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

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8-K - FORM 8-K - VALIDUS HOLDINGS LTD	y92152e8vk.htm

Exhibit 99.1

Validus Holdings, Ltd June 30, 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
6832348E1	ONTARIO PROVINCE CORP BND			A				1FE		748,627.50		101.97		764,775.01		750,000.00		749,357.63		15,417.38			227.00			—		—		1.875		1.938	MN		1,640.63		7,031.00		11/10/2009		11/19/2012
466247E74	JPMMT CMO_06-A1 2A2					2	NRZ			399,009.29		87.713		349,709.79		398,697.78		398,890.89		(49,181.10	)		2.00			—		—		2.739		2.717	MON		910.11		5,730.00		2/6/2008		2/25/2036
00084DAA8	ABN AMRO BANK NV CORP BND 144A			F				1FE		4,532,569.30		101.389		4,611,164.44		4,548,000.00		4,534,450.14		76,714.30			1,881.00			—		—		3		3.121	JJ		56,850.00		—		2/16/2011		1/31/2014
00084DAB6	ABN AMRO BANK NV CORP BND 144A			F				1FE		2,273,000.00		102.076		2,320,187.39		2,273,000.00		2,273,000.00		47,187.39			—			—		—		2.043		2.079	JAJO		8,254.53		11,246.00		1/27/2011		1/30/2014
00182UAA1	ANZ NATIONAL (INTL) LTD (LONDO CORP BND			F				1FE		4,102,905.34		102.125		4,085,000.00		4,000,000.00		4,037,103.81		47,896.19			(24,118.00	)		—		—		3.25		2.003	AO		32,138.89		65,000.00		2/19/2010		4/2/2012
001957BC2	AT&T CO CORP BND							1FE		445,326.80		102.411		409,642.32		400,000.00		408,369.78		1,272.54			(11,126.00	)		—		—		7.3		1.634	MN		3,731.11		14,600.00		10/29/2009		11/15/2011
00206RAF9	AT&T INC CORP BND							1FE		1,429,901.00		106.233		1,434,147.17		1,350,000.00		1,390,488.69		43,658.48			(12,846.00	)		—		—		4.95		2.935	JJ		30,813.75		33,413.00		12/9/2009		1/15/2013
00206RAQ5	AT&T INC CORP BND							1FE		1,611,715.50		108.739		1,631,079.38		1,500,000.00		1,571,592.11		59,487.27			(12,985.00	)		—		—		4.85		2.946	FA		27,483.33		36,375.00		12/16/2009		2/15/2014
00206RAT9	AT&T INC CORP BND			O				1FE		1,287,375.32		0		1,419,035.81		800,000.00		1,274,201.58		144,834.23			(5,113.00	)		—		84,729.52		5.875		4.657	APR		13,194.52		77,646.00		3/4/2010		4/28/2017
00206RAV4	AT&T CO CORP BND							1FE		2,990,820.00		100.951		3,028,538.37		3,000,000.00		2,992,422.45		36,115.92			872.00			—		—		2.5		2.565	FA		28,333.33		40,625.00		7/27/2010		8/15/2015
00206RAW2	AT&T INC CORP BND							1FE		11,685,197.50		101.192		11,763,543.50		11,625,000.00		11,684,223.44		79,320.06			(974.00	)		—		—		2.95		2.835	MN		59,061.46		—		5/24/2011		5/15/2016
00209AAG1	NEW CINGULAR WIRELESS SERVICES CORP BND							1FE		12,497,027.75		106.087		11,643,021.48		10,975,000.00		11,518,531.30		124,490.18			(319,718.00	)		—		—		8.125		2.101	MN		148,619.80		445,859.00		12/22/2009		5/1/2012
00254EBP6	SWEDISH EXPORT CREDIT							1FE		5,140,917.57				5,051,609.65		5,000,000.00		5,039,284.84		12,324.81			—			—		—		4.875		0	MAR-SEP		62,291.67				11/12/2010		9/29/2011
002824AX8	ABBOTT LABORATORIES CORP BND							1FE		2,822,118.50		103.929		2,935,995.78		2,825,000.00		2,822,717.02		113,278.76			274.00			—		—		2.7		2.722	MN		7,203.75		38,138.00		5/24/2010		5/27/2015
00432CAY7	AGSL_03-1 ABS_03-1 A2					2		1FE		2,923,370.48		99.836		2,942,483.83		2,947,317.43		2,918,214.51		24,269.32			(5,156.00	)		—		—		0.507		0.806			165.87		4,371.00		3/31/2011		12/27/2016
00432CAZ4	AGSL_03-1 ABS 03-1-2003-1					2		1FE		360,500.00		88.387		353,549.60		400,000.00		363,362.59		(9,812.99	)		1,269.00			—		—		0.734		1.44	MON		8.16		3,047.00		3/29/2010		12/26/2035
00432CBB6	AGSL_03-1 ABS_03-1-2003-1					2		1FE		311,937.50		88.406		309,421.00		350,000.00		314,427.16		(5,006.16	)		1,213.00			—		—		0.515		1.215	MON		88.89		2,382.00		3/29/2010		12/26/2035
00432CBP5	AGSL_03-1 ABS_04-1-2004-1					2		1FE		435,625.00		88.582		442,908.00		500,000.00		444,179.13		(1,271.13	)		3,354.00			—		—		1.761		3.565	MON		684.83		4,101.00		3/29/2010		12/27/2032
00448MAA9	ACHMEA HYPOTHEEKBANK N.V. — LT CORP BND			F				1FE		2,198,900.00		104.91		2,308,020.09		2,200,000.00		2,199,246.21		108,773.88			106.00			—		—		3.2		3.211	MN		11,342.22		35,200.00		10/26/2009		11/3/2014
00485CAK3	ACOSTA TERM LOAN							4FE		—		99.969		—		—		—		—			(551.00	)		—		—		0		-0.084	FMAN		—		24,410.00		2/23/2011		2/3/2018
00828EAF6	AFRICAN DEVELOPMENT BANK CORP BND			F						4,752,517.50		100.09		4,754,274.48		4,750,000.00		4,750,898.07		3,376.41			(419.00	)		—		—		0.399		0.612	JAJO		3,525.06		10,305.00		7/24/2009		7/22/2012
00828EAJ8	AFRICAN DEVELOPMENT BANK CORP BND			F				1FE		5,979,360.00		101.776		6,106,560.06		6,000,000.00		5,988,791.42		117,768.64			3,399.00			—		—		1.625		1.743	FA		37,916.67		48,750.00		2/2/2010		2/11/2013
010392EY0	ALABAMA POWER COMPANY SENIOR CORP BND							1FE		13,664,172.75		105.903		13,661,541.05		12,900,000.00		13,296,122.53		365,418.52			(132,670.00	)		—		—		4.85		2.678	JD		27,806.68		312,825.00		2/10/2010		12/15/2012
01973JAC3	ALLISON TRANSMIS LN1 TERM LOAN							4		—		79.036		—		—		—		—			2,288.00			—		—		0		0.315	MON		—		24,120.00		6/20/2011		8/7/2014
02005AAA6	AMOT_10-3 ABS_10-1 A					2		1FE		15,919,609.38		101.791		15,879,396.00		15,600,000.00		15,888,417.92		(9,021.92	)		(31,191.00	)		—		—		1.937		0.946	MON		13,430.21		53,266.00		5/11/2011		1/15/2015
02005HAB9	ALLY AUTO RECEIVABLES TRUST AA ABS_10-1					2		1FE		1,208,625.00		100.54		1,206,480.00		1,200,000.00		1,207,532.40		(1,052.40	)		(1,093.00	)		—		—		1.45		0.763	MON		773.33		2,900.00		5/10/2011		4/15/2013
02005MAE2	ALLYA_10-3 ABS_10-3 A4					2		1FE		799,714.32		100.368		802,943.36		800,000.00		799,782.14		3,161.22			39.00			—		—		1.55		1.565	MON		551.11		6,200.00		8/12/2010		8/17/2015
02005RAB7	ALLYA_10-5 ABS 10-5 A3					2		1FE		4,115,600.66		100.47		4,139,376.32		4,120,000.00		4,116,744.31		22,632.01			1,024.00			—		—		1.11		1.164	MON		2,032.53		23,501.00		12/6/2010		1/15/2015
02005TAD9	ALLYA_11-1 ABS_11-1 A4					2		1FE		5,999,457.60		101.881		6,112,852.50		6,000,000.00		5,999,491.50		113,361.00			34.00			—		—		2.23		2.242	MON		5,946.67		46,830.00		2/4/2011		3/15/2016
02005VAB8	ALLY AUTO RECEIVABLES TRUST ABS 11-2 A2					2		1FE		5,899,934.51		100.048		5,902,860.91		5,900,000.00		5,899,933.50		2,927.41			(1.00	)		—		—		0.67		0.671	MON		1,756.89		4,392.00		4/27/2011		10/15/2013
02005VAC6	ALLY AUTO RECEIVABLES TRUST ABS_11-2-A3					2		1FE		749,998.28		100.313		752,348.96		750,000.00		749,997.81		2,351.15			—			—		—		1.18		1.182	MON		393.33		983.00		4/27/2011		4/15/2015
02209SAC7	ALTRIA GROUP INC. CORP BND							2FE		11,190,603.00		115.743		10,937,672.01		9,450,000.00		10,892,384.91		45,287.10			(212,776.00	)		—		—		8.5		1.855	MN		113,793.75		401,625.00		3/22/2011		11/10/2013
02364WAU9	AMERICA MOVIL SA CORP BND			F				1FE		3,037,899.71		104.498		3,134,947.80		3,000,000.00		3,031,401.36		103,546.44			(3,873.00	)		—		—		3.625		3.326	MS		27,489.58		54,375.00		8/27/2010		3/30/2015
02582JEV8	AMXCA ABS 07-8 A					2		1FE		5,211,171.88		100.259		5,213,464.57		5,200,000.00		5,210,031.71		3,432.86			(1,140.00	)		—		—		0.487		0.202	MON		1,125.62		2,158.00		5/16/2011		10/15/2012
02666QF32	AMERICAN HONDA FINANCE CORP BND 144A							1FE		2,124,150.00		102.221		2,172,186.86		2,125,000.00		2,124,508.83		47,678.03			138.00			—		—		2.375		2.389	MS		14,439.67		25,234.00		3/9/2010		3/18/2013
03073JAL8	AMERISTAR CASINOS INC. TERM LOAN					1		3FE		—		100.25		—		—		—		—			109.00			—		—		0		0.036	JAJO		—		9,468.00		4/11/2011		3/29/2018
031162BF6	AMGEN INC CORP BND							1FE		7,964,130.00		99.089		7,927,116.72		8,000,000.00		7,964,135.91		(37,019.19	)		6.00			—		—		2.3		2.397	JD		1,469.44		—		6/30/2011		6/15/2016
034863AA8	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		5,570,775.00		120.094		5,404,222.53		4,500,000.00		5,363,395.14		40,827.39			(149,079.00	)		—		—		9.375		2.197	AO		97,265.63		210,938.00		10/19/2010		4/8/2014
034863AC4	ANGLO AMERICAN CAPITAL PLC CORP BND 144A			F				2FE		1,298,908.00		101.284		1,316,693.55		1,300,000.00		1,299,178.52		17,515.03			177.00			—		—		2.15		2.179	MS		7,298.06		13,975.00		9/20/2010		9/27/2013
035229CE1	ANHEUSER-BUSCH CORP BND							1FE		1,198,937.20		104.664		1,167,007.49		1,115,000.00		1,166,419.86		587.63			(32,517.00	)		—		—		7.5		0.933	MS		24,622.92		41,813.00		1/13/2011		3/15/2012
035229CY7	ANHEUSER-BUSCH SENIOR CORP BND							1FE		5,556,350.00		99.717		5,481,841.65		5,000,000.00		5,462,134.30		19,707.35			(62,307.00	)		—		—		5		2.267	JJ		115,277.78		125,000.00		9/23/2010		1/15/2015
03523TAL2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							1FE		1,541,745.00		102.601		1,539,019.67		1,500,000.00		1,522,757.89		16,261.78			(8,619.00	)		—		—		3		1.804	AO		9,500.00		22,500.00		5/20/2010		10/15/2012
03523TAM0	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							1FE		3,099,120.00		107.024		3,210,717.99		3,000,000.00		3,077,989.54		132,728.45			(10,289.00	)		—		—		4.125		3.34	JJ		57,062.50		61,875.00		6/11/2010		1/15/2015
03523TBC1	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							1FE		22,250,000.00		100.359		22,329,877.74		22,250,000.00		22,250,000.00		79,877.74			—			—		—		0.824		0.854	JAJO		33,093.01		47,525.00		1/24/2011		1/27/2014
03523TBG2	ANHEUSER-BUSCH INBEV WORLDWIDE CORP BND							2FE		7,821,921.68		111.5		7,804,987.75		7,000,000.00		7,758,801.56		46,186.19			(58,647.00	)		—		—		5.375		2.243	MN		48,076.39		188,125.00		3/16/2011		11/15/2014
038461AC3	AID-EGYPT GOVT BND			F				1FE		1,598,977.50		110.367		1,655,505.75		1,500,000.00		1,572,933.88		82,571.87			(7,963.00	)		—		—		4.45		3.205	MS		19,654.17		33,375.00		11/3/2009		9/15/2015
03852CAB2	ARAMARK CORP TERM LOAN							3FE		—		97.775		—		—		—		—			(31.00	)		—		—		0		-0.086	MON		—		168.00		3/7/2011		1/26/2014
039483BA9	ARCHER DANIELS MIDLAND CO CORP BND							1FE		5,775,000.00		100.183		5,785,568.20		5,775,000.00		5,775,000.00		10,568.20			—			—		—		0.422		0.472	FMAN		3,319.06		6,890.00		2/9/2011		8/13/2012
03979GAL9	ARDEN REALTY LP SENIOR CORP BND					1				3,226,650.00		107.909		3,237,283.86		3,000,000.00		3,217,074.27		20,209.59			(9,576.00	)		—		—		5.25		3.007	MS		52,500.00		—		4/28/2011		12/1/2014
046353AC2	ASTRAZENECA PLC CORP BND			F				1FE		5,610,358.32		105.677		5,548,027.38		5,250,000.00		5,462,654.32		85,373.06			(85,982.00	)		—		—		5.4		1.984	MS		83,475.00		141,750.00		11/12/2010		9/15/2012
04826NAH6	ATLANTIC BROADBAND FINANCE LLC TERM LOAN							4FE		—		100.021		—		—		—		—			—			—		—		0		0	MJSD		—		6,972.00		3/8/2011		3/9/2016
048825BC6	ATLANTIC RICHFIELD COMPANY CORP BND							1FE		3,899,000.82		113.983		3,474,557.50		3,317,000.00		3,429,052.84		45,504.66			(72,314.00	)		—		—		8.5		3.887	AO		70,486.25		140,973.00		1/30/2008		4/1/2012
049455AB4	ATLAS REINSURANCE V LTD CORP BND 144A							4FE		—		0		—		—		—		—			—			—		—		11.805		0	JAJO		—		35,654.00		00/00/0000		2/24/2012
05252AAM3	AUSTRALIA AND NEW ZEALAND BANK CORP BND			F				1FE		3,992,895.97		103.838		4,153,537.28		4,000,000.00		3,994,831.03		158,706.25			678.00			—		—		3.7		3.739	JJ		69,066.67		74,000.00		2/19/2010		1/13/2015
05252ABH3	ANZ MELBOURNE CORP BND 144A			F				1FE		9,800,000.00		100.299		9,829,302.40		9,800,000.00		9,800,000.00		29,302.40			—			—		—		1.03		1.044	JAJO		22,700.48		25,257.00		1/5/2011		1/10/2014
05522NAA5	BANK OF AMERICA CORP BND 144A							1FE		5,084,782.57		103.675		5,183,744.45		5,000,000.00		5,051,688.35		132,056.10			(26,117.00	)		—		—		5.5		4.381	JD		12,986.11		137,500.00		11/12/2010		6/14/2012
05522RAB4	BACCT ABS_06 A7 A7					2		1FE		9,961,328.13		99.542		9,954,229.70		10,000,000.00		9,961,637.46		(7,407.76	)		309.00			—		—		0.227		0.352	MON		1,009.11		—		6/17/2011		12/15/2016
055451AA6	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		4,163,085.27		106.879		4,275,154.72		4,000,000.00		4,121,510.23		153,644.49			(32,598.00	)		—		—		4.8		3.042	AO		40,533.33		96,000.00		11/12/2010		4/15/2013
055451AG3	BHP BILLITON FINANCE (USA) LTD CORP BND			F				1FE		7,503,892.00		111.476		7,546,937.45		6,770,000.00		7,282,775.85		264,161.60			(88,626.00	)		—		—		5.5		2.627	AO		93,087.50		186,175.00		4/16/2010		4/1/2014
05564UAF7	BMW FLOORPLAN MASTER OWNER TRU ABS 09-1A					2				3,738,156.25		100.936		3,734,631.89		3,700,000.00		3,735,668.05		(1,036.16	)		(2,488.00	)		—		—		1.337		0.905	MON		2,198.70		8,517.00		4/28/2011		9/15/2014
05565QBF4	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,826,299.75		108.544		6,740,564.78		6,210,000.00		6,603,809.64		136,755.14			(80,498.00	)		—		—		5.25		2.456	MN		48,903.76		163,013.00		12/16/2010		11/7/2013
05565QBG2	BP CAPITAL MARKETS PLC CORP BND			F				1FE		7,024,578.50		101.676		7,142,712.24		7,025,000.00		7,024,899.26		117,812.98			71.00			—		—		3.125		3.127	MS		67,688.80		109,766.00		3/5/2009		3/10/2012
05565QBH0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,556,790.00		105.444		4,744,992.38		4,500,000.00		4,544,914.80		200,077.58			(5,586.00	)		—		—		3.875		3.584	MS		53,765.63		87,188.00		5/27/2010		3/10/2015
05565QBL1	BP CAPITAL MARKETS PLC CORP BND			F				1FE		4,318,872.00		105.161		4,364,184.78		4,150,000.00		4,277,857.25		86,327.53			(21,397.00	)		—		—		3.625		2.499	MN		22,147.74		75,219.00		10/5/2010		5/8/2014
05565QBN7	BP CAPITAL MARKETS PLC CORP BND			F				1FE		2,991,480.00		102.394		3,071,827.47		3,000,000.00		2,992,673.13		79,154.34			792.00			—		—		3.125		3.187	AO		23,437.50		46,875.00		9/28/2010		10/1/2015
05565QBQ0	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,993,560.00		101.628		7,113,940.12		7,000,000.00		6,993,924.43		120,015.69			364.00			—		—		3.2		3.22	MS		68,444.44		—		3/8/2011		3/11/2016
05565QBS6	BP CAPITAL MARKETS PLC CORP BND			F				1FE		6,490,000.00		100.49		6,521,800.87		6,490,000.00		6,490,000.00		31,800.87			—			—		—		0.85		0.91	MJSD		2,756.63		15,412.00		3/8/2011		3/11/2014
055669AD7	BMWLT_10-1 ABS_10-1 A4					2		1FE		1,019,897.90		100.268		1,022,728.70		1,020,000.00		1,019,938.27		2,790.43			26.00			—		—		0.96		0.967	MON		435.20		4,896.00		9/15/2010		1/15/2014
05745PAB9	BAKERCORP TERM LOAN					1		1Z		—		100.056		—		—		—		—			68.00			—		—		0		0.072	FMAN		—		—		5/19/2011		5/17/2018
05947ULH9	BANK OF AMERICA CO CMBS 03-1					2	NRZ			761,927.01		100.363		792,948.74		790,083.74		784,926.41		8,022.33			2,285.00			—		—		3.878		5.146	MON		2,553.29		15,320.00		8/27/2008		9/11/2036
05948XYC9	BOAMS WHOLE CMO 03-J-2A1					2	NRZ			58,666.75		94.589		56,297.03		59,517.65		58,712.76		(2,415.73	)		4.00			—		—		3.222		3.54	MON		159.79		958.00		11/30/2007		11/25/2033
05949CED4	BANK OF AMERICA MTG SEC CMO_05-G 2A1					2		1FE		2,678,077.11		66.75		2,075,612.65		2,716,059.48		2,679,687.43		(604,074.78	)		332.00			—		—		3.073		3.298	MON		6,955.37		41,615.00		10/19/2006		8/25/2035
060505BM5	BANK OF AMERICA CORP BND							1FE		1,976,532.00		108.613		2,063,641.19		1,900,000.00		1,957,305.27		106,335.92			(8,950.00	)		—		—		5.375		4.278	JD		4,538.89		51,063.00		5/26/2010		6/15/2014
060505CS1	BANK OF AMERICA CORP BND							1FE		6,073,959.15		106.409		6,081,277.21		5,715,000.00		6,073,959.15		7,318.06			—			—		—		5.625		4.283	AO		68,758.59		—		6/28/2011		10/14/2016
06050BAA9	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		18,104,062.50		102.691		18,484,381.80		18,000,000.00		18,032,186.15		452,195.65			(10,020.00	)		—		—		3.125		2.934	JD		25,000.00		281,250.00		6/10/2011		6/15/2012
06050BAG6	BANK OF AMERICA CORP — GTD CORP BND GOVT							1FE		24,522,636.85		101.499		24,867,333.65		24,500,000.00		24,510,812.96		356,520.69			(7,244.00	)		—		—		2.1		2.046	AO		87,179.17		257,250.00		8/31/2009		4/30/2012
06051GDW6	BANK OF AMERICA CORP BND MTN							1FE		617,228.50		105.13		620,266.62		590,000.00		605,250.81		15,015.81			(3,975.00	)		—		—		4.9		3.433	MN		4,818.33		14,455.00		12/16/2009		5/1/2013
06051GEB1	BANK OF AMERICA CORP BND MTN							1FE		1,546,350.00		104.531		1,594,097.95		1,525,000.00		1,543,990.92		50,107.03			(2,229.00	)		—		—		4.5		4.138	AO		17,156.25		34,313.00		12/16/2010		4/1/2015
06051GED7	BANK OF AMERICA CORP BND							1FE		5,097,960.00		100.47		5,023,486.70		5,000,000.00		5,095,525.40		(72,038.70	)		(2,502.00	)		—		—		3.7		3.205	MS		61,666.67		29,446.00		5/23/2011		9/1/2015
06051GEF2	BANK OF AMERICA CORP BND MTN							1FE		14,292,800.00		100.23		14,257,717.93		14,225,000.00		14,289,507.46		(31,789.53	)		(3,293.00	)		—		—		1.693		1.538	JAJO		42,807.77		37,533.00		5/10/2011		1/30/2014
06051GEG0	BANK OF AMERICA CORP BND							1FE		4,008,080.00		100.075		4,002,987.08		4,000,000.00		4,007,977.77		(4,990.69	)		(102.00	)		—		—		3.625		3.578	MS		41,888.90		—		5/24/2011		3/17/2016
06052DAC9	BAAT_09-1A ABS 09-1A A3 144A					2		1FE		1,284,318.49		100.675		1,275,845.40		1,267,289.30		1,273,640.53		2,204.87			(4,092.00	)		—		—		2.67		1.464	MON		1,503.85		16,918.00		6/1/2010		4/15/2012
06052JAC6	BAAT_10-1 ABS_10-1A A3 144A					2		1FE		6,010,089.46		100.45		6,045,636.53		6,018,553.04		6,014,811.04		30,825.49			1,928.00			—		—		1.39		1.478	MON		3,718.13		41,829.00		5/26/2010		3/15/2014
06052MAB1	BAAT ABS 10-2 A2					2		1FE		1,309,939.97		100.04		1,310,583.21		1,310,059.19		1,310,039.78		543.43			42.00			—		—		0.91		0.921	MON		529.85		5,961.00		6/16/2010		10/15/2012
06052MAC9	BAAT ABS_10-2 A3					2		1FE		999,972.40		100.51		1,005,100.00		1,000,000.00		999,985.47		5,114.53			7.00			—		—		1.31		1.315	MON		582.22		6,550.00		6/16/2010		7/15/2014
06052MAD7	BAAT ABS 10-2 A4					2		1FE		1,199,768.04		101.81		1,221,720.00		1,200,000.00		1,199,834.66		21,885.34			33.00			—		—		1.94		1.954	MON		1,034.67		11,640.00		6/16/2010		6/15/2017
06366QGN1	BANK OF MONTREAL CORP BND			A				1FE		9,350,000.00		100.113		9,360,565.41		9,350,000.00		9,350,000.00		10,565.41			—			—		—		0.743		0.743	JAJO		12,161.43		—		4/26/2011		4/29/2014
06406HBE8	BANK OF NEW YORK CO CORP BND							1FE		9,050,366.08		105.542		9,287,691.24		8,800,000.00		8,933,069.19		354,622.05			(45,706.00	)		—		—		4.95		3.769	MN		72,600.00		217,800.00		1/25/2011		11/1/2012
06406HBQ1	BANK OF NEW YORK CO CORP BND MTN							1FE		2,996,130.00		103.19		3,095,711.28		3,000,000.00		2,996,885.42		98,825.86			365.00			—		—		2.95		2.978	JD		3,195.84		44,250.00		6/11/2010		6/18/2015
064149B97	BANK OF NOVA SCOTIA CORP BND			A				1FE		2,989,500.00		102.684		3,080,534.82		3,000,000.00		2,992,521.64		88,013.18			1,456.00			—		—		2.375		2.48	JD		2,770.84		35,625.00		6/10/2010		12/17/2013
064149C39	BANK OF NOVA SCOTIA CORP BND 144A			A				1FE		607,260.00		101.094		606,564.06		600,000.00		607,118.53		(554.47	)		(141.00	)		—		—		1.45		0.87	JJ		3,745.84		—		6/13/2011		7/26/2013
06423RBC9	BOIT ABS 03-A8					2		1FE		901,828.13		100.2		901,799.50		900,000.00		901,734.08		65.42			(94.00	)		—		—		0.437		0.351	MON		174.82		336.00		5/12/2011		9/16/2013
06423RBN5	BOIT ABS 04-A5 A5					2		1FE		1,538,085.94		99.999		1,574,987.87		1,575,000.00		1,573,725.21		1,262.66			5,014.00			—		—		0.317		1.042	MON		221.94		2,970.00		5/6/2008		3/15/2014

Validus Holdings, Ltd June 30, 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
064244AA4	BANK OF THE WEST/SAN FRANCISCO CORP BND							1FE		29,969,700.00		101.377		30,413,205.90		30,000,000.00		29,992,357.35		420,848.55			3,374.00			—		—		2.15		2.185	MS		168,416.67		215,000.00		3/20/2009		3/27/2012
06739FFZ9	BARCLAYS BANK PLC LOCAL BND			F				1FE		3,761,307.00		108.057		3,781,992.59		3,500,000.00		3,721,585.30		60,407.29			(33,039.00	)		—		—		5.2		2.994	JJ		86,450.00		13,000.00		1/6/2011		7/10/2014
06739FGP0	BARCLAYS BANK PLC CORP BND			F				1FE		3,006,193.35		101.858		3,055,740.27		3,000,000.00		3,003,439.85		52,300.42			(1,073.00	)		—		—		2.5		2.425	JJ		32,916.67		37,500.00		2/19/2010		1/23/2013
067901AC2	BARRICK GOLD CORP CORP BND 144A			A				2FE		5,618,306.25		100.364		5,645,469.32		5,625,000.00		5,618,485.07		26,984.25			179.00			—		—		1.75		1.791	MN		8,203.13		—		5/24/2011		5/30/2014
067901AD0	BARRICK GOLD CORP CORP BND 144A			A				1FE		2,747,580.00		100.059		2,751,626.43		2,750,000.00		2,747,616.92		4,009.51			37.00			—		—		2.9		2.919	MN		6,645.83		—		5/24/2011		5/30/2016
071813AZ2	BAXTER INTERNATIONAL INC CORP BND							1FE		4,010,640.00		107.13		4,285,217.28		4,000,000.00		4,005,931.10		279,286.18			(1,033.00	)		—		—		4		3.941	MS		53,333.34		80,000.00		2/23/2009		3/1/2014
071813BB4	BAXTER INTERNATIONAL INC CORP BND							1FE		7,790,874.00		101.616		7,926,018.05		7,800,000.00		7,794,783.53		131,234.52			1,484.00			—		—		1.8		1.84	MS		41,340.00		70,200.00		3/4/2010		3/15/2013
07384M3D2	BSARM CMO 04-9 22A1					2		1FE		1,311,460.08		82.72		1,295,952.49		1,336,860.42		1,312,451.43		(16,498.94	)		139.00			—		—		3.582		3.987	MON		3,990.85		24,035.00		8/13/2007		11/25/2034
07384MK27	BSARM CMO 04-1 21A1					2	NRZ			353,886.02		90.247		325,163.50		360,303.94		354,160.45		(28,996.95	)		38.00			—		—		2.475		2.854	MON		743.06		4,527.00		8/10/2007		4/25/2034
07385TAJ5	BEAR STEARNS CO INC CORP BND							1FE		4,785,719.90		110.313		4,743,458.48		4,300,000.00		4,681,900.83		61,557.65			(53,324.00	)		—		—		5.7		2.914	MN		31,318.33		122,550.00		7/16/2010		11/15/2014
07387AAW5	BSARM CMO_05-3 2A1					2	NRZ			1,445,338.12		79.707		1,173,675.28		1,472,487.09		1,446,692.26		(273,016.98	)		177.00			—		—		2.715		3.005	MON		3,331.47		20,507.00		8/10/2007		6/25/2035
07388GAA9	BSABS ABS 06-3-A1					2	NRZ			259,553.05		99.126		257,284.82		259,553.05		259,553.05		(2,268.23	)		—			—		—		0.336		0.336	MON		9.68		510.00		8/8/2006		8/25/2036
073928X73	BEAR STEARNS CO INC CORP BND MTN							1FE		2,390,693.25		106.675		2,480,188.68		2,325,000.00		2,346,783.22		133,405.46			(9,329.00	)		—		—		6.95		6.064	FA		63,288.43		80,794.00		3/23/2009		8/10/2012
079860AG7	BELLSOUTH CORPORATION CORP BND							1FE		539,195.00		110.241		551,203.39		500,000.00		526,554.63		24,648.76			(3,849.00	)		—		—		5.2		3.436	MS		7,655.56		13,000.00		10/29/2009		9/15/2014
09657MAC2	BMWLT_10-1 ABS 10-1 A3					2		1FE		999,979.50		100.689		1,006,886.90		1,000,000.00		999,989.80		6,897.10			4.00			—		—		1.39		1.395	MON		231.67		6,950.00		4/15/2010		4/25/2014
097014AK0	BOEING CAPITAL CORPORATION CORP BND							1FE		3,023,300.00		105.845		3,175,345.68		3,000,000.00		3,016,647.25		158,698.43			(2,346.00	)		—		—		3.25		3.073	AO		17,333.34		48,750.00		1/28/2010		10/27/2014
097023AT2	BOEING CO CORP BND							1FE		1,404,061.80		105.623		1,378,351.98		1,290,000.00		1,358,191.85		20,160.13			(20,516.00	)		—		—		5.125		1.807	FA		24,975.83		33,056.00		5/12/2010		2/15/2013
097023BB0	BOEING CO CORP BND							1FE		685,866.90		101.668		701,511.78		690,000.00		688,059.37		13,452.41			684.00			—		—		1.875		2.082	MN		1,473.44		6,469.00		11/17/2009		11/20/2012
10138MAD7	BOTTLING GROUP LLC CORP BND							1		1,530,340.01		108.339		1,625,085.00		1,500,000.00		1,523,156.49		101,928.51			(2,679.00	)		—		—		4.125		3.702	JD		2,750.00		30,938.00		2/19/2010		6/15/2015
10138MAH8	BOTTLING GROUP LLC CORP BND							1FE		9,826,255.00		115.139		9,786,853.93		8,500,000.00		9,233,786.41		553,067.52			(126,847.00	)		—		—		6.95		3.574	MS		173,943.06		295,375.00		2/5/2009		3/15/2014
10620NAC2	BRHEA_05-2 ABS_05—2 A10					2		1FE		4,224,000.00		97.339		4,282,927.88		4,400,000.00		4,224,000.00		58,927.88			—			—		—		0.367		1.87	MJSD		357.95		—		6/29/2011		12/26/2019
10620NAH1	BRHEA_05-3A ABS 05-3 A14					2		1FE		2,915,284.54		98.974		2,928,548.28		2,958,906.66		2,918,975.95		9,572.33			1,849.00			—		—		0.357		0.717	MJSD		117.21		5,161.00		5/26/2011		9/25/2023
10620NCG1	BRHEA_05-2 ABS 11-1 A2					2		1FE		3,748,794.81		100.001		3,800,037.96		3,800,000.00		3,750,439.68		49,598.28			1,645.00			—		—		1.057		1.224	FMAN		4,127.20		7,826.00		3/10/2011		2/25/2030
10778XAA4	BRFKREDIT AS CORP BND 144A			F				1FE		12,486,250.00		102.008		12,751,001.37		12,500,000.00		12,491,697.57		259,303.80			2,248.00			—		—		2.05		2.088	AO		54,097.23		128,125.00		4/8/2010		4/15/2013
110122AL2	BRISTOL MYERS SQUIBB CO CORP BND							1FE		7,448,280.00		108.65		7,605,517.22		7,000,000.00		7,223,968.20		381,549.02			(50,067.00	)		—		—		5.25		3.67	FA		138,833.34		183,750.00		3/5/2009		8/15/2013
1107098Z8	BRITISH COLUMBIA PROVINCE OF SECURED			A						6,998,670.00		100.477		7,033,389.30		7,000,000.00		6,998,700.33		34,688.97			30.00			—		—		2.1		2.104	MN		17,558.33		—		5/11/2011		5/18/2016
11102AAB7	BRITISH TELECOMMUNICATIONS PLC CORP BND			F						3,195,390.00		105.825		3,174,748.53		3,000,000.00		3,156,060.44		18,688.09			(39,330.00	)		—		—		5.15		1.71	JJ		71,241.67		—		2/4/2011		1/15/2013
12543KAB0	COMMUNITY HLTH SYST INC TERM LOAN							3FE		—		89.841		—		—		—		—			312.00			—		—		0		0.668	JD		—		1,006.00		12/14/2010		7/25/2014
12543KAD6	COMMUNITY HLTH SYST INC TERM LOAN							3FE		—		96.542		—		—		—		—			6,068.00			—		—		0		0.668	JD		—		19,604.00		12/14/2010		7/25/2014
12622JAB7	CPG INTERNATIONAL I INC TERM LOAN					1		1Z		—		99.875		—		—		—		—			330.00			—		—		0		0.083	FMAN		—		15,138.00		2/16/2011		2/3/2017
126408GB3	CSX CORPORATION CORP BND							2FE		1,905,408.00		103.895		1,870,114.86		1,800,000.00		1,867,478.18		2,636.68			(37,930.00	)		—		—		6.3		0.961	MS		33,390.00		56,700.00		2/2/2011		3/15/2012
126650AV2	CVS CAREMARK CORP CORP BND							2FE		5,776,192.50		109.398		5,743,397.16		5,250,000.00		5,661,875.75		81,521.41			(60,970.00	)		—		—		4.875		2.321	MS		75,359.38		127,969.00		8/10/2010		9/15/2014
12668AZL2	CWALT CMO_05-64CB 1A					2	NRZ			657,264.30		92		616,433.94		670,036.89		656,516.84		(40,082.90	)		60.00			—		—		5.5		5.867	MON		3,071.00		18,426.00		1/2/2008		12/25/2035
126802BS5	CABMT_10-IA ABS_11-2A A2					2		1FE		3,500,000.00		100		3,500,000.00		3,500,000.00		3,500,000.00		—			—			—		—		0.786		0.787	MON		152.75		—		6/22/2011		6/17/2019
12764RAA9	CAELUS RE II LTD CORP BND 144A			F				3FE		2,900,000.00		100.272		2,907,888.00		2,900,000.00		2,900,000.00		7,888.00			—			—		—		6.5		6.705	FMAN		16,231.94		96,572.00		5/18/2010		5/24/2013
12800UAK6	CAISSE CENTRALE CORP BND 144A			A				1FE		1,495,997.00		101.043		1,515,644.99		1,500,000.00		1,496,168.77		19,476.22			172.00			—		—		2.55		2.608	MS		10,306.25		—		4/18/2011		3/24/2016
13134MAW3	CALPINE CORPORATION TERM LOAN							4FE		—		98.963		—		—		—		—			—			—		—		0		0	MJSD		—		—		3/4/2011		3/31/2018
13342BAG0	COOPER CAMERON CORP CORP BND							2FE		4,005,980.00		100.402		4,016,080.00		4,000,000.00		4,005,824.16		10,255.84			(156.00	)		—		—		1.183		1.133	MJSD		3,811.50		—		5/26/2011		6/2/2014
135087ZA5	CANADA GOVERNMENT GOVT BND			A				1FE		695,975.00		104.077		728,539.02		700,000.00		697,372.96		31,166.06			389.00			—		—		2.375		2.498	MS		5,126.04		8,313.00		9/2/2009		9/10/2014
136069DF5	CANADIAN IMPERIAL BK COMRC CORP BND 144A			A				1FE		3,684,599.00		101.938		3,720,737.40		3,650,000.00		3,682,501.16		38,236.24			(2,241.00	)		—		—		2		1.43	FA		29,808.33		20,000.00		5/13/2011		2/4/2013
136375BF8	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		437,542.80		101.609		421,678.18		415,000.00		417,194.69		4,483.49			(3,712.00	)		—		—		6.375		4.508	AO		5,585.21		13,228.00		8/13/2008		10/15/2011
136375BH4	CANADIAN NATIONAL RAILWAY CORP BND			A				1FE		325,323.30		106.061		328,789.68		310,000.00		317,913.20		10,876.48			(2,226.00	)		—		—		4.4		2.856	MS		4,016.22		6,820.00		10/22/2009		3/15/2013
14041NBY6	COMET ABS 05-A1 A1					2		1FE		4,021,523.44		99.955		4,048,184.39		4,050,000.00		4,038,674.38		9,510.01			7,918.00			—		—		0.257		0.649	MON		462.69		6,410.00		5/28/2010		1/15/2015
14041NCK5	COMET ABS_05-A9 A					2		1FE		5,826,577.15		99.013		5,817,021.39		5,875,000.00		5,827,117.77		(10,096.38	)		541.00			—		—		0.277		0.651	MON		723.41		—		6/17/2011		8/15/2018
14041NDB4	COMET ABS 06-A11 A11					2		1FE		5,248,035.16		98.67		5,229,534.17		5,300,000.00		5,248,280.77		(18,746.60	)		246.00			—		—		0.277		0.467	MON		652.61		—		6/17/2011		6/17/2019
14170TAD3	CAREFUSION CORP CORP BND							2FE		1,874,628.00		103.2		1,857,599.94		1,800,000.00		1,852,994.91		4,605.03			(21,633.00	)		—		—		4.125		1.383	FA		30,937.51		37,125.00		1/13/2011		8/1/2012
14170TAF8	CAREFUSION CORP CORP BND							2FE		4,962,285.00		109.324		4,919,595.66		4,500,000.00		4,874,576.94		45,018.72			(58,041.00	)		—		—		5.125		2.314	FA		96,093.75		115,313.00		9/23/2010		8/1/2014
141781AP9	CARGILL INC CORP BND 144A							1FE		2,764,425.00		105.305		2,632,631.87		2,500,000.00		2,601,067.83		31,564.04			(53,981.00	)		—		—		6.375		1.91	JD		13,281.26		79,688.00		12/21/2009		6/1/2012
149123BT7	CATERPILLAR INC CORP BND							1FE		3,770,000.00		100.001		3,770,042.37		3,770,000.00		3,770,000.00		42.37			—			—		—		0.352		0.352	FMAN		1,290.54		—		5/24/2011		11/21/2012
149123BU4	CATERPILLAR INC CORP BND							1FE		4,996,200.00		100.38		5,018,978.90		5,000,000.00		4,996,318.38		22,660.52			118.00			—		—		1.375		1.401	MN		6,493.06		—		5/24/2011		5/27/2014
14912L3N9	CATERPILLAR FINL SERV CORP BND MTN							1FE		1,124,403.75		105.962		1,192,069.14		1,125,000.00		1,124,814.14		67,255.00			61.00			—		—		4.85		4.862	JD		3,637.50		27,281.00		12/3/2007		12/7/2012
14912L3S8	CATERPILLAR FINL SERV CORP BND MTN							1FE		5,268,195.25		100.299		5,567,374.68		5,275,000.00		5,272,658.09		294,716.59			696.00			—		—		4.25		4.279	FA		89,052.25		112,094.00		2/4/2008		2/8/2013
14912L4J7	CATERPILLAR FINL SERV CORP BND							1FE		649,226.50		101.648		660,711.23		650,000.00		649,617.56		11,093.67			128.00			—		—		1.9		1.941	JD		480.28		6,175.00		12/10/2009		12/17/2012
14912L4M0	CATERPILLAR FINL SERV CORP BND							1FE		2,000,000.00		103.218		2,064,351.80		2,000,000.00		2,000,000.00		64,351.80			—			—		—		2.75		2.75	JD		1,069.44		27,500.00		11/12/2010		6/24/2015
14912L4Q1	CATERPILLAR FINL SERV CORP BND							1FE		3,396,226.00		100.816		3,427,735.50		3,400,000.00		3,396,879.99		30,855.51			613.00			—		—		1.55		1.588	JD		1,610.27		26,350.00		12/13/2010		12/20/2013
15131YAC9	CENGAGE (THOMSON LEARNING) TL TERM LOAN									—		89.859		—		—		—		—			10,841.00			—		—		0		2.748	MN		—		16,530.00		6/20/2011		7/3/2014
15132EFD5	CDMC WHOLE CMO 03-8 2A3					2		1FE		360,567.76		95.527		367,022.94		368,867.28		365,880.90		1,142.04			636.00			—		—		4.877		6.417	MON		1,499.08		9,001.00		4/17/2008		10/25/2033
15200DAB3	CENTERPOINT ENERGY INC. ABS_05-A A2					2		1FE		391,253.22		102.068		387,067.06		379,224.69		381,885.55		5,181.51			(1,138.00	)		—		—		4.97		3.748	FA		7,853.11		9,424.00		2/8/2008		8/1/2012
16117LAX7	CHARTER COMMUNICATIONS HOLDING TERM LOAN							2FE		—		99.599		—		—		—		—			1,107.00			—		—		0		0.042	MJSD		—		20,851.00		6/2/2011		9/6/2016
161571CH5	CHAIT ABS_07-A17 A					2		1FE		1,413,140.63		105.77		1,375,008.77		1,300,000.00		1,363,886.00		11,122.77			(24,503.00	)		—		—		5.12		1.277	MON		2,958.22		33,280.00		6/23/2010		10/15/2012
161630AG3	CHASE CMO_07-A1-2A1					2	NRZ			2,611,699.12		96.68		2,570,373.87		2,658,640.74		2,615,115.07		(44,741.20	)		579.00			—		—		2.775		3.151	MON		6,148.99		38,048.00		2/22/2007		2/25/2037
161630AL2	CHASE CMO_07-A1 3A1					2		4FE		1,630,355.96		88.551		1,458,164.23		1,646,694.26		1,630,867.24		(172,703.01	)		240.00			—		—		2.886		3.05	MON		3,960.67		24,013.00		5/17/2007		2/25/2037
161630AQ1	CHASE CMO_07-A1 5A1					2		1FE		405,277.57		83.133		372,301.14		412,430.64		405,873.80		(33,572.66	)		45.00			—		—		2.787		3.142	MON		957.76		5,928.00		5/8/2007		2/25/2037
161630AU2	CHASE CMO_07-A1 7A1					2		1FE		624,567.13		90.4		614,760.69		634,657.19		625,361.35		(10,600.66	)		119.00			—		—		2.831		3.271	MON		1,497.18		9,215.00		5/17/2007		2/25/2037
161630BD9	CHASE CMO_07-A1 11M1					2		1FE		3,892,775.78		67.281		2,956,973.24		3,855,873.83		3,890,343.88		(933,370.64	)		(575.00	)		—		—		2.529		2.368	MON		8,124.97		70,722.00		1/18/2008		2/25/2037
166751AH0	CHEVRONTEXACO CORPORATION CORP BND							1FE		8,595,814.00		107.37		8,804,318.92		8,200,000.00		8,460,473.11		343,845.81			(46,173.00	)		—		—		3.95		2.71	MS		106,167.23		161,950.00		1/6/2010		3/3/2014
166751AK3	CHEVRONTEXACO CORPORATION CORP BND							1FE		3,295,695.00		102.055		3,316,772.78		3,250,000.00		3,265,091.12		51,681.66			(11,005.00	)		—		—		3.45		2.749	MS		36,752.08		56,063.00		2/9/2010		3/3/2012
17275RAG7	CISCO SYSTEMS INC CORP BND							1FE		3,989,840.00		104.757		4,190,280.44		4,000,000.00		3,992,975.98		197,304.46			978.00			—		—		2.9		2.955	MN		14,177.78		58,000.00		11/9/2009		11/17/2014
17275RAL6	CISCO SYSTEMS INC CORP BND							1FE		22,325,000.00		100.28		22,387,509.78		22,325,000.00		22,325,000.00		62,509.78			—			—		—		0.499		0.559	MJSD		5,255.37		31,199.00		3/9/2011		3/14/2014
172967CK5	CITIGROUP INC CORP BND							1FE		3,904,747.45		107.47		4,298,818.04		4,000,000.00		3,920,818.76		377,999.28			12,599.00			—		—		5.125		5.891	MN		31,888.89		102,500.00		11/12/2010		5/5/2014
172967DU2	CITIGROUP GLOBAL MARKETS HOLDI CORP BND							1FE		779,137.50		100.995		757,458.76		750,000.00		753,767.42		3,691.34			(7,582.00	)		—		—		5.1		3.015	MS		9,775.00		19,125.00		10/20/2009		9/29/2011
172967EH0	CITIGROUP INC CORP BND							1FE		2,210,300.00		109.303		2,186,064.76		2,000,000.00		2,210,300.00		(24,235.24	)		—			—		—		6		4.043	FA		45,333.33		—		6/28/2011		8/15/2017
172967EL1	CITIBANK N.A. CORP BND							1FE		520,145.00		105.098		525,489.08		500,000.00		509,054.29		16,434.79			(3,355.00	)		—		—		5.3		3.852	AO		5,447.22		13,250.00		10/22/2009		10/17/2012
172967EY3	CITIGROUP INC CORP BND							1FE		6,812,608.00		110.928		7,099,423.37		6,400,000.00		6,690,118.87		409,304.50			(42,553.00	)		—		—		6.375		4.791	FA		157,533.33		204,000.00		1/6/2010		8/12/2014
172967EZ0	CITIGROUP INC CORP BND							1FE		6,105,220.50		108.451		6,127,453.70		5,650,000.00		6,049,870.43		77,583.27			(55,350.00	)		—		—		5.5		3.215	AO		65,602.78		155,375.00		1/3/2011		10/15/2014
172967FA4	CITIGROUP INC CORP BND							1FE		8,436,850.00		110.012		8,800,981.44		8,000,000.00		8,380,683.72		420,297.72			(39,661.00	)		—		—		6.01		4.53	JD		21,368.90		240,400.00		2/16/2011		1/15/2015
172967FD8	CITIGROUP INC CORP BND							1FE		16,176,010.59		105.665		16,378,003.08		15,500,000.00		16,112,860.31		265,142.77			(53,845.00	)		—		—		4.75		3.645	MN		85,895.84		304,594.00		5/24/2011		5/19/2015
172967FM8	CITIGROUP INC CORP BND							1FE		3,225,000.00		99.61		3,212,422.53		3,225,000.00		3,225,000.00		(12,577.47	)		—			—		—		1.111		1.16	FMAN		4,577.22		9,280.00		2/9/2011		2/15/2013
17313UAA7	CITIGROUP INC — GTD CORP BND							1FE		798,016.00		101.093		808,747.32		800,000.00		799,698.28		9,049.04			336.00			—		—		2.875		2.962	JD		1,405.56		11,500.00		12/2/2008		12/9/2011
17313UAE9	CITIGROUP INC — GTD CORP BND GOVT GUAR							1FE		3,484,373.48		101.52		3,553,189.54		3,500,000.00		3,495,782.67		57,406.87			2,484.00			—		—		2.125		2.272	AO		12,602.43		37,188.00		2/25/2009		4/30/2012
17313YAL5	CITIGROUP FUNDING INC — GTD CORP BND							1FE		15,058,950.00		101.953		15,292,950.45		15,000,000.00		15,026,296.43		266,654.02			(7,364.00	)		—		—		1.875		1.739	AO		53,906.25		140,625.00		3/8/2011		10/22/2012
17313YAN1	CITIGROUP FUNDING INC — GTD CORP BND							1FE		13,079,283.56		102.01		13,261,300.26		13,000,000.00		13,040,272.85		221,027.41			(14,393.00	)		—		—		1.875		1.646	MN		31,145.84		121,875.00		2/19/2010		11/15/2012
17314AAF9	CITIGROUP FUNDING INC — GTD CORP BND							1FE		6,482,515.00		100.969		6,562,981.75		6,500,000.00		6,495,545.77		67,435.98			2,920.00			—		—		2		2.093	MS		32,861.11		65,000.00		3/23/2009		3/30/2012
17314JAT0	CITIBANK NA CORP BND GOVT GUAR							1FE		27,378,548.24		101.941		27,371,159.04		26,850,000.00		27,301,920.33		69,238.71			(60,514.00	)		—		—		1.75		0.614	JD		3,915.63		234,938.00		6/7/2011		12/28/2012
191216AL4	COCA-COLA COMPANY THE CORP BND							1FE		11,572,106.25		106.459		12,375,840.05		11,625,000.00		11,595,363.78		780,476.27			5,111.00			—		—		3.625		3.725	MS		124,080.74		210,703.00		3/3/2009		3/15/2014
191216AN0	COCA-COLA COMPANY THE CORP BND							1FE		2,049,036.50		99.5		2,039,749.69		2,050,000.00		2,049,236.33		(9,486.64	)		159.00			—		—		0.75		0.766	MN		1,964.58		7,688.00		11/4/2010		11/15/2013
191216AP5	COCA-COLA COMPANY THE CORP BND							1FE		997,700.00		97.888		978,883.97		1,000,000.00		997,979.27		(19,095.30	)		222.00			—		—		1.5		1.548	MN		1,916.67		7,500.00		11/4/2010		11/15/2015
191219BS2	COCA-COLA ENTERPRISES INC. CORP BND							1FE		5,334,777.00		107.798		5,282,116.41		4,900,000.00		5,181,694.07		100,422.34			(64,166.00	)		—		—		5		2.214	FA		92,555.55		122,500.00		4/14/2010		8/15/2013
19122TAA7	COCA-COLA ENTERPRISES INC. CORP BND							2FE		5,667,849.50		99.562		5,650,143.27		5,675,000.00		5,669,344.98		(19,201.71	)		1,171.00			—		—		1.125		1.168	MN		8,689.84		31,922.00		11/8/2010		11/12/2013
194262AX9	COLLE_02-2 ABS 02-2 A21 144A					2		1FE		—		0		—		—		—		—			—			—		—		1.758		0	MON		—		1,330.00		00/00/0000		3/1/2042
20030NAB7	COMCAST CORPORATION CORP BND							2FE		5,868,400.00		113.988		5,699,382.00		5,000,000.00		5,721,662.07		(22,280.07	)		(97,365.00	)		—		—		6.5		2.235	JJ		149,861.12		162,500.00		9/24/2010		1/15/2015
20030NAE1	COMCAST CORPORATION CORP BND							2FE		5,816,842.50		109.322		5,739,418.97		5,250,000.00		5,668,575.57		70,843.40			(79,865.00	)		—		—		5.3		2.059	JJ		128,304.16		139,125.00		8/10/2010		1/15/2014
20272BAK0	COMMONWEALTH BANK OF AUSTRALIA SENIOR			F				1FE		4,611,321.60		104.591		4,685,676.93		4,480,000.00		4,599,091.88		86,585.05			(12,474.00	)		—		—		2.9		2.039	MS		37,532.44		64,960.00		2/22/2011		9/17/2014

