SCHEDULE OF INVESTMENTS
AS OF MARCH 31, 2011
(dollars in thousands)
 Investment Exhibit
 Change in Book / Adjusted Carrying ValueCodes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Fair Value
    
    
    
    
    
    
    
    
    
    
    Unrealized
    
    
    
    
    
    
    InterestGross
    
    
    Gross
    
    
    Rate Used
    
    
    
    
    
    
    
    
    
    
    Book /
    
    
    Valuation
    
    
    Current Years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Admitted
    
    
    Amount ReceivedNAIC
    
    
    
    
    
    
    Unrealized
    
    
    Unrealized
    
    
    to Obtain
    
    
    
    
    
    
    
    
    
    
    Adjusted
    
    
    Increase
    
    
    (Amortization) /
    
    
    
    
    
    
    Effective
    
    
    
    
    
    
    Amount Due
    
    
    During
    
    
    DatesInvestment Type
    
    Cusip ID
    
    
    Code
    
    
    Designation
    
    
    Actual Cost
    
    
    Gains
    
    
    Losses
    
    
    Fair Value
    
    
    Fair Value
    
    
    Par Value
    
    
    Carrying Value
    
    
    / (Decrease)
    
    
    Accretion
    
    
    Rate of
    
    
    Rate of
    
    
    When Paid
    
    
    and Accrued
    
    
    Year
    
    
    Acquired
    
    
    MaturityFixed maturities, Trading Securities:Universal Property and Casualty Insurance Company:US government and agency obligationsUNITED STATES TREAS NTS
    
    912828-GZ-7
    
    SD
    
    
    1
    
    
    $
    145
    
    
    $
    4
    
    
    $
    
    
    
    
    105.97
    
    
    $
    143
    
    
    $
    135
    
    
    
    138
    
    
    
    
    
    
    
    (1
    )
    
    
    4.625
    
    
    
    2.780
    
    
    JJ
    
    $
    1
    
    
    $
    3
    
    
    
    7/15/2008
    
    
    
    7/31/2012UNITED STATES TREAS NTS
    
    912828-KC-3
    
    SD
    
    
    1
    
    
    
    35
    
    
    
    
    
    
    
    
    
    
    
    101.03
    
    
    
    35
    
    
    
    35
    
    
    
    35
    
    
    
    
    
    
    
    
    
    
    
    2.000
    
    
    
    1.842
    
    
    FA
    
    
    
    
    
    
    
    
    
    
    2/19/2009
    
    
    
    2/15/2012US TREASURY INFLATION INDEX BOND
    
    912810-FR-4
    
    SD
    
    
    1
    
    
    
    9,429
    
    
    
    
    
    
    
    (343
    )
    
    
    129.57
    
    
    
    9,049
    
    
    
    7,675
    
    
    
    9,392
    
    
    
    55
    
    
    
    (23
    )
    
    
    2.375
    
    
    
    1.015
    
    
    JJ
    
    
    40
    
    
    
    95
    
    
    
    11/15/2010
    
    
    
    1/15/2025US TREASURY INFLATION INDEX BOND
    
    912810-PS-1
    
    
    
    
    
    
    1
    
    
    
    8,068
    
    
    
    
    
    
    
    (380
    )
    
    
    120.04
    
    
    
    7,661
    
    
    
    7,000
    
    
    
    8,041
    
    
    
    47
    
    
    
    (18
    )
    
    
    2.375
    
    
    
    1.139
    
    
    JJ
    
    
    34
    
    
    
    81
    
    
    
    11/15/2010
    
    
    
    1/15/2027US TREASURY INFLATION INDEX BOND
    
    912810-PV-4
    
    
    
    
    
    
    
    
    
    
    2,272
    
    
    
    42
    
    
    
    
    
    
    
    105.73
    
    
    
    2,314
    
    
    
    2,400
    
    
    
    2,272
    
    
    
    16
    
    
    
    0
    
    
    
    1.750
    
    
    
    1.700
    
    
    JJ
    
    
    8
    
    
    
    20
    
    
    
    12/10/2010
    
    
    
    1/15/2028US TREASURY INFLATION INDEX BOND
    
    912810-PZ-5
    
    
    
    
    
    
    
    
    
    
    2,472
    
    
    
    
    
    
    
    (27
    )
    
    
    114.66
    
    
    
    2,440
    
    
    
    2,330
    
    
    
    2,467
    
    
    
    15
    
    
    
    (4
    )
    
    
    2.500
    
    
    
    1.515
    
    
    JJ
    
    
    12
    
    
    
    27
    
    
    
    12/7/2010
    
    
    
    1/15/2029US TREASURY INFLATION INDEX BOND
    
    912810-QF-8
    
    
    
    
    
    
    
    
    
    
    35,112
    
    
    
    
    
    
    
    (1,896
    )
    
    
    105.53
    
    
    
    33,173
    
    
    
    69,190
    
    
    
    35,069
    
    
    
    215
    
    
    
    (27
    )
    
    
    2.125
    
    
    
    1.582
    
    
    FA
    
    
    83
    
    
    
    331
    
    
    
    12/14/2010
    
    
    
    2/15/2040US TREASURY INFLATION INDEX BOND
    
    912828-LA-6
    
    
    
    
    
    
    
    
    
