| SCHEDULE OF INVESTMENTSAS OF March 31, 2010                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Codes |   |   |   |   | Fair Value |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Type                                                                                                                            | Cusip ID | Code | Foreign | BondCHAR | NAICDesig-nation | Actual Cost | GrossUnrealizedGains | GrossUnrealizedLosses | Rate Used toObtain FairValue | Fair Value | Par Value | Par ValueForeign Dollars | Par ValueUS Dollars atPurchaseDate | Book /AdjustedCarrying Value | UnrealizedValuationIncrease /(Decrease) | Current Year's(Amortization) /Accretion | CurrentYear'sOther ThanTemporaryImpairmentRecognized | Total ForeignExchangeChange inBook /AdjustedCarrying Value | Rate of | Effective Rate of | When Paid | AdmittedAmountDue andAccrued | Amount Received During Year | Acquired | Maturity |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed maturities, available for sale:                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Universal Property and Casualty Insurance Company:                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| US government and agency obligations                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| US Treasury Note                                                                                                                           | 912828-GZ-7 | SD |   |   | 1 | $       144,517 | $        5,053 | $                  - | 107.930 | $       145,705 | $        135,000 | $                     - | $                  - | $        140,652 | $                  - | $           (577) | $               - | $                 - | 4.625 | 2.780 | JJ | $     1,035 | $      3,122 | 7/15/2008 | 7/31/2012 |
| US Treasury Note                                                                                                                           | 912828-KC-3 | SD |   |   | 1 | 35,169 | 165 |   | 100.777 | 35,272 | 35,000 | - | - | 35,107 | - | 14 | - | - | 2.000 | 1.842 | FA | 87 | 241 | 2/19/2009 | 2/15/2012 |
| US Treasury Inflation Index Bond                                                                                                           | 912828-LA-6 | SD |   |   | 1 | 2,911,565 | 19,635 | - | 104.536 | 2,927,021 | 2,800,000 | - | - | 2,924,746 | 6,692 | (2,060) | - | - | 1.875 | 1.539 | JJ | 11,186 | 26,585 | 9/29/2009 | 7/15/2019 |
| US Treasury Inflation Index Bond                                                                                                           | 912810-PV-4 |   |   |   | 1 | 13,334,715 | - | (413,399) | 97.913 | 12,924,513 | 13,200,000 | - | - | 13,378,213 | 31,951 | 2,718 | - | - | 1.750 | 1.864 | JJ | 50,162 | 101,158 | 12/22/2009 | 1/15/2028 |
| US Treasury Inflation Index Bond                                                                                                           | 912810-FS-2 |   |   |   | 1 | 15,873,798 | - | (444,899) | 108.604 | 15,421,709 | 14,200,000 |   |   | 15,913,104 | 36,378 | (5,526) |   |   | 2.000 | 1.815 | JJ | 65,095 | 134,556 | 12/22/2009 | 1/15/2026 |
| US Treasury Inflation Index Bond                                                                                                           | 912810-FR-4 |   |   |   | 1 | 15,999,999 | - | (396,323) | 120.335 | 15,583,327 | 12,950,000 |   |   | 16,024,218 | 34,849 | (15,967) |   |   | 2.375 | 1.792 | JJ | 74,227 | 153,941 | 12/22/2009 | 1/15/2025 |
| US Treasury Inflation Index Bond                                                                                                           | 912828-GX-2 |   |   |   |   | 4,959,473 |   | (4,343) | 114.907 | 4,940,999 | 4,300,000 |   |   | 4,955,318 | 9,976 | (14,131) |   |   | 2.625 | 1.159 | JJ | 24,776 | 58,885 | 1/6/2010 | 7/15/2017 |
| US Treasury Inflation Index Bond                                                                                                           | 912828-MF-4 |   |   |   |   | 5,027,115 | - | (115,313) | 98.216 | 4,911,318 | 5,000,550 |   |   | 5,036,282 | 9,651 | (485) |   |   | 1.375 | 1.324 | JJ | 14,465 |   | 1/19/2010 | 1/15/2020 |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 Total US government and agency obligations |   |   |   |   | $  58,286,351 | $       24,853 | $ (1,374,277) |   | $  56,889,864 | $  52,620,550 | $                      - | $                  - | $   58,407,640 | $     129,497 | $       (36,014) | $                 - | $                 - |   |   |   | $ 241,033 | $ 478,488 |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign obligations                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NORWAY KINGDOM                                                                                                                             | R63339-EP-7 |   | F |   | 1FE | 2,560,024 |   | (69,483) | 104.049 | 2,471,646 | 2,375,457 | 14,100,000.00 | 2,428,466 | 2,485,631 |   | (18,895) | - | $     (55,498) | 6 | 1.809 | May | 124,712 |   | 2/5/2010 | 5/16/2011 |