Validus Holdings, Ltd June 30, 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
202795HW3	COMMONWEALTH EDISON COMPANY CORP BND							2FE		2,496,375.00		100.705		2,517,630.38		2,500,000.00		2,496,911.45		20,718.93			536.00			—		—		1.625		1.675	JJ		18,394.10		—		1/10/2011		1/15/2014
2027A0DG1	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		7,324,340.75		102.152		7,482,643.53		7,325,000.00		7,324,710.15		157,933.38			109.00			—		—		2.75		2.753	AO		42,525.68		100,719.00		10/8/2009		10/15/2012
2027A0EM7	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		1,991,660.00		103.322		2,066,431.28		2,000,000.00		1,993,648.18		72,783.10			785.00			—		—		3.5		3.592	MS		19,833.33		35,000.00		3/15/2010		3/19/2015
2027A0FP9	COMMONWEALTH BANK OF AUSTRALIA CORP BND			F				1FE		10,525,000.00		100.359		10,562,784.85		10,525,000.00		10,525,000.00		37,784.85			—			—		—		0.975		1.039	MJSD		3,990.73		27,946.00		3/9/2011		3/17/2014
20337EAF8	COMMSCOPE INC. TERM LOAN							1Z		—		100.563		—		—		—		—			89.00			—		—		0		0.071	JAJO		—		3,878.00		1/13/2011		1/6/2018
204279AA1	CIE FIN FONC CORP BND 144A			F				1FE		17,067,572.56		101.544		17,160,935.83		16,900,000.00		17,041,460.00		119,475.83			(26,113.00	)		—		—		2.125		1.653	AO		68,832.28		179,563.00		3/4/2011		4/22/2013
20428AAE9	COMPAGNIE DE FINANCEMENT FONCI CORP BND			F				1FE		6,149,323.50		101.255		6,227,182.32		6,150,000.00		6,149,390.93		77,791.39			67.00			—		—		2.25		2.254	MS		43,434.38		—		3/1/2011		3/7/2014
20825CAE4	CONOCOPHILLIPS CORP BND							1FE		1,062,372.20		105.301		1,053,013.08		1,000,000.00		1,041,969.98		11,043.10			(15,982.00	)		—		—		4.75		1.452	AO		10,027.78		23,750.00		11/12/2010		10/15/2012
20825CAM6	CONOCOPHILLIPS CORP BND							1FE		3,862,918.25		103.014		3,816,172.29		3,575,000.00		3,768,789.15		47,383.14			(50,772.00	)		—		—		4.4		1.451	MN		20,099.44		78,650.00		11/3/2010		5/15/2013
20825CAT1	CONOCOPHILLIPS CORP BND							1FE		6,767,478.00		109.894		7,198,082.30		6,550,000.00		6,708,642.85		489,439.45			(21,084.00	)		—		—		4.6		3.853	JJ		138,932.78		150,650.00		1/27/2010		1/15/2015
209111EW9	CONSOLIDATED EDISON CO OF NY CORP BND							1FE		436,497.60		110.039		440,154.33		400,000.00		423,340.18		16,814.15			(3,988.00	)		—		—		5.55		3.313	AO		5,550.00		11,100.00		10/29/2009		4/1/2014
21685WBL0	RABOBANK NEDERLAND UTRECHT CORP BND MTN			F				1FE		3,421,596.50		98.858		3,390,844.11		3,430,000.00		3,422,745.62		(31,901.51	)		797.00			—		—		2.125		2.177	AO		15,792.29		36,444.00		10/5/2010		10/13/2015
22238HGQ7	COUNTRYWIDE FINANCIAL CORP CORP BND MTn							1FE		212,574.00		104.195		208,389.71		200,000.00		204,650.81		3,738.90			(2,418.00	)		—		—		5.8		3.252	JD		773.33		5,800.00		10/29/2009		6/7/2012
22540VC75	WAMU 2001-ARS 1A CMBS_02-CKP1 A3					2	NRZ			4,460,215.57		101.418		4,358,414.09		4,297,490.71		4,332,028.43		26,385.66			(19,499.00	)		—		—		6.439		5.377	MON		23,059.62		138,358.00		12/18/2007		5/15/2013
22541LAB9	CREDIT SUISSE FIRST BOSTON CORP BND							1FE		5,561,372.50		101.91		5,559,185.81		5,455,000.00		5,465,191.85		93,993.96			(13,354.00	)		—		—		6.125		5.609	MN		42,692.95		167,059.00		7/11/2007		11/15/2011
22546QAA5	CREDIT SUISSE GROUP CORP BND			F				1FE		2,186,460.00		109.616		2,192,321.48		2,000,000.00		2,136,420.92		55,900.56			(22,787.00	)		—		—		5.5		2.972	MN		18,333.33		55,000.00		5/19/2010		5/1/2014
22546QAE7	CREDIT SUISSE FIRST BOSTON CORP BND			F				1FE		8,486,485.00		102.792		8,737,328.42		8,500,000.00		8,489,704.11		247,624.31			1,270.00			—		—		3.5		3.535	MS		80,986.12		148,750.00		3/18/2010		3/23/2015
22546QAG2	CREDIT SUISSE NEW YORK NY CORP BND			F				1FE		5,800,000.00		100.399		5,823,142.13		5,800,000.00		5,800,000.00		23,142.13			—			—		—		1.241		1.263	JAJO		15,592.10		18,315.00		1/11/2011		1/14/2014
22546QAH0	CREDIT SUISSE GROUP CORP BND			F				1FE		1,997,580.00		101.008		2,020,163.12		2,000,000.00		1,997,944.01		22,219.11			364.00			—		—		2.2		2.242	JJ		20,411.11		—		1/11/2011		1/14/2014
233331AP2	DTE ENERGY COMPANY CORP BND							2FE		2,000,000.00		100.267		2,005,339.82		2,000,000.00		2,000,000.00		5,339.82			—			—		—		0.955		0.955	MJSD		1,910.00		—		5/19/2011		6/3/2013
233851AC8	DAIMLER FINANCE NORTH AMERICA CORP BND							2FE		7,500,000.00		100.042		7,503,150.00		7,500,000.00		7,500,000.00		3,150.00			—			—		—		0.856		0.919	MJSD		527.83		17,605.00		3/21/2011		3/28/2014
233851AD6	DAIMLER FINANCE NORTH AMERICA CORP BND									1,997,700.00		100.408		2,008,155.52		2,000,000.00		1,997,810.89		10,344.63			111.00			—		—		3		3.025	MS		15,500.00		—		3/21/2011		3/28/2016
235851AJ1	DANAHER CORPORATION CORP BND							1FE		8,900,000.00		100.138		8,912,282.00		8,900,000.00		8,900,000.00		12,282.00			—			—		—		0.496		0.496	MJSD		980.00		—		6/20/2011		6/21/2013
235851AL6	DANAHER CORPORATION CORP BND							1FE		3,993,600.00		99.968		3,998,735.05		4,000,000.00		3,993,626.54		5,108.51			27.00			—		—		2.3		2.334	JD		2,044.45		—		6/20/2011		6/23/2016
23636UAA5	DANSKE BANK A/S CORP BND GOVT GUAR 144A			F				1FE		3,245,222.50		101.434		3,296,593.86		3,250,000.00		3,248,514.85		48,079.01			847.00			—		—		2.5		2.554	MN		11,510.42		40,625.00		6/23/2009		5/10/2012
239753BK1	TARGET CORPORATION CORP BND							1FE		580,657.40		112.803		553,015.66		530,000.00		538,906.91		14,108.75			(8,039.00	)		—		—		8.6		5.39	JJ		21,017.44		22,790.00		9/24/2008		1/15/2012
24422EQD4	JOHN DEERE CAPITAL CORPORATION							1FE		1,040,273.75				1,014,398.84		1,000,000.00		1,012,802.07		1,596.77			—			—		—		5.4		0	APR-OCT		11,100.00				11/12/2010		10/17/2011
24422EQM4	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		3,933,035.75		106.192		4,168,027.38		3,925,000.00		3,927,980.35		240,047.03			(968.00	)		—		—		4.95		4.895	JD		7,555.64		97,144.00		7/24/2008		12/17/2012
24422EQY8	JOHN DEERE CAPITAL CORPORATION CORP BND							1FE		1,123,807.50		103.915		1,169,047.88		1,125,000.00		1,124,104.25		44,943.63			113.00			—		—		2.95		2.973	MS		10,325.00		16,594.00		3/3/2010		3/9/2015
24521QAB8	DEL MONTE FOODS CO TERM LOAN							3FE		—		99.672		—		—		—		—			63.00			—		—		0		-0.003	FMAN		—		20,424.00		5/23/2011		2/1/2018
24702RAP6	DELL INC CORP BND							1FE		6,668,948.00		101.963		6,678,601.84		6,550,000.00		6,666,794.36		11,807.48			(2,154.00	)		—		—		3.1		2.697	AO		51,326.53		—		5/24/2011		4/1/2016
24736CAR5	DELTA AIR LINES INC. TERM LOAN					1		3FE		—		98.854		—		—		—		—			1,465.00			—		—		0		0.222	JAJO		—		8,403.00		5/13/2011		4/20/2017
25156PAP8	DEUTSCHE TELEKOM INTL CORP BND 144A			F				2FE		5,494,445.00		101.188		5,565,317.12		5,500,000.00		5,494,673.96		70,643.16			229.00			—		—		3.125		3.147	AO		38,194.44		—		4/4/2011		4/11/2016
2515A0T45	DEUTSCHE BK LDN CORP BND			F				1FE		999,020.00		0		1,013,717.27		1,000,000.00		999,492.23		14,225.04			162.00			—		—		2.375		2.409	JJ		11,215.28		11,875.00		1/5/2010		1/11/2013
25459HAV7	DIRECTV HOLDINGS LLC CORP BND							2FE		3,569,208.75		101.239		3,568,663.12		3,525,000.00		3,563,836.07		4,827.05			(3,873.00	)		—		—		3.125		2.868	FA		41,614.58		54,466.00		10/15/2010		2/15/2016
25459HAY1	DIRECTV HOLDINGS LLC/DIRECTV F SENIOR							2FE		2,994,330.00		102.79		3,083,688.57		3,000,000.00		2,994,639.90		89,048.67			310.00			—		—		3.5		3.542	MS		32,375.00		—		3/7/2011		3/1/2016
254683AQ8	DCENT ABS_11-2A A					2		1FE		1,400,000.00		100		1,400,000.00		1,400,000.00		1,400,000.00		—			—			—		—		0.4		0.4	MON		373.15		—		5/26/2011		11/16/2015
25600WAA8	DNB NOR BLGKRDIT CORP BND 144A			F				1FE		15,024,947.51		98.888		14,734,312.00		14,900,000.00		15,008,309.63		(273,997.63	)		(13,060.00	)		—		—		2.1		1.922	AO		66,925.83		139,650.00		6/9/2011		10/14/2015
25600WAB6	DNB NOR BLGKRDIT CORP BND 144A			F				1FE		8,389,920.00		101.437		8,520,707.67		8,400,000.00		8,390,401.95		130,305.72			482.00			—		—		2.9		2.926	MS		62,253.33		—		3/22/2011		3/29/2016
25746UBJ7	DOMINION RESOURCES INC CORP BND							2FE		3,857,214.50		99.577		3,933,308.52		3,950,000.00		3,863,282.57		70,025.95			6,068.00			—		—		2.25		2.812	MS		29,625.00		—		3/4/2011		9/1/2015
25746UBK4	DOMINION RESOURCES INC CORP BND							2FE		1,424,202.00		100.947		1,438,496.15		1,425,000.00		1,424,283.75		14,212.40			82.00			—		—		1.8		1.819	MS		8,122.50		—		3/2/2011		3/15/2014
26138EAM1	DR PEPPER SNAPPLE GROUP INC CORP BND							2FE		4,919,533.25		100.82		4,965,368.85		4,925,000.00		4,920,024.46		45,344.39			491.00			—		—		2.9		2.924	JJ		67,445.14		—		1/6/2011		1/15/2016
26225KAC3	GOLDEN LIVING LN1 TERM LOAN					1		3FE		—		97.875		—		—		—		—			790.00			—		—		0		0.204	JAJO		—		21,299.00		5/16/2011		4/26/2018
263534BU2	EI DUPONT DE NEMOURS & CO CORP BND							1FE		9,363,568.00		107.813		9,676,181.47		8,975,000.00		9,207,412.85		468,768.62			(55,414.00	)		—		—		5		3.656	JJ		206,923.61		224,375.00		12/21/2009		7/15/2013
263534CH0	EI DUPONT DE NEMOURS & CO CORP BND							1FE		22,232,822.40		100.636		22,341,192.44		22,200,000.00		22,232,239.82		108,952.62			(583.00	)		—		—		0.667		0.675	MJSD		1,644.04		41,226.00		6/20/2011		3/25/2014
26442EAB6	DUKE ENERGY OHIO INC CORP BND							1FE		9,123,448.75		102.196		9,325,382.81		9,125,000.00		9,124,114.59		201,268.22			219.00			—		—		2.1		2.105	JD		8,516.67		95,813.00		12/14/2009		6/15/2013
268317AA2	ELECTRICITE DE FRANCE CORP BND 144A			F				1FE		14,880,439.77		109.88		14,943,743.92		13,600,000.00		14,438,601.82		505,142.10			(155,614.00	)		—		—		5.5		2.988	JJ		322,055.56		374,000.00		2/19/2010		1/26/2014
26882PAS1	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		1,640,475.00		111.042		1,665,622.79		1,500,000.00		1,611,416.66		54,206.13			(13,394.00	)		—		—		5.6		3.512	MN		14,000.00		42,000.00		5/27/2010		5/1/2015
26884TAC6	ERAC USA FINANCE COMPANY CORP BND 144A							2FE		1,247,587.50		100.88		1,260,996.34		1,250,000.00		1,247,956.95		13,039.39			369.00			—		—		2.25		2.317	JJ		13,281.25		—		1/4/2011		1/10/2014
273323AA3	EAST LANE RE LTD CORP BND			F						5,000,000.00		99.47		4,973,500.00		5,000,000.00		5,000,000.00		(26,500.00	)		—			—		—		5.75		5.79	MJSD		12,777.78		79,861.00		3/1/2011		3/14/2014
273323AB1	EAST LANE RE IV LTD CORP BND 144A			F						2,000,000.00		99.715		1,994,300.00		2,000,000.00		2,000,000.00		(5,700.00	)		—			—		—		6.65		6.704	MJSD		5,911.11		36,944.00		3/1/2011		3/13/2015
278642AA1	EBAY INC. CORP BND							1FE		2,993,790.00		99.687		2,990,605.56		3,000,000.00		2,995,186.52		(4,580.96	)		1,028.00			—		—		0.875		0.946	AO		5,541.67		12,177.00		10/21/2010		10/15/2013
278642AB9	EBAY INC. CORP BND							1FE		3,586,680.00		97.23		3,500,289.18		3,600,000.00		3,588,418.37		(88,129.19	)		1,281.00			—		—		1.625		1.703	AO		12,350.00		27,138.00		10/21/2010		10/15/2015
281379AA5	EDUSA_10-1 ABS 10-1-A1 144A					2		1FE		955,621.05		100.175		957,296.06		955,621.05		955,621.05		1,675.01			—			—		—		1.124		1.125	JAJO		1,998.61		5,535.00		2/23/2010		7/25/2023
28264QR63	EKSPORTFINANS A/S CORP BND			F				1FE		2,127,609.17		104.692		2,093,840.18		2,000,000.00		2,107,837.07		(13,996.89	)		(15,486.00	)		—		—		3		1.361	MN		7,333.33		30,000.00		11/12/2010		11/17/2014
285661AD6	ELECTRONIC DATA SYSTEMS CORP BND							1FE		9,874,595.25		109.598		9,617,264.00		8,775,000.00		9,491,201.32		126,062.68			(166,923.00	)		—		—		6		1.985	FA		219,375.00		263,250.00		4/30/2010		8/1/2013
291011AZ7	EMERSON ELECTRIC CO CORP BND							1		3,276,666.54		98.81		3,454,554.43		3,200,000.00		3,266,421.46		188,132.97			(8,040.00	)		—		—		4.125		3.535	AO		27,866.67		66,000.00		11/12/2010		4/15/2015
29101QAD1	EMERGENCY MEDICAL SVCS CORP TERM LOAN					1		4FE		—		99.589		—		—		—		—			166.00			—		—		0		0.057	JAJO		—		10,594.00		6/20/2011		4/27/2018
29268BAD3	ENEL FINANCE INTERNATIONAL SA CORP BND			F				1FE		3,268,698.75		103.262		3,330,211.61		3,225,000.00		3,257,368.94		72,842.67			(4,598.00	)		—		—		3.875		3.547	AO		29,159.38		62,484.00		3/30/2010		10/7/2014
29364DAQ3	ENTERGY ARKANSAS INC. CORP BND					1		1FE		1,749,492.50		94.505		1,653,832.92		1,750,000.00		1,749,492.50		(95,659.58	)		—			—		—		3.75		3.754	FA		24,791.67		16,953.00		11/9/2010		2/15/2021
29364NAQ1	ENTERGY MISSISSIPPI INC CORP BND					1		2FE		1,999,700.00		100.825		2,016,500.00		2,000,000.00		1,999,709.16		16,790.84			9.00			—		—		3.25		3.253	JD		8,666.67		—		5/10/2011		6/1/2016
293791AN9	ENTERPRISE PROD OPER LP CORP BND							2FE		6,442,930.00		111.092		6,387,775.23		5,750,000.00		6,311,530.71		76,244.52			(80,829.00	)		—		—		5.6		2.488	AO		67,977.77		161,000.00		10/15/2010		10/15/2014
29379VAS2	ENTERPRISE PROD OPER LP CORP BND							2FE		4,995,050.00		101.248		5,062,406.15		5,000,000.00		4,995,516.95		66,889.20			467.00			—		—		3.2		3.221	FA		74,666.67		—		1/4/2011		2/1/2016
298785DR4	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		4,822,865.42		111.868		4,978,125.82		4,450,000.00		4,718,749.26		259,376.56			(28,758.00	)		—		—		4.625		3.114	AO		40,590.80		102,906.00		8/31/2009		10/20/2015
298785EK8	EUROPEAN INVESTMENT BANK SENIOR CORP BND			F				1FE		15,069,850.00		103.903		15,065,933.84		14,500,000.00		15,024,008.96		41,924.88			(45,841.00	)		—		—		2.875		0.74	MS		122,746.53		—		6/14/2011		3/15/2013
298785ES1	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		3,887,520.00		103.717		3,930,659.69		3,900,000.00		3,898,790.67		31,869.02			2,071.00			—		—		3.25		3.36	AO		27,110.42		63,375.00		8/26/2008		10/14/2011
298785FP6	EUROPEAN INVESTMENT BANK CORP BND			F				1FE		8,124,800.00		101.188		8,095,040.32		8,000,000.00		8,121,616.55		(26,576.23	)		(3,183.00	)		—		—		1.5		0.962	MN		26,000.00		—		6/1/2011		5/15/2014
30216BBH4	EXPORT DEVELOPMENT CANADA CORP BND			A				1FE		5,242,350.00		100.09		5,004,500.00		5,000,000.00		5,005,045.83		(545.83	)		(65,125.00	)		—		—		3.75		1.126	JJ		86,458.33		93,750.00		8/31/2009		7/15/2011
30250GAA6	SSGN_10-S1 CMO_10-S1-1A 144A					2		1		1,402,722.76		100		1,402,722.76		1,402,722.76		1,402,722.76		—			—			—		—		0.741		0.74			865.78		5,636.00		3/5/2010		2/25/2048
302570BC9	FPL GROUP CAPITAL INC CORP BND							2FE		7,402,175.00		120.157		7,269,510.36		6,050,000.00		7,111,233.97		158,276.39			(108,293.00	)		—		—		7.875		3.581	JD		21,175.00		238,219.00		2/17/2010		12/15/2015
3128JLHB8	FHLMC POOL # 1B1225					2		1		71,937.71		102.766		76,573.28		73,055.44		71,978.50		4,594.78			9.00			—		—		2.924		3.209	MON		178.01		1,067.00		4/2/2007		9/1/2033
3128JMW45	FHLMC POOL # 1B2566					2		1		104,297.13		101.827		111,367.66		105,117.04		104,322.18		7,045.48			6.00			—		—		2.966		3.059	MON		259.81		1,559.00		4/2/2007		11/1/2034
3128JMXM4	FHLMC POOL # 1B2583					2		1		1,869,471.91		104.61		1,977,366.08		1,890,226.63		1,870,313.11		107,052.97			160.00			—		—		2.957		3.12	MON		4,657.83		27,933.00		9/17/2008		10/1/2034
3128JMY68	FHLMC POOL # 1B2632					2		1		141,601.88		102.067		150,238.39		142,715.06		141,637.32		8,601.07			7.00			—		—		2.719		2.817	MON		323.37		1,940.00		4/3/2007		11/1/2034
3128JMZG5	FHLMC POOL # 1B2642					2		1		195,691.66		102.147		207,384.29		197,230.11		195,736.86		11,647.43			9.00			—		—		2.894		2.992	MON		475.65		2,857.00		4/2/2007		11/1/2034
3128JNAL9	FHLMC POOL # 1B2810					2		1		207,820.80		102.443		222,890.65		209,983.63		207,895.02		14,995.63			21.00			—		—		2.653		2.807	MON		464.24		2,900.00		4/2/2007		2/1/2035
3128JR6Z4	FHLMC POOL # 848088					2		1		10,275,216.78		0		10,263,675.93		9,778,644.97		10,270,436.19		(6,760.26	)		(7,735.00	)		—		—		2.496		1.502	MON		20,339.58		61,557.00		3/8/2011		4/1/2035
3128JRJS6	FHLMC POOL # 847473					2		1		2,343,697.71		104.06		2,468,802.79		2,353,257.83		2,343,813.26		124,989.53			102.00			—		—		2.502		2.533	MON		4,906.54		30,759.00		9/26/2007		12/1/2035
3128JRKQ8	FHLMC POOL # 847503					2		1		1,174,715.09		102.602		1,242,439.74		1,202,812.05		1,175,929.86		66,509.88			276.00			—		—		2.688		3.124	MON		2,694.30		16,558.00		5/31/2006		12/1/2035
3128JRPZ3	FHLMC POOL # 847640					2		1		422,462.93		103.204		436,146.51		424,777.97		422,521.64		13,624.87			74.00			—		—		2.532		2.586	MON		896.28		8,477.00		11/13/2006		5/1/2036
3128KW5Q2	FHLMC GOLD POOL # A66255					2		1		2,253,084.08		104.722		2,467,537.07		2,227,502.61		2,252,215.11		215,321.96			(39.00	)		—		—		6		5.522	MON		11,137.51		66,825.00		11/2/2007		9/1/2037
3128KWBZ5	FHLMC GOLD POOL # A65456					2		1		25,049.83		105.253		26,886.80		24,108.11		25,025.02		1,861.78			(2.00	)		—		—		6		4.693	MON		120.54		723.00		2/4/2009		9/1/2037
3128KWFX6	FHLMC GOLD POOL # A65582					2		1		58,109.43		105.253		62,370.72		55,924.85		58,051.46		4,319.26			(3.00	)		—		—		6		4.606	MON		279.62		1,678.00		2/4/2009		9/1/2037
3128KWFY4	FHLMC GOLD POOL # A65583					2		1		85,578.03		105.253		91,853.69		82,360.83		85,492.76		6,360.93			(5.00	)		—		—		6		4.598	MON		411.80		2,471.00		2/4/2009		9/1/2037
3128KWNV1	FHLMC GOLD POOL # A65804					2		1		3,343,130.86		104.94		3,670,632.46		3,305,173.03		3,341,840.45		328,792.01			(64.00	)		—		—		6		5.521	MON		16,525.87		99,155.00		11/2/2007		9/1/2037
3128KWNX7	FHLMC GOLD POOL # A65806					2		1		3,096,359.71		104.94		3,399,686.96		3,061,203.70		3,095,157.91		304,529.05			(52.00	)		—		—		6		5.487	MON		15,306.02		91,836.00		11/2/2007		9/1/2037
3128KWT29	FHLMC GOLD POOL # A65969					2		1		52,446.22		105.253		56,292.24		50,474.57		52,393.67		3,898.57			(3.00	)		—		—		6		4.582	MON		252.37		1,514.00		2/4/2009		9/1/2037
3128KWTK9	FHLMC GOLD POOL # A65954					2		1		79,662.33		105.253		85,504.15		76,667.50		79,582.74		5,921.41			(5.00	)		—		—		6		4.571	MON		383.34		2,300.00		2/4/2009		9/1/2037
3128KWTP8	FHLMC GOLD POOL # A65958					2		1		69,569.83		105.253		74,671.57		66,954.44		69,500.26		5,171.31			(4.00	)		—		—		6		4.579	MON		334.77		2,009.00		2/4/2009		9/1/2037
3128KWTZ6	FHLMC GOLD POOL # A65968					2		1		51,861.10		105.253		55,664.22		49,911.45		51,809.60		3,854.62			(3.00	)		—		—		6		4.651	MON		249.56		1,497.00		2/4/2009		9/1/2037
3128KYXE4	FHLMC GOLD POOL # A67877					2		1		33,580.86		105.253		36,043.45		32,318.44		33,546.95		2,496.50			(2.00	)		—		—		6		4.639	MON		161.59		970.00		2/4/2009		4/1/2037
3128M4HY2	FHLMC GOLD POOL # G02647					2		1		2,513,362.64		103.318		2,759,189.44		2,547,999.52		2,514,365.39		244,824.05			(52.00	)		—		—		5.5		6.214	MON		11,678.33		70,070.00		4/9/2007		2/1/2037
3128M4ZG1	FHLMC GOLD POOL # G03143					2		1		6,276.23		105.253		6,736.46		6,040.26		6,269.93		466.53			—			—		—		6		4.633	MON		30.20		181.00		2/4/2009		7/1/2037

