| SCHEDULE OF INVESTMENTSAS OF JUNE 30, 2010                     |
|----------------------------------------------------------------|
| Investment Exhibit                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |  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   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| UNITED STATES TREAS NTS                                        | 912828-GZ-7 | SD |   |   | 1 |   | $ | 144,517 |   | $ 6,204 |   | $ | - |   | 108 |   | $ | 146,264 |   |   | 135,000 |   | $     - |   | $     - |   |   | 140,060 |   | $     - |   | (1,169 | ) | $     0 |   | $     0 |   | 4.625 |   | 2.780 | JJ | $  2,604 | $  3,122 |   | 07/15/2008 | 07/31/2012 |
| UNITED STATES TREAS NTS                                        | 912828-KC-3 | SD |   |   | 1 |   |   | 35,169 |   | 386 |   |   |   |   | 101 |   |   | 35,479 |   |   | 35,000 |   | - |   | - |   |   | 35,093 |   | - |   | (28 | ) | - |   | - |   | 2.000 |   | 1.842 | FA | 263 | 241 |   | 02/19/2009 | 02/15/2012 |
| US TREASURY INFLATION INDEX BOND                               | 912810-PZ-5 |   |   |   | 1 |   |   | 3,105,727 |   | - |   |   | (7,022) |   | 115 |   |   | 3,098,658 |   |   | 2,700,000 |   | - |   | - |   |   | 3,105,680 |   | - |   | (47 | ) | - |   | - |   | 2.500 |   | 1.671 | JJ | 31,619 | - |   | 06/30/2010 | 01/15/2029 |
| US TREASURY INFLATION INDEX BOND                               | 912828-DH-0 |   |   |   | 1 |   |   | 5,980,964 |   | - |   |   | - |   | 121 |   |   | 6,026,247 |   |   | 5,000,000 |   | - |   | - |   |   | 5,989,170 |   | 14,450 |   | (6,245 | ) | - |   | - |   | 1.625 |   | 0.526 | JJ | 42,796 | - |   | 05/25/2010 | 01/15/2015 |
| US TREASURY INFLATION INDEX BOND                               | 912828-FL-9 |   |   |   | 1 |   |   | 17,788,150 |   | - |   |   | - |   | 120 |   |   | 17,899,249 |   |   | 14,900,000 |   | - |   | - |   |   | 17,808,988 |   | 54,349 |   | (33,511 | ) | - |   | - |   | 2.500 |   | 0.680 | JJ | 185,507 | - |   | 06/21/2010 | 07/15/2016 |
| US TREASURY INFLATION INDEX BOND                               | 912828-HN-3 |   |   |   | 1 |   |   | 7,109,387 |   | - |   |   | - |   | 110 |   |   | 7,184,621 |   |   | 6,550,000 |   | - |   | - |   |   | 7,122,498 |   | 16,977 |   | (3,866 | ) | - |   | - |   | 1.625 |   | 1.005 | JJ | 51,097 | - |   | 06/15/2010 | 01/15/2018 |
| US TREASURY INFLATION INDEX BOND                               | 912828-JE-1 |   |   |   | 1 |   |   | 9,298,329 |   | - |   |   | - |   | 105 |   |   | 9,430,166 |   |   | 9,000,000 |   | - |   | - |   |   | 9,320,654 |   | 25,120 |   | (2,795 | ) | - |   | - |   | 1.375 |   | 1.060 | JJ | 57,716 | - |   | 06/10/2010 | 07/15/2018 |
| US TREASURY INFLATION INDEX BOND                               | 912828-KM-1 |   |   |   | 1 |   |   | 3,220,700 |   | - |   |   | - |   | 108 |   |   | 3,226,318 |   |   | 3,000,000 |   | - |   | - |   |   | 3,221,276 |   | 1,800 |   | (1,224 | ) | - |   | - |   | 1.250 |   | 0.129 | AO | 8,127 | - |   | 06/18/2010 | 04/15/2014 |
| US TREASURY INFLATION INDEX BOND                               | 912828-LA-6 | SD |   |   | 1 |   |   | 2,911,565 |   | - |   |   | - |   | 109 |   |   | 3,064,813 |   |   | 2,800,000 |   |   |   |   |   |   | 2,939,976 |   | 24,024 |   | (4,162 | ) | - |   | - |   | 1.875 |   | 1.539 | JJ | 24,729 | 26,585 |   | 09/29/2009 | 07/15/2019 |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total US government and agency obligations                     |   | $ | 49,594,508 |   | $ 6,590 |   | $ | (7,022) |   |   |   | $ | 50,111,815 |   | $ | 44,120,000 |   | 0 |   | 0 |   | $ | 49,683,394 |   | 136,719 |   | $     (53,046 | ) | 0 |   | 0 |   |   |   |   |   | 404,459 | 29,948 |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign obligations                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NORWAY KINGDOM 6% BDS 16/5/2011                                | 042174-31-8 |   |  F |   | 1 |   | $ | 3,149,215 |   | $        0 |   | $ | 0 |   | 103.240 |   | $ | 2,819,468 |   |   | 2,730,984 |   | 17,760,000 |   | 2,989,507 |   | $ | 2,834,242 |   | 0 |   | $     (45,487 | ) | 0 |   | (269,486 | ) | 6.000 |   | 1.625 | May | 20,651 | 135,122 |   | 05/27/2010 | 05/16/2011 |
