|                                                                                   |   | Codes  |        |   |   |    |   |   |              |   |   |        |   |      |                   |      | Fair Value  |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   | Change in Book / Adjusted Carrying Value    | Interest                         |                    Dates |
|----------------------------------------------------------------------------------------|--------|-------------|-------------|--------|--------|---------|--------|--------|-------------------|--------|--------|-------------|--------|-----------|------------------------|-----------|------------------|-------------------------|--------|---------|--------------------------------|--------|--------|------------|--------|---------|-----------|---------|--------|---------------------------|--------|------------------------------------------------------------|---------------------------------------|--------------------------------------------------------------------------------------------------------------------|
| Investment Type                                                                        |   | Cusip ID    |        | Code   |   | Foreign |   |   | NAIC Desig-nation |   |   | Actual Cost |   |      | Gross Unrealized Gains |      |             | Gross Unrealized Losses |   |    | Rate Used to Obtain Fair Value |   |   | Fair Value |   |    | Par Value |    |   | Par Value Foreign Dollars |   |                                                       | Par Value US Dollars at Purchase Date |                                                                                                               |   | Book / Adjusted Carrying Value |   |   | Unrealized Valuation Increase / (Decrease) |   |   | Current Year's (Amortization) / Accretion |   |   | Current Year's Other Than Temporary Impairment Recognized |   |   | Total Foreign Exchange Change in Book / Adjusted Carrying Value |   |   | Rate of |   |   | Effective Rate of |   | When Paid |   | Admitted Amount Due and Accrued |   |   | Amount Received During Year |   | Acquired | Maturity |
| Fixed maturities, Trading Securities:                                                  |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Universal Property and Casualty Insurance Company:                         |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     US government and agency obligations                           |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| UNITED STATES TREAS NTS                                                                |   | 912828-GZ-7 |        | SD     |   |    |   |   |              | 1      |   |        | $      | 144,517   |                   |      | $                | 6,055                   |   |    | $                              | -      |   |       |   | 107.793 |      |    | $      | 145,520                   |   |                                                       |                                  | 135,000                                                                                                            |   |   | $ | - |   |   | $ | - |   |   | $ | 139,465 |   |   | $ | - |   |   |   | (1,763 | ) |   | $ | - |   |   | $ | - |   |   |   | 4.625 |   |   |   | 2.780 |   | JJ |   | $ | 1,052 |   |   | $ | 6,244 |   | 7/15/2008 | 7/31/2012 |
| UNITED STATES TREAS NTS                                                                |   | 912828-KC-3 |        | SD     |   |    |   |   |              | 1      |   |        |   | 35,169    |                   |      |             | 423                     |   |    |                           |   |   |       |   | 101.434 |      |    |   | 35,502                    |   |                                                       |                                  | 35,000                                                                                                             |   |   |   | - |   |   |   | - |   |   |   | 35,079 |   |   |   | - |   |   |   | (42 | ) |   |   | - |   |   |   | - |   |   |   | 2.000 |   |   |   | 1.842 |   | FA |   |   | 90 |   |   |   | 481 |   | 2/19/2009 | 2/15/2012 |
| US TREASURY INFLATION INDEX BOND                                                       |   | 912828-LA-6 |        | SD     |   |    |   |   |              | 1      |   |        |   | 2,911,565 |                   |      |             | 265,741                 |   |    |                           | -      |   |       |   | 113.176 |      |    |   | 3,168,927                 |   |                                                       |                                  | 2,800,000                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 2,937,906 |   |   |   | 24,052 |   |   |   | (6,260 | ) |   |   | - |   |   |   | - |   |   |   | 1.875 |   |   |   | 1.539 |   | JJ |   |   | 11,362 |   |   |   | 53,397 |   | 9/29/2009 | 7/15/2019 |
| US TREASURY INFLATION INDEX BOND                                                       |   | 912828-NM-8 |        |   |   |    |   |   |              | 1      |   |        |   | 115,959   |                   |      |             |                    |   |    |                           | (574   | )      |       |   | 104.894 |      |    |   | 115,383                   |   |                                                       |                                  | 3,000,000                                                                                                          |   |   |   | - |   |   |   | - |   |   |   | 115,957 |   |   |   | - |   |   |   | (2 | ) |   |   | - |   |   |   | - |   |   |   | 1.250 |   |   |   | 0.675 |   | JJ |   |   | 291 |   |   |   | - |   | 9/30/2010 | 7/15/2020 |
|                                                                                   |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Total   US  government   and agency   obligations |   |        |        |   |   |    |   |   |              |   |   |        | $      | 3,207,210 |                   |      | $                | 272,219                 |   |    | $                              | (574   | )      |       |   |    |      |    | $      | 3,465,332                 |   |                                                       |                                  | 5,970,000                                                                                                          |   |   | $ | - |   |   | $ | - |   |   | $ | 3,228,407 |   |   | $ | 24,052 |   |   | $ | (8,067 | ) |   | $ | - |   |   | $ | - |   |   |   |   |   |   |   |   |   |   |   | $ | 12,795 |   |   | $ | 60,122 |   |   |   |