    
    2,912
    
    
    
    269
    
    
    
    
    
    
    
    112.46
    
    
    
    3,168
    
    
    
    2,800
    
    
    
    2,899
    
    
    
    20
    
    
    
    (2
    )
    
    
    1.875
    
    
    
    1.539
    
    
    JJ
    
    
    12
    
    
    
    27
    
    
    
    9/29/2009
    
    
    
    7/15/2019US TREASURY INFLATION INDEX BOND
    
    912828-NM-8
    
    
    
    
    
    
    
    
    
    
    116
    
    
    
    
    
    
    
    (1
    )
    
    
    103.48
    
    
    
    115
    
    
    
    110
    
    
    
    116
    
    
    
    1
    
    
    
    
    
    
    
    1.250
    
    
    
    0.675
    
    
    JJ
    
    
    
    
    
    
    1
    
    
    
    9/30/2010
    
    
    
    7/15/2020Total US government and agency obligations
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    60,561
    
    
    $
    315
    
    
    $
    (2,647
    )
    
    
    
    
    
    $
    58,098
    
    
    $
    91,675
    
    
    $
    60,429
    
    
    $
    369
    
    
    $
    (75
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    190
    
    
    $
    585Total fixed maturities
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    60,561
    
    
    $
    315
    
    
    $
    (2,647
    )
    
    
    
    
    
    $
    58,098
    
    
    $
    91,675
    
    
    $
    60,429
    
    
    $
    369
    
    
    $
    (75
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    190
    
    
    $
    585




---



##### 



Gross Unrealized
    
    
    Gross Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    Cusip ID
    
    Number of Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueEquity securities:Universal Property and Casualty Insurance Company1
    
    AGNICO EAGLE MINES LTD
    
    AEM
    
    008474-10-8
    
    19,400
    
    
    $
    1,485
    
    
    $
    
    
    
    $
    (198
    )
    
    $
    1,2872
    
    ALEXCO RESOURCE CORP
    
    AXU
    
    01535P-10-6
    
    46,750
    
    
    
    345
    
    
    
    69
    
    
    
    
    
    
    
    4143
    
    ALLIED NEVADA GOLD CORP
    
    ANV
    
    019344-10-0
    
    4,540
    
    
    
    143
    
    
    
    18
    
    
    
    
    
    
    
    1614
    
    ORVANA MINERALS CORP COM
    
    ORV CN
    
    026628-51-1
    
    1,500
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    55
    
    ANDINA MINERALS INC
    
    ADMNF
    
    034219-10-5
    
    60,000
    
    
    
    93
    
    
    
    
    
    
    
    (7
    )
    
    
    866
    
    NEWCREST MINING NPV
    
    NCM
    
    066371-01-4
    
    3,000
    
    
    
    88
    
    
    
    35
    
    
    
    
    
    
    
    1237
    
    Barrick Gold Corp
    
    ABX
    
    067901-10-8
    
    4,325
    
    
    
    214
    
    
    
    11
    
    
    
    
    
    
    
    2258
    
    URANIUM ONE INC COM
    
    UUU CN
    
    0B0V23-L6-4
    
    135,400
    
    
    
    681
    
    
    
    
    
    
    
    (152
    )
    
    
    5299
    
    PLATMIN LTD COM
    
    PPN CN
    
    0B1B5G-C4-0
    
    103,000
    
    
    
    100
    
    
    
    
    
    
    
    (18
    )
    
    
    8210
    
    CORVUS GOLD INC
    
    KOR
    
    221013-10-5
    
    217,900
    
    
    
    198
    
    
    
    
    
    
    
    (32
    )
    
    
    16611
    
    DACHA STRATEGIC METALS INC
    
    DAC
    
    233407-10-5
    
    351,000
    
    
    
    167
    
    
    
    
    
    
    
    (20
    )
    
    
    14712
    
    ELDORADO GOLD CORP NEW
    
    EGO
    
    284902-10-3
    
    54,000
    
    
    
    959
    
    
    
    
    
    
    
    (81
    )
    
    
    87813
    
    EXETER RES CORP
    
    XRA
    
    301835-10-4
    
    192,800
    
    
    
    1,166
    
    
    
    
    
    
    
    (136
    )
    
    
    1,03014
    
    EXTORRE GOLD MINES LTD
    
    XG
    
    30227B-10-9
    
    45,400
    
    
    
    223
    
    
    
    49
    
    
    
    
    
    
    
    27215
    
    FORTUNA SILVER MINES INC
    
    FVITF
    
    349915-10-8
    
    17,100
    
    
    
    82
    
    
    
    9
    
    
    
    
    
    
    
    9116
    
    GOLDCORP INC NEW
    
    GG
    
    380956-40-9
    
    750
    
    
    
    37
    
    
    
    
    
    
    
    
    
    
    
    3717
    
    HARMONY GOLD MNG LTD
    
    HMY
    
    413216-30-0
    
    10,850
    
    
    
    123
    
    
    
    38
    
    
    
    
    
    
    
    16118
    
    HECLA MNG CO
    
    HL
    
    422704-10-6
    
    110,600
    
    
    
    877
    
    
    
    127
    
    
    
    
    
    
    
    1,00419
    
    IAMGOLD CORP
    
    IAG
    
    450913-10-8
    
    10,150
    
    
    