| NORWAY(KINGDOM OF) 6.5% BDS 15/5/2                             | 073810-76-4 |   |  D |   | 1 |   |   | 2,766,164 |   | - |   |   | - |   | 111.523 |   |   | 2,532,070 |   |   | 2,270,438 |   | 14,765,000 |   | 2,465,268 |   |   | 2,521,755 |   | - |   | (28,388 | ) | - |   | (216,022 | ) | 6.500 |   | 2.479 | May | 19,003 | 119,921 |   | 05/11/2010 | 05/15/2013 |
| SWITZERLAND(GOVT) 2.75% BDS                                    | 057019-77-0 |   |  D |   | 1 |   |   | 1,405,403 |   | - |   |   | - |   | 104.745 |   |   | 1,374,460 |   |   | 1,312,190 |   | 1,415,000 |   | 1,325,643 |   |   | 1,377,664 |   | - |   | (13,307 | ) | - |   | (14,433 | ) | 2.750 |   | 0.174 | Jun | 2,105 | 22,013 |   | 02/25/2010 | 06/10/2012 |
| SWITZERLAND(GOVT) 4% BDS 10/6/2011                             | 040131-45-0 |   |  D |   | 1 |   |   | 2,659,778 |   | - |   |   | - |   | 103.465 |   |   | 2,542,604 |   |   | 2,457,458 |   | 2,650,000 |   | 2,554,160 |   |   | 2,541,135 |   | - |   | (18,309 | ) | - |   | (100,334 | ) | 4.000 |   | 2.194 | Jun | 5,734 | 58,104 |   | 06/29/2010 | 06/10/2012 |
| SWITZERLAND(GOVT) 4% BDS 11/2/2013                             | 058870-48-6 |   |  D |   | 1 |   |   | 203,690 |   | - |   |   | - |   | 109.351 |   |   | 202,812 |   |   | 185,469 |   | 200,000 |   | 184,050 |   |   | 198,538 |   | - |   | (6,645 | ) | - |   | 1,492 |   | 4.000 |   | -6.989 | Feb | 2,885 |   |   | 05/11/2010 | 02/11/2011 |
| SWITZERLAND(GOVT) 3.5% BDS                                     | H7351P-DJ-2 |   |  D |   |   |   |   | 750,021 |   | - |   |   | - |   | 100.2791 |   |   | 716,047 |   |   | 714,054 |   | 770,000 |   | 736,350 |   |   | 716,526 |   | - |   | (10,705 | ) | - |   | (22,791 | ) | 3.5 |   | 0.039 | Aug | 22,493 | - |   | 01/29/2010 | 08/7/2010 |
| NORWAY KINGDOM 6% BDS 16/5/2011                                | 042174-31-8 |   |  F |   |   |   |   | 150,324 |   | - |   |   | - |   | 103.240 |   |   | 148,435 |   |   | 143,776 |   | 935,000 |   | 144,967 |   |   | 148,941 |   | - |   | (160 | ) | - |   | (1,223 | ) | 6.000 |   | 1.834 | May | 1,087 | - |   | 06/25/2010 | 05/16/2011 |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Foreign obligations                                      |   |   |   | $ | 11,084,595 |   | $        0 |   | $ | 0 |   |   |   | $ | 10,335,896 |   | $ | 9,814,369 |   | 38,495,000 |   | 10,399,945 |   | $ | 10,338,800 |   | 0 |   | (123,001 | ) | 0 |   | (622,796 | ) |   |   |   |   | 73,958 | 335,161 |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total fixed maturities, available for sale                     |   |   |   | $ | 60,679,103 |   | $ 6,590 |   | $ | (7,022 |   |   |   | $ | 60,447,710 |   | $ | 53,934,369 |   | 38,495,000 |   | 10,399,945 |   | $ | 60,022,193 |   | 136,719 |   | (176,047 | ) | 0 |   | (622,796 | ) |   |   |   |   | 478,418 | 365,109 |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| 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 |   |      |   |        |                    |   |                                           |   |                    |   |                                |   |                 |
| ALEXCO RESOURCE CORP                                          |   | AXU       |   | 01535P-10-6 | 94900                   |   | $        327,059 |   |                    |   | $      (29,073) |   | 297,986              |
| BARCLAYS BANK PLC ETN DJUBS SGAR38                            |   | SGG       |   | 06739H-21-4 | 18,000                  |   | 843,015                                        |   |                    |   | (45,615)                            |   | 797,400              |
| DACHA CAP INC                                                 |   | DAC       |   | 232972-10-9 | 100,000                 |   | 56,835                                         |   | 6,165                   |   |                                |   | 63,000               |
| ELDORADO GOLD CORP NEW                                        |   | EGO       |   | 284902-10-3 | 29,685                  |   | 518,357                                        |   | 14,786                  |   |                                |   | 533,143              |