Validus Holdings, Ltd June 30, 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
3128M5HK9	FHLMC GOLD POOL # G03534				2		1		12,692,245.11		106.822		13,950,191.63		12,350,671.80		12,681,537.08		1,268,654.55			(437.00	)		—		—		6.5		5.273	MON		66,899.46		401,397.00		11/6/2007		10/1/2037
3128M6UB2	FHLMC GOLD POOL # G04778				2		1		160,212.17		105.253		171,960.92		154,189.16		160,058.74		11,902.18			(11.00	)		—		—		6		4.699	MON		770.95		4,626.00		2/4/2009		7/1/2038
3128M7AZ9	FHLMC GOLD POOL # G05124				2		1		442,998.30		105.253		475,484.43		426,344.23		442,580.82		32,903.61			(26.00	)		—		—		6		4.684	MON		2,131.72		12,790.00		2/4/2009		12/1/2038
3128MBBR7	FHLMC GOLD POOL # G12548				2		1		1,886,398.28		104.5		2,034,731.58		1,882,280.80		1,885,449.99		149,281.59			(186.00	)		—		—		5.5		5.385	MON		8,627.12		51,763.00		3/30/2007		1/1/2022
3128MCLV5	FHLMC GOLD POOL # G13740				2		1		1,303,816.81		0		1,310,736.24		1,215,680.00		1,300,564.25		10,171.99			(2,171.00	)		—		—		5		2.44	MON		5,065.33		30,392.00		9/23/2010		9/1/2021
3128MTB72	FHLMC GOLD POOL # H00962				2		1		264,195.75		105.947		288,623.62		259,114.67		264,020.45		24,603.17			4.00			—		—		6.5		5.467	MON		1,403.54		8,421.00		10/31/2007		7/1/2037
3128MTEE4	FHLMC GOLD POOL # H01033				2		1		7,811,496.09		105.947		8,533,756.74		7,661,263.48		7,806,169.87		727,586.87			(162.00	)		—		—		6.5		5.405	MON		41,498.51		248,991.00		10/31/2007		7/1/2037
3128MTF29	FHLMC GOLD POOL # H01085				2		1		4,017,326.56		105.947		4,388,773.60		3,940,064.37		4,014,689.73		374,083.87			(70.00	)		—		—		6.5		5.493	MON		21,342.02		128,052.00		10/31/2007		7/1/2037
3128NCB37	FHLMC POOL # 1G0058				2		1		283,771.22		104.91		298,403.77		284,437.87		283,761.06		14,642.71			2.00			—		—		2.606		2.604	MON		617.70		3,832.00		9/17/2008		1/1/2035
3128NCD68	FHLMC POOL # 1G0125				2		1		2,450,116.48		102.031		2,624,510.33		2,502,512.83		2,453,390.78		171,119.55			640.00			—		—		2.511		2.829	MON		5,236.51		32,581.00		12/13/2005		3/1/2035
3128NCMS0	FHLMC POOL # 1G0369				2		1		440,782.41		103.139		452,358.32		438,589.49		440,598.66		11,759.66			(43.00	)		—		—		2.745		2.639	MON		1,003.27		6,020.00		8/27/2008		10/1/2035
3128QJ3B0	FHLMC POOL # 1G1694				2		1		2,638,869.08		106.25		2,845,931.52		2,678,523.78		2,639,554.59		206,376.93			207.00			—		—		5.233		5.487	MON		11,680.60		70,412.00		8/10/2007		4/1/2037
3128QJLG9	FHLMC POOL # 1G1227				2		1		467,215.10		104.309		475,105.97		458,054.02		466,795.21		8,310.76			(114.00	)		—		—		6		5.513	MON		2,290.27		13,734.00		1/4/2008		10/1/2036
3128QJRN8	FHLMC POOL # 1G1393				2		1		1,320,018.47		105.41		1,372,541.02		1,309,176.86		1,319,112.72		53,428.30			(141.00	)		—		—		5.935		5.663	MON		6,474.97		38,849.00		3/30/2007		12/1/2036
3128QPU59	FHLMC POOL # 1B7453				2		1		193,186.47		107.15		203,564.15		189,980.54		193,055.20		10,508.95			(26.00	)		—		—		6.065		5.533	MON		960.19		5,749.00		12/13/2007		8/1/2037
3128X2TM7	FHLMC AGENCY BND						1		8,382,000.00		110.563		8,292,225.30		7,500,000.00		8,055,332.00		236,893.30			(104,040.00	)		—		—		5		2.039	JJ		157,291.67		187,500.00		11/30/2009		1/30/2014
312929CM2	FHLMC GOLD POOL # A82776				2		1		16,306.04		105.253		17,501.80		15,693.03		16,290.65		1,211.15			(1.00	)		—		—		6		4.674	MON		78.47		471.00		2/4/2009		1/1/2039
31292KJH1	FHLMC GOLD POOL # C02964				2		1		3,279.87		105.253		3,520.38		3,156.56		3,276.60		243.78			—			—		—		6		4.672	MON		15.78		95.00		2/4/2009		7/1/2037
312930LH1	FHLMC GOLD POOL # A83928				2		1		55,492.43		105.253		59,561.83		53,406.25		55,440.07		4,121.76			(3.00	)		—		—		6		4.641	MON		267.03		1,602.00		2/4/2009		1/1/2039
312930LQ1	FHLMC GOLD POOL # A83935				2		1		68,817.43		105.253		73,863.97		66,230.30		68,753.20		5,110.77			(4.00	)		—		—		6		4.676	MON		331.15		1,987.00		2/4/2009		1/1/2039
312930RC6	FHLMC GOLD POOL # A84083				2		1		40,646.18		104.47		43,626.86		39,118.13		40,608.67		3,018.19			(4.00	)		—		—		6		4.908	MON		195.59		1,174.00		2/4/2009		1/1/2039
312930RV4	FHLMC GOLD POOL # A84100				2		1		20,784.13		105.253		22,308.29		20,002.78		20,764.35		1,543.94			(1.00	)		—		—		6		4.627	MON		100.01		600.00		2/4/2009		1/1/2039
312930TB6	FHLMC GOLD POOL # A84146				2		1		21,165.31		104.47		22,717.41		20,369.62		21,145.35		1,572.06			(1.00	)		—		—		6		4.653	MON		101.85		611.00		2/4/2009		1/1/2039
31295NXK9	FHLMC POOL # 789682				2		1		48,240.85		102.028		50,459.21		48,519.46		48,248.92		2,210.29			1.00			—		—		2.561		2.632	MON		103.55		621.00		8/10/2006		9/1/2032
31331GVD8	FFCB AGENCY BND						1		3,381,186.00		102.88		3,487,645.06		3,390,000.00		3,385,907.25		101,737.81			1,118.00			—		—		2.2		2.27	AO		17,194.83		37,290.00		5/4/2009		4/8/2013
31331JG49	FFCB AGENCY BND						1		6,492,395.00		100.076		6,504,907.50		6,500,000.00		6,494,936.46		9,971.04			1,621.00			—		—		0.227		0.347	MON		655.93		9,298.00		9/17/2010		1/15/2013
31331KEF3	FFCB AGENCY BND						1		1,999,640.00		100		1,999,999.76		2,000,000.00		1,999,652.18		347.58			12.00			—		—		0.155		0.177	MON		120.78		288.00		6/7/2011		4/17/2013
31331KHC7	FFCB AGENCY BND						1		1,998,404.00		99.958		1,999,158.10		2,000,000.00		1,998,526.18		631.92			122.00			—		—		0.136		0.196	MON		15.06		511.00		4/28/2011		7/29/2013
31331KKH2	FFCB AGENCY BND						1		2,499,022.50		100		2,500,000.40		2,500,000.00		2,499,086.51		913.89			64.00			—		—		0.156		0.194	MON		75.74		516.00		5/5/2011		7/24/2013
31331Y3X6	FFCB AGENCY BND						1		299,700.00		105.533		311,612.78		300,000.00		299,916.09		11,696.69			38.00			—		—		3.95		3.977	JJ		5,200.83		5,925.00		7/30/2008		7/23/2012
31331YR51	FFCB AGENCY BND						1		990,190.00		106.353		1,063,533.99		1,000,000.00		995,975.05		67,558.94			1,010.00			—		—		4		4.224	MN		4,444.44		20,000.00		7/7/2008		5/21/2013
313371UC8	FHLB AGENCY BND						1		1,483,065.00		100.277		1,504,154.90		1,500,000.00		1,485,788.98		18,365.92			2,724.00			—		—		0.875		1.263	JD		145.83		6,563.00		1/5/2011		12/27/2013
313372RK2	FHLB AGENCY BND						1		9,032,850.00		100.935		9,084,149.82		9,000,000.00		9,029,308.80		54,841.02			(3,541.00	)		—		—		1		0.811	MS		33,500.00		—		4/12/2011		3/27/2013
3133TJP56	FHLMC CMO AGENCY CMO_2130 QS				2		1FE		2,183,953.39		108.558		2,337,979.58		2,153,667.43		2,181,239.21		156,740.37			(702.00	)		—		—		6		5.521	MON		10,768.34		64,610.00		2/6/2007		7/15/2026
3133XSP93	FHLB AGENCY BND						1		3,612,678.30		105.571		3,658,035.12		3,465,000.00		3,555,924.69		102,110.43			(17,899.00	)		—		—		3.125		2.022	JD		5,414.06		54,141.00		11/25/2009		12/13/2013
3133XUE41	FHLB AGENCY BND						1FE		12,098,988.00		101.666		12,199,920.00		12,000,000.00		12,044,610.35		155,309.65			(19,194.00	)		—		—		1.75		1.421	FA		75,250.00		105,000.00		1/28/2010		8/22/2012
3133XWE70	FHLB AGENCY BND						1		5,742,755.00		104.353		6,000,297.33		5,750,000.00		5,745,133.78		255,163.55			785.00			—		—		2.5		2.53	JD		7,187.50		71,875.00		12/21/2009		6/13/2014
3133XX7F8	FHLB AGENCY BND						1		9,981,800.00		101.967		10,196,700.30		10,000,000.00		9,989,715.36		206,984.94			2,908.00			—		—		1.625		1.686	MS		45,590.27		81,250.00		2/18/2010		3/20/2013
3133XXYX9	FHLB AGENCY BND						1		4,600,116.00		0		4,615,694.96		4,500,000.00		4,566,755.18		48,939.78			(16,593.00	)		—		—		1.875		1.113	JD		2,343.75		42,188.00		6/29/2010		6/21/2013
31342A6F1	FHLMC POOL # 780870				2		1		472,780.14		100.79		503,589.86		480,126.08		473,066.56		30,523.30			62.00			—		—		2.57		2.854	MON		1,028.27		6,168.00		4/2/2007		9/1/2033
31342AZE2	FHLMC POOL # 780741				2		1		682,131.90		0		695,458.42		661,160.71		681,566.12		13,892.30			(157.00	)		—		—		2.658		1.88	MON		1,464.47		8,873.00		11/16/2009		7/1/2033
31349SJK0	FHLMC POOL # 781166				2		1		1,048,848.85		102.249		1,117,641.64		1,066,216.52		1,049,737.71		67,903.93			178.00			—		—		2.48		2.766	MON		2,203.51		13,401.00		1/9/2006		1/1/2034
31349UCW6	FHLMC POOL # 782785				2		1		203,716.32		101.962		212,949.11		205,317.82		203,767.33		9,181.78			9.00			—		—		2.367		2.477	MON		404.99		2,430.00		4/2/2007		10/1/2034
31349UEJ3	FHLMC POOL # 782837				2		1		397,333.57		101.33		420,318.23		400,457.13		397,435.89		22,882.34			21.00			—		—		2.5		2.603	MON		834.29		5,006.00		4/2/2007		11/1/2034
31349UJL3	FHLMC GOLD POOL # 782967				2		1		123,361.53		104.8		131,230.85		125,220.28		123,429.31		7,801.54			14.00			—		—		2.5		2.738	MON		260.88		1,587.00		9/30/2008		1/1/2035
31349ULB2	FHLMC POOL # 783022				2		1		390,300.41		100.44		405,201.26		393,785.42		390,420.17		14,781.09			28.00			—		—		2.494		2.617	MON		818.42		5,019.00		4/2/2007		2/1/2035
3134G2MJ8	FHLMC AGENCY BND						1		14,685,125.07		99.96		14,694,152.20		14,700,000.00		14,685,409.48		8,742.72			284.00			—		—		0.135		0.185	MON		773.48		—		6/9/2011		6/17/2013
313551AN3	FEDERAL MOGUL TL B TERM LOAN						4FE		—		94.479		—		—		—		—			1,915.00			—		—		0		1.063	MJSD		—		3,035.00		6/6/2011		12/29/2014
313551AP8	FEDERAL MOGUL CORP TERM LOAN						4FE		—		94.479		—		—		—		—			766.00			—		—		0		0.827	MJSD		—		1,268.00		6/6/2011		12/28/2015
31359MA45	FNMA AGENCY BND						1		10,962,357.43		113.251		11,325,099.20		10,000,000.00		10,721,598.30		603,500.90			(88,653.00	)		—		—		5		2.972	AO		105,555.56		250,000.00		2/19/2010		4/15/2015
31359MRK1	FNMA AGENCY BND						1		3,126,550.66		106.874		3,206,220.03		3,000,000.00		3,074,162.69		132,057.34			(19,376.00	)		—		—		4.625		3.225	MN		23,125.00		69,375.00		2/19/2010		5/1/2013
31359MZC0	FNMA AGENCY BND						1		5,904,904.90		111.175		5,892,275.16		5,300,000.00		5,800,123.90		92,151.26			(55,056.00	)		—		—		4.375		2.065	AO		48,951.39		115,938.00		7/16/2010		10/15/2015
31371NAC9	FNMA POOL # 256603				2		1		1,059,166.94		108.382		1,146,872.95		1,058,174.91		1,058,780.71		88,092.24			(98.00	)		—		—		5.5		5.366	MON		4,849.97		29,100.00		7/17/2008		2/1/2022
31371NE35	FNMA POOL # 256754				2		1		440,627.57		0		450,529.93		415,686.38		439,165.07		11,364.86			(451.00	)		—		—		5.5		2.911	MON		1,905.23		11,431.00		9/29/2009		6/1/2022
31379T6G4	FNMA POOL # 429371				2		1		15,975.88		103.159		17,299.76		16,106.74		16,013.53		1,286.23			6.00			—		—		5		5.263	MON		67.11		403.00		12/14/2007		2/1/2014
3137A7SR2	FHLMC CMO_3824 FA				2		1		5,556,763.14		100.08		5,561,180.77		5,556,763.14		5,556,763.14		4,417.63			—			—		—		0.337		0.337	MON		832.40		5,231.00		2/28/2011		3/15/2026
3137EABX6	FHLMC AGENCY BND						1		5,007,563.09		104.313		5,215,650.20		5,000,000.00		5,005,027.42		210,622.78			(962.00	)		—		—		2.5		2.459	JJ		60,416.67		62,500.00		2/19/2010		1/7/2014
3137EACC1	FHLMC AGENCY BND						1		9,100,620.00		101.407		9,126,630.46		9,000,000.00		9,040,844.97		85,785.49			(21,036.00	)		—		—		1.75		1.271	JD		7,000.00		78,750.00		1/28/2010		6/15/2012
3137EACS6	FHLMC AGENCY BND						1		8,042,960.00		100.444		8,035,519.44		8,000,000.00		8,042,043.96		(6,524.52	)		(916.00	)		—		—		0.75		0.447	MS		15,500.00		—		6/14/2011		3/28/2013
31385W2S7	FNMA POOL # 555285				2		1		5,004,924.85		105.288		5,023,169.93		4,542,189.32		4,995,787.25		27,382.68			(9,138.00	)		—		—		6		2.365	MON		22,710.94		113,555.00		1/5/2011		3/1/2033
31385XEW3	FNMA POOL # 555549				2		1		319,680.94		104.727		347,866.71		322,299.62		319,980.24		27,886.47			80.00			—		—		5		5.233	MON		1,342.91		8,058.00		12/14/2007		6/1/2018
31385XK48	FNMA POOL # 555715				2		1		120,492.39		102.13		127,467.59		121,568.26		120,530.70		6,936.89			9.00			—		—		2.507		2.702	MON		254.08		1,575.00		4/2/2007		7/1/2033
31393RDQ0	FHLMC CMO_2613 BV				2		1		4,968,539.52		105.91		5,020,939.74		4,740,760.78		4,939,210.87		81,728.87			(29,329.00	)		—		—		5		0.838	MON		19,753.17		59,260.00		2/24/2011		4/15/2014
31394BPP3	FNMA AGENCY CMO_04-88 HA				2		1		49,909.28		108.313		52,277.54		48,265.25		49,266.66		3,010.88			(104.00	)		—		—		6.5		5.194	MON		261.44		1,569.00		1/14/2008		12/25/2015
31394CGZ9	FANNIE MAE FNR_05-13 CMO_05-13 PC				2		1		560,968.21		104.25		559,793.58		536,972.26		551,582.92		8,210.66			(9,385.00	)		—		—		5		0.547	MON		2,237.38		8,950.00		2/4/2011		12/25/2012
31394CVB5	FNMA_05-15 CMO_05-15 EA				2		1		1,082,824.31		101.25		1,105,951.85		1,092,298.12		1,087,478.38		18,473.47			661.00			—		—		5		5.313	MON		4,551.25		27,307.00		5/24/2007		10/25/2028
31394DA42	FNMA CMO_05-48 AR				2		1		239,359.66		108.786		258,532.61		237,651.55		238,870.41		19,662.20			(78.00	)		—		—		5.5		5.252	MON		1,089.24		6,535.00		12/20/2007		11/25/2019
31394FQ81	FNW_05-W3 AGENCY CMO 05-87				2				5,960,894.53		107		5,965,250.00		5,575,000.00		5,956,333.26		8,916.74			(4,561.00	)		—		—		5		4.188	MON		23,229.17		46,458.00		4/8/2011		7/25/2030
31394MXF2	FHLMC CMO_2720 JC				2		1		814,453.13		108.188		811,406.25		750,000.00		812,800.66		(1,394.41	)		(1,652.00	)		—		—		5		1.287	MON		3,125.00		—		6/6/2011		11/1/2018
31395L4F5	FHLMC CMO_2914 AJ				2		1FE		178,698.02		102.875		173,803.02		173,809.62		173,685.50		117.52			(1,527.00	)		—		—		5		1.816	MON		724.21		4,345.00		6/30/2009		8/1/2011
31395VGR4	FHR AGENCY CMO_2989 WD				2		1		502,968.75		102.725		513,625.98		500,000.00		499,637.64		13,988.34			(362.00	)		—		—		5.5		5.286	MON		2,291.67		13,750.00		10/8/2008		3/15/2012
31396CLF5	FHLMC AGENCY CMO_3054 DW				2		1		147,702.99		107.699		159,673.42		148,258.96		147,779.57		11,893.85			9.00			—		—		5.5		5.672	MON		679.52		4,077.00		6/17/2008		5/15/2034
31396L5J5	FNMA CMO_06-129 FA				2		1		2,590,956.99		99.363		2,576,053.30		2,592,577.35		2,591,026.95		(14,973.65	)		70.00			—		—		0.386		0.42	MON		166.70		2,714.00		3/23/2011		1/25/2037
31396UWM8	FHLMC AGENCY CMO 3184 FA				2		1		2,443,812.86		99.813		2,441,913.77		2,446,488.70		2,444,492.64		(2,578.87	)		235.00			—		—		0.337		0.42	MON		366.48		4,810.00		4/23/2010		2/15/2033
31397B7F2	FHLMC_3221 CMO_3211 QD				2		1		1,466,683.28		103.699		1,533,161.13		1,463,638.31		1,462,800.45		70,360.68			(235.00	)		—		—		5.5		5.328	MON		6,708.35		40,250.00		4/19/2007		1/15/2013
31397G7M6	FHRR CMO_R011 AB				2		1		3,018,612.09		105.375		3,154,248.52		2,993,355.65		3,001,832.72		152,415.80			(1,473.00	)		—		—		5.5		4.72	MON		13,719.55		82,317.00		9/4/2008		12/15/2012
31397MTX5	FNR CMO_08-81 KA				2		1		4,384,221.41		105.578		4,619,725.45		4,375,644.13		4,381,878.43		237,847.02			(2,446.00	)		—		—		5		4.716	MON		18,231.85		107,734.00		1/7/2011		3/25/2015
31397Y5H0	FHLMC CMO_3484 DA				2		1		3,756,999.73		106.08		3,831,003.01		3,611,414.56		3,710,834.31		120,168.70			(12,023.00	)		—		—		5		2.327	MON		15,047.57		90,285.00		6/1/2009		7/1/2014
31398A2W1	FNMA AGENCY BND						1		1,953,022.50		101.199		1,973,380.44		1,950,000.00		1,950,000.00		23,380.44			(1,088.00	)		—		—		1.35		0.968	FA		9,286.88		13,163.00		9/24/2010		2/24/2014
31398A3D2	FNMA AGENCY BND				1		1FE		4,923,128.50		100.099		4,929,876.09		4,925,000.00		4,923,535.04		6,341.05			340.00			—		—		1.125		1.139	MS		17,237.50		27,703.00		11/26/2010		9/9/2013
31398A4M1	FNMA AGENCY BND						1		8,783,730.00		99.783		8,980,469.73		9,000,000.00		8,794,476.93		185,992.80			10,747.00			—		—		1.625		2.182	AO		26,406.25		73,125.00		4/4/2011		10/26/2015
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		102.138		3,064,139.79		3,000,000.00		2,997,672.05		66,467.74			692.00			—		—		1.75		1.798	FA		18,812.50		26,250.00		1/14/2010		2/22/2013
31398AHZ8	FNMA AGENCY BND						1		11,797,857.47		106.039		11,982,407.11		11,300,000.00		11,502,595.82		479,811.29			(71,204.00	)		—		—		4.75		3.407	MN		62,620.84		268,375.00		2/19/2010		11/19/2012
31398AJ94	FNMA AGENCY BND						1		4,991,950.00		102.285		5,114,250.20		5,000,000.00		4,995,184.82		119,065.38			1,268.00			—		—		1.75		1.803	MN		13,125.01		43,750.00		3/11/2010		5/7/2013
31398AT44	FNMA AGENCY BND						1		42,873,600.00		101.86		42,781,200.42		42,000,000.00		42,865,264.59		(84,064.17	)		(8,335.00	)		—		—		1.5		0.457	JD		8,750.00		315,000.00		6/23/2011		6/26/2013
31398AU34	FNMA AGENCY BND						1		6,730,020.00		103.238		6,968,564.93		6,750,000.00		6,733,836.82		234,728.11			1,871.00			—		—		2.375		2.437	JJ		68,132.81		80,156.00		6/10/2010		7/28/2015
31398EXU3	FHLMC AGENCY CMO 3566-DE				2		1		4,255,989.84		104.45		4,273,121.19		4,091,068.64		4,240,469.55		32,651.64			(15,520.00	)		—		—		4		0.997	MON		13,636.90		27,274.00		4/6/2011		6/1/2014
31398TX22	FNMA_10-87 AGENCY CMO_10-103 MA				2		1		6,975,280.05		103.998		6,898,450.39		6,633,252.94		6,931,409.48		(32,959.09	)		(37,627.00	)		—		—		4		1.61	MON		22,110.84		132,665.00		12/9/2010		1/25/2016
31400EGH7	FNMA POOL # 685200				2		1		291,518.23		104.727		317,220.94		293,906.22		291,801.47		25,419.47			77.00			—		—		5		5.235	MON		1,224.61		7,348.00		12/14/2007		3/1/2018
31400GJN6	FNMA POOL # 687069				2		1		373,647.88		101.55		385,322.40		374,408.40		373,209.93		12,112.47			(51.00	)		—		—		5.5		5.501	MON		1,716.04		10,296.00		4/21/2006		1/1/2013
31400PG58	FNMA POOL # 693320				2		1		82,239.81		101.606		86,646.51		82,962.50		82,275.09		4,371.42			7.00			—		—		2.391		2.571	MON		165.30		999.00		8/10/2006		1/1/2033
31400QJ87	FNMA POOL # 694287				2		1		13,770.24		102.192		14,707.35		13,893.19		13,775.00		932.35			1.00			—		—		2.351		2.542	MON		27.22		168.00		4/2/2007		3/1/2033

Validus Holdings, Ltd June 30, 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
31400SA33	FNMA POOL # 695826					2		1		174,857.67		104.727		190,274.59		176,290.02		175,026.62		15,247.97			51.00			—		—		5		5.233	MON		734.54		4,407.00		12/14/2007		4/1/2018
31401A3C9	FNMA POOL # 702895					2		1		329,194.43		104.727		358,219.01		331,891.06		329,518.07		28,700.94			79.00			—		—		5		5.23	MON		1,382.88		8,297.00		12/14/2007		4/1/2018
31401DVW8	FNMA POOL # 705429					2		1		193,052.62		102.235		200,785.62		195,303.18		193,164.69		7,620.93			21.00			—		—		2.46		2.708	MON		400.37		2,465.00		8/10/2006		4/1/2033
31402DQB9	FNMA POOL # 725950					2		1		470,953.04		108.075		513,638.44		475,260.08		471,317.20		42,321.24			106.00			—		—		5		5.266	MON		1,980.25		11,881.00		7/17/2008		11/1/2019
31402HD32	FNMA POOL # 729222					2		1		2,130,705.84		102.319		2,233,576.39		2,154,259.57		2,131,995.14		101,581.25			264.00			—		—		2.69		2.871	MON		4,829.13		29,442.00		9/17/2008		7/1/2035
31402RB81	FNMA POOL # 735463					2		1		134,528.97		102.966		143,414.65		135,641.70		134,603.87		8,810.78			13.00			—		—		2.416		2.526	MON		273.09		1,688.00		9/28/2006		3/1/2035
31402RF87	FNMA POOL # 735591					2		1		12,470,337.52		106.754		12,827,560.58		12,016,039.68		12,459,316.58		368,244.00			1,248.00			—		—		5		3.513	MON		50,066.84		300,401.00		4/30/2010		6/1/2035
31402YSV7	FNMA POOL # 742232					2		1		13,116.28		104.272		14,118.31		13,320.06		13,124.32		993.99			2.00			—		—		2.75		3.096	MON		30.53		188.00		4/2/2007		9/1/2033
31403C2L4	FNMA POOL # 745179					2		1		1,111,987.85		104.727		1,210,030.09		1,121,096.75		1,112,884.43		97,145.66			250.00			—		—		5		5.229	MON		4,671.24		28,027.00		12/14/2007		4/1/2019
31403DCE7	FNMA POOL # 745369					2		1		739,515.69		104.52		805,780.24		745,573.45		740,105.32		65,674.92			159.00			—		—		5		5.21	MON		3,106.56		18,639.00		12/14/2007		12/1/2019
31403DCZ0	FNMA POOL # 745388					2		1		1,982,742.48		104.727		2,157,557.81		1,998,984.21		1,984,447.80		173,110.01			460.00			—		—		5		5.233	MON		8,329.10		49,975.00		12/14/2007		11/1/2018
31403H3P3	FNMA POOL # 749706					2		1		881,265.60		102.509		936,528.30		892,350.27		881,815.45		54,712.85			109.00			—		—		2.816		3.063	MON		2,094.05		12,564.00		5/15/2006		11/1/2033
31403KDB6	FNMA POOL # 750798					2		1		5,480.92		102.387		5,700.69		5,566.09		5,484.53		216.16			1.00			—		—		2.324		2.653	MON		10.78		65.00		4/2/2007		12/1/2033
31403VBR9	FNMA POOL # 758848					2		1		349,048.70		104.727		379,823.78		351,907.95		349,330.34		30,493.44			80.00			—		—		5		5.238	MON		1,466.28		8,798.00		12/14/2007		1/1/2019
31404CLB4	FNMA POOL # 764522					2		1		39,838.10		105.12		42,725.66		40,644.65		39,871.13		2,854.53			6.00			—		—		2.522		2.931	MON		85.42		541.00		9/30/2008		6/1/2034
31404LRF9	FNMA POOL # 771886					2		1		110,163.84		102.15		118,576.50		112,005.85		110,251.41		8,325.09			17.00			—		—		2.471		2.847	MON		230.64		1,400.00		8/10/2006		2/1/2034
31404NBP0	FNMA POOL # 773246					2		1		147,405.30		101.878		156,410.63		148,639.00		147,457.80		8,952.83			13.00			—		—		2.378		2.52	MON		294.55		1,806.00		4/2/2007		2/1/2035
31404VGA0	FNMA POOL # 779693					2		1		749,741.92		101.97		774,161.28		756,837.27		750,168.47		23,992.81			94.00			—		—		2.401		2.552	MON		1,514.31		10,024.00		2/24/2006		7/1/2034
31405AQ71	FNMA POOL # 783578					2		1		768,265.11		102.231		819,756.27		786,672.00		769,515.21		50,241.06			231.00			—		—		2.46		2.847	MON		1,612.68		9,748.00		2/28/2006		12/1/2034
31405PAG5	FNMA POOL # 794807					2		1		202,072.53		101.253		211,576.01		201,522.40		202,009.94		9,566.07			(14.00	)		—		—		2.574		2.522	MON		432.26		2,599.00		6/30/2007		10/1/2034
31405UMM8	FNMA POOL # 799664					2		1		66,767.23		101.933		70,730.79		67,292.11		66,790.52		3,940.27			5.00			—		—		2.628		2.754	MON		147.37		885.00		4/2/2007		10/1/2034
31405UR84	FNMA POOL # 799811					2		1		216,319.08		101.424		224,542.98		215,753.83		216,253.99		8,288.99			(13.00	)		—		—		2.222		2.174	MON		399.51		2,397.00		6/30/2007		11/1/2034
31405UTZ2	FNMA POOL # 799868					2		1		17,265.21		101.862		18,042.88		17,400.94		17,270.77		772.11			1.00			—		—		2.553		2.687	MON		37.02		224.00		4/2/2007		11/1/2034
31406BB90	FNMA POOL # 804764					2		1		232,377.80		101.971		248,217.12		234,204.59		232,455.50		15,761.62			17.00			—		—		2.367		2.498	MON		461.97		2,773.00		4/2/2007		1/1/2035
31406BEZ9	FNMA POOL # 804852					2		1		199,407.02		101.739		211,137.97		200,974.62		199,476.31		11,661.66			15.00			—		—		2.356		2.485	MON		394.58		2,369.00		4/2/2007		12/1/2034
31406BJF8	FNMA POOL # 804962					2		1		219,010.42		102.229		229,156.00		220,732.11		219,085.51		10,070.49			18.00			—		—		2.356		2.485	MON		433.37		2,621.00		4/2/2007		1/1/2035
31406BQQ6	FNMA POOL # 805163					2		1		282,452.85		103.027		299,212.30		284,816.85		282,554.59		16,657.71			24.00			—		—		2.335		2.477	MON		554.21		3,380.00		4/2/2007		1/1/2035
31406DG67	FNMA POOL # 806721					2		1		475,627.94		102.997		503,413.09		479,366.99		475,785.70		27,627.39			34.00			—		—		2.69		2.819	MON		1,074.58		6,450.00		4/2/2007		11/1/2034
31406GLK3	FNMA POOL # 809530					2		1		79,121.95		102.041		83,099.84		79,682.27		79,159.21		3,940.63			8.00			—		—		2.343		2.434	MON		155.58		955.00		9/28/2006		2/1/2035
31406MYP5	FNMA POOL # 814418					2		1		224,416.22		102.148		236,138.69		226,420.04		224,510.89		11,627.80			25.00			—		—		2.145		2.29	MON		404.73		2,507.00		4/2/2007		3/1/2035
31406PKU2	FNMA POOL # 815807					2		1		327,461.34		102.224		348,682.23		330,586.30		327,698.10		20,984.13			47.00			—		—		2.256		2.377	MON		621.50		3,842.00		9/28/2006		2/1/2035
31406TLC3	FNMA POOL # 819423					2		1		436,737.75		104.136		463,153.89		440,637.41		436,902.92		26,250.97			39.00			—		—		2.685		2.834	MON		985.93		6,049.00		4/2/2007		4/1/2035
31406TTE1	FNMA POOL # 819649					2		1		3,191,797.17		0		3,232,297.29		3,085,725.34		3,188,298.40		43,998.89			(1,227.00	)		—		—		2.265		1.727	MON		5,824.31		36,090.00		12/4/2009		3/1/2035
31406VHE9	FNMA POOL # 821129					2		1		246,113.76		102.212		260,813.58		248,311.30		246,213.70		14,599.88			23.00			—		—		2.433		2.576	MON		503.45		3,114.00		4/2/2007		5/1/2035
31407D5R2	FNMA POOL # 828056					2		1		1,131,734.72		105.25		1,171,194.35		1,112,773.73		1,130,832.05		40,362.30			(217.00	)		—		—		2.5		2.184	MON		2,318.28		15,213.00		2/20/2009		6/1/2035
31407E6W8	FNMA POOL # 828985					2		1		601,046.94		101.73		649,853.10		621,739.20		602,257.29		47,595.81			239.00			—		—		2.458		3.072	MON		1,273.01		7,806.00		3/16/2006		8/1/2035
31407GC22	FNMA POOL # 829989					2		1		1,640,321.30		102.4		1,748,910.53		1,655,910.13		1,641,056.48		107,854.05			178.00			—		—		2.524		2.698	MON		3,482.93		21,652.00		1/20/2006		4/1/2035
31408C6D3	FNMA POOL # 847868					2		1		1,579,462.09		101.963		1,671,685.97		1,596,424.10		1,580,622.48		91,063.49			191.00			—		—		2.49		2.632	MON		3,312.58		19,872.00		5/12/2006		11/1/2035
31409UBQ7	FNMA POOL # 878547					2		1		1,186,650.61		102.763		1,251,280.28		1,196,229.79		1,187,238.01		64,042.27			125.00			—		—		2.487		2.593	MON		2,479.19		15,293.00		5/4/2006		3/1/2036
31410FU60	FNMA POOL # 888105					2		1		891,089.76		107.933		969,655.77		898,389.17		891,688.95		77,966.82			163.00			—		—		5		5.218	MON		3,743.29		22,460.00		12/14/2007		8/1/2020
31410GC35	FNMA POOL # 888490					2		1		294,523.52		101.718		308,342.69		295,190.72		294,539.46		13,803.23			5.00			—		—		2.184		2.206	MON		537.25		3,329.00		6/18/2007		5/1/2035
31410GC50	FNMA POOL # 888492					2		1		166,785.31		102.692		173,390.67		166,468.41		166,755.41		6,635.26			(6.00	)		—		—		2.465		2.398	MON		341.95		2,101.00		6/18/2007		5/1/2033
31410GD83	FNMA POOL # 888527					2		1		40,000.88		102.929		43,380.22		40,754.34		40,029.94		3,350.28			6.00			—		—		2.575		2.999	MON		87.42		537.00		6/18/2007		4/1/2034
31410GDC4	FNMA POOL # 888499					2		1		1,314,699.42		101.573		1,386,012.50		1,322,086.11		1,314,951.23		71,061.27			60.00			—		—		2.504		2.606	MON		2,758.75		17,307.00		6/18/2007		8/1/2033
31410GDF7	FNMA POOL # 888502					2		1		154,461.44		102.689		161,492.42		156,469.17		154,548.68		6,943.74			20.00			—		—		1.902		2.18	MON		248.00		1,526.00		6/18/2007		6/1/2033
31410GDL4	FNMA POOL # 888507					2		1		696,685.88		101.908		748,813.20		708,881.38		697,255.54		51,557.66			126.00			—		—		2.446		2.759	MON		1,444.94		8,712.00		6/18/2007		2/1/2035
31410GDM2	FNMA POOL # 888508					2		1		723,501.00		101.875		770,616.68		733,616.31		723,945.21		46,671.47			103.00			—		—		2.431		2.703	MON		1,485.57		9,178.00		6/18/2007		3/1/2034
31410GDQ3	FNMA POOL # 888511					2		1		101,979.32		101.764		108,038.94		102,905.61		102,016.29		6,022.65			8.00			—		—		2.431		2.607	MON		208.47		1,251.00		6/18/2007		12/1/2033
31410GDS9	FNMA POOL # 888513					2		1		172,848.95		102.089		182,215.88		173,754.06		172,878.19		9,337.69			7.00			—		—		2.538		2.63	MON		367.49		2,221.00		6/18/2007		2/1/2034
31410GDX8	FNMA POOL # 888518					2		1		152,615.68		102.692		160,888.49		153,106.04		152,631.73		8,256.76			4.00			—		—		2.446		2.482	MON		311.95		1,924.00		6/18/2007		4/1/2035
31410GDY6	FNMA POOL # 888519					2		1		79,239.05		101.983		84,065.68		80,599.73		79,307.41		4,758.27			15.00			—		—		2.362		2.653	MON		158.65		952.00		6/18/2007		1/1/2035
31410GDZ3	FNMA POOL # 888520					2		1		944,518.06		102.108		986,758.39		950,538.14		944,741.00		42,017.39			53.00			—		—		2.448		2.566	MON		1,939.10		12,413.00		6/18/2007		7/1/2033
31410GFD0	FNMA POOL # 888564					2		1		14,338,949.77		104.202		15,034,229.09		13,912,868.19		14,299,970.87		734,258.22			(12,198.00	)		—		—		5		3.766	MON		57,970.28		347,822.00		2/26/2009		10/1/2021
31410GPR8	FNMA POOL # 888832					2		1		6,737,810.51		106.7		7,331,022.98		6,479,637.44		6,729,173.30		601,849.68			(233.00	)		—		—		6.5		4.468	MON		35,098.04		210,588.00		1/25/2008		11/1/2037
31411DA33	FNMA POOL # 904626					2		1		1,513,088.64		104.34		1,571,268.60		1,505,912.02		1,512,547.21		58,721.39			(133.00	)		—		—		5.519		5.407	MON		6,925.94		41,498.00		12/13/2006		12/1/2036
31411GUY6	FNMA POOL # 907899					2		1		2,414,432.57		105.713		2,531,412.46		2,394,602.27		2,413,290.97		118,121.49			(265.00	)		—		—		5.778		5.581	MON		11,530.01		69,096.00		12/14/2006		1/1/2037
31411KCZ4	FNMA POOL # 910088					2		1		5,885,390.16		104.822		6,450,385.98		5,830,727.09		5,884,507.14		565,878.84			(144.00	)		—		—		6		5.403	MON		29,153.64		174,922.00		3/29/2007		3/1/2037
31411LEA5	FNMA POOL # 911029					2		1		476,111.06		0		486,810.86		449,161.38		474,409.66		12,401.20			(537.00	)		—		—		5.5		3.164	MON		2,058.66		12,352.00		9/29/2009		7/1/2022
31412LMG2	FNMA POOL # 928359					2		1		542,289.65		0		554,476.69		511,594.00		540,548.66		13,928.03			(509.00	)		—		—		5.5		2.752	MON		2,344.81		14,069.00		9/29/2009		5/1/2022
31412LQN3	FNMA POOL # 928461					2				673,432.33		108.382		688,566.59		635,313.52		671,206.49		17,360.10			(684.00	)		—		—		5.5		2.895	MON		2,911.85		17,471.00		9/29/2009		6/1/2022
31412LVF4	FNMA POOL # 928614					2		1		4,539,620.17		0		4,630,038.11		4,271,955.46		4,526,582.03		103,456.08			(4,827.00	)		—		—		5.5		2.733	MON		19,579.80		117,479.00		10/21/2009		8/1/2022
31412SRH0	FNMA POOL # 933488					2		1		1,727,137.41		0		1,765,487.41		1,645,382.47		1,722,752.11		42,735.30			(1,303.00	)		—		—		5		2.879	MON		6,855.76		41,135.00		9/29/2009		3/1/2023
31414ARA2	FNMA POOL # 960481					2		1		2,356,821.79		0		2,414,321.65		2,245,260.41		2,350,577.44		63,744.21			(1,922.00	)		—		—		5		2.9	MON		9,355.25		56,131.00		9/29/2009		12/1/2022
31414CRJ9	FNMA POOL # 962289					2				3,016,549.83		107.3		3,083,530.41		2,873,759.88		3,009,002.92		74,527.49			(2,171.00	)		—		—		5		2.838	MON		11,974.00		71,844.00		9/29/2009		3/1/2023
31414GD22	FNMA POOL # 965521					2		1		335,515.61		0		343,055.76		316,524.16		334,445.78		8,609.98			(309.00	)		—		—		5.5		3.018	MON		1,450.74		8,704.00		9/29/2009		12/1/2022
31414NB45	FNMA POOL # 970859					2		1		3,318,383.75		0		3,387,024.66		3,156,607.61		3,311,593.33		75,431.33			(2,600.00	)		—		—		5		2.85	MON		13,152.53		78,915.00		10/21/2009		12/1/2023
31414RB79	FNMA POOL # 973562					2		1		3,552,200.96		0		3,631,369.51		3,351,132.96		3,541,778.46		89,591.05			(2,766.00	)		—		—		5.5		2.863	MON		15,359.36		92,156.00		9/29/2009		3/1/2023
31415MDG7	FNMA POOL # 984003					2		1		5,275,311.12		103.51		5,912,404.83		5,434,088.38		5,278,802.25		633,602.58			49.00			—		—		5.5		6.666	MON		24,906.24		149,437.00		7/25/2008		6/1/2038
31415MFS9	FNMA POOL # 984077					2		1		2,426,851.73		0		2,480,738.46		2,311,975.46		2,420,675.88		60,062.58			(1,880.00	)		—		—		5		2.979	MON		9,633.23		57,799.00		9/29/2009		6/1/2023
31416B4M7	FNMA POOL # 995528					2		1		4,793,127.81		103.842		4,973,973.15		4,613,628.81		4,779,449.88		194,523.27			(4,965.00	)		—		—		5		3.377	MON		19,223.46		115,341.00		3/20/2009		12/1/2021
31416B4N5	FNMA POOL # 995529					2		1		7,965,706.78		108.382		8,315,093.82		7,672,012.53		7,945,512.44		369,581.38			(5,070.00	)		—		—		5.5		3.772	MON		35,163.39		210,980.00		2/27/2009		11/1/2022
31416B4P0	FNMA POOL # 995530					2		1		4,002,913.56		104.595		4,160,092.42		3,838,574.60		3,990,646.56		169,445.86			(4,195.00	)		—		—		5.5		3.685	MON		17,593.47		105,561.00		3/20/2009		12/1/2021
31416B7J1	FNMA POOL # 995597					2		1		456,672.87		0		466,935.85		430,823.48		455,449.22		11,486.63			(341.00	)		—		—		5.5		3.011	MON		1,974.61		11,848.00		9/29/2009		3/1/2024
31416BLV8	FNMA POOL # 995040					2		1		2,270,801.20		0		2,317,772.81		2,160,096.26		2,265,740.84		52,031.97			(2,009.00	)		—		—		5		2.863	MON		9,000.40		54,002.00		10/21/2009		6/1/2023
31416BSE9	FNMA POOL # 995217					2		1		3,663,307.01		0		3,742,420.30		3,452,985.15		3,653,650.46		88,769.84			(2,950.00	)		—		—		5.5		2.941	MON		15,826.18		94,957.00		10/21/2009		12/1/2023
31416CME3	FNMA POOL # 995957					2		1		8,623,537.21		0		8,793,746.45		8,195,513.70		8,607,395.75		186,350.70			(7,153.00	)		—		—		5		2.879	MON		34,147.97		204,888.00		9/28/2009		6/1/2024
31416TL49	FNMA POOL # AA9346					2		1		13,566,172.13		103.973		13,954,964.81		13,421,768.68		13,562,518.96		392,445.85			(216.00	)		—		—		4.5		4.25	MON		50,331.64		301,990.00		2/2/2010		8/1/2039
31419ESP5	FNMA POOL # AE4125					2		1		7,676,076.18		100.168		7,417,735.78		7,405,319.21		7,671,725.33		(253,989.55	)		1,384.00			—		—		4		3.157	MON		24,684.40		148,106.00		11/5/2010		10/1/2040
31737UAE8	FINANCE FOR DANISH IND SENIOR CORP BND			F				1FE		14,740,425.00		100.03		14,704,408.67		14,700,000.00		14,732,182.09		(27,773.42	)		(8,243.00	)		—		—		0.482		0.382			4,920.41		39,825.00		2/14/2011		12/6/2012
32007UAF6	FIRST DATA CORPORATION TERM LOAN							4		—		74.75		—		—		—		—			17,745.00			—		—		0		2.019	MON		—		26,976.00		6/2/2011		9/24/2014
32051GBD6	FHASI_04-AR6 WHOLE CMO 04-AR6					2	NRZ			161,251.90		93.545		154,148.53		164,785.78		161,677.52		(7,528.99	)		30.00			—		—		2.769		3.264	MON		380.29		2,282.00		8/10/2007		12/25/2034
32113CAV2	FIRST NATIONAL MASTER NOTE TRU ABS					2		1FE		2,220,796.88		100.782		2,217,203.96		2,200,000.00		2,219,237.89		(2,033.93	)		(1,559.00	)		—		—		1.537		0.708	MON		1,502.89		2,838.00		5/27/2011		7/16/2012
337738AK4	FISERV INC SENIOR CORP BND							2FE		1,649,010.00		99.31		1,638,617.10		1,650,000.00		1,649,018.19		(10,401.09	)		8.00			—		—		3.125		3.138	JD		2,434.90		—		6/6/2011		6/15/2016
341081EN3	FLORIDA POWER & LIGHT CO CORP BND							1FE		2,779,404.80		105.766		2,876,827.69		2,720,000.00		2,741,232.17		135,595.52			(6,387.00	)		—		—		4.85		4.335	FA		54,966.67		65,960.00		4/25/2008		2/1/2013
34528QAH7	FORD CREDIT FLOORPLAN MASTER O ABS_09-2					2		1FE		6,803,019.54		101.336		6,789,512.00		6,700,000.00		6,795,813.14		(6,301.14	)		(7,206.00	)		—		—		1.737		0.89	MON		5,172.54		15,395.00		5/27/2011		9/15/2014
34528QAJ3	FORDF ABS 10-1 A 144A					2		1FE		4,591,757.81		101.78		4,580,100.00		4,500,000.00		4,580,207.28		(107.28	)		(11,551.00	)		—		—		1.837		0.826	MON		3,674.10		21,553.00		3/10/2011		12/15/2014
34528RAE2	FORDO ABS 09-A A3B					2		1FE		1,607,915.25		100.667		1,587,333.82		1,576,810.19		1,588,562.54		(1,228.72	)		(8,703.00	)		—		—		2.687		0.493	MON		1,883.10		21,867.00		6/9/2010		2/15/2012
34529KAC0	FORDL_10-A ABS_10-A-A3					2		1FE		3,915,082.03		100.099		3,903,849.69		3,900,000.00		3,903,028.08		821.61			(12,054.00	)		—		—		1.62		0.911	MON		2,808.00		26,325.00		1/19/2011		9/1/2011
34529LAD6	FORDO_10-A ABS 10-A-A3					2		1FE		1,999,634.80		100.49		2,009,800.00		2,000,000.00		1,999,830.74		9,969.26			84.00			—		—		1.32		1.332	MON		1,173.33		13,200.00		4/21/2010		6/15/2014
34529MAD4	FORDO_10-B ABS_10-B A4					2		1FE		899,948.88		100.933		908,396.37		900,000.00		899,961.27		8,435.10			7.00			—		—		1.58		1.587	MON		632.00		7,110.00		7/27/2010		9/15/2015
34529PAC9	FORDO_11-A ABS _11-A A3					2		1FE		3,499,517.70		100.271		3,509,489.41		3,500,000.00		3,499,604.84		9,884.57			87.00			—		—		0.97		0.978	MON		1,508.89		12,920.00		1/25/2011		1/15/2015
34529QAC7	FORDL_11-A ABS_11-A A3					2		1FE		3,599,883.00		100		3,600,000.00		3,600,000.00		3,599,883.00		117.00			—			—		—		1.03		1.033	MON		—		—		6/29/2011		7/15/2014
34539KAE4	FORD MOTOR COMPANY TERM LOAN							3FE		—		99.88		—		—		—		—			—			—		—		0		0	MJSD		—		7,489.00		3/16/2011		12/15/2013