    206
    
    
    
    18
    
    
    
    
    
    
    
    22420
    
    INTER CITIC MINERALS INC
    
    ICMTF
    
    458189-10-7
    
    153,150
    
    
    
    298
    
    
    
    
    
    
    
    (24
    )
    
    
    27421
    
    INTERNATIONAL TOWER HILL MINES
    
    THM
    
    46050R-10-2
    
    73,481
    
    
    
    686
    
    
    
    51
    
    
    
    
    
    
    
    73722
    
    MINEFINDERS CORP LTD
    
    MFN
    
    602900-10-2
    
    6,014
    
    
    
    64
    
    
    
    15
    
    
    
    
    
    
    
    7923
    
    NEWMONT MINING CORP
    
    NEM
    
    651639-10-6
    
    27,250
    
    
    
    1,569
    
    
    
    
    
    
    
    (82
    )
    
    
    1,48724
    
    NORTH AMERN PALLADIUM LTD
    
    PAL
    
    656912-10-2
    
    131,090
    
    
    
    855
    
    
    
    
    
    
    
    (4
    )
    
    
    85125
    
    ORVANA MINERALS CORP
    
    ORV
    
    68759M-10-1
    
    77,500
    
    
    
    248
    
    
    
    
    
    
    
    (13
    )
    
    
    23526
    
    PAN AMERICAN SILVER CORP
    
    PAAS
    
    697900-10-8
    
    11,850
    
    
    
    423
    
    
    
    17
    
    
    
    
    
    
    
    44027
    
    RANDGOLD RES LTD
    
    GOLD
    
    752344-30-9
    
    35,988
    
    
    
    3,342
    
    
    
    
    
    
    
    (408
    )
    
    
    2,93428
    
    RENAISSANCE GOLD INC
    
    RNSGF
    
    75971J-10-5
    
    33,100
    
    
    
    59
    
    
    
    3
    
    
    
    
    
    
    
    6229
    
    SPDR Gold Shares
    
    GLD
    
    78463V-10-7
    
    10,380
    
    
    
    1,287
    
    
    
    165
    
    
    
    
    
    
    
    1,45230
    
    SEABRIDGE GOLD INC
    
    SA
    
    811916-10-5
    
    4,468
    
    
    
    132
    
    
    
    10
    
    
    
    
    
    
    
    14231
    
    Silver Wheaton Corp
    
    SLW
    
    828336-10-7
    
    138,400
    
    
    
    4,784
    
    
    
    1,217
    
    
    
    
    
    
    
    6,00132
    
    SILVERCORP METALS INC
    
    SVM
    
    82835P-10-3
    
    13,400
    
    
    
    156
    
    
    
    39
    
    
    
    
    
    
    
    19533
    
    STILLWATER MNG CO
    
    SWC
    
    86074Q-10-2
    
    26,400
    
    
    
    589
    
    
    
    16
    
    
    
    
    
    
    
    60534
    
    TRADE WINDS VENTURES INC
    
    TWD
    
    89254X-10-3
    
    410,000
    
    
    
    160
    
    
    
    
    
    
    
    (50
    )
    
    
    11035
    
    YAMANA GOLD INC
    
    AUY
    
    98462Y-10-0
    
    23,000
    
    
    
    269
    
    
    
    14
    
    
    
    
    
    
    
    28336
    
    ETFS METAL SECS ETFS PHYSICAL GOLD
    
    GOLD
    
    066055-28-6
    
    6,550
    
    
    
    792
    
    
    
    122
    
    
    
    
    
    
    
    91437
    
    IPATH DJ-UBS GRAINS SUB INDEX ETN
    
    JJG
    
    06739H-30-5
    
    22,650
    
    
    
    1,214
    
    
    
    23
    
    
    
    
    
    
    
    1,23738
    
    BARCLAYS BANK PLC ETN DJUBS NAT37
    
    GAZ
    
    06739H-64-4
    
    118,478
    
    
    
    979
    
    
    
    46
    
    
    
    
    
    
    
    1,02539
    
    ETFS CMMDTY SECS 0% UNDTD NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    290,930
    
    
    
    439
    
    
    
    196
    
    
    
    
    
    
    
    63540
    
    ETFS COM SECURITIE ETFS SUGAR (USD
    
    ECYIF
    
    0B15KY-65-1
    
    29,583
    
    
    
    717
    
    
    
    5
    
    
    
    
    
    
    
    72241
    
    ETFS COM SECURITIE 0% SEC UNDTD NT
    
    WEAT:LN
    
    0B15KY-76-8
    
    490,450
    
    
    
    1,050
    
    
    
    64
    
    
    
    
    
    
    
    1,11442
    
    ETFS METAL SECS PHYSICAL PLATINUM
    
    PHPT LN
    
    0B1VS2-W5-7
    
    2,025
    
    
    
    336
    
    
    
    18
    
    
    
    
    
    
    
    35443
    
    ETFS Metal Securitie Ltd Palladium
    
    PHPD:LN
    
    0B1VS3-00-1
    
    8,755
    
    
    
    652
    
    
    
    6
    
    
    
    
    
    
    
    65844
    
    Zuercher KTBK Silver ETF
    
    ZSIL:SW
    
    0B1XCL-94-7
    
    350
    
    
    