| NORWAY(KINGDOM OF) 6.5% BDS 15/5/2                                                                                                         | 073810-76-4 |   | D |   | 1 | 2,159,869 | 3,697.00 |   | 111.206 | 2,154,538 | 1,937,429 | 11,500,000.00 | 1,941,733 | 2,146,136 |   | (9,027) | - | (4,705) | 6.5 | 2.848 | May | 110,541 |   | 3/26/2010 | 5/15/2013 |
| SWITZERLAND(GOVT) 2.75% BDS                                                                                                                | 057019-77-0 |   | D |   | 1 | 1,405,403 | 12,633 | - | 105.101 | 1,412,934 | 1,344,354 | 1,415,000.00 | 1,325,643 | 1,420,058 |   | (5,103) | - | 19,757 | 2.75 | 0.174 | Jun | 29,884 |   | 2/25/2010 | 6/10/2012 |
| SWITZERLAND(GOVT) 4% BDS 10/6/2011                                                                                                         | H7351P-NM-4 |   | D |   | 1 | 2,581,732 | - | (29,935) | 104.378 | 2,543,626 | 2,436,939 | 2,565,000.00 | 2,477,879 | 2,531,442 |   | (8,171) | - | (42,119) | 4 | 2.174 | Jun | 78,794 |   | 2/1/2010 | 6/10/2012 |
| SWITZERLAND(GOVT) 4% BDS 11/2/2013                                                                                                         | 058870-48-6 |   | D |   | 1 | 154,007 | 4,567 |   | 109.839 | 156,533 | 142,511 | 150,000.00 | 140,010 | 154,682 |   | (2,042) | - | 2,716 | 4 | (5.45) | Feb | 792 |   | 2/11/2010 | 2/11/2011 |
| SWITZERLAND(GOVT) 3.5% BDS                                                                                                                 | H7351P-DJ-2 |   | D |   |   | 750,021 |   | (5,686) |   | 739,659 | 731,557 | 770,000.00 | 736,350 | 740,426 |   | (4,676) |   | (4,919) | 3.5 | 0.04 | Aug | 16,643 |   | 1/29/2010 | 8/7/2010 |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 Total Foreign obligations                  |   |   |   |   |   | 9,611,056 | 20,897.00 | (105,104) |   | 9,478,936 | 8,968,247.00 | 30,500,000 | 9,050,081 | 9,478,375 | 0 | (47,914) |   | (84,768) |   |   |   | 361,366 |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total fixed maturities, available for sale                                                                                                 |   |   |   |   |   | $ 67,897,407 | $       45,750 |  $ (1,479,381) |   |  $  66,368,800 | $  61,588,797 |  $      30,500,000 | $   9,050,081 |  $  67,886,015  |  $    129,497 | $       (83,928) |   $                 - | $    (84,768) |   |   |   | $  602,399 | $ 478,488  |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Investment Type                                                     |   | Symbol    |   | Cusip ID     |   | Number of Shares |   | AmortizedCost / BookValue |   | GrossUnrealizedGains |   | Gross Unrealized Losses |   | Estimated Fair Value |
|---------------------------------------------------------------------|--------|-----------|--------|--------------|--------|------------------|--------|---------------------------|--------|----------------------|--------|-------------------------|--------|----------------------|
| Equity securities:                                                  |
|    Universal Property and Casualty Insurance Company |
| ANGLOGOLD ASHANTI LTD                                               |   | AU        |   | 035128-20-6  |   | 6,000            |   | $232,527                  |   |                 |   | $(4,827)                |   | $227,700             |
| ALEXCO RESOURCE CORP                                                |   | AXU       |   | 01535P-10-6  |   | 78,900           |   | 269,814                   |   | 3,180                |   | -                       |   | 272,994              |
| BARCLAYS BANK PLC ETN DJUBS SGAR38                                  |   | SGG       |   | 06739H-21-4  |   | 4,000            |   | 227,091                   |   |                 |   | (36,651)                |   | 190,440              |
| ELDORADO GOLD CORP NEW                                              |   | EGO       |   | 284902-10-3  |   | 48,000           |   | 630,760                   |   |                 |   | (50,920)                |   | 579,840              |
| GOLDCORP INC NEW                                                    |   | GG        |   | 380956-40-9  |   | 18,500           |   | 743,009                   |   |                 |   | (54,439)                |   | 688,570              |
| HECLA MNG CO                                                        |   | HL        |   | 422704-10-6  |   | 160,000          |   | 950,974                   |   |                 |   | (75,774)                |   | 875,200              |
| MONSANTO CO NEW                                                     |   | MON       |   | 61166W-10-1  |   | 9,500            |   | 727,890                   |   |                 |   | (49,400)                |   | 678,490              |
| NEWMONT MINING CORP                                                 |   | NEM       |   | 651639-10-6  |   | 17,500           |   | 898,353                   |   |                 |   | (7,078)                 |   | 891,275              |