Validus Holdings, Ltd June 30, 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
35047BAA4	FOUNDATION RE III LTD CORP BND 144A			F				3FE		1,400,000.00		98.15		1,374,100.00		1,400,000.00		1,400,000.00		(25,900.00	)		—			—		—		5.75		5.872	FMAN		11,627.78		40,474.00		1/21/2010		2/3/2014
35177PAS6	FRANCE TELECOM CORP BND			F				1FE		6,246,739.39		108.637		6,388,937.08		5,881,000.00		6,147,194.60		241,742.48			(41,940.00	)		—		—		4.375		2.801	JJ		123,643.94		128,647.00		4/14/2010		7/8/2014
35177PAU1	FRANCE TELECOM CORP BND			F				1FE		996,600.00		99.274		992,737.73		1,000,000.00		997,113.73		(4,376.00	)		322.00			—		—		2.125		2.197	MS		6,197.92		10,625.00		9/7/2010		9/16/2015
354613AE1	FRANKLIN RESOURCES INC. CORP BND							1FE		1,974,114.25		101.649		2,007,574.13		1,975,000.00		1,974,439.34		33,134.79			144.00			—		—		2		2.015	MN		4,498.61		19,750.00		5/19/2010		5/20/2013
36156HAV0	GCOE_06-1 ABS 06-1					2				1,795,000.00		97.063		1,941,260.00		2,000,000.00		1,795,000.00		146,260.00			—			—		—		0.387		1.958	FMAN		902.42		—		6/30/2011		5/25/2025
36186CBF9	ALLY FINANCIAL INC CORP BND GOVT GUAR							1FE		4,003,302.45		102.573		4,046,504.78		3,945,000.00		3,990,037.03		56,467.75			(14,439.00	)		—		—		2.2		1.409	JD		2,651.92		43,395.00		1/5/2011		12/19/2012
36201YER3	GNMA POOL # 606844					2		1		1,510,535.57		109.097		1,572,688.01		1,441,554.92		1,509,310.05		63,377.96			(652.00	)		—		—		5		3.957	MON		6,006.48		36,039.00		4/23/2010		9/15/2033
36202E5P0	GNMA POOL # 004454					2		1		20,657.36		0		20,797.15		19,416.51		20,618.71		178.44			(17.00	)		—		—		4.5		2.472	MON		72.81		437.00		10/7/2010		6/20/2024
36202EVU0	GNMA POOL # 004227					2		1		38,849.68		0		39,199.63		36,516.06		38,772.51		427.12			(32.00	)		—		—		4.5		2.3	MON		136.94		822.00		10/7/2010		7/20/2023
36202FAE6	GNMA POOL # 004505					2		1		68,577.37		0		69,068.82		64,458.10		68,450.77		618.05			(54.00	)		—		—		4.5		2.496	MON		241.72		1,450.00		10/7/2010		8/20/2024
36202FBR6	GNMA POOL # 004548					2		1		41,876.12		0		42,176.21		39,360.72		41,800.45		375.76			(31.00	)		—		—		4.5		2.485	MON		147.60		886.00		10/7/2010		10/20/2024
36202FD78	GNMA POOL # 004626					2		1		1,858,719.58		0		1,871,860.33		1,747,070.83		1,855,462.40		16,397.93			(1,346.00	)		—		—		4.5		2.509	MON		6,551.52		39,309.00		10/7/2010		2/20/2025
36202FET9	GNMA POOL # 004646					2		1		291,310.49		0		293,369.99		273,812.18		290,796.11		2,573.88			(217.00	)		—		—		4.5		2.61	MON		1,026.80		6,161.00		10/7/2010		3/20/2025
36202FF43	GNMA POOL # 004687					2		1		813,853.29		0		819,607.06		764,967.11		812,466.27		7,140.79			(576.00	)		—		—		4.5		2.54	MON		2,868.63		17,212.00		10/7/2010		5/20/2025
36202FFH4	GNMA POOL # 004668					2		1		1,162,620.82		0		1,170,840.30		1,092,785.03		1,160,619.59		10,220.71			(836.00	)		—		—		4.5		2.544	MON		4,097.94		24,588.00		10/7/2010		4/20/2025
36202KME2	GNMA POOL # 008457					2		1		526,226.64		102.84		532,525.15		518,929.20		525,596.73		6,928.42			(212.00	)		—		—		2.625		2.25	MON		1,135.16		6,811.00		3/18/2009		7/20/2024
36204J4C7	GNMA POOL # 371719					2		1		412,464.47		106.75		443,581.27		388,201.85		410,025.44		33,555.83			(550.00	)		—		—		6.5		4.954	MON		2,102.76		12,617.00		9/11/2008		4/15/2024
36204SV60	GNMA POOL # 378737					2		1		417,020.30		107.235		450,117.56		392,489.68		414,531.87		35,585.69			(579.00	)		—		—		6.5		4.911	MON		2,125.99		12,756.00		9/11/2008		1/15/2024
36205BKY7	GNMA POOL # 385611					2		1		488,250.16		106.75		525,084.34		459,529.57		485,425.36		39,658.98			(677.00	)		—		—		6.5		4.918	MON		2,489.12		14,935.00		9/11/2008		4/15/2024
3620A2KC9	GNMA POOL # 716791					2		1		1,840,656.87		0		1,878,356.76		1,741,088.38		1,836,169.26		42,187.50			(2,323.00	)		—		—		5		3.011	MON		7,254.53		43,527.00		9/29/2009		4/15/2024
3620A32R4	GNMA POOL # 718184					2		1		129,783.90		0		130,657.03		121,952.27		129,559.90		1,097.13			(86.00	)		—		—		4.5		2.485	MON		457.32		2,744.00		10/7/2010		3/15/2025
3620A5FJ3	GNMA POOL # 719369					2		1		1,350,142.05		0		1,355,245.71		1,264,955.23		1,347,687.62		7,558.09			(1,036.00	)		—		—		4.5		2.383	MON		4,743.58		28,461.00		8/31/2010		4/15/2025
3620A6AC1	GNMA POOL # 720103					2		1		825,681.77		100.142		860,425.90		811,480.86		825,230.89		35,195.01			(154.00	)		—		—		4.5		4.251	MON		3,043.06		18,258.00		6/18/2009		6/15/2039
3620A6DZ7	GNMA POOL # 720220					2				1,839,865.73		107.884		1,889,839.24		1,751,731.73		1,835,701.13		54,138.11			(2,049.00	)		—		—		5		3.264	MON		7,298.88		43,793.00		7/29/2009		7/15/2024
3620A7R64	GNMA POOL # 721509					2		1		511,868.05		0		515,311.69		480,980.10		510,979.45		4,332.24			(338.00	)		—		—		4.5		2.471	MON		1,803.68		10,822.00		10/7/2010		2/15/2025
3620A7RQ0	GNMA POOL # 721495					2		1		647,518.35		0		651,874.59		608,444.78		646,381.83		5,492.76			(440.00	)		—		—		4.5		2.48	MON		2,281.67		13,690.00		10/7/2010		1/15/2025
3620A9MU2	GNMA POOL # 723171					2		1		67,669.66		107.111		68,107.63		63,586.22		67,547.65		559.98			(47.00	)		—		—		4.5		2.478	MON		238.45		1,431.00		10/7/2010		10/15/2024
3620A9QJ3	GNMA POOL # 723257					2		1		990,453.06		0		996,863.59		930,685.59		988,652.86		8,210.73			(699.00	)		—		—		4.5		2.472	MON		3,490.07		20,940.00		10/7/2010		9/15/2024
3620A9WS6	GNMA POOL # 723457					2		1		824,577.59		0		829,914.53		774,819.65		823,111.58		6,802.95			(580.00	)		—		—		4.5		2.497	MON		2,905.57		17,433.00		10/7/2010		12/15/2024
3620A9WW7	GNMA POOL # 723461					2		1		491,250.33		0		494,429.87		461,606.54		490,376.57		4,053.30			(342.00	)		—		—		4.5		2.498	MON		1,731.02		10,386.00		10/7/2010		12/15/2024
3620A9ZN4	GNMA POOL # 723549					2		1		1,192,413.94		0		1,200,436.03		1,120,459.43		1,190,318.83		10,117.20			(813.00	)		—		—		4.5		2.485	MON		4,201.72		25,210.00		10/7/2010		1/15/2025
3620ADCM2	GNMA POOL # 726476					2		1		12,784,702.77		0		12,999,139.52		12,136,175.86		12,751,528.86		247,610.66			(12,166.00	)		—		—		4.5		2.84	MON		45,510.66		273,064.00		12/8/2009		11/15/2024
3620AFY35	GNMA POOL # 728930					2		1		143,974.87		0		144,906.73		135,286.92		143,718.72		1,188.01			(101.00	)		—		—		4.5		2.5	MON		507.33		3,044.00		10/7/2010		12/15/2024
3620AKQR0	GNMA POOL # 732264					2		1		343,348.62		0		345,658.55		322,629.75		342,760.42		2,898.13			(224.00	)		—		—		4.5		2.491	MON		1,209.86		7,259.00		10/7/2010		4/15/2025
3620AKR57	GNMA POOL # 732308					2		1		95,924.48		0		96,569.82		90,136.05		95,759.43		810.39			(65.00	)		—		—		4.5		2.511	MON		338.01		2,028.00		10/7/2010		4/15/2025
3620AL5N0	GNMA POOL # 733553					2		1		799,069.30		0		804,445.14		750,850.62		797,696.50		6,748.64			(529.00	)		—		—		4.5		2.504	MON		2,815.69		16,894.00		10/7/2010		4/15/2025
3620AQ5X7	GNMA POOL # 737162					2		1		449,510.16		0		452,534.29		422,385.12		448,737.41		3,796.88			(302.00	)		—		—		4.5		2.507	MON		1,583.94		9,504.00		10/7/2010		4/15/2025
3620AQ6A6	GNMA POOL # 737165					2		1		1,740,248.20		0		1,751,955.91		1,635,235.42		1,737,262.57		14,693.34			(1,138.00	)		—		—		4.5		2.498	MON		6,132.13		36,793.00		10/7/2010		4/15/2025
3620AQG72	GNMA POOL # 736522					2		1		870,911.14		0		876,770.29		818,357.26		869,420.12		7,350.17			(575.00	)		—		—		4.5		2.488	MON		3,068.84		18,413.00		10/7/2010		4/15/2025
3620AQHC0	GNMA POOL # 736527					2		1		430,387.69		0		433,283.18		404,416.57		429,649.78		3,633.40			(287.00	)		—		—		4.5		2.495	MON		1,516.56		9,099.00		10/7/2010		4/15/2025
3620AQXC2	GNMA POOL # 736975					2		1		610,814.10		0		614,923.42		573,955.40		609,749.12		5,174.30			(411.00	)		—		—		4.5		2.49	MON		2,152.33		12,914.00		10/7/2010		2/15/2025
3620AWE48	GNMA POOL # 741855					2		1		332,324.40		0		334,560.14		312,270.75		331,756.47		2,803.67			(222.00	)		—		—		4.5		2.52	MON		1,171.02		7,026.00		10/7/2010		5/15/2025
3620AWE63	GNMA POOL # 741857					2		1		258,159.52		0		259,896.33		242,581.27		257,719.94		2,176.39			(170.00	)		—		—		4.5		2.503	MON		909.68		5,458.00		10/7/2010		5/15/2025
36210B4N2	GNMA POOL # 487829					2		1		594,117.79		102.844		614,844.03		574,026.86		592,740.17		22,103.86			(479.00	)		—		—		4.5		3.343	MON		2,152.60		12,916.00		3/26/2009		4/15/2024
36210B4Q5	GNMA POOL # 487831					2		1		172,282.19		0		175,810.86		162,962.78		171,876.54		3,934.32			(210.00	)		—		—		5		2.955	MON		679.01		4,074.00		9/29/2009		4/15/2024
36210B4R3	GNMA POOL # 487832					2		1		621,892.33		104.229		642,031.28		595,112.29		620,180.51		21,850.77			(541.00	)		—		—		5		3.408	MON		2,479.63		14,878.00		3/26/2009		4/15/2024
36210BZH1	GNMA POOL # 487744					2		1		789,153.73		0		805,316.99		746,465.25		787,298.09		18,018.90			(966.00	)		—		—		5		2.93	MON		3,110.27		18,662.00		9/29/2009		3/15/2024
36210BZJ7	GNMA POOL # 487745					2		1		705,053.54		0		719,494.27		666,914.37		703,388.36		16,105.91			(868.00	)		—		—		5		2.937	MON		2,778.81		16,673.00		9/29/2009		3/15/2024
36211V6Q8	GNMA POOL # 524779					2		1		362,789.24		104.229		374,817.77		347,426.47		361,751.35		13,066.42			(351.00	)		—		—		5		3.475	MON		1,447.61		8,686.00		3/26/2009		1/15/2024
36225BPY8	GNMA POOL # 781339					2		1		330,636.06		114.125		341,869.43		299,557.00		329,411.16		12,458.27			(226.00	)		—		—		8		5.191	MON		1,997.05		11,982.00		3/7/2008		9/15/2031
36225C5S1	GNMA POOL # 080856					2		1		9,825,221.65		0		9,830,555.35		9,597,286.11		9,823,242.34		7,313.01			(1,979.00	)		—		—		1.75		1.076	MON		13,996.04		42,988.00		3/2/2011		3/20/2034
36225C6Y7	GNMA POOL # 080886					2		1		10,189,388.55		102.75		10,214,240.72		9,940,866.88		10,187,238.59		27,002.13			(2,150.00	)		—		—		1.875		1.164	MON		15,532.60		46,598.00		3/2/2011		4/20/2034
36225CD29	GNMA POOL # 080120					2		1		433,278.15		101.02		439,576.97		428,855.58		433,030.10		6,546.87			(57.00	)		—		—		2.125		1.839	MON		759.43		4,914.00		3/18/2009		10/20/2027
36225DAS3	GNMA POOL # 080916					2		1		349,569.88		100.563		360,492.22		351,271.35		349,613.85		10,878.37			10.00			—		—		1.875		1.989	MON		548.86		3,293.00		4/17/2008		5/20/2034
36225DJA3	GNMA POOL # 081156					2		1		917,016.48		102.185		943,341.07		914,444.62		916,925.66		26,415.41			(15.00	)		—		—		1.75		1.663	MON		1,333.56		8,763.00		3/18/2009		11/20/2034
36225DJZ8	GNMA POOL # 081179					2		1		911,086.52		97.85		924,285.22		908,531.29		911,000.88		13,284.34			(15.00	)		—		—		1.75		1.658	MON		1,324.94		8,707.00		3/18/2009		12/20/2034
36225DLE2	GNMA POOL # 081224					2		1		580,055.22		99.1		597,075.48		582,787.04		580,112.31		16,963.17			16.00			—		—		1.75		1.851	MON		849.90		5,585.00		3/18/2009		1/20/2035
36225EVZ2	GNMA POOL # 082431					2		1		3,868,320.18		0		3,963,834.28		3,820,563.16		3,865,981.25		97,853.03			(762.00	)		—		—		3		2.909	MON		9,551.40		57,308.00		10/28/2009		12/20/2039
36225EWE8	GNMA POOL # 082444					2		1		829,651.97		0		824,574.53		812,388.70		829,393.21		(4,818.68	)		(42.00	)		—		—		3.75		2.941	MON		2,538.71		15,232.00		11/3/2009		12/20/2039
362341RT8	GSAA WHOLE CMO 05-AR6 1A1					2	NRZ			202,428.79		95		194,219.19		204,441.25		202,478.48		(8,259.29	)		9.00			—		—		2.794		3.01	MON		475.93		2,881.00		11/21/2007		9/25/2035
36241K6L7	GNMA POOL # 782675					2		1		93,923.61		0		94,531.52		88,255.93		93,748.66		782.86			(70.00	)		—		—		4.5		2.456	MON		330.96		1,986.00		10/7/2010		6/15/2024
36241KBP2	GNMA POOL # 781846					2		1		5,598,477.32		114.158		6,189,921.74		5,422,254.08		5,593,526.54		596,395.20			(1,065.00	)		—		—		6.5		5.63	MON		29,370.55		176,223.00		8/15/2008		9/15/2034
36241KEC8	GNMA POOL # 781931					2		1		3,861,898.37		107.628		4,271,127.59		3,740,337.40		3,858,496.77		412,630.82			(789.00	)		—		—		6.5		5.684	MON		20,260.17		121,561.00		8/15/2008		5/15/2035
36241KEH7	GNMA POOL # 781936					2		1		3,227,008.22		0		3,315,030.06		3,121,180.70		3,225,059.81		89,970.25			(788.00	)		—		—		4.5		3.841	MON		11,704.43		70,227.00		6/3/2010		6/15/2035
36241KGU6	GNMA POOL # 782011					2				241,533.65		108.849		257,279.55		236,363.05		241,397.67		15,881.88			(46.00	)		—		—		5		4.542	MON		984.85		5,909.00		7/14/2009		12/15/2035
36241KKB3	GNMA POOL # 782090					2		1		4,721,074.47		107.635		5,161,812.19		4,542,224.40		4,714,010.39		447,801.80			(850.00	)		—		—		6.5		5.516	MON		24,603.71		147,622.00		11/30/2007		5/15/2036
36241LHQ2	GNMA POOL # 782939					2		1		8,061,192.69		0		8,352,670.21		7,693,067.38		8,056,099.12		296,571.09			(2,614.00	)		—		—		5		3.99	MON		32,054.45		192,327.00		4/23/2010		9/15/2036
36241LN36	GNMA POOL # 783110					2				1,778,748.97		110.6		1,816,846.36		1,642,711.90		1,777,638.49		39,207.87			(812.00	)		—		—		5.5		3.624	MON		7,529.10		45,175.00		9/23/2010		4/15/2036
36290SJB8	GNMA POOL # 615958					2		1		9,030,061.69		0		9,401,612.23		8,617,691.67		9,022,657.05		378,955.18			(3,825.00	)		—		—		5		3.967	MON		35,907.05		215,442.00		4/23/2010		9/15/2033
36292DWW8	GNMA POOL # 646061					2		1		295,385.66		106.297		322,158.14		283,258.66		294,966.56		27,191.58			9.00			—		—		6.5		5.115	MON		1,534.32		9,206.00		1/31/2008		11/15/2037
36295KAT0	GNMA POOL # 672418					2		1		234,782.17		113.733		256,061.80		225,143.22		234,452.04		21,609.76			(6.00	)		—		—		6.5		5.189	MON		1,219.53		7,317.00		1/31/2008		12/15/2037
36295P4L3	GNMA POOL # 676827					2		1		974,583.87		104.785		1,006,242.49		932,755.61		971,717.32		34,525.17			(917.00	)		—		—		5		3.301	MON		3,886.48		23,319.00		3/26/2009		5/15/2023
36295PZJ4	GNMA POOL # 676745					2		1		348,064.84		104.785		359,586.57		333,325.61		347,020.66		12,565.91			(347.00	)		—		—		5		3.343	MON		1,388.86		8,333.00		3/26/2009		3/15/2023
36295QJE1	GNMA POOL # 677161					2		1		1,825,003.30		104.785		1,876,011.06		1,739,004.12		1,820,093.75		55,917.31			(2,499.00	)		—		—		5		3.211	MON		7,245.85		43,475.00		4/27/2009		8/15/2023
36295TVQ4	GNMA POOL # 680223					2		1		182,282.54		106.297		198,803.81		174,798.94		182,023.25		16,780.56			13.00			—		—		6.5		5.045	MON		946.83		5,681.00		1/31/2008		1/15/2038
36296A5Y6	GNMA POOL # 685863					2		1		192,823.84		0		193,927.95		181,188.16		192,415.56		1,512.39			(183.00	)		—		—		4.5		2.44	MON		679.46		4,077.00		10/7/2010		5/15/2023
36296DR67	GNMA POOL # 688209					2				160,909.03		107.878		165,369.40		153,292.31		160,494.00		4,875.40			(219.00	)		—		—		5		3.25	MON		638.72		3,832.00		7/29/2009		7/15/2023
36296E5H5	GNMA POOL # 689448					2		1		459,101.71		104.785		474,299.00		439,660.48		457,752.77		16,546.23			(450.00	)		—		—		5		3.395	MON		1,831.92		10,991.00		3/26/2009		7/15/2023
36296TPY3	GNMA POOL # 700739					2		1		928,942.22		105.631		954,188.00		879,797.29		925,481.90		28,706.10			(680.00	)		—		—		5.5		3.371	MON		4,032.40		24,194.00		6/3/2009		10/15/2023
36296U3C2	GNMA POOL # 701995					2		1		851,134.26		104.785		879,308.70		815,091.92		848,751.65		30,557.05			(784.00	)		—		—		5		3.434	MON		3,396.22		20,377.00		3/26/2009		1/15/2024
36296UC73	GNMA POOL # 701294					2		1		395,372.05		104.229		408,053.47		378,233.34		394,258.99		13,794.48			(355.00	)		—		—		5		3.362	MON		1,575.97		9,456.00		3/27/2009		1/15/2024
36296URS1	GNMA POOL # 701697					2		1		1,208,292.07		0		1,233,040.02		1,142,930.72		1,205,409.48		27,630.54			(1,533.00	)		—		—		5		2.931	MON		4,762.21		28,573.00		9/29/2009		2/15/2024
36296UUL2	GNMA POOL # 701787					2		1		924,412.94		104.229		962,261.84		891,940.73		922,440.68		39,821.16			(613.00	)		—		—		5		3.672	MON		3,716.42		22,298.00		6/11/2009		3/15/2024
36296UXG0	GNMA POOL # 701879					2		1		530,208.42		0		533,640.10		498,213.75		529,211.87		4,428.23			(401.00	)		—		—		4.5		2.453	MON		1,868.30		11,210.00		10/7/2010		5/15/2024
36296XHH0	GNMA POOL # 704132					2		1		249,210.34		0		254,301.42		235,729.54		248,594.27		5,707.15			(329.00	)		—		—		5		2.943	MON		982.21		5,893.00		9/29/2009		12/15/2023
36296XLY8	GNMA POOL # 704243					2		1		627,350.16		104.229		653,036.19		605,312.98		626,028.41		27,007.78			(397.00	)		—		—		5		3.61	MON		2,522.14		15,133.00		6/11/2009		1/15/2024
36296XWP5	GNMA POOL # 704554					2		1		3,485,140.71		104.229		3,630,024.36		3,364,745.91		3,477,701.33		152,323.03			(2,400.00	)		—		—		5		3.774	MON		14,019.77		84,119.00		6/11/2009		6/15/2024
36297A3K7	GNMA					2		1		829,576.58		104.229		857,081.77		794,447.11		827,291.50		29,790.27			(734.00	)		—		—		5		3.403	MON		3,310.20		19,861.00		3/26/2009		1/15/2024
36297AKC6	GNMA POOL # 705991					2		1		115,420.78		0		116,167.82		108,455.88		115,196.58		971.24			(93.00	)		—		—		4.5		2.427	MON		406.71		2,440.00		10/7/2010		1/15/2024
36297AKF9	GNMA POOL # 705994					2		1		892,953.49		0		911,242.74		844,650.06		890,778.97		20,463.77			(1,164.00	)		—		—		5		2.941	MON		3,519.38		21,116.00		9/29/2009		1/15/2024
36297CV22	GNMA POOL # 708133					2		1		80,403.90		0		80,924.30		75,552.04		80,245.14		679.16			(69.00	)		—		—		4.5		2.492	MON		283.32		1,700.00		10/7/2010		1/15/2024
36297DFF9	GNMA POOL # 708566					2		1		1,934,659.51		0		1,974,284.75		1,830,006.05		1,929,962.32		44,322.43			(2,442.00	)		—		—		5		3.004	MON		7,625.03		45,750.00		9/29/2009		4/15/2024

Validus Holdings, Ltd June 30, 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
36297DP35	GNMA POOL # 708842					2		1		80,216.44		0		80,735.63		75,375.90		80,068.58		667.05			(56.00	)		—		—		4.5		2.366	MON		282.66		1,696.00		10/7/2010		5/15/2024
36297DTR8	GNMA POOL # 708960					2		1		1,447,940.47		104.229		1,495,947.98		1,386,625.64		1,443,975.83		51,972.15			(1,260.00	)		—		—		5		3.435	MON		5,777.61		34,666.00		3/26/2009		3/15/2024
36297G2R0	GNMA POOL # 711884					2		1		3,257,584.56		0		3,324,305.63		3,081,368.79		3,249,744.58		74,561.05			(4,056.00	)		—		—		5		2.99	MON		12,839.04		77,034.00		9/29/2009		4/15/2024
36297GCD0	GNMA POOL # 711168					2		1		1,178,061.67		0		1,185,987.22		1,106,973.24		1,176,010.99		9,976.23			(789.00	)		—		—		4.5		2.483	MON		4,151.15		24,907.00		10/7/2010		2/15/2025
36297JJ54	GNMA POOL # 713184					2		1		1,775,418.98		0		1,811,782.68		1,679,379.46		1,771,203.75		40,578.93			(2,171.00	)		—		—		5		2.968	MON		6,997.41		41,984.00		9/29/2009		4/15/2024
36297KZF1	GNMA POOL # 714542					2		1		553,512.12		104.229		576,001.28		533,907.70		552,306.02		23,695.26			(386.00	)		—		—		5		3.738	MON		2,224.62		13,348.00		6/11/2009		6/15/2024
36830HAC6	GE EQUIPMENT SMALL TICKET LLC ABS 11-1					2		1FE		1,699,745.68		100.608		1,710,336.03		1,700,000.00		1,699,780.17		10,555.86			34.00			—		—		1.45		1.46	MON		684.72		8,970.00		2/1/2011		1/21/2018
368710AG4	GENENTECH INC CORP BND							1FE		802,027.50		109.653		822,401.22		750,000.00		787,905.10		34,496.12			(4,339.00	)		—		—		4.75		3.4	JJ		16,427.08		17,813.00		10/29/2009		7/15/2015
369550AK4	GENERAL DYNAMICS CORPORATION CORP BND							1FE		803,002.50		106.371		797,784.12		750,000.00		792,896.24		4,887.88			(10,106.00	)		—		—		4.25		1.153	MN		4,072.92		15,938.00		1/14/2011		5/15/2013
369550AM0	GENERAL DYNAMICS CORPORATION CORP BND							1FE		4,489,680.00		113.048		4,521,928.72		4,000,000.00		4,375,657.71		146,271.01			(42,382.00	)		—		—		5.375		2.94	FA		81,222.22		107,500.00		2/17/2010		8/15/2015
369550AP3	GENERAL DYNAMICS CORPORATION CORP BND							1FE		1,144,871.00		100.045		1,150,513.63		1,150,000.00		1,149,902.25		611.38			1,261.00			—		—		1.8		2.022	JJ		9,545.00		10,350.00		6/19/2009		7/15/2011
36962G3T9	GE CAPITAL CORP CORP BND							1FE		104,630.90		106.293		106,293.18		100,000.00		102,491.68		3,801.50			(650.00	)		—		—		4.8		3.387	MN		800.00		2,400.00		10/29/2009		5/1/2013
36962G4D3	GE CAPITAL CORP CORP BND MTN							1FE		261,337.50		110.525		276,312.98		250,000.00		259,821.79		16,491.19			(477.00	)		—		—		6		5.395	FA		6,000.00		7,500.00		10/29/2009		8/7/2019
36962G4E1	GE CAPITAL CORP CORP BND									230,445.00		103.07		231,908.19		225,000.00		227,220.05		4,688.14			(968.00	)		—		—		3.5		2.599	FA		3,018.75		3,938.00		10/20/2009		8/13/2012
36962G4Q4	GE CAPITAL CORP CORP BND MTN							1FE		5,015,736.32		100.999		5,049,942.00		5,000,000.00		5,012,321.36		37,620.64			(2,679.00	)		—		—		1.875		1.761	MS		27,343.75		46,875.00		11/12/2010		9/16/2013
36962G4T8	GE CAPITAL CORP CORP BND							1FE		7,243,470.00		98.215		7,415,212.04		7,550,000.00		7,271,605.12		143,606.92			28,135.00			—		—		2.25		3.163	MN		24,537.50		84,938.00		1/6/2011		11/9/2015
36962G4X9	GE CAPITAL CORP CORP BND							1FE		4,997,550.00		101.25		5,062,475.20		5,000,000.00		4,997,927.28		64,547.92			377.00			—		—		2.1		2.117	JJ		50,750.00		—		1/4/2011		1/7/2014
36962G5B6	GE CAPITAL CORP CORP BND MTN							1FE		5,000,000.00		99.864		4,993,199.90		5,000,000.00		5,000,000.00		(6,800.10	)		—			—		—		0.924		0.924	JAJO		10,905.38		—		4/4/2011		4/7/2014
36962G5C4	GENERAL ELECTRIC CAPITAL CORP CORP BND							1FE		8,998,290.00		100.283		9,025,443.63		9,000,000.00		8,998,338.69		27,104.94			49.00			—		—		2.95		2.954	MN		38,350.00		—		5/11/2011		5/9/2016
36962G5D2	GE CAPITAL CORP CORP BND							1FE		5,000,000.00		99.861		4,993,050.00		5,000,000.00		5,000,000.00		(6,950.00	)		—			—		—		1.138		1.138	FMAN		8,378.78		—		5/4/2011		5/9/2016
36962GK86	GE CAPITAL CORP CORP BND							1FE		1,589,400.00		108.198		1,622,974.32		1,500,000.00		1,567,738.50		55,235.82			(9,852.00	)		—		—		4.75		3.255	MS		20,979.17		35,625.00		5/19/2010		9/15/2014
36962GZY3	GENERAL ELEC CAP CO CORP BND MTN							1FE		159,667.65		106.28		159,420.71		150,000.00		154,766.96		4,653.75			(1,496.00	)		—		—		5.45		3.314	JJ		3,701.46		4,088.00		10/29/2009		1/15/2013
36967HAD9	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		1,296,269.00		101.224		1,315,906.80		1,300,000.00		1,299,431.67		16,475.13			633.00			—		—		3		3.101	JD		2,383.33		19,500.00		12/4/2008		12/9/2011
36967HAH0	GENERAL ELECTRIC CAPITAL CORPO CORP BND							1FE		3,255,096.00		101.787		3,308,077.83		3,250,000.00		3,251,492.59		56,585.24			(780.00	)		—		—		2.2		2.15	JD		4,568.06		35,750.00		2/20/2009		6/8/2012
37330PAQ0	GEORGIA-PACIFIC CORPORATION TERM LOAN					2		2FE		—		100.011		—		—		—		—			(1,160.00	)		—		—		0		-0.165	MJSD		—		20,875.00		3/1/2011		12/23/2014
373334JM4	GEORGIA POWER COMPANY CORP BND							1FE		14,714,084.40		110.854		14,499,745.58		13,080,000.00		14,170,062.49		329,683.09			(224,814.00	)		—		—		6		2.311	MN		130,800.00		392,400.00		4/9/2010		11/1/2013
373334JQ5	GEORGIA POWER COMPANY CORP BND					1		1FE		4,600,000.00		100.231		4,610,626.14		4,600,000.00		4,600,000.00		10,626.14			—			—		—		0.567		0.576	MJSD		1,159.20		14,548.00		3/9/2010		3/15/2013
373334JV4	GEORGIA POWER COMPANY CORP BND							1FE		3,399,082.00		101.532		3,452,089.46		3,400,000.00		3,399,114.95		52,974.51			33.00			—		—		3		3.006	AO		20,400.00		—		4/12/2011		4/15/2016
377372AC1	GLAXOSK CAP INC CORP BND							1FE		17,941,735.50		107.503		18,194,901.87		16,925,000.00		17,473,107.98		721,793.89			(138,963.00	)		—		—		4.85		3.053	MN		104,887.98		410,431.00		1/24/2011		5/15/2013
38141EA33	GOLDMAN SACHS GROUP INC CORP BND							1FE		819,037.50		109.106		818,297.08		750,000.00		794,855.63		23,441.45			(7,396.00	)		—		—		6		3.755	MN		7,500.00		22,500.00		10/29/2009		5/1/2014
38141EA74	GOLDMAN SACHS GROUP INC CORP BND							1FE		1,739,374.40		101.489		1,745,605.12		1,720,000.00		1,737,452.08		8,153.04			(1,857.00	)		—		—		3.7		3.431	FA		26,516.67		32,350.00		1/5/2011		8/1/2015
38141GBU7	GOLDMAN SACHS GROUP INC CORP BND							1FE		4,113,480.00		103.159		4,126,365.08		4,000,000.00		4,015,479.51		110,885.57			(13,940.00	)		—		—		6.6		5.859	JJ		121,733.33		132,000.00		8/14/2007		1/15/2012
38141GCG7	GOLDMAN SACHS GROUP INC CORP BND							1FE		1,402,821.06		105.3		1,404,698.58		1,334,000.00		1,370,471.41		34,227.17			(15,033.00	)		—		—		5.7		3.294	MS		25,346.00		38,019.00		5/28/2010		9/1/2012
38141GDB7	GOLDMAN SACHS GROUP INC CORP BND							1FE		53,919.00		106.068		53,034.19		50,000.00		52,594.52		439.67			(717.00	)		—		—		5.25		2.212	AO		656.25		1,313.00		7/26/2010		4/1/2013
38141GEA8	GOLDMAN SACHS GROUP INC CORP BND							1FE		7,345,350.00		106.886		7,482,046.81		7,000,000.00		7,332,338.16		149,708.65			(6,011.00	)		—		—		5.125		3.673	JJ		165,423.61		76,875.00		6/28/2011		1/15/2015
38143UAB7	GOLDMAN SACHS GROUP INC CORP BND							1FE		213,708.00		106.373		212,746.64		200,000.00		209,321.25		3,425.39			(1,746.00	)		—		—		5.15		3.223	JJ		4,749.44		5,150.00		3/18/2010		1/15/2014
38143USB8	GOLDMAN SACHS GROUP INC CORP BND							1FE		12,986,389.50		99.17		12,842,514.74		12,950,000.00		12,984,078.86		(141,564.12	)		(2,311.00	)		—		—		1.268		1.209	FMAN		24,179.54		42,899.00		4/20/2011		2/7/2014
38144LAC4	GOLDMAN SACHS GROUP INC CORP BND							1FE		5,092,400.00		105.584		5,279,220.20		5,000,000.00		5,029,818.94		249,401.26			(10,633.00	)		—		—		5.45		4.982	MN		45,416.67		136,250.00		5/13/2008		11/1/2012
38146FAA9	GOLDMAN SACHS GROUP INC/THE-GT CORP BND							1FE		10,619,000.00		102.809		10,537,922.30		10,250,000.00		10,359,464.46		178,457.84			(56,039.00	)		—		—		3.25		2.116	JD		14,805.56		166,563.00		2/20/2009		6/15/2012
38259PAB8	GOOGLE CORP BND							1FE		1,981,940.00		98.097		1,961,932.84		2,000,000.00		1,982,116.01		(20,183.17	)		176.00			—		—		3.625		3.734	MN		8,458.33		—		5/16/2011		5/19/2021
38259PAC6	GOOGLE CORP BND							1FE		2,983,620.00		99.623		2,988,680.88		3,000,000.00		2,983,984.46		4,696.42			364.00			—		—		2.125		2.241	MN		7,437.50		—		5/16/2011		5/19/2016
38373MV23	GNR CMBS_08-45 A					2		1FE		289,410.47		100.77		286,491.05		284,301.93		285,909.88		581.17			(1,286.00	)		—		—		3.576		1.778	MON		847.22		5,083.00		12/15/2009		4/16/2012
38373YBQ6	GNMA CMO_02-79 LN					2		1		594,122.74		101.125		584,984.21		578,476.35		580,530.69		4,453.52			(2,318.00	)		—		—		5.5		2.958	MON		2,651.34		15,908.00		6/15/2009		12/20/2011
38373YNS9	GNMA CMO_02-88 GB					2		1FE		98,882.73		99.984		96,220.65		96,236.24		96,155.88		64.77			(611.00	)		—		—		5		1.762	MON		400.99		2,406.00		9/29/2009		8/1/2011
383742TU7	GNMA CMO 08-17 EH					2		1		3,202,519.44		105.38		3,212,675.27		3,048,657.50		3,189,836.47		22,838.80			(12,683.00	)		—		—		5.25		1.709	MON		13,337.88		40,014.00		3/15/2011		10/16/2014
38374C3K5	GOVERNMENT NATIONAL MORTGAGE A CMO_03-85					2		1		1,694,875.00		104.124		1,665,991.04		1,600,000.00		1,687,445.10		(21,454.06	)		(7,430.00	)		—		—		4.5		1.707	MON		6,000.00		12,000.00		4/26/2011		3/20/2015
38374CQ53	GNMA CMO_03-86 VJ					2		1		7,186,410.01		103.95		7,101,876.98		6,832,000.00		7,164,907.65		(63,030.67	)		(21,502.00	)		—		—		5.5		0.993	MON		31,313.33		31,313.00		5/13/2011		12/1/2013
38374EEE3	GNMA CMO_03-106 B					2		1		395,072.57		100.333		390,288.29		388,994.54		389,031.09		1,257.20			(691.00	)		—		—		5.5		4.127	MON		1,782.89		10,697.00		8/21/2008		11/20/2011
38374GRG9	GNMA CMO_04-38 VA					2		1		1,774,852.50		106.53		1,775,873.55		1,667,017.32		1,759,994.76		15,878.79			(14,858.00	)		—		—		5		0.688	MON		6,945.91		34,729.00		1/7/2011		7/20/2014
38374H7F1	GNMA AGENCY CMO 04-69-FG					2		1		3,565,410.95		100.29		3,572,401.52		3,562,071.51		3,564,486.20		7,915.32			(278.00	)		—		—		0.486		0.416	MON		528.75		9,637.00		5/21/2010		9/20/2013
38374JUS3	GNMA CMO_04-82 MA					2		1		7,774,963.49		105.75		7,733,257.83		7,312,773.36		7,747,273.31		(14,015.48	)		(27,690.00	)		—		—		5		1.859	MON		30,469.89		91,410.00		3/9/2011		6/20/2016
38374VHH5	GNMA CMO_09-45 AB					2		1		1,488,761.64		101.03		1,442,129.83		1,427,426.90		1,440,494.16		1,635.67			(12,929.00	)		—		—		5		0.433	MON		5,947.61		35,686.00		1/28/2010		12/20/2011
38374VKJ7	GNMA CMO_09-45 BA					2		1		6,655,312.50		106.214		6,585,265.52		6,200,000.00		6,592,236.49		(6,970.97	)		(63,076.00	)		—		—		5		1.592	MON		25,833.33		77,500.00		3/7/2011		1/20/2015
38375PXQ9	GNMA CMO 08-11 FB					2		1		2,051,812.77		97.324		1,991,928.49		2,046,696.03		2,051,765.21		(59,836.72	)		(30.00	)		—		—		0.786		0.723	MON		491.42		8,607.00		3/8/2010		9/20/2037
38375XTH7	GNMA_08-72 CMO_08-72 V					2		1		5,065,964.82		105.082		5,022,091.66		4,779,212.10		4,964,981.75		57,109.91			(36,754.00	)		—		—		6		-0.682	MON		23,896.06		143,376.00		8/18/2010		11/20/2012
38869CAG8	GRAPHIC PACKAGING INTL TERM LOAN							3FE		—		99.688		—		—		—		—			(324.00	)		—		—		0		-0.027	JAJO		—		11,577.00		5/13/2011		5/16/2014
389376AM6	GRAY TELEVISION INC. TERM LOAN							1Z		—		97.917		—		—		—		—			4,741.00			—		—		0		0.299	MJSD		—		50,038.00		6/6/2011		12/31/2014
39843QAG6	GRIFOLS SA LN1 TERM LOAN			R						—		100.313		—		—		—		—			(187.00	)		—		—		0		-0.246	JAJO		—		—		3/2/2011		10/10/2016
404122AG8	HCA INC TERM LOAN					2		3FE		—		99.24		—		—		—		—			198.00			—		—		0		0.099	MON		—		20,071.00		5/16/2011		11/18/2013
40414LAB5	HEALTH CARE PROPERTY INVESTORS CORP BND							2FE		6,767,745.00		101.144		6,827,187.87		6,750,000.00		6,765,306.17		61,881.70			(2,439.00	)		—		—		2.7		2.609	FA		79,481.26		—		1/20/2011		2/1/2014
40429CFV9	HSBC FINANCE CORP CORP BND							1FE		9,139,665.00		98.365		9,344,674.81		9,500,000.00		9,251,046.75		93,628.06			47,359.00			—		—		0.528		1.592	JAJO		10,728.66		26,213.00		4/26/2010		1/15/2014
41283KAC1	HDMOT_10-1 ABS 10-1 A3					2		1FE		1,099,844.68		100.254		1,102,793.98		1,100,000.00		1,099,888.08		2,905.90			39.00			—		—		1.16		1.17	MON		567.11		6,380.00		11/17/2010		2/15/2015
41283KAD9	HDMOT_10-1 ABS_10-1 A4					2		1FE		1,497,187.50		100.32		1,504,802.85		1,500,000.00		1,497,621.10		7,181.75			434.00			—		—		1.53		1.61	MON		1,020.00		9,563.00		2/2/2011		9/15/2015
41283LAA3	HARLEY-DAVIDSON FINANCIAL CORP BND 144A							2FE		2,248,650.00		101.58		2,285,549.01		2,250,000.00		2,248,740.71		36,808.30			91.00			—		—		3.875		3.888	MS		28,335.94		—		3/1/2011		3/15/2016
415864AK3	HARSCO CORPORATION CORP BND							2FE		8,486,765.00		99.971		8,497,520.13		8,500,000.00		8,490,355.91		7,164.22			3,591.00			—		—		2.7		2.727	AO		48,450.00		53,813.00		6/2/2011		10/15/2015
419791YG7	HAWAII ST MUNI BND GO							1FE		2,007,940.00		102.87		2,057,400.06		2,000,000.00		2,005,846.34		51,553.72			(766.00	)		—		—		3		2.914	FA		25,000.00		30,000.00		2/10/2010		2/1/2015
42330QAC9	HELIX ENERGY SOLUTIONS TERM LOAN							3FE		—		99.292		—		—		—		—			754.00			—		—		0		0.099	JAJO		—		15,673.00		2/22/2011		7/1/2013
42804VAL5	HERTZ CORPORATION THE TERM LOAN							3FE		—		99.432		—		—		—		—			23.00			—		—		0		0.037	FMAN		—		5.00		6/3/2011		2/28/2018
428236AT0	HEWLETT-PACKARD COMPANY CORP BND							1FE		7,127,236.50		112.207		7,265,394.37		6,475,000.00		6,839,317.94		426,076.43			(63,546.00	)		—		—		6.125		3.884	MS		132,197.91		198,297.00		10/26/2009		3/1/2014
428236AV5	HEWLETT-PACKARD COMPANY CORP BND							1FE		10,351,763.65		109.274		10,467,352.25		9,579,000.00		10,118,466.28		348,885.97			(87,597.00	)		—		—		4.75		2.73	JD		36,652.98		227,501.00		4/9/2010		6/2/2014
428236BJ1	HEWLETT-PACKARD COMPANY CORP BND							1FE		13,105,000.00		100.462		13,165,544.84		13,105,000.00		13,105,000.00		60,544.84			—			—		—		0.654		0.654	FMAN		7,380.30		—		5/25/2011		5/30/2014
428236BK8	HEWLETT-PACKARD COMPANY CORP BND							1FE		2,099,391.00		100.308		2,106,472.31		2,100,000.00		2,099,407.86		7,064.45			17.00			—		—		1.55		1.56	MN		2,802.92		—		5/25/2011		5/30/2014
429827AB4	HEF_10-401 ABS 04-1 A2 144A					2		1FE		164,000.00		88.799		177,598.80		200,000.00		170,096.16		7,502.64			3,463.00			—		—		1.635		4.079	MON		9.08		1,453.00		9/10/2009		1/1/2044
429827AE8	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,000.00		88.799		177,598.80		200,000.00		169,571.36		8,027.44			3,017.00			—		—		0		1.932	MON		—		1,808.00		9/10/2009		1/1/2044
429827AF5	HEF_10-401 ABS 04-1 A6 144A					2		1FE		164,000.00		88.799		177,598.80		200,000.00		168,987.44		8,611.36			3,005.00			—		—		1.758		3.853	MON		48.83		1,432.00		9/10/2009		1/1/2044
429827AJ7	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,224.00		88.799		177,598.80		200,000.00		169,015.53		8,583.27			2,671.00			—		—		0.412		2.268	MON		65.47		1,395.00		9/10/2009		1/1/2044
429827AK4	HIGHER EDUCATION FUNDING HEF_0 ABS 04-1					2		1FE		164,196.00		88.802		177,603.80		200,000.00		168,198.76		9,405.04			1,923.00			—		—		0.152		2.549	MON		3.33		1,362.00		9/10/2009		1/1/2044
429827AN8	HEF_04-1 ABS 04-1 A13 144A					2		1FE		164,000.00		88.802		177,603.80		200,000.00		167,129.50		10,474.30			1,323.00			—		—		4.4		6.649	MON		216.99		1,458.00		9/10/2009		1/1/2044
429827AQ1	HEF_04-1 ABS 04-1 A15 144A							1FE		246,000.00		90.036		270,107.70		300,000.00		248,577.08		21,530.62			712.00			—		—		0		0.579	MON		—		2,301.00		9/10/2009		1/1/2044
43812KAC7	HAROT_10-2 ABS 10-2 A3					2		1FE		3,899,524.59		100.641		3,925,004.03		3,900,000.00		3,899,763.57		25,240.46			107.00			—		—		1.34		1.349	MON		1,887.17		26,130.00		5/12/2010		5/20/2013
43813TAD5	HAROT_11-1 ABS 11-1 A4					2		1FE		2,199,414.14		101.191		2,226,207.92		2,200,000.00		2,199,471.60		26,736.32			57.00			—		—		1.8		1.815	MON		1,760.00		12,210.00		2/17/2011		4/17/2017
438516AY2	HONEYWELL INTERNATIONAL INC CORP BND							1FE		526,105.00		107.31		536,549.57		500,000.00		517,495.48		19,054.09			(3,194.00	)		—		—		3.875		2.489	FA		7,319.44		9,688.00		2/17/2010		2/15/2014
44328MAB0	HSBC BANK PLC CORP BND 144A			F				1FE		3,497,130.00		102.334		3,581,705.75		3,500,000.00		3,497,669.18		84,036.57			268.00			—		—		3.5		3.518	JD		1,020.83		61,250.00		6/21/2010		6/28/2015
44328MAD6	HSBC BANK PLC CORP BOND 144A			F				1FE		7,042,386.00		100.542		7,088,232.50		7,050,000.00		7,044,591.31		43,641.19			1,246.00			—		—		1.625		1.662	FA		44,233.85		57,281.00		8/5/2010		8/12/2013
44328MAH7	HSBC BANK PLC CORP BND 144A			F				1FE		3,950,000.00		100.528		3,970,856.00		3,950,000.00		3,950,000.00		20,856.00			—			—		—		1.076		1.103	JAJO		8,732.47		10,772.00		1/12/2011		1/17/2014
44920UAC2	HYUNDAI CAP SVC CORP BND 144A			F				2FE		2,982,210.00		102.313		3,069,402.30		3,000,000.00		2,983,446.15		85,956.15			1,236.00			—		—		4.375		4.498	JJ		56,145.83		—		1/20/2011		7/27/2016
44923WAB7	HART ABS 10-A A2					2		1FE		1,805,964.25		100.07		1,807,338.49		1,806,074.24		1,806,049.99		1,288.50			24.00			—		—		0.86		0.867	MON		690.32		7,766.00		5/5/2010		11/15/2012
44923WAD3	HART ABS 10-A 4					2		1FE		8,149,863.90		102.913		8,387,374.46		8,150,000.00		8,149,895.14		237,479.32			15.00			—		—		2.45		2.463	MON		8,874.44		99,837.00		5/5/2010		12/15/2016
44923YAC1	HART_10-B ABS 10-B A3					2		1FE		3,899,304.42		99.83		3,893,370.00		3,900,000.00		3,899,541.39		(6,171.39	)		139.00			—		—		0.97		0.979	MON		1,681.34		18,915.00		8/19/2010		4/15/2015
44923YAD9	HART_10-B ABS 10-B A4					2		1FE		7,549,294.08		99.48		7,510,740.00		7,550,000.00		7,549,433.19		(38,693.19	)		79.00			—		—		1.63		1.638	MON		5,469.56		61,533.00		8/19/2010		3/15/2017
44924EAB6	IBM INTL GROUP CAPITAL CORP BND							1FE		6,015,244.20		105.812		6,369,878.07		6,020,000.00		6,018,639.51		351,238.56			494.00			—		—		5.05		5.068	AO		58,268.58		152,005.00		10/17/2007		10/22/2012
449786AN2	ING BANK INTERNATIONALE NEDERL CORP BND			F				1FE		4,250,000.00		100.315		4,263,387.59		4,250,000.00		4,250,000.00		13,387.59			—			—		—		1.652		1.652	MJSD		4,289.96		—		6/1/2011		6/9/2014
45073CAF7	IASIS HLTHCARE CORP TERM LOAN					1		1Z		—		99.518		—		—		—		—			317.00			—		—		0		0.071	JAJO		—		22,097.00		4/29/2011		4/29/2018