    703
    
    
    
    542
    
    
    
    
    
    
    
    1,24545
    
    Zuercher KTBK Palladium ETF
    
    ZPAL:SW
    
    0B1XCL-D8-3
    
    215
    
    
    
    435
    
    
    
    82
    
    
    
    
    
    
    
    51746
    
    ETFS METAL SEC ETFS PHYSICAL GOLD
    
    PHAU:LN
    
    0B285Z-72-4
    
    8,040
    
    
    
    898
    
    
    
    239
    
    
    
    
    
    
    
    1,13747
    
    ETF Metal Secs Physical Silver
    
    PHAG:LN
    
    0B285Z-K5-2
    
    4,550
    
    
    
    133
    
    
    
    35
    
    
    
    
    
    
    
    16848
    
    Julius Baer Invt Fnds ETF Gold
    
    JBGOUA:SW
    
    0B3F8G-34-6
    
    717
    
    
    
    864
    
    
    
    153
    
    
    
    
    
    
    
    1,01749
    
    ETFS METAL SECS ETFS PHYSICAL SILV
    
    ETPMAG
    
    0B3KMG-42-2
    
    9,750
    
    
    
    181
    
    
    
    179
    
    
    
    
    
    
    
    36050
    
    Zuercher KTBK Gold ETF
    
    ZGLDUS:SW
    
    0B3KZW-54-8
    
    908
    
    
    
    1,131
    
    
    
    166
    
    
    
    
    
    
    
    1,29751
    
    CLAYMORE SILVER BULLION TR TR UNIT
    
    SVR
    
    0B3N7L-27-3
    
    79,025
    
    
    
    881
    
    
    
    939
    
    
    
    
    
    
    
    1,82052
    
    HORIZONS BETA WNTR NAT ETF UNIT CL
    
    HUN:CN
    
    0B61KF-94-6
    
    45,000
    
    
    
    345
    
    
    
    
    
    
    
    (110
    )
    
    
    23553
    
    CLAYMORE GOLD BULLION ETF HEDGED C
    
    CGL
    
    0B634C-59-0
    
    141,700
    
    
    
    1,398
    
    
    
    484
    
    
    
    
    
    
    
    1,88254
    
    DIREXION SHS ETF TR DLY LRG CAP BE
    
    BGZ
    
    25459W-15-1
    
    32,382
    
    
    
    2,337
    
    
    
    
    
    
    
    (1,184
    )
    
    
    1,15355
    
    DIREXION SHS ETF TR LATN AM BEAR3X
    
    LHB
    
    25459W-64-9
    
    2,500
    
    
    
    131
    
    
    
    
    
    
    
    (93
    )
    
    
    3856
    
    DIREXION SHS ETF TR CHINA BEAR 3X
    
    CZI
    
    25459W-76-3
    
    5,500
    
    
    
    230
    
    
    
    
    
    
    
    (152
    )
    
    
    7857
    
    ETFS PLATINUM TR SH BEN INT
    
    PHPT:LN
    
    26922V-10-1
    
    12,090
    
    
    
    1,978
    
    
    
    147
    
    
    
    
    
    
    
    2,12558
    
    ETFS SILVER TR SILVER SHS
    
    SIVR
    
    26922X-10-7
    
    60,600
    
    
    
    1,655
    
    
    
    618
    
    
    
    
    
    
    
    2,27359
    
    ETFS GOLD TR SHS
    
    SGOL
    
    26922Y-10-5
    
    16,120
    
    
    
    1,979
    
    
    
    320
    
    
    
    
    
    
    
    2,29960
    
    ETFS PALLADIUM TR SH BEN INT
    
    PALL
    
    26923A-10-6
    
    32,000
    
    
    
    2,243
    
    
    
    190
    
    
    
    
    
    
    
    2,43361
    
    GLOBAL X URANIUM ETF
    
    URA
    
    37950E-75-4
    
    21,500
    
    
    
    430
    
    
    
    
    
    
    
    (111
    )
    
    
    31962
    
    GLOBAL X FDS SILVERS MINERS ETF
    
    SIL
    
    37950E-85-3
    
    9,150
    
    
    
    216
    
    
    
    42
    
    
    
    
    
    
    
    25863
    
    IShares Comex Gold Trust ETF
    
    IAU
    
    464285-10-5
    
    113,000
    
    
    
    1,367
    
    
    
    217
    
    
    
    
    
    
    
    1,58464
    
    Ishares Silver Trust ETF
    
    SLV
    
    46428Q-10-9
    
    14,600
    
    
    
    412
    
    
    
    125
    
    
    
    
    
    
    
    53765
    
    Market Vectors ETF Gold Miners
    
    GDX
    
    57060U-10-0
    
    36,500
    
    
    
    2,150
    
    
    
    44
    
    
    
    
    
    
    
    2,19466
    
    MARKET VECTORS ETF TR JR GOLD MINE
    
    GDXJ
    
    57060U-58-9
    
    67,752
    
    
    
    2,551
    
    
    
    107
    
    
    
    
    
    
    
    2,65867
    
    Powershares DB Multi Sector Comm
    
    DBA
    
    73936B-40-8
    
    78,350
    
    
    
    2,354
    
    
    
    328
    
    
    
    
    
    
    