|                                                                                   |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign obligations                                                                    |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NORWAY KINGDOM 6% BDS 16/5/2011                                                        |   |        | 042174-31-8 |   |   |    |   | F      |              |   |   | 1           |   |      | $                      | 3,160,503 |             |                    |   | 13,616  |                           |   |   | -          |   |    |      | 102.136 |   |                      |   | 3,097,449                                                  |                                  |                                                                                                               |   | 3,032,683 |   |   |   | 17,760,000 |   |   |   | 3,000,340 |   |   |   | 3,114,542 |   |   |   | - |   |   |   | (76,671 | ) |   |   | - |   |   |   | 30,710 |   |   |   | 6.000 |   |   |   | 1.625 |   | May |   | $ | 68,796 |   |   | $ | 135,122 |   | 5/27/2010 | 5/16/2011 |
| NORWAY(KINGDOM OF) 6.5% BDS 15/5/2                                                     |   |        | 073810-76-4 |   |   |    |   | D      |              |   |   | 1           |   |      |                   | 2,766,164 |             |                    |   | 65,490  |                           |   |   | -          |   |    |      | 110.296 |   |                      |   | 2,780,844                                                  |                                  |                                                                                                               |   | 2,521,260 |   |   |   | 14,765,000 |   |   |   | 2,465,268 |   |   |   | 2,776,749 |   |   |   | - |   |   |   | (50,811 | ) |   |   | - |   |   |   | 61,395 |   |   |   | 6.500 |   |   |   | 2.479 |   | May |   |   | 62,410 |   |   |   | 119,921 |   | 5/11/2010 | 5/15/2013 |
| NORWAY KINGDOM 6% BDS 16/5/2011                                                        |   |        | 042174-31-8 |   |   |    |   | F      |              |   |   |        |   |      |                   | 275,254   |             |                    |   | 22,608  |                           |   |   |       |   |    |      | 102.136 |   |                      |   | 295,618                                                    |                                  |                                                                                                               |   | 289,437 |   |   |   | 1,695,000 |   |   |   | 266,781 |   |   |   | 296,296 |   |   |   | - |   |   |   | (2,244 | ) |   |   | - |   |   |   | 23,286 |   |   |   | 6.000 |   |   |   | 2.147 |   | May |   |   | 6,566 |   |   |   | - |   | 8/25/2010 | 5/16/2011 |
|                                                                                   |   |        |        |   |   |    |   |   |              |   |   |        |   |      |                   |      |             |                    |   |    |                           |   |   |       |   |    |      |    |   |                      |   |                                                       |                                  |                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Total   Foreign   obligations                                    |   |        |        |   |   |    |   |   |              |   |   |        |   |      | $                      | 6,201,921 |             |                    | $      | 101,714 |                           |   | $      | -          |   |    |      |    |   |                      | $      | 6,173,911                                                  |                                  |                                                                                                               |   | 5,843,380 |   |   | $ | 34,220,000 |   |   | $ | 5,732,389 |   |   | $ | 6,187,587 |   |   | $ | - |   |   | $ | (129,726 | ) |   | $ | - |   |   | $ | 115,391 |   |   |   |   |   |   |   |   |   |   |   | $ | 137,772 |   |   |  $ | 255,043 |   |   |   |

----

| Investment Type                                               | Symbol    |   | Cusip ID    |        |   | Number of Shares |    |      | Cost   |   |      | Gross Unrealized Gains |   |   | Gross Unrealized Losses |      |   | Estimated Fair Value |    |
|---------------------------------------------------------------|-----------|--------|-------------|-------------|--------|------------------|---------|-----------|--------|--------|-----------|------------------------|--------|--------|-------------------------|-----------|--------|----------------------|---------|
| Equity securities:                                            |      |   |        |        |   |             |    |      |   |   |      |                   |   |   |                    |      |   |                 |    |
|   Universal Property and Casualty Insurance Company |      |   |        |        |   |             |    |      |   |   |      |                   |   |   |                    |      |   |                 |
| NEWCREST MINING NPV                                           | NCM       |   |        | 066371-01-4 |   |             |    | 12,000    |   |   |      | 352,622                |   |   |                    | 108,304   |   |                 |    |   |   |   | 460,926 |   |
| ALEXCO RESOURCE CORP                                          | AXU       |   |        | 01535P-10-6 |   |             |    | 62,000    |   |   |      | 210,898                |   |   |                    | 76,782    |   |                 |    |   |   |   | 287,680 |   |
| CORVUS GOLD INC                                               | KOR       |   |        | 221013-10-5 |   |             |    | 23,000    |   |   |      | 12,634                 |   |   |                    | 6,916     |   |                 |    |   |   |   | 19,550 |   |
| DACHA CAP INC                                                 | DAC       |   |        | 232972-10-9 |   |             |    | 221,000   |   |   |      | 112,599                |   |   |                    |      |   |                 |    | (13,149 | ) |   |   | 99,450 |   |
| ELDORADO GOLD CORP NEW                                        | EGO       |   |        | 284902-10-3 |   |             |    | 14,700    |   |   |      | 279,979                |   |   |                    |      |   |                 |    | (8,176 | ) |   |   | 271,803 |   |
| EXETER RES CORP                                               | XRA       |   |        | 301835-10-4 |   |             |    | 48,000    |   |   |      | 319,354                |   |   |                    |      |   |                 |    | (7,834 | ) |   |   | 311,520 |   |
