951,066.50		3,950,000.00		3,950,000.00		1,066.50			—			—		—		1.103		1.103	JAJO		8,714.72		—		1/12/2011		1/17/2014
44920UAC2	HYUNDAI CAP SVC CORP BND 144A			F				2FE		2,982,210.00		100.604		3,018,118.59		3,000,000.00		2,982,720.41		35,398.18			510.00			—		—		4.375		4.498	JJ		23,333.33		—		1/20/2011		7/27/2016
44923WAB7	HART ABS 10-A A2					2		1FE		2,984,094.18		100.09		2,986,961.77		2,984,275.92		2,984,215.73		2,746.04			20.00			—		—		0.86		0.867	MON		1,140.66		6,416.00		5/5/2010		11/15/2012
44923WAD3	HART ABS 10-A 4					2		1FE		8,149,863.90		101.538		8,275,347.82		8,150,000.00		8,149,887.49		125,460.33			8.00			—		—		2.45		2.463	MON		8,874.44		49,919.00		5/5/2010		12/15/2016
44923YAC1	HART_10-B ABS 10-B A3					2		1FE		3,899,304.42		99.59		3,884,010.00		3,900,000.00		3,899,471.56		(15,461.56	)		70.00			—		—		0.97		0.979	MON		1,681.34		9,458.00		8/19/2010		4/15/2015
44923YAD9	HART_10-B ABS_10-B A4					2		1FE		7,549,294.08		98.5		7,436,750.00		7,550,000.00		7,549,393.56		(112,643.56	)		39.00			—		—		1.63		1.638	MON		5,469.56		30,766.00		8/19/2010		3/15/2017
44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		6,015,244.20		106.321		6,400,523.72		6,020,000.00		6,018,389.52		382,134.20			244.00			—		—		5.05		5.068	AO		134,271.08		—		10/17/2007		10/22/2012
4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00		99.965		3,098,914.88		3,100,000.00		3,126,988.40		(28,073.52	)		(3,738.00	)		—		—		3.321		2.808	JJ		25,165.80		51,476.00		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNI BND GO							1FE		2,300,000.00		99.419		2,286,636.98		2,300,000.00		2,300,000.00		(13,363.02	)		—			—		—		4.421		4.421	JJ		25,420.75		50,842.00		1/8/2010		1/1/2015
45324QAB2	ING BANK NV - (LT) GTD CORP BND GOVT			F				1FE		10,247,789.90		101.071		10,141,439.40		10,000,000.00		10,092,698.92		48,740.48			(26,431.00	)		—		—		2.625		1.534	FA		37,916.67		131,250.00		10/7/2009		2/9/2012
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				1FE		7,418,582.14		105.372		7,586,784.14		7,200,000.00		7,387,802.99		198,981.15			(19,996.00	)		—		—		3.5		2.314	JJ		58,100.00		126,000.00		11/12/2010		7/8/2013
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		16,616,493.09		106.219		16,548,921.60		15,580,000.00		16,189,658.19		359,263.41			(95,272.00	)		—		—		4.75		2.168	AO		333,022.50		—		2/19/2010		10/19/2012
4581X0BM9	INTER-AMERICAN DEV BK CORP BND			F				1FE		998,720.00		101.238		1,012,379.99		1,000,000.00		999,051.13		13,328.86			101.00			—		—		1.625		1.667	JJ		3,430.56		8,125.00		5/26/2010		7/15/2013
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F				2FE		5,209,150.00		101.768		5,088,379.05		5,000,000.00		5,068,212.04		20,167.01			(27,184.00	)		—		—		3.125		0.918	MN		59,027.78		—		12/10/2009		11/15/2011
459200GN5	IBM CORP CORP BND							1FE		3,209,710.75		112.293		3,256,506.05		2,900,000.00		3,084,098.32		172,407.73			(16,973.00	)		—		—		6.5		3.848	AO		86,919.45		—		6/11/2009		10/15/2013
459200GR6	IBM CORP CORP BND							1FE		6,794,492.00		101.767		6,920,166.82		6,800,000.00		6,796,652.27		123,514.55			387.00			—		—		2.1		2.124	MN		57,516.67		—		11/3/2009		5/6/2013
459200GT2	IBM CORP CORP BND							1FE		8,972,631.90		99.21		8,928,857.34		9,000,000.00		8,977,056.52		(48,199.18	)		2,388.00			—		—		1		1.11	FA		14,000.00		45,000.00		11/12/2010		8/5/2013
45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				1FE		4,683,362.00		102.501		4,951,262.04		4,700,000.00		4,692,677.69		258,584.35			823.00			—		—		3.5		3.577	MN		62,144.45		—		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND			F				1FE		9,756,880.00		104.411		9,919,045.29		9,500,000.00		9,683,370.21		235,675.08			(14,244.00	)		—		—		3		2.342	AO		125,875.00		—		12/11/2009		4/22/2014

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST									DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
46623EHJ1	JPMORGAN CHASE & CO CORP BND							1FE		4,958,800.00		99.916		4,995,800.00		5,000,000.00		4,979,704.13		16,095.87			4,027.00			—		—		0.433		0.736	MJSD		480.39		5,110.00		12/15/2009		6/25/2012
46623EJC4	JPMORGAN CHASE & CO CORP BND							1FE		1,647,101.20		100.414		1,646,789.62		1,640,000.00		1,646,196.76		592.86			(613.00	)		—		—		1.057		0.888	MJSD		48.15		4,364.00		11/16/2010		9/30/2013
46623EJF7	JPMORGAN CHASE & CO CORP BND MTN							1FE		5,775,000.00		100.553		5,806,935.80		5,775,000.00		5,775,000.00		31,935.80			—			—		—		1.103		1.103	JAJO		11,856.35		—		1/14/2011		1/24/2014
466247E74	JPMMT CMO_06-A1 2A2					2		NRZ		462,254.96		90.987		420,265.43		461,894.09		462,122.40		(41,856.97	)		8.00			—		—		2.863		2.84	MON		1,101.95		3,380.00		2/6/2008		2/25/2036
466247K36	JPMMT CMO_06-A2 3A3					2		3FE		11,334,033.20		84.69		10,268,662.50		12,125,000.00		11,617,017.22		(1,348,354.72	)		11,917.00			—		—		5.662		6.709	MON		57,210.67		171,849.00		11/21/2007		4/25/2036
46625HCE8	JPMORGAN CHASE & CO CORP BND							1FE		182,024.50		105.752		185,065.17		175,000.00		180,299.87		4,765.30			(308.00	)		—		—		4.75		3.908	MS		692.71		4,156.00		10/29/2009		3/1/2015
46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		105.89		5,294,500.75		5,000,000.00		5,076,544.58		217,956.17			(12,089.00	)		—		—		5.375		4.31	AO		134,375.00		—		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND							1FE		7,647,350.00		105.912		7,943,417.33		7,500,000.00		7,606,688.84		336,728.49			(12,376.00	)		—		—		4.75		4.022	MN		148,437.50		—		4/23/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND							1FE		3,390,096.00		106.781		3,416,977.79		3,200,000.00		3,337,074.61		79,903.18			(10,150.00	)		—		—		4.65		3.216	JD		49,600.00		—		12/16/2009		6/1/2014
46625HHP8	JPMORGAN CHASE & CO CORP BND							1FE		10,081,000.00		102.22		10,222,006.20		10,000,000.00		10,065,325.33		156,680.87			(3,973.00	)		—		—		3.7		3.515	JJ		72,972.22		185,000.00		3/18/2010		1/20/2015
46625HHR4	JPMORGAN CHASE & CO CORP BND							1FE		5,196,050.00		101.075		5,053,737.65		5,000,000.00		5,178,961.24		(125,223.59	)		(9,915.00	)		—		—		3.4		2.503	JD		45,805.56		—		10/21/2010		6/24/2015
46625HHX1	JPMORGAN CHASE & CO CORP BND							1FE		3,991,760.00		99.434		3,977,340.40		4,000,000.00		3,991,902.05		(14,561.65	)		142.00			—		—		3.45		3.495	MS		14,183.33		—		2/17/2011		3/1/2016
46625MLR8	JPMCC CMBS_02-C1-A2					2		1FE		20,205.66		100.954		20,483.57		20,387.23		20,340.46		143.11			25.00			—		—		4.914		5.486	MON		83.49		250.00		8/27/2008		7/12/2037
477874AC5	JDOT_09 ABS 09 A3					2		1FE		731,067.53		100.759		728,108.89		722,627.47		727,047.70		1,061.19			(1,234.00	)		—		—		2.59		1.363	MON		831.82		4,679.00		5/13/2010		3/15/2012
47787AAD9	JDOT_10-A ABS 10-A-A3					2		1FE		1,049,848.49		100.44		1,054,620.00		1,050,000.00		1,049,906.06		4,713.94			17.00			—		—		1.32		1.33	MON		616.00		3,465.00		4/15/2010		5/15/2014
478160AP9	J & J MEDICAL CORP BND			R				1FE		4,753,433.62		106.047		4,772,096.33		4,500,000.00		4,699,032.51		73,063.82			(35,138.00	)		—		—		5.15		1.877	FA		29,612.50		115,875.00		11/12/2010		8/15/2012
478160AW4	JOHNSON & JOHNSON CORP BND							1FE		1,204,040.25		94.435		1,156,834.42		1,225,000.00		1,205,170.70		(48,336.28	)		453.00			—		—		2.95		3.15	MS		3,011.46		19,474.00		8/12/2010		9/1/2020
478366AV9	JOHNSON CONTROLS INC CORP BND							2FE		4,849,219.50		99.4		4,820,903.40		4,850,000.00		4,849,419.11		(28,515.71	)		200.00			—		—		1.75		1.746	FA		13,438.55		—		2/2/2011		3/1/2014
478366AY3	JOHNSON CONTROLS INC CORP BND							2FE		5,400,000.00		100.197		5,410,637.52		5,400,000.00		5,400,000.00		10,637.52			—			—		—		0.721		0.721	FMAN		6,052.20		—		2/1/2011		2/4/2014
479403AB3	JOHNSTON RE LTD CORP BND 144A							3FE		5,000,000.00		100.43		5,021,500.00		5,000,000.00		5,000,000.00		21,500.00			—			—		—		6.61		0	MJSD		22,033.33		81,250.00		4/30/2010		5/8/2013
48121CJN7	JPMORGAN CHS BNK CORP BND							1FE		4,488,880.00		109.704		4,388,156.28		4,000,000.00		4,459,528.12		(71,371.84	)		(19,936.00	)		—		—		5.875		3.443	JD		70,500.00		—		11/16/2010		6/13/2016
481247AE4	JPMORGAN CHASE & CO-GTD CORP BND GOVT							1FE		10,269,800.00		102.019		10,201,899.70		10,000,000.00		10,170,435.26		31,464.44			(34,241.00	)		—		—		2.125		0.725	JD		58,437.50		—		7/7/2010		6/22/2012
481247AF1	JPMORGAN CHASE & CO-GTD CORP BND GOVT							1FE		2,939,292.06		101.344		2,922,926.80		2,910,000.00		2,924,063.69		(1,136.89	)		(2,818.00	)		—		—		0.689		0.28	MJSD		556.94		4,967.00		11/24/2009		6/22/2012
481247AK0	JPMORGAN CHASE BANK NA - GTD CORP BND							1FE		2,523,434.50		102.086		2,577,671.47		2,525,000.00		2,524,403.47		53,268.00			121.00			—		—		2.2		2.22	JD		16,356.39		—		2/18/2009		6/15/2012
BRS3KKB54	ADESA TERM LOAN							3FE		1,995,000.00		99.625		1,992,500.00		2,000,000.00		1,995,324.95		(2,824.95	)		325.00			—		—		0		0.09	MON		—		10,722.00		12/20/2010		10/21/2013
49328CAA3	KEYBANK NA - GTD CORP BND GOVT GUAR							1FE		2,088,898.00		103.279		2,065,579.84		2,000,000.00		2,045,015.47		20,564.37			(9,154.00	)		—		—		3.2		1.312	JD		18,844.44		—		1/15/2010		6/15/2012
494550BG0	KINDER MORGAN ENERGY PARTNERS CORP BND							2FE		1,149,793.00		99.882		1,148,642.87		1,150,000.00		1,149,795.52		(1,152.65	)		3.00			—		—		3.5		3.504	MS		3,018.75		—		2/23/2011		3/1/2016
49925JAE7	KWKF_20-10 ABS 10-1 A					2		1FE		946,668.59		98.332		943,933.31		959,945.20		947,106.22		(3,172.91	)		170.00			—		—		1.262		1.409	FMAN		1,177.33		3,014.00		9/15/2010		2/25/2042
50075NAX2	KRAFT FOODS INC. CORP BND							2FE		2,609,190.00		113.055		2,543,728.93		2,250,000.00		2,546,671.66		(2,942.73	)		(24,533.00	)		—		—		6.75		2.024	FA		17,718.75		75,938.00		8/10/2010		2/19/2014
50075NBB9	KRAFT FOODS INC. CORP BND							2FE		5,709,690.00		103.507		5,434,095.30		5,250,000.00		5,673,264.72		(239,169.42	)		(20,179.00	)		—		—		4.125		2.359	FA		31,281.25		108,281.00		10/14/2010		2/9/2016
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,891,001.50		107.929		16,189,350.15		15,000,000.00		15,629,195.91		560,154.24			(41,538.00	)		—		—		4.125		2.87	AO		285,312.50		—		8/31/2009		10/15/2014
500769CV4	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		3,192,160.00		104.453		3,224,092.83		3,200,000.00		3,199,346.17		24,746.66			676.00			—		—		3.75		3.837	JD		31,333.33		—		6/19/2008		6/27/2011
500769DG6	KFW GROUP CORP BND GOVT GUAR			F				1FE		7,096,551.77		101.858		7,130,059.58		7,000,000.00		7,047,018.01		83,041.57			(11,038.00	)		—		—		2.25		1.597	AO		72,187.50		—		2/19/2010		4/16/2012
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				3FE		9,750,000.00		104.005		10,140,487.50		9,750,000.00		9,750,000.00		390,487.50			—			—		—		7.84		7.895	MJSD		2,123.33		192,055.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		2,844,043.50		101.738		2,899,532.97		2,850,000.00		2,847,021.84		52,511.13			491.00			—		—		1.875		1.947	MS		1,039.06		26,719.00		9/15/2009		9/24/2012
52205VAA3	LEASEPLAN CORPORATION NV - GTD CORP BND			F				1FE		32,739,003.00		100.948		32,951,242.80		32,130,000.00		32,515,155.26		436,087.54			(86,513.00	)		—		—		3		1.89	MN		385,560.00		—		10/28/2010		5/7/2012
52520MBU6	LMT WHOLE CMO 05-2					2		NRZ		1,173,064.71		97.628		1,146,098.06		1,173,944.01		1,168,912.67		(22,814.61	)		(14.00	)		—		—		5.5		5.504	MON		5,380.58		16,142.00		5/19/2008		12/25/2035
532457AU2	ELI LILLY AND COMPANY CORP BND							1FE		1,279,565.40		109.051		1,268,173.87		1,205,000.00		1,266,590.75		1,583.12			(12,975.00	)		—		—		6		0.617	MS		3,213.33		36,150.00		1/13/2011		3/15/2012
532457BE7	ELI LILLY AND COMPANY CORP BND							1FE		2,087,017.00		107.229		2,037,352.08		1,900,000.00		2,064,218.64		(26,866.56	)		(13,654.00	)		—		—		4.2		1.189	MS		5,541.67		39,900.00		10/28/2010		3/6/2014
539473AD0	LLOYDS TSB BANK PLC - GTD CORP BND GOVT			F				1FE		5,105,375.00		100.89		5,044,500.35		5,000,000.00		5,045,463.22		(962.87	)		(11,116.00	)		—		—		1.303		0.393	JAJO		15,923.24		16,483.00		11/25/2009		4/2/2012
54313TAA3	LONGPOINT RE LTD CORP BND 144A			F				3FE		2,500,000.00		100.128		2,503,200.00		2,500,000.00		2,500,000.00		3,200.00			—			—		—		5.5		5.5	MJSD		6,493.06		33,750.00		12/14/2009		12/24/2012
55263ECH6	MBNA CORPORATION CORP BND							1FE		352,687.50		96.24		353,247.76		330,000.00		339,185.63		14,062.13			(1,127.00	)		—		—		6.125		4.59	MS		1,684.38		10,106.00		1/30/2008		3/1/2013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND GOVT			F				1FE		4,678,890.29		106.556		4,795,020.00		4,500,000.00		4,628,876.57		166,143.43			(11,276.00	)		—		—		4.1		2.992	JD		53,300.00		—		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD - GTD CORP BND GOVT			F				1FE		3,549,726.04		101.463		3,551,198.53		3,500,000.00		3,521,036.36		30,162.17			(6,434.00	)		—		—		2.6		1.843	JJ		17,947.22		45,500.00		2/19/2010		1/20/2012
55607EAL4	MACQUARIE BANK LTD - GTD CORP BND GOVT			F				1FE		3,962,660.00		104.552		4,182,080.40		4,000,000.00		3,974,323.88		207,756.52			1,821.00			—		—		3.3		3.508	JJ		27,133.33		66,000.00		8/13/2009		7/17/2014