Validus Holdings, Ltd June 30, 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
4521518T3	ILLINOIS ST MUNI BND GO							1FE		3,144,919.00		101.807		3,156,016.97		3,100,000.00		3,123,204.67		32,812.30			(7,522.00	)		—		—		3.321		2.808	JJ		51,475.50		51,476.00		1/12/2010		1/1/2013
4521518V8	ILLINOIS ST MUNI BND GO							1FE		2,300,000.00		102.272		2,352,255.91		2,300,000.00		2,300,000.00		52,255.91			—			—		—		4.421		4.421	JJ		50,841.50		50,842.00		1/8/2010		1/1/2015
452151MZ3	ILLINOIS ST MVRDN CASH					2		1FE		6,600,000.00		100		6,600,000.00		6,600,000.00		6,600,000.00		—			—			—		—		3.1		3.269	MON		16,879.73		17,440.00		5/4/2011		10/1/2033
45324QAB2	ING BANK NV — (LT) GTD CORP BND GOVT			F				1FE		10,247,789.90		101.071		10,112,243.30		10,000,000.00		10,065,695.35		46,547.95			(53,435.00	)		—		—		2.625		1.534	FA		103,541.67		131,250.00		10/7/2009		2/9/2012
45818WAE6	INTER-AMERICAN DEV BK CORP BND			F				1FE		5,679,368.80		101.221		5,668,376.06		5,600,000.00		5,673,855.92		(5,479.86	)		(5,513.00	)		—		—		0.71		0.31	FMAN		4,638.67		10,304.00		4/8/2011		5/20/2014
4581X0AF5	INTER-AMERICAN DEV BK CORP BND EMTN			F				1FE		7,418,582.14		105.723		7,612,056.00		7,200,000.00		7,367,534.50		244,521.50			(40,265.00	)		—		—		3.5		2.314	JJ		121,100.00		126,000.00		11/12/2010		7/8/2013
4581X0AT5	INTER-AMERICAN DEV BK CORP BND			F				1FE		16,616,493.09		105.545		16,443,910.69		15,580,000.00		16,092,916.89		350,993.80			(192,013.00	)		—		—		4.75		2.168	AO		148,010.00		370,025.00		2/19/2010		10/19/2012
4581X0BM9	INTER-AMERICAN DEV BK CORP BND			F				1FE		998,720.00		102.053		1,020,530.01		1,000,000.00		999,153.41		21,376.60			203.00			—		—		1.625		1.667	JJ		7,493.06		8,125.00		5/26/2010		7/15/2013
459058AE3	INTL BANK FOR RECON & DEVELOP SENIOR			F				2FE		5,209,150.00		101.046		5,052,281.70		5,000,000.00		5,040,892.91		11,388.79			(54,504.00	)		—		—		3.125		0.918	MN		19,965.28		78,125.00		12/10/2009		11/15/2011
459200GN5	IBM CORP CORP BND							1FE		3,209,710.75		112.38		3,259,024.36		2,900,000.00		3,066,746.69		192,277.67			(34,325.00	)		—		—		6.5		3.849	AO		39,794.45		94,250.00		6/11/2009		10/15/2013
459200GR6	IBM CORP CORP BND							1FE		4,796,112.00		102.446		4,917,417.12		4,800,000.00		4,797,912.15		119,504.97			548.00			—		—		2.1		2.124	MN		15,400.00		50,400.00		11/3/2009		5/6/2013
459200GT2	IBM CORP CORP BND							1FE		4,987,545.58		100.179		5,008,929.80		5,000,000.00		4,990,964.04		17,965.76			2,120.00			—		—		1		1.087	FA		20,277.78		25,000.00		11/12/2010		8/5/2013
459200GW5	IBM CORP CORP BND							1FE		4,995,300.00		100.248		5,012,414.95		5,000,000.00		4,995,509.48		16,905.47			209.00			—		—		1.25		1.282	MN		8,506.94		—		5/9/2011		5/12/2014
45950KAT7	INTERNATIONAL FINANCE CO CORP BND			F				1FE		4,683,362.00		102.501		4,954,739.57		4,700,000.00		4,693,510.17		261,229.40			1,655.00			—		—		3.5		3.577	MN		21,019.45		82,250.00		4/21/2008		5/15/2013
45950KAZ3	INTERNATIONAL FINANCE CO CORP BND			F				1FE		9,756,880.00		105.677		10,039,314.43		9,500,000.00		9,668,899.77		370,414.66			(28,714.00	)		—		—		3		2.342	AO		54,625.00		142,500.00		12/11/2009		4/22/2014
46262FAF9	IPAYMENT INC. TERM LOAN									—		100.083		—		—		—		—			118.00			—		—		0		0.083	JAJO		—		4,293.00		5/3/2011		4/20/2017
46613BAB3	J CREW GROUP INC TERM LOAN							4FE		—		95.639		—		—		—		—			—			—		—		0		0	FMAN		—		12,810.00		2/9/2011		2/1/2018
46623EJC4	JPMORGAN CHASE & CO CORP BND							1FE		1,647,101.20		100.68		1,651,152.13		1,640,000.00		1,645,596.70		5,555.43			(1,213.00	)		—		—		0.996		0.888	MJSD		45.36		8,794.00		11/16/2010		9/30/2013
46623EJF7	JPMORGAN CHASE & CO CORP BND MTN							1FE		5,775,000.00		100.255		5,789,726.08		5,775,000.00		5,775,000.00		14,726.08			—			—		—		1.074		1.103	JAJO		11,540.58		16,103.00		1/14/2011		1/24/2014
46623EJH3	JPMORGAN CHASE & CO CORP BND MTN							1FE		13,978,663.00		100.03		13,979,191.23		13,975,000.00		13,978,567.60		623.63			(95.00	)		—		—		0.997		1.016	MJSD		6,192.48		17,478.00		5/31/2011		5/2/2014
466247K36	JPMMT CMO_06-A2 3A3					2		3FE		11,334,033.20		84.12		10,199,550.00		12,125,000.00		11,636,336.90		(1,436,786.90	)		32,031.00			—		—		5.646		6.69	MON		57,050.59		343,170.00		11/21/2007		4/25/2036
46625HCE8	JPMORGAN CHASE & CO CORP BND							1FE		182,024.50		106.723		186,764.65		175,000.00		179,987.85		6,776.80			(620.00	)		—		—		4.75		3.908	MS		2,770.83		4,156.00		10/29/2009		3/1/2015
46625HGT1	JPMORGAN CHASE & CO CORP BND							1FE		5,222,250.00		105.595		5,279,771.05		5,000,000.00		5,064,126.41		215,644.64			(24,507.00	)		—		—		5.375		4.31	AO		67,187.50		134,375.00		1/30/2008		10/1/2012
46625HHB9	JPMORGAN CHASE & CO CORP BND							1FE		7,647,350.00		106.109		7,958,177.40		7,500,000.00		7,594,213.35		363,964.05			(24,852.00	)		—		—		4.75		4.025	MN		59,375.00		178,125.00		4/23/2010		5/1/2013
46625HHN3	JPMORGAN CHASE & CO CORP BND							1FE		3,390,096.00		107.054		3,425,743.17		3,200,000.00		3,326,776.66		98,966.51			(20,448.00	)		—		—		4.65		3.216	JD		12,400.00		74,400.00		12/16/2009		6/1/2014
46625HHP8	JPMORGAN CHASE & CO CORP BND							1FE		8,568,850.00		103.514		8,798,664.07		8,500,000.00		8,552,087.47		246,576.60			(6,816.00	)		—		—		3.7		3.515	JJ		140,651.39		157,250.00		3/18/2010		1/20/2015
46625HHX1	JPMORGAN CHASE & CO CORP BND							1FE		9,080,410.00		101.13		9,101,698.38		9,000,000.00		9,079,014.75		22,683.63			(1,395.00	)		—		—		3.45		3.245	MS		109,537.50		—		5/16/2011		3/1/2016
46625HJA9	JPMORGAN CHASE & CO CORP BND							1FE		2,680,626.00		100.153		2,689,103.75		2,685,000.00		2,680,627.87		8,475.88			2.00			—		—		3.15		3.185	JJ		469.88		—		6/22/2011		7/5/2016
47759FAB6	JO-ANN STORES TERM LOAN							4FE		—		98.313		—		—		—		—			1,047.00			—		—		0		0.141	JAJO		—		31,706.00		3/15/2011		3/31/2018
477874AC5	JDOT_09 ABS 09 A3					2		1FE		412,767.52		100.608		410,483.12		408,002.18		409,870.54		612.58			(1,324.00	)		—		—		2.59		1.363	MON		469.66		5,284.00		5/13/2010		3/15/2012
47787AAD9	JDOT_10-A ABS 10-A-A3					2		1FE		1,049,848.49		100.51		1,055,355.00		1,050,000.00		1,049,925.54		5,429.46			36.00			—		—		1.32		1.33	MON		616.00		6,930.00		4/15/2010		5/15/2014
478160AP9	J & J MEDICAL CORP BND			R				1FE		1,056,318.58		105.355		1,053,551.33		1,000,000.00		1,036,229.48		17,321.85			(15,809.00	)		—		—		5.15		1.877	FA		19,455.56		25,750.00		11/12/2010		8/15/2012
478160AW4	JOHNSON & JOHNSON CORP BND							1FE		122,861.25		95.883		119,853.20		125,000.00		123,022.55		(3,169.35	)		92.00			—		—		2.95		3.15	MS		1,229.17		1,987.00		8/12/2010		9/1/2020
478160AX2	JOHNSON & JOHNSON CORP BND							1FE		6,991,810.00		100.08		7,005,606.02		7,000,000.00		6,992,117.33		13,488.69			307.00			—		—		1.2		1.24	MN		9,566.67		—		5/17/2011		5/15/2014
478366AV9	JOHNSON CONTROLS INC CORP BND							2FE		4,849,219.50		100.411		4,869,942.18		4,850,000.00		4,849,244.20		20,697.98			25.00			—		—		1.75		1.746	FA		34,657.30		—		2/2/2011		3/1/2014
478366AY3	JOHNSON CONTROLS INC CORP BND							2FE		5,400,000.00		100.338		5,418,251.84		5,400,000.00		5,400,000.00		18,251.84			—			—		—		0.683		0.721	FMAN		5,942.10		9,619.00		2/1/2011		2/4/2014
479403AB3	JOHNSTON RE LTD CORP BND 144A							3FE		5,000,000.00		99.945		4,997,250.00		5,000,000.00		5,000,000.00		(2,750.00	)		—			—		—		6.5		0	MJSD		20,763.89		164,371.00		4/30/2010		5/8/2013
479403AC1	JOHNSTON RE LTD CORP BND 144A			F				3FE		3,500,000.00		101.37		3,547,950.00		3,500,000.00		3,500,000.00		47,950.00			—			—		—		7.6		7.67	MJSD		33,250.00		—		5/9/2011		5/8/2014
481247AE4	JPMORGAN CHASE & CO-GTD CORP BND GOVT							1FE		10,269,800.00		101.785		10,178,500.40		10,000,000.00		10,135,820.55		42,679.85			(68,855.00	)		—		—		2.125		0.725	JD		5,312.50		106,250.00		7/7/2010		6/22/2012
481247AK0	JPMORGAN CHASE BANK NA — GTD CORP BND							1FE		2,523,434.50		101.822		2,571,005.27		2,525,000.00		2,524,525.55		46,479.72			243.00			—		—		2.2		2.22	JD		2,468.89		27,775.00		2/18/2009		6/15/2012
48238NAC6	ADESA TERM LOAN							3FE		—		0		—		—		—		—			—			—		—		0		0	MON		—		—		00/00/0000		10/21/2013
49328CAA3	KEYBANK NA — GTD CORP BND GOVT GUAR							1FE		2,088,898.00		102.762		2,055,239.86		2,000,000.00		2,035,758.22		19,481.64			(18,411.00	)		—		—		3.2		1.312	JD		2,844.44		32,000.00		1/15/2010		6/15/2012
494550BG0	KINDER MORGAN ENERGY PARTNERS CORP BND							2FE		1,149,793.00		102.569		1,179,544.39		1,150,000.00		1,149,803.70		29,740.69			11.00			—		—		3.5		3.504	MS		13,081.25		—		2/23/2011		3/1/2016
49925JAE7	KWKF_20-10 ABS 10-1 A					2		1FE		928,756.69		98.428		926,977.28		941,782.09		929,380.10		(2,402.82	)		360.00			—		—		1.207		1.353	FMAN		1,168.06		5,894.00		9/15/2010		2/25/2042
50075NAX2	KRAFT FOODS INC. CORP BND							2FE		2,609,190.00		113.111		2,544,988.05		2,250,000.00		2,521,507.69		23,480.36			(49,697.00	)		—		—		6.75		2.024	FA		55,687.50		75,938.00		8/10/2010		2/19/2014
50075NBB9	KRAFT FOODS INC. CORP BND							2FE		5,709,690.00		106.323		5,581,973.83		5,250,000.00		5,652,536.02		(70,562.19	)		(40,908.00	)		—		—		4.125		2.359	FA		85,421.88		108,281.00		10/14/2010		2/9/2016
500769AX2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		15,891,001.50		109.164		16,374,600.15		15,000,000.00		15,586,882.99		787,717.16			(83,851.00	)		—		—		4.125		2.87	AO		130,625.00		309,375.00		8/31/2009		10/15/2014
500769DG6	KFW GROUP CORP BND GOVT GUAR			F				1FE		5,068,965.55		101.386		5,069,305.30		5,000,000.00		5,025,595.97		43,709.33			(15,873.00	)		—		—		2.25		1.597	AO		23,437.50		56,250.00		2/19/2010		4/16/2012
500769EK6	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		5,086,850.00		101.249		5,062,450.05		5,000,000.00		5,086,765.55		(24,315.50	)		(84.00	)		—		—		1.5		0.862	AO		18,125.00		—		6/27/2011		4/4/2014
500769EM2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				1		5,008,050.00		100.079		5,003,950.10		5,000,000.00		5,007,928.11		(3,978.01	)		(122.00	)		—		—		2		1.966	JD		8,333.33		—		5/27/2011		6/1/2016
500769EP5	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		14,500,000.00		99.942		14,491,590.15		14,500,000.00		14,500,000.00		(8,409.85	)		—			—		—		0.2		0.2	MON		1,125.55		—		6/8/2011		6/17/2013
51218TAA5	LAKESIDE RE II LTD CORP BND 144A			F				3FE		9,750,000.00		103.993		10,139,317.50		9,750,000.00		9,750,000.00		389,317.50			—			—		—		7.75		7.895	MJSD		2,098.96		379,982.00		12/18/2009		1/8/2013
515110BA1	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		2,844,043.50		101.786		2,900,901.09		2,850,000.00		2,847,515.14		53,385.95			984.00			—		—		1.875		1.947	MS		14,398.43		26,719.00		9/15/2009		9/24/2012
515110BE3	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F						1,396,374.00		100.023		1,400,322.14		1,400,000.00		1,396,421.55		3,900.59			48.00			—		—		2.125		2.179	JJ		2,561.81		—		5/23/2011		7/15/2016
52205VAA3	LEASEPLAN CORPORATION NV — GTD CORP BND			F				1FE		23,629,630.20		100.948		23,576,008.63		23,130,000.00		23,389,754.24		186,254.39			(151,092.00	)		—		—		3		1.663	MN		104,085.00		346,950.00		10/28/2010		5/7/2012
52517PA35	LEHMAN BROS HOLDINGS INC							6FE		1,575,000.00				2,340,000.00		9,000,000.00		1,575,000.00		765,000.00			—			—		—		4.5		0	JAN-JUL		—				11/12/2010		7/26/2010
52520MBU6	LMT WHOLE CMO 05-2					2	NRZ			774,353.48		97.263		753,723.21		774,933.92		771,733.14		(18,009.93	)		(63.00	)		—		—		5.5		5.504	MON		3,551.78		21,311.00		5/19/2008		12/25/2035
532457AU2	ELI LILLY AND COMPANY CORP BND							1FE		1,279,565.40		109.051		1,251,770.36		1,205,000.00		1,250,648.55		1,121.81			(28,917.00	)		—		—		6		0.617	MS		21,288.33		36,150.00		1/13/2011		3/15/2012
532457BE7	ELI LILLY AND COMPANY CORP BND							1FE		2,087,017.00		107.83		2,048,767.00		1,900,000.00		2,050,565.47		(1,798.47	)		(27,308.00	)		—		—		4.2		1.189	MS		25,491.67		39,900.00		10/28/2010		3/6/2014
539473AD0	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			F				1FE		5,105,375.00		100.696		5,034,800.35		5,000,000.00		5,034,207.97		592.38			(22,372.00	)		—		—		1.303		0.393	JAJO		15,925.56		32,768.00		11/25/2009		4/2/2012
55263ECH6	MBNA CORPORATION CORP BND							1FE		352,687.50		96.24		351,274.42		330,000.00		338,041.71		13,232.71			(2,271.00	)		—		—		6.125		4.59	MS		6,737.50		10,106.00		1/30/2008		3/1/2013
55607EAA8	MACQUARIE GROUP LTD -GTD CORP BND GOVT			F				1FE		4,678,890.29		107.243		4,825,935.18		4,500,000.00		4,617,459.12		208,476.06			(22,693.00	)		—		—		4.1		2.992	JD		7,175.00		92,250.00		2/19/2010		12/17/2013
55607EAD2	MACQUARIE BANK LTD — GTD CORP BND GOVT			F				1FE		3,549,726.04		101.115		3,539,040.68		3,500,000.00		3,514,495.46		24,545.22			(12,975.00	)		—		—		2.6		1.843	JJ		40,697.22		45,500.00		2/19/2010		1/20/2012
57583PEM7	MASSACHUSETTS ST MUNITAX BND REV									4,625,000.00		104.709		4,842,791.25		4,625,000.00		4,625,000.00		217,791.25			—			—		—		2.983		2.983	JD		6,131.72		65,916.00		12/15/2010		12/15/2015
580169AM2	MCDONNELL DOUGLAS CORP CORP BND							1FE		5,169,456.25		106.886		4,676,255.50		4,375,000.00		4,512,454.66		163,800.84			(87,939.00	)		—		—		9.75		5.417	AO		106,640.63		213,281.00		5/31/2007		4/1/2012
585055AU0	MEDTRONIC INC CORP BND							1FE		6,968,430.00		101.097		7,076,816.74		7,000,000.00		6,970,172.34		106,644.40			1,742.00			—		—		2.625		2.722	MS		54,104.17		—		3/10/2011		3/15/2016
58515UAM1	MEG ENERGY CORP TERM LOAN			A				1F		—		100		—		—		—		—			(220.00	)		—		—		0		-0.039	MJSD		—		48,000.00		5/19/2011		3/14/2018
587682AC9	MBART_10-A ABS 10-A-A3					2		1FE		799,846.00		100.817		806,539.92		800,000.00		799,922.17		6,617.75			33.00			—		—		1.42		1.432	MON		504.89		5,680.00		4/13/2010		8/15/2014
589331AK3	MERCK & CO INC CORP BND							1FE		8,701,862.50		109.648		8,771,871.36		8,000,000.00		8,519,720.02		252,151.34			(66,012.00	)		—		—		4.75		2.871	MS		126,666.67		190,000.00		2/17/2010		3/1/2015
59018YM40	MERRILL LYNCH & CO INC CORP BND							1FE		5,069,223.87		105.525		5,276,269.90		5,000,000.00		5,038,610.93		237,658.97			(11,457.00	)		—		—		5.45		4.941	FA		110,513.89		136,250.00		2/19/2010		2/5/2013
59018YN56	MERRILL LYNCH & CO INC CORP BND MTN							1FE		3,256,943.51		107.339		3,273,833.59		3,050,000.00		3,181,422.03		92,411.56			(34,487.00	)		—		—		6.15		3.675	AO		34,388.75		93,788.00		11/12/2010		4/25/2013
59018YTZ4	MERRILL LYNCH & CO INC CORP BND							1FE		2,251,650.00		106.789		2,269,276.67		2,125,000.00		2,212,766.42		56,510.25			(13,443.00	)		—		—		5.45		3.993	JJ		53,402.43		57,906.00		1/6/2010		7/15/2014
59018YXY2	MERRILL LYNCH & CO INC CORP BND							1FE		4,005,840.00		100.02		4,000,799.56		4,000,000.00		4,000,094.58		704.98			(741.00	)		—		—		0.474		3.696	JAJO		3,526.81		10,080.00		12/24/2008		7/25/2011
59266MAE6	METROPCS WIRELESS INC TERM LOAN							1Z		—		99.625		—		—		—		—			511.00			—		—		0		0.047	MJSD		—		30,853.00		5/9/2011		3/31/2018
594088AF3	MICHAELS STORES INC. TERM LOAN									—		99.318		—		—		—		—			—			—		—		0		0.075	FMAN		—		—		6/22/2011		7/31/2016
594918AF1	MICROSOFT CORPORATION CORP BND							1FE		2,483,662.50		100.18		2,479,455.20		2,475,000.00		2,481,580.97		(2,125.77	)		(1,441.00	)		—		—		0.875		0.755	MS		5,654.69		10,828.00		10/7/2010		9/27/2013
594918AG9	MICROSOFT CORPORATION CORP BND							1FE		995,610.00		98.859		988,585.74		1,000,000.00		996,254.85		(7,669.11	)		421.00			—		—		1.625		1.717	MS		4,333.33		8,035.00		9/22/2010		9/25/2015
595620AD7	MIDAMERICAN ENERGY HOLDINGS CO CORP BND							1FE		14,515,750.75		103.482		14,511,743.26		13,255,000.00		14,230,097.43		281,645.83			(142,758.00	)		—		—		4.65		2.286	AO		154,089.39		308,179.00		7/29/2010		10/1/2014
6174467N3	MORGAN STANLEY CORP BND							1FE		3,035,220.00		101.851		3,055,542.04		3,000,000.00		3,030,630.05		24,911.99			(3,478.00	)		—		—		4		3.725	JJ		52,333.34		59,333.00		10/15/2010		7/24/2015
617446B99	MORGAN STANLEY CORP BND							1FE		469,255.00		0		487,470.02		500,000.00		481,186.02		6,284.00			3,572.00			—		—		0.59		2.096	JAJO		663.19		1,498.00		10/22/2009		1/9/2014
617446H51	MORGAN STANLEY CORP BND							1FE		5,428,816.80		105.023		5,398,163.49		5,140,000.00		5,403,852.88		(5,689.39	)		(17,804.00	)		—		—		5.55		4.537	AO		50,714.67		142,635.00		3/3/2011		4/27/2017
617446HC6	MORGAN STANLEY CORP BND							1FE		560,894.25		104.214		547,125.69		525,000.00		531,995.63		15,130.06			(4,492.00	)		—		—		6.6		4.77	AO		8,662.50		17,325.00		1/25/2008		4/1/2012
617446HR3	MORGAN STANLEY CORP BND							1FE		2,007,881.25		105.611		1,980,202.67		1,875,000.00		1,979,629.57		573.10			(28,252.00	)		—		—		5.3		1.886	MS		33,125.00		49,688.00		1/12/2011		3/1/2013
617446V89	MORGAN STANLEY CORP BND MTN							1FE		542,275.00		103.6		526,311.80		500,000.00		518,652.80		7,659.00			(7,756.00	)		—		—		5.75		2.482	FA		9,663.19		14,375.00		12/16/2009		8/31/2012
61746BCW4	MORGAN STANLEY & CO. CORP BND GMTN							1FE		2,978,670.00		102.493		3,074,786.34		3,000,000.00		2,997,204.17		77,582.17			2,600.00			—		—		5.625		5.809	JJ		80,625.00		84,375.00		8/14/2007		1/9/2012
61746REV9	MSAC ABS 04-H1					2		1FE		941,018.20		51.241		799,923.61		939,550.16		940,638.67		(140,715.06	)		(38.00	)		—		—		0.926		0.914	MON		96.65		4,649.00		1/25/2011		1/25/2034
61746SBQ1	MORGAN STANLEY CORP BND							1FE		5,228,135.00		94.653		5,205,915.00		5,500,000.00		5,253,980.47		(48,065.47	)		25,845.00			—		—		0.758		1.841	JAJO		8,917.03		21,571.00		1/5/2011		10/15/2015
61747WAE9	MORGAN STANLEY CORP BND							1FE		7,041,242.50		100.702		7,049,139.72		7,000,000.00		7,036,168.93		12,970.79			(5,074.00	)		—		—		1.874		1.7	JAJO		24,410.80		33,304.00		2/11/2011		1/24/2014
61747YCE3	MORGAN STANLEY CORP BND MTN							1FE		3,571,581.60		108.66		3,727,039.96		3,430,000.00		3,544,694.22		182,345.74			(13,352.00	)		—		—		6		5.028	AO		36,015.00		102,900.00		6/22/2010		4/28/2015
61747YCF0	MORGAN STANLEY CORP BND							1FE		3,497,722.25		108.777		3,508,045.48		3,225,000.00		3,460,969.53		47,075.95			(36,753.00	)		—		—		6		3.303	MN		25,800.00		96,750.00		1/6/2011		5/13/2014
61747YCT0	MORGAN STANLEY CORP BND							1FE		2,973,096.00		98.78		2,938,697.03		2,975,000.00		2,973,330.42		(34,633.39	)		176.00			—		—		3.45		3.464	MN		16,821.15		51,319.00		10/26/2010		11/2/2015
61747YDC6	MORGAN STANLEY CORP BND							1FE		18,425,000.00		99.818		18,391,466.68		18,425,000.00		18,425,000.00		(33,533.32	)		—			—		—		1.253		1.257	JAJO		39,768.07		—		4/26/2011		4/29/2013
61747YDD4	MORGAN STANLEY CORP BND							1FE		9,547,250.00		100.166		9,515,770.00		9,500,000.00		9,546,436.20		(30,666.20	)		(814.00	)		—		—		3.8		3.69	AO		62,172.22		—		6/1/2011		4/29/2016