| FRONTEER GOLD INC                                             | FRG       |   |        | 359032-10-9 |   |             |    | 75,350    |   |   |      | 450,130                |   |   |                    | 90,883    |   |                 |    |   |   |   |   | 541,013 |   |
| GOLDCORP INC NEW                                              | GG        |   |        | 380956-40-9 |   |             |    | 12,900    |   |   |      | 530,092                |   |   |                    | 31,316    |   |                 |    |   |   |   |   | 561,408 |   |
| HECLA MNG CO                                                  | HL        |   |        | 422704-10-6 |   |             |    | 288,500   |   |   |      | 1,642,434              |   |   |                    | 180,887   |   |                 |    |   |   |   |   | 1,823,320 |   |
| IAMGOLD CORP                                                  | IAG       |   |        | 450913-10-8 |   |             |    | 30,000    |   |   |      | 536,895                |   |   |                    |      |   |                 |    | (5,595 | ) |   |   | 531,300 |   |
| MONSANTO CO NEW                                               | MON       |   |        | 61166W-10-1 |   |             |    | 32,750    |   |   |      | 2,005,710              |   |   |                    |      |   |                 |    | (436,002 | ) |   |   | 1,569,708 |   |
| NEWMONT MINING CORP                                           | NEM       |   |        | 651639-10-6 |   |             |    | 15,300    |   |   |      | 896,502                |   |   |                    | 64,491    |   |                 |    |   |   |   |   | 960,993 |   |
| NORTH AMERN PALLADIUM LTD                                     | PAL       |   |        | 656912-10-2 |   |             |    | 135,500   |   |   |      | 422,512                |   |   |                    | 138,458   |   |                 |    |   |   |   |   | 560,970 |   |
| SILVERCORP METALS INC                                         | SVM       |   |        | 82835P-10-3 |   |             |    | 37,650    |   |   |      | 240,632                |   |   |                    | 71,110    |   |                 |    |   |   |   |   | 311,742 |   |
| SPDR Gold Shares                                              | GLD       |   |        | 78463V-10-7 |   |             |    | 15,025    |   |   |      | 1,766,516              |   |   |                    | 155,331   |   |                 |    |   |   |   |   | 1,921,848 |   |
| STILLWATER MNG CO                                             | SWC       |   |        | 86074Q-10-2 |   |             |    | 14,300    |   |   |      | 185,619                |   |   |                    | 55,193    |   |                 |    |   |   |   |   | 240,812 |   |
| Barrick Gold Corp                                             | ABX       |   |        | 067901-10-8 |   |             |    | 26,000    |   |   |      | 1,141,549              |   |   |                    | 61,991    |   |                 |    |   |   |   |   | 1,203,540 |   |
| INTERNATIONAL TOWER HILL MINES                                | THM       |   |        | 46050R-10-2 |   |             |    | 51,938    |   |   |      | 328,708                |   |   |                    |      |   |                 |    | (1,498 | ) |   |   | 327,209 |   |
| Silver Wheaton Corp                                           | SLW       |   |        | 828336-10-7 |   |             |    | 159,000   |   |   |      | 3,024,031              |   |   |                    | 1,213,319 |   |                 |    |   |   |   |   | 4,237,350 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                            | SUGA:LN   |   | 0B15KY-65-1 |        |   |             | 103,483 |      |   |   | 1,778,637 |                   |   |   | 325,172                 |      |   |                 |    |   |   |   | 2,103,809 |   |
| ETFS METAL SEC ETFS PHYSICAL GOLD                             | PHAU:LN   |   |        | 0B285Z-72-4 |   |             |    | 6,640     |   |   |      | 713,855                |   |   |                    | 139,531   |   |                 |    |   |   |   |   | 853,385 |   |
| ETFS METAL SECS ETFS PHYSICAL GOLD                            | GOLD      |   |        | 066055-28-6 |   |             |    | 8,200     |   |   |      | 992,107                |   |   |                    | 54,579    |   |                 |    |   |   |   |   | 1,046,685 |   |
| BARCLAYS BANK PLC ETN DJUBS NAT37                             | GAZ       |   |        | 06739H-64-4 |   |             |    | 120,500   |   |   |      | 1,148,866              |   |   |                    |      |   |                 |    | (155,946 | ) |   |   | 992,920 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                | VXX       |   |        | 06740C-52-7 |   |             |    | 140,800   |   |   |      | 4,753,080              |   |   |                    |      |   |                 |    | (2,318,648 | ) |   |   | 2,434,432 |   |
| CLAYMORE GOLD BULLION ETF HEDGED C                            | CGL       |   |        | 0B634C-59-0 |   |             |    | 203,700   |   |   |      | 1,918,518              |   |   |                    | 420,610   |   |                 |    |   |   |   |   | 2,339,128 |   |
| DIREXION SHS ETF TR CHINA BEAR 3X                             | CZI       |   |        | 25459W-76-3 |   |             |    | 5,500     |   |   |      | 230,435                |   |   |                    |      |   |                 |    | (120,644 | ) |   |   | 109,791 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                            | BGZ       |   |        | 25459W-85-4 |   |             |    | 161,910   |   |   |      | 2,336,905              |   |   |                    |      |   |                 |    | (325,983 | ) |   |   | 2,010,922 |   |
| DIREXION SHS ETF TR LATN AM BEAR3X                            | LHB       |   |        | 25459W-64-9 |   |             |    | 2,500     |   |   |      | 130,540                |   |   |                    |      |   |                 |    | (72,390 | ) |   |   | 58,150 |   |
| ETF METAL SEC LTD ST HEILER GOLD                              | PHAU:LN   |   |        | G3204R-10-1 |   |             |    | 7,500     |   |   |      | 737,675                |   |   |                    | 222,775   |   |                 |    |   |   |   |   | 960,450 |   |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                            | CORN      |   | 0B15KX-S0-0 |        |   |             | 266,270 |      |   |   | 321,794   |                   |   |   | 87,463                  |      |   |                 |    |   |   |   | 409,257 |   |
| ETFS CMMDTY SECS LTD CORN                                     | CORN:LN   |   |        | G3204Q-28-5 |   |             |    | 707,900   |   |   |      | 953,084                |   |   |                    | 134,958   |   |                 |    |   |   |   |   | 1,088,042 |   |