57583PEM7	MASSACHUSETTS ST MUNITAX BND REV							??		4,625,000.00		99.563		4,604,788.94		4,625,000.00		4,625,000.00		(20,211.06	)		—			—		—		2.983		2.983	JD		37,556.80		—		12/15/2010		12/15/2015
580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.25		109.01		4,769,170.92		4,375,000.00		4,557,134.35		212,036.57			(43,260.00	)		—		—		9.75		5.417	AO		213,281.25		—		5/31/2007		4/1/2012
585055AU0	MEDTRONIC INC CORP BND							1FE		6,968,430.00		99.076		6,935,318.18		7,000,000.00		6,968,704.26		(33,386.08	)		274.00			—		—		2.625		2.722	MS		8,166.67		—		3/10/2011		3/15/2016
587682AC9	MBART_10-A ABS 10-A-A3					2		1FE		799,846.00		100.765		806,120.24		800,000.00		799,905.23		6,215.01			16.00			—		—		1.42		1.432	MON		504.89		2,840.00		4/13/2010		8/15/2014
589331AK3	MERCK & CO INC CORP BND							1FE		8,701,862.50		108.437		8,674,936.57		8,000,000.00		8,552,884.58		122,051.99			(32,847.00	)		—		—		4.75		2.871	MS		31,666.67		190,000.00		2/17/2010		3/1/2015
589331AR8	MERCK & CO INC CORP BND							1FE		2,099,496.00		100.383		2,108,049.30		2,100,000.00		2,099,937.56		8,111.74			62.00			—		—		1.875		1.887	JD		9,953.13		—		6/22/2009		6/30/2011
59018YM40	MERRILL LYNCH & CO INC CORP BND							1FE		5,069,223.87		105.852		5,292,599.10		5,000,000.00		5,044,415.92		248,183.18			(5,652.00	)		—		—		5.45		4.941	FA		42,388.89		136,250.00		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN							1FE		6,982,495.68		99.458		7,056,898.87		6,550,000.00		6,890,073.91		166,824.96			(39,136.00	)		—		—		6.15		3.522	AO		174,557.50		—		11/12/2010		4/25/2013
59018YTZ4	MERRILL LYNCH & CO INC CORP BND							1FE		2,251,650.00		107.412		2,282,511.21		2,125,000.00		2,219,543.66		62,967.55			(6,666.00	)		—		—		5.45		3.993	JJ		24,449.30		57,906.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND							1FE		4,005,840.00		100.017		4,000,679.92		4,000,000.00		4,000,453.33		226.59			(368.00	)		—		—		0.503		3.696	JAJO		3,689.62		4,993.00		12/24/2008		7/25/2011
594918AF1	MICROSOFT CORPORATION CORP BND							1FE		2,483,662.50		99.221		2,455,725.81		2,475,000.00		2,482,301.65		(26,575.84	)		(720.00	)		—		—		0.875		0.755	MS		240.63		10,828.00		10/7/2010		9/27/2013
594918AG9	MICROSOFT CORPORATION CORP BND							1FE		8,641,894.80		96.617		8,386,320.19		8,680,000.00		8,645,661.53		(259,341.34	)		1,822.00			—		—		1.625		1.717	MS		2,350.84		69,741.00		9/22/2010		9/25/2015
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND							1FE		14,515,750.75		103.482		14,384,216.38		13,255,000.00		14,302,064.59		82,151.79			(70,791.00	)		—		—		4.65		2.286	AO		308,178.75		—		7/29/2010		10/1/2014
6174467N3	MORGAN STANLEY CORP BND							1FE		3,035,220.00		101.278		3,038,325.58		3,000,000.00		3,032,391.68		5,933.90			(1,716.00	)		—		—		4		3.725	JJ		22,333.34		59,333.00		10/15/2010		7/24/2015
617446B99	MORGAN STANLEY CORP BND							1FE		469,255.00		0		492,135.01		500,000.00		479,383.22		12,751.79			1,770.00			—		—		0.603		2.096	JAJO		678.52		736.00		10/22/2009		1/9/2014
617446H51	MORGAN STANLEY CORP BND							1FE		8,327,148.00		104.155		8,228,217.75		7,900,000.00		8,310,790.63		(82,572.88	)		(9,197.00	)		—		—		5.55		4.559	AO		187,559.17		—		3/3/2011		4/27/2017
617446HC6	MORGAN STANLEY CORP BND							1FE		560,894.25		105.255		552,591.22		525,000.00		534,274.39		18,316.83			(2,213.00	)		—		—		6.6		4.77	AO		17,325.00		—		1/25/2008		4/1/2012
617446HR3	MORGAN STANLEY CORP BND							1FE		2,007,881.25		106.186		1,990,986.15		1,875,000.00		1,994,876.54		(3,890.39	)		(13,005.00	)		—		—		5.3		1.886	MS		8,281.25		49,688.00		1/12/2011		3/1/2013
617446V89	MORGAN STANLEY CORP BND MTN							1FE		542,275.00		103.6		529,467.78		500,000.00		522,547.02		6,920.76			(3,862.00	)		—		—		5.75		2.482	FA		2,475.69		14,375.00		12/16/2009		8/31/2012
61745ML27	MSC CMBS 04-T15 A2					2		NRZ		142,405.74		99.951		144,023.50		144,094.34		143,766.54		256.96			109.00			—		—		4.69		5.36	MON		563.17		1,690.00		7/30/2008		6/13/2041
61746BCW4	MORGAN STANLEY & CO. CORP BND GMTN							1FE		2,978,670.00		103.757		3,112,702.29		3,000,000.00		2,995,903.99		116,798.30			1,300.00			—		—		5.625		5.809	JJ		37,968.75		84,375.00		8/14/2007		1/9/2012
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.20		51.241		834,695.99		939,550.16		940,656.23		(105,960.24	)		(20.00	)		—		—		0.99		0.978	MON		180.77		2,298.00		1/25/2011		1/25/2034
61746SBQ1	MORGAN STANLEY CORP BND							1FE		5,228,135.00		96.005		5,280,274.84		5,500,000.00		5,240,277.27		39,997.57			12,142.00			—		—		0.783		1.841	JAJO		8,734.07		11,162.00		1/5/2011		10/15/2015
61747WAD1	MORGAN STANLEY CORP BND							1FE		4,992,750.00		100.355		5,017,773.05		5,000,000.00		4,993,174.27		24,598.78			424.00			—		—		2.875		2.926	JJ		26,354.17		—		1/20/2011		1/24/2014
61747WAE9	MORGAN STANLEY CORP BND							1FE		7,041,242.50		101.982		7,138,739.65		7,000,000.00		7,039,597.13		99,142.52			(1,645.00	)		—		—		1.903		1.7	JAJO		24,423.49		—		2/11/2011		1/24/2014
61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		3,571,581.60		108.521		3,722,257.10		3,430,000.00		3,551,452.89		170,804.21			(6,594.00	)		—		—		6		5.028	AO		87,465.00		—		6/22/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND							1FE		3,497,722.25		108.728		3,506,483.81		3,225,000.00		3,480,477.76		26,006.05			(17,244.00	)		—		—		6		3.303	MN		74,175.00		—		1/6/2011		5/13/2014
61747YCT0	MORGAN STANLEY CORP BND							1FE		8,619,480.00		98.018		8,454,022.06		8,625,000.00		8,619,902.84		(165,880.78	)		254.00			—		—		3.45		3.464	MN		123,157.81		—		10/26/2010		11/2/2015
61757UAH3	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		12,925,174.00		101.802		13,234,260.26		13,000,000.00		12,974,878.52		259,381.74			5,010.00			—		—		1.95		2.111	JD		71,120.83		—		1/6/2010		6/20/2012
62864WAB0	EAST LANE RE III LTD CORP BND 144A			F				3		10,000,000.00		0		10,380,822.68		10,000,000.00		10,000,000.00		380,822.68			—			—		—		12.294		13.55	FMAN		109,283.38		307,360.00		3/13/2009		3/20/2012
62875UAJ4	NBC UNIVERSAL CORP BND 144A							2FE		5,996,700.00		97.353		5,841,188.94		6,000,000.00		5,996,965.57		(155,776.63	)		134.00			—		—		2.875		2.886	AO		84,812.50		—		9/27/2010		4/1/2016
62875UAM7	NBC UNIVERSAL CORP BND 144A							2FE		2,599,662.00		99.389		2,584,109.04		2,600,000.00		2,599,706.11		(15,597.07	)		22.00			—		—		2.1		2.104	AO		26,845.01		—		9/27/2010		4/1/2014
BRSANTU97	NBTY INC. LN1 TERM LOAN							3FE		1,995,000.00		100.313		2,001,234.38		1,995,000.00		1,995,000.00		6,234.38			—			—		—		0		0	MJSD		—		—		3/16/2011		9/20/2017
62888UAA8	NGN_10-R2 CMBS_10-R2 1A					2		??		5,681,966.34		100.031		5,683,727.74		5,681,966.34		5,681,966.34		1,761.40			—			—		—		0.629		0.63	MON		2,382.64		8,573.00		11/10/2010		11/6/2017
62888VAA6	NCUA GUARANTEED NOTES NGN_10-R CMO_10-R1					2		1FE		3,071,501.11		100.125		3,075,340.49		3,071,501.11		3,071,501.11		3,839.38			—			—		—		0.709		0.71	MON		1,693.76		5,535.00		10/18/2010		10/7/2020
62888VAB4	NCUA GUARANTEED NOTES AGENCY CMO_10-R1					2		1FE		906,040.97		100.406		909,801.66		906,122.80		906,049.31		3,752.35			7.00			—		—		1.84		1.851	MON		1,250.45		4,168.00		10/18/2010		10/7/2020
62888XAC8	NCUA_10-C1 CMBS_10-C1 A-PT					2		1FE		4,835,531.09		98.369		4,766,112.40		4,845,136.57		4,835,922.58		(69,810.18	)		220.00			—		—		2.65		2.706	MON		1,426.62		32,099.00		11/3/2010		10/29/2020
62888YAA0	NGN_11-R1 CMO_11-R1 IA					2		1		4,569,355.45		100.125		4,573,251.84		4,567,542.41		4,569,325.15		3,926.69			(30.00	)		—		—		0.71		0.703	MON		2,522.30		3,088.00		2/14/2011		1/8/2020
62889AAA1	NCUA GUARANTEED NOTES AGENCY ABS 10-A1 A					2		1FE		2,950,589.12		100.105		2,953,687.24		2,950,589.12		2,950,589.12		3,098.12			—			—		—		0.608		0.609	MON		1,245.80		4,203.00		12/10/2010		12/7/2020
62889EAA3	NGN_11-R3 NGN_11-R3 1A					2		NRZ		5,400,000.00		100		5,400,000.00		5,400,000.00		5,400,000.00		—			—			—		—		0.672		0.673	MON		3,108.30		—		2/24/2011		3/11/2020
62889FAA0	NGN_11-R4 CMO_11R4-1A					2		1FE		6,100,000.00		100		6,100,000.00		6,100,000.00		6,100,000.00		—			—			—		—		0.626		0.627	MON		122.42		—		3/25/2011		3/6/2020
62944BAA2	BANK NEDERLANDSE GEMEENTEN CORP BND 144A			F				??		8,962,672.46		96.422		8,677,979.73		9,000,000.00		8,965,546.15		(287,566.42	)		1,847.00			—		—		1.75		1.839	AO		76,562.50		—		11/12/2010		10/6/2015
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		981,781.32		94.686		921,957.35		971,760.05		981,014.22		(59,056.87	)		(41.00	)		—		—		6.5		6.343	MON		5,263.70		15,791.00		10/3/2007		2/25/2035
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		8,188,453.32		104.793		8,383,439.92		8,000,000.00		8,169,569.72		213,870.20			(12,323.00	)		—		—		3.375		2.692	JJ		62,250.00		135,000.00		11/12/2010		7/8/2014
6325C0BW0	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		4,996,500.00		98.974		4,948,715.95		5,000,000.00		4,996,851.32		(48,135.37	)		282.00			—		—		1.7		1.724	JD		26,208.33		—		12/6/2010		12/10/2013
63307EAA5	NATIONAL BK OF CANADA CORP BND 144A			A				1FE		2,499,350.00		100.083		2,502,075.20		2,500,000.00		2,499,385.37		2,689.83			35.00			—		—		1.65		1.659	JJ		6,989.58		—		1/24/2011		1/30/2014
637432MM4	NATIONAL RURAL UTILITIES SECURED CORP							1FE		2,998,950.00		98.944		2,968,316.34		3,000,000.00		2,999,094.16		(30,777.82	)		86.00			—		—		1.125		1.137	MN		14,062.50		—		10/25/2010		11/1/2013
637432MN2	NATIONAL RURAL UTILITIES CORP BND							1FE		2,644,832.50		100.106		2,652,821.40		2,650,000.00		2,644,927.24		7,894.16			95.00			—		—		3.05		3.092	MS		8,756.04		—		2/14/2011		3/1/2016

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19		20			21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST		DURING YEAR			ACQUIRED		MATURITY
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							1FE		1,329,837.50		103.908		1,298,849.96		1,250,000.00		1,296,781.65		2,068.31			(6,531.00	)		—		—		4.135		1.95	JJ		12,921.88		25,844.00			12/17/2009		1/1/2013
64031BAA2	NLST_10-3A ABS_10-3A A					2		1FE		1,134,573.21		99.88		1,133,211.69		1,134,573.21		1,134,573.21		(1,361.52	)		—			—		—		1.083		1.085	JAJO		2,252.97		3,098.00			7/28/2010		7/27/2048
65475VAC4	NAROT ABS 09-1 A3					2		1FE		2,884,979.59		102.332		2,853,282.36		2,788,261.77		2,849,800.48		3,481.88			(5,757.00	)		—		—		5		2.051	MON		6,196.14		34,853.00			5/24/2010		9/15/2012
65557CAG8	NORDEA BANK AB CORP BND 144A			F				1FE		6,975,000.00		100.959		7,041,890.25		6,975,000.00		6,975,000.00		66,890.25			—			—		—		1.203		1.203	JAJO		17,949.20		—			1/11/2011		1/14/2014
65558AAA4	NORDEA EIENDOMSKREDITT CORP BND 144A			F				??		13,057,818.00		99.795		13,073,116.44		13,100,000.00		13,057,818.00		15,298.44			—			—		—		1.875		1.986	AO		—		—			3/29/2011		4/7/2014
665501AD4	NORTHERN NAT GAS CO CORP BND 144A							??		1,608,465.00		100.919		1,513,785.00		1,500,000.00		1,513,977.13		(192.13	)		(20,622.00	)		—		—		7		1.401	JD		35,000.00		—			2/5/2010		6/1/2011
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		109.548		8,216,086.56		7,500,000.00		7,588,020.14		628,066.42			(8,636.00	)		—		—		5.5		4.967	FA		52,708.34		206,250.00			3/23/2009		8/15/2013
666807BC5	NORTHROP GRUMMAN CORP CORP BND							2FE		998,710.00		95.253		952,530.67		1,000,000.00		998,808.80		(46,278.13	)		63.00			—		—		1.85		1.877	MN		7,348.61		—			11/1/2010		11/15/2015
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.25		106.701		1,733,895.03		1,625,000.00		1,624,000.53		109,894.50			81.00			—		—		4.125		4.148	FA		9,496.09		33,516.00			2/4/2009		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND							1FE		6,008,362.50		101.436		6,086,148.85		6,000,000.00		6,009,591.26		76,557.59			(566.00	)		—		—		1.9		1.82	AO		49,716.66		—			1/28/2011		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND							1FE		6,966,540.00		101.94		7,135,781.45		7,000,000.00		6,973,120.68		162,660.77			1,530.00			—		—		2.9		3.001	AO		88,530.55		—			3/9/2010		4/24/2015
674599CA1	OCCIDENTAL PETROLEUM CORP BND							1FE		6,542,205.50		100.017		6,551,087.89		6,550,000.00		6,542,948.63		8,139.26			631.00			—		—		1.45		1.491	JD		27,701.04		—			12/13/2010		12/13/2013
68268NAF0	ONEOK INC. CORP BND					1		2FE		2,673,395.00		98.999		2,648,221.22		2,675,000.00		2,673,447.71		(25,226.49	)		53.00			—		—		3.25		3.263	FA		15,697.05		—			1/21/2011		2/1/2016
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		13,347,291.75		107.466		13,701,915.38		12,750,000.00		13,200,486.60		501,428.78			(33,082.00	)		—		—		4.1		2.938	JD		152,468.75		—			2/19/2010		6/16/2014
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		748,627.50		101.806		763,545.00		750,000.00		749,243.46		14,301.54			113.00			—		—		1.875		1.938	MN		5,156.25		—			11/10/2009		11/19/2012
6832348F8	ONTARIO PROVINCE CORP BND			A				1FE		2,800,000.00		100.06		2,801,679.94		2,800,000.00		2,800,000.00		1,679.94			—			—		—		0.463		0.42	FMAN		1,366.94		3,210.00			11/10/2009		11/19/2012
68389XAD7	ORACLE CORPORATION CORP BND							1FE		5,412,789.50		107.544		5,726,714.28		5,325,000.00		5,370,455.59		356,258.69			(5,273.00	)		—		—		4.95		4.504	AO		121,543.14		—			3/5/2009		4/15/2013