| SPDR Gold Shares                                                    |   | GLD       |   | 78463V-10-7  |   | 4,700            |   | 514,005                   |   |                 |   | (1,940)                 |   | 512,065              |
| AGNICO EAGLE MINES LTD                                              |   | AEM       |   | 008474-10-8  |   | 19,400           |   | 1,165,535                 |   | -                    |   | (85,537)                |   | 1,079,998            |
| Barrick Gold Corp                                                   |   | ABX       |   | 067901-10-8  |   | 26,000           |   | 1,041,362                 |   | -                    |   | (44,522)                |   | 996,840              |
| INTERNATIONAL TOWER HILL MINES                                      |   | THM       |   | 46051L-10-4  |   | 45,000           |   | 291,886                   |   |                 |   | (32,686)                |   | 259,200              |
| Silver Wheaton Corp                                                 |   | SLW       |   | 828336-10-7  |   | 164,500          |   | 2,575,501                 |   | 3,859                |   | -                       |   | 2,579,360            |
| ETFS COM SECURITIE ETFS SUGAR (USD)                                 |   | SUGA:LN   |   | 0B15KY-65-1  |   | 56,950           |   | 1,232,425                 |   | -                    |   | (390,704)               |   | 841,721              |
| ETFS METAL SEC ETFS PHYSICAL GOLD                                   |   | PHAU:LN   |   | 0B285Z-72-4  |   | 9,490            |   | 989,497                   |   | 55,103               |   | -                       |   | 1,044,600            |
| BARCLAYS BK PLC IPATH SHRT ETN                                      |   | VXX       |   | 06740C-52-7  |   | 89,750           |   | 3,295,767                 |   | -                    |   | (1,410,119)             |   | 1,885,648            |
| CLAYMORE GOLD BULLION ETF HEDGED C                                  |   | CGL       |   | 0B634C-59-0  |   | 224,200          |   | 2,106,298                 |   | 116,802              |   | -                       |   | 2,223,100            |
| DIREXION SHS ETF TR DLY LRG CAP BE                                  |   | BGZ       |   | 25459W-85-4  |   | 263,710          |   | 3,689,303                 |   | -                    |   | -                       |   | 3,689,303            |
| ETF METAL SEC LTD ST HEILER GOLD                                    |   | PHAU:LN   |   | G3204R-10-1  |   | 7,500            |   | 737,675                   |   | 88,525               |   | -                       |   | 826,200              |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                                  |   | CORN      |   | 0B15KX-S0-0  |   | 114,500          |   | 151,710                   |   | -                    |   | (12,879)                |   | 138,831              |
| ETFS CMMDTY SECS LTD CORN                                           |   | CORN:LN   |   | G3204Q-28-5  |   | 707,900          |   | 953,084                   |   | -                    |   | (174,394)               |   | 778,690              |
| ETFS CMMDTY SECS LTD WHEAT                                          |   | WEAT:LN   |   | G3204Q-22-8  |   | 307,800          |   | 593,071                   |   | -                    |   | (23,641)                |   | 569,430              |
| ETFS COM SECURITIE 0% SEC UNDTD NT                                  |   | WEAT:LN   |   | 0B15KY-76-8  |   | 566,600          |   | 1,157,399                 |   | -                    |   | (154,517)               |   | 1,002,882            |
| ETFS COMMODITY SECS COTTON ETC                                      |   | COTN:LN   |   | 0B15KX-T1-7  |   | 83,000           |   | 141,009                   |   | 18,974               |   |                    |   | 159,983              |
| ETFS GOLD TR SHS                                                    |   | SGOL      |   | 26922Y-10-5  |   | 13,170           |   | 1,380,399                 |   | 82,656               |   | -                       |   | 1,463,055            |
| ETFS METAL SECURIT ETFS PHYSICAL S                                  |   | PHAG:LN   |   | G3204R-1 3-5 |   | 30,750           |   | 501,994                   |   | 20,756               |   | -                       |   | 522,750              |
| ETFS Metal Securitie Ltd Palladium                                  |   | PHPD:LN   |   | 0B1VS3-00-1  |   | 26,727           |   | 1,023,141                 |   | 238,641              |   | -                       |   | 1,261,782            |
| ETFS Metal Securities Ltd Platinum                                  |   | PHPT:LN   |   | B1VS2W-53-8  |   | 7,177            |   | 1,041,971                 |   | 118,048              |   | -                       |   | 1,160,019            |