| ETFS CMMDTY SECS LTD WHEAT                                    | WEAT:LN   |   |        | G3204Q-22-8 |   |             |    | 307,800   |   |   |      | 593,071                |   |   |                    | 109,944   |   |                 |    |   |   |   |   | 703,015 |   |
| ETFS COM SECURITIE 0% SEC UNDTD NT                            | WEAT:LN   |   | 0B15KY-76-8 |        |   |             | 658,350 |      |   |   | 1,241,163 |                   |   |   | 262,509                 |      |   |                 |    |   |   |   | 1,503,671 |   |
| ETFS GOLD TR SHS                                              | SGOL      |   |        | 26922Y-10-5 |   |             |    | 19,770    |   |   |      | 2,213,703              |   |   |                    | 363,316   |   |                 |    |   |   |   |   | 2,577,020 |   |
| ETFS METAL SECS ETFS PHYSICAL SILV                            | ETPMAG    |   | 0B3KMG-42-2 |        |   |             | 13,000  |      |   |   | 240,823   |                   |   |   | 3,967                   |      |   |                 |    |   |   |   | 244,790 |   |
| ETFS METAL SECS PHYSICAL PLATINUM                             | PHPT LN   |   | 0B1VS2-W5-7 |        |   |             | 250     |      |   |   | 36,878    |                   |   |   | 3,680                   |      |   |                 |    |   |   |   | 40,558 |   |
| ETFS METAL SECURIT ETFS PHYSICAL S                            | PHAG:LN   |   |        | G3204R-13-5 |   |             |    | 30,750    |   |   |      | 501,994                |   |   |                    | 143,756   |   |                 |    |   |   |   |   | 645,750 |   |
| ETFS Metal Securitie Ltd Palladium                            | PHPD:LN   |   | 0B1VS3-00-1 |        |   |             | 9,880   |      |   |   | 433,238   |                   |   |   | 114,707                 |      |   |                 |    |   |   |   | 547,945 |   |
| ETFS Metal Securities Ltd Platinum                            | PHPT:LN   |   | B1VS2W-53-8 |        |   |             | 5,745   |      |   |   | 863,388   |                   |   |   | 68,624                  |      |   |                 |    |   |   |   | 932,011 |   |
| ETFS PALLADIUM TR SH BEN INT                                  | PHPD: LN  |   |        | 26923A-10-6 |   |             |    | 54,890    |   |   |      | 2,520,793              |   |   |                    | 573,905   |   |                 |    |   |   |   |   | 3,094,698 |   |
| ETFS PLATINUM TR SH BEN INT                                   | PHPT:LN   |   |        | 26922V-10-1 |   |             |    | 15,030    |   |   |      | 2,276,080              |   |   |                    | 204,050   |   |                 |    |   |   |   |   | 2,480,130 |   |
| ETFS SILVER TR SILVER SHS                                     | SIVR      |   |        | 26922X-10-7 |   |             |    | 114,000   |   |   |      | 1,953,613              |   |   |                    | 520,187   |   |                 |    |   |   |   |   | 2,473,800 |   |
| HORIZONS BETA WNTR NAT ETF UNIT CL                            | HUN:CN    |   | 0B61KF-94-6 |        |   |             | 15,000  |      |   |   | 106,892   |                   |   |   |                    |      |   |                 | (30,711 | ) |   |   | 76,181 |   |
| HORIZONS BETAPRO WINTER TERM NYMEX                            | HNU       |   |        | 44046T-10-0 |   |             |    | 30,000    |   |   |      | 237,970                |   |   |                    |      |   |                 |    | (81,670 | ) |   |   | 156,300 |   |
| IPATH DJ-UBS GRAINS SUB INDEX ETN                             | JJG       |   |        | 06739H-30-5 |   |             |    | 6,000     |   |   |      | 247,753                |   |   |                    | 14,147    |   |                 |    |   |   |   |   | 261,900 |   |
| IShares Comex Gold Trust ETF                                  | IAU       |   |        | 464285-10-5 |   |             |    | 143,000   |   |   |      | 1,655,246              |   |   |                    | 175,154   |   |                 |    |   |   |   |   | 1,830,400 |   |
| Ishares Silver Trust ETF                                      | SLV       |   |        | 46428Q-10-9 |   |             |    | 42,000    |   |   |      | 739,948                |   |   |                    | 155,072   |   |                 |    |   |   |   |   | 895,020 |   |
| Julius Baer Invt Fnds ETF Gold                                | JBGOUA:SW |   |        | 0B3F8G-34-6 |   |             |    | 280       |   |   |      | 304,846                |   |   |                    | 55,399    |   |                 |    |   |   |   |   | 360,245 |   |
| Market Vectors ETF Gold Miners                                | GDX       |   |        | 57060U-10-0 |   |             |    | 50,500    |   |   |      | 2,519,446              |   |   |                    | 305,019   |   |                 |    |   |   |   |   | 2,824,465 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                            | GDXJ      |   |        | 57060U-58-9 |   |             |    | 107,000   |   |   |      | 2,901,683              |   |   |                    | 672,117   |   |                 |    |   |   |   |   | 3,573,800 |   |
| Powershares DB Multi Sector Comm                              | DBA       |   |        | 73936B-40-8 |   |             |    | 136,300   |   |   |      | 3,473,945              |   |   |                    | 271,579   |   |                 |    |   |   |   |   | 3,745,524 |   |
| PROSHARES TR PSHS ULSHT SP500                                 | SDS       |   |        | 74347R-88-3 |   |             |    | 34,550    |   |   |      | 1,261,655              |   |   |                    |      |   |                 |    | (239,320 | ) |   |   | 1,022,335 |   |
| PROSHARES TR PSHS ULTSH 20YRS                                 | TBT       |   |        | 74347R-29-7 |   |             |    | 9,000     |   |   |      | 307,590                |   |   |                    |      |   |                 |    | (26,340 | ) |   |   | 281,250 |   |
| PROSHARES TR SHRT 20+YR TRE                                   | TBF       |   |        | 74347X-84-9 |   |             |    | 49,750    |   |   |      | 2,350,596              |   |   |                    |      |   |                 |    | (348,158 | ) |   |   | 2,002,438 |   |