Validus Holdings, Ltd June 30, 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
61757UAH3	MORGAN STANLEY-GTD CORP BND GOVT GUAR							1FE		11,934,254.00		101.609		12,193,080.12		12,000,000.00		11,982,686.42		210,393.70			8,701.00			—		—		1.95		2.101	JD		7,150.00		117,000.00		1/6/2010		6/20/2012
62875UAJ4	NBC UNIVERSAL CORP BND 144A							2FE		5,996,700.00		100.078		6,004,691.16		6,000,000.00		5,997,106.92		7,584.24			275.00			—		—		2.875		2.886	AO		43,125.00		84,813.00		9/27/2010		4/1/2016
62875UAM7	NBC UNIVERSAL CORP BND 144A							2FE		2,599,662.00		101.362		2,635,410.80		2,600,000.00		2,599,729.83		35,680.97			46.00			—		—		2.1		2.104	AO		13,650.00		26,845.00		9/27/2010		4/1/2014
62888UAA8	NGN_10-R2 CMBS_10-R2 1A					2				5,388,260.10		100.031		5,389,930.46		5,388,260.10		5,388,260.10		1,670.36			—			—		—		0.56		0.517			2,013.81		6,941.00		6/10/2011		11/6/2017
62888VAA6	NCUA GUARANTEED NOTES NGN_10-R CMO_10-R1					2		1FE		2,945,180.06		100.188		2,950,717.00		2,945,180.06		2,945,180.06		5,536.94			—			—		—		0.64		0.625			1,256.22		4,708.00		6/10/2011		10/7/2020
62888VAB4	NCUA GUARANTEED NOTES AGENCY CMO_10-R1					2		1FE		813,129.20		101.109		822,221.06		813,202.64		813,137.34		9,083.72			7.00			—		—		1.84		1.85	MON		1,122.22		7,481.00		10/18/2010		10/7/2020
62888XAC8	NCUA_10-C1 CMBS_10-C1 A-PT					2		1FE		4,803,982.48		99.776		4,802,742.98		4,813,525.28		4,804,597.68		(1,854.70	)		445.00			—		—		2.65		2.706	MON		1,417.32		63,779.00		11/3/2010		10/29/2020
62888YAA0	NGN_11-R1 CMO_11-R1 IA					2		1		4,419,400.14		100.125		4,423,106.88		4,417,584.90		4,420,211.34		2,895.54			317.00			—		—		0.64		0.615			1,884.25		4,647.00		6/10/2011		1/8/2020
62889AAA1	NCUA GUARANTEED NOTES AGENCY ABS 10-A1 A					2		1FE		2,779,080.63		100.278		2,786,806.48		2,779,080.63		2,779,080.63		7,725.85			—			—		—		0.54		0.043			874.68		3,537.00		6/10/2011		12/7/2020
62889EAA3	NGN_11-R3 NGN_11-R3 1A					2	NRZ			5,098,247.67		100		5,098,247.67		5,098,247.67		5,098,247.67		—			—			—		—		0.59		0.576			1,753.31		3,868.00		6/10/2011		3/11/2020
62889FAA0	NGN_11-R4 CMO_11R4-1A					2		1FE		5,690,048.91		100		5,690,048.91		5,690,048.91		5,690,048.91		—			—			—		—		0.589		0.576			2,161.46		2,775.00		6/10/2011		3/6/2020
62889GAA8	NCUA GUARANTEED NOTES CMO 11-R5 1A					2		1FE		5,813,551.42		100.074		5,817,866.24		5,813,551.42		5,813,551.42		4,314.82			—			—		—		0.57		0.558			2,208.37		2,208.00		6/10/2011		4/6/2020
62889JAA2	NCUA GUARANTEED NOTES CMO_11-R6 1A					2		1FE		5,581,986.29		100		5,581,986.29		5,581,986.29		5,581,986.29		—			—			—		—		0.57		0.57	MON		2,205.26		1,285.00		6/10/2011		5/7/2020
62889KAA9	NATIONAL CREDIT UNION ADMINIST AGENCY							1		3,200,000.00		100		3,200,000.00		3,200,000.00		3,200,000.00		—			—			—		—		0.205		0.205	MON		273.36		—		6/8/2011		6/12/2013
62944BAA2	BANK NEDERLANDSE GEMEENTEN CORP BND 144A			F						8,962,672.46		99.121		8,920,890.18		9,000,000.00		8,967,377.51		(46,487.33	)		3,679.00			—		—		1.75		1.839	AO		37,187.50		78,750.00		11/12/2010		10/6/2015
62951MAY6	NOMURA ASSET ACCEPTANCE CORPOR WHOLE CMO					2		1FE		959,657.50		94.686		907,118.26		949,862.05		958,902.88		(51,784.62	)		(45.00	)		—		—		6.5		6.327	MON		5,145.09		30,871.00		10/3/2007		2/25/2035
6325C0AV3	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		8,188,453.32		105.932		8,474,559.92		8,000,000.00		8,157,065.81		317,494.11			(24,827.00	)		—		—		3.375		2.693	JJ		129,750.00		135,000.00		11/12/2010		7/8/2014
6325C0BW0	NATIONAL AUSTRALIA BANK LIMITE CORP BND			F				1FE		4,996,500.00		99.729		4,986,470.40		5,000,000.00		4,997,136.97		(10,666.57	)		568.00			—		—		1.7		1.724	JD		4,958.33		42,500.00		12/6/2010		12/10/2013
6325C0CA7	NATIONAL AUSTRALIA BANK LIMITE SENIOR			F				1FE		9,600,000.00		99.892		9,589,631.81		9,600,000.00		9,600,000.00		(10,368.19	)		—			—		—		1.01		1.01	JAJO		21,805.21		—		4/6/2011		4/11/2014
63307EAA5	NATIONAL BK OF CANADA CORP BND 144A			A				1FE		2,499,350.00		101.321		2,533,024.80		2,500,000.00		2,499,439.01		33,585.79			89.00			—		—		1.65		1.659	JJ		17,302.08		—		1/24/2011		1/30/2014
637432MM4	NATIONAL RURAL UTILITIES SECURED CORP							1FE		2,998,950.00		99.911		2,997,328.95		3,000,000.00		2,999,180.05		(1,851.10	)		172.00			—		—		1.125		1.137	MN		5,625.00		16,875.00		10/25/2010		11/1/2013
637432MN2	NATIONAL RURAL UTILITIES CORP BND							1FE		2,644,832.50		102.465		2,715,325.04		2,650,000.00		2,645,178.91		70,146.13			346.00			—		—		3.05		3.092	MS		28,962.29		—		2/14/2011		3/1/2016
63968AQE8	NEBRASKA PUB PWR DIST MUNITAX BND REV							1FE		1,329,837.50		104.34		1,304,249.95		1,250,000.00		1,290,177.96		14,071.99			(13,135.00	)		—		—		4.135		1.95	JJ		25,843.75		25,844.00		12/17/2009		1/1/2013
64031BAA2	NLST_10-3A ABS_10-3A A					2		1FE		1,092,653.05		100.48		1,097,897.82		1,092,653.05		1,092,653.05		5,244.77			—			—		—		1.054		1.055	JAJO		2,142.85		5,942.00		7/28/2010		7/27/2048
65475VAC4	NAROT ABS 09-1 A3					2		1FE		2,148,766.09		102.046		2,119,228.15		2,076,729.54		2,112,502.34		6,725.81			(14,349.00	)		—		—		5		2.236	MON		4,614.95		51,918.00		5/24/2010		9/15/2012
65557CAG8	NORDEA BANK AB CORP BND 144A			F				1FE		6,975,000.00		100.876		7,036,100.93		6,975,000.00		6,975,000.00		61,100.93			—			—		—		1.181		1.203	JAJO		17,844.09		20,993.00		1/11/2011		1/14/2014
65558AAA4	NORDEA EIENDOMSKREDITT CORP BND 144A			F						13,057,818.00		101.091		13,242,921.40		13,100,000.00		13,061,003.30		181,918.10			3,185.00			—		—		1.875		1.986	AO		57,312.50		—		3/29/2011		4/7/2014
665859AJ3	NORTHERN TRUST CORPORATION CORP BND							1FE		7,654,145.00		109.395		8,204,593.28		7,500,000.00		7,579,122.22		625,471.06			(17,534.00	)		—		—		5.5		4.968	FA		155,833.34		206,250.00		3/23/2009		8/15/2013
666807BC5	NORTHROP GRUMMAN CORP CORP BND							2FE		998,710.00		97.702		977,016.98		1,000,000.00		998,871.24		(21,854.26	)		125.00			—		—		1.85		1.877	MN		2,363.89		9,610.00		11/1/2010		11/15/2015
66989HAA6	NOVARTIS CAPITAL CORP CORP BND							1FE		1,623,326.25		107.538		1,747,487.21		1,625,000.00		1,624,083.67		123,403.54			164.00			—		—		4.125		4.148	FA		26,253.91		33,516.00		2/4/2009		2/10/2014
66989HAB4	NOVARTIS CAPITAL CORP CORP BND							1FE		6,008,362.50		102.134		6,128,033.76		6,000,000.00		6,008,430.28		119,603.48			(1,727.00	)		—		—		1.9		1.82	AO		21,216.66		57,000.00		1/28/2011		4/24/2013
66989HAC2	NOVARTIS CAPITAL CORP CORP BND							1FE		6,966,540.00		103.673		7,257,107.62		7,000,000.00		6,974,678.91		282,428.71			3,089.00			—		—		2.9		3.001	AO		37,780.55		101,500.00		3/9/2010		4/24/2015
67001BAK9	NOVELIS INC/GA TERM LOAN							1Z		—		100.111		—		—		—		—			—			—		—		0		0	MJSD		—		6,743.00		3/10/2011		3/10/2017
674599CA1	OCCIDENTAL PETROLEUM CORP BND							1FE		6,542,205.50		100.932		6,611,030.47		6,550,000.00		6,543,587.15		67,443.32			1,269.00			—		—		1.45		1.491	JD		4,748.75		46,696.00		12/13/2010		12/13/2013
68268NAF0	ONEOK INC. CORP BND					1		2FE		2,673,395.00		101.461		2,714,094.56		2,675,000.00		2,673,529.01		40,565.55			134.00			—		—		3.25		3.263	FA		37,431.42		—		1/21/2011		2/1/2016
6832348A9	ONTARIO PROVINCE CORP BND			A				1FE		13,347,291.75		108.378		13,818,193.85		12,750,000.00		13,166,986.10		651,207.75			(66,583.00	)		—		—		4.1		2.938	JD		21,781.25		261,375.00		2/19/2010		6/16/2014
6832348F8	ONTARIO PROVINCE CORP BND			A				1FE		2,800,000.00		100.072		2,802,016.17		2,800,000.00		2,800,000.00		2,016.17			—			—		—		0.41		0.42	FMAN		1,370.39		6,303.00		11/10/2009		11/19/2012
68389XAD7	ORACLE CORPORATION CORP BND							1FE		5,412,789.50		107.237		5,710,375.10		5,325,000.00		5,365,067.02		345,308.08			(10,661.00	)		—		—		4.95		4.505	AO		55,646.25		131,794.00		3/5/2009		4/15/2013
693506BF3	PPG INDUSTRIES INC CORP BND							2FE		3,256,223.40		96.575		3,172,501.17		3,285,000.00		3,259,656.85		(87,155.68	)		2,743.00			—		—		1.9		2.079	JJ		39,702.88		—		11/8/2010		1/15/2016
69351CAC7	PNC FUNDING CORP — GTD CORP BND GOVT							1FE		1,022,310.00		101.953		1,019,530.03		1,000,000.00		1,010,302.16		9,227.87			(5,203.00	)		—		—		2.3		1.234	JD		575.01		11,500.00		5/3/2010		6/22/2012
69362BAS1	PSE&G POWER LLC CORP BND							2FE		1,099,885.31		109.55		1,095,504.61		1,000,000.00		1,087,809.91		7,694.70			(7,564.00	)		—		—		5.32		3.462	MS		15,664.44		26,600.00		9/15/2010		9/15/2016
69371RJ98	PACCAR FINL CORP BND							1FE		2,371,841.25		101.811		2,418,016.81		2,375,000.00		2,372,914.69		45,102.12			515.00			—		—		2.05		2.096	JD		1,893.40		24,344.00		6/9/2010		6/17/2013
69373UAA5	PACCAR INC CORP BND							1FE		1,117,070.86		113.653		1,136,528.70		1,000,000.00		1,078,908.41		57,620.29			(14,142.00	)		—		—		6.875		3.692	FA		23,489.58		34,375.00		2/19/2010		2/15/2014
694308GD3	PACIFIC GAS AND ELECTRIC CO CORP BND							1FE		5,548,050.00		108.753		5,437,664.80		5,000,000.00		5,437,628.16		36.64			(79,212.00	)		—		—		4.8		1.444	MS		80,000.00		120,000.00		10/19/2010		3/1/2014
70659PAB7	PENAR_11-1-A1 ABS_11-1 A1 144A			F		2		1FE		7,300,000.00		99.943		7,295,873.31		7,300,000.00		7,300,000.00		(4,126.69	)		—			—		—		0.85		0.852	MON		3,965.15		—		6/2/2011		5/18/2015
713448BK3	PEPSICO INC CORP BND							1FE		19,458,660.00		106.559		20,778,925.83		19,500,000.00		19,476,958.90		1,301,966.93			4,023.00			—		—		3.75		3.797	MS		243,750.00		365,625.00		2/25/2009		3/1/2014
713448BQ0	PEPSICO INC CORP BND							1FE		4,997,800.00		99.911		4,995,570.75		5,000,000.00		4,998,294.19		(2,723.44	)		361.00			—		—		0.875		0.89	AO		8,020.84		21,753.00		10/19/2010		10/25/2013
713448BT4	PEPSICO INC CORP BND							1FE		4,395,908.00		100.653		4,428,719.24		4,400,000.00		4,396,017.24		32,702.00			109.00			—		—		2.5		2.52	MN		15,583.33		—		5/3/2011		5/10/2016
713448BU1	PEPSICO INC CORP BND							1FE		2,025,000.00		100.15		2,028,037.55		2,025,000.00		2,025,000.00		3,037.55			—			—		—		0.347		0.347	FMAN		1,014.98		—		5/3/2011		5/10/2013
71601KAE9	PETCO ANIMAL SUPPLIES INC. TERM LOAN							1Z		—		99.636		—		—		—		—			—			—		—		0		0.02	FMAN		—		—		6/20/2011		11/24/2017
71645WAT8	PETROBRAS INTERNATIONAL FINANC CORP BND			F				2FE		7,773,714.00		101.8		7,940,413.34		7,800,000.00		7,775,772.12		164,641.22			2,058.00			—		—		3.875		3.95	JJ		129,295.83		—		1/20/2011		1/27/2016
717081CZ4	PFIZER INC. CORP BND							1FE		2,883,727.29		102.776		2,825,324.28		2,749,000.00		2,799,461.79		25,862.49			(35,124.00	)		—		—		4.45		1.82	MS		36,019.54		61,165.00		4/15/2010		3/15/2012
717081DA8	PFIZER INC. CORP BND							1FE		1,380,477.50		112.336		1,404,199.60		1,250,000.00		1,344,610.90		59,588.70			(11,831.00	)		—		—		5.35		3.169	MS		19,690.97		33,438.00		2/17/2010		3/15/2015
71722TAF1	PHEAA_04-1 ABS_04-1-A2					2		1FE		452,730.00		93.5		467,500.00		500,000.00		457,014.46		10,485.54			1,341.00			—		—		1.753		2.66	MON		624.36		4,021.00		3/9/2010		4/25/2044
71722TAG9	PHEAA_04-1 ABS_04-1-A3					2		1FE		1,177,098.00		91.5		1,189,500.00		1,300,000.00		1,193,169.76		(3,669.76	)		6,217.00			—		—		1.686		2.908	MON		720.59		10,416.00		3/9/2010		4/25/2044
718172AB5	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		6,108,095.00		107.25		6,569,036.36		6,125,000.00		6,118,177.09		450,859.27			1,711.00			—		—		4.875		4.938	MN		37,324.21		149,297.00		5/13/2008		5/16/2013
718172AG4	PHILIP MORRIS INTERNATIONAL IN CORP BND							1FE		7,341,675.50		114.681		7,339,608.90		6,400,000.00		7,056,695.97		282,912.93			(114,524.00	)		—		—		6.875		2.911	MS		127,111.10		220,000.00		4/14/2010		3/17/2014
72083EAF5	ADVANCE PIERRE FOODS TERM LOAN									—		100.5		—		—		—		—			426.00			—		—		0		0.043	MJSD		—		43,382.00		12/14/2010		9/29/2016
72165NAF6	PILOT TRAVEL CENTERS LLC TERM LOAN							1Z		—		100.181		—		—		—		—			206.00			—		—		0		0.071	MJSD		—		12,248.00		3/25/2011		3/25/2018
72347NAC4	PINNACLE FOODS FINANCE TERM LOAN							4FE		—		99.025		—		—		—		—			7,917.00			—		—		0		0.352	AO		—		43,662.00		3/8/2011		4/2/2014
742651DB5	PRIVATE EXPORT FUNDING CORP SECURED									1,646,955.00		113.295		1,699,424.97		1,500,000.00		1,614,545.07		84,879.90			(12,104.00	)		—		—		4.95		3.07	MN		9,487.50		37,125.00		2/23/2010		11/15/2015
74456QAW6	PUBLIC SERVICE ELECTRIC & GAS CORP BND							1FE		549,021.00		101.249		556,872.19		550,000.00		549,226.34		7,645.85			95.00			—		—		2.7		2.739	MN		2,475.00		7,425.00		5/17/2010		5/1/2015
74733GAC7	QUAD GRAPHICS INC LN1 TERM LOAN									—		100.175		—		—		—		—			1,569.00			—		—		0		0.19	MJSD		—		36,529.00		1/4/2011		4/20/2016
74834LAT7	QUEST DIAGNOSTICS INC CORP BND							2FE		2,600,000.00		100.847		2,622,022.00		2,600,000.00		2,600,000.00		22,022.00			—			—		—		1.096		1.159	MJSD		553.84		7,701.00		3/21/2011		3/24/2014
74876WAJ4	QUINTILES TRANSNATIONAL CORP. TERM LOAN					1		4FE		—		99.344		—		—		—		—			70.00			—		—		0		0.143	FMAN		—		2,333.00		5/26/2011		5/25/2018
74977RBQ6	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		5,051,420.50		107.134		5,196,014.28		4,850,000.00		4,986,386.62		209,627.66			(22,462.00	)		—		—		4.2		3.166	MN		27,160.00		101,850.00		1/8/2010		5/13/2014
74977RBU7	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		13,069,661.10		102.228		13,289,603.86		13,000,000.00		13,032,061.22		257,542.64			(13,861.00	)		—		—		2.65		2.427	FA		128,230.55		172,250.00		2/19/2010		8/17/2012
74977RCE2	RABOBANK NEDERLAND NV CORP BND 144A			F				1FE		9,993,100.00		103.503		10,350,346.40		10,000,000.00		9,994,796.57		355,549.83			652.00			—		—		3.2		3.215	MS		97,777.78		160,000.00		3/4/2010		3/11/2015
760759AL4	REPUBLIC SERV INC. SENIOR CORP BND							2FE		4,064,760.00		99.734		3,989,352.72		4,000,000.00		4,064,541.77		(75,189.05	)		(218.00	)		—		—		3.8		3.533	MN		21,955.56		—		6/16/2011		5/15/2018
76111XYH0	RES FUND MTG SEC I CMO_05-SA4 2A1					2		1FE		411,656.17		73.92		297,415.39		419,586.35		411,983.44		(114,568.05	)		71.00			—		—		3.176		3.519	MON		1,110.48		6,685.00		8/14/2007		9/25/2035
76111XYJ6	RES FUND MTG SEC I CMO_05-SA4 2A2					2		1FE		1,258,036.17		76.58		1,110,187.59		1,303,664.43		1,262,256.17		(152,068.58	)		788.00			—		—		5.21		6.536	MON		5,660.21		33,911.00		8/16/2007		9/25/2035
76173FAJ6	REYNOLDS GROUP HOLDINGS INC TERM LOAN							3FE		—		99.317		—		—		—		—			(627.00	)		—		—		0		-0.019	FMAN		—		39,210.00		6/3/2011		2/9/2018
767201AF3	RIO TINTO FINANCE USA LIMITED CORP BND			F				1FE		4,576,294.00		120.149		4,445,498.12		3,700,000.00		4,414,039.25		31,458.87			(121,358.00	)		—		—		8.95		1.92	MN		55,191.67		165,575.00		10/28/2010		5/1/2014
767201AJ5	RIO TINTO FINANCE USA LIMITED CORP BND			F				1FE		1,298,947.00		98.39		1,279,067.91		1,300,000.00		1,299,081.10		(20,013.19	)		101.00			—		—		1.875		1.892	MN		3,994.79		12,188.00		10/28/2010		11/2/2015
767201AM8	RIO TINTO FINANCE LTD CORP BND			F				1FE		3,607,092.50		99.968		3,623,839.82		3,625,000.00		3,607,478.29		16,361.53			386.00			—		—		2.5		2.606	MN		10,321.18		—		5/17/2011		5/20/2016
76969DAP5	ARAMARK CORP TERM LOAN							3FE		—		97.775		—		—		—		—			(476.00	)		—		—		0		-0.086	MON		—		19,466.00		3/7/2011		1/26/2014
771196AQ5	ROCHE HOLDINGS INC CORP BND 144A							1FE		13,818,369.57		109.468		13,890,334.76		12,689,000.00		13,561,426.12		328,908.64			(105,632.00	)		—		—		5		2.318	MS		211,483.33		204,725.00		5/2/2011		3/1/2014
774478AS0	ROCKWOOD SPECIALTIES GROUP INC TERM LOAN							3FE		—		100.375		—		—		—		—			—			—		—		0		0	FMAN		—		10,354.00		2/9/2011		2/1/2018
77937NAC9	MACROVISION CORPORATION TERM LOAN							1Z		—		0		—		—		—		—			—			—		—		0		0	FMAN		—		1,830.00		00/00/0000		2/1/2018
780085LP9	ROYAL BANK OF CANADA CORP BND			A				1FE		2,408,127.55		100.198		2,325,583.98		2,321,000.00		2,322,452.69		3,131.29			(13,784.00	)		—		—		5.65		4.431	JJ		58,647.16		65,568.00		7/9/2008		7/20/2011
78008HX96	ROYAL BANK OF CANADA CORP BND MTN			A				1FE		2,014,326.69		102.645		2,052,894.28		2,000,000.00		2,011,046.06		41,848.22			(2,587.00	)		—		—		2.1		1.828	JJ		17,733.33		21,000.00		11/12/2010		7/29/2013
78008K5X7	ROYAL BANK OF CANADA CORP BND			A				1FE		9,777,835.00		100.027		9,777,639.25		9,775,000.00		9,777,813.67		(174.42	)		(21.00	)		—		—		0.575		0.565	JAJO		11,392.42		—		6/20/2011		4/17/2014
78009PCC3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		3,867,443.75		100.707		3,902,379.70		3,875,000.00		3,867,841.22		34,538.48			397.00			—		—		4.375		4.419	MS		49,446.61		—		3/14/2011		3/16/2016
78010XAC5	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		5,251,450.00		103.133		5,156,638.70		5,000,000.00		5,245,633.30		(88,994.60	)		(5,817.00	)		—		—		4.875		3.451	MS		71,093.76		—		5/24/2011		3/16/2015
78010XAD3	ROYAL BANK OF SCOTLAND PLC THE CORP BND			F				1FE		2,498,650.00		102.153		2,553,815.28		2,500,000.00		2,499,018.34		54,796.94			217.00			—		—		3.4		3.419	FA		30,222.22		42,264.00		8/17/2010		8/23/2013
78011CAB2	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				1FE		2,540,825.00		100.513		2,512,825.20		2,500,000.00		2,514,045.85		(1,220.65	)		(8,056.00	)		—		—		0.964		0.514	FMAN		3,347.22		12,548.00		11/2/2009		5/11/2012
78011CAC0	ROYAL BK OF STLAND GRP PLC — ( CORP BND			F				1FE		22,880,250.25		101.458		22,828,135.74		22,500,000.00		22,624,212.31		203,923.43			(70,861.00	)		—		—		2.625		1.975	MN		80,390.63		295,313.00		8/31/2009		5/11/2012
78011CAE6	ROYAL BANK OF SCOTLAND PLC — G CORP BND			F				1FE		1,996,200.00		100.226		2,004,517.14		2,000,000.00		1,999,409.46		5,107.68			962.00			—		—		1.45		1.548	AO		5,719.44		14,500.00		10/23/2009		10/20/2011
78355HJL4	RYDER SYSTEM INC. CORP BND							2FE		2,163,660.00		109.696		2,193,915.10		2,000,000.00		2,127,797.52		66,117.58			(22,469.00	)		—		—		5.85		3.327	MS		39,000.00		58,500.00		9/10/2010		3/1/2014
78355HJQ3	RYDER SYSTEM INC. CORP BND MTN							2FE		3,498,670.00		101.993		3,569,741.77		3,500,000.00		3,498,785.51		70,956.26			116.00			—		—		3.15		3.16	MS		38,893.75		—		2/16/2011		3/2/2015
78355HJR1	RYDER SYSTEM INC. CORP BND MTN							2FE		1,871,662.50		100.227		1,879,253.48		1,875,000.00		1,871,707.03		7,546.45			45.00			—		—		3.5		3.533	JD		6,744.79		—		5/17/2011		6/1/2017
78387GAP8	AT&T INC CORP BND							1FE		3,183,016.41		110.095		3,302,855.31		3,000,000.00		3,154,436.73		148,418.58			(22,397.00	)		—		—		5.1		3.392	MS		45,050.00		76,500.00		11/12/2010		9/15/2014
78442GHX7	SLMA ABS 03-10A A1B 144A					2		1FE		299,906.25		99.969		299,906.25		300,000.00		299,945.01		(38.76	)		17.00			—		—		1.635		1.651	MON		122.63		2,787.00		1/12/2010		12/15/2016

Validus Holdings, Ltd June 30, 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
78442GHY5	SLMA ABS 03-10A-A1C					2		1FE		1,499,739.58		99.969		1,499,531.25		1,500,000.00		1,499,853.41		(322.16	)		(17.00	)		—		—		1.64		1.65	MON		478.33		13,916.00			2/4/2010		12/15/2016
78442GHZ2	SLMA ABS 03-10A A1D 144A					2		1FE		1,694,421.87		99.969		1,699,468.75		1,700,000.00		1,697,199.37		2,269.38			111.00			—		—		1.64		1.752	MON		154.89		16,122.00			9/24/2009		12/15/2016
78442GJA5	SLM STUDENT LOAN TR 2003-10A 03-10A A1E					2		1FE		899,718.75		99.969		899,718.75		900,000.00		899,839.33		(120.58	)		55.00			—		—		1.639		1.656	MON		655.60		7,236.00			1/15/2010		12/15/2016
78442GJD9	SLM STUDENT LOAN TR 2003-10A ABS 03-10A					2		1FE		550,000.00		99.969		549,828.13		550,000.00		550,000.00		(171.87	)		—			—		—		1.64		1.647	MON		25.06		5,413.00			1/13/2010		12/15/2016
78442GMK9	SLMA ABS_04-7 A5					2		1		3,775,996.96		99.425		3,776,694.22		3,798,550.85		3,777,046.29		(352.07	)		1,049.00			—		—		0.444		0.674	JAJO		3,137.10		—			5/13/2011		1/27/2020
78442GQP4	SLMA ABS_05-8 A3					2		1FE		3,741,725.00		97.645		3,720,257.51		3,810,000.00		3,742,874.25		(22,616.74	)		1,149.00			—		—		0.384		1.011	JAJO		2,721.10		—			6/13/2011		10/25/2024
78444YAB1	SLMA ABS 08-5 A2					2		1FE		4,528,431.68		101.122		4,504,617.82		4,454,651.51		4,506,508.92		(1,891.10	)		(10,628.00	)		—		—		1.374		0.409	JAJO		11,389.21		31,432.00			8/10/2010		10/25/2013
78444YAD7	SLMA ABS 08-5 A4					2		1FE		4,033,656.25		103.833		3,997,567.27		3,850,000.00		4,016,874.67		(19,307.40	)		(10,123.00	)		—		—		1.974		1.349	JAJO		14,142.47		38,844.00			1/11/2011		1/25/2022
78445XAA4	SLMA_10-1 ABS 10-1A					2		1FE		3,015,362.22		99.65		3,004,808.45		3,015,362.22		3,015,362.22		(10,553.77	)		—			—		—		0.586		0.587	MON		196.27		9,737.00			7/30/2010		3/25/2025
78446JAA4	SLM STUDENT LOAN TRUST SLMA_11 ABS 11-2					2		1FE		11,447,765.41		99.58		11,421,826.00		11,470,000.00		11,448,015.89		(26,189.89	)		250.00			—		—		0.793		0.817	MON		9,092.27		—			5/18/2011		11/25/2027
78446JAB2	SLMA_11-2 ABS 11-2					2				6,575,000.00		100.109		6,582,166.82		6,575,000.00		6,575,000.00		7,166.82			—			—		—		1.4		1.404	MON		9,205.00		—			5/18/2011		10/25/2034
78572MAD7	SABMILLER PLC CORP BND 144A			F				2FE		6,522,239.50		115.153		6,448,554.34		5,600,000.00		6,505,614.09		(57,059.75	)		(16,625.00	)		—		—		6.5		2.993	JJ		182,000.00		—			5/24/2011		7/1/2016
790849AE3	ST. JUDE MEDICAL INC. CORP BND							1FE		6,365,893.24		106.317		6,374,758.27		5,996,000.00		6,309,283.99		65,474.28			(49,695.00	)		—		—		3.75		1.97	JJ		103,680.83		112,425.00			12/1/2010		7/15/2014
790849AH6	ST. JUDE MEDICAL INC. CORP BND							2FE		4,995,350.00		100.613		5,030,632.80		5,000,000.00		4,995,917.87		34,714.93			521.00			—		—		2.5		2.519	JJ		71,180.56		—			12/1/2010		1/15/2016
796269UF3	SAN ANTONIO TEX INDPT SCH DIST MUNI BND									1,000,000.00		102.561		1,025,609.97		1,000,000.00		1,000,000.00		25,609.97			—			—		—		2.235		2.235	FA		11,299.17		—			12/15/2010		8/15/2014
80105NAC9	SANOFI AVENTIS CORP BND							1FE		14,150,000.00		100.503		14,221,175.36		14,150,000.00		14,150,000.00		71,175.36			—			—		—		0.556		0.618	MJSD		655.91		22,087.00			3/22/2011		3/28/2014
80105NAD7	SANOFI AVENTIS CORP BND							1FE		6,031,410.00		101.196		6,071,745.78		6,000,000.00		6,031,799.13		39,946.65			389.00			—		—		2.625		2.505	MS		40,250.00		—			6/14/2011		3/29/2016
80282DAB8	SDART_10-1 ABS 10-1-A2					2		1FE		667,523.00		100.371		668,409.97		665,936.21		665,936.21		2,473.76			(1,587.00	)		—		—		1.36		0	MON		402.52		755.00			5/27/2011		4/15/2012
80705TAA4	SCHOL_11-A ABS 11-A A 144A					2		1FE		2,831,105.68		98.1		2,833,231.33		2,888,105.33		2,831,625.80		1,605.53			520.00			—		—		1.173		1.331	JAJO		6,021.38		2,764.00			3/22/2011		10/28/2043
816851AR0	SEMPRA ENERGY CORP BND							2FE		7,000,000.00		100.359		7,025,130.07		7,000,000.00		7,000,000.00		25,130.07			—			—		—		1.007		1.064	MJSD		3,132.89		17,668.00			3/17/2011		3/15/2014
81760GAH7	SERVICEMASTER CO LN1 TERM LOAN									—		97.107		—		—		—		—			1,290.00			—		—		0		1.199	MON		—		3,057.00			12/15/2010		7/24/2014
81760GAJ3	SERVICEMASTER CO LN1 TERM LOAN									—		97.107		—		—		—		—			12,956.00			—		—		0		1.199	MON		—		25,035.00			12/15/2010		7/24/2014
822582AF9	SHELL INTL FINAN CORP BND			F				1FE		11,034,168.50		107.471		11,230,765.79		10,450,000.00		10,849,751.48		381,014.31			(69,850.00	)		—		—		4		2.537	MS		116,111.12		209,000.00			3/2/2010		3/21/2014
822582AQ5	SHELL INTL FINAN CORP BND			F				1FE		12,215,823.75		104.33		12,650,034.94		12,125,000.00		12,198,929.62		451,105.32			(8,653.00	)		—		—		3.1		2.937	JD		3,132.29		187,938.00			7/2/2010		6/28/2015
833656AF8	SOCIETE FINANCEMENT DE L ECONO CORP BND			F				1FE		6,122,426.76		101.707		6,224,468.89		6,120,000.00		6,121,544.75		102,924.14			(806.00	)		—		—		2.25		2.223	JD		7,650.00		68,850.00			2/19/2010		6/11/2012
83714RAX1	SOUTH CAROLINA STUDENT LN MUNI BND REV			R		2		1FE		4,746,750.00		99.01		4,752,480.00		4,800,000.00		4,754,508.58		(2,028.58	)		7,759.00			—		—		0.411		1.085	MJSD		1,642.00		5,035.00			3/30/2011		12/3/2018
842587AB3	SOUTHERN COMPANY CORP BND							1FE		3,225,440.00		104.914		3,278,458.37		3,200,000.00		3,203,589.49		74,868.88			(3,245.00	)		—		—		5.3		5.086	JJ		78,204.44		84,800.00			10/23/2007		1/15/2012
846042AB5	SOVEREIGN BANCORP INC — GTD CORP BND							1FE		1,723,375.00		101.259		1,735,767.93		1,700,000.00		1,707,175.45		28,592.48			(3,675.00	)		—		—		2.5		2.052	JD		1,888.89		21,250.00			4/2/2009		6/15/2012
84650WAA4	SPAREBNK 1 BOLIG LOCAL BND 144A			F				1FE		14,144,608.00		100.109		14,115,370.27		14,100,000.00		14,136,853.87		(21,483.60	)		(5,896.00	)		—		—		1.25		1.169	AO		32,312.50		87,702.00			4/15/2011		10/25/2014
84650WAB2	SPAREBNK 1 BOLIG SECURED LOCAL BND 144A			F				1FE		9,295,908.00		100.09		9,308,368.99		9,300,000.00		9,295,981.33		12,387.66			73.00			—		—		2.625		2.634	MN		23,056.24		—			5/23/2011		5/27/2016
85235XAA3	STADSHYPOTEK AB CORP BND 144A			F				1FE		16,656,910.97		100.656		16,608,239.66		16,500,000.00		16,629,249.62		(21,009.96	)		(21,773.00	)		—		—		1.45		1.096	MS		60,477.09		84,825.00			6/9/2011		9/30/2013
857477AC7	STATE STREET CORPORATION CORP BND							1FE		1,101,889.80		100.06		1,140,681.32		1,140,000.00		1,131,887.82		8,793.50			4,794.00			—		—		0.373		3.897	JAJO		708.23		2,233.00			4/30/2008		4/30/2012
857477AJ2	STATE STREET CORPORATION CORP BND							1FE		5,000,000.00		99.706		4,985,310.05		5,000,000.00		5,000,000.00		(14,689.95	)		—			—		—		0.602		0.66	MJSD		2,006.67		8,427.00			3/2/2011		3/7/2014
85748KAA1	STATE STREET CAPITAL TRUST III CORP BND							1FE		7,111,778.00		101.54		7,107,805.60		7,000,000.00		7,041,538.33		66,267.27			(24,621.00	)		—		—		2.15		1.428	AO		25,501.39		75,250.00			1/27/2010		4/30/2012
85771SAB2	STATOIL ASA CORP BND			F				1FE		8,220,819.00		107.053		8,457,193.71		7,900,000.00		8,126,541.51		330,652.20			(38,492.00	)		—		—		3.875		2.799	AO		64,626.40		153,063.00			4/6/2010		4/15/2014
85771SAC0	STATOIL ASA CORP BND			F				1FE		303,690.00		104.7		314,100.70		300,000.00		302,574.02		11,526.68			(369.00	)		—		—		2.9		2.626	AO		1,836.67		4,350.00			12/16/2009		10/15/2014
863667AA9	STRYKER CORP CORP BND							1FE		2,497,761.30		103.724		2,593,094.08		2,500,000.00		2,498,139.58		94,954.50			261.00			—		—		3		3.022	JJ		34,583.33		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		11,991,149.72		100		11,991,136.53		11,991,149.72		11,991,149.72		(13.19	)		—			—		—		1.406		1.48	MON		1,873.02		49,945.00			3/15/2011		10/25/2027
86736GAF1	SUNGARD DATA SYSTEMS INC. LN1 TERM LOAN							3FE		—		99.625		—		—		—		—			53.00			—		—		0		0.042	MON		—		—			6/8/2011		2/28/2014
86736GAG9	SUNGARD DATA SYSTEMS INC. TERM LOAN							3FE		—		99.499		—		—		—		—			4,983.00			—		—		0		0.51	MJSD		—		16,829.00			12/15/2010		2/28/2016
86959LAA1	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		7,060,839.00		108.424		7,481,256.76		6,900,000.00		7,003,239.48		478,017.28			(16,189.00	)		—		—		4.875		4.328	JD		19,621.88		168,188.00			8/31/2009		6/10/2014
86959LAB9	SVENSKA HANDELSBANKEN AB CORP BND 144A			F				1FE		17,692,582.10		102.098		17,897,719.10		17,530,000.00		17,604,521.94		293,197.16			(30,056.00	)		—		—		2.875		2.514	MS		149,796.28		251,994.00			1/5/2010		9/14/2012
87020LAB2	SPINTAB AB SWEDMORTGAGE CORP BND 144A			F				1FE		13,100,000.00		100.551		13,172,181.00		13,100,000.00		13,100,000.00		72,181.00			—			—		—		0.696		0.758	MJSD		760.08		25,393.00			3/21/2011		3/28/2014
87246AAA6	TIAA CMBS 07-C4 A1					2	NRZ			2,466,327.02		100.525		2,463,655.20		2,450,793.19		2,451,301.92		12,353.28			(3,198.00	)		—		—		5.575		5.29	MON		7,971.29		81,287.00			12/21/2007		8/15/2039
87309LAE8	TWCC HOLDING CORP TERM LOAN							1Z		—		100.25		—		—		—		—			—			—		—		0		0	FMAN		—		7,528.00			2/4/2011		2/1/2017
87938XAA9	TELEFONICA MOVILES CHILE SA CORP BND			F				2FE		3,384,920.00		98.226		3,437,907.13		3,500,000.00		3,394,313.53		43,593.60			9,394.00			—		—		2.875		3.631	MN		14,534.72		50,313.00			1/26/2011		11/9/2015
880591CW0	TENN VALLEY AUTH AGENCY BND							1		1,302,900.01		109.13		1,262,634.16		1,157,000.00		1,240,569.93		22,064.23			(23,810.00	)		—		—		6		1.687	MS		20,440.33		34,710.00			3/10/2010		3/15/2013
880591DT6	TENNESSEE VALLEY AUTHORITY AGENCY BND							1		4,539,760.00		105.834		4,233,359.64		4,000,000.00		4,184,393.19		48,966.45			(101,683.00	)		—		—		6.79		1.575	MN		28,668.89		135,800.00			9/25/2009		5/23/2012
88166BAA8	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		2,300,000.00		100.172		2,303,955.93		2,300,000.00		2,300,000.00		3,955.93			—			—		—		0.647		0.939	MJSD		454.35		8,214.00			6/15/2010		12/19/2011
88166BAB6	TEVA PHARMACEUTICAL FINANCE II CORP BND			R				1FE		5,863,229.50		100.795		5,896,521.66		5,850,000.00		5,860,124.94		36,396.72			(4,151.00	)		—		—		1.5		1.317	JD		3,900.00		43,875.00			1/31/2011		6/15/2012
88166CAA6	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		8,739,585.99		102.75		8,990,597.79		8,750,000.00		8,741,326.89		249,270.90			1,019.00			—		—		3		3.027	JD		11,666.66		131,250.00			11/12/2010		6/15/2015
88166DAB2	TEVA PHARMACEUTICAL FINANCE II CORP BND			F				1FE		6,450,000.00		100.39		6,475,155.45		6,450,000.00		6,450,000.00		25,155.45			—			—		—		0.747		0.809	MJSD		1,337.47		13,352.00			3/16/2011		3/21/2014
882508AS3	TEXAS INSTRUMENTS INCORPORATED CORP BND							1FE		14,050,000.00		100.28		14,089,339.86		14,050,000.00		14,050,000.00		39,339.86			—			—		—		0.439		0.439	FMAN		6,674.33		—			5/16/2011		5/15/2013
883556AW2	THERMO FISHER SCIENTIFIC INC CORP BND							1FE		2,999,130.00		102.013		3,060,403.05		3,000,000.00		2,999,230.28		61,172.77			100.00			—		—		2.05		2.06	FA		22,037.50		—			2/14/2011		2/21/2014
88579EAD7	3M COMPANY CORP BND							1FE		4,363,958.25		105.84		4,312,971.77		4,075,000.00		4,201,931.73		111,040.04			(42,302.00	)		—		—		4.65		2.459	JD		8,421.66		94,744.00			7/20/2009		12/15/2012
887317AJ4	TIME WARNER INC CORP BND							2FE		7,260,260.00		102.922		7,204,520.06		7,000,000.00		7,221,127.50		(16,607.44	)		(25,927.00	)		—		—		3.15		2.326	JJ		101,675.00		110,863.00			9/23/2010		7/15/2015
88732JAK4	TIME WARNER CABLE INC CORP BND							2FE		1,676,085.00		109.51		1,642,651.29		1,500,000.00		1,615,027.96		27,623.33			(27,959.00	)		—		—		6.2		2.257	JJ		46,500.00		46,500.00			5/20/2010		7/1/2013
88732JAR9	TIME WARNER CABLE INC CORP BND							2FE		4,599,160.00		115.247		4,609,892.28		4,000,000.00		4,559,861.68		50,030.60			(39,298.00	)		—		—		7.5		2.225	AO		75,000.00		—			4/14/2011		4/1/2014
88732JAV0	TIME WARNER CABLE INC CORP BND							2FE		7,823,158.00		103.905		7,688,982.36		7,400,000.00		7,756,946.53		(67,964.17	)		(47,473.00	)		—		—		3.5		2.096	FA		107,916.67		129,500.00			10/15/2010		2/1/2015
89152UAE2	TOTAL CAPITAL S.A. CORP BND			F				1FE		2,033,440.00		99.659		1,993,175.82		2,000,000.00		2,029,618.29		(36,442.47	)		(2,955.00	)		—		—		2.3		1.969	MS		13,544.44		23,000.00			11/4/2010		3/15/2016
89153UAB7	TOTAL CAPITAL CANADA LTD CORP BND			A				1FE		3,792,248.00		101.198		3,845,514.35		3,800,000.00		3,793,324.20		52,190.15			1,076.00			—		—		1.625		1.695	JJ		26,243.75		—			1/21/2011		1/28/2014
89233P4B9	TOYOTA MOTOR CREDIT CORP CORP BND MTN							1FE		1,997,706.43		103.555		2,071,091.92		2,000,000.00		1,998,038.83		73,053.09			229.00			—		—		3.2		3.227	JD		2,488.89		32,000.00			11/12/2010		6/17/2015
89233P4H6	TOYOTA MOTOR CREDIT CORP CORP BND							1FE		4,996,098.00		100.544		5,027,210.60		5,000,000.00		4,997,007.95		30,202.65			706.00			—		—		1.375		1.404	FA		26,545.14		34,375.00			11/12/2010		8/12/2013
89235UAD5	TOYOTA AUTO RECEIVABLES OWNER TAOT					2		1FE		4,999,209.00		100.245		5,012,249.00		5,000,000.00		4,999,396.62		12,852.38			125.00			—		—		1.09		1.098	MON		2,422.22		27,250.00			9/22/2010		12/15/2014
89235YAC9	TAOT_10-B ABS_10-B A3					2		1FE		4,089,646.62		100.398		4,106,296.09		4,090,000.00		4,089,809.68		16,486.41			89.00			—		—		1.04		1.047	MON		1,890.49		21,268.00			7/14/2010		2/18/2014
89235YAD7	TAOT_10-B ABS_10-B A4					2		1FE		1,099,799.58		100.887		1,109,753.91		1,100,000.00		1,099,860.76		9,893.15			33.00			—		—		1.47		1.481	MON		718.67		8,085.00			7/14/2010		1/17/2017
89334GAG9	TRANSUNION CORP TERM LOAN							3FE		—		100.031		—		—		—		—			—			—		—		0		0	FMAN		—		8,577.00			2/9/2011		2/3/2018
893526DH3	TRANSCANADA PIPELINES LIMITED CORP BND			A				1FE		7,668,401.75		104.529		8,022,624.70		7,675,000.00		7,669,737.98		352,886.72			619.00			—		—		3.4		3.419	JD		21,745.83		130,475.00			5/27/2010		6/1/2015
902118BK3	TYCO INTERNATIONAL GROUP SA CORP BND			F				1FE		5,616,616.50		110.29		5,459,335.79		4,950,000.00		5,467,396.66		(8,060.87	)		(106,298.00	)		—		—		6		1.498	MN		37,950.00		148,500.00			10/14/2010		11/15/2013
90261XGF3	UBS AG STAMFORD BRANCH CORP BOND							1FE		4,444,215.00		101.421		4,513,232.68		4,450,000.00		4,445,879.61		67,353.07			942.00			—		—		2.25		2.295	FA		38,659.38		50,063.00			8/5/2010		8/12/2013
90261XGW6	UBS AG STAMFORD BRANCH CORP BND							1FE		1,968,135.00		100.431		1,958,404.50		1,950,000.00		1,966,654.17		(8,249.67	)		(1,481.00	)		—		—		1.273		0.973	JAJO		4,412.20		6,359.00			4/4/2011		1/28/2014
90261XGX4	UBS AG CORP BND			F				1FE		2,898,753.00		101.274		2,936,960.21		2,900,000.00		2,898,924.89		38,035.32			172.00			—		—		2.25		2.265	JJ		27,731.25		—			1/25/2011		1/28/2014
90290FAC0	USAOT_1-1 ABS 10-1 A3					2		1FE		2,136,897.56		100.48		2,144,808.79		2,134,562.89		2,135,585.64		9,223.15			(510.00	)		—		—		1.3		1.243	MON		1,233.30		13,875.00			4/28/2010		2/15/2013
90333WAA6	US BANK NA CORP BND							1FE		307,902.00		100.358		301,075.18		300,000.00		300,255.17		820.01			(1,479.00	)		—		—		6.375		5.355	FA		7,968.75		9,563.00			9/30/2008		8/1/2011
90345AAC6	US CENTRAL CREDIT UNION — (LT) CORP BND							1FE		11,720,894.30		101.95		11,856,785.59		11,630,000.00		11,674,906.19		181,879.40			(16,907.00	)		—		—		1.9		1.599	AO		44,194.00		110,485.00			3/4/2010		10/19/2012
90429PAC2	UCI INTERNATIONAL TL B TERM LOAN							4FE		—		100.563		—		—		—		—			—			—		—		0		0	JAJO		—		3,799.00			1/20/2011		7/6/2017
911312AG1	UNITED PARCEL SERVICE INC CORP BND							1FE		12,184,671.00		105.864		12,068,468.88		11,400,000.00		11,784,196.51		284,272.37			(121,895.00	)		—		—		4.5		2.259	JJ		236,550.00		256,500.00			1/22/2010		1/15/2013
911312AL0	UNITED PARCEL SERVICE INC CORP BND							1FE		12,414,426.00		107.519		12,687,294.76		11,800,000.00		12,235,410.83		451,883.93			(75,406.00	)		—		—		3.875		2.479	AO		114,312.50		228,625.00			4/20/2010		4/1/2014
91159HGS3	US BANCORP CORP BND							1FE		1,250,062.50		101.621		1,270,261.39		1,250,000.00		1,250,037.40		20,223.99			(11.00	)		—		—		2.125		2.123	FA		10,034.72		13,281.00			12/16/2009		2/15/2013
91159HGU8	US BANCORP CORP BND MTN							1FE		549,043.00		102.775		565,262.26		550,000.00		549,281.92		15,980.34			90.00			—		—		3.15		3.188	MS		5,630.63		8,663.00			3/1/2010		3/4/2015
91159HGW4	US BANCORP CORP BND							1FE		10,554,342.50		101.61		10,719,850.26		10,550,000.00		10,555,701.84		164,148.42			(774.00	)		—		—		2		1.971	JD		9,963.88		105,500.00			2/2/2011		6/14/2013
91159HGX2	US BANCORP CORP BND							1FE		7,492,650.00		100.359		7,526,952.53		7,500,000.00		7,493,947.62		33,004.91			701.00			—		—		2.45		2.471	JJ		78,604.17		91,875.00			7/22/2010		7/27/2015
91159HGY0	US BANCORP CORP BND					1		1FE		5,442,969.50		100.24		5,463,099.84		5,450,000.00		5,444,813.70		18,286.14			1,145.00			—		—		1.375		1.419	MS		22,481.25		37,469.00			9/8/2010		9/13/2013
91159HGZ7	US BANCORP CORP BND					1		1FE		1,997,060.00		99.682		1,993,644.26		2,000,000.00		1,997,702.94		(4,058.68	)		483.00			—		—		1.125		1.175	AO		3,812.50		11,125.00			10/28/2010		10/30/2013
912828FU9	UNITED STATES TREASURY GOVT BND							1		2,089,062.50		101.102		2,022,039.94		2,000,000.00		2,007,280.83		14,759.11			(14,414.00	)		—		—		4.5		3.014	MS		22,622.95		45,000.00			7/29/2008		9/30/2011
912828FW5	UNITED STATES TREASURY GOVT BND							1		4,230,468.75		101.509		4,060,360.12		4,000,000.00		4,023,734.08		36,626.04			(35,960.00	)		—		—		4.625		2.775	AO		31,338.80		92,500.00			7/15/2008		10/31/2011
912828GC8	UNITED STATES TREASURY GOVT BND							1		3,286,406.25		102.231		3,066,930.09		3,000,000.00		3,038,714.37		28,215.72			(38,538.00	)		—		—		4.625		2.004	JD		377.04		69,375.00			3/7/2008		12/31/2011
912828GF1	UNITED STATES TREASURY GOVT BND							1		1,078,359.38		102.691		1,026,910.10		1,000,000.00		1,012,592.64		14,317.46			(10,634.00	)		—		—		4.75		2.558	JJ		19,813.54		23,750.00			4/17/2008		1/31/2012
912828HY9	UNITED STATES TREASURY GOVT BND							1		3,456,386.72		104.918		3,672,129.97		3,500,000.00		3,482,909.23		189,220.74			4,463.00			—		—		3.125		3.402	AO		18,427.31		54,688.00			5/30/2008		4/30/2013
912828JB7	UNITED STATES TREASURY GOVT BND							1		759,111.33		105.812		793,590.03		750,000.00		753,681.47		39,908.56			(919.00	)		—		—		3.5		3.234	MN		2,223.36		13,125.00			6/4/2008		5/31/2013