    2,68268
    
    Powershares Multi Sectr Com Oil Fd
    
    DBO
    
    73936B-50-7
    
    7,700
    
    
    
    220
    
    
    
    28
    
    
    
    
    
    
    
    24869
    
    SWEDISH EXPT CR CORP RG ENRGY ETN2
    
    RJN
    
    870297-30-6
    
    102,445
    
    
    
    588
    
    
    
    177
    
    
    
    
    
    
    
    76570
    
    Swedish Expt Cr Corp
    
    RJA
    
    870297-60-3
    
    261,800
    
    
    
    2,268
    
    
    
    698
    
    
    
    
    
    
    
    2,96671
    
    UNITED STS GASOLINE FD LP UNITS
    
    UGA
    
    91201T-10-2
    
    5,000
    
    
    
    220
    
    
    
    32
    
    
    
    
    
    
    
    25272
    
    ETFS METAL SECURIT ETFS PHYSICAL S
    
    PHAG:LN
    
    G3204R-13-5
    
    25,750
    
    
    
    420
    
    
    
    532
    
    
    
    
    
    
    
    952Total Universal Property & Casualty Insurance Company
    
    4,728,351
    
    
    $
    59,010
    
    
    $
    8,825
    
    
    $
    (2,875
    )
    
    $
    64,960




---



##### 



Gross Unrealized
    
    
    Gross Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    Cusip ID
    
    Number of Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueEquity securities:American Platinum Property and Casualty Insurance Company1
    
    ELDORADO GOLD CORP NEW
    
    EGO
    
    284902-10-3
    
    
    18500
    
    
    $
    332
    
    
    $
    
    
    
    $
    (31
    )
    
    
    3012
    
    EXETER RES CORP
    
    XRA
    
    301835-10-4
    
    
    47160
    
    
    
    275
    
    
    
    
    
    
    
    (23
    )
    
    
    2523
    
    EXTORRE GOLD MINES LTD
    
    XG
    
    30227B-10-9
    
    
    22300
    
    
    
    110
    
    
    
    24
    
    
    
    
    
    
    
    1344
    
    HECLA MNG CO
    
    HL
    
    422704-10-6
    
    
    17900
    
    
    
    173
    
    
    
    
    
    
    
    (11
    )
    
    
    1635
    
    INTER CITIC MINERALS INC
    
    ICMTF
    
    458189-10-7
    
    
    44150
    
    
    
    88
    
    
    
    
    
    
    
    (9
    )
    
    
    796
    
    INTERNATIONAL TOWER HILL
MINES
    
    THM
    
    46050R-10-2
    
    
    21900
    
    
    
    205
    
    
    
    15
    
    
    
    
    
    
    
    2207
    
    MEDUSA MINING LTD
    
    MLL
    
    0B4V4P-25-2
    
    
    1650
    
    
    
    12
    
    
    
    
    
    
    
    
    
    
    
    128
    
    NEWMONT MINING CORP
    
    NEM
    
    651639-10-6
    
    
    3910
    
    
    
    228
    
    
    
    
    
    
    
    (15
    )
    
    
    2139
    
    NORTH AMERN PALLADIUM LTD
    
    PAL
    
    656912-10-2
    
    
    25939
    
    
    
    174
    
    
    
    
    
    
    
    (5
    )
    
    
    16810
    
    ORVANA MINERALS CORP
    
    ORV
    
    68759M-10-1
    
    
    29500
    
    
    
    95
    
    
    
    
    
    
    
    (6
    )
    
    
    8911
    
    PLATMIN LTD COM
    
    PPN CN
    
    0B1B5G-C4-0
    
    
    30000
    
    
    
    29
    
    
    
    
    
    
    
    (5
    )
    
    
    2412
    
    RANDGOLD RES LTD
    
    GOLD
    
    752344-30-9
    
    
    3950
    
    
    
    360
    
    
    
    
    
    
    
    (38
    )
    
    
    32213
    
    SEABRIDGE GOLD INC
    
    SA
    
    811916-10-5
    
    
    75
    
    
    
    3
    
    
    
    
    
    
    
    (1
    )
    
    
    214
    
    Silver Wheaton Corp
    
    SLW
    
    828336-10-7
    
    
    674
    
    
    
    27
    
    
    
    2
    
    
    
    
    
    
    
    2915
    
    SPDR Gold Shares
    
    GLD
    
    78463V-10-7
    
    
    1000
    
    
    
    110
    
    
    
    30
    
    
    
    
    
    
    
    14016
    
    STILLWATER MNG CO
    
    SWC
    
    86074Q-10-2
    
    
    5700
    
    
    
    131
    
    
    
    -
    
    
    
    (0
    )
    
    
    13117
    
    URANIUM ONE INC COM
    
    UUU CN
    
    0B0V23-L6-4
    
    
    11000
    
    
    
    63
    
    
    
    
    
    
    
    (20
    )
    
    
    4318
    
    BARCLAYS BANK PLC ETN
DJUBS NAT37
    
    GAZ
    
    06739H-64-4
    
    
    67266
    
    
    
    635
    
    
    
    
    
    
    
    (53
    )
    
    
    58219
    
    CLAYMORE SILVER BULLION
TR TR UNIT
    
    SVR
    
    0B3N7L-27-3
    
    
    970
    
    
    