| EXETER RES CORP                                               |   | XRA       |   | 301835-10-4 | 20,000                  |   | 147,600                                        |   |                    |   | (21,600)                            |   | 126,000              |
| FRONTEER GOLD INC                                             |   | FRG       |   | 359032-10-9 | 91,500                  |   | 597,738                                        |   |                    |   | (53,313)                            |   | 544,425              |
| GOLDCORP INC NEW                                              |   | GG        |   | 380956-40-9 | 4,500                   |   | 192,084                                        |   | 5,241                   |   |                                |   | 197,325              |
| HECLA MNG CO                                                  |   | HL        |   | 422704-10-6 | 235,000                 |   | 1,377,022                                      |   |                    |   | (150,322)                           |   | 1,226,700            |
| IAMGOLD CORP                                                  |   | IAG       |   | 450913-10-8 | 20,450                  |   | 347,186                                        |   | 14,370                  |   |                                |   | 361,556              |
| MONSANTO CO NEW                                               |   | MON       |   | 61166W-10-1 | 28,750                  |   | 1,779,919                                      |   | 0                       |   | (451,094)                           |   | 1,328,825            |
| NEWMONT MINING CORP                                           |   | NEM       |   | 651639-10-6 | 9,350                   |   | 476,154                                        |   | 101,115                 |   |                                |   | 577,269              |
| NORTH AMERN PALLADIUM LTD                                     |   | PAL       |   | 656912-10-2 | 115,000                 |   | 398,064                                        |   |                    |   | (40,414)                            |   | 357,650              |
| SEABRIDGE GOLD INC                                            |   | SA        |   | 811916-10-5 | 7,750                   |   | 247,676                                        |   |                    |   | (7,814)                             |   | 239,863              |
| SILVERCORP METALS INC                                         |   | SVM       |   | 82835P-10-3 | 35,000                  |   | 250,561                                        |   | 0                       |   | (18,861)                            |   | 231,700              |
| SPDR Gold Shares                                              |   | GLD       |   | 78463V-10-7 | 10,000                  |   | 1,166,118                                      |   | 50,682                  |   | 0                                   |   | 1,216,800            |
| STILLWATER MNG CO                                             |   | SWC       |   | 86074Q-10-2 | 41,000                  |   | 538,917                                        |   | 0                       |   | (62,497)                            |   | 476,420              |
| YAMANA GOLD INC                                               |   | AUY       |   | 98462Y-10-0 | 37,000                  |   | 396,291                                        |   |                    |   | (15,191)                            |   | 381,100              |
| Barrick Gold Corp                                             |   | ABX       |   | 067901-10-8 | 5,600                   |   | 235,811                                        |   | 18,485                  |   |                                |   | 254,296              |
| INTERNATIONAL TOWER HILL MINES                                |   | THM       |   | 46051L-10-4 | 31,000                  |   | 210,719                                        |   |                    |   | (5,189)                             |   | 205,530              |
| Silver Wheaton Corp                                           |   | SLW       |   | 828336-10-7 | 112,650                 |   | 2,080,728                                      |   | 183,537                 |   |                                |   | 2,264,265            |