| ETFS SILVER TR SILVER SHS                                           |   | SIVR      |   | 26922X-10-7  |   | 149,900          |   | 2,539,181                 |   | 76,574               |   | -                       |   | 2,615,755            |
| HORIZONS BETA WNTR NAT ETF UNIT CL                                  |   | HUN:CN    |   | 0B61KF-94-6  |   | 15,000           |   | 106,892                   |   |                 |   | (8,573)                 |   | 98,319               |
| HORIZONS BETAPRO WINTER TERM NYMEX                                  |   | HNU       |   | 44046T-10-0  |   | 30,000           |   | 237,970                   |   |                 |   | (38,470)                |   | 199,500              |
| Julius Baer Invt Fnds ETF Gold                                      |   | JBGOUA:SW |   | 0B3F8G-34-6  |   | 280              |   | 304,846                   |   | 4,593                |   | -                       |   | 309,439              |
| Market Vectors ETF Gold Miners                                      |   | GDX       |   | 57060U-10-0  |   | 34,200           |   | 1,616,387                 |   |                 |   | (97,565)                |   | 1,518,822            |
| MARKET VECTORS ETF TR JR GOLD MINE                                  |   | GDXJ      |   | 57060U-58-9  |   | 59,000           |   | 1,494,675                 |   | 22,805               |   | -                       |   | 1,517,480            |
| Powershares DB Multi Sector Comm                                    |   | DBA       |   | 73936B-40-8  |   | 157,500          |   | 4,023,597                 |   | -                    |   | (208,947)               |   | 3,814,650            |
| Swedish Expt Cr Corp                                                |   | RJA       |   | 870297-60-3  |   | 513,100          |   | 3,862,894                 |   | -                    |   | (225,015)               |   | 3,637,879            |
| CLAYMORE SILVER BULLION TR TR UNIT                                  |   | SVR       |   | 0B3N7L-27-3  |   | 254,950          |   | 2,601,177                 |   | 57,518               |   | -                       |   | 2,658,695            |
| ETF Metal Secs Physical Silver                                      |   | PHAG:LN   |   | 0B285Z-K5-2  |   | 144,950          |   | 2,486,002                 |   | 15,070               |   | -                       |   | 2,501,072            |
| JULIUS BAER INV FD JB PHYSICAL GOL                                  |   | JBGOUA:SW |   | H4547R-10-4  |   | 1,210            |   | 1,328,162                 |   | 9,058                |   | -                       |   | 1,337,219            |
| SWEDISH EXPT CR CORP RG ENRGY ETN2                                  |   | RJN       |   | 870297-30-6  |   | 175,345          |   | 1,066,865                 |   | 50,083               |   | -                       |   | 1,116,948            |
| Zuercher KTBK Gold ETF                                              |   | ZGLDUS:SW |   | 0B3KZW-54-8  |   | 1,230            |   | 1,233,485                 |   | 134,201              |   | -                       |   | 1,367,686            |
| Zuercher KTBK Palladium ETF                                         |   | ZPAL:SW   |   | 0B1XCL-D8-3  |   | 1,360            |   | 1,451,124                 |   | 634,313              |   | -                       |   | 2,085,437            |
| Zuercher KTBK Silver ETF                                            |   | ZSIL:SW   |   | 0B1XCL-94-7  |   | 1,275            |   | 2,172,965                 |   | 1,158,231            |   |                    |   | 3,331,196            |
| Zuercher KTBK Silver ETF                                            |   | ZSIL:SW   |   | 0B1XCL-95-4  |   | 80               |   | 98,641                    |   | 34,462               |   | -                       |   | 133,102              |
| Zuercher KZKB Platinum ETF                                          |   | ZPLA:SW   |   | 0B1XCL-H2-2  |   | 640              |   | 1,383,966                 |   | 288,163              |   | -                       |   | 1,672,130            |
|                                                                |   |      |   |         |   |             |   |                      |   | -                    |   | -                       |   |                 |
|                                                                |   |      |   |         |   | 4,651,244        |   | $57,272,277               |   | $3,231,612           |   | $(3,188,596)            |   | $57,315,293          |

----

| Investment Type                                                             | Symbol   |   | Cusip ID |        |   | Number of Shares |   |    | AmortizedCost / BookValue |   |   | GrossUnrealizedGains |   |   | Gross Unrealized Losses |    | Estimated Fair Value |   |
|-----------------------------------------------------------------------------|----------|--------|----------|-------------|--------|------------------|--------|---------|---------------------------|--------|--------|----------------------|--------|--------|-------------------------|---------|----------------------|--------|