| Swedish Expt Cr Corp                                          | RJA       |   |        | 870297-60-3 |   |             |    | 458,100   |   |   |      | 3,363,630              |   |   |                    | 640,164   |   |                 |    |   |   |   |   | 4,003,794 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                            | SVR       |   |        | 0B3N7L-27-3 |   |             |    | 220,050   |   |   |      | 2,261,483              |   |   |                    | 501,332   |   |                 |    |   |   |   |   | 2,762,816 |   |
| ETF Metal Secs Physical Silver                                | PHAG:LN   |   |        | 0B285Z-K5-2 |   |             |    | 70,250    |   |   |      | 1,196,882              |   |   |                    | 301,161   |   |                 |    |   |   |   |   | 1,498,043 |   |
| JULIUS BAER INV FD JB PHYSICAL GOL                            | JBGOUA:SW |   |        | H4547R-10-4 |   |             |    | 480       |   |   |      | 539,544                |   |   |                    | 78,019    |   |                 |    |   |   |   |   | 617,563 |   |
| SWEDISH EXPT CR CORP RG ENRGY ETN2                            | RJN       |   |        | 870297-30-6 |   |             |    | 260,345   |   |   |      | 1,546,436              |   |   |                    |      |   |                 |    | (33,831 | ) |   |   | 1,512,604 |   |
| Zuercher KTBK Gold ETF                                        | ZGLDUS:SW |   | 0B3KZW-54-8 |        |   |             | 1,020   |      |   |   | 1,031,132 |                   |   |   | 288,748                 |      |   |                 |    |   |   |   | 1,319,880 |   |
| Zuercher KTBK Palladium ETF                                   | ZPAL:SW   |   | 0B1XCL-D8-3 |        |   |             | 406     |      |   |   | 561,918   |                   |   |   | 164,734                 |      |   |                 |    |   |   |   | 726,653 |   |
| Zuercher KTBK Silver ETF                                      | ZSIL:SW   |   | 0B1XCL-94-7 |        |   |             | 785     |      |   |   | 1,347,634 |                   |   |   | 261,015                 |      |   |                 |    |   |   |   | 1,608,649 |   |
| Zuercher KTBK Silver ETF                                      | ZSIL:SW   |   | 0B1XCL-95-4 |        |   |             | 55      |      |   |   | 93,607    |                   |   |   | 19,101                  |      |   |                 |    |   |   |   | 112,708 |   |
| Zuercher KZKB Platinum ETF                                    | ZPLA:SW   |   | 0B1XCL-H3-0 |        |   |             | 30      |      |   |   | 71,140    |                   |   |   | 7,209                   |      |   |                 |    |   |   |   | 78,349 |   |
|                                                          |      |   |        |        |   |             |    |      |   |   |      |                   |   |   |                    |      |   |                 |    |   |   |   |   |   |   |
|                                                          |      |   |        |        |   |             |    | 5,874,182 |   |   | $         | 71,470,632             |   |   | $                       | 9,918,684 |   |                 | $       | (4,225,897 | ) |   | $ | 77,163,419 |   |

----

| Investment Type                                           | Symbol   |   | Cusip ID    |        |   | Number of Shares |    |    | Amortized Cost / Book Value |   |    | Gross Unrealized Gains |   |   | Gross Unrealized Losses |    |   | Estimated Fair Value |   |
|-----------------------------------------------------------|----------|--------|-------------|-------------|--------|------------------|---------|---------|-----------------------------|--------|---------|------------------------|--------|--------|-------------------------|---------|--------|----------------------|--------|
| American Platinum Property and Casualty Insurance Company |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |
| Equity securities:                                        |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |   |
| DACHA CAP INC                                             | DAC      |   |        | 232972-10-9 |   |             |    | 50,000  |                        |   |    | 17,380                 |   |   |                    | 5,120   |   |                 |   |   |   |   | 22,500 |   |
| ELDORADO GOLD CORP NEW                                    | EGO      |   |        | 284902-10-3 |   |             |    | 9,250   |                        |   |    | 176,084                |   |   |                    | -       |   |                 |   | (5,052 | ) |   |   | 171,033 |   |
| EXTORRE GOLD MINES LTD                                    | XG       |   |        | 30227B-10-9 |   |             |    | 11,000  |                        |   |    | 17,481                 |   |   |                    | 32,019  |   |                 |   |   |   |   |   | 49,500 |   |
| IAMGOLD CORP                                              | IAG      |   |        | 450913-10-8 |   |             |    | 16,500  |                        |   |    | 295,101                |   |   |                    | -       |   |                 |   | (2,886 | ) |   |   | 292,215 |   |
| MONSANTO CO NEW                                           | MON      |   |        | 61166W-10-1 |   |             |    | 2,850   |                        |   |    | 161,108                |   |   |                    | -       |   |                 |   | (24,508 | ) |   |   | 136,601 |   |
| NEWMONT MINING CORP                                       | NEM      |   |        | 651639-10-6 |   |             |    | 1,780   |                        |   |    | 102,662                |   |   |                    | 9,140   |   |                 |   |   |   |   |   | 111,802 |   |
| NORTH AMERN PALLADIUM LTD                                 | PAL      |   |        | 656912-10-2 |   |             |    | 33,709  |                        |   |    | 107,282                |   |   |                    | 32,273  |   |                 |   |   |   |   |   | 139,555 |   |
| RAYTHEON CO                                               | RTN      |   |        | 755111-50-7 |   |             |    | 3,000   |                        |   |    | 138,039                |   |   |                    | -       |   |                 |   | (909 | ) |   |   | 137,130 |   |
| SPDR Gold Shares                                          | GLD      |   |        | 78463V-10-7 |   |             |    | 2,750   |                        |   |    | 297,598                |   |   |                    | 54,155  |   |                 |   |   |   |   |   | 351,753 |   |
| Silver Wheaton Corp                                       | SLW      |   |        | 828336-10-7 |   |             |    | 3,500   |                        |   |    | 84,595                 |   |   |                    | 8,680   |   |                 |   |   |   |   |   | 93,275 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                        | SUGA:LN  |   | 0B15KY-65-1 |        |   |             | 5,900   |    |                        |   | 94,006  |                   |   |   | 25,941                  |    |   |                 |   |   |   |   | 119,947 |   |
