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

----

| Investment Type                                               |   | Symbol    |   | Cusip ID          |  Number of Shares                                                                                                                       |   | Amortized Cost / Book Value                                        |   | Gross Unrealized Gains                                                                                                                                                                      |   | Gross Unrealized Losses                                                                                                                                                                                 |   | Estimated Fair Value                                               |
|---------------------------------------------------------------|--------|-----------|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
| Equity securities:                                            |   |      |   |              |                                                                                                                                         |   |                                                               |   |                                                                                                                                                                                        |   |                                                                                                                                                                                                    |   |                                                               |
|   Universal Property and Casualty Insurance Company |   |      |   |              |                                                                                                                                         |   |                                                               |   |                                                                                                                                                                                        |   |                                                                                                                                                                                                    |   |                                                               |
| ANGLOGOLD ASHANTI LTD                                         |   | AU        |   | 035128-20-6       |                6,000                                              |   |  $  232,527                                         |   |                                                                                                                                                                                        |   |  $             (4,827)                                                                                                            |   |  $  227,700                                         |
| ALEXCO RESOURCE CORP                                          |   | AXU       |   | 01535P-10-6       |             78,900                                                               |   |        269,814                  |   |                    3,180                                                                     |   |                                  - |   |        272,994                  |
| BARCLAYS BANK PLC ETN DJUBS SGAR38                            |   | SGG       |   | 06739H-21-4       |                4,000                                              |   |        227,091                  |   |                                                                                                                                                                                        |   |                (36,651)                                                                                                      |   |        190,440                  |
| ELDORADO GOLD CORP NEW                                        |   | EGO       |   | 284902-10-3       |             48,000                                                               |   |        630,760                  |   |                                                                                                                                                                                        |   |                (50,920)                                                                                                      |   |        579,840                  |
| GOLDCORP INC NEW                                              |   | GG        |   | 380956-40-9       |             18,500                                                               |   |        743,009                  |   |                                                                                                                                                                                        |   |                (54,439)                                                                                                      |   |        688,570                  |
| HECLA MNG CO                                                  |   | HL        |   | 422704-10-6       |          160,000                                                                                |   |        950,974                  |   |                                                                                                                                                                                        |   |                (75,774)                                                                                                      |   |        875,200                  |
| MONSANTO CO NEW                                               |   | MON       |   | 61166W-10-1       |                9,500                                              |   |        727,890                  |   |                                                                                                                                                                                        |   |                (49,400)                                                                                                      |   |        678,490                  |
| NEWMONT MINING CORP                                           |   | NEM       |   | 651639-10-6       |             17,500                                                               |   |        898,353                  |   |                                                                                                                                                                                        |   |                   (7,078)                                                                                     |   |        891,275                  |