693506BF3	PPG INDUSTRIES INC CORP BND							2FE		3,256,223.40		94.582		3,107,005.95		3,285,000.00		3,258,267.77		(151,261.82	)		1,354.00			—		—		1.9		2.079	JJ		24,099.13		—			11/8/2010		1/15/2016
69351CAC7	PNC FUNDING CORP - GTD CORP BND GOVT							1FE		4,089,240.00		102.231		4,089,240.12		4,000,000.00		4,051,673.36		37,566.76			(10,349.00	)		—		—		2.3		1.234	JD		25,300.00		—			5/3/2010		6/22/2012
69362BAS1	PSE&G POWER LLC CORP BND							2FE		5,499,426.56		107.292		5,364,587.40		5,000,000.00		5,458,069.62		(93,482.22	)		(18,800.00	)		—		—		5.32		3.462	MS		11,822.22		133,000.00			9/15/2010		9/15/2016
69371RJ98	PACCAR FINL CORP BND							1FE		6,366,521.25		100.444		6,403,323.49		6,375,000.00		6,368,707.33		34,616.16			687.00			—		—		2.05		2.096	JD		37,754.17		—			6/9/2010		6/17/2013
69373UAA5	PACCAR INC CORP BND							1FE		4,021,455.09		111.866		4,027,163.83		3,600,000.00		3,909,885.50		117,278.33			(25,096.00	)		—		—		6.875		3.692	FA		31,625.00		123,750.00			2/19/2010		2/15/2014
694308GD3	PACIFIC GAS AND ELECTRIC CO CORP BND							1FE		5,548,050.00		107.269		5,363,457.10		5,000,000.00		5,477,368.02		(113,910.92	)		(39,472.00	)		—		—		4.8		1.444	MS		20,000.00		120,000.00			10/19/2010		3/1/2014
701489AA4	PARKTON RE LTD CORP BND 144A							4FE		1,750,000.00		100.593		1,760,377.50		1,750,000.00		1,750,000.00		10,377.50			—			—		—		10.575		10.839	MJSD		5,654.69		45,938.00			7/23/2009		5/6/2011
713448BK3	PEPSICO INC CORP BND							1FE		19,458,660.00		105.92		20,654,310.31		19,500,000.00		19,474,934.51		1,179,375.80			1,999.00			—		—		3.75		3.797	MS		60,937.51		365,625.00			2/25/2009		3/1/2014
713448BQ0	PEPSICO INC CORP BND							1FE		8,696,172.00		98.822		8,597,493.99		8,700,000.00		8,696,716.40		(99,222.41	)		312.00			—		—		0.875		0.89	AO		32,776.04		—			10/19/2010		10/25/2013
71645WAT8	PETROBRAS INTERNATIONAL FINANC CORP BND			F				2FE		7,773,714.00		100.538		7,841,958.77		7,800,000.00		7,774,563.81		67,394.96			850.00			—		—		3.875		3.95	JJ		53,733.33		—			1/20/2011		1/27/2016
717081CZ4	PFIZER INC. CORP BND							1FE		2,883,727.29		103.698		2,850,668.03		2,749,000.00		2,817,047.07		33,620.96			(17,538.00	)		—		—		4.45		1.817	MS		5,436.91		61,165.00			4/15/2010		3/15/2012
717081DA8	PFIZER INC. CORP BND							1FE		1,380,477.50		111.244		1,390,545.09		1,250,000.00		1,350,557.02		39,988.07			(5,884.00	)		—		—		5.35		3.169	MS		2,972.22		33,438.00			2/17/2010		3/15/2015
71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		1FE		452,730.00		93.75		468,750.00		500,000.00		456,171.18		12,578.82			498.00			—		—		1.753		2.66	MON		648.37		2,028.00			3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		1FE		1,177,098.00		91.75		1,192,750.00		1,300,000.00		1,190,011.28		2,738.72			3,059.00			—		—		1.752		2.978	MON		812.98		5,268.00			3/9/2010		4/25/2044
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		107.263		6,569,875.17		6,125,000.00		6,117,315.39		452,559.78			849.00			—		—		4.875		4.938	MN		111,972.66		—			5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		7,341,675.50		114.688		7,340,018.56		6,400,000.00		7,114,230.15		225,788.41			(56,990.00	)		—		—		6.875		2.911	MS		17,111.11		220,000.00			4/14/2010		3/17/2014
BRS4QJRM5	PINNACLE FOODS FINANCE TERM LOAN							4FE		4,943,750.00		99.425		4,971,250.00		5,000,000.00		4,947,333.93		23,916.07			3,584.00			—		—		0		0.352	AO		—		11,731.00			3/8/2011		4/2/2014
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED							??		1,646,955.00		111.518		1,672,770.08		1,500,000.00		1,620,628.62		52,141.46			(6,020.00	)		—		—		4.95		3.07	MN		28,050.00		—			2/23/2010		11/15/2015
742718DS5	PROCTER & GAMBLE COMPANY CORP BND							1FE		2,479,550.00		97.064		2,426,594.92		2,500,000.00		2,480,989.86		(54,394.94	)		964.00			—		—		1.8		1.972	MN		16,625.00		—			11/15/2010		11/15/2015
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND							1FE		549,021.00		99.899		549,444.47		550,000.00		549,178.84		265.63			47.00			—		—		2.7		2.739	MN		6,187.50		—			5/17/2010		5/1/2015
74834LAT7	QUEST DIAGNOSTICS INC CORP BND							2FE		2,600,000.00		100.293		2,607,618.00		2,600,000.00		2,600,000.00		7,618.00			—			—		—		1.159		1.161	MJSD		585.94		—			3/21/2011		3/24/2014
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		5,051,420.50		105.705		5,126,711.08		4,850,000.00		4,997,677.21		129,033.87			(11,171.00	)		—		—		4.2		3.166	MN		78,085.00		—			1/8/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		13,069,661.10		102.261		13,293,874.62		13,000,000.00		13,039,081.07		254,793.55			(6,841.00	)		—		—		2.65		2.427	FA		42,105.55		172,250.00			2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		9,993,100.00		101.76		10,176,033.80		10,000,000.00		9,994,469.01		181,564.79			324.00			—		—		3.2		3.215	MS		17,777.78		160,000.00			3/4/2010		3/11/2015
759911P95	REGIONAL TRANSN AUTH ILL MUNI TAX BND							??		8,500,000.00		100		8,500,000.00		8,500,000.00		8,500,000.00		—			—			—		—		2.879		2.881	JD		81,571.67		—			6/19/2009		4/1/2011
76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1					2		1FE		422,015.03		73.92		321,042.84		430,144.76		422,329.36		(101,286.52	)		46.00			—		—		3.179		3.526	MON		1,139.45		3,434.00			8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2					2		1FE		1,293,895.94		76.58		1,171,237.30		1,340,824.82		1,297,973.97		(126,736.67	)		203.00			—		—		5.201		6.491	MON		5,810.97		17,434.00			8/16/2007		9/25/2035
767201AF3	RIO TINTO FINANCE USA LIMITED CORP BND			F				1FE		4,576,294.00		120.305		4,451,283.61		3,700,000.00		4,474,911.47		(23,627.86	)		(60,486.00	)		—		—		8.95		1.92	MN		137,979.17		—			10/28/2010		5/1/2014
767201AJ5	RIO TINTO FINANCE USA LIMITED CORP BND			F				2FE		1,298,947.00		95.81		1,245,533.84		1,300,000.00		1,299,030.61		(53,496.77	)		50.00			—		—		1.875		1.892	MN		10,088.54		—			10/28/2010		11/2/2015
BRS382C16	ARAMARK CORP TERM LOAN							3FE		1,881,277.82		98.989		1,857,614.06		1,876,586.35		1,881,210.46		(23,596.40	)		(67.00	)		—		—		0		-0.086	MON		—		2,593.00			3/7/2011		1/26/2014
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		8,883,669.57		108.867		8,915,080.88		8,189,000.00		8,691,245.43		223,835.45			(41,112.00	)		—		—		5		2.789	MS		34,120.83		204,725.00			2/19/2010		3/1/2014
780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		2,408,127.55		101.562		2,357,258.66		2,321,000.00		2,329,410.31		27,848.35			(6,827.00	)		—		—		5.65		4.431	JJ		25,863.03		65,568.00			7/9/2008		7/20/2011
78008HX96	ROYAL BANK OF CANADA CORP BND MTN			A				1FE		2,014,326.69		101.843		2,036,855.78		2,000,000.00		2,012,353.72		24,502.06			(1,279.00	)		—		—		2.1		1.828	JJ		7,233.33		21,000.00			11/12/2010		7/29/2013
78008KNA7	ROYAL BANK OF CANADA SENIOR CORP BND			A				1FE		4,493,578.81		98.407		4,428,328.64		4,500,000.00		4,494,339.75		(66,011.11	)		494.00			—		—		1.125		1.171	JJ		10,687.50		13,922.00			11/12/2010		1/15/2014
78009PCC3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		3,867,443.75		100.659		3,900,522.53		3,875,000.00		3,867,503.18		33,019.35			59.00			—		—		4.375		4.419	MS		7,063.80		—			3/14/2011		3/16/2016
78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		2,498,650.00		102.093		2,552,317.05		2,500,000.00		2,498,907.85		53,409.20			107.00			—		—		3.4		3.419	FA		8,972.22		42,264.00			8/17/2010		8/23/2013
78011CAB2	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				1FE		2,540,825.00		100.575		2,514,374.93		2,500,000.00		2,518,102.48		(3,727.55	)		(3,999.00	)		—		—		1.012		0.514	FMAN		3,232.78		6,434.00			11/2/2009		5/11/2012
78011CAC0	ROYAL BK OF STLAND GRP PLC - ( CORP BND			F				1FE		22,880,250.25		102.201		22,995,224.10		22,500,000.00		22,659,774.08		335,450.02			(35,299.00	)		—		—		2.625		1.975	MN		228,046.88		—			8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC - G CORP BND			F				1FE		1,996,200.00		100.614		2,012,286.00		2,000,000.00		1,998,925.55		13,360.45			478.00			—		—		1.45		1.548	AO		12,969.44		—			10/23/2009		10/20/2011
78355HJL4	RYDER SYSTEM INC. CORP BND							2FE		2,163,660.00		109.181		2,183,623.50		2,000,000.00		2,139,099.98		44,523.52			(11,167.00	)		—		—		5.85		3.327	MS		9,750.00		58,500.00			9/10/2010		3/1/2014
78355HJQ3	RYDER SYSTEM INC. CORP BND MTN							2FE		3,498,670.00		100.379		3,513,272.95		3,500,000.00		3,498,699.35		14,573.60			29.00			—		—		3.15		3.16	MS		11,331.25		—			2/16/2011		3/2/2015
78387GAH6	AT&T INC CORP BND							1FE		2,083,466.23		104.294		2,085,889.94		2,000,000.00		2,057,563.80		28,326.14			(16,783.00	)		—		—		5.875		2.379	FA		19,583.33		58,750.00			11/12/2010		2/1/2012
78387GAP8	AT&T INC CORP BND							1FE		3,183,016.41		109.207		3,276,206.82		3,000,000.00		3,165,703.07		110,503.75			(11,131.00	)		—		—		5.1		3.392	MS		6,800.00		76,500.00			11/12/2010		9/15/2014
78442GHX7	SLMA ABS 03-10A A1B 144A					2		1FE		399,875.00		100		399,998.88		400,000.00		399,923.87		75.01			20.00			—		—		1.763		1.78	MON		176.30		2,143.00			1/12/2010		12/15/2016
78442GHY5	SLMA ABS 03-10A-A1C					2		1FE		1,699,704.86		100		1,699,995.24		1,700,000.00		1,699,823.16		172.08			(30.00	)		—		—		1.713		1.726	MON		566.24		6,790.00			2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		1FE		1,893,765.62		100		1,899,994.68		1,900,000.00		1,896,512.21		3,482.47			(233.00	)		—		—		1.755		1.881	MON		277.88		7,658.00			9/24/2009		12/15/2016
78442GJA5	SLM STUDENT LOAN TR 2003-10A ABS_03-10A					2		1FE		899,718.75		100		899,997.48		900,000.00		899,832.23		165.25			48.00			—		—		1.75		1.769	MON		700.00		3,627.00			1/15/2010		12/15/2016
78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A					2		1FE		598,975.00		100		598,973.32		598,975.00		598,975.00		(1.68	)		—			—		—		1.703		1.708	MON		28.33		2,344.00			1/13/2010		12/15/2016
78444YAB1	SLMA ABS 08-5 A2					2		1FE		4,960,100.93		101.168		4,936,264.14		4,879,287.72		4,941,971.45		(5,707.31	)		(5,758.00	)		—		—		1.403		0.438	JAJO		12,551.50		17,313.00			8/10/2010		10/25/2013
78444YAD7	SLMA ABS 08-5 A4					2		1FE		4,033,656.25		104.551		4,025,215.81		3,850,000.00		4,022,212.22		3,003.59			(4,786.00	)		—		—		2.003		1.369	JAJO		14,138.76		19,564.00			1/11/2011		10/25/2021
78445XAA4	SLMA_10-1 ABS 10-1A					2		1FE		3,189,050.42		99.42		3,170,553.93		3,189,050.42		3,189,050.42		(18,496.49	)		—			—		—		0.65		0.65	MON		402.75		5,150.00			7/30/2010		3/25/2025
790849AE3	ST. JUDE MEDICAL INC. CORP BND							1FE		6,365,893.24		105.078		6,300,460.57		5,996,000.00		6,334,334.36		(33,873.79	)		(24,644.00	)		—		—		3.75		1.97	JJ		47,468.33		112,425.00			12/1/2010		7/15/2014
790849AH6	ST. JUDE MEDICAL INC. CORP BND							2FE		4,995,350.00		98.325		4,916,238.40		5,000,000.00		4,995,628.57		(79,390.17	)		232.00			—		—		2.5		2.52	JD		39,930.56		—			12/1/2010		1/15/2016
796269UF3	SAN ANTONIO TEX INDPT SCH DIST MUNI BND							??		1,000,000.00		99.405		994,049.99		1,000,000.00		1,000,000.00		(5,950.01	)		—			—		—		2.235		2.235	FA		5,711.67		—			12/15/2010		8/15/2014
80105NAC9	SANOFI AVENTIS CORP BND							1FE		14,150,000.00		100.267		14,187,779.23		14,150,000.00		14,150,000.00		37,779.23			—			—		—		0.62		0.62	MJSD		731.50		—			3/22/2011		3/28/2014
80105NAD7	SANOFI AVENTIS CORP BND							1FE		2,984,670.00		98.84		2,965,200.57		3,000,000.00		2,984,693.49		(19,492.92	)		23.00			—		—		2.625		2.735	MS		437.50		—			3/22/2011		3/29/2016
80705TAA4	SCHOL_11-A ABS 11-A A 144A					2		1FE		2,832,962.96		97.36		2,813,704.00		2,890,000.00		2,832,995.72		(19,291.72	)		33.00			—		—		1.209		1.377	JAJO		291.17		—			3/22/2011		10/28/2043
816851AR0	SEMPRA ENERGY CORP BND							2FE		7,000,000.00		100.494		7,034,580.21		7,000,000.00		7,000,000.00		34,580.21			—			—		—		1.064		1.064	MJSD		2,068.89		—			3/17/2011		3/15/2014
822582AF9	SHELL INTL FINAN CORP BND			F				1FE		11,034,168.50		106.542		11,133,665.36		10,450,000.00		10,884,810.49		248,854.87			(34,791.00	)		—		—		4		2.537	MS		11,611.12		209,000.00			3/2/2010		3/21/2014
822582AQ5	SHELL INTL FINAN CORP BND			F				1FE		12,215,823.75		102.171		12,388,270.49		12,125,000.00		12,203,280.41		184,990.08			(4,302.00	)		—		—		3.1		2.937	JD		97,101.04		—			7/2/2010		6/28/2015
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		15,082,618.30		101.988		15,369,590.25		15,070,000.00		15,079,220.42		290,369.83			(1,891.00	)		—		—		2.25		2.198	JD		103,606.25		—			2/19/2010		6/11/2012
83714RAX1	SOUTH CAROLINA STUDENT LN MUNI BND REV			R		2		1FE		4,746,750.00		99.23		4,763,040.00		4,800,000.00		4,746,750.00		16,290.00			—			—		—		0.411		1.085	MJSD		1,860.93		—			3/30/2011		12/3/2018
842587AB3	SOUTHERN COMPANY CORP BND							1FE		3,225,440.00		104.914		3,313,737.60		3,200,000.00		3,205,225.97		108,511.63			(1,608.00	)		—		—		5.3		5.086	JJ		35,804.44		84,800.00			10/23/2007		1/15/2012
846042AB5	SOVEREIGN BANCORP INC - GTD CORP BND							1FE		2,483,687.50		101.259		2,509,878.20		2,450,000.00		2,463,005.03		46,873.17			(2,632.00	)		—		—		2.5		2.052	JD		18,034.72		—			4/2/2009		6/15/2012
84650WAA4	SPAREBNK 1 BOLIG LOCAL BND 144A			F				1FE		13,350,480.00		99.004		13,167,531.73		13,300,000.00		13,345,527.67		(177,995.94	)		(3,094.00	)		—		—		1.25		1.152	AO		71,579.86		—			11/9/2010		10/25/2014