Validus Holdings, Ltd June 30, 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
912828JD3	UNITED STATES TREASURY GOVT BND							1		997,500.00		105.828		1,058,280.03		1,000,000.00		998,944.86		59,335.17			253.00			—		—		3.375		3.43	JD		91.71		16,875.00		7/21/2008		6/30/2013
912828JM3	UNITED STATES TREASURY GOVT BND							1		2,037,265.63		105.787		2,115,740.06		2,000,000.00		2,017,405.36		98,334.70			(3,708.00	)		—		—		3.125		2.723	MS		15,710.38		31,250.00		10/7/2008		9/30/2013
912828JT8	UNITED STATES TREASURY GOVT BND							1		17,875,765.63		103.34		17,877,819.31		17,300,000.00		17,856,386.29		21,433.02			(19,379.00	)		—		—		2		0.656	MN		29,306.01		—		5/26/2011		11/30/2013
912828JZ4	UNITED STATES TREASURY GOVT BND							1		15,224,439.51		102.786		15,829,044.46		15,400,000.00		15,258,287.51		570,756.95			26,564.00			—		—		1.75		2.118	JJ		112,415.75		134,750.00		11/12/2010		1/31/2014
912828KF6	UNITED STATES TREASURY GOVT BND							1		6,158,320.31		103.117		6,187,020.24		6,000,000.00		6,124,735.01		62,285.23			(22,740.00	)		—		—		1.875		1.082	FA		37,601.90		56,250.00		12/17/2010		2/28/2014
912828KT6	UNITED STATES TREASURY GOVT BND							1		8,271,515.63		103.468		8,484,376.16		8,200,000.00		8,268,602.91		215,773.25			(2,913.00	)		—		—		2.375		2.186	MS		49,216.72		—		4/4/2011		3/31/2016
912828LC2	UNITED STATES TREASURY GOVT BND							1		20,597,062.50		105.418		20,767,345.81		19,700,000.00		20,472,494.57		294,851.24			(121,977.00	)		—		—		2.625		1.323	JJ		215,706.84		258,563.00		12/23/2010		7/31/2014
912828LK4	UNITED STATES TREASURY GOVT BND							1		32,187,186.44		104.64		32,333,757.53		30,900,000.00		31,953,157.12		380,600.41			(162,683.00	)		—		—		2.375		1.261	FA		246,607.54		366,938.00		11/12/2010		8/31/2014
912828LR9	UNITED STATES TREASURY GOVT BND							1		39,634,146.60		101.377		40,043,914.60		39,500,000.00		39,587,384.78		456,529.82			(33,509.00	)		—		—		1.375		1.201	AO		114,264.00		271,563.00		8/19/2010		10/15/2012
912828LZ1	UNITED STATES TREASURY GOVT BND							1		44,576,965.22		103.722		44,081,850.00		42,500,000.00		44,239,709.14		(157,859.14	)		(249,728.00	)		—		—		2.125		0.903	MN		76,494.20		451,563.00		1/12/2011		11/30/2014
912828MB3	UNITED STATES TREASURY GOVT BND							1		3,799,122.17		101.113		3,862,516.56		3,820,000.00		3,809,763.96		52,752.60			3,449.00			—		—		1.125		1.311	JD		1,878.69		21,488.00		12/11/2009		12/15/2012
912828MH0	UNITED STATES TREASURY GOVT BND							1		12,914,223.24		104.06		13,527,799.74		13,000,000.00		12,937,486.37		590,313.37			8,287.00			—		—		2.25		2.391	JJ		122,009.67		146,250.00		1/29/2010		1/31/2015
912828MM9	UNITED STATES TREASURY GOVT BND							1		4,999,430.81		100.268		5,013,399.90		5,000,000.00		4,999,880.64		13,519.26			142.00			—		—		0.75		0.756	MN		3,176.23		18,750.00		12/3/2009		11/30/2011
912828MN7	UNITED STATES TREASURY GOVT BND							1		15,941,238.41		101.597		16,161,034.79		15,907,000.00		15,927,860.38		233,174.41			(6,332.00	)		—		—		1.375		1.293	FA		82,171.52		109,361.00		9/9/2010		2/15/2013
912828MU1	UNITED STATES TREASURY GOVT BND							1		11,437,362.58		100.613		11,520,188.39		11,450,000.00		11,445,249.00		74,939.39			3,133.00			—		—		1		1.056	MS		28,943.07		57,250.00		3/30/2010		3/31/2012
912828MZ0	UNITED STATES TREASURY GOVT BND							1		6,352,265.63		104.876		6,292,559.52		6,000,000.00		6,300,536.08		(7,976.56	)		(38,036.00	)		—		—		2.5		1.16	AO		25,271.74		75,000.00		10/27/2010		4/30/2015
912828NC0	UNITED STATES TREASURY GOVT BND							1		1,503,579.24		101.741		1,526,114.85		1,500,000.00		1,502,285.90		23,828.95			(599.00	)		—		—		1.375		1.292	MN		2,634.17		10,313.00		5/28/2010		5/15/2013
912828NF3	UNITED STATES TREASURY GOVT BND							1		25,513,307.82		103.384		25,711,601.54		24,870,000.00		25,483,392.92		228,208.62			(29,915.00	)		—		—		2.125		1.473	MN		44,762.60		199,219.00		6/22/2011		5/31/2015
912828NQ9	UNITED STATES TREASURY GOVT BND							1		5,812,906.15		100.408		5,823,663.83		5,800,000.00		5,807,122.61		16,541.22			(3,267.00	)		—		—		0.625		0.511	JJ		15,120.85		18,125.00		8/13/2010		7/31/2012
912828NX4	UNITED STATES TREASURY GOVT BND							1		4,000,482.15		100.113		4,004,519.96		4,000,000.00		4,000,271.67		4,248.29			(158.00	)		—		—		0.375		0.368	MS		3,770.49		7,500.00		10/15/2010		9/30/2012
912828NY2	UNITED STATES TREASURY GOVT BND							1		10,018,392.88		100.485		10,048,500.10		10,000,000.00		10,013,517.41		34,982.69			(3,247.00	)		—		—		0.75		0.686	MS		22,010.87		37,500.00		9/24/2010		9/15/2013
912828PJ3	UNITED STATES TREASURY GOVT BND							1		14,914,453.13		99.508		14,926,200.45		15,000,000.00		14,916,050.01		10,150.44			1,597.00			—		—		1.375		1.505	MN		17,469.26		—		5/26/2011		11/30/2015
912828PR5	UNITED STATES TREASURY GOVT BND							1		2,992,851.56		100.383		3,011,490.33		3,000,000.00		2,994,255.92		17,234.41			1,404.00			—		—		0.625		0.747	JJ		7,821.13		—		2/8/2011		1/31/2013
912828PU8	UNITED STATES TREASURY GOVT BND							1		1,793,326.34		99.766		1,795,787.98		1,800,000.00		1,794,712.74		1,075.24			1,100.00			—		—		0.5		0.625	MN		1,149.46		4,500.00		11/9/2010		11/15/2013
912828QA1	UNITED STATES TREASURY GOVT BND							1		—				—		—		—		—			—			—		—		2.25		0	MS		121.62		—		4/26/2011		3/31/2016
912828QE3	UNITED STATES TREASURY GOVT BND							1		399,829.47		100.344		401,376.01		400,000.00		399,843.35		1,532.66			14.00			—		—		0.625		0.647	AO		421.20		—		4/27/2011		4/30/2013
912828QJ2	UNITED STATES TREASURY GOVT BND							1		5,016,992.19		102.373		5,118,650.05		5,000,000.00		5,016,131.56		102,518.49			(861.00	)		—		—		2.125		2.05	FA		33,203.12		—		3/24/2011		2/29/2016
912828QL7	UNITED STATES TREASURY GOVT BND							1		5,115,539.09		100.574		5,129,273.49		5,100,000.00		5,114,250.17		15,023.32			(1,289.00	)		—		—		0.75		0.588	MS		9,666.44		—		4/28/2011		3/31/2013
912828QP8	UNITED STATES TREASURY GOVT BND							1		2,010,937.50		100.161		2,003,220.06		2,000,000.00		2,010,797.05		(7,576.99	)		(140.00	)		—		—		1.75		1.633	MN		1,769.12		—		6/3/2011		5/31/2016
912828QZ6	UNITED STATES TREASURY GOVT BND							1		12,459,945.32		100.094		12,436,678.76		12,425,000.00		12,459,559.26		(22,880.50	)		(386.00	)		—		—		0.5		0.353	MN		5,402.17		—		6/22/2011		5/31/2013
913017BF5	UNITED TECHNOLOGIES CORP CORP BND							1FE		799,383.20		104.844		807,302.13		770,000.00		777,550.87		29,751.26			(4,174.00	)		—		—		6.1		4.936	MN		6,001.72		23,485.00		9/24/2008		5/15/2012
914455KX7	UNIVERSITY MICH UNIV REVS MUNITAX BND									3,500,000.00		99.582		3,485,370.04		3,500,000.00		3,500,000.00		(14,629.96	)		—			—		—		1.754		1.754	AO		15,347.50		24,215.00		10/28/2010		4/1/2015
914908AN8	UNIVISION COMMUNICATIONS INC. TERM LOAN							4FE		—		94.786		—		—		—		—			8,954.00			—		—		0		0.51	MJSD		—		74,980.00		5/13/2011		3/31/2017
91913YAQ3	VALERO ENERGY CORPORATION CORP BND							2FE		1,531,485.00		106.612		1,599,176.45		1,500,000.00		1,524,669.78		74,506.67			(3,162.00	)		—		—		4.5		4.003	FA		28,125.00		33,750.00		5/20/2010		2/1/2015
92343VAZ7	VERIZON COMMUNICATIONS INC. CORP BND FRN							1FE		9,900,000.00		100.936		9,992,663.71		9,900,000.00		9,900,000.00		92,663.71			—			—		—		0.856		0.918	MJSD		706.41		23,238.00		3/23/2011		3/28/2014
92344GAW6	VERIZON COMMUNICATIONS INC. CORP BND							1FE		6,784,125.00		101.199		6,909,085.25		6,250,000.00		6,662,428.34		246,656.91			(45,022.00	)		—		—		4.9		3.21	MS		90,173.61		153,125.00		2/17/2010		9/15/2015
92344SAJ9	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		6,369,194.90		113.983		6,302,113.44		5,529,000.00		6,094,836.96		207,276.48			(114,224.00	)		—		—		7.375		2.875	MN		52,103.14		203,882.00		4/20/2010		11/15/2013
92344SAN0	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		7,987,672.58		102.671		8,162,344.43		7,950,000.00		7,960,382.56		201,961.87			(8,673.00	)		—		—		5.25		5.021	FA		173,906.26		208,688.00		11/10/2009		2/1/2012
92344SAP5	CELLCO PARTNERSHIP/VERIZON WIR CORP BND							1FE		24,052,049.92		110.166		25,475,848.87		23,125,000.00		23,829,215.95		1,646,632.92			(131,638.00	)		—		—		5.55		4.266	FA		534,765.65		641,719.00		11/12/2010		2/1/2014
928670AE8	VW INTL FIN N.V. CORP BND 144A			F				1FE		5,009,015.00		100.34		5,016,999.80		5,000,000.00		5,008,260.53		8,739.27			(754.00	)		—		—		0.917		0.857	JAJO		11,844.58		—		3/24/2011		4/1/2014
92869AAC8	VALET_2010-1 ABS 10-1-A3					2		1FE		789,908.72		100.484		789,325.72		785,520.85		789,331.79		(6.07	)		(577.00	)		—		—		1.31		0.706	MON		314.43		1,715.00		5/12/2011		1/20/2013
92922F3N6	WAMU_05-A12 CMO_05-AR12 1A8					2	NRZ			3,764,021.69		84.802		3,224,728.12		3,802,642.29		3,765,449.47		(540,721.35	)		320.00			—		—		2.722		2.878	MON		8,624.49		51,776.00		1/10/2008		10/25/2035
92922FNJ3	WASHINGTON MUTUAL WHOLE CMO 04-AR3 A2					2	NRZ			701,519.03		97.173		698,438.70		718,757.99		702,294.77		(3,856.07	)		112.00			—		—		2.577		3.079	MON		1,543.56		9,523.00		8/10/2007		6/25/2034
92922FW46	WASHINGTON MUTUAL CMO 05-AR10 1A3					2		3FE		2,939,882.81		78.929		2,367,870.00		3,000,000.00		2,960,841.84		(592,971.84	)		655.00			—		—		2.765		2.942	MON		6,913.25		41,519.00		3/24/2006		9/25/2035
92924SAA6	WESTFIELD GROUP CORP BND 144A			R				1FE		2,960,718.75		93.983		3,180,405.14		3,025,000.00		3,005,909.09		174,496.05			7,166.00			—		—		5.4		5.929	AO		40,837.50		81,675.00		12/24/2008		10/1/2012
92928WAF2	WMC FINANCE LTD CORP BND			F				1FE		2,162,260.00		107.605		2,152,090.14		2,000,000.00		2,094,032.80		58,057.34			(24,275.00	)		—		—		5.125		2.537	MN		13,097.22		51,250.00		1/27/2010		5/15/2013
929766CT8	WACHOVIA BANK COMM MTG TR CMBS 03-C3					2		1FE		623,152.36		99.385		640,636.69		641,250.30		639,325.64		1,311.05			4,246.00			—		—		4.037		5.269	MON		2,157.28		12,944.00		8/27/2008		2/15/2035
92976WBA3	WACHOVIA CORPORATION CORP BND MTN							1FE		527,500.00		101.414		545,461.35		500,000.00		511,254.57		34,206.78			(2,539.00	)		—		—		5.7		4.556	FA		11,875.00		14,250.00		1/31/2008		8/1/2013
92976WBJ4	WACHOVIA CORPORATION CORP BND MTN							1FE		9,141,125.82		107.557		9,034,773.80		8,400,000.00		8,947,715.56		87,058.24			(145,341.00	)		—		—		5.5		1.866	MN		77,000.00		231,000.00		11/12/2010		5/1/2013
931142AS2	WAL-MART STORES INC CORP BND							1FE		6,759,610.00		112.99		6,506,097.98		5,800,000.00		6,450,987.67		55,110.31			(166,002.00	)		—		—		7.25		1.305	JD		35,041.67		210,250.00		7/22/2010		6/1/2013
931142BT9	WAL-MART STORES INC CORP BND							1FE		2,291,772.00		106.917		2,245,262.92		2,100,000.00		2,234,395.04		10,867.88			(36,010.00	)		—		—		4.55		1.019	MN		15,925.00		47,775.00		9/10/2010		5/1/2013
931142CL5	WAL-MART STORES INC CORP BND							1FE		8,537,028.01		106.089		8,487,153.36		8,000,000.00		8,387,858.36		99,295.00			(101,136.00	)		—		—		4.25		1.492	AO		71,777.78		170,000.00		1/10/2011		4/15/2013
931142CR2	WAL-MART STORES INC CORP BND							1FE		3,024,810.00		103.487		3,104,598.54		3,000,000.00		3,019,614.71		84,983.83			(2,465.00	)		—		—		2.875		2.69	AO		21,562.51		43,125.00		5/20/2010		4/1/2015
931142CX9	WAL-MART STORES INC CORP BND							1FE		3,655,118.25		98.036		3,602,823.40		3,675,000.00		3,657,742.88		(54,919.48	)		1,908.00			—		—		1.5		1.613	AO		10,106.25		27,563.00		10/18/2010		10/25/2015
931142DA8	WAL-MART STORES INC CORP BND							1FE		2,094,330.00		101.323		2,127,783.61		2,100,000.00		2,094,704.53		33,079.08			375.00			—		—		1.625		1.718	AO		6,919.79		—		4/11/2011		4/15/2014
931142DC4	WAL-MART STORES INC CORP BND							1FE		4,981,550.00		102.131		5,106,567.00		5,000,000.00		4,982,246.94		124,320.06			697.00			—		—		2.8		2.88	AO		28,388.89		—		4/11/2011		4/15/2016
931422AD1	WALGREEN CO CORP BND							1FE		6,200,660.25		108.047		6,725,953.14		6,225,000.00		6,214,263.98		511,689.16			2,409.00			—		—		4.875		4.963	FA		126,445.32		151,734.00		7/14/2008		8/1/2013
93316UAD9	WALTER ENERGY INC TERM LOAN							1Z		—		99.979		—		—		—		—			—			—		—		0		0	FMAN		—		4,733.00		3/4/2011		2/4/2018
93443NAW9	WARNER CHILCOTT CORP TERM LOAN					1		1Z		—		99.969		—		—		—		—			—			—		—		0		0	MJSD		—		5,744.00		3/14/2011		3/14/2018
93443NAX7	WARNER CHILCOTT CORP TERM LOAN					1		1Z		—		99.969		—		—		—		—			—			—		—		0		0	MJSD		—		2,872.00		3/14/2011		3/14/2018
93443NAY5	WARNER CHILCOTT CORP TERM LOAN					1		1Z		—		99.969		—		—		—		—			—			—		—		0		0	MJSD		—		3,949.00		3/14/2011		3/14/2018
93934FEN8	WMALT_05-5 CMO 05-9-2A2					2		5FE		4,798,594.49		79		4,137,396.62		5,237,210.91		4,823,176.89		(685,780.27	)		6,136.00			—		—		5.5		7.601	MON		24,003.88		144,023.00		12/17/2007		11/25/2035
949744AA4	WELLS FARGO & COMPANY — GTD CORP BND							1FE		1,298,479.00		103.122		1,315,463.50		1,300,000.00		1,298,661.85		16,801.65			183.00			—		—		3		3.658	JD		2,383.33		19,500.00		12/3/2008		12/9/2011
949746NY3	WELLS FARGO & COMPANY CORP BND							1FE		797,552.00		105.014		840,112.42		800,000.00		799,166.48		40,945.94			251.00			—		—		4.375		4.444	JJ		14,680.56		17,500.00		1/25/2008		1/31/2013
949746QU8	WELLS FARGO & COMPANY CORP BND							1FE		1,963,144.95		103.526		2,018,763.86		1,950,000.00		1,962,336.80		56,427.06			(808.00	)		—		—		3.676		3.536	MS		21,106.37		48,224.00		2/10/2011		6/15/2016
94974BEU0	WELLS FARGO & COMPANY CORP BND							1FE		4,044,937.50		104.569		4,235,038.34		4,050,000.00		4,046,156.25		188,882.09			465.00			—		—		3.625		3.652	AO		30,993.76		73,406.00		3/23/2010		4/15/2015
94975CAL1	WELLS FARGO FINANCIAL INC CORP BND							1FE		804,015.00		105.044		787,827.13		750,000.00		771,651.41		16,175.72			(9,733.00	)		—		—		5.5		2.781	FA		17,187.50		20,625.00		10/20/2009		8/1/2012
949781AA6	WFMBS CMO 05-AR1 1A1					2	NRZ			2,747,449.87		90		2,533,139.05		2,814,598.94		2,754,283.02		(221,143.97	)		739.00			—		—		2.737		3.254	MON		6,420.24		38,538.00		12/5/2006		2/25/2035
949781AC2	WFMBS CMO 05-AR1 2A1					2		3FE		768,840.79		85.67		675,122.01		788,049.50		769,675.65		(94,553.64	)		146.00			—		—		2.733		3.217	MON		1,794.51		10,790.00		5/27/2008		2/25/2035
949797AA2	WFMBS WHOLE CMO 07-15 A1					2	NRZ			323,951.96		94		302,599.96		321,914.85		323,748.65		(21,148.69	)		6.00			—		—		6		5.59	MON		1,609.57		9,657.00		1/17/2008		11/25/2037
94980RAC1	WFMBS_04-Z CMO 04-Z-2A1					2	NRZ			224,100.88		93		210,253.52		226,079.05		224,195.21		(13,941.69	)		11.00			—		—		2.739		2.874	MON		516.04		3,098.00		1/14/2008		12/25/2034
94981NAH8	WFMBS_05-AR4 CMO 05-AR4 2A2					2	NRZ			2,149,924.66		92.242		2,040,445.63		2,212,052.22		2,154,340.87		(113,895.24	)		789.00			—		—		2.752		3.339	MON		5,072.94		30,722.00		7/19/2006		4/25/2035
94982BAG5	WFMBS CMO 05-AR8 3A2					2	NRZ			831,831.16		94.864		802,780.67		846,243.75		833,704.65		(30,923.98	)		1,251.00			—		—		2.774		3.087	MON		1,955.98		11,991.00		12/15/2005		6/25/2035
949835AB8	WFMBS CMO_05-AR15 1A2					2		2FE		3,616,975.82		94.32		3,420,349.69		3,626,324.95		3,617,258.40		(196,908.71	)		15.00			—		—		5.047		5.07	MON		15,250.96		91,610.00		1/28/2008		9/25/2035
95081HAJ3	WESCO AIRCRAFT LN1 TERM LOAN					1		1Z		—		100.143		—		—		—		—			26.00			—		—		0		0.041	MJSD		—		2,689.00		4/4/2011		4/7/2017
95806AAB9	WESTERN CORPORATE FEDERAL CRED CORP BND							1FE		6,457,149.50		101.805		6,566,422.05		6,450,000.00		6,453,649.02		112,773.03			(1,338.00	)		—		—		1.75		1.707	MN		18,498.95		56,438.00		1/27/2010		11/2/2012
959802AN9	WESTERN UNION CORP BND							1FE		11,100,000.00		100.56		11,162,159.78		11,100,000.00		11,100,000.00		62,159.78			—			—		—		0.832		0.89	MJSD		6,156.81		25,232.00		3/2/2011		3/7/2013
961214BP7	WESTPAC BANKING CORP BND			F				1FE		6,667,924.50		100.468		6,706,220.31		6,675,000.00		6,668,665.88		37,554.43			658.00			—		—		3		3.023	JD		12,237.51		100,125.00		12/2/2010		12/9/2015
961214BR3	WESTPAC BANKING CORP BND			F				1FE		9,195,216.00		100.802		9,273,789.06		9,200,000.00		9,196,089.43		77,699.63			775.00			—		—		1.85		1.868	JD		10,401.11		85,100.00		12/2/2010		12/9/2013
9612EAAB1	WESTPAC SECURITIES NZ LTD CORP BND GOVT			F				1FE		3,130,512.81		106.188		3,291,827.88		3,100,000.00		3,125,610.54		166,217.34			(3,899.00	)		—		—		3.45		3.166	JJ		45,453.75		53,475.00		11/12/2010		7/28/2014
9612EMAH2	WESTPAC BANKING CORP — GTD SENIOR CORP			F				1FE		10,104,800.00		104.529		10,452,899.90		10,000,000.00		10,078,163.74		374,736.16			(11,543.00	)		—		—		2.9		2.643	MS		89,416.67		145,000.00		4/28/2010		9/10/2014
981464BD1	WORLD FINANCIAL NETWORK CREDIT ABS_06-A					2		1FE		12,301,269.53		98.702		12,337,750.00		12,500,000.00		12,333,697.01		4,052.99			32,427.00			—		—		0.317		1.059	MON		1,761.39		15,162.00		2/16/2011		2/15/2017
98158KAD1	WORLD OMNI AUTO RECEIVABLES TR ABS 11-A					2		1FE		4,599,795.30		100.934		4,642,963.91		4,600,000.00		4,599,801.60		43,162.31			6.00			—		—		1.91		1.918	MON		3,904.89		23,185.00		3/2/2011		4/16/2016
983024AA8	WYETH CORP BND							1FE		1,104,250.00		107.654		1,076,539.15		1,000,000.00		1,059,644.14		16,895.01			(16,949.00	)		—		—		5.5		1.929	MS		16,194.44		27,500.00		3/3/2010		3/15/2013
983024AE0	WYETH CORP BND							1FE		2,166,200.20		110.335		2,206,693.72		2,000,000.00		2,111,166.15		95,527.57			(20,399.00	)		—		—		5.5		3.241	FA		45,833.33		55,000.00		2/19/2010		2/1/2014
984121CC5	XEROX CORPORATION CORP BND							2FE		2,700,000.00		100.482		2,713,014.05		2,700,000.00		2,700,000.00		13,014.05			—			—		—		1.081		1.081	FMAN		3,565.65		—		5/13/2011		5/16/2014
BRS17HYX4	PENN NTL GAMING INC. TERM LOAN							3		1,997,500.00		95.688		1,997,500.00		2,000,000.00		1,997,939.26		(439.26	)		439.00			—		—		0		0.081	MON		—		8,876.00		5/16/2011		10/3/2012
BRS29NQV0	HELIX ENERGY SOLUTIONS									1,509,904.43				1,503,035.66		1,513,757.61		1,510,700.27		(7,664.61	)							—							—
BRS2VEN71	TIME WARNER TELECOM HOLDINGS I TERM LOAN							1Z		—		0		—		—		—		—			—			—		—		0		0	JAJO		—		—		00/00/0000		1/7/2013
BRS2Z8AR0	GENERAC POWER SYSTEMS INC TERM LOAN							1Z		1,922,335.00		98.804		1,901,721.03		1,924,740.93		1,922,561.14		(20,840.11	)		226.00			—		—		2.736		2.844	FMAN		7,751.42		1,344.00		3/8/2011		11/10/2013
BRS2ZVNV6	HCA INC									1,995,000.00				1,984,800.00		2,000,000.00		1,995,198.22		(10,398.22	)							—							—
BRS35M6E4	TPF GENERATION HOLDINGS LLC									173,574.26				171,805.06		173,791.50		173,645.75		(1,840.69	)							—							173.56
BRS382C16	ARAMARK CORP									1,881,277.82				1,834,832.30		1,876,586.35		1,880,801.86		(45,969.56	)							—							—

Validus Holdings, Ltd June 30, 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
BRS382CP3	ARAMARK CORP									123,722.18				120,667.70		123,413.65		123,690.88		(3,023.18	)							—								—
BRS38FMB4	UNITED AIR LINES INC. TERM LOAN							1Z		2,920,000.00		95.05		2,851,500.00		3,000,000.00		2,926,014.23		(74,514.23	)		6,014.00			—		—			2.273		3.288	FMAN		11,366.25			15,494.00		5/13/2011		2/3/2014
BRS3BP8V0	B&G FOODS INC LN1 TERM LOAN									995,000.00		99.675		996,750.00		1,000,000.00		996,110.49		639.51			1,110.00			—		—			2.26		2.555	FMAN		2,462.22			9,497.00		12/16/2010		2/26/2013
BRS3BRB18	NATIONAL CINEMEDIA INC LN1 TERM LOAN									1,471,875.00		97.8		1,467,000.00		1,500,000.00		1,475,054.71		(8,054.71	)		3,180.00			—		—			1.75		2.536	FMAN		3,622.92			12,697.00		12/16/2010		2/13/2015
BRS3D32G6	GRAY TELEVISION INC.									5,107,653.96				5,059,367.37		5,166,995.90		5,112,395.09		(53,027.72	)							—								—
BRS3D3LA8	CHARTER COMMUNICATIONS HOLDING LN1 TERM							4		136,591.55		90.063		136,147.63		136,591.55		136,591.55		(443.92	)		—			—		—			0		0	MON		—			396.00		3/8/2011		3/6/2014
BRS3K93X7	FORD MOTOR COMPANY									1,091,147.26				1,089,837.88		1,091,147.26		1,091,147.26		(1,309.38	)							—								—
BRS3NTN59	CEQUEL COMMUNICATIONS LLC TERM LOAN							3		3,954,455.14		91.175		3,942,161.04		3,979,247.63		3,957,943.22		(15,782.18	)		3,488.00			—		—			0		0.225	MON		—			19,153.00		5/26/2011		11/5/2013
BRS3SKK31	LOCAL TV ON SATELLITE LLC TERM LOAN							1Z		1,543,182.59		97.646		1,533,695.75		1,570,669.31		1,547,847.84		(14,152.09	)		4,665.00			—		—			2.29		3.09	FMAN		5,295.34			14,396.00		2/1/2011		5/7/2013
BRS3T9YQ9	LAS VEGAS SANDS LLC LN1 TERM LOAN							3FE		—		70.219		—		—		—		—			—			—		—			0		0	MJSD		—			9,817.00		00/00/0000		5/23/2014
BRS3V66X8	IPC SYSTEMS INC TERM LOAN							1		—		0		—		—		—		—			—			—		—			2.504		0	FMAN		—			1,688.00		00/00/0000		6/2/2014
BRS3YPRC6	CLAIRES STORES INC. CLAIRES STORES TERM							4		1,805,000.00		91.609		1,832,180.00		2,000,000.00		1,805,000.00		27,180.00			—			—		—			8.07		12.308	MN		—			—		6/20/2011		5/29/2014
BRS42NQM3	POLYPORE INC LN1 TERM LOAN									1,969,253.00		99.25		1,969,253.01		1,984,134.02		1,970,998.00		(1,744.99	)		1,745.00			—		—			2.303		2.529	JAJO		11,296.72			18,511.00		12/17/2010		7/3/2014
BRS448NT2	COMMUNITY HLTH SYST INC									1,846,583.76				1,826,098.75		1,891,507.06		1,852,651.65		(26,552.90	)							—								—
BRS47V568	CENGAGE (THOMSON LEARNING) TL									3,663,056.63				3,580,416.34		3,984,482.73		3,673,898.09		(93,481.75	)							—								—
BRS47V6P5	BIOMET INC LN1 TERM LOAN							3		5,966,596.27		93.239		5,912,014.68		5,969,018.81		5,966,340.55		(54,325.87	)		(256.00	)		—		—			0		0.012	MON		—			59,118.00		5/26/2011		3/25/2015
BRS47WDF7	COMMUNITY HLTH SYST INC									94,804.85				93,753.13		97,111.24		95,116.38		(1,363.25	)							—								—
BRS4BYYF5	MILLENNIUM INORGANIC CHEMICALS TERM LOAN							4FE		2,058,203.45		99.375		2,050,465.85		2,063,361.86		2,058,656.00		(8,190.15	)		453.00			—		—			0		0.078	FMAN		—			14,653.00		3/8/2011		5/15/2014
BRS4QJJM4	DOLLAR GENERAL CORPORATION LN1 TERM LOAN							3		2,000,000.00		94.875		1,999,720.00		2,000,000.00		2,000,000.00		(280.00	)		—			—		—			0		0	MON		—			—		6/21/2011		7/7/2014
BRS4QJKV2	FREESCALE SEMICONDUCTOR INC. TERM LOAN									3,467,093.34		99.313		3,459,852.32		3,483,785.93		3,469,461.85		(9,609.53	)		2,369.00			—		—			0		0.167	MON		—			25,417.00		5/16/2011		12/1/2013
BRS4QJRM5	PINNACLE FOODS FINANCE									4,943,750.00				4,951,250.00		5,000,000.00		4,951,666.81		(416.81	)							—								—
BRS4QJTT8	SORENSON COMMUNICATIONS INC LN1 TERM							4		2,279,614.66		90.875		2,283,364.66		2,360,066.83		2,290,019.08		(6,654.42	)		10,404.00			—		—			0		1.401	MON		—			46,651.00		3/8/2011		8/16/2013
BRS4QJUM1	TEAM HLTH INC. LN1 TERM LOAN									—				—		—		—		—			—			—		—			2.259		0	FMAN		—			—		00/00/0000		11/23/2012
BRS58NX61	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN							3		2,400,353.04		91.411		2,386,965.57		2,403,332.27		2,400,688.36		(13,722.79	)		335.00			—		—			0		0.028	MON		—			7,699.00		5/26/2011		4/24/2015
BRS58NXF1	BAUSCH & LOMB INCORPORATED LN1 TERM LOAN							3		584,280.98		91.411		581,024.12		585,008.02		584,362.81		(3,338.69	)		82.00			—		—			0		0.028	MON		—			2,749.00		5/26/2011		4/24/2015
BRS59XBE5	FIRST DATA CORPORATION									3,610,894.82				3,586,590.28		3,875,802.68		3,628,639.73		(42,049.45	)							—								—
BRS5B8108	CATALINA MARKETING CORPORATION LN1 TERM							3		1,318,670.04		92		1,303,448.26		1,323,633.67		1,319,334.63		(15,886.37	)		654.00			—		—			0		0.099	MON		—			16,640.00		12/20/2010		10/1/2014
BRS5BXBC6	AEROFLEX INCORPORATED LN1 TERM LOAN									—				—		—		—		—			—			—		—			4.261		0	FMAN		—			—		00/00/0000		8/15/2014
BRS5BXCY7	ALLISON TRANSMIS									6,357,416.43				6,288,877.51		6,423,055.13		6,359,704.00		(70,826.49	)							—								(1,069.44	)
BRS5LGXZ7	TELESAT CANADA TERM LOAN									6,984,050.48		98.563		6,903,504.26		7,004,153.96		6,983,859.10		(80,354.84	)		(191.00	)		—		—			0		0.086	MON		—			26,705.00		6/7/2011		10/31/2014
BRS5LH024	SERVICEMASTER CO									2,595,482.22				2,628,834.34		2,707,152.25		2,608,438.46		20,395.88								—								—
BRS6U4Y32	GRAPHIC PACKAGING INTL LN1 TERM LOAN							3		4,723,777.33		94.375		4,704,988.17		4,719,713.68		4,723,453.34		(18,465.17	)		—			—		—			0		0	JAJO		—			251.00		00/00/0000		5/16/2014
BRS6WDST0	NETWORK RAIL INFRASTRUCTURE FI CORP BND			D				1FE		6,545,424.63		105.161		5,440,100.22		3,300,000.00		6,574,626.79		(1,134,526.57	)		5,030.00			—		(1,282,327.17	)		4.875		4.978	MAR		81,858.20			261,663.00		4/22/2008		3/7/2012
BRS6WT6X0	SERVICEMASTER CO									258,471.26				261,792.64		269,591.93		259,761.51		2,031.13								—								—
BRS748CX8	FEDERAL MOGUL TL B									3,812,398.68				3,740,709.39		3,959,302.49		3,814,313.44		(73,604.05	)							—								—
BRS748CY6	FEDERAL MOGUL CORP									1,945,101.39				1,908,525.24		2,020,052.32		1,945,867.32		(37,342.08	)							—								—
BRS7AQH73	SUNGARD DATA SYSTEMS INC.									3,246,250.00				3,237,812.50		3,250,000.00		3,246,303.16		(8,490.66	)							—								—
BRS7R1MF6	TPF GENERATION HOLDINGS LLC TERM LOAN							1Z		553,701.89		99.375		550,929.91		554,394.88		553,756.45		(2,826.54	)		55.00			—		—			2.274		0.047	JAJO		2,276.00			2,087.00		3/8/2011		12/15/2013
BRS7X5P83	UNITED KINGDOM GILT GOVT BND			D				1FE		3,059,545.68		96.1		3,547,330.07		2,150,000.00		3,078,796.23		468,533.84			4,282.00			—		346,011.26			2.25		2.552	MS		24,480.93			39,204.00		3/20/2009		3/7/2014
BRS8CFLV5	SUNGARD DATA SYSTEMS INC.									1,997,336.53				2,040,903.60		2,051,180.01		2,002,319.36		38,584.24								—								—
BRS8FY3M1	TELESAT CANADA TERM LOAN									599,917.23		98.563		592,998.42		601,644.04		599,900.79		(6,902.37	)		(16.00	)		—		—			0		0.086	MON		—			2,294.00		6/7/2011		10/31/2014
BRS8GH3X3	GEORGIA-PACIFIC CORPORATION									3,002,888.74				2,984,565.52		2,984,237.25		3,001,729.14		(17,163.62	)							—								—
BRS8PB696	TPF GENERATION HOLDINGS LLC TERM LOAN							1Z		994,566.76		99.375		989,587.69		995,811.51		994,663.54		(5,075.85	)		97.00			—		—			2.246		2.298	MJSD		62.13			5,542.00		3/8/2011		12/15/2013
BRS8R3U20	HUNTSMAN INTL LLC TERM LOAN							1Z		5,947,500.00		97.153		5,829,180.00		6,000,000.00		5,948,976.63		(119,796.63	)		1,477.00			—		—			2.504		2.75	FMAN		12,937.34			16,831.00		5/13/2011		6/30/2016
BRS8WUHY9	SILVMA ABS_09-1 A3			D		1	NRF			833,161.50		104.866		858,618.45		510,000.00		833,161.50		25,456.95			—			—		(14,382.00	)		5.063		5.059	AO		8,041.78			21,393.00		10/27/2009		10/21/2016
BRS8ZGYZ5	MICHAELS STORES, INC.									3,985,000.00				3,972,720.00		4,000,000.00		3,985,000.00		(12,280.00	)							—								—
BRS92C2N0	KREDITANSTALT FUER WIEDERAUFBA CORP BND			F				1FE		1,998,240.00		100.183		2,003,658.28		2,000,000.00		1,999,552.07		4,106.21			559.00			—		—			0.875		0.93	NOV		10,597.22			—		5/3/2010		11/23/2011
BRS96AL33	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			D				1FE		3,403,270.07		102.637		3,707,530.87		2,250,000.00		3,397,558.94		309,971.93			(2,537.00	)		—		228,453.82			2.625		2.447	DEC		52,736.56			—		4/27/2010		12/10/2013
BRS9GBGH5	BORDENINC. TERM LOAN							3Z		1,178,678.11		98.175		1,159,336.18		1,180,887.38		1,178,826.03		(19,489.85	)		148.00			—		—			4.022		4.09	FMAN		7,520.56			11,629.00		5/13/2011		5/5/2015
BRS9GBTB4	HEXION SPECIALTY CHEMICALS TL TERM LOAN							3Z		2,794,903.46		98.175		2,749,044.09		2,800,146.77		2,795,257.33		(46,213.24	)		354.00			—		—			4.022		4.09	FMAN		17,832.91			18,249.00		5/13/2011		5/5/2015
BRS9M4ZE0	SOLUTIA INC LN1 TERM LOAN							4FE		2,873,203.12		100.542		2,870,833.18		2,855,357.14		2,872,392.15		(1,558.97	)		(811.00	)		—		—			0		-0.103	MJSD		—			27,216.00		3/1/2011		3/17/2017
BRS9ND148	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		4,153,705.78		0		4,440,414.42		2,700,000.00		4,139,875.50		300,538.92			(7,330.00	)		—		268,842.70			3		2.571	DEC		73,393.26			—		7/12/2010		12/7/2015
BRS9NN9D8	CHARTER COMMUNICATIONS HOLDING									5,031,358.67				5,023,583.00		5,043,808.67		5,032,465.94		(8,882.94	)							—								—
BRS9PP719	QUAD GRAPHICS INC									1,970,050.24				1,993,432.15		1,989,949.74		1,971,619.48		21,812.67								—								—
BRS9SHAY8	HCA INC LN1 TERM LOAN									1,995,000.00		98.562		1,971,240.00		2,000,000.00		1,995,371.40		(24,131.40	)		371.00			—		—			3.496		3.613	FMAN		6,718.78			37,155.00		12/16/2010		3/31/2017
BRS9W7N54	MCC IOWA LLC TERM LOAN							3FE		1,970,075.18		99.103		1,967,157.30		1,984,962.41		1,970,732.97		(3,575.67	)		658.00			—		—			0		0.112	JAJO		—			26,301.00		12/17/2010		10/23/2017
BRS9WB7G9	ARKEL_10-1 ABS_10-1 5A			D		2		1FE		918,390.00		103.758		999,473.54		600,000.00		918,390.00		81,083.54			—			—		44,880.00			4.681		4.678	FA		16,553.83			22,683.00		4/30/2010		2/17/2017
BRS9YCJN7	BUFFETS INC TERM LOAN							4FE		1,891,071.47		88		1,746,695.56		1,984,881.32		1,898,510.84		(151,815.28	)		7,439.00			—		—			10		11.409	JAJO		38,594.91			59,311.00		4/22/2011		4/22/2015
BRS9YEPB2	UPC FINANCING PARTNERSHIP TERM LOAN							1Z		1,992,500.00		98.542		1,970,840.00		2,000,000.00		1,992,576.30		(21,736.30	)		76.00			—		—			3.686		3.771	JAJO		12,336.97			—		5/27/2011		12/31/2017
BRSA29H08	UNITED KINGDOM GILT GOVT BND			D				1FE		2,450,269.56		102.92		2,395,877.25		1,450,000.00		2,449,693.24		(53,815.99	)		(576.00	)		—		(43,906.41	)		3.75		3.324	MS		27,517.33			—		5/26/2011		9/7/2020
BRSA43XR2	CABLEVISION SYSTEMS CORPORATIO TERM LOAN							1Z		6,978,800.01		100.233		6,987,562.07		6,971,318.90		6,978,498.48		9,063.59			(302.00	)		—		—			2.004		2.019	FMAN		12,030.17			18,950.00		6/3/2011		3/29/2016
BRSA440T2	NUANCE COMMUNICATIONS INC LN1 TERM LOAN									978,604.65		99.458		986,870.07		992,248.05		980,957.09		5,912.98			2,352.00			—		—			1.996		2.714	MJSD		110.02			5,786.00		12/15/2010		3/29/2013
BRSABN708	DEAN FOODS COMPANY TERM LOAN							1Z		2,935,250.76		97.094		2,895,773.71		2,982,443.52		2,938,226.52		(42,452.81	)		2,976.00			—		—			0		0.309	MJSD		—			37,680.00		5/16/2011		4/2/2016
BRSAD09Q7	DEAN FOODS TERM LOAN							1		1,941,410.24		98.333		1,916,232.81		1,948,717.94		1,942,105.67		(25,872.86	)		695.00			—		—			0		0.122	JAJO		—			13,530.00		2/1/2011		4/2/2014
BRSAG8QE5	VNU GROUP B.V. CORP BND							1Z		1,989,974.81		99.374		1,982,473.76		1,994,962.22		1,990,005.46		(7,531.70	)		31.00			—		—			3.436		3.51	JAJO		12,231.00			—		6/9/2011		5/1/2016
BRSAHW6G8	LAS VEGAS SANDS LLC TERM LOAN							1Z		947,022.34		97.138		934,107.94		961,629.78		947,464.69		(13,356.75	)		442.00			—		—			2.69		3.213	FMAN		1,963.51			6,409.00		5/16/2011		11/23/2016
BRSAHW876	LAS VEGAS SANDS LLC TERM LOAN							1Z		4,936,990.21		97.138		4,872,224.52		5,015,776.03		4,939,497.10		(67,272.58	)		2,507.00			—		—			2.69		3.242	FMAN		12,168.76			25,038.00		5/16/2011		11/6/2016
BRSAQNGR3	ADVANCE PIERRE FOODS									1,980,037.50				1,994,925.00		1,985,000.00		1,980,484.49		14,440.51								—								—
BRSAR9KL1	GRIFOLS SA									3,040,000.00				3,009,390.00		3,000,000.00		3,039,812.91		(30,422.91	)							—								—
BRSAWQ120	UNIVISION COMMUNICATIONS INC.									5,781,248.03				5,653,834.85		5,964,841.70		5,790,201.56		(136,366.71	)							—								—
BRSAZLZQ8	GREEN MOUNTAIN COFFEE ROASTERS TERM							1		—		0		—		—		—		—			—			—		—			0		0	FMAN		—			—		00/00/0000		11/9/2016
BRSAZNPE2	TRANSDIGM NEW TERM LOAN TERM LOAN							1Z		587,050.00		100.553		590,293.45		587,050.00		587,050.00		3,243.45			—			—		—			0		0	FA		—			8,384.00		2/15/2011		11/9/2016
BRSAZTC86	COMMUNITY HLTH SYST INC TERM LOAN							3FE		5,912,456.22		97.529		5,832,160.72		5,979,924.66		5,912,204.18		(80,043.46	)		(252.00	)		—		—			0		0.204	FMAN		—			29,673.00		6/20/2011		1/25/2017
BRSB2TL72	CHG HEALTHCARE SERVICES TL-B TERM LOAN							1Z		998,750.00		100.094		1,000,940.00		1,000,000.00		998,785.05		2,154.95			35.00			—		—			6.72		6.797	JAJO		14,747.33			—		5/23/2011		10/1/2016
BRSB5PYE8	INTELSAT JACKSON									2,132,142.85				2,148,660.00		2,142,857.14		2,132,808.11		15,851.89								—								—
BRSB5UM91	TW TELECOM INC TERM LOAN							4FE		992,207.80		99.813		990,352.37		992,207.80		992,207.80		(1,855.43	)		—			—		—			0.254		0.292	FMAN		217.02			14,940.00		1/18/2011		12/29/2016
BRSB7CXP1	SYNIVERSE HLDGS LN1 TERM LOAN							4FE		512,226.00		100.417		519,557.56		517,400.00		512,554.98		7,002.58			329.00			—		—			0		0.144	MJSD		—			6,215.00		12/21/2010		12/15/2017
BRSB98M47	SWIFT TRANSPORTATION CO LLC									2,614,977.22				2,652,617.04		2,641,391.13		2,617,047.86		35,569.18								—								733.72
BRSB9FFC1	BIG WEST OIL LLC TERM LOAN							1Z		921,684.20		100.708		932,874.10		926,315.78		922,129.47		10,744.63			436.00			—		—			0		0.094	MJSD		—			31,922.00		12/17/2010		3/31/2016
BRSBBCPS9	ADVANTAGE SALES & MARKETING HO TERM LOAN							1Z		757,369.12		100.563		765,456.61		761,175.00		757,653.53		7,803.08			270.00			—		—			0		0.071	MJSD		—			21,095.00		12/17/2010		12/15/2017
BRSBBCR99	SHELL: CCC INFORMATION SYSTEMS TERM LOAN							1Z		265,963.50		100.713		270,564.13		268,650.00		266,233.50		4,330.63			270.00			—		—			0		0.204	MON		—			3,571.00		12/14/2010		11/11/2015
BRSBBCS15	CENVEO CORP TERM LOAN							1Z		492,525.00		100.907		502,009.84		497,500.00		492,944.30		9,065.54			410.00			—		—			0		0.166	MJSD		—			15,115.00		12/14/2010		12/21/2016
BRSBBCSA5	DARLING INTL INC. TERM LOAN							1Z		71,640.00		100.938		72,675.00		72,000.00		71,669.38		1,005.62			29.00			—		—			0		0.083	MJSD		—			2,114.00		12/15/2010		12/17/2016
BRSBBCT22	INTELSAT JACKSON HLDGS SA TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	MJSD		—			—		00/00/0000		12/23/2015
BRSBBCU87	REMY INTERNATIONAL INC TERM LOAN							1Z		241,337.25		100.75		245,603.31		243,775.00		241,535.54		4,067.77			198.00			—		—			0		0.168	MJSD		—			7,449.00		12/17/2010		12/28/2016
BRSBBCUC8	SWIFT TRANSP CO TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	MJSD		—			—		00/00/0000		12/21/2016
BRSBBCUF1	SYNIVERSE HLDGS TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	MJSD		—			—		00/00/0000		1/17/2018
BRSBBCVB9	TRANSTAR HOLDING COMPANY TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	MJSD		—			—		00/00/0000		12/21/2016
BRSBBJXL0	COMMSCOPE INC.									287,828.62				290,903.62		289,275.00		287,917.89		2,985.73								—								—
BRSBBKBD9	UCI INTERNATIONAL TL B									169,150.00				170,102.31		169,150.00		169,150.00		952.31								—								—
BRSBDPXK6	JPMORGAN CHASE & CO CORP BND EMTN			O				1FE		1,195,342.58		100.931		1,215,300.20		750,000.00		1,195,576.27		19,723.93			234.00			—		5,085.49			4.25		4.308	JJ		22,194.13			—		1/18/2011		1/25/2017
BRSBGXH81	DEL MONTE FOODS CO									5,466,417.98				5,447,485.94		5,465,417.98		5,466,481.32		(18,995.38	)							—								—
BRSBH14P6	HOUGHTON INTERNATIONAL INC LN1 TERM LOAN							1Z		2,360,889.68		100.375		2,351,387.46		2,342,602.70		2,360,117.89		(8,730.43	)		(772.00	)		—		—			0		-0.158	JAJO		27,671.99			48,703.00		3/8/2011		1/29/2016