| SPDR Gold Shares                                              |   | GLD       |   | 78463V-10-7       |                4,700                                              |   |        514,005                  |   |                                                                                                                                                                                        |   |                   (1,940)                                                                                     |   |        512,065                  |
| AGNICO EAGLE MINES LTD                                        |   | AEM       |   | 008474-10-8       |             19,400                                                               |   |   1,165,535                                              |   |                                - |   |                (85,537)                                                                                                      |   |   1,079,998                                              |
| Barrick Gold Corp                                             |   | ABX       |   | 067901-10-8       |             26,000                                                               |   |   1,041,362                                              |   |                                - |   |                (44,522)                                                                                                      |   |        996,840                  |
| INTERNATIONAL TOWER HILL MINES                                |   | THM       |   | 46051L-10-4       |             45,000                                                               |   |        291,886                  |   |                                                                                                                                                                                        |   |                (32,686)                                                                                                      |   |        259,200                  |
| Silver Wheaton Corp                                           |   | SLW       |   | 828336-10-7       |          164,500                                                                                |   |   2,575,501                                              |   |                    3,859                                                                     |   |                                  - |   |   2,579,360                                              |
|  ETFS COM SECURITIE ETFS SUGAR (USD                      |   | SUGA:LN   |   |  0B15KY-65-1 |             56,950                                                               |   |   1,232,425                                              |   |                                - |   |             (390,704)                                                                                                                       |   |        841,721                  |
|  ETFS METAL SEC ETFS PHYSICAL GOLD                       |   | PHAU:LN   |   |  0B285Z-72-4 |                9,490                                              |   |        989,497                  |   |                 55,103                                                                                      |   |                                  - |   |   1,044,600                                              |
|  BARCLAYS BK PLC IPATH SHRT ETN                          |   | VXX       |   |  06740C-52-7 |             89,750                                                               |   |   3,295,767                                              |   |                                - |   |        (1,410,119)                                                                                                                                                   |   |   1,885,648                                              |
|  CLAYMORE GOLD BULLION ETF HEDGED C                      |   | CGL       |   |  0B634C-59-0 |          224,200                                                                                |   |   2,106,298                                              |   |              116,802                                                                                                       |   |                                  - |   |   2,223,100                                              |
|  DIREXION SHS ETF TR DLY LRG CAP BE                      |   | BGZ       |   |  25459W-85-4 |          263,710                                                                                |   |   5,617,859                                              |   |                                - |   |        (1,928,556)                                                                                                                                                   |   |   3,689,303                                              |
|  ETF METAL SEC LTD ST HEILER GOLD                        |   | PHAU:LN   |   |  G3204R-10-1 |                7,500                                              |   |        737,675                  |   |                 88,525                                                                                      |   |                                  - |   |        826,200                  |
|  ETFS CMMDTY SECS 0% UNDTD NTS CORN                      |   | CORN      |   |  0B15KX-S0-0 |          114,500                                                                                |   |        151,710                  |   |                                - |   |                (12,879)                                                                                                      |   |        138,831                  |
|  ETFS CMMDTY SECS LTD CORN                               |   | CORN:LN   |   |  G3204Q-28-5 |          707,900                                                                                |   |        953,084                  |   |                                - |   |             (174,394)                                                                                                                       |   |        778,690                  |
|  ETFS CMMDTY SECS LTD WHEAT                              |   | WEAT:LN   |   |  G3204Q-22-8 |          307,800                                                                                |   |        593,071                  |   |                                - |   |                (23,641)                                                                                                      |   |        569,430                  |