85235XAA3	STADSHYPOTEK AB CORP BND 144A			F				1FE		11,822,928.01		99.787		11,675,079.35		11,700,000.00		11,806,555.88		(131,476.53	)		(10,484.00	)		—		—		1.45		1.079	MS		471.25		84,825.00			11/9/2010		9/30/2013
857477AC7	STATE STREET CORPORATION CORP BND							1FE		1,101,889.80		99.892		1,138,766.74		1,140,000.00		1,129,470.56		9,296.18			2,376.00			—		—		0.404		3.897	JAJO		768.32		1,119.00			4/30/2008		4/30/2012
857477AJ2	STATE STREET CORPORATION CORP BND							1FE		5,000,000.00		99.855		4,992,726.80		5,000,000.00		5,000,000.00		(7,273.20	)		—			—		—		0.66		0.66	MJSD		2,289.93		—			3/2/2011		3/7/2014
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		8,335,014.00		101.872		8,378,972.16		8,225,000.00		8,278,307.89		100,664.27			(12,100.00	)		—		—		2.15		1.542	AO		74,173.50		—			1/27/2010		4/30/2012
85771SAB2	STATOIL ASA CORP BND			F				1FE		8,220,819.00		105.768		8,355,654.93		7,900,000.00		8,145,962.24		209,692.69			(19,071.00	)		—		—		3.875		2.799	AO		141,157.63		—			4/6/2010		4/15/2014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		102.845		308,535.44		300,000.00		302,760.26		5,775.18			(183.00	)		—		—		2.9		2.626	AO		4,011.67		—			12/16/2009		10/15/2014
863667AA9	STRYKER CORP CORP BND							1FE		2,497,761.30		102.246		2,556,154.05		2,500,000.00		2,498,015.09		58,138.96			137.00			—		—		3		3.022	JJ		15,833.33		37,500.00			11/12/2010		1/15/2015
86386MAD6	STUDENT LOAN CON ABS_02-1-A4 144A					2		NRZ		—		0		—		—		—		—			—			—		—		0		0	MON		—		3,300.00			00/00/0000		3/1/2042
86386MAE4	STUDENT LOAN CON ABS 02-1-A4 144A					2		NRZ		—		0		—		—		—		—			—			—		—		0.1		0	MON		—		3,209.00			00/00/0000		3/1/2042
86386MAK0	STUDENT LOAN CON ABS_02-02 A9 144A					2		NRZ		—		0		—		—		—		—			—			—		—		0.648		0	MON		—		(744.00	)		12/27/2010		7/1/2042
86386MAY0	STUDENT LOAN CON ABS_11-1 A					2		1FE		12,272,539.54		100		12,272,539.54		12,272,539.54		12,272,539.54		—			—			—		—		1.475		1.48	MON		3,519.83		5,028.00			3/15/2011		10/25/2027

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE										INTEREST										DATES
		3	4		5						8		9						12			13			14		15		16		17		18	19			20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG		INTEREST		EFFECTIVE		HOW	ACCRUED			GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		RATE		RATE OF		PAID	INTEREST			DURING YEAR		ACQUIRED		MATURITY
BRS8CFLV5	SUNGARD DATA SYSTEMS INC. TERM LOAN							3FE		1,997,336.53		100.063		2,052,472.25		2,051,180.01		1,999,741.51		52,730.74			2,405.00			—		—		0		0.51	MJSD		—			6,037.00		12/15/2010		2/28/2016
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		106.636		7,357,884.14		6,900,000.00		7,011,393.64		346,490.50			(8,035.00	)		—		—		4.875		4.328	JD		103,715.63			—		8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		17,692,582.10		102.123		17,902,148.76		17,530,000.00		17,619,605.12		282,543.64			(14,972.00	)		—		—		2.875		2.514	MS		23,799.41			251,994.00		1/5/2010		9/14/2012
87020LAB2	SPINTAB AB SWEDMORTGAGE CORP BND 144A			F				1FE		13,100,000.00		99.971		13,096,234.15		13,100,000.00		13,100,000.00		(3,765.85	)		—			—		—		0.758		0.758	MJSD		1,104.77			—		3/21/2011		3/28/2014
87246AAA6	TIAA CMBS 07-C4 A1					2		NRZ		2,998,206.86		101.044		3,010,425.40		2,979,323.06		2,982,469.03		27,956.37			(1,360.00	)		—		—		5.58		5.319	MON		9,697.76			41,865.00		12/21/2007		5/15/2012
87938WAE3	TLEFONICA EMISNS CORP BND			F				1FE		2,928,750.00		99.055		2,971,650.00		3,000,000.00		2,936,185.24		35,464.76			7,435.00			—		—		0.641		1.772	FMAN		2,989.00			4,722.00		1/6/2011		2/4/2013
87938WAN3	TLEFONICA EMISNS CORP BND			F				2FE		2,500,000.00		100.155		2,503,866.20		2,500,000.00		2,500,000.00		3,866.20			—			—		—		3.992		3.992	FA		12,475.00			—		2/7/2011		2/16/2016
87938XAA9	TELEFONICA MOVILES CHILE SA CORP BND			F				2FE		3,384,920.00		95.821		3,353,721.95		3,500,000.00		3,388,687.09		(34,965.14	)		3,767.00			—		—		2.875		3.631	MN		39,690.97			—		1/26/2011		11/9/2015
880591CW0	TENN VALLEY AUTH AGENCY BND							1		1,302,900.01		109.843		1,270,883.53		1,157,000.00		1,252,501.65		18,381.88			(11,878.00	)		—		—		6		1.687	MS		3,085.33			34,710.00		3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							1		4,539,760.00		107.286		4,291,440.11		4,000,000.00		4,235,422.33		56,017.78			(50,654.00	)		—		—		6.79		1.575	MN		96,568.89			—		9/25/2009		5/23/2012
88166BAA8	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		2,300,000.00		100.273		2,306,279.07		2,300,000.00		2,300,000.00		6,279.07			—			—		—		0.709		0.939	MJSD		498.27			4,092.00		6/15/2010		12/19/2011
88166BAB6	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		5,863,229.50		100.545		5,881,884.19		5,850,000.00		5,862,784.15		19,100.04			(1,492.00	)		—		—		1.5		1.317	JD		25,837.50			—		1/31/2011		6/15/2012
88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		8,739,585.99		100.871		8,826,212.50		8,750,000.00		8,740,814.38		85,398.12			506.00			—		—		3		3.027	JD		77,291.66			—		11/12/2010		6/15/2015
88166DAB2	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		6,450,000.00		100.353		6,472,768.76		6,450,000.00		6,450,000.00		22,768.76			—			—		—		0.809		0.809	MJSD		1,449.46			—		3/16/2011		3/21/2014
883556AW2	THERMO FISHER SCIENTIFIC INC CORP BND							1FE		2,999,130.00		101.089		3,032,674.26		3,000,000.00		2,999,159.54		33,514.72			30.00			—		—		2.05		2.06	FA		6,662.50			—		2/14/2011		2/21/2014
88579EAD7	3M COMPANY CORP BND							1FE		4,363,958.25		106.167		4,326,316.74		4,075,000.00		4,223,212.40		103,104.34			(21,022.00	)		—		—		4.65		2.459	JD		55,793.54			—		7/20/2009		12/15/2012
887317AJ4	TIME WARNER INC CORP BND							2FE		7,260,260.00		101.096		7,076,687.46		7,000,000.00		7,234,195.22		(157,507.76	)		(12,860.00	)		—		—		3.15		2.326	JJ		46,550.00			110,863.00		9/23/2010		7/15/2015
88732JAK4	TIME WARNER CABLE INC CORP BND							2FE		1,676,085.00		109.905		1,648,568.24		1,500,000.00		1,629,084.82		19,483.42			(13,902.00	)		—		—		6.2		2.257	JJ		23,250.00			46,500.00		5/20/2010		7/1/2013
88732JAV0	TIME WARNER CABLE INC CORP BND							2FE		7,823,158.00		102.247		7,566,271.93		7,400,000.00		7,780,967.33		(214,695.40	)		(23,452.00	)		—		—		3.5		2.096	FA		43,166.67			129,500.00		10/15/2010		2/1/2015
89152UAE2	TOTAL CAPITAL S.A. CORP BND			F				1FE		11,068,646.91		96.906		10,659,669.90		11,000,000.00		11,060,842.69		(401,172.79	)		(4,221.00	)		—		—		2.3		2.178	MS		11,244.45			126,500.00		2/3/2011		3/15/2016
89153UAB7	TOTAL CAPITAL CANADA LTD CORP BND			A				1FE		3,792,248.00		99.897		3,796,100.90		3,800,000.00		3,792,688.26		3,412.64			440.00			—		—		1.625		1.695	JJ		10,806.25			—		1/21/2011		1/28/2014
89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN							1FE		1,997,706.43		101.672		2,033,431.70		2,000,000.00		1,997,923.63		35,508.07			114.00			—		—		3.2		3.227	JD		18,488.89			—		11/12/2010		6/17/2015
89233P4H6	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		4,996,098.00		99.495		4,974,728.40		5,000,000.00		4,996,658.34		(21,929.94	)		356.00			—		—		1.375		1.404	FA		9,357.64			34,375.00		11/12/2010		8/12/2013
89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT					2		1FE		4,999,209.00		99.296		4,964,795.00		5,000,000.00		4,999,334.03		(34,539.03	)		62.00			—		—		1.09		1.098	MON		2,422.22			13,625.00		9/22/2010		12/15/2014
89235YAC9	TAOT_10-B ABS_10-B A3					2		1FE		4,089,646.62		100.273		4,101,183.59		4,090,000.00		4,089,763.61		11,419.98			43.00			—		—		1.04		1.047	MON		1,890.49			10,634.00		7/14/2010		2/18/2014
89235YAD7	TAOT_10-B ABS_10-B A4					2		1FE		1,099,799.58		100.301		1,103,308.59		1,100,000.00		1,099,844.34		3,464.25			16.00			—		—		1.47		1.481	MON		718.67			4,043.00		7/14/2010		1/17/2017
893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND			A				1FE		7,668,401.75		102.437		7,862,026.63		7,675,000.00		7,669,426.38		192,600.25			307.00			—		—		3.4		3.419	JD		86,983.33			—		5/27/2010		6/1/2015
902118BK3	TYCO INTERNATIONAL GROUP SA CORP BND			F				1FE		5,616,616.50		110.726		5,480,921.01		4,950,000.00		5,520,716.25		(39,795.24	)		(52,978.00	)		—		—		6		1.498	MN		112,200.00			—		10/14/2010		11/15/2013
90261XGF3	UBS AG STAMFORD BRANCH CORP BOND							1FE		4,444,215.00		100.819		4,486,461.12		4,450,000.00		4,445,403.18		41,057.94			465.00			—		—		2.25		2.295	FA		13,628.13			50,063.00		8/5/2010		8/12/2013
90261XGX4	UBS AG CORP BND			F				1FE		4,598,022.00		100.238		4,610,965.48		4,600,000.00		4,598,133.54		12,831.94			112.00			—		—		2.25		2.265	JJ		18,112.50			—		1/25/2011		1/28/2014
90290FAC0	USAOT_1-1 ABS 10-1 A3					2		1FE		2,652,898.44		100.43		2,661,395.00		2,650,000.00		2,651,500.06		9,894.94			(403.00	)		—		—		1.3		1.245	MON		1,531.11			8,612.00		4/28/2010		3/15/2013
90333WAA6	US BANK NA CORP BND							1FE		307,902.00		101.934		305,801.40		300,000.00		301,004.22		4,797.18			(730.00	)		—		—		6.375		5.355	FA		3,187.50			9,563.00		9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION - (LT) CORP BND							1FE		14,757,824.30		101.872		14,903,873.90		14,630,000.00		14,705,500.32		198,373.58			(11,877.00	)		—		—		1.9		1.561	AO		125,086.50			—		3/4/2010		10/19/2012
911312AG1	UNITED PARCEL SERVICE INC CORP BND							1FE		12,184,671.00		105.65		12,044,147.99		11,400,000.00		11,845,610.25		198,537.74			(60,482.00	)		—		—		4.5		2.259	JJ		108,300.00			256,500.00		1/22/2010		1/15/2013
911312AL0	UNITED PARCEL SERVICE INC CORP BND							1FE		12,414,426.00		106.753		12,596,858.25		11,800,000.00		12,273,451.08		323,407.17			(37,366.00	)		—		—		3.875		2.479	AO		228,625.01			—		4/20/2010		4/1/2014
911312AM8	UNITED PARCEL SERVICE INC CORP BND							1FE		1,986,600.00		92.472		1,849,444.88		2,000,000.00		1,987,044.75		(137,599.87	)		338.00			—		—		3.125		3.202	JJ		24,131.94			—		11/8/2010		1/15/2021
91159HGS3	US BANCORP CORP BND							1FE		1,250,062.50		101.254		1,265,670.96		1,250,000.00		1,250,043.07		15,627.89			(6.00	)		—		—		2.125		2.123	FA		3,394.10			13,281.00		12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN							1FE		549,043.00		101.194		556,569.35		550,000.00		549,236.47		7,332.88			45.00			—		—		3.15		3.188	MS		1,299.38			8,663.00		3/1/2010		3/4/2015
91159HGW4	US BANCORP CORP BND							1FE		10,554,342.50		100.984		10,653,816.12		10,550,000.00		10,556,441.26		97,374.86			(34.00	)		—		—		2		1.971	JD		62,713.88			—		2/2/2011		6/14/2013
91159HGX2	US BANCORP CORP BND							1FE		7,492,650.00		98.478		7,385,878.95		7,500,000.00		7,493,593.85		(107,714.90	)		347.00			—		—		2.45		2.471	JJ		32,666.67			91,875.00		7/22/2010		7/27/2015
91159HGY0	US BANCORP CORP BND							1FE		5,442,969.50		99.358		5,414,989.91		5,450,000.00		5,444,240.34		(29,250.43	)		571.00			—		—		1.375		1.419	MS		3,746.88			37,469.00		9/8/2010		9/13/2013
91159HGZ7	US BANCORP CORP BND							1FE		6,839,930.50		98.695		6,760,603.32		6,850,000.00		6,841,302.62		(80,699.30	)		823.00			—		—		1.125		1.175	AO		31,895.31			—		10/28/2010		10/30/2013
91160HAC1	US BANCORP - (LT) GTD CORP BND GOVT GUAR							1FE		2,004,620.00		101.541		2,030,819.86		2,000,000.00		2,001,767.61		29,052.25			(387.00	)		—		—		1.8		1.72	MN		13,600.00			—		5/19/2009		5/15/2012
912828FU9	UNITED STATES TREASURY GOVT BND							1		2,089,062.50		102.139		2,042,779.84		2,000,000.00		2,014,561.65		28,218.19			(7,134.00	)		—		—		4.5		3.014	MS		245.90			45,000.00		7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,468.75		102.553		4,102,120.04		4,000,000.00		4,041,811.95		60,308.09			(17,882.00	)		—		—		4.625		2.775	AO		77,760.99			—		7/15/2008		10/31/2011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.25		103.254		3,097,619.94		3,000,000.00		3,058,089.34		39,530.60			(19,163.00	)		—		—		4.625		2.004	JD		34,879.14			—		3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND							1		1,078,359.38		103.727		1,037,269.97		1,000,000.00		1,017,964.65		19,305.32			(5,262.00	)		—		—		4.75		2.558	JJ		7,872.93			23,750.00		4/17/2008		1/31/2012
912828HY9	UNITED STATES TREASURY GOVT BND							1		3,456,386.72		104.824		3,668,839.90		3,500,000.00		3,480,665.29		188,174.61			2,219.00			—		—		3.125		3.402	AO		45,925.41			—		5/30/2008		4/30/2013
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.33		105.746		793,095.08		750,000.00		754,144.23		38,950.85			(456.00	)		—		—		3.5		3.234	MN		8,798.08			—		6/4/2008		5/31/2013
912828JD3	UNITED STATES TREASURY GOVT BND							1		997,500.00		105.539		1,055,390.01		1,000,000.00		998,817.61		56,572.40			126.00			—		—		3.375		3.43	JD		8,484.12			—		7/21/2008		6/30/2013
912828JM3	UNITED STATES TREASURY GOVT BND							1		2,037,265.63		105.207		2,104,140.02		2,000,000.00		2,019,275.98		84,864.04			(1,837.00	)		—		—		3.125		2.723	MS		170.76			31,250.00		10/7/2008		9/30/2013
912828JZ4	UNITED STATES TREASURY GOVT BND							1		22,737,799.27		101.582		23,363,860.23		23,000,000.00		22,768,038.62		595,821.61			19,361.00			—		—		1.75		2.117	JJ		66,714.75			201,250.00		11/12/2010		1/31/2014
