|  SCHEDULE OF INVESTMENTS                                                         |   |
|---------------------------------------------------------------------------------------|--------|
|  AS OF SEPTEMBER 30, 2010                                                        |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   | Codes |   |   |   |   |   |   |   |   |   |   |   |   |   | Fair Value |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Change in Book / Adjusted Carrying Value |   |   | Interest |   | Dates |
| Investment Type                                                                       |   | Cusip ID |   | Code |   | Foreign |   | Bond CHAR |   | 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 |   |   |   | 0 |   |   |   | (129,726 | ) |   |   | - |   |   |   | 115,391 |   |   |   |   |   |   |   |   |   |   |   |   | 137,772 |   |   |   | 255,043 |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total fixed maturities                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 9,409,131 |   |   | $ | 373,933 |   |   | $ | (574 | ) |   |   |   |   |   | $ | 9,639,243 |   |   | $ | 11,813,380 |   |   | $ | 34,220,000 |   |   | $ | 5,732,389 |   |   | $ | 9,415,994 |   |   | $ | 24,052 |   |   | $ | (137,793 | ) |   | $ | - |   |   | $ | 115,391 |   |   |   |   |   |   |   |   |   |   |   | $ | 150,567 |   |   | $ | 315,165 |   |   |   |

----

| Investment Type                                                                             | Symbol    |   | Cusip ID    |        |   | Number of Shares |    |      |   | Cost / Book Value |   |      |       | 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 |   |      | 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 |   |             |   | 20,000    |              |   |    | 173,014                |   |   |                    |       |   |                 |   | (8,214 | ) |   |   | 164,800 |   |
| BARCLAYS BANK PLC ETN DJUBS SGAR38                                                                                                              | SGG       |   |        | 06739H-21-4 |   |             |   | 40,000    |              |   |    | 492,149                |   |   |                    | 2,253,531  |   |                 |   |   |   |   |   | 2,745,680 |   |
| 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   |              |   | $       | 8,874,857              |   |   | $                       | 3,114,126  |   |                 | $      | (741,392 | ) |   | $ | 11,247,591 |   |
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|           Total equity securities                                                             |      |   |        |        |   |             |   | 7,227,611 |              |   | $       | 86,492,895             |   |   | $                       | 13,638,653 |   |                 | $      | (5,414,780 | ) |   | $ | 94,716,768 |   |
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