| ETFS METAL SEC ETFS PHYSICAL GOLD                         | GOLD     |   |        | 0B285Z-72-4 |   |             |    | 900     |                        |   |    | 100,100                |   |   |                    | 15,570  |   |                 |   |   |   |   |   | 115,670 |   |
| ETFS OIL SECURITIE 0% SEC UNDATED                         | OILB:LN  |   | 0B0CTW-C0-6 |        |   |             | 2,500   |    |                        |   | 106,140 |                   |   |   | 6,260                   |    |   |                 |   |   |   |   | 112,400 |   |
| BARCLAYS BANK PLC ETN DJUBS NAT37                         | GAZ      |   |        | 06739H-64-4 |   |             |    | 55,500  |                        |   |    | 543,125                |   |   |                    | -       |   |                 |   | (85,805 | ) |   |   | 457,320 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                            | VXX      |   |        | 06740C-52-7 |   |             |    | 12,950  |                        |   |    | 386,530                |   |   |                    | -       |   |                 |   | (162,625 | ) |   |   | 223,906 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                        | BGZ      |   |        | 25459W-85-4 |   |             |    | 12,500  |                        |   |    | 182,451                |   |   |                    | -       |   |                 |   | (27,201 | ) |   |   | 155,250 |   |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                        | CORN     |   | 0B15KX-S0-0 |        |   |             | 125,000 |    |                        |   | 159,013 |                   |   |   | 33,113                  |    |   |                 |   |   |   |   | 192,125 |   |
| ETFS COM SECURITIE 0% SEC UNDTD NT                        | WEAT:LN  |   | 0B15KY-76-8 |        |   |             | 114,000 |    |                        |   | 212,973 |                   |   |   | 47,403                  |    |   |                 |   |   |   |   | 260,376 |   |
| ETFS COMMODITY SECS 0% SECD                               | HOGS:LN  |   | 0B15KX-Z7-7 |        |   |             | 72,500  |    |                        |   | 81,458  |                   |   |   | 539                     |    |   |                 |   |   |   |   | 81,998 |   |
| ETFS GOLD TR SHS                                          | SGOL     |   |        | 26922Y-10-5 |   |             |    | 3,150   |                        |   |    | 352,572                |   |   |                    | 58,030  |   |                 |   |   |   |   |   | 410,603 |   |
| ETFS PALLADIUM TR SH BEN INT                              | PHPD: LN |   |        | 26923A-10-6 |   |             |    | 3,550   |                        |   |    | 157,334                |   |   |                    | 42,815  |   |                 |   |   |   |   |   | 200,149 |   |
| ETFS PLATINUM TR SH BEN INT                               | PHPT:LN  |   |        | 26922V-10-1 |   |             |    | 670     |                        |   |    | 101,685                |   |   |                    | 8,873   |   |                 |   |   |   |   |   | 110,558 |   |
| ETFS SILVER TR SILVER SHS                                 | SIVR     |   |        | 26922X-10-7 |   |             |    | 10,000  |                        |   |    | 175,952                |   |   |                    | 41,049  |   |                 |   |   |   |   |   | 217,000 |   |
| IShares Comex Gold Trust ETF                              | IAU      |   |        | 464285-10-5 |   |             |    | 24,500  |                        |   |    | 269,362                |   |   |                    | 44,238  |   |                 |   |   |   |   |   | 313,600 |   |
| Market Vectors ETF Gold Miners                            | GDX      |   |        | 57060U-10-0 |   |             |    | 2,300   |                        |   |    | 114,970                |   |   |                    | 13,669  |   |                 |   |   |   |   |   | 128,639 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                        | GDXJ     |   |        | 57060U-58-9 |   |             |    | 1,710   |                        |   |    | 50,297                 |   |   |                    | 6,817   |   |                 |   |   |   |   |   | 57,114 |   |
| Powershares DB Multi Sector Comm                          | DBA      |   |        | 73936B-40-8 |   |             |    | 7,500   |                        |   |    | 185,133                |   |   |                    | 20,967  |   |                 |   |   |   |   |   | 206,100 |   |
| PROSHARES TR PSHS ULSHT SP500                             | SDS      |   |        | 74347R-88-3 |   |             |    | 8,500   |                        |   |    | 310,958                |   |   |                    | -       |   |                 |   | (59,443 | ) |   |   | 251,515 |   |
| PROSHARES TR PSHS ULTSH 20YRS                             | TBT      |   |        | 74347R-29-7 |   |             |    | 9,500   |                        |   |    | 337,693                |   |   |                    | -       |   |                 |   | (40,818 | ) |   |   | 296,875 |   |
| PROSHARES TR SHRT 20+YR TRE                               | TBF      |   |        | 74347X-84-9 |   |             |    | 6,500   |                        |   |    | 299,870                |   |   |                    | -       |   |                 |   | (38,245 | ) |   |   | 261,625 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                        | SVR      |   |        | 0B3N7L-27-3 |   |             |    | 6,250   |                        |   |    | 64,419                 |   |   |                    | 14,053  |   |                 |   |   |   |   |   | 78,471 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                        | SVR      |   |        | 18387H-16-4 |   |             |    | 1,000   |                        |   |    | 9,840                  |   |   |                    | 2,715   |   |                 |   |   |   |   |   | 12,555 |   |
| SWEDISH EXPT CR CORP RG ENRGY ETN2                        | RJN      |   |        | 870297-30-6 |   |             |    | 43,000  |                        |   |    | 242,130                |   |   |                    | 7,700   |   |                 |   |   |   |   |   | 249,830 |   |
| Zuercher KTBK Palladium ETF                               | ZPAL:SW  |   | 0B1XCL-D8-3 |        |   |             | 59      |    |                        |   | 62,619  |                   |   |   | 42,978                  |    |   |                 |   |   |   |   | 105,597 |   |