912828KF6	UNITED STATES TREASURY GOVT BND							1		8,026,459.15		101.863		7,945,314.55		7,800,000.00		7,995,610.85		(50,296.30	)		(16,330.00	)		—		—		1.875		0.999	FA		11,494.56			73,125.00		12/17/2010		2/28/2014
912828KT6	UNITED STATES TREASURY GOVT BND							1		20,143,750.00		100.727		20,145,399.40		20,000,000.00		20,143,750.00		1,649.40			—			—		—		2.375		2.218	MS		5,191.25			—		3/31/2011		3/31/2016
912828KU3	UNITED STATES TREASURY GOVT BND							1		2,519,532.69		100.128		2,533,238.35		2,530,000.00		2,529,120.88		4,117.47			1,319.00			—		—		0.875		1.087	MN		7,419.71			—		6/5/2009		5/31/2011
912828KX7	UNITED STATES TREASURY GOVT BND							1		1,730,281.25		101.789		1,730,413.02		1,700,000.00		1,715,467.91		14,945.11			(3,149.00	)		—		—		1.875		1.113	JD		9,369.85			—		1/27/2010		6/15/2012
912828LC2	UNITED STATES TREASURY GOVT BND							1		20,597,062.50		103.877		20,463,768.81		19,700,000.00		20,534,082.83		(70,314.02	)		(60,389.00	)		—		—		2.625		1.323	JJ		85,711.33			258,563.00		12/23/2010		7/31/2014
912828LK4	UNITED STATES TREASURY GOVT BND							1		53,180,936.44		102.945		52,399,000.93		50,900,000.00		52,886,477.18		(487,476.25	)		(141,868.00	)		—		—		2.375		1.194	FA		105,684.31			604,438.00		11/12/2010		8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND							1		39,634,146.60		101.23		39,985,851.18		39,500,000.00		39,604,205.91		381,645.27			(16,688.00	)		—		—		1.375		1.201	AO		250,673.07			—		8/19/2010		10/15/2012
912828LS7	UNITED STATES TREASURY GOVT BND							1		20,445,312.60		102.801		20,560,200.60		20,000,000.00		20,366,688.04		193,512.56			(24,636.00	)		—		—		2.375		1.842	AO		198,141.41			—		6/10/2010		10/31/2014
912828LZ1	UNITED STATES TREASURY GOVT BND							1		70,886,809.01		101.828		68,733,902.02		67,500,000.00		70,546,138.44		(1,812,236.42	)		(202,697.00	)		—		—		2.125		0.87	MN		480,752.06			—		1/12/2011		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND							1		3,799,122.17		100.797		3,850,445.29		3,820,000.00		3,808,029.60		42,415.69			1,715.00			—		—		1.125		1.311	JD		12,632.76			—		12/11/2009		12/15/2012
912828MH0	UNITED STATES TREASURY GOVT BND							1		24,835,044.69		102.077		25,519,252.75		25,000,000.00		24,868,993.85		650,258.90			5,149.00			—		—		2.25		2.39	JJ		93,234.89			281,250.00		1/29/2010		1/31/2015
912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,430.81		100.337		5,016,849.50		5,000,000.00		4,999,809.11		17,040.39			71.00			—		—		0.75		0.756	MN		12,568.68			—		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND							1		15,941,238.41		101.184		16,095,338.56		15,907,000.00		15,931,060.74		164,277.82			(3,132.00	)		—		—		1.375		1.293	FA		27,189.10			109,361.00		9/9/2010		2/15/2013
912828MR8	UNITED STATES TREASURY GOVT BND							1		17,036,566.48		102.436		16,901,939.51		16,500,000.00		16,989,775.55		(87,836.04	)		(31,527.00	)		—		—		2.375		1.575	FA		34,076.08			195,938.00		11/23/2010		2/28/2015
912828MU1	UNITED STATES TREASURY GOVT BND							1		11,437,362.58		100.656		11,525,111.78		11,450,000.00		11,443,682.40		81,429.38			1,566.00			—		—		1		1.056	MS		318.07			57,250.00		3/30/2010		3/31/2012
912828MZ0	UNITED STATES TREASURY GOVT BND							1		6,352,265.63		102.735		6,164,099.58		6,000,000.00		6,319,394.95		(155,295.37	)		(19,177.00	)		—		—		2.5		1.161	AO		62,570.97			—		10/27/2010		4/30/2015
912828NC0	UNITED STATES TREASURY GOVT BND							1		1,503,579.24		101.094		1,516,410.14		1,500,000.00		1,502,586.16		13,823.98			(298.00	)		—		—		1.375		1.292	MN		7,805.59			—		5/28/2010		5/15/2013
912828NF3	UNITED STATES TREASURY GOVT BND							1		14,010,150.00		101.1		13,901,250.83		13,750,000.00		14,000,674.61		(99,423.78	)		(9,475.00	)		—		—		2.125		1.669	MN		97,930.98			—		1/28/2011		5/31/2015
912828NL0	UNITED STATES TREASURY GOVT BND							1		15,410,932.95		99.948		15,292,043.69		15,300,000.00		15,398,094.37		(106,050.68	)		(4,986.00	)		—		—		1.875		1.72	JD		72,114.98			—		9/10/2010		6/30/2015
912828NQ9	UNITED STATES TREASURY GOVT BND							1		5,812,906.15		100.234		5,813,571.65		5,800,000.00		5,808,770.24		4,801.41			(1,619.00	)		—		—		0.625		0.511	JJ		6,008.29			18,125.00		8/13/2010		7/31/2012
912828NX4	UNITED STATES TREASURY GOVT BND							1		26,072,194.15		99.758		26,036,838.79		26,100,000.00		26,072,245.05		(35,406.26	)		103.00			—		—		0.375		0.444	MS		267.41			48,938.00		3/24/2011		9/30/2012
912828NY2	UNITED STATES TREASURY GOVT BND							1		10,018,392.88		99.371		9,937,100.20		10,000,000.00		10,014,936.01		(77,835.81	)		(1,829.00	)		—		—		0.75		0.686	MS		3,464.67			37,500.00		9/24/2010		9/15/2013
912828PB0	UNITED STATES TREASURY GOVT BND							1		2,207,988.09		98.641		2,179,966.07		2,210,000.00		2,208,258.57		(28,292.50	)		148.00			—		—		0.5		0.53	AO		5,100.00			—		10/22/2010		10/15/2013
912828PE4	UNITED STATES TREASURY GOVT BND							1		13,124,951.17		96.488		12,784,659.87		13,250,000.00		13,132,701.98		(348,042.11	)		5,564.00			—		—		1.25		1.447	AO		69,088.78			—		12/7/2010		10/31/2015
912828PH7	UNITED STATES TREASURY GOVT BND							1		4,388,155.37		99.832		4,392,608.04		4,400,000.00		4,391,443.66		1,164.38			1,529.00			—		—		0.375		0.513	FA		1,434.78			8,250.00		9/14/2010		8/31/2012
912828PJ3	UNITED STATES TREASURY GOVT BND							1		15,206,630.86		96.838		15,155,146.53		15,650,000.00		15,230,192.27		(75,045.74	)		20,893.00			—		—		1.375		1.977	MN		71,828.63			—		12/21/2010		11/30/2015
912828PR5	UNITED STATES TREASURY GOVT BND							1		2,992,851.56		99.828		2,994,840.09		3,000,000.00		2,993,349.56		1,490.53			498.00			—		—		0.625		0.747	JJ		3,107.73			—		2/8/2011		1/31/2013
912828PU8	UNITED STATES TREASURY GOVT BND							1		8,708,013.84		98.492		8,667,295.74		8,800,000.00		8,715,409.72		(48,113.98	)		7,109.00			—		—		0.5		0.872	MN		16,651.94			—		1/7/2011		11/15/2013
912828PZ7	UNITED STATES TREASURY GOVT BND							1		22,932,593.75		99.965		22,792,019.09		22,800,000.00		22,931,350.43		(139,331.34	)		(1,243.00	)		—		—		1.25		1.051	MS		13,165.76			—		3/23/2011		3/15/2014
912828QH6	UNITED STATES TREASURY GOVT BND							1		—		100.074		—		—		—		—			—			—		—		1.25		0	FA		(849.45	)		—		3/8/2011		2/15/2014
912828QJ2	UNITED STATES TREASURY GOVT BND							1		34,871,052.03		99.693		34,593,471.35		34,700,000.00		34,870,038.49		(276,567.14	)		(1,014.00	)		—		—		2.125		2.017	FA		64,119.56			—		3/24/2011		2/29/2016
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.20		105.858		815,104.09		770,000.00		779,653.52		35,450.57			(2,071.00	)		—		—		6.1		4.936	MN		17,744.22			—		9/24/2008		5/15/2012
914455KX7	UNIVERSITY MICH UNIV REVS MUNITAX BND							??		3,500,000.00		97.073		3,397,554.93		3,500,000.00		3,500,000.00		(102,445.07	)		—			—		—		1.754		1.754	AO		24,214.94			—		10/28/2010		4/1/2015
91913YAQ3	VALERO ENERGY CORPORATION CORP BND							2FE		1,531,485.00		104.372		1,565,577.51		1,500,000.00		1,526,269.20		39,308.31			(1,562.00	)		—		—		4.5		4.003	FA		11,250.00			33,750.00		5/20/2010		2/1/2015
92343VAZ7	VERIZON COMMUNICATIONS INC. CORP BND FRN							1FE		9,900,000.00		100.531		9,952,568.11		9,900,000.00		9,900,000.00		52,568.11			—			—		—		0.918		0.918	MJSD		1,009.80			—		3/23/2011		3/28/2014
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND							1FE		6,784,125.00		101.199		6,789,024.38		6,250,000.00		6,685,059.21		103,965.17			(22,392.00	)		—		—		4.9		3.21	MS		13,611.11			153,125.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		6,369,194.90		114.648		6,338,912.96		5,529,000.00		6,152,222.46		186,690.50			(56,839.00	)		—		—		7.375		2.873	MN		154,044.09			—		4/20/2010		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		7,987,672.58		103.656		8,240,666.94		7,950,000.00		7,964,768.89		275,898.05			(4,287.00	)		—		—		5.25		5.02	FA		69,562.50			208,688.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		24,052,049.92		109.839		25,400,169.33		23,125,000.00		23,895,743.34		1,504,425.99			(65,111.00	)		—		—		5.55		4.26	FA		213,906.25			641,719.00		11/12/2010		2/1/2014
92857WAW0	VODAFONE GROUP PLC CORP BND			F				2FE		4,975,300.00		99.127		4,956,344.60		5,000,000.00		4,975,500.76		(19,156.16	)		201.00			—		—		2.875		2.982	MS		5,989.58			—		3/9/2011		3/16/2016
928670AE8	VW INTL FIN N.V. CORP BND 144A			F				1FE		5,009,015.00		100.031		5,001,549.55		5,000,000.00		5,008,998.26		(7,448.71	)		(17.00	)		—		—		0.922		0.862	JAJO		256.16			—		3/24/2011		4/1/2014

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8					2		NRZ		3,912,958.69		85.49		3,379,495.76		3,953,107.46		3,914,310.21		(534,814.45	)		232.00			—		—			2.725		2.879	MON		8,977.01		26,913.00		1/10/2008		10/25/2035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2		NRZ		724,448.86		100.048		742,607.57		742,251.29		725,214.88		17,392.69			80.00			—		—			2.689		3.179	MON		1,663.18		5,008.00		8/10/2007		6/25/2034
92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3					2		3FE		2,939,882.81		81.784		2,453,520.00		3,000,000.00		2,959,993.37		(506,473.37	)		(327.00	)		—		—			2.769		2.945	MON		6,922.25		20,758.00		3/24/2006		9/25/2035
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				1FE		2,960,718.75		93.983		3,197,323.12		3,025,000.00		3,002,247.38		195,075.74			3,521.00			—		—			5.4		5.929	AO		81,675.00		—		12/24/2008		10/1/2012
92928WAF2	WMC FINANCE LTD CORP BND			F				1FE		2,162,260.00		107.884		2,157,684.64		2,000,000.00		2,106,225.37		51,459.27			(12,082.00	)		—		—			5.125		2.537	MN		38,722.22		—		1/27/2010		5/15/2013
929766CT8	WACHOVIA BANK COMM MTG TR CMBS 03-C3					2		1FE		1,738,974.85		99.385		1,795,534.57		1,789,479.14		1,774,396.59		21,137.98			2,138.00			—		—			4.037		5.078	MON		6,020.10		18,060.00		8/27/2008		2/15/2035
92976WBA3	WACHOVIA CORPORATION CORP BND MTN							1FE		527,500.00		101.414		545,628.74		500,000.00		512,539.30		33,089.44			(1,254.00	)		—		—			5.7		4.556	FA		4,750.00		14,250.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION CORP BND MTN							1FE		9,141,125.82		107.758		9,051,683.84		8,400,000.00		9,020,621.55		31,062.29			(72,435.00	)		—		—			5.5		1.865	MN		192,500.00		—		11/12/2010		5/1/2013
931142AS2	WAL-MART STORES INC CORP BND							1FE		6,759,610.00		112.99		6,551,677.74		5,800,000.00		6,534,461.49		17,216.25			(82,529.00	)		—		—			7.25		1.305	JD		140,166.67		—		7/22/2010		6/1/2013
931142BT9	WAL-MART STORES INC CORP BND							1FE		2,291,772.00		107.143		2,249,993.97		2,100,000.00		2,252,430.93		(2,436.96	)		(17,974.00	)		—		—			4.55		1.019	MN		39,812.50		—		9/10/2010		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND							1FE		8,537,028.01		106.243		8,499,401.84		8,000,000.00		8,441,187.97		58,213.87			(47,806.00	)		—		—			4.25		1.491	AO		156,777.78		—		1/10/2011		4/15/2013
931142CR2	WAL-MART STORES INC CORP BND							1FE		3,024,810.00		101.778		3,053,354.43		3,000,000.00		3,020,857.92		32,496.51			(1,222.00	)		—		—			2.875		2.69	AO		43,125.00		—		5/20/2010		4/1/2015
931142CX9	WAL-MART STORES INC CORP BND							1FE		3,655,118.25		95.726		3,517,928.48		3,675,000.00		3,656,782.53		(138,854.05	)		948.00			—		—			1.5		1.613	AO		23,887.50		—		10/18/2010		10/25/2015
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.25		108.325		6,743,208.72		6,225,000.00		6,213,044.37		530,164.35			1,190.00			—		—			4.875		4.963	FA		50,578.14		151,734.00		7/14/2008		8/1/2013
93934FEN8	WMALT_05-5 CMO 05-9-2A2					2		5FE		4,898,800.68		80		4,277,261.17		5,346,576.46		4,921,830.03		(644,568.86	)		5,504.00			—		—			5.5		7.729	MON		24,505.14		73,515.00		12/17/2007		11/25/2035
949744AA4	WELLS FARGO & COMPANY - GTD CORP BND							1FE		1,298,479.00		103.122		1,324,015.23		1,300,000.00		1,298,479.00		25,536.23			—			—		—			3		3.658	JD		12,133.33		—		12/3/2008		12/9/2011
949744AC0	WELLS FARGO & COMPANY - GTD CORP BND							1FE		829,784.20		101.997		846,575.17		830,000.00		829,912.85		16,662.32			18.00			—		—			2.125		2.134	JD		5,193.26		—		3/25/2009		6/15/2012
949746NY3	WELLS FARGO & COMPANY CORP BND							1FE		797,552.00		105.089		840,715.83		800,000.00		799,039.53		41,676.30			124.00			—		—			4.375		4.444	JJ		5,930.56		17,500.00		1/25/2008		1/31/2013
949746QU8	WELLS FARGO & COMPANY CORP BND							1FE		5,285,390.25		100.947		5,299,719.44		5,250,000.00		5,284,722.95		14,996.49			(667.00	)		—		—			3.676		3.536	MS		8,577.34		129,833.00		2/10/2011		6/15/2016
94974BEU0	WELLS FARGO & COMPANY CORP BND							1FE		4,044,937.50		103.029		4,172,663.97		4,050,000.00		4,045,921.04		126,742.93			230.00			—		—			3.625		3.652	AO		67,696.88		—		3/23/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND							1FE		804,015.00		105.541		791,556.65		750,000.00		776,569.91		14,986.74			(4,815.00	)		—		—			5.5		2.781	FA		6,875.00		20,625.00		10/20/2009		8/1/2012
949781AA6	WFMBS CMO 05-AR1 1A1					2		NRZ		2,869,018.65		92		2,704,007.80		2,939,138.92		2,875,887.54		(171,879.74	)		335.00			—		—			2.739		3.252	MON		6,708.85		20,127.00		12/5/2006		2/25/2035
949781AC2	WFMBS CMO 05-AR1 2A1					2		3FE		809,621.47		90.32		749,519.65		829,849.04		810,434.72		(60,915.07	)		113.00			—		—			2.74		3.214	MON		1,894.65		5,684.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2		NRZ		342,066.79		95		322,919.98		339,915.77		341,870.35		(18,950.37	)		4.00			—		—			6		5.652	MON		1,699.58		5,099.00		1/17/2008		11/25/2037