|    American Platinum Property and Casualty Insurance Company |     |
| Equity securities:                                                          |     |
| ELDORADO GOLD CORP NEW                                                      | EGO      |   |     | 284902-10-3 |   |             |   | 5,000   |                      |   |   | 61,300               |   |   |                    |    |                 |   | (900 | ) |   | 60,400 |   |
| EXETER RES CORP                                                             | XRA      |   |     | 301835-10-4 |   |             |   | 11,000  |                      |   |   | 87,404               |   |   |                    |    |                 |   | (19,974 | ) |   | 67,430 |   |
| HECLA MNG CO                                                                | HL       |   |     | 422704-10-6 |   |             |   | 19,000  |                      |   |   | 96,860               |   |   |                    | 7,070   |                 |   |   | - |   |   | 103,930 |   |
| SPDR Gold Shares                                                            | GLD      |   |     | 78463V-10-7 |   |             |   | 3,250   |                      |   |   | 351,878              |   |   |                    | 2,210   |                 |   |   | - |   |   | 354,088 |   |
| AGNICO EAGLE MINES LTD                                                      | AEM      |   |     | 008474-10-8 |   |             |   | 500     |                      |   |   | 28,944               |   |   |                    |    |                 |   |   | (1,109 | ) |   | 27,835 |   |
| Barrick Gold Corp                                                           | ABX      |   |     | 067901-10-8 |   |             |   | 500     |                      |   |   | 18,623               |   |   |                    | 548     |                 |   |   | - |   |   | 19,170 |   |
| Silver Wheaton Corp                                                         | SLW      |   |     | 828336-10-7 |   |             |   | 5,700   |                      |   |   | 77,871               |   |   |                    | 11,505  |                 |   |   | - |   |   | 89,376 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                          | SUGA:LN  |   |     | 0B15KY-65-1 |   |             |   | 10,000  |                      |   |   | 169,560              |   |   |                    | -       |                 |   |   | (21,760 | ) |   | 147,800 |   |
| ETFS METAL SEC ETFS PHYSICAL GOLD                                           | PHAU:LN  |   |     | 0B285Z-72-4 |   |             |   | 900     |                      |   |   | 100,100              |   |   |                    | -       |                 |   |   | (1,034 | ) |   | 99,066 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                              | VXX      |   |     | 06740C-52-7 |   |             |   | 6,250   |                      |   |   | 205,068              |   |   |                    | -       |                 |   |   | (73,755 | ) |   | 131,313 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                                          | BGZ      |   |     | 25459W-85-4 |   |             |   | 6,500   |                      |   |   | 90,935               |   |   |                    | -       |                 |   |   | - |   |   | 90,935 |   |
| ETFS COM SECURITIE 0% SEC UNDTD NT                                          | WEAT:LN  |   |     | 0B15KY-76-8 |   |             |   | 125,000 |                      |   |   | 235,925              |   |   |                    | -       |                 |   |   | (14,675 | ) |   | 221,250 |   |
| ETFS GOLD TR SHS                                                            | SGOL     |   |     | 26922Y-10-5 |   |             |   | 3,500   |                      |   |   | 389,283              |   |   |                    | -       |                 |   |   | (468 | ) |   | 388,815 |   |
| ETFS Metal Secs Physical Platinum                                           | PHPT:LN  |   |     | B1VS2W-55-3 |   |             |   | 750     |                      |   |   | 101,046              |   |   |                    | 20,176  |                 |   |   | - |   |   | 121,223 |   |
| ETFS PALLADIUM TR SH BEN INT                                                | PHPD: LN |   |     | 26923A-10-6 |   |             |   | 1,100   |                      |   |   | 49,584               |   |   |                    | 3,051   |                 |   |   |   |   |   | 52,635 |   |
| ETFS SILVER TR SILVER SHS                                                   | SIVR     |   |     | 26922X-10-7 |   |             |   | 11,600  |                      |   |   | 202,738              |   |   |                    | -       |                 |   |   | (318 | ) |   | 202,420 |   |
| IShares Comex Gold Trust ETF                                                | IAU      |   |     | 464285-10-5 |   |             |   | 3,000   |                      |   |   | 330,004              |   |   |                    | -       |                 |   |   | (2,914 | ) |   | 327,090 |   |