|  ETFS COM SECURITIE 0% SEC UNDTD NT                      |   | WEAT:LN   |   |  0B15KY-76-8 |          566,600                                                                                |   |   1,157,399                                              |   |                                - |   |             (154,517)                                                                                                                       |   |   1,002,882                                              |
|  ETFS COMMODITY SECS COTTON ETC                          |   | COTN:LN   |   |  0B15KX-T1-7 |             83,000                                                               |   |        141,009                  |   |                 18,974                                                                                      |   |                                                                                                                                                                                                    |   |        159,983                  |
|  ETFS GOLD TR SHS                                        |   | SGOL      |   |  26922Y-10-5 |             13,170                                                               |   |   1,380,399                                              |   |                 82,656                                                                                      |   |                                  - |   |   1,463,055                                              |
|  ETFS METAL SECURIT ETFS PHYSICAL S                      |   | PHAG:LN   |   |  G3204R-13-5 |             30,750                                                               |   |        501,994                  |   |                 20,756                                                                                      |   |                                  - |   |        522,750                  |
|  ETFS Metal Securitie Ltd Palladium                      |   | PHPD:LN   |   |  0B1VS3-00-1 |             26,727                                                               |   |   1,023,141                                              |   |              238,641                                                                                                       |   |                                  - |   |   1,261,782                                              |
|  ETFS Metal Securities Ltd Platinum                      |   | PHPT:LN   |   |  B1VS2W-53-8 |                7,177                                              |   |   1,041,971                                              |   |              118,048                                                                                                       |   |                                  - |   |   1,160,019                                              |
|  ETFS SILVER TR SILVER SHS                               |   | SIVR      |   |  26922X-10-7 |          149,900                                                                                |   |   2,539,181                                              |   |                 76,574                                                                                      |   |                                  - |   |   2,615,755                                              |
|  HORIZONS BETA WNTR NAT ETF UNIT CL                      |   | HUN:CN    |   |  0B61KF-94-6 |             15,000                                                               |   |        106,892                  |   |                                                                                                                                                                                        |   |                   (8,573)                                                                                     |   |           98,319 |
|  HORIZONS BETAPRO WINTER TERM NYMEX                      |   | HNU       |   |  44046T-10-0 |             30,000                                                               |   |        237,970                  |   |                                                                                                                                                                                        |   |                (38,470)                                                                                                      |   |        199,500                  |
|  Julius Baer Invt Fnds ETF Gold                          |   | JBGOUA:SW |   |  0B3F8G-34-6 |                     280                  |   |        304,846                  |   |                    4,593                                                                     |   |                                  - |   |        309,439                  |
|  Market Vectors ETF Gold Miners                          |   | GDX       |   |  57060U-10-0 |             34,200                                                               |   |   1,616,387                                              |   |                                                                                                                                                                                        |   |                (97,565)                                                                                                      |   |   1,518,822                                              |
|  MARKET VECTORS ETF TR JR GOLD MINE                      |   | GDXJ      |   |  57060U-58-9 |             59,000                                                               |   |   1,494,675                                              |   |                 22,805                                                                                      |   |                                  - |   |   1,517,480                                              |
|  Powershares DB Multi Sector Comm                        |   | DBA       |   |  73936B-40-8 |          157,500                                                                                |   |   4,023,597                                              |   |                                - |   |             (208,947)                                                                                                                       |   |   3,814,650                                              |