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2		NRZ		233,328.98		96		225,973.08		235,388.62		233,420.35		(7,447.27	)		5.00			—		—			2.742		2.875	MON		537.85		1,614.00		1/14/2008		12/25/2034
94980VAF5	WELLS FARGO BANK NA CORP BND							1FE		5,406,072.80		95.389		5,661,337.15		5,935,000.00		5,443,354.58		217,982.57			22,232.00			—		—			0.524		2.28	FMAN		3,801.04		7,498.00		10/27/2010		5/16/2016
94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2					2		NRZ		2,222,622.85		94.5		2,161,065.71		2,286,851.22		2,226,719.99		(65,654.28	)		369.00			—		—			2.756		3.341	MON		5,251.60		16,025.00		7/19/2006		4/25/2035
94982BAG5	WFMBS CMO 05-AR8 3A2					2		NRZ		865,290.12		95.722		842,623.94		880,282.42		866,010.17		(23,386.23	)		73.00			—		—			2.861		3.215	MON		2,098.92		6,314.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2					2		2FE		3,795,623.89		96.87		3,686,324.68		3,805,434.79		3,795,928.43		(109,603.75	)		(13.00	)		—		—			5.055		5.078	MON		16,029.44		48,116.00		1/28/2008		9/25/2035
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND							1FE		6,706,837.00		101.647		6,810,349.74		6,700,000.00		6,704,152.62		106,197.12			(641.00	)		—		—			1.75		1.71	MN		48,528.47		—		1/27/2010		11/2/2012
959802AN9	WESTERN UNION CORP BND							1FE		11,100,000.00		100.115		11,112,764.78		11,100,000.00		11,100,000.00		12,764.78			—			—		—			0.89		0.89	MJSD		6,856.57		—		3/2/2011		3/7/2013
961214BP7	WESTPAC BANKING CORP BND			F				1FE		6,667,924.50		98.807		6,595,340.68		6,675,000.00		6,668,334.74		(72,994.06	)		327.00			—		—			3		3.023	JD		62,300.01		—		12/2/2010		12/9/2015
961214BR3	WESTPAC BANKING CORP BND			F				1FE		9,195,216.00		99.886		9,189,466.55		9,200,000.00		9,195,699.62		(6,233.07	)		385.00			—		—			1.85		1.868	JD		52,951.11		—		12/2/2010		12/9/2013
9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND GOVT			F				1FE		3,130,512.81		105.026		3,255,806.28		3,100,000.00		3,127,594.36		128,211.92			(1,915.00	)		—		—			3.45		3.166	JJ		18,716.25		53,475.00		11/12/2010		7/28/2014
9612EMAH2	WESTPAC BANKING CORP - GTD SENIOR CORP			F				1FE		10,104,800.00		103.17		10,316,999.80		10,000,000.00		10,083,959.76		233,040.04			(5,747.00	)		—		—			2.9		2.643	MS		16,916.67		145,000.00		4/28/2010		9/10/2014
981464BD1	WORLD FINANCIAL NETWORK CREDIT ABS_06-A					2		1FE		12,301,269.53		98.323		12,290,375.00		12,500,000.00		12,312,352.79		(21,977.79	)		11,083.00			—		—			0.385		1.83	MON		2,272.57		3,848.00		2/16/2011		2/15/2017
98158KAD1	WORLD OMNI AUTO RECEIVABLES TR ABS 11-A					2		1FE		4,599,795.30		99.77		4,589,419.86		4,600,000.00		4,599,795.87		(10,376.01	)		1.00			—		—			1.91		1.918	MON		5,125.17		—		3/2/2011		4/16/2016
983024AA8	WYETH CORP BND							1FE		1,104,250.00		108.137		1,081,368.56		1,000,000.00		1,068,141.83		13,226.73			(8,451.00	)		—		—			5.5		1.929	MS		2,444.44		27,500.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND							1FE		7,066,916.13		110.08		7,155,180.31		6,500,000.00		6,914,127.42		241,052.89			(34,442.00	)		—		—			5.5		3.135	FA		59,583.33		178,750.00		2/19/2010		2/1/2014
BRS17HYX4	PENN NTL GAMING INC. TERM LOAN							3		998,750.00		95.688		997,190.00		1,000,000.00		998,920.36		(1,730.36	)		170.00			—		—			0		0.071	MON		—		2,862.00		12/17/2010		10/3/2012
BRS2Z8AR0	GENERAC POWER SYSTEMS INC TERM LOAN							1Z		1,997,506.00		99.25		1,985,000.00		2,000,000.00		1,997,506.00		(12,506.00	)		—			—		—			2.795		2.847	FMAN		—		—		3/8/2011		11/10/2013
BRS38FMB4	UNITED AIR LINES INC. TERM LOAN							1Z		1,950,000.00		97.319		1,946,380.00		2,000,000.00		1,950,638.60		(4,258.60	)		639.00			—		—			2.304		3.216	FMAN		7,425.22		186.00		3/8/2011		2/3/2014
BRS3BP8V0	B&G FOODS INC LN1 TERM LOAN							??		995,000.00		99.675		996,750.00		1,000,000.00		995,540.37		1,209.63			540.00			—		—			2.31		2.555	FMAN		2,374.17		3,593.00		12/16/2010		2/26/2013
BRS3BRB18	NATIONAL CINEMEDIA INC LN1 TERM LOAN							??		1,471,875.00		98.25		1,473,750.00		1,500,000.00		1,473,410.99		339.01			1,536.00			—		—			1.81		2.536	FMAN		3,940.42		5,751.00		12/16/2010		2/13/2015
BRS3D32G6	GRAY TELEVISION INC. TERM LOAN							1Z		3,142,072.44		98.944		3,146,797.06		3,180,381.90		3,143,981.44		2,815.62			1,909.00			—		—			3.809		4.151	MJSD		4,373.60		18,800.00		2/1/2011		12/31/2014
BRS3D3LA8	CHARTER COMMUNICATIONS HOLDING LN1 TERM							4		1,989,704.01		90.063		1,984,351.71		1,989,704.01		1,989,704.01		(5,352.30	)		—			—		—			0		0	MON		—		—		3/8/2011		3/6/2014
BRS3NSH58	BAKERCORP TERM LOAN							4Z		1,558,790.49		99.208		1,552,265.87		1,564,657.96		1,559,125.71		(6,859.84	)		335.00			—		—			4.812		4.908	FMAN		10,874.29		3,668.00		1/5/2011		5/8/2014
BRS3NTN59	CEQUEL COMMUNICATIONS LLC TERM LOAN							3		1,969,740.92		91.175		1,973,600.83		1,989,637.31		1,971,421.59		2,179.24			1,681.00			—		—			0		0.349	MON		—		7,891.00		12/14/2010		11/5/2013
BRS3SKK31	LOCAL TV ON SATELLITE LLC TERM LOAN							1Z		1,591,972.51		97.25		1,575,769.23		1,620,328.26		1,593,717.77		(17,948.54	)		1,745.00			—		—			2.29		3.09	FMAN		5,462.76		5,303.00		2/1/2011		5/7/2013
BRS3T9YQ9	LAS VEGAS SANDS LLC LN1 TERM LOAN							3FE		1,653,145.76		70.219		1,665,369.49		1,697,814.73		1,655,306.06		10,063.43			2,160.00			—		—			0		0.797	MJSD		—		11,322.00		1/4/2011		5/23/2014
BRS3T9ZG0	LAS VEGAS SANDS LLC LN1 TERM LOAN							3FE		286,958.15		70.219		289,019.78		294,650.56		287,308.34		1,711.44			350.00			—		—			0		0.793	JAJO		—		224.00		1/4/2011		5/23/2014
BRS3V66X8	IPC SYSTEMS INC TERM LOAN							1		—				—		—		—		—			—			—		—			2.561		0	FMAN		6,828.00		—		3/9/2011		6/2/2014
BRS42NQM3	POLYPORE INC LN1 TERM LOAN							??		1,974,502.00		99		1,969,528.45		1,989,422.68		1,975,204.27		(5,675.82	)		702.00			—		—			2.303		2.529	JAJO		11,198.64		7,387.00		12/17/2010		7/3/2014
BRS47V568	CENGAGE (THOMSON LEARNING) TL TERM LOAN							??		1,902,571.06		95.692		1,908,894.68		1,994,832.04		1,906,837.66		2,057.02			4,267.00			—		—			0		1.371	MN		—		8,195.00		1/4/2011		7/3/2014
BRS47V6P5	BIOMET INC LN1 TERM LOAN							3		3,989,561.46		93.239		3,978,067.83		3,984,522.76		3,989,470.71		(11,402.88	)		(91.00	)		—		—			0		-0.031	MON		—		21,404.00		2/1/2011		3/25/2015
BRS47WDF7	COMMUNITY HLTH SYST INC TERM LOAN							3FE		95,048.12		89.841		96,310.88		97,360.43		95,199.84		1,111.04			152.00			—		—			0		0.668	JD		—		372.00		12/14/2010		7/25/2014
BRS4BYYF5	MILLENNIUM INORGANIC CHEMICALS TERM LOAN							4FE		2,603,536.76		100.167		2,614,420.72		2,610,061.92		2,603,593.44		10,827.28			57.00			—		—			0		0.078	FMAN		—		1,666.00		3/8/2011		5/15/2014
BRS4PXHE4	AUSTRALIA AND NEW ZEALAND BANK CORP BND			D		1		1FE		827,690.77		95.267		663,810.26		400,000.00		827,991.90		(164,181.64	)		16.00			—		(187,220.04	)		6.375		6.387	FA		5,263.38		20,568.00		11/28/2007		8/13/2017
BRS4QJKV2	FREESCALE SEMICONDUCTOR INC. TERM LOAN							??		1,478,321.74		99.329		1,485,109.69		1,495,142.09		1,479,230.49		5,879.20			909.00			—		—			0		0.395	MON		—		4,683.00		1/4/2011		12/1/2013
BRS4QJTT8	SORENSON COMMUNICATIONS INC LN1 TERM							4		2,406,917.29		90.875		2,374,239.43		2,491,645.78		2,409,454.63		(35,215.20	)		2,537.00			—		—			0		1.396	MON		—		11,462.00		3/8/2011		8/16/2013
BRS4QJUM1	TEAM HLTH INC. LN1 TERM LOAN							??		951,934.18		99.75		954,325.99		956,717.78		952,365.71		1,960.28			432.00			—		—			2.313		2.563	FMAN		2,273.87		3,211.00		12/17/2010		11/23/2012
BRS58NX61	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN							3		797,687.07		91.411		799,352.50		800,689.65		797,851.25		1,501.25			164.00			—		—			0		0.086	MON		—		6,699.00		12/14/2010		4/24/2015
BRS58NXF1	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN							3		193,925.21		91.411		194,330.10		194,655.17		193,965.13		364.97			40.00			—		—			0		0.086	MON		—		1,614.00		12/14/2010		4/24/2015
BRS59XBE5	FIRST DATA CORPORATION TERM LOAN							4		1,858,750.00		74.75		1,914,380.00		2,000,000.00		1,866,728.93		47,651.07			7,979.00			—		—			0		1.961	MON		—		11,959.00		1/4/2011		9/24/2014
BRS5B8108	CATALINA MARKETING CORPORATION LN1 TERM							3		1,322,293.66		92		1,318,564.03		1,327,270.93		1,322,630.45		(4,066.42	)		326.00			—		—			0		0.099	MON		—		9,990.00		12/20/2010		10/1/2014
BRS5BXBC6	AEROFLEX INCORPORATED LN1 TERM LOAN							??		1,995,000.00		99.958		1,999,160.00		2,000,000.00		1,995,263.28		3,896.72			263.00			—		—			4.313		4.361	FMAN		10,782.50		4,313.00		12/23/2010		8/15/2014
BRS5BXCY7	ALLISON TRANSMIS LN1 TERM LOAN							4		1,980,000.00		79.036		1,979,100.00		2,000,000.00		1,980,900.52		(1,800.52	)		901.00			—		—			0		0.282	MON		—		6,209.00		1/4/2011		8/7/2014
BRS5LGXZ7	TELESAT CANADA TERM LOAN							??		1,841,642.78		99.614		1,829,959.15		1,837,050.16		1,841,570.17		(11,611.02	)		(73.00	)		—		—			0		-0.068	MON		—		3,337.00		2/24/2011		10/31/2014
BRS5LH024	SERVICEMASTER CO LN1 TERM LOAN							??		2,602,241.29		98.097		2,662,550.86		2,714,202.13		2,607,343.18		55,207.68			5,102.00			—		—			0		1.199	MON		—		8,353.00		12/15/2010		7/24/2014
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,424.63		105.161		5,466,882.94		3,300,000.00		6,572,055.88		(1,105,172.94	)		2,459.00			—		(1,290,063.66	)		4.875		4.978	MAR		17,614.38		261,663.00		4/22/2008		3/7/2012
BRS6WT6X0	SERVICEMASTER CO LN1 TERM LOAN							??		259,144.36		98.097		265,150.30		270,293.99		259,652.43		5,497.87			508.00			—		—			0		1.199	MON		—		1,204.00		12/15/2010		7/24/2014
BRS7R1MF6	TPF GENERATION HOLDINGS LLC TERM LOAN							1Z		553,701.89		99.271		550,353.34		554,394.88		553,701.89		(3,348.55	)		—			—		—			0		0.048	JAJO		—		—		3/8/2011		12/15/2013
BRS7X5P83	UNITED KINGDOM GILT GOVT BND			D				1FE		3,059,545.68		96.1		3,488,732.51		2,150,000.00		3,076,646.07		412,086.44			2,132.00			—		340,440.24			2.25		2.552	MS		5,267.85		39,204.00		3/20/2009		3/7/2014
BRS8FY3M1	TELESAT CANADA TERM LOAN							??		158,191.72		99.614		157,188.12		157,797.22		158,185.48		(997.36	)		(6.00	)		—		—			0		-0.068	MON		—		287.00		2/24/2011		10/31/2014
BRS8PB696	TPF GENERATION HOLDINGS LLC TERM LOAN							1Z		1,194,316.58		99.271		1,187,093.88		1,195,811.34		1,194,316.58		(7,222.70	)		—			—		—			2.246		2.299	MJSD		—		—		3/8/2011		12/15/2013
BRS8R3U20	HUNTSMAN INTL LLC TERM LOAN							1Z		2,981,255.00		98.932		2,967,960.00		3,000,000.00		2,981,255.00		(13,295.00	)		—			—		—			2.561		2.698	FMAN		—		—		3/10/2011		6/30/2016
BRS8WUHY9	SILVMA ABS_09-1 A3			D		1		NRF		833,161.50		102.743		839,924.80		510,000.00		833,161.50		6,763.30			—			—		(15,657.00	)		5.063		5.059	AO		18,370.46		—		10/27/2009		10/21/2016
BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				1FE		6,993,840.00		100.282		7,019,769.26		7,000,000.00		6,997,448.36		22,320.90			973.00			—		—			0.875		0.93	NOV		21,777.78		—		5/3/2010		11/23/2011
BRS95J848	WEST BROMWICH BUILDING SOCIETY LOCAL BND			D				2FE		2,743,325.17		100.634		2,903,589.02		1,800,000.00		2,729,336.90		174,252.12			(4,578.00	)		—		176,282.14			2		1.29	APR		57,073.80		—		6/29/2010		4/5/2012
BRS95M882	CABLEVISION SYSTEMS CORPORATIO TERM LOAN							1Z		1,994,962.22		99.986		1,994,682.93		1,994,962.22		1,994,962.22		(279.29	)		—			—		—			0		0	MJSD		—		—		3/16/2011		3/29/2016
BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			D				1FE		3,403,270.07		101.488		3,660,308.96		2,250,000.00		3,398,834.45		261,474.51			(1,262.00	)		—		222,891.06			2.625		2.447	DEC		29,050.73		—		4/27/2010		12/10/2013
BRS9GBGH5	BORDENINC. TERM LOAN							3Z		588,167.04		98.9		583,155.09		589,641.14		588,208.05		(5,052.96	)		41.00			—		—			4.061		4.124	FMAN		3,524.85		2,795.00		1/4/2011		5/5/2015
BRS9GBTB4	HEXION SPECIALTY CHEMICALS TL TERM LOAN							3Z		1,398,151.79		98.9		1,386,237.71		1,401,655.93		1,398,250.72		(12,013.01	)		99.00			—		—			4.061		4.124	FMAN		8,693.32		1,898.00		1/4/2011		5/5/2015
BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		4,153,705.78		0		4,331,707.82		2,700,000.00		4,143,560.80		188,147.02			(3,645.00	)		—		262,210.67			3		2.571	DEC		40,908.17		—		7/12/2010		12/7/2015
BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING TERM LOAN							2FE		3,043,984.19		99.962		3,055,448.70		3,056,610.21		3,044,559.90		10,888.80			576.00			—		—			0		0.071	MJSD		—		18,943.00		2/1/2011		9/6/2016
BRS9PP719	QUAD GRAPHICS INC LN1 TERM LOAN							??		1,975,025.12		99.832		1,991,623.31		1,994,974.87		1,975,650.10		15,973.21			625.00			—		—			0		0.19	MJSD		—		8,558.00		1/4/2011		4/20/2016
BRS9SHAY8	HCA INC LN1 TERM LOAN							??		1,995,000.00		99.773		1,995,460.00		2,000,000.00		1,995,192.31		267.69			192.00			—		—			3.557		3.613	FMAN		6,318.20		17,172.00		12/16/2010		3/31/2017
BRS9WB7G9	ARKEL_10-1 ABS_10-1 5A			D		2		1FE		918,390.00		101.035		971,725.28		600,000.00		918,390.00		53,335.28			—			—		43,380.00			4.681		4.678	FA		5,303.78		22,683.00		4/30/2010		2/17/2017
BRS9YCJN7	BUFFETS INC TERM LOAN							4FE		1,893,037.23		87.3		1,735,035.70		1,987,440.66		1,896,503.21		(161,467.51	)		3,466.00			—		—			10		11.409	JAJO		36,988.48		49,686.00		1/5/2011		4/22/2015