Validus Holdings, Ltd June 30, 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
BRSBH1CU6	J CREW GROUP INC									915,000.00				875,096.85		915,000.00		915,000.00		(39,903.15	)							—								—
BRSBH1FB5	TWCC HOLDING CORP									897,750.00				899,994.38		897,750.00		897,750.00		2,244.38								—								—
BRSBH1PV0	ROCKWOOD SPECIALTIES GROUP INC									1,400,000.00				1,405,250.00		1,400,000.00		1,400,000.00		5,250.00								—								—
BRSBHN254	CPG INTERNATIONAL I INC									1,188,030.00				1,192,507.50		1,194,000.00		1,188,360.28		4,147.22								—								—
BRSBHPM99	TRANSUNION CORP									488,775.00				488,927.99		488,775.00		488,775.00		152.99								—								—
BRSBHT2D4	ACOSTA									3,017,500.00				2,999,070.00		3,000,000.00		3,016,949.30		(17,879.30	)							—								—
BRSBHYHD7	SAVERS INC TERM LOAN							1Z		310,000.00		100.021		310,065.10		310,000.00		310,000.00		65.10			—			—		—			0		0	FMAN		—			878.00		3/3/2011		3/4/2017
BRSBHYHF2	WALTER ENERGY INC									1,050,000.00				1,049,777.40		1,050,000.00		1,050,000.00		(222.60	)							—								—
BRSBJK2P4	REYNOLDS GROUP HOLDINGS INC									5,364,093.74				5,319,989.58		5,356,574.99		5,363,466.53		(43,476.95	)							—								—
BRSBK2348	GYMBOREE CORP TERM LOAN							4FE		2,778,537.47		96.781		2,691,515.87		2,781,037.47		2,778,577.14		(87,061.27	)		40.00			—		—			0		0.013	FMAN		—			21,138.00		5/16/2011		2/11/2018
BRSBK6YZ6	DUNKIN BRANDS INC TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	FMAN		—			1,272.00		00/00/0000		11/23/2017
BRSBK9U01	MOMENTIVE PERFORMANCE MATERIAL TERM LOAN							1Z		5,953,847.03		97.75		5,839,530.97		5,973,944.73		5,954,434.04		(114,903.07	)		587.00			—		—			3.688		3.901	MJSD		15,557.14			48,354.00		5/13/2011		5/4/2015
BRSBL01Z4	PHILLIPS-VAN HEUSEN CORP TERM LOAN							1Z		3,004,968.75		100.089		2,995,163.33		2,992,500.00		3,004,804.13		(9,640.80	)		(165.00	)		—		—			0		-0.085	FMAN		—			3,595.00		6/21/2011		5/16/2016
BRSBL1YL7	BURGER KING CORP TERM LOAN							1Z		6,479,981.20		99.646		6,452,059.77		6,474,981.20		6,479,757.31		(27,697.54	)		(224.00	)		—		—			3.261		1.502	FMAN		24,632.19			9,929.00		5/16/2011		10/19/2016
BRSBLLNC5	REGAL CINEMAS CORP							3FE		2,771,090.31		99.833		2,756,513.93		2,761,125.00		2,770,671.95		(14,158.02	)		(418.00	)		—		—			0		-0.057	JJ		—			27,527.00		2/24/2011		7/31/2017
BRSBLSR28	TOYOTA MOTOR CREDIT CORP SENIOR CORP BND			O				1		1,294,592.35		102.021		1,310,322.18		800,000.00		1,294,618.72		15,703.46			26.00			—		(12,300.42	)		4		3.99	DEC		17,734.73			—		2/18/2011		12/7/2017
BRSBLUG58	EDWARDS LTD LN1 TERM LOAN									—				—		—		—		—			—			—		—			5.5		0	MON		—			2,414.00		00/00/0000		5/31/2016
BRSBLUUU7	MICHAEL FOODS INC. TERM LOAN							4FE		3,313,012.50		99.911		3,283,837.28		3,286,762.50		3,311,896.40		(28,059.12	)		(1,116.00	)		—		—			0		-0.113	FMAN		—			41,547.00		3/2/2011		2/14/2018
BRSBLZKK9	NBTY INC. TERM LOAN							3FE		1,987,119.04		100		1,990,000.00		1,990,000.00		1,987,222.34		2,777.66			103.00			—		—			0		0.022	JAJO		—			19,734.00		3/16/2011		10/1/2017
BRSBMD3R1	PETCO ANIMAL SUPPLIES, INC.									1,997,500.00				1,992,720.00		2,000,000.00		1,997,500.00		(4,780.00	)							—								—
BRSBN8RA2	BWAY HOLDING							1Z		2,298,437.52		99.838		2,280,959.52		2,284,660.67		2,297,864.59		(16,905.07	)		(573.00	)		—		—			0		-0.087	FA		—			9,954.00		3/8/2011		2/9/2018
BRSBNH1C6	DINEEQUITY INC							1Z		2,253,133.42		99.984		2,235,275.72		2,235,633.42		2,252,403.76		(17,128.04	)		(730.00	)		—		—			0		-0.12	AO		—			26,584.00		2/23/2011		10/1/2017
BRSBNUWH2	HERTZ CORPORATION THE									1,592,010.00				1,586,934.72		1,596,000.00		1,592,032.79		(5,098.07	)							—								—
BRSBP35C1	ATTACHMATE CORP TERM LOAN							4FE		792,000.00		99.969		799,752.00		800,000.00		792,209.33		7,542.67			209.00			—		—			0		0.175	MJSD		—			—		2/25/2011		2/3/2017
BRSBPYZG1	ATLANTIC BROADBAND FINANCE LLC									801,929.06				802,097.47		801,929.06		801,929.06		168.41								—								—
BRSBPZM15	NOVELIS INC/GA									626,850.00				627,546.43		626,850.00		626,850.00		696.43								—								—
BRSBQ1JW5	CALPINE CORPORATION									2,992,500.00				2,961,452.81		2,992,500.00		2,992,500.00		(31,047.19	)							—								—
BRSBQ9RY5	CCM MERGER TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			7		0	MJSD		—			2,707.00		00/00/0000		3/1/2017
BRSBQFU50	IMS HEALTH INCORPORATED							3FE		4,886,496.52		100.047		4,888,793.17		4,886,496.52		4,886,496.52		2,296.65			—			—		—			0		0	FA		—			47,952.00		3/10/2011		8/26/2017
BRSBQPW49	UNIVERSAL HEALTH SERVICES INC TERM LOAN					1		3Z		1.00		100.194		1.00		1.00		1.00		—			—			—		—			0		0	MJSD		—			2,010.00		3/14/2011		11/15/2016
BRSBR0N68	HCA INC TERM LOAN							1Z		1,992,500.00		99.675		1,993,500.00		2,000,000.00		1,993,165.72		334.28			666.00			—		—			0		0.142	MJSD		—			2,000.00		3/8/2011		11/17/2013
BRSBR3DP1	BWAY HOLDING TERM LOAN							1Z		204,058.56		100.407		203,663.78		202,839.23		204,014.24		(350.46	)		(44.00	)		—		—			3.508		-0.086	FMAN		750.98			1,176.00		3/8/2011		2/9/2018
BRSBR4P35	JO-ANN STORES									2,673,000.00				2,654,451.00		2,700,000.00		2,674,046.74		(19,595.74	)							—								—
BRSBRMCQ8	WARNER CHILCOTT CORP									501,600.00				501,444.50		501,600.00		501,600.00		(155.50	)							—								—
BRSBRMD53	WARNER CHILCOTT CORP									250,800.01				250,722.26		250,800.01		250,800.01		(77.75	)							—								—
BRSBRMD95	WARNER CHILCOTT CORP									344,849.99				344,743.09		344,849.99		344,849.99		(106.90	)							—								—
BRSBRMFR3	METROPCS WIRELESS INC									3,969,842.26				3,968,321.33		3,983,258.55		3,970,353.62		(2,032.29	)							—								—
BRSBRN2H7	MEG ENERGY CORP									7,018,750.00				7,000,000.00		7,000,000.00		7,018,529.82		(18,529.82	)							—								—
BRSBSD3G9	CAPITAL AUTOMOTIVE TERM LOAN							4FE		977,362.04		99.925		986,493.95		987,234.38		977,804.15		8,689.80			442.00			—		—			0		0.166	MJSD		—			10,982.00		3/10/2011		3/11/2017
BRSBT4DY8	SERENA SOFTWARE TERM LOAN							1Z		2,983,750.00		97.625		2,928,750.00		3,000,000.00		2,983,993.88		(55,243.88	)		244.00			—		—			4.247		4.458	MJSD		3,538.75			2,274.00		6/2/2011		3/10/2016
BRSBTKQC6	ISLE OF CAPRI CASINOS INC. TERM LOAN							1Z		—		0		—		—		—		—			—			—		—			0		0	MJSD		—			313.00		00/00/0000		3/1/2017
BRSBTMS22	WESCO AIRCRAFT									287,280.00				288,411.84		288,000.00		287,305.67		1,106.17								—								—
BRSBU37B5	PILOT TRAVEL CENTERS LLC									1,243,750.00				1,252,262.50		1,250,000.00		1,243,955.95		8,306.55								—								—
BRSBU8QR8	TRANSTAR HOLDING COMPANY LN1 TERM LOAN							3FE		796,000.00		100.125		796,995.00		796,000.00		796,000.00		995.00			2,071.00			—		—			0		0.128	MJSD		—			50,730.00		3/10/2011		12/21/2016
BRSBUTEL8	ROCK-TENN CO TERM LOAN							1Z		1,100,000.00		100.188		1,102,068.00		1,100,000.00		1,100,000.00		2,068.00			—			—		—			0		0	MS		—			—		3/28/2011		1/24/2017
BRSBUXKB4	WESTERN REFINING INC TERM LOAN							1Z		864,084.37		101.083		882,265.06		872,812.50		864,428.61		17,836.45			344.00			—		—			0		0.167	MJSD		—			15,456.00		3/25/2011		3/15/2017
BRSBUXKY4	KINDRED HEALTHCARE INC. TERM LOAN							1Z		3,534,500.00		99.75		3,541,125.00		3,550,000.00		3,534,636.51		6,488.49			137.00			—		—			0		0.063	MJSD		—			—		5/19/2011		3/30/2018
BRSBVKNS1	JARDEN CORP TERM LOAN							3FE		1,995,000.00		100.136		1,997,713.20		1,995,000.00		1,995,000.00		2,713.20			—			—		—			0		0	MS		—			15,624.00		3/30/2011		3/31/2018
BRSBW6C87	AMERISTAR CASINOS, INC.									1,666,635.47				1,674,989.53		1,670,812.50		1,666,744.35		8,245.18								—								—
BRSBWG6S8	DELTA AIR LINES INC.									4,440,000.00				4,448,439.00		4,500,000.00		4,441,464.50		6,974.50								—								—
BRSBXUEK4	HUBBARD RADIO TERM LOAN					1		1Z		626,850.00		100.531		633,345.30		630,000.00		626,933.99		6,411.31			84.00			—		—			0		0.083	JAJO		—			5,237.00		4/12/2011		4/12/2017
BRSBXV0N1	REYNOLDS GROUP HOLDINGS INC TERM LOAN							1Z		1,840,750.00		100.188		1,853,478.00		1,850,000.00		1,840,957.75		12,520.25			208.00			—		—			3.035		3.124	JAJO		12,478.25			10,792.00		4/8/2011		4/21/2018
BRSBYALT0	EMERGENCY MEDICAL SVCS CORP									4,774,035.00				4,773,315.15		4,793,000.00		4,774,200.71		(885.56	)							—								—
BRSBZBVS8	RANPAK CORP TERM LOAN							1Z		3,201,040.00		99.375		3,172,050.00		3,192,000.00		3,200,941.49		(28,891.49	)		(99.00	)		—		—			0		-0.048	JAJO		—			17,900.00		5/19/2011		4/17/2017
BRSBZZDX4	GOLDEN LIVING									4,091,000.00				4,061,812.50		4,150,000.00		4,091,790.24		(29,977.74	)							—								—
BRSBZZFY0	IASIS HLTHCARE CORP									2,878,286.25				2,878,806.95		2,892,750.00		2,878,602.99		203.96								—								—
BRSC095F6	IPAYMENT INC.									985,713.34				991,488.92		990,666.67		985,831.64		5,657.28								—								—
BRSC0XRZ5	NORTEK INC TERM LOAN							1Z		198,502.50		99.75		199,001.25		199,500.00		198,528.04		473.21			26.00			—		—			0		0.083	JAJO		—			586.00		4/25/2011		4/26/2017
BRSC103Q2	ADESA TLB L TERM LOAN							3FE		5,671,500.00		100.188		5,710,687.50		5,700,000.00		5,671,894.52		38,792.98			395.00			—		—			0		0.083	FMAN		—			22,958.00		5/16/2011		5/2/2017
BRSC10473	AEROFLEX INCORPORATED TERM LOAN							4FE		4,196,500.00		99.65		4,185,300.00		4,200,000.00		4,196,604.41		(11,304.41	)		104.00			—		—			0		0.012	FMAN		—			—		5/19/2011		5/2/2018
BRSC106K2	DELPHI CORP LN1 TERM LOAN							1FE		853,125.00		100.55		859,967.11		855,263.16		853,161.97		6,805.14			37.00			—		—			0		0.042	FMAN		—			2,059.00		5/13/2011		3/31/2017
BRSC2UZX5	SENSATA TECHNOLOGIES FINANCE C TERM LOAN							1Z		3,607,500.00		99.8		3,592,800.00		3,600,000.00		3,607,390.59		(14,590.59	)		(109.00	)		—		—			0		-0.03	FMAN		—			—		5/19/2011		5/9/2018
BRSC3CCP6	MANITOWOC CO INC. TERM LOAN							3FE		477,600.00		100.297		481,425.60		480,000.00		477,643.13		3,782.47			43.00			—		—			0		0.076	FMAN		—			1,473.00		5/9/2011		11/30/2017
BRSC3G4F8	NEIMAN MARCUS GROUP INC. THE TERM LOAN							4FE		4,987,500.00		98.545		4,927,250.00		5,000,000.00		4,987,690.79		(60,440.79	)		191.00			—		—			0		0.035	FMAN		—			9,236.00		5/10/2011		5/18/2018
BRSC4H8Q7	EAGLE PARENT INC TERM LOAN							1Z		3,168,000.00		97.425		3,117,600.00		3,200,000.00		3,168,465.34		(50,865.34	)		465.00			—		—			4.011		4.195	FMAN		16,399.51			14,630.00		5/11/2011		5/31/2018
BRSC4T6W0	BAKERCORP									1,194,000.00				1,200,672.00		1,200,000.00		1,194,068.38		6,603.62								—								—
BRSC4TTL9	SENSUS METERING TERM LOAN							4FE		392,042.44		100.156		394,627.16		394,012.50		392,082.05		2,545.11			40.00			—		—			0		0.083	FMAN		—			6.00		5/5/2011		5/9/2017
BRSC51AB1	STAR WEST GENERATION LLC TERM LOAN							1Z		3,587,000.00		99.063		3,566,268.00		3,600,000.00		3,587,153.25		(20,885.25	)		153.00			—		—			4.761		4.849	FMAN		20,946.20			—		5/18/2011		5/17/2018
BRSC529Z8	DUNKIN BRANDS INC TERM LOAN					1		1Z		4,344,732.75		99.807		4,321,790.32		4,330,147.50		4,344,547.25		(22,756.93	)		(186.00	)		—		—			0		-0.051	FMAN		—			15,150.00		6/1/2011		11/23/2017
BRSC5RFN3	CHRYSLER GROUP LLC TERM LOAN							3FE		7,623,000.00		97.656		7,519,512.00		7,700,000.00		7,623,986.81		(104,474.81	)		987.00			—		—			0		0.169	FMAN		—			—		5/19/2011		5/19/2017
BRSC6D3K2	QUINTILES TRANSNATIONAL CORP.									1,039,500.00				1,043,112.00		1,050,000.00		1,039,570.02		3,541.98								—								—
BRSC71P72	XERIUM TECHNOLOGIES INC TERM LOAN							1Z		746,250.00		100.156		751,170.00		750,000.00		746,303.23		4,866.77			53.00			—		—			0.252		0.083	MJSD		120.75			—		5/25/2011		5/9/2017
BRSC8PGF0	ENDO PHARMACEUTICALS HLDGS INC TERM LOAN					1		1Z		3,000,000.00		100.25		3,007,500.00		3,000,000.00		3,000,000.00		7,500.00			—			—		—			0		0	MJSD		—			—		6/7/2011		6/7/2018
BRSC9PVC9	PENN NTL GAMING INC. TERM LOAN							1Z		1,546,125.00		100.2		1,553,100.00		1,550,000.00		1,546,125.00		6,975.00			—			—		—			0		0.036	MJSD		—			—		6/21/2011		5/23/2018
BRSC9TBB5	NRG ENERGY INC TERM LOAN							1Z		1,895,250.00		99.75		1,895,250.00		1,900,000.00		1,895,250.00		—			—			—		—			0		0.037	MJSD		—			—		6/10/2011		5/5/2018
BRSCAHX41	CALPINE CORPORATION TERM LOAN							1Z		4,069,250.00		98.885		4,054,285.00		4,100,000.00		4,069,250.00		(14,965.00	)		—			—		—			3.502		3.642	MJSD		—			—		6/10/2011		4/1/2018
BRSCAXFG9	US SILICA CO TERM LOAN							1Z		495,009.38		100.25		497,490.63		496,250.00		495,010.90		2,479.73			2.00			—		—			4.75		4.826	MJSD		720.25			489.00		6/8/2011		6/8/2017
BRSCB27N0	WARNACO GROUP INC. THE TERM LOAN							1Z		2,139,250.00		100.313		2,156,729.50		2,150,000.00		2,139,257.83		17,471.67			8.00			—		—			2.997		3.075	MJSD		1,789.58			295.00		6/16/2011		6/17/2018
BRSCC0RV3	DUCOMMUN INC TERM LOAN							1Z		435,600.00		100.125		440,550.00		440,000.00		435,600.00		4,950.00			—			—		—			0		0.175	MJSD		—			—		6/17/2011		4/15/2017
BRSCC2H73	TRIMAS CORP TERM LOAN							1Z		915,400.00		99.75		917,700.00		920,000.00		915,414.50		2,285.50			15.00			—		—			0		0.081	MJSD		—			—		6/17/2011		7/15/2017
BRSCCX4M6	AMC ENTERTAINMENT INC. TERM LOAN							1Z		2,089,500.00		99.5		2,089,500.00		2,100,000.00		2,089,500.00		—			—			—		—			0		3.321	MJSD		—			—		6/22/2011		12/15/2018
BRSCCYM28	DOLE FOOD CO INC. TERM LOAN							1Z		6,153,500.00		99.917		6,194,854.00		6,200,000.00		6,153,500.00		41,354.00			—			—		—			5		5.161	MJSD		—			—		6/27/2011		6/27/2018
BRSCD57K7	HUSKY INTERNATIONAL LTD TERM LOAN			F				1F		4,950,000.00		100.125		5,006,250.00		5,000,000.00		4,950,000.00		56,250.00			—			—		—			5.496		6.734	MJSD		—			—		6/24/2011		6/24/2018
BRSCDKB78	SBA SENIOR FINANCE II LLC TERM LOAN							1Z		2,693,250.00		100.042		2,701,134.00		2,700,000.00		2,693,250.00		7,884.00			—			—		—			2.996		2.99	JD		—			—		6/27/2011		6/30/2018
BRSCDUPD8	TEAM HLTH INC. TERM LOAN							1Z		3,880,500.00		99.813		3,892,707.00		3,900,000.00		3,880,500.00		12,207.00			—			—		—			2.996		3.076	MJSD		—			—		6/28/2011		6/29/2018
BRSCE52Q8	LAWSON SOFTWARE INC.							4FE		1,670,400.00		95.85		1,667,790.00		1,740,000.00		1,670,400.00		(2,610.00	)		—			—		—			0		0.598	JD		—			—		6/29/2011		6/29/2018
BRSCE52V7	INVERNESS MEDICAL INNOVATIONS							3FE		3,532,250.00		99.875		3,545,562.50		3,550,000.00		3,532,250.00		13,312.50			—			—		—			0		0.086	JD		—			—		6/30/2011		6/30/2017
BRSCEALQ6	MERCURY PAYMENT SYSTEMS TERM LOAN							1Z		3,267,000.00		99.75		3,291,750.00		3,300,000.00		3,267,000.00		24,750.00			—			—		—			0		5.485	JAJO		—			—		6/29/2011		6/15/2017
D4085B7F2	KREDITANSTALT FUER WIDERAUFBAU CORP BND			F				1FE		—		103.49		—		—		—		—			—			—		—			2.5		0	MAY		(2,083.33	)		—		9/30/2009		5/28/2013
D4085CCP2	KREDITANSTALT FUER WIEDERAUFBA CORP BND			D				1FE		3,688,345.49		103.526		3,656,520.55		2,200,000.00		3,671,766.68		(15,246.13	)		(5,248.00	)		—		(116,483.17	)		3		2.668	SEP		85,638.67			—		11/11/2009		9/9/2013
D4901WZJ9	LANDWIRTSCHAFTLICHE RENTENBANK CORP BND			F				1FE		16,986,810.74		105.52		17,199,759.51		16,300,000.00		16,736,496.61		463,262.90			(137,595.00	)		—		—			4.375		2.562	JAN		328,829.86			713,125.00		7/31/2010		1/15/2013
F1270CBD9	CAISSE D’AMORT DETTE SOCIALE CORP BND			D				1FE		2,159,930.71		99.234		2,230,419.67		1,400,000.00		2,160,865.73		69,553.94			678.00			—		80,991.44			2.25		2.296	DEC		39,903.12			—		9/9/2010		12/7/2015
F43568SJ8	DEXIA MUNICIPAL AGENCY CORP BND EMTN			F				1FE		6,205,625.04		103.58		6,214,800.12		6,000,000.00		6,122,982.32		91,817.80			(64,827.00	)		—		—			5.125		2.803	MAY		26,479.17			307,500.00		11/12/2010		5/31/2012

Validus Holdings, Ltd June 30, 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
F61115FA8	COUNCIL OF EUROPE DEVELOPMENT CORP BND			F				1FE		12,822,000.00		106.492		12,779,039.64		12,000,000.00		12,800,298.75		(21,259.11	)		(21,701.00	)		—		—			4.25		0.534	APR		97,750.00		—		6/8/2011		4/22/2013
G1279MKC9	BP CAPITAL MARKET PLC CORP BND MTN			D				1FE		688,967.43		101.557		692,936.85		425,000.00		688,967.43		3,969.42			—			—		(7,429.02	)		4.325		4.299	DEC		9,136.02		—		3/7/2011		12/10/2018
G29330DW7	EDF ENRGYNET LPN LOCAL BND			D				1FE		911,019.43		107.756		951,481.02		550,000.00		911,517.38		39,963.64			157.00			—		(30,431.47	)		5.375		5.351	NOV		30,167.06		—		11/6/2009		11/11/2016
G3157R8G6	EBRD CORP BND			D				1FE		2,361,052.11		101.21		2,356,070.10		1,450,000.00		2,361,342.96		(5,272.86	)		291.00			—		(37,204.74	)		1.875		1.933	DEC		9,328.26		—		4/7/2011		12/10/2013
G4364MKY1	HBOS TREASURY SERVICES PLC (LO CORP BND			F				1FE		5,059,594.40		96.51		5,204,799.65		5,000,000.00		5,037,213.02		167,586.63			(17,572.00	)		—		—			5.5		4.632	JUN		12,222.22		275,000.00		11/12/2010		6/15/2012
G4637EBQ7	HSBC BANK PLC LOCAL BND MTN			D		1		1FE		1,359,673.17		0		1,147,306.44		700,000.00		1,363,489.60		(216,183.16	)		502.00			—		(245,761.34	)		5.75		5.776	JUN		706.22		64,269.00		1/14/2008		6/27/2017
G47188AX8	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				1FE		2,216,050.77		101.152		2,111,128.93		1,300,000.00		2,153,193.61		(42,064.68	)		(16,002.00	)		—		(54,128.92	)		4		2.441	NOV		51,691.09		—		6/30/2009		11/17/2011
G4718BAV5	LLOYDS TSB BANK PLC — GTD CORP BND GOVT			D				1FE		1,867,254.05		101.168		1,949,037.36		1,200,000.00		1,841,011.68		108,025.68			(9,838.00	)		—		100,430.91			2.75		1.634	MAR		15,488.64		53,011.00		2/26/2010		3/16/2012
G63983GA5	NATIONWIDE BUILDING SOCIETY -G LOCAL BND			D				1FE		2,421,014.08		0		2,515,873.18		1,550,000.00		2,364,272.51		151,600.67			(28,226.00	)		—		147,869.71			3.75		1.284	NOV		56,757.05		—		6/28/2010		11/21/2011
G6459BCU3	NETWORK RAIL INFRASTRUCTURE FI CORP BND			F				1FE		7,227,959.79		105.432		7,380,239.93		7,000,000.00		7,136,977.73		243,262.20			(33,429.00	)		—		—			3.5		2.451	JUN		9,527.77		245,000.00		2/19/2010		6/17/2013
G7014VBF9	PERMM 2010-1 ABS_10-1 3A			D		2		1FE		2,003,000.00		103.112		2,069,258.29		1,250,000.00		2,003,000.00		66,258.29			—			—		3,812.50			4.805		4.798	JJ		44,484.43		47,693.00		1/29/2010		1/17/2017
G768FHAB7	ROYAL BANK OF SCOTLAND PLC — G LOCAL BND			D				1FE		2,217,335.31		101.183		2,111,766.24		1,300,000.00		2,153,185.13		(41,418.89	)		(16,343.00	)		—		(54,128.71	)		4.125		2.53	NOV		53,776.12		—		6/30/2009		11/14/2011
G92435BV0	UNITED KINGDOM GILT IBND GOVT 8 MO			D				1FE		1,221,873.19		331.708		1,326,543.20		250,000.00		1,241,650.69		84,892.51			3,800.00			—		17,410.16			2.5		-0.106	JJ		11,977.68		13,595.00		8/5/2010		7/26/2016
G92435NC9	UNITED KINGDOM GILT GOVT BND			D				1FE		18,025,412.49		106.15		18,030,279.15		10,580,000.00		17,667,680.66		362,598.49			(209,662.00	)		—		214,842.60			4.5		1.32	MS		240,937.91		260,754.00		4/8/2011		3/7/2013
G924504Y1	UNITED KINGDOM GILT GOVT BND			D				1FE		5,045,592.06		96.1		5,032,258.94		3,050,000.00		5,042,066.24		(9,807.30	)		(3,526.00	)		—		(101,401.41	)		2.25		1.905	MS		34,728.76		—		4/8/2011		3/7/2014
G92450H50	UNITED KINGDOM GILT GOVT BND			D				1FE		4,342,883.88		104.25		3,514,731.41		2,100,000.00		4,205,281.93		(690,550.52	)		(21,827.00	)		—		(799,627.66	)		5.25		4.131	JD		11,606.62		89,683.00		3/3/2008		6/7/2012
G92450NU8	UNITED KINGDOM GILT GOVT BND			D				1FE		15,606,989.31		111.06		15,690,512.38		8,800,000.00		15,365,141.55		325,370.83			(96,994.00	)		—		(42,144.74	)		5		2.229	MS		222,668.93		202,606.00		5/26/2011		9/7/2014
G92450UG1	UNITED KINGDOM GILT GOVT BND			D				1FE		4,225,449.02		109.5		4,381,361.35		2,450,000.00		4,207,461.88		173,899.47			(17,890.00	)		—		106,956.84			4.75		3.449	MS		58,893.40		94,313.00		12/31/2010		3/7/2020
G92450YY8	UNITED KINGDOM GILT GOVT BND			D				1FE		2,837,558.37		105.59		2,837,392.06		1,625,000.00		2,837,443.39		(51.33	)		(115.00	)		—		5,312.07			4		2.162	MS		32,894.27		—		6/29/2011		9/7/2016
G92451CZ7	UNITED KINGDOM GILT GOVT BND			D				1FE		10,549,837.81		99.74		10,808,811.86		6,750,000.00		10,569,269.79		239,542.07			19,232.00			—		(46,244.51	)		2		2.679	JJ		95,794.79		—		4/1/2011		1/22/2016
G9544BAV4	WEST BROMWICH BUILDING SOCIETY LOCAL BND			D				2FE		2,743,325.17		100.758		2,911,722.64		1,800,000.00		2,724,647.13		187,075.51			(9,268.00	)		—		180,503.12			2		1.29	APR		13,776.08		58,109.00		6/29/2010		4/5/2012
L32484PW8	EUROPEAN INVESTMENT BANK CORP BND			D				1FE		1,980,724.79		107.382		1,555,065.07		950,000.00		1,923,821.45		(368,756.38	)		(9,218.00	)		—		(392,197.49	)		5.5		4.437	DEC		47,343.18		—		3/10/2008		12/7/2011
L4700FBT4	PBI PFANDBRIEFBANK INTL CORP BND			F				1FE		687,852.90		90.092		630,640.63		700,000.00		699,204.46		(68,563.83	)		1,516.00			—		—			5		5.388	OCT		25,958.33		—		6/30/2007		10/4/2011
L5137LAC9	INTELSAT JACKSON TERM LOAN			F				4FE		—		100.271		—		—		—		—			665.00			—		—			0		0.069	MJSD		—		25,625.00		12/17/2010		3/7/2018
L8882WAD4	STYRON CORP TERM LOAN					1		1Z		—		0		—		—		—		—			—			—		—			0		0	JAJO		—		250.00		00/00/0000		7/27/2017
N6520WTR3	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		10,614,199.80		109.493		10,949,299.60		10,000,000.00		10,387,560.05		561,739.55			(62,747.00	)		—		—			5		3.526	MAY		62,500.00		500,000.00		8/31/2009		5/16/2014
N6521APY9	BANK NEDERLANDSE GEMEENTEN CORP BND EMTN			F				1FE		5,210,713.68		0		5,193,637.90		5,000,000.00		5,154,868.80		38,769.10			—			—		—			6		0	MAR		79,166.67		300,000.00		00/00/0000		3/26/2012
N6521AVK2	BANK NEDERLANDSE GEMEENTEN CORP BND			F				1FE		5,478,026.68		105.802		5,607,506.11		5,300,000.00		5,396,175.89		211,330.22			(22,456.00	)		—		—			3.75		2.802	JUL		191,020.83		—		8/31/2009		7/15/2013
N7277KAG6	RABOBANK NEDERLAND NV CORP BND MTN			D				1FE		813,092.49		104.412		838,140.42		500,000.00		814,131.64		24,008.78			292.00			—		(14,078.00	)		4		4.047	SEP		25,863.14		—		9/3/2009		9/10/2015
Q2694VMT4	COMMONWEALTH BANK OF AUSTRALIA CORP BND			D				1FE		679,712.30		102.516		740,630.93		450,000.00		680,498.69		60,132.24			375.00			—		38,066.57			3.875		3.97	DEC		15,263.05		—		4/7/2010		12/14/2015
U75000AU0	ROCHE HOLDINGS INC SENIOR CORP BND			O				1FE		742,348.77		104.722		925,746.96		525,000.00		744,112.49		181,634.47			424.00			—		95,023.10			5.5		5.634	MAR		15,072.48		47,006.00		2/25/2009		3/4/2015
W5818PAC4	NORDEA BANK AB CORP BND MTN			D				1FE		1,375,264.68		103.266		1,492,099.64		900,000.00		1,376,570.89		115,528.75			648.00			—		61,679.62			3.875		3.951	DEC		30,372.69		—		4/13/2010		12/15/2015
TOTAL														4,603,533,750.81		4,438,208,117.36		4,539,997,516.01		63,536,234.80

Validus Holdings, Ltd June 30, 2011 GAAP short-term investments portfolio in Schedule D format


1	2	3		4		5	6		7		CHANGE IN BOOK/ADJUSTED CARRYING VALUE									12		13		INTEREST
											8			9		10		11						14		15		16		17	18		19		20
				DATE					GAAP					CURRENT YEAR				TOTAL FX CHG		PAR		ACTUAL		ACCRUED		NON-ADMITTED ACCRUED		INTEREST		EFFECTIVE RATE	HOW		GROSS REC’D		PAID FOR
DESCRIPTION	*	CUSIP		ACQUIRED		NAME OF VENDOR	MATURITY DATE		BOOK VALUE		UGL			AMORTIZATION		IMPAIRMENTS		IN B/A. C.V.		VALUE		COST		INTEREST		INTEREST		RATE		OF INTEREST	PAID		DURING YEAR		ACCRUED INT
CVS CAREMARK CORP			126650B$1		1/21/2011			8/15/2011		2,138,833.08		(1,057.77	)				—		—		2,125,000.00		2,186,497.50		46,159.72		—		5.75		Feb-Aug			—		—
CVS CAREMARK CORP			126650B$1		1/21/2011			8/15/2011		528,417.59		(261.34	)				—		—		525,000.00		540,193.50		11,404.17		—		5.75		Feb-Aug			—		—
FHLB			313384JA8		5/9/2011			7/12/2011		5,999,945.00		—					—		—		6,000,000.00		5,999,685.00		—		—		0		At Mat			—		—
FHLB			313384LZ0		6/21/2011			9/21/2011		5,998,974.98		—					—		—		6,000,000.00		5,998,862.50		—		—		0		At Mat			—		—
FHLMC			313396J$9		5/3/2011			7/25/2011		4,899,836.65		—					—		—		4,900,000.00		4,899,441.94		—		—		0		At Mat			—		—
FNMA			313588J$2		5/10/2011			7/21/2011		686,984.73		—					—		—		687,000.00		686,945.80		—		—		0		At Mat			—		—
FNMA			313588JB2		5/10/2011			7/13/2011		2,499,975.00		—					—		—		2,500,000.00		2,499,868.75		—		—		0		At Mat			—		—
ING BANK NV — (LT) GTD		45324QA$2			2/16/2011			2/9/2012		6,076,039.59		(8,693.61	)				—		—		6,000,000.00		6,119,820.00		62,125.00		—		2.625		Feb-Aug			—		—
ING BANK NV — (LT) GTD		45324QA$2			2/16/2011			2/9/2012		11,645,742.54		(16,662.74	)				—		—		11,500,000.00		11,729,655.00		119,072.92		—		2.625		Feb-Aug			—		—
ROYAL BANK OF SCOTLAND PLC — G		78010JC$7			1/11/2011			12/9/2011		1,010,494.71		(1,603.77	)				—		—		1,000,000.00		1,021,510.00		1,750.00		—		3		Jun-Dec			—		—
SHELL INTL FINAN			822582A$7		1/26/2011			9/22/2011		751,664.33		(214.65	)				—		—		750,000.00		754,815.00		2,681.25		—		1.3		Mar-Sep			—		—
UNITED STATES TREASURY			912795#$3		4/18/2011			7/14/2011		4,599,893.67		—					—		—		4,600,000.00		4,599,296.71		—		—		0		At Mat			—		—
UNITED STATES TREASURY			912795#$3		4/18/2011			7/14/2011		1,799,958.39		—					—		—		1,800,000.00		1,799,724.80		—		—		0		At Mat			—		—
UNITED STATES TREASURY			912795#$3		5/4/2011			7/14/2011		3,699,973.28		—					—		—		3,700,000.00		3,699,856.11		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127952Y6		2/14/2011			1/12/2012		1,897,374.40		(87.91	)				—		—		1,900,000.00		1,895,545.29		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127952Z3		4/14/2011			7/14/2011		1,899,955.40		—					—		—		1,900,000.00		1,899,691.25		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953$9		5/31/2011			8/18/2011		2,499,841.66		—					—		—		2,500,000.00		2,499,742.71		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953$9		6/20/2011			8/18/2011		5,899,862.33		—					—		—		5,900,000.00		5,899,833.65		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953C3		2/22/2011			2/9/2012		15,775,666.39		—					—		—		15,800,000.00		15,761,718.57		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953D1		5/9/2011			8/11/2011		3,999,886.11		—					—		—		4,000,000.00		3,999,747.22		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953G4		3/23/2011			3/8/2012		6,988,963.08		—					—		—		7,000,000.00		6,984,619.44		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953G4		3/23/2011			3/8/2012		17,971,619.36		—					—		—		18,000,000.00		17,960,450.00		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953G4		3/23/2011			3/8/2012		3,993,693.19		—					—		—		4,000,000.00		3,991,211.11		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953R0		5/11/2011			11/3/2011		59,987,290.59		—					—		—		60,000,000.00		59,982,208.33		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953R0		5/11/2011			11/3/2011		34,992,586.18		—					—		—		35,000,000.00		34,989,621.53		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953R0		5/11/2011			11/3/2011		6,998,517.23		—					—		—		7,000,000.00		6,997,924.30		—		—		0		At Mat			—		—
UNITED STATES TREASURY			9127953R0		5/11/2011			11/3/2011		3,999,152.71		—					—		—		4,000,000.00		3,998,813.89		—		—		0		At Mat			—		—
WELLS FARGO & COMPANY			949746NA5		11/12/2010			10/28/2015		3,809,431.55		56,528.53					—		—		4,000,000.00		3,782,660.47		3,361.78		—		0.47275			J-A-J-O		—		—
UNITED STATES TREASURY			9127953E9		5/19/2011			8/18/2011		1,499,910.00		—					—		—		1,500,000.00		1,499,831.25		—		—		0		At Mat			—		—
CITI-INSTITUTION LIQ FUND USD			B0A0ATCJ9		6/30/2011					28,038,471.12		—					—		—		28,038,471.12		28,038,471.12		—		—		0.00112		At Mat			—		—
CITIFUNDS INST CASH RESERVE			BRS668GM8		6/30/2011					1,596,314.42		—					—		—		1,596,314.42		1,596,314.42		—		—		0.00112		At Mat			—		—
DREYFUS UNIVERSAL USD LIQ FD		DRFUNI$20			6/30/2011					4,713,554.28		—					—		—		4,713,554.28		4,713,554.28		—		—		0.0514		At Mat			—		—
BONY CASH RESERVE			S875996$0		6/30/2011					140,138,937.21		—					—		—		140,138,937.21		140,138,937.21		—		—		0.0001		At Mat			—		—
DREYFUS UNIVERSAL LIQ			S99992125		6/30/2011					133,856,212.24		—					—		—		133,856,212.24		133,856,212.24		—		—		0		At Mat			—		—
BLACKROCK INTL $ RESERVE			S99993578		6/30/2011					39,201,070.84		—					—		—		39,201,070.84		39,201,070.84		—		—		0.0502		At Mat			—		—
GOLDMAN SACHS			S999936$0		6/30/2011					153,135,109.17		—					—		—		153,135,109.17		153,135,109.17		—		—		0.00059		At Mat			—		—
										725,230,152.99		27,946.74			—		—		—		725,266,669.27		725,359,460.89		246,554.84

Validus Holdings, Ltd June 30, 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		8,394,072.93		9,775,754.64		8,394,072.93		1,381,699.01		—		—		—		—		—		—
AIG SELECT HEDGE LTD SHARE				9/4/2009		17.30		17.36		17.30		0.06		—		—		—		—		—		—
GUARDIAN GROWTH EQUITY				9/4/2009		6,606,428.23		8,944,213.24		6,606,428.23		2,337,785.01		—		—		—		—		—		—
MFS MERIDIAN MID CAP GROWTH FUND				9/4/2009		17,203.14		25,877.15		17,203.14		8,674.01		—		—		—		—		—		—
						15,017,721.60		18,745,862.39		15,017,721.60		3,728,158.09

VALIDUS HOLDINGS LTD - FORM 8-K - EX-99.1 - July 27, 2011

Attached files

VALIDUS HOLDINGS LTD Reports