|  Swedish Expt Cr Corp                                    |   | RJA       |   |  870297-60-3 |          513,100                                                                                |   |   3,862,894                                              |   |                                - |   |             (225,015)                                                                                                                       |   |   3,637,879                                              |
|  CLAYMORE SILVER BULLION TR TR UNIT                      |   | SVR       |   |  0B3N7L-27-3 |          254,950                                                                                |   |   2,601,177                                              |   |                 57,518                                                                                      |   |                                  - |   |   2,658,695                                              |
|  ETF Metal Secs Physical Silver                          |   | PHAG:LN   |   |  0B285Z-K5-2 |          144,950                                                                                |   |   2,486,002                                              |   |                 15,070                                                                                      |   |                                  - |   |   2,501,072                                              |
|  JULIUS BAER INV FD JB PHYSICAL GOL                      |   | JBGOUA:SW |   |  H4547R-10-4 |                1,210                                              |   |   1,328,162                                              |   |                    9,058                                                                     |   |                                  - |   |   1,337,219                                              |
|  SWEDISH EXPT CR CORP RG ENRGY ETN2                      |   | RJN       |   |  870297-30-6 |          175,345                                                                                |   |   1,066,865                                              |   |                 50,083                                                                                      |   |                                  - |   |   1,116,948                                              |
|  Zuercher KTBK Gold ETF                                  |   | ZGLDUS:SW |   |  0B3KZW-54-8 |                1,230                                              |   |   1,233,485                                              |   |              134,201                                                                                                       |   |                                  - |   |   1,367,686                                              |
|  Zuercher KTBK Palladium ETF                             |   | ZPAL:SW   |   |  0B1XCL-D8-3 |                1,360                                              |   |   1,451,124                                              |   |              634,313                                                                                                       |   |                                  - |   |   2,085,437                                              |
|  Zuercher KTBK Silver ETF                                |   | ZSIL:SW   |   |  0B1XCL-94-7 |                1,275                                              |   |   2,172,965                                              |   |         1,158,231                                                                                                                                   |   |                                                                                                                                                                                                    |   |   3,331,196                                              |
|  Zuercher KTBK Silver ETF                                |   | ZSIL:SW   |   |  0B1XCL-95-4 |                        80 |   |           98,641 |   |                 34,462                                                                                      |   |                                  - |   |        133,102                  |
|  Zuercher KZKB Platinum ETF                              |   | ZPLA:SW   |   |  0B1XCL-H2-2 |                     640                  |   |   1,383,966                                              |   |              288,163                                                                                                       |   |                                  - |   |   1,672,130                                              |
|                                                          |   |      |   |              |                                                                                                                                         |   |                                                               |   |                                - |   |                                  - |   |                                                               |
|                                                          |   |      |   |              |     4,651,244                                                                                                            |   | $ 59,200,833                                                       |   |  $   3,231,612                                                                                                                                                          |   |  $  (5,117,152)                                                                                                                                                                          |   | $ 57,315,293                                                       |

----

|                                                                  |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |    |
|-----------------------------------------------------------------------|----------|--------|-------------|-------------|--------|------------------|---------|---------|-----------------------------|--------|---------|------------------------|--------|--------|-------------------------|---------|--------|----------------------|---------|
| 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:                                                    |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |    |
|  ELDORADO GOLD CORP NEW                                          | EGO      |   |        | 284902-10-3 |   |             |    | 5,000   |                        |   |    | 61,300                 |   |   |                    |    |   |                 | (900    | ) |   |   | 60,400 |   |
|  EXETER RES CORP                                                 | XRA      |   |        | 301835-10-4 |   |             |    | 11,000  |                        |   |    | 87,404                 |   |   |                    |    |   |                 | (19,974 | ) |   |   | 67,430 |   |