BRSA43XR2	CABLEVISION SYSTEMS CORPORATIO TERM LOAN							1Z		1,994,750.66		99.991		1,994,571.13		1,994,750.66		1,994,750.66		(179.53	)		—			—		—			2.042		2.047	FMAN		3,620.48		—		3/10/2011		3/29/2016
BRSA440T2	NUANCE COMMUNICATIONS INC LN1 TERM LOAN							??		981,153.10		99.15		986,375.96		994,832.03		981,937.34		4,438.62			784.00			—		—			2.058		2.714	MJSD		170.57		722.00		12/15/2010		3/29/2013
BRSABN708	DEAN FOODS COMPANY TERM LOAN							1Z		1,955,150.38		98.917		1,968,423.51		1,989,974.94		1,956,299.65		12,123.86			1,149.00			—		—			0		0.336	MJSD		—		11,182.00		12/17/2010		4/2/2016
BRSAD09Q7	DEAN FOODS TERM LOAN							1		1,966,955.12		98.438		1,943,519.48		1,974,358.97		1,967,054.82		(23,535.34	)		100.00			—		—			0		0.122	JAJO		—		2,703.00		2/1/2011		4/2/2014

Validus Holdings, Ltd March 31, 2011 GAAP fixed maturity portfolio in Schedule D format


1	2	Codes					6		7		FAIR VALUE				10		11		CHANGE IN BOOK/ADJUSTED CARRYING VALUE											INTEREST									DATES
		3	4		5						8		9						12			13			14		15			16		17		18	19		20		21		22
			FOREIGN		BOND		NAIC				RATE USED TO		GAAP FAIR				GAAP					CURRENT YEAR					TOTAL FX CHG			INTEREST		EFFECTIVE		HOW	ACCRUED		GROSS REC’D
CUSIP	DESCRIPTION	*	CODE		CHAR		DESIG		ACTUAL COST		OBTAIN FAIR VALUE		MARKET VALUE		PAR VALUE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.			RATE		RATE OF		PAID	INTEREST		DURING YEAR		ACQUIRED		MATURITY
BRSAHW6G8	LAS VEGAS SANDS LLC TERM LOAN							1Z		332,609.43		97.563		325,725.21		333,861.41		332,622.81		(6,897.60	)		13.00			—		—			3		3.111	FMAN		1,042.27		1,735.00		3/1/2011		11/23/2016
BRSAHW876	LAS VEGAS SANDS LLC TERM LOAN							1Z		1,654,893.86		97.563		1,620,641.50		1,661,123.07		1,654,958.29		(34,316.79	)		64.00			—		—			3		3.122	FMAN		6,032.83		—		3/1/2011		11/6/2016
BRSALFYS3	CAISSE D'AMORT DETTE SOCIALE CORP BND			D				1FE		2,159,930.71		96.633		2,168,566.33		1,400,000.00		2,160,535.35		8,030.98			348.00			—		77,488.58			2.25		2.297	DEC		27,252.35		—		9/9/2010		12/7/2015
BRSAQNGR3	ADVANCE PIERRE FOODS TERM LOAN							??		1,985,025.00		100.344		1,996,845.60		1,990,000.00		1,985,258.48		11,587.12			212.00			—		—			0		0.043	MJSD		—		8,591.00		12/14/2010		9/29/2016
BRSAR9KL1	GRIFOLS SA LN1 TERM LOAN			R				??		3,040,000.00		100.6		3,018,000.00		3,000,000.00		3,040,000.00		(22,000.00	)		—			—		—			6		5.759	JAJO		—		—		3/2/2011		10/10/2016
BRSAZLZQ8	GREEN MOUNTAIN COFFEE ROASTERS TERM							1		1,995,000.00		100.75		2,009,962.50		1,995,000.00		1,995,000.00		14,962.50			—			—		—			0		0	FMAN		—		22,258.00		12/15/2010		11/9/2016
BRSB5UM91	TW TELECOM INC TERM LOAN							4FE		994,805.20		100.188		996,675.43		994,805.20		994,805.20		1,870.23			—			—		—			0.311		0.292	FMAN		274.57		6,247.00		1/18/2011		12/29/2016
BRSB9FFC1	BIG WEST OIL LLC TERM LOAN							1Z		1,089,263.16		101.083		1,106,592.84		1,094,736.84		1,089,530.51		17,062.33			256.00			—		—			0		0.094	MJSD		—		17,881.00		12/17/2010		3/31/2016
BRSBBCPS9	ADVANTAGE SALES & MARKETING HO TERM LOAN							1Z		759,272.06		100.375		765,945.26		763,087.50		759,421.32		6,523.94			134.00			—		—			0		0.071	MJSD		—		9,463.00		12/17/2010		12/15/2017
BRSBBCR99	SHELL: CCC INFORMATION SYSTEMS TERM LOAN							1Z		267,300.00		100.459		271,237.95		270,000.00		267,433.37		3,804.58			133.00			—		—			0		0.204	MON		—		3,589.00		12/14/2010		11/11/2015
BRSBBCS15	CENVEO CORP TERM LOAN							1Z		493,762.50		100.875		503,114.06		498,750.00		493,976.04		9,138.02			204.00			—		—			0		0.166	MJSD		—		7,187.00		12/14/2010		12/21/2016
BRSBBCSA5	DARLING INTL INC. TERM LOAN							1Z		191,040.00		100.563		193,080.96		192,000.00		191,078.29		2,002.67			38.00			—		—			0		0.083	MJSD		—		1,677.00		12/15/2010		12/17/2016
BRSBBCU87	REMY INTERNATIONAL INC TERM LOAN							1Z		241,943.62		101.5		248,053.31		244,387.50		242,041.80		6,011.51			98.00			—		—			0		0.168	MJSD		—		3,606.00		12/17/2010		12/28/2016
BRSBDPXK6	JPMORGAN CHASE & CO CORP BND EMTN			O				1FE		1,195,342.58		99.38		1,194,756.27		750,000.00		1,195,440.82		(684.55	)		98.00			—		3,215.46			4.25		4.308	JJ		9,315.48		—		1/18/2011		1/25/2017
BRSBGF0L9	STYRON CORP TERM LOAN					1		1Z		—		0		—		—		—		—			—			—		—			0		0	JAJO		—		1.00		00/00/0000		7/27/2017
BRSBH15E0	SUNGARD DATA SYSTEMS INC. TERM LOAN							1Z		250,000.00		100.485		251,211.25		250,000.00		250,000.00		1,211.25			—			—		—			0		0	FMAN		—		1,681.00		1/31/2011		2/28/2014
BRSBH1FB5	TWCC HOLDING CORP TERM LOAN							1Z		897,750.00		100.653		903,612.31		897,750.00		897,750.00		5,862.31			—			—		—			0		0	FMAN		—		3.00		2/4/2011		2/1/2017
BRSBHYHD7	SAVERS INC TERM LOAN							1Z		310,000.00		100.625		311,937.50		310,000.00		310,000.00		1,937.50			—			—		—			0		0	FMAN		—		—		3/3/2011		3/4/2017
BRSBK6YZ6	DUNKIN BRANDS INC TERM LOAN							1Z		3,609,333.85		100.429		3,606,391.03		3,591,000.00		3,609,333.85		(2,942.82	)		—			—		—			0		-0.076	FMAN		—		1,892.00		3/8/2011		11/23/2017
BRSBK9U01	MOMENTIVE PERFORMANCE MATERIAL TERM LOAN							1Z		3,984,544.27		98.875		3,944,700.52		3,989,583.33		3,984,587.88		(39,887.36	)		44.00			—		—			3.75		3.863	MJSD		11,767.89		5,704.00		3/10/2011		5/4/2015
BRSBL1YL7	BURGER KING CORP TERM LOAN							1Z		3,496,250.00		99.847		3,485,908.39		3,491,250.00		3,496,215.71		(10,307.32	)		(34.00	)		—		—			0		-0.026	FMAN		321.30		9,975.00		3/9/2011		10/19/2016
BRSBLSR28	TOYOTA MOTOR CREDIT CORP SENIOR CORP BND			O				??		1,294,592.35		99.715		1,278,705.23		800,000.00		1,294,599.67		(15,894.44	)		7.00			—		(14,297.02	)		4		3.99	DEC		4,918.64		—		2/18/2011		12/7/2017
BRSBLUG58	EDWARDS LTD LN1 TERM LOAN							??		982,587.37		99.813		985,673.39		987,525.00		982,659.94		3,013.45			73.00			—		—			5.5		5.674	MON		2,112.21		3,323.00		2/18/2011		5/31/2016
BRSBN8RA2	BWAY HOLDING							1Z		2,304,177.87		100.586		2,303,822.77		2,290,401.02		2,304,101.48		(278.71	)		(76.00	)		—		—			0		-0.087	FA		—		166.00		3/8/2011		2/9/2018
BRSBNH1C6	DINEEQUITY INC							1Z		2,253,133.42		100.875		2,255,195.21		2,235,633.42		2,253,073.54		2,121.67			(60.00	)		—		—			0		-0.12	AO		—		2,567.00		2/23/2011		10/1/2017
BRSBPZM15	NOVELIS INC/GA TERM LOAN							1Z		628,425.00		100.135		629,273.37		628,425.00		628,425.00		848.37			—			—		—			0		0	MJSD		—		559.00		3/10/2011		3/10/2017
BRSBQ6D42	BP CAPITAL MARKET PLC CORP BND MTN			D				1FE		688,967.43		99.224		675,967.22		425,000.00		688,967.43		(13,000.21	)		—			—		(8,490.31	)		4.325		4.299	DEC		1,775.92		—		3/7/2011		12/10/2018
BRSBQ9RY5	CCM MERGER TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			7		0	MJSD		—		2,707.00		00/00/0000		3/1/2017
BRSBQPW49	UNIVERSAL HEALTH SERVICES INC TERM LOAN					1		3Z		465,000.00		100.313		466,453.13		465,000.00		465,000.00		1,453.13			—			—		—			0		0	MJSD		—		—		3/14/2011		11/15/2016
BRSBQYXA5	FEDERAL MOGUL CORP TERM LOAN							1Z		1,284,586.07		97.75		1,291,190.62		1,320,911.12		1,284,586.07		6,604.55			—			—		—			0.309		1.162	MJSD		—		—		3/7/2011		8/2/2014
BRSBQZ0T7	FEDERAL MOGUL CORP TERM LOAN							1Z		673,939.24		97.75		658,770.72		673,934.24		673,939.24		(15,168.52	)		—			—		—			0.309		0.309	MJSD		—		—		3/7/2011		8/2/2015
BRSBQZCB3	WALTER ENERGY INC TERM LOAN							1Z		1,050,012.00		100		1,050,000.00		1,050,000.00		1,050,012.00		(12.00	)		—			—		—			0.31		0.309	MJSD		—		—		3/4/2011		2/7/2018
BRSBR0N68	HCA INC TERM LOAN							1Z		1,992,506.00		99.707		1,994,130.00		2,000,000.00		1,992,506.00		1,624.00			—			—		—			0		0.146	MJSD		—		—		3/8/2011		11/17/2013
BRSBR3DP1	BWAY HOLDING TERM LOAN							1Z		204,572.03		100.586		204,540.51		203,348.88		204,565.21		(24.70	)		(7.00	)		—		—			0		-0.086	FMAN		—		1.00		3/8/2011		2/9/2018
BRSBRMFR3	METROPCS WIRELESS INC TERM LOAN							1Z		2,679,783.75		99.95		2,691,903.38		2,693,250.00		2,679,820.41		12,082.97			37.00			—		—			0		0.07	MJSD		—		90.00		3/15/2011		3/31/2018
BRSBRN2H7	MEG ENERGY CORP TERM LOAN			A				1F		4,000,000.00		100.656		4,026,240.00		4,000,000.00		4,000,000.00		26,240.00			—			—		—			4		4	MJSD		—		—		3/16/2011		3/14/2018
BRSBTKQC6	ISLE OF CAPRI CASINOS INC. TERM LOAN							1Z		1,250,000.00		100		1,250,000.00		1,250,000.00		1,250,000.00		—			—			—		—			3.809		3.827	MJSD		—		—		3/18/2011		3/1/2017
BRSBUXKB4	WESTERN REFINING INC TERM LOAN							1Z		866,250.00		99		866,250.00		875,000.00		866,250.00		—			—			—		—			6.307		6.564	MJSD		—		—		3/25/2011		3/15/2017
BRSBUXKY4	KINDRED HEALTHCARE INC. TERM LOAN							1Z		1,534,500.00		99		1,534,500.00		1,550,000.00		1,534,500.00		—			—			—		—			4.057		4.224	MJSD		—		—		3/28/2011		3/30/2018
BRSBUXLA5	ROCK-TENN CO TERM LOAN							1Z		1,100,000.00		100		1,100,000.00		1,100,000.00		1,100,000.00		—			—			—		—			3.057		3.066	MJSD		—		—		3/28/2011		3/31/2018
BRSBVKNS1	JARDEN CORP TERM LOAN							1Z		2,000,000.00		100.703		2,014,060.00		2,000,000.00		2,000,000.00		14,060.00			—			—		—			0		0	MS		—		—		3/30/2011		3/31/2018
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		7,573,467.30		103.17		7,737,749.85		7,500,000.00		7,544,392.80		193,357.05			(4,924.00	)		—		—			2.5		2.204	MAY		157,812.50		—		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				1FE		3,688,345.49		102.589		3,617,798.94		2,200,000.00		3,674,405.25		(56,606.31	)		(2,610.00	)		—		(122,107.13	)		3		2.668	SEP		59,129.09		—		11/11/2009		9/9/2013
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		16,986,810.74		105.874		17,257,462.16		16,300,000.00		16,805,889.44		451,572.72			(68,202.00	)		—		—			4.375		2.562	JAN		150,548.61		713,125.00		7/31/2010		1/15/2013
D96074WD3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		4,099,836.00		99.935		4,132,001.73		4,100,000.00		4,100,020.21		31,981.52			(24.00	)		—		—			3.125		3.099	JUN		101,788.19		—		7/9/2008		6/15/2011
F0689FDP0	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				1FE		37,228,729.56		101.481		35,518,358.40		35,000,000.00		35,440,319.96		78,038.44			(255,012.00	)		—		—			5.5		1.305	JUL		1,336,805.55		—		8/31/2009		7/21/2011
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				1FE		27,408,177.25		104.646		27,731,191.06		26,500,000.00		27,187,858.07		543,332.99			(141,634.00	)		—		—			5.125		2.803	MAY		1,135,543.41		—		11/12/2010		5/31/2012
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				1FE		911,019.43		105.824		932,972.43		550,000.00		911,438.36		21,534.07			78.00			—		(31,800.74	)		5.375		5.351	NOV		18,305.74		—		11/6/2009		11/11/2016
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				1FE		5,059,594.40		96.51		5,231,149.65		5,000,000.00		5,046,128.22		185,021.43			(8,657.00	)		—		—			5.5		4.632	JUN		218,472.22		—		11/12/2010		6/15/2012
G4637EBQ7	HSBC BANK PLC LOCAL BND MTN			D		1		1FE		2,622,226.84		0		2,214,416.28		1,350,000.00		2,629,099.94		(414,683.66	)		481.00			—		(477,236.61	)		5.75		5.776	JUN		94,770.57		—		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC - GTD CORP BND GOVT			D				1FE		2,216,050.77		101.781		2,120,948.50		1,300,000.00		2,161,238.69		(40,290.19	)		(7,957.00	)		—		(57,612.03	)		4		2.441	NOV		30,829.34		—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC - GTD CORP BND GOVT			D				1FE		1,867,254.05		101.3		1,948,548.52		1,200,000.00		1,845,976.85		102,571.67			(4,873.00	)		—		97,670.41			2.75		1.634	MAR		2,312.45		53,011.00		2/26/2010		3/16/2012
G63983GA5	NATIONWIDE BUILDING SOCIETY -G LOCAL BND			D				1FE		2,421,014.08		0		2,527,315.86		1,550,000.00		2,378,463.42		148,852.44			(14,035.00	)		—		144,821.90			3.75		1.284	NOV		33,439.62		—		6/28/2010		11/21/2011
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				1FE		7,227,959.79		105.131		7,359,169.79		7,000,000.00		7,153,812.60		205,357.19			(16,594.00	)		—		—			3.5		2.451	JUN		193,277.77		—		2/19/2010		6/17/2013
G7014VBF9	PERMM 2010-1 ABS_10-1 3A			D		2		1FE		2,003,000.00		101.409		2,031,912.64		1,250,000.00		2,003,000.00		28,912.64			—			—		687.50			4.805		4.673	JJ		20,212.89		47,693.00		1/29/2010		1/17/2017
G768FHAB7	ROYAL BANK OF SCOTLAND PLC - G LOCAL BND			D				1FE		2,217,335.31		101.889		2,123,188.90		1,300,000.00		2,161,401.98		(38,213.08	)		(8,127.00	)		—		(57,616.39	)		4.125		2.53	NOV		32,262.53		—		6/30/2009		11/14/2011
G92435BV0	UNITED KINGDOM GILT IBND GOVT 8 MO			D				1FE		3,421,244.93		321.105		3,576,806.60		700,000.00		3,471,600.62		105,205.98			5,619.00			—		43,196.29			2.5		-0.106	JJ		13,851.46		38,067.00		8/5/2010		7/26/2016
G92435JR1	UNITED KINGDOM GILT GOVT BND			D				1FE		10,644,597.47		116.14		10,797,663.55		5,800,000.00		10,153,096.16		644,567.39			(125,094.00	)		—		496,277.62			8		1.976	MS		10,105.56		375,376.00		4/1/2010		9/27/2013
G92435NC9	UNITED KINGDOM GILT GOVT BND			D				1FE		24,335,237.98		106		24,552,385.15		14,450,000.00		23,831,887.44		720,497.71			(166,879.00	)		—		695,007.26			4.5		1.398	MS		70,809.66		526,979.00		7/29/2010		3/7/2013
G92450H50	UNITED KINGDOM GILT GOVT BND			D				1FE		4,342,883.88		104.96		3,533,158.27		2,100,000.00		4,216,277.15		(683,118.88	)		(10,831.00	)		—		(807,035.52	)		5.25		4.131	JD		55,833.52		—		3/3/2008		6/7/2012