| Zuercher KTBK Silver ETF                                  | ZSIL:SW  |   | 0B1XCL-94-7 |        |   |             | 54      |    |                        |   | 91,189  |                   |   |   | 19,470                  |    |   |                 |   |   |   |   | 110,659 |   |
| Zuercher KZKB Platinum ETF                                | ZPLA:SW  |   | 0B1XCL-H2-2 |        |   |             | 27      |    |                        |   | 58,257  |                   |   |   | 12,257                  |    |   |                 |   |   |   |   | 70,515 |   |
|                                                      |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |   |   |   |   |   |   |   |
|                                                      |     |   |        |        |   |             |    | 664,359 |                        |   | $       | 6,147,406              |   |   | $                       | 605,843 |   |                 | $      | (447,491 | ) |   | $ | 6,305,758 |   |

----

| Investment Type                                                                     | Symbol    |   | Cusip ID    |        |   | Number of Shares |   |      | Amortized Cost / Book Value |   |    | Gross Unrealized Gains |   |   | Gross Unrealized Losses |       |   | Estimated Fair Value |   |
|-------------------------------------------------------------------------------------|-----------|--------|-------------|-------------|--------|------------------|--------|-----------|-----------------------------|--------|---------|------------------------|--------|--------|-------------------------|------------|--------|----------------------|--------|
|    Universal Insurance     Holdings, Inc.             |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |       |   |                 |   |
|      Equity Securities:                                    |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |       |   |                 |   |
| ALLIED NEVADA GOLD CORP                                                             | ANV       |   |        | 019344-10-0 |   |             |   | 2,500     |                        |   |    | 66,587                 |   |   |                    |       |   |                 | (337   | ) |   |   | 66,250 |   |
| DACHA CAP INC                                                                       | DAC       |   |        | 232972-10-9 |   |             |   | 50,000    |                        |   |    | 17,385                 |   |   |                    | 5,116      |   |                 |   |   |   |   |   | 22,500 |   |
| ELDORADO GOLD CORP NEW                                                              | EGO       |   |        | 284902-10-3 |   |             |   | 7,000     |                        |   |    | 133,524                |   |   |                    |       |   |                 |   | (4,094 | ) |   |   | 129,430 |   |
| FRONTEER GOLD INC                                                                   | FRG       |   |        | 359032-10-9 |   |             |   | 16,500    |                        |   |    | 122,307                |   |   |                    |       |   |                 |   | (3,837 | ) |   |   | 118,470 |   |
| HECLA MNG CO                                                                        | HL        |   |        | 422704-10-6 |   |             |   | 37,000    |                        |   |    | 191,823                |   |   |                    | 42,017     |   |                 |   |   |   |   |   | 233,840 |   |
| IAMGOLD CORP                                                                        | IAG       |   |        | 450913-10-8 |   |             |   | 6,700     |                        |   |    | 117,451                |   |   |                    | 1,206      |   |                 |   |   |   |   |   | 118,657 |   |
| MONSANTO CO NEW                                                                     | MON       |   |        | 61166W-10-1 |   |             |   | 7,300     |                        |   |    | 418,213                |   |   |                    |       |   |                 |   | (68,324 | ) |   |   | 349,889 |   |
| NEWMONT MINING CORP                                                                 | NEM       |   |        | 651639-10-6 |   |             |   | 1,900     |                        |   |    | 118,260                |   |   |                    | 1,079      |   |                 |   |   |   |   |   | 119,339 |   |
| NORTH AMERN PALLADIUM LTD                                                           | PAL       |   |        | 656912-10-2 |   |             |   | 18,000    |                        |   |    | 56,189                 |   |   |                    | 18,331     |   |                 |   |   |   |   |   | 74,520 |   |
| STILLWATER MNG CO                                                                   | SWC       |   |        | 86074Q-10-2 |   |             |   | 4,800     |                        |   |    | 61,957                 |   |   |                    | 18,875     |   |                 |   |   |   |   |   | 80,832 |   |
| INTERNATIONAL TOWER HILL MINES                                                      | THM       |   |        | 46050R-10-2 |   |             |   | 20,000    |                        |   |    | 125,205                |   |   |                    | 796        |   |                 |   |   |   |   |   | 126,000 |   |
| Silver Wheaton Corp                                                                 | SLW       |   |        | 828336-10-7 |   |             |   | 2,250     |                        |   |    | 46,015                 |   |   |                    | 13,947     |   |                 |   |   |   |   |   | 59,963 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                                  | SUGA:LN   |   | 0B15KY-65-1 |        |   |             | 13,700 |      |                        |   | 234,988 |                   |   |   | 43,533                  |       |   |                 |   |   |   |   | 278,521 |   |
| ETFS OIL SECURITIE 0% SEC UNDATED                                                   | OILB:LN   |   | 0B0CTW-C0-6 |        |   |             | 2,700  |      |                        |   | 114,658 |                   |   |   | 6,734                   |       |   |                 |   |   |   |   | 121,392 |   |