| HECLA MNG CO                                                          | HL       |   |        | 422704-10-6 |   |             |    | 19,000  |                        |   |    | 96,860                 |   |   |                    | 7,070   |   |                 |    | - |   |   |   | 103,930 |   |
|  SPDR Gold Shares                                                | GLD      |   |        | 78463V-10-7 |   |             |    | 3,250   |                        |   |    | 351,878                |   |   |                    | 2,210   |   |                 |    | - |   |   |   | 354,088 |   |
|  AGNICO EAGLE MINES LTD                                          | AEM      |   |        | 008474-10-8 |   |             |    | 500     |                        |   |    | 28,944                 |   |   |                    |    |   |                 |    | (1,109 | ) |   |   | 27,835 |   |
| Barrick Gold Corp                                                     | ABX      |   |        | 067901-10-8 |   |             |    | 500     |                        |   |    | 18,623                 |   |   |                    | 548     |   |                 |    | - |   |   |   | 19,170 |   |
| Silver Wheaton Corp                                                   | SLW      |   |        | 828336-10-7 |   |             |    | 5,700   |                        |   |    | 77,871                 |   |   |                    | 11,505  |   |                 |    | - |   |   |   | 89,376 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                    | SUGA:LN  |   | 0B15KY-65-1 |        |   |             | 10,000  |    |                        |   | 169,560 |                   |   |   | -                       |    |   |                 | (21,760 | ) |   |   | 147,800 |   |
|  ETFS METAL SEC ETFS PHYSICAL GOLD                               | PHAU:LN  |   |        | 0B285Z-72-4 |   |             |    | 900     |                        |   |    | 100,100                |   |   |                    | -       |   |                 |    | (1,034 | ) |   |   | 99,066 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                        | VXX      |   |        | 06740C-52-7 |   |             |    | 6,250   |                        |   |    | 205,068                |   |   |                    | -       |   |                 |    | (73,755 | ) |   |   | 131,313 |   |
|  DIREXION SHS ETF TR DLY LRG CAP BE                              | BGZ      |   |        | 25459W-85-4 |   |             |    | 6,500   |                        |   |    | 120,826                |   |   |                    | -       |   |                 |    | (29,891 | ) |   |   | 90,935 |   |
| ETFS COM SECURITIE 0% SEC UNDTD NT                                    | WEAT:LN  |   | 0B15KY-76-8 |        |   |             | 125,000 |    |                        |   | 235,925 |                   |   |   | -                       |    |   |                 | (14,675 | ) |   |   | 221,250 |   |
| ETFS GOLD TR SHS                                                      | SGOL     |   |        | 26922Y-10-5 |   |             |    | 3,500   |                        |   |    | 389,283                |   |   |                    | -       |   |                 |    | (468 | ) |   |   | 388,815 |   |
| ETFS Metal Secs Physical Platinum                                     | PHPT:LN  |   | B1VS2W-55-3 |        |   |             | 750     |    |                        |   | 101,046 |                   |   |   | 20,176                  |    |   |                 | -       |   |   |   | 121,223 |   |
| ETFS PALLADIUM TR SH BEN INT                                          | PHPD: LN |   |        | 26923A-10-6 |   |             |    | 1,100   |                        |   |    | 49,584                 |   |   |                    | 3,051   |   |                 |    |   |   |   |   | 52,635 |   |
| ETFS SILVER TR SILVER SHS                                             | SIVR     |   |        | 26922X-10-7 |   |             |    | 11,600  |                        |   |    | 202,738                |   |   |                    | -       |   |                 |    | (318 | ) |   |   | 202,420 |   |
|  IShares Comex Gold Trust ETF                                    | IAU      |   |        | 464285-10-5 |   |             |    | 3,000   |                        |   |    | 330,004                |   |   |                    | -       |   |                 |    | (2,914 | ) |   |   | 327,090 |   |
|  Market Vectors ETF Gold Miners                                  | GDX      |   |        | 57060U-10-0 |   |             |    | 500     |                        |   |    | 21,485                 |   |   |                    | 720     |   |                 |    |   |   |   |   | 22,205 |   |
|  MARKET VECTORS ETF TR JR GOLD MINE                              | GDXJ     |   |        | 57060U-58-9 |   |             |    | 6,500   |                        |   |    | 156,588                |   |   |                    | 10,593  |   |                 |    |   |   |   |   | 167,180 |   |
|  Powershares DB Multi Sector Comm                                | DBA      |   |        | 73936B-40-8 |   |             |    | 9,500   |                        |   |    | 236,492                |   |   |                    | -       |   |                 |    | (6,402 | ) |   |   | 230,090 |   |
|  PROSHARES TR SHRT 20+YR TRE                                     | TBF      |   |        | 74347X-84-9 |   |             |    | 2,500   |                        |   |    | 122,667                |   |   |                    | 2,108   |   |                 |    | - |   |   |   | 124,775 |   |
|  Swedish Expt Cr Corp                                            | RJA      |   |        | 870297-60-3 |   |             |    | 33,000  |                        |   |    | 249,424                |   |   |                    | -       |   |                 |    | (15,454 | ) |   |   | 233,970 |   |
|  CLAYMORE SILVER BULLION TR TR UNIT                              | SVR      |   |        | 0B3N7L-27-3 |   |             |    | 7,000   |                        |   |    | 71,840                 |   |   |                    | 1,158   |   |                 |    | - |   |   |   | 72,998 |   |
|  CLAYMORE SILVER BULLION TR TR UNIT                              | SVR      |   |        | 18387H-16-4 |   |             |    | 2,000   |                        |   |    | 19,680                 |   |   |                    | 1,177   |   |                 |    | - |   |   |   | 20,857 |   |
|  Zuercher KTBK Palladium ETF                                     | ZPAL:SW  |   | 0B1XCL-D8-3 |        |   |             | 70      |    |                        |   | 74,294  |                   |   |   | 33,045                  |    |   |                 | -       |   |   |   | 107,339 |   |