    17
    
    
    
    5
    
    
    
    
    
    
    
    2220
    
    DIREXION SHS ETF TR DLY
LRG CAP BE
    
    BGZ
    
    25459W-15-1
    
    
    2500
    
    
    
    182
    
    
    
    
    
    
    
    (93
    )
    
    
    8921
    
    ETF Metal Secs Physical
Silver
    
    PHAG:LN
    
    0B285Z-K5-2
    
    
    1500
    
    
    
    42
    
    
    
    13
    
    
    
    
    
    
    
    5522
    
    ETFS CMMDTY SECS 0% UNDTD
NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    
    24400
    
    
    
    51
    
    
    
    2
    
    
    
    
    
    
    
    5323
    
    ETFS COM SECURITIE 0% SEC
UNDTD NT
    
    WEAT:LN
    
    0B15KY-76-8
    
    
    15250
    
    
    
    34
    
    
    
    1
    
    
    
    
    
    
    
    3524
    
    ETFS COMMODITY SECS 0%
SECD
    
    HOGS:LN
    
    0B15KX-Z7-7
    
    
    13500
    
    
    
    15
    
    
    
    1
    
    
    
    
    
    
    
    1625
    
    ETFS GOLD TR SHS
    
    SGOL
    
    26922Y-10-5
    
    
    1100
    
    
    
    124
    
    
    
    33
    
    
    
    
    
    
    
    15726
    
    ETFS METAL SEC ETFS
PHYSICAL GOLD
    
    PHAU:LN
    
    0B285Z-72-4
    
    
    800
    
    
    
    103
    
    
    
    10
    
    
    
    
    
    
    
    11327
    
    ETFS Metal Securitie Ltd
Palladium
    
    PHPD:LN
    
    0B1VS3-00-1
    
    
    1080
    
    
    
    82
    
    
    
    
    
    
    
    (1
    )
    
    
    8128
    
    ETFS PALLADIUM TR SH BEN
INT
    
    PALL
    
    26923A-10-6
    
    
    1650
    
    
    
    128
    
    
    
    
    
    
    
    (3
    )
    
    
    12529
    
    ETFS PLATINUM TR SH BEN
INT
    
    PHPT:LN
    
    26922V-10-1
    
    
    410
    
    
    
    71
    
    
    
    1
    
    
    
    
    
    
    
    7230
    
    ETFS SILVER TR SILVER SHS
    
    SIVR
    
    26922X-10-7
    
    
    845
    
    
    
    27
    
    
    
    5
    
    
    
    
    
    
    
    3231
    
    GLOBAL X URANIUM ETF
    
    URA
    
    37950E-75-4
    
    
    3950
    
    
    
    81
    
    
    
    
    
    
    
    (22
    )
    
    
    5932
    
    IPATH DJ-UBS GRAINS SUB
INDEX ETN
    
    JJG
    
    06739H-30-5
    
    
    4900
    
    
    
    263
    
    
    
    6
    
    
    
    
    
    
    
    26833
    
    IShares Comex Gold Trust
ETF
    
    IAU
    
    464285-10-5
    
    
    19000
    
    
    
    209
    
    
    
    57
    
    
    
    
    
    
    
    26634
    
    Market Vectors ETF Gold
Miners
    
    GDX
    
    57060U-10-0
    
    
    5900
    
    
    
    358
    
    
    
    
    
    
    
    (4
    )
    
    
    35535
    
    MARKET VECTORS ETF TR JR
GOLD MINE
    
    GDXJ
    
    57060U-58-9
    
    
    8750
    
    
    
    354
    
    
    
    
    
    
    
    (11
    )
    
    
    34336
    
    Powershares DB Multi
Sector Comm
    
    DBA
    
    73936B-40-8
    
    
    9350
    
    
    
    320
    
    
    
    0
    
    
    
    
    
    
    
    32037
    
    Swedish Expt Cr Corp
    
    RJA
    
    870297-60-3
    
    
    21380
    
    
    
    238
    
    
    
    4
    
    
    
    
    
    
    
    24238
    
    Zuercher KTBK Palladium
ETF
    
    ZPAL:SW
    
    0B1XCL-D8-3
    
    
    11
    
    
    
    14
    
    
    
    12
    
    
    
    
    
    
    
    2639
    
    Zuercher KTBK Silver ETF
    
    ZSIL:SW
    
    0B1XCL-94-7
    
    
    3
    
    
    
    5
    
    
    
    6
    
    
    
    
    
    
    
    1140
    
    Zuercher KZKB Platinum ETF
    
    ZPLA:SW
    
    0B1XCL-H2-2
    
    
    13
    
    
    
    28
    
    
    
    9
    
    
    
    
    
    
    
    37Total American Platinum Property &
Casualty Insurance Company
    
    
    
    
    489,836
    
    
    $
    5,796
    
    
    $
    236
    
    
    $
    (351
    )
    
    $
    5,681




---



##### 



Gross Unrealized
    
    
    Gross Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    Cusip ID
    
    Number of Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueUniversal Insurance Holdings, Inc.Equity Securities:1
    
    AGNICO EAGLE MINES LTD
    
    AEM
    
    008474-10-8
    
    
    2930
    
    
    $
    219
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    1942
    
    ALEXCO RESOURCE CORP
    
    AXU
    
    01535P-10-6
    
    
    2800
    
    
    