| Market Vectors ETF Gold Miners                                              | GDX      |   |     | 57060U-10-0 |   |             |   | 500     |                      |   |   | 21,485               |   |   |                    | 720     |                 |   |   |   |   |   | 22,205 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                                          | GDXJ     |   |     | 57060U-58-9 |   |             |   | 6,500   |                      |   |   | 156,588              |   |   |                    | 10,593  |                 |   |   |   |   |   | 167,180 |   |
| Powershares DB Multi Sector Comm                                            | DBA      |   |     | 73936B-40-8 |   |             |   | 9,500   |                      |   |   | 236,492              |   |   |                    | -       |                 |   |   | (6,402 | ) |   | 230,090 |   |
| PROSHARES TR SHRT 20+YR TRE                                                 | TBF      |   |     | 74347X-84-9 |   |             |   | 2,500   |                      |   |   | 122,667              |   |   |                    | 2,108   |                 |   |   | - |   |   | 124,775 |   |
| Swedish Expt Cr Corp                                                        | RJA      |   |     | 870297-60-3 |   |             |   | 33,000  |                      |   |   | 249,424              |   |   |                    | -       |                 |   |   | (15,454 | ) |   | 233,970 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                                          | SVR      |   |     | 0B3N7L-27-3 |   |             |   | 7,000   |                      |   |   | 71,840               |   |   |                    | 1,158   |                 |   |   | - |   |   | 72,998 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                                          | SVR      |   |     | 18387H-16-4 |   |             |   | 2,000   |                      |   |   | 19,680               |   |   |                    | 1,177   |                 |   |   | - |   |   | 20,857 |   |
| Zuercher KTBK Palladium ETF                                                 | ZPAL:SW  |   |     | 0B1XCL-D8-3 |   |             |   | 70      |                      |   |   | 74,294               |   |   |                    | 33,045  |                 |   |   | - |   |   | 107,339 |   |
| Zuercher KTBK Silver ETF                                                    | ZSIL:SW  |   |     | 0B1XCL-94-7 |   |             |   | 60      |                      |   |   | 101,321              |   |   |                    | 55,441  |                 |   |   | - |   |   | 156,762 |   |
| Zuercher KZKB Platinum ETF                                                  | ZPLA:SW  |   |     | 0B1XCL-H2-2 |   |             |   | 30      |                      |   |   | 64,730               |   |   |                    | 13,651  |                 |   |   | - |   |   | 78,381 |   |
|                                                                        |     |   |     |        |   |             |   |    |                      |   |   |                 |   |   |                    |    |                 |   |   |   |   |   |   |   |
|                                                                        |     |   |     |        |   |             |   | 274710  |                      |   | $      | 3,715,642            |   |   | $                       | 162,452 |                 |   | $ | (158,762 | ) | $ | 3,719,331 |   |

----

| Investment Type                                                                                             |   | Symbol    |   | Cusip ID |        |   | Number of Shares |   |      | AmortizedCost / BookValue            |   |   | GrossUnrealizedGains |               |   | Gross UnrealizedLosses |      |   | Estimated Fair Value     |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|-------------|--------|------------------|--------|-----------|--------------------------------------|--------|--------|----------------------|--------------------|--------|------------------------|-----------|--------|--------------------------|--------|
|      Universal Insurance Holdings, Inc.                                            |   |      |   |     |        |   |             |   |      |                                 |   |   |                 |               |   |                   |      |   |                     |   |
|           Equity Securities:                              |   |      |   |     |        |   |             |   |      |                                 |   |   |                 |               |   |                   |      |   |                     |   |