| BARCLAYS BANK PLC ETN DJUBS NAT37                                                   | GAZ       |   |        | 06739H-64-4 |   |             |   | 60,000    |                        |   |    | 565,124                |   |   |                    |       |   |                 |   | (70,724 | ) |   |   | 494,400 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                                      | VXX       |   |        | 06740C-52-7 |   |             |   | 36,350    |                        |   |    | 1,240,337              |   |   |                    |       |   |                 |   | (611,846 | ) |   |   | 628,492 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                                                  | BGZ       |   |        | 25459W-85-4 |   |             |   | 14,880    |                        |   |    | 214,603                |   |   |                    |       |   |                 |   | (29,793 | ) |   |   | 184,810 |   |
| ETF METAL SEC LTD ST HEILER GOLD                                                    | PHAU:LN   |   |        | G3204R-10-1 |   |             |   | 900       |                        |   |    | 88,521                 |   |   |                    | 26,733     |   |                 |   |   |   |   |   | 115,254 |   |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                                                  | CORN      |   | 0B15KX-S0-0 |        |   |             | 80,000 |      |                        |   | 106,042 |                   |   |   | 16,918                  |       |   |                 |   |   |   |   | 122,960 |   |
| ETFS COMMODITY SECS 0% SECD                                                         | HOGS:LN   |   | 0B15KX-Z7-7 |        |   |             | 47,500 |      |                        |   | 53,171  |                   |   |   | 551                     |       |   |                 |   |   |   |   | 53,723 |   |
| ETFS GOLD TR SHS                                                                    | SGOL      |   |        | 26922Y-10-5 |   |             |   | 350       |                        |   |    | 40,228                 |   |   |                    | 5,395      |   |                 |   |   |   |   |   | 45,623 |   |
| ETFS PALLADIUM TR SH BEN INT                                                        | PHPD: LN  |   |        | 26923A-10-6 |   |             |   | 5,700     |                        |   |    | 280,428                |   |   |                    | 40,938     |   |                 |   |   |   |   |   | 321,366 |   |
| ETFS PLATINUM TR SH BEN INT                                                         | PHPT:LN   |   |        | 26922V-10-1 |   |             |   | 1,350     |                        |   |    | 206,691                |   |   |                    | 16,075     |   |                 |   |   |   |   |   | 222,766 |   |
| GLOBAL X FDS SILVERS MINERS ETF                                                     | SIL       |   |        | 37950E-85-3 |   |             |   | 10,500    |                        |   |    | 193,648                |   |   |                    | 2,072      |   |                 |   |   |   |   |   | 195,720 |   |
| IPATH DJ-UBS GRAINS SUB INDEX ETN                                                   | JJG       |   |        | 06739H-30-5 |   |             |   | 4,750     |                        |   |    | 196,124                |   |   |                    | 11,214     |   |                 |   |   |   |   |   | 207,338 |   |
| Julius Baer Invt Fnds ETF Gold                                                      | JBGOUA:SW |   |        | 0B3F8G-34-6 |   |             |   | 150       |                        |   |    | 168,308                |   |   |                    | 24,680     |   |                 |   |   |   |   |   | 192,989 |   |
| Market Vectors ETF Gold Miners                                                      | GDX       |   |        | 57060U-10-0 |   |             |   | 9,750     |                        |   |    | 465,042                |   |   |                    | 80,275     |   |                 |   |   |   |   |   | 545,318 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                                                  | GDXJ      |   |        | 57060U-58-9 |   |             |   | 17,150    |                        |   |    | 468,050                |   |   |                    | 104,760    |   |                 |   |   |   |   |   | 572,810 |   |
| Powershares DB Multi Sector Comm                                                    | DBA       |   |        | 73936B-40-8 |   |             |   | 40,850    |                        |   |    | 1,019,016              |   |   |                    | 103,542    |   |                 |   |   |   |   |   | 1,122,558 |   |
| PROSHARES TR PSHS ULTSH 20YRS                                                       | TBT       |   |        | 74347R-29-7 |   |             |   | 4,000     |                        |   |    | 139,947                |   |   |                    |       |   |                 |   | (14,947 | ) |   |   | 125,000 |   |
| Swedish Expt Cr Corp                                                                | RJA       |   |        | 870297-60-3 |   |             |   | 153,000   |                        |   |    | 1,093,721              |   |   |                    | 243,499    |   |                 |   |   |   |   |   | 1,337,220 |   |
| UNITED STS GASOLINE FD LP UNITS                                                     | UGA       |   |        | 91201T-10-2 |   |             |   | 11,500    |                        |   |    | 373,134                |   |   |                    | 18,671     |   |                 |   |   |   |   |   | 391,805 |   |
| Zuercher KTBK Gold ETF                                                              | ZGLDUS:SW |   | 0B3KZW-54-8 |        |   |             | 40     |      |                        |   | 38,120  |                   |   |   | 13,640                  |       |   |                 |   |   |   |   | 51,760 |   |
|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |       |   |                 |   |   |   |   |   |   |   |
|                                                                                |      |   |        |        |   |             |   | 689,070   |                        |   | $       | 8,774,818              |   |   | $                       | 860,596    |   |                 | $      | (803,902 | ) |   | $ | 8,831,511 |   |
|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |       |   |                 |   |   |   |   |   |   |   |
|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |       |   |                 |   |   |   |   |   |   |   |
|           Total equity securities |      |   |        |        |   |             |   | 7,227,611 |                        |   | $       | 86,392,856             |   |   | $                       | 11,385,123 |   |                 | $      | (5,477,290 | ) |   | $ | 92,300,688 |   |

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