    21
    
    
    
    4
    
    
    
    
    
    
    
    253
    
    ALLIED NEVADA GOLD CORP
    
    ANV
    
    019344-10-0
    
    
    1025
    
    
    
    34
    
    
    
    2
    
    
    
    
    
    
    
    364
    
    Barrick Gold Corp
    
    KOR
    
    067901-10-8
    
    
    800
    
    
    
    39
    
    
    
    3
    
    
    
    
    
    
    
    425
    
    URANIUM ONE INC COM
    
    UUU CN
    
    0B0V23-L6-4
    
    
    19000
    
    
    
    86
    
    
    
    
    
    
    
    (11
    )
    
    
    756
    
    DACHA STRATEGIC METALS INC
    
    SGOL
    
    233407-10-5
    
    
    110000
    
    
    
    42
    
    
    
    4
    
    
    
    
    
    
    
    467
    
    ELDORADO GOLD CORP NEW
    
    EGO
    
    284902-10-3
    
    
    18000
    
    
    
    326
    
    
    
    
    
    
    
    (33
    )
    
    
    2938
    
    EXETER RES CORP
    
    XRA
    
    301835-10-4
    
    
    20700
    
    
    
    117
    
    
    
    
    
    
    
    (6
    )
    
    
    1119
    
    EXTORRE GOLD MINES LTD
    
    XG
    
    30227B-10-9
    
    
    22200
    
    
    
    114
    
    
    
    19
    
    
    
    
    
    
    
    13310
    
    FORTUNA SILVER MINES INC
    
    FVITF
    
    349915-10-8
    
    
    1900
    
    
    
    8
    
    
    
    2
    
    
    
    
    
    
    
    1011
    
    HARMONY GOLD MNG LTD
    
    HMY
    
    413216-30-0
    
    
    4900
    
    
    
    58
    
    
    
    15
    
    
    
    
    
    
    
    7312
    
    HECLA MNG CO
    
    HL
    
    422704-10-6
    
    
    20700
    
    
    
    198
    
    
    
    
    
    
    
    (10
    )
    
    
    18813
    
    IAMGOLD CORP
    
    IAG
    
    450913-10-8
    
    
    8550
    
    
    
    153
    
    
    
    35
    
    
    
    
    
    
    
    18814
    
    INTERNATIONAL TOWER HILL MINES
    
    THM
    
    46050R-10-2
    
    
    14088
    
    
    
    125
    
    
    
    16
    
    
    
    
    
    
    
    14115
    
    NEWMONT MINING CORP
    
    NEM
    
    651639-10-6
    
    
    7700
    
    
    
    447
    
    
    
    
    
    
    
    (27
    )
    
    
    42016
    
    NORTH AMERN PALLADIUM LTD
    
    PAL
    
    656912-10-2
    
    
    31300
    
    
    
    207
    
    
    
    
    
    
    
    (4
    )
    
    
    20317
    
    ORVANA MINERALS CORP
    
    ORV
    
    68759M-10-1
    
    
    15000
    
    
    
    50
    
    
    
    
    
    
    
    (4
    )
    
    
    4518
    
    PAN AMERICAN SILVER CORP
    
    PAAS
    
    697900-10-8
    
    
    6400
    
    
    
    239
    
    
    
    
    
    
    
    (1
    )
    
    
    23919
    
    RANDGOLD RES LTD
    
    GOLD
    
    752344-30-9
    
    
    4725
    
    
    
    437
    
    
    
    
    
    
    
    (51
    )
    
    
    38520
    
    ROYAL GOLD INC
    
    RGLD
    
    780287-10-8
    
    
    1400
    
    
    
    68
    
    
    
    5
    
    
    
    
    
    
    
    7321
    
    SPDR Gold Shares
    
    GLD
    
    78463V-10-7
    
    
    1300
    
    
    
    175
    
    
    
    7
    
    
    
    
    
    
    
    18222
    
    SEABRIDGE GOLD INC
    
    SA
    
    811916-10-5
    
    
    1250
    
    
    
    39
    
    
    
    1
    
    
    
    
    
    
    
    4023
    
    SILVER STD RES INC
    
    SSRI
    
    82823L-10-6
    
    
    1200
    
    
    
    34
    
    
    
    4
    
    
    
    
    
    
    
    3824
    
    Silver Wheaton Corp
    
    SLW
    
    828336-10-7
    
    
    10340
    
    
    
    383
    
    
    
    65
    
    
    
    
    
    
    
    44825
    
    SILVERCORP METALS INC
    
    SVM
    
    82835P-10-3
    
    
    1650
    
    
    
    20
    
    
    
    4
    
    
    
    
    
    
    
    2426
    
    STILLWATER MNG CO
    
    SWC
    
    86074Q-10-2
    
    
    5525
    
    
    
    118
    
    
    
    9
    
    
    
    
    
    
    
    12727
    
    YAMANA GOLD INC
    
    AUY
    
    98462Y-10-0
    
    
    2750
    
    
    
    32
    
    
    
    2
    
    
    
    
    
    
    
    3428
    
    BARCLAYS BANK PLC ETN DJUBS SGAR38
    
    SGG
    
    06739H-21-4
    
    
    2000
    
    
    