| AGNICO EAGLE MINES LTD                                                                                      |   | AEM       |   |     | 008474-10-8 |   |             |   | 5,000     |                                 |   | $      | 295,676              |               |   | $                      | -         |   |                     |   | (17,326 | ) |        | $ | 278,350 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                                                          |   | SUGA:LN   |   |     | 0B15KY-65-1 |   |             |   | 14,000    |                                 |   |   | 246,960              |               |   |                   | -         |   |      |   | (40,040 | ) |   |   | 206,920 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                                                              |   | VXX       |   |     | 06740C-52-7 |   |             |   | 29,250    |                                 |   |   | 1,066,757            |               |   |                   |      |   |                     |   | (452,215 | ) |   |   | 614,543 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                                                                          |   | BGZ       |   |     | 25459W-85-4 |   |             |   | 62,530    |        |   |   | 874,795              |     |   |                   | -         |   |                     |   |   |   |   |   | 874,795 |   |
| ETF METAL SEC LTD ST HEILER GOLD                                                                            |   | PHAU:[N   |   |     | G3204R-10-1 |   |             |   | 900       |                                 |   |   | 88,521               |               |   |                   | 10,623    |   |                     |   | - |   |   |   | 99,144 |   |
| Julius Baer Invt Fnds ETF Gold                                                                              |   | JBGOUA:SW |   |     | 0B3F8G-34-6 |   |             |   | 150       |                                 |   |   | 168,308              |               |   |                   | -         |   |                     |   | (2,537 | ) |   |   | 165,771 |   |
| Market Vectors ETF Gold Miners                                                                              |   | GDX       |   |     | 57060U-10-0 |   |             |   | 8,350     |                                 |   |   | 389,213              |               |   |                   | -         |   |                     |   | (18,389 | ) |   |   | 370,824 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                                                                          |   | GDXJ      |   |     | 57060U-58-9 |   |             |   | 10,000    |                                 |   |   | 255,043              |               |   |                   | 2,157     |   |                     |   | - |   |   |   | 257,200 |   |
| Powershares DB Multi Sector Comm                                                                            |   | DBA       |   |     | 73936B-40-8 |   |             |   | 41,850    |                                 |   |   | 1,043,978            |               |   |                   | -         |   |                     |   | (30,371 | ) |   |   | 1,013,607 |   |
| Swedish Expt Cr Corp                                                                                        |   | RJA       |   |     | 870297-60-3 |   |             |   | 159,000   |                                 |   |   | 1,139,532            |               |   |                   | -         |   |                     |   | (12,222 | ) |   |   | 1,127,310 |   |
| Zuercher KTBK Gold ETF                                                                                      |   | ZGLDUS:SW |   |     | 0B3KZW-54-8 |   |             |   | 40        |                                 |   |   | 38,120               |               |   |                   | 6,357     |   |                     |   | - |   |   |   | 44,478 |   |
|                                                                                                        |   |      |   |     |        |   |             |   |      |                                 |   |   |                 |               |   |                   | -         |   |                     |   | - |   |   |   |   |   |
|                                                                                                        |   |      |   |     |        |   |             |   | 331,070   |                                 |   | $      | 5,606,904            |               |   | $                      | 19,137    |   |                     | $      | (573,101 | ) |   | $ | 5,052,941 |   |
|                                                                                                        |   |      |   |     |        |   |             |   |      |                                 |   |   |                 |               |   |                   |      |   |                     |   |   |   |   |   |   |   |
|               Total equity securities |   |      |   |     |        |   |             |   | 5,257,024 |                                 |   | $      | 66,594,823           |               |   | $                      | 3,413,202 |   |                     | $      | (3,920,460 | ) |   | $ | 66,087,565 |   |