G92450HJ0	UNITED KINGDOM GILT GOVT BND			D				1FE		1,490,786.30		103.8		1,414,282.79		850,000.00		1,423,140.62		(8,857.83	)		(9,595.00	)		—		(24,646.72	)		5		2.122	MS		4,628.09		34,443.00		6/23/2009		3/7/2012
G92450NU8	UNITED KINGDOM GILT GOVT BND			D				1FE		8,722,795.50		109.75		8,796,188.13		5,000,000.00		8,537,794.87		258,393.26			(40,147.00	)		—		67,913.66			5		2.734	MS		27,224.02		202,606.00		2/1/2010		9/7/2014
G92450UG1	UNITED KINGDOM GILT GOVT BND			D				1FE		4,225,449.02		109.5		4,271,252.63		2,450,000.00		4,216,530.05		54,722.58			(8,822.00	)		—		100,454.49			4.75		3.449	MS		12,672.78		94,313.00		12/31/2010		3/7/2020
G92451CZ7	UNITED KINGDOM GILT GOVT BND			D				1FE		6,661,518.76		97.17		6,619,742.69		4,250,000.00		6,664,524.38		(44,781.69	)		3,006.00			—		(62,159.51	)		2		2.688	JJ		25,970.45		—		3/29/2011		1/22/2016
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,724.79		107.382		1,569,621.80		950,000.00		1,928,455.66		(358,833.86	)		(4,583.00	)		—		(395,533.02	)		5.5		4.437	DEC		26,388.29		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,852.90		100.269		701,883.35		700,000.00		698,442.43		3,440.92			754.00			—		—			5		5.388	OCT		17,208.33		—		6/30/2007		10/4/2011
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		15,921,299.70		108.859		16,328,850.15		15,000,000.00		15,629,046.76		699,803.39			(46,414.00	)		—		—			5		3.526	MAY		656,250.00		300,000.00		8/31/2009		5/16/2014
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		5,478,026.68		105.512		5,592,136.05		5,300,000.00		5,407,466.14		184,669.91			(11,166.00	)		—		—			3.75		2.802	JUL		141,333.33		—		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND MTN			D				1FE		813,092.49		102.457		821,169.24		500,000.00		813,984.95		7,184.29			145.00			—		(15,321.08	)		4		4.047	SEP		17,830.08		—		9/3/2009		9/10/2015
Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND			D				1FE		679,712.30		100.826		727,287.62		450,000.00		680,310.31		46,977.31			186.00			—		36,937.39			3.875		3.97	DEC		8,270.56		—		4/7/2010		12/14/2015
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				1FE		742,348.77		104.722		913,929.86		525,000.00		743,885.95		170,043.91			198.00			—		93,687.88			5.5		5.634	MAR		3,540.95		47,006.00		2/25/2009		3/4/2015
W5818PAC4	NORDEA BANK AB CORP BND MTN			D				1FE		1,375,264.68		100.8		1,454,199.99		900,000.00		1,376,245.00		77,954.99			322.00			—		59,425.91			3.875		3.951	DEC		16,387.97		—		4/13/2010		12/15/2015
00254EBP6	SWEDISH EXPORT CREDIT CORP BND GMTN			F				1FE		7,711,376.36		102.06		7,654,555.80		7,500,000.00		7,618,509.27		36,046.53			(59,691.00	)		—		—			4.875		1.636	MS		2,031.25		182,813.00		11/12/2010		9/29/2011
24422EQD4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		4,161,094.98		102.7		4,108,004.00		4,000,000.00		4,094,392.71		13,611.29			(42,880.00	)		—		—			5.4		1.039	AO		98,400.00		—		11/12/2010		10/17/2011
273325AC4	EAST LANE RE II LTD CORP BND 144A							1		4,875,000.00		100.02		5,001,000.00		5,000,000.00		4,997,812.54		3,187.46			35,710.00			—		—			14.803		18.178	JAJO		185,035.13		188,983.00		5/7/2010		4/7/2011
BRS35M6E4	TPF GENERATION HOLDINGS LLC TERM LOAN							1FE		173,574.26		98.88		171,836.35		173,791.50		173,574.26		(1,737.91	)		—			—		—			2.31		2.513	MJSD		—		—		3/8/2011		12/15/2011
298785DX1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		20,504,867.04		100.89		20,178,409.60		20,000,000.00		20,176,859.03		1,550.57			(211,151.00	)		—		—			5.25		0.96	JD		309,166.66		—		11/12/2010		6/15/2011
N8155ZAC7	SOVRISC CORP BND			F				1FE		6,258,572.54		100.31		6,236,743.50		6,217,266.05		6,224,354.15		12,389.35			(21,998.00	)		—		—			5.25		3.794	AO		136,909.38		—		11/12/2010		4/30/2011
52517PA35	LEHMAN BROS HOLDINGS INC CORP BND							6		1,575,000.00		25.5		2,295,000.00		9,000,000.00		1,575,000.00		720,000.00						—		—			4.5					—				11/12/2010		7/26/2010
BRS448NT2	COMMUNITY HLTH SYST INC							3FE		1,850,113.96		98.92199987		1,874,693.71		1,895,123.14		1,853,067.14		21,626.57			3,039.06			—		—			0			JD		—		8,884.91		12/14/2010		7/25/2014
BRSBGXH81	DEL MONTE FOODS CO							3FE		1,097,250.00		100.167		1,101,837.00		1,100,000.00		1,097,273.98		4,563.02			23.98			—		—			0			FMAN		—		—		2/3/2011		2/1/2018
BRSBH1CU6	J CREW GROUP INC							4FE		915,000.00		99.65		911,797.50		915,000.00		915,000.00		(3,202.50	)		—			—		—			0			FMAN		—		6.34		2/9/2011		2/1/2018
BRSBH1PV0	ROCKWOOD SPECIALTIES GROUP INC							3FE		1,400,000.00		100.525		1,407,350.00		1,400,000.00		1,400,000.00		7,350.00			—			—		—			0			FMAN		—		—		2/9/2011		2/1/2018
BRSBHPM99	TRANSUNION CORP							3FE		490,000.00		100.417		492,043.30		490,000.00		490,000.00		2,043.30			—			—		—			0			FMAN		—		—		2/9/2011		2/3/2018
BRSBP35C1	ATTACHMATE CORP							4FE		792,000.00		99.4585		795,668.00		800,000.00		792,000.00		3,668.00			—			—		—			0			MJSD		—		—		2/25/2011		2/3/2017
BRSBQ1JW5	CALPINE CORPORATION							4FE		3,000,000.00		100.3611		3,010,833.00		3,000,000.00		3,000,000.00		10,833.00			—			—		—			0			MJSD		—		—		3/4/2011		3/31/2018
TOTAL														4,589,848,909.22		4,432,898,595.41		4,544,109,537.94		45,739,371.28

Validus Holdings, Ltd March 31, 2011 GAAP short-term investments portfolio in Schedule D format


											CHANGE IN BOOK/ADJUSTED CARRYING VALUE														INTEREST
1	2	3		4		5	6		7		8			9			10		11		12		13		14		15		16		17		18	19	20
																			TOTAL								NON-ADMITTED				EFFECTIVE			GROSS REC’D	PAID FOR
				DATE					GAAP					CURRENT YEAR					FX CHG		PAR		ACTUAL		ACCRUED		ACCRUED		INTEREST		RATE OF		HOW	DURING	ACCRUED
DESCRIPTION	*	CUSIP		ACQUIRED		NAME OF VENDOR	MATURITY DATE		BOOK VALUE		UGL			AMORTIZATION			IMPAIRMENTS		IN B/A. C.V.		VALUE		COST		INTEREST		INTEREST		RATE		INTEREST		PAID	YEAR	INT
FHLMC DN			313396EN9		12/17/2010	GOLDMAN SACHS & CO.		4/19/2011		4,499,594.79		—			2,025.00			—		—		4,500,000.00		4,497,300.00		—		—		0.18		0.183	MAT	—		—
FNMA DN			313588EV3		12/6/2010	NOMURA SECURITIES INTL. INC.		4/26/2011		1,999,715.09		—			1,025.00			—		—		2,000,000.00		1,998,405.55		—		—		0.205		0.208	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127952N0		12/5/2011	J.P. MORGAN SECURITIES INC		4/28/2011		7,399,142.28		—			5,021.00			—		—		7,400,000.00		7,397,078.23		—		—		0.155		0.157	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127952N0		12/5/2011	J.P. MORGAN SECURITIES INC		4/28/2011		17,997,913.67		—			2,064.00			—		—		18,000,000.00		17,992,893.00		—		—		0.155		0.157	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127952U4		3/8/2011	J.P. MORGAN SECURITIES INC		6/9/2011		5,798,777.08		—			408.00			—		—		5,800,000.00		5,798,369.56		—		—		0.11		0.112	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127952V2		12/15/2010	A_VALCHAR		6/16/2011		5,197,885.57		—			2,502.00			—		—		5,200,000.00		5,194,939.39		—		—		0.263		0.195	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127952Y6		2/14/2011	J.P. MORGAN SECURITIES INC		1/12/2012		37,523,812.91		—			11,969.00			—		—		37,600,000.00		37,511,843.66		—		—		0.255		0.259	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127953C3		2/22/2011	CITICORP SECURITIES MARKETS		2/9/2012		22,750,572.82		—			5,814.00			—		—		22,800,000.00		22,744,758.45		—		—		0.249		0.252	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127953E9		2/22/2011	BNP PARIBAS		8/18/2011		2,298,689.92		—			348.00			—		—		2,300,000.00		2,298,341.44		—		—		0.147		0.15	MAT	—		—
UNITED STATES TREASURY TBILL CASH			9127953G4		3/23/2011	BA SECURITIES		3/8/2012		28,937,733.87		—			1,453.00			—		—		29,000,000.00		28,936,280.55		—		—		0		0.226	MAT	—		—
UNITED STATES TREASURY TBILL CASH			912795VD0		1/3/2011	UBS WARBURG LLC		4/7/2011		2,599,934.33		—			930.00			—		—		2,600,000.00		2,599,004.31		—		—		0.151		0.154	MAT	—		—
UNITED STATES TREASURY			912795VE8		2/2/2011	BA SECURITIES		5/5/2011		109,984,153.12		—			26,557.00			—		—		110,000,000.00		109,964,596.54		—		—		0		0.153	MAT	—		—
CVS CAREMARK CORP CORP BND			126650B$1		1/21/2011	MIZUHO INTERNATIONAL PLC		8/15/2011		2,702,135.35		(1,584.82	)		(24,556.00	)		—		—		2,650,000.00		2,726,691.00		19,470.14		—		5.75		0.5	FA	76,188.00		68,145.00
ING BANK NV — (LT) GTD CORP BND GOVT GUAR 144A		45324QA$2			2/16/2011	J.P. MORGAN SECURITIES INC		2/9/2012		22,902,786.76		(84,548.11	)		(46,538.00	)		—		—		22,500,000.00		22,949,325.00		85,312.50		—		2.625		0.533	FA	—		24,609.00
ROYAL BANK OF SCOTLAND PLC — G CORP BND 144A		78010JC$7			1/12/2011	MIZUHO INTERNATIONAL PLC		12/9/2011		1,016,457.11		(3,806.25	)		(5,053.00	)		—		—		1,000,000.00		1,021,510.00		9,250.00		—		3		0.607	JD	—		2,833.00
SHELL INTL FINAN CORP BND			822582A$7		1/26/2011	JEFFRIES & CO. INC.		9/22/2011		753,489.07		(1,012.01	)		(1,326.00	)		—		—		750,000.00		754,815.00		243.75		—		1.3		0.315	MS	4,875.00		3,385.00
FNMA DN			313588DZ5		3/11/2011			4/6/2011		799,991.11		—										800,000.00		799,959.11		—				0.08
FNMA AGENCY CASH			313588FJ9		3/28/2011			5/9/2011		2,199,802.61		—										2,200,000.00		2,199,787.03		—				0.085
UNITED STATES TREASURY TBILL CASH			91279%%$4		3/16/2011			4/14/2011		1,799,960.67		—										1,800,000.00		1,799,915.30		—				0.061
UNITED STATES TREASURY TBILL CASH			91279%%$4		3/15/2011			4/14/2011		2,199,955.91		—										2,200,000.00		2,199,905.03		—				0.056
UNITED STATES TREASURY BILL			912795$$0		1/21/2011			4/7/2011		1,599,962.12		—										1,600,000.00		1,599,539.29		—				0.142
UNITED STATES TREASURY BILL			912795$$0		2/14/2011			4/7/2011		2,999,950.99		—										3,000,000.00		2,999,583.50		—				0.098
UNITED STATES TREASURY BILL			912795$$0		3/9/2011			4/7/2011		5,699,933.02		—										5,700,000.00		5,699,687.45		—				0.07
UNITED STATES TREASURY BILL			912795$$0		1/7/2011			4/7/2011		6,999,837.20		—										7,000,000.00		6,997,640.13		—				0.139
UNITED STATES TREASURY TBILL CASH			912795%$3		2/11/2011			5/12/2011		1,299,835.64		—										1,300,000.00		1,299,659.29		—				0.111
UNITED STATES TREASURY TBILL CASH			912795%$3		2/11/2011			5/12/2011		1,799,772.42		—										1,800,000.00		1,799,528.25		—				0.111
UNITED STATES TREASURY TBILL CASH			912795%$3		2/11/2011			5/12/2011		6,299,203.46		—										6,300,000.00		6,298,348.87		—				0.111
UNITED STATES TREASURY TBILL CASH			9127952$0		3/28/2011			4/28/2011		5,099,825.97		—										5,100,000.00		5,099,819.52		—				0.045
UNITED STATES TREASURY TBILL CASH			9127952M2		3/4/2011			4/21/2011		1,399,914.44		—										1,400,000.00		1,399,807.50		—				0.11
UNITED STATES TREASURY TBILL CASH			9127952M2		3/8/2011			4/21/2011		1,799,919.50		—										1,800,000.00		1,799,826.93		—				0.08
UNITED STATES TREASURY TBILL CASH			9127952M2		3/1/2011			4/21/2011		3,799,830.05		—										3,800,000.00		3,799,634.62		—				0.135
UNITED STATES TREASURY TBILL CASH			9127952M2		3/8/2011			4/21/2011		3,799,714.97		—										3,800,000.01		3,799,301.75		—				0.08
UNITED STATES TREASURY TBILL CASH			9127952M2		3/7/2011			4/21/2011		7,799,586.14		—										7,800,000.00		7,799,089.57		—				0.095
UNITED STATES TREASURY TBILL CASH			9127952M2		3/7/2011			4/21/2011		21,998,832.70		—										22,000,000.00		21,997,432.11		—				0.096
WELLS FARGO & COMPANY CORP BND			949746NA5		11/12/2010			10/28/2015		3,798,844.39		110,755.53										4,000,000.00		3,782,660.47		3,530.66				0.504
CITI-INSTITUTION LIQ FUND USD CASH			B0A0ATCJ9		3/31/2011					6,902,277.82		—										6,902,277.82		6,902,277.82		—
CITIFUNDS INST CASH RESERVE STIF FUND			BRS668GM8		3/30/2011					5,249,756.91		—										5,249,756.91		5,249,756.91		—
DREYFUS UNIVERSAL USD LIQ FD USD LIQUID		DRFUNI$20			3/31/2011					25,241,610.89		—										25,241,610.89		25,241,610.89		—
BONY CASH RESERVE CASH RESERVE FUND			S875996$0		3/31/2011					89,681,545.74		—										89,681,545.74		89,681,545.74		—
DREYFUS UNIVERSAL LIQ D-NAV STIF FUND			S99992125		3/31/2011					44,835,013.87		—										44,835,013.87		44,835,013.87		—
BLACKROCK INTL $ RESERVE			S99993578		3/31/2011					14,254,061.41		—										14,254,061.41		14,254,061.41		—
GOLDMAN SACHS PLUS DOLLIQ			S999936$0		3/31/2011					21,878,095.61		—										21,878,095.61		21,878,095.61		—
										565,599,829.30		19,804.34			(17,357.00	)		—		—		565,542,362.26		565,599,639.65		117,807.05

Validus Holdings, Ltd March 31, 2011 GAAP other investments portfolio in Schedule D format


1	2	3	4		5		6		7		8		9		10		11		12		13		14
		FOREIGN	DATE		ACTUAL		GAAP FAIR		GAAP								CAP		FX		INVESTMENT		ADDITIONAL
DESCRIPTION	*	CODE	ACQUIRED		COST		MARKET VALUE		BOOK VALUE		UGL		AMORTIZATION		IMPAIRMENTS		INTEREST		UGL		INCOME		INCOME
AIG SELECT HEDGE LTD CI-1-B				9/4/2009		9,465,609.18		10,712,611.83		9,465,609.18		1,247,002.65		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		9,033,170.14		6,606,428.23		2,426,741.91		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		26,118.37		17,203.14		8,915.23		—		—		—		—		—		—
						16,089,257.85		19,771,917.70		16,089,257.85		3,682,659.85

Attached files

VALIDUS HOLDINGS LTD Reports

Also read