    166
    
    
    
    2
    
    
    
    
    
    
    
    16829
    
    IPATH DJ-UBS GRAINS SUB INDEX ETN
    
    JJG
    
    06739H-30-5
    
    
    7900
    
    
    
    416
    
    
    
    16
    
    
    
    
    
    
    
    43130
    
    BARCLAYS BANK PLC ETN DJUBS NAT37
    
    GAZ
    
    06739H-64-4
    
    
    86365
    
    
    
    773
    
    
    
    
    
    
    
    (26
    )
    
    
    74731
    
    ETFS CMMDTY SECS 0% UNDTD NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    
    21900
    
    
    
    29
    
    
    
    19
    
    
    
    
    
    
    
    4832
    
    ETFS COMMODITY SECS 0% SECD
    
    HOGS:LN
    
    0B15KX-Z7-7
    
    
    93000
    
    
    
    99
    
    
    
    10
    
    
    
    
    
    
    
    10933
    
    ETFS COM SECURITIE ETFS SUGAR (USD
    
    ECYIF
    
    0B15KY-65-1
    
    
    4550
    
    
    
    83
    
    
    
    28
    
    
    
    
    
    
    
    11134
    
    Julius Baer Invt Fnds ETF Gold
    
    JBGOUA:SW
    
    0B3F8G-34-6
    
    
    143
    
    
    
    160
    
    
    
    42
    
    
    
    
    
    
    
    20335
    
    Zuercher KTBK Gold ETF
    
    ZGLDUS:SW
    
    0B3KZW-54-8
    
    
    40
    
    
    
    38
    
    
    
    19
    
    
    
    
    
    
    
    5736
    
    DIREXION SHS ETF TR DLY LRG CAP BE
    
    BGZ
    
    25459W-15-1
    
    
    2976
    
    
    
    215
    
    
    
    
    
    
    
    (109
    )
    
    
    10637
    
    ETFS PLATINUM TR SH BEN INT
    
    PHPT:LN
    
    26922V-10-1
    
    
    1050
    
    
    
    168
    
    
    
    17
    
    
    
    
    
    
    
    18538
    
    ETFS SILVER TR SILVER SHS
    
    SIVR
    
    26922X-10-7
    
    
    3450
    
    
    
    101
    
    
    
    28
    
    
    
    
    
    
    
    12939
    
    ETFS GOLD TR SHS
    
    PHPT:LN
    
    26922Y-10-5
    
    
    750
    
    
    
    96
    
    
    
    11
    
    
    
    
    
    
    
    10740
    
    ETFS PALLADIUM TR SH BEN INT
    
    SIVR
    
    26923A-10-6
    
    
    3400
    
    
    
    222
    
    
    
    36
    
    
    
    
    
    
    
    25941
    
    GLOBAL X URANIUM ETF
    
    URA
    
    37950E-75-4
    
    
    4000
    
    
    
    80
    
    
    
    
    
    
    
    (21
    )
    
    
    5942
    
    GLOBAL X FDS SILVERS MINERS ETF
    
    SIL
    
    37950E-85-3
    
    
    1025
    
    
    
    24
    
    
    
    5
    
    
    
    
    
    
    
    2943
    
    Ishares Silver Trust ETF
    
    SLV
    
    46428Q-10-9
    
    
    2925
    
    
    
    82
    
    
    
    26
    
    
    
    
    
    
    
    10844
    
    Market Vectors ETF Gold Miners
    
    GDX
    
    57060U-10-0
    
    
    9325
    
    
    
    535
    
    
    
    26
    
    
    
    
    
    
    
    56045
    
    MARKET VECTORS ETF TR JR GOLD MINE
    
    GDXJ
    
    57060U-58-9
    
    
    15820
    
    
    
    579
    
    
    
    41
    
    
    
    
    
    
    
    62046
    
    Powershares DB Multi Sector Comm
    
    DBA
    
    73936B-40-8
    
    
    26850
    
    
    
    752
    
    
    
    167
    
    
    
    
    
    
    
    91947
    
    Powershares Multi Sectr Com Oil Fd
    
    DBO
    
    73936B-50-7
    
    
    1750
    
    
    
    50
    
    
    
    6
    
    
    
    
    
    
    
    5648
    
    Swedish Expt Cr Corp
    
    RJA
    
    870297-60-3
    
    
    114300
    
    
    
    877
    
    
    
    418
    
    
    
    
    
    
    
    1,29549
    
    UNITED STS GASOLINE FD LP UNITS
    
    UGA
    
    91201T-10-2
    
    
    1675
    
    
    
    72
    
    
    
    12
    
    
    
    
    
    
    
    8450
    
    ETF METAL SEC LTD ST HEILER GOLD
    
    EFMSF
    
    G3204R-10-1
    
    
    1000
    
    
    
    106
    
    
    
    35
    
    
    
    
    
    
    
    142Total Universal Insurance
Holdings Inc
    
    
    
    
    
    
    744,327
    
    
    $
    9,512
    
    
    $
    1,161
    
    
    $
    (328
    )
    
    $
    10,345Total equity securities
    
    
    
    
    
    
    5,962,514
    
    
    $
    74,318
    
    
    $
    10,222
    
    
    $
    (3,554
    )
    
    $
    80,986