|  Zuercher KTBK Silver ETF                                        | ZSIL:SW  |   | 0B1XCL-94-7 |        |   |             | 60      |    |                        |   | 101,321 |                   |   |   | 55,441                  |    |   |                 | -       |   |   |   | 156,762 |   |
|  Zuercher KZKB Platinum ETF                                      | ZPLA:SW  |   | 0B1XCL-H2-2 |        |   |             | 30      |    |                        |   | 64,730  |                   |   |   | 13,651                  |    |   |                 | -       |   |   |   | 78,381 |   |
|                                                                  |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |    |   |   |   |   |   |   |
|                                                                  |     |   |        |        |   |             |    | 274,710 |                        |   | $       | 3,745,533              |   |   | $                       | 162,452 |   |                 | $       | (188,654 | ) |   | $ | 3,719,331 |   |
|                                                                  |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |    |   |   |   |   |   |   |
|                                                                  |     |   |        |        |   |             |    |    |                        |   |    |                   |   |   |                    |    |   |                 |    |   |   |   |   |   |   |

----

|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |      |   |                 |    |
|-------------------------------------------------------------------------------------|-----------|--------|-------------|-------------|--------|------------------|--------|-----------|-----------------------------|--------|---------|------------------------|--------|--------|-------------------------|-----------|--------|----------------------|---------|
| 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:                                    |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |      |   |                 |    |
| AGNICO EAGLE MINES LTD                                                              | AEM       |   |        | 008474-10-8 |   |             |   | 5,000     |                        |   | $       | 295,676                |   |   | $                       | -         |   |                 |    | (17,326 | ) |   | $ | 278,350 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                                  | SUGA:LN   |   | 0B15KY-65-1 |        |   |             | 14,000 |      |                        |   | 246,960 |                   |   |   | -                       |      |   |                 | (40,040 | ) |   |   | 206,920 |   |
|  BARCLAYS BK PLC IPATH SHRT ETN                                                | VXX       |   |        | 06740C-52-7 |   |             |   | 29,250    |                        |   |    | 1,066,757              |   |   |                    |      |   |                 |    | (452,215 | ) |   |   | 614,543 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                                                  | BGZ       |   |        | 25459W-85-4 |   |             |   | 62,530    |                        |   |    | 1,324,048              |   |   |                    | -         |   |                 |    | (449,253 | ) |   |   | 874,795 |   |
| ETF METAL SEC LTD ST HEILER GOLD                                                    | PHAU:LN   |   |        | G3204R-10-1 |   |             |   | 900       |                        |   |    | 88,521                 |   |   |                    | 10,623    |   |                 |    | - |   |   |   | 99,144 |   |
| Julius Baer Invt Fnds ETF Gold                                                      | JBGOUA:SW |   |        | 0B3F8G-34-6 |   |             |   | 150       |                        |   |    | 168,308                |   |   |                    | -         |   |                 |    | (2,537 | ) |   |   | 165,771 |   |
|  Market Vectors ETF Gold Miners                                                | GDX       |   |        | 57060U-10-0 |   |             |   | 8,350     |                        |   |    | 389,213                |   |   |                    | -         |   |                 |    | (18,389 | ) |   |   | 370,824 |   |
| MARKET VECTORS ETF TR JR GOLD MINE                                                  | GDXJ      |   |        | 57060U-58-9 |   |             |   | 10,000    |                        |   |    | 255,043                |   |   |                    | 2,157     |   |                 |    | - |   |   |   | 257,200 |   |
| Powershares DB Multi Sector Comm                                                    | DBA       |   |        | 73936B-40-8 |   |             |   | 41,850    |                        |   |    | 1,043,978              |   |   |                    | -         |   |                 |    | (30,371 | ) |   |   | 1,013,607 |   |
| Swedish Expt Cr Corp                                                                | RJA       |   |        | 870297-60-3 |   |             |   | 159,000   |                        |   |    | 1,139,532              |   |   |                    | -         |   |                 |    | (12,222 | ) |   |   | 1,127,310 |   |
| Zuercher KTBK Gold ETF                                                              | ZGLDUS:SW |   | 0B3KZW-54-8 |        |   |             | 40     |      |                        |   | 38,120  |                   |   |   | 6,357                   |      |   |                 | -       |   |   |   | 44,478 |   |
|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    | -         |   |                 |    | - |   |   |   |   |   |
|                                                                                |      |   |        |        |   |             |   | 331,070   |                        |   | $       | 6,056,157              |   |   | $                       | 19,137    |   |                 | $       | (1,022,354 | ) |   | $ | 5,052,940 |   |
|                                                                                |      |   |        |        |   |             |   |      |                        |   |    |                   |   |   |                    |      |   |                 |    |   |   |   |   |   |   |
|           Total equity securities |      |   |        |        |   |             |   | 5,257,024 |                        |   | $       | 69,002,524             |   |   | $                       | 3,413,202 |   |                 | $       | (6,328,161 | ) |   | $ | 66,087,564 |   |