| ETFS COM SECURITIE ETFS SUGAR (USD                            |   | SUGA:LN   |   | 0B15KY-65-1 | 85,850                  |   | 1,615,468                                      |   | 0                       |   | (513,154)                           |   | 1,102,314            |
| ETFS METAL SEC ETFS PHYSICAL GOLD                             |   | PHAU:LN   |   | 0B285Z-72-4 | 8,340                   |   | 887,507                                        |   | 137,146                 |   |                                |   | 1,024,652            |
| BARCLAYS BK PLC IPATH SHRT ETN                                |   | VXX       |   | 06740C-52-7 | 127,750                 |   | 4,410,867                                      |   | 0                       |   | (425,067)                           |   | 3,985,800            |
| CLAYMORE GOLD BULLION ETF HEDGED C                            |   | CGL       |   | 0B634C-59-0 | 213,700                 |   | 2,010,118                                      |   | 246,340                 |   |                                |   | 2,256,458            |
| DIREXION SHS ETF TR CHINA BEAR 3X                             |   | CZI       |   | 25459W-76-3 | 5,500                   |   | 230,435                                        |   |                    |   | (41,015)                            |   | 189,420              |
| DIREXION SHS ETF TR DLY LRG CAP BE                            |   | BGZ       |   | 25459W-85-4 | 154,910                 |   | 2,958,433                                      |   |                    |   | (131,325)                           |   | 2,827,108            |
| DIREXION SHS ETF TR LATN AM BEAR3X                            |   | LHB       |   | 25459W-64-9 | 2,500                   |   | 130,540                                        |   |                    |   | (16,390)                            |   | 114,150              |
| ETF METAL SEC LTD ST HEILER GOLD                              |   | PHAU:LN   |   | G3204R-10-1 | 7,500                   |   | 737,675                                        |   | 183,775                 |   | 0                                   |   | 921,450              |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                            |   | CORN      |   | 0B15KX-S0-0 | 371,100                 |   | 460,471                                        |   |                    |   | (19,233)                            |   | 441,238              |
| ETFS CMMDTY SECS LTD CORN                                     |   | CORN:LN   |   | G3204Q-28-5 | 707,900                 |   | 953,084                                        |   |                    |   | (111,391)                           |   | 841,693              |
| ETFS CMMDTY SECS LTD WHEAT                                    |   | WEAT:LN   |   | G3204Q-22-8 | 307,800                 |   | 593,071                                        |   |                    |   | (54,421)                            |   | 538,650              |
| ETFS COM SECURITIE 0% SEC UNDTD NT                            |   | WEAT:LN   |   | 0B15KY-76-8 | 789,850                 |   | 1,536,921                                      |   |                    |   | (154,684)                           |   | 1,382,238            |
| ETFS GOLD TR SHS                                              |   | SGOL      |   | 26922Y-10-5 | 23,195                  |   | 2,562,429                                      |   | 313,055                 |   |                                |   | 2,875,484            |
| ETFS METAL SECURIT ETFS PHYSICAL S                            |   | PHAG:LN   |   | G3204R-13-5 | 30,750                  |   | 501,994                                        |   | 60,731                  |   | 0                                   |   | 562,725              |
| ETFS Metal Securities Ltd Platinum                            |   | PHPT:LN   |   | B1VS2W-53-8 | 6,825                   |   | 1,007,395                                      |   | 24,545                  |   |                                |   | 1,031,940            |
| ETFS PALLADIUM TR SH BEN INT                                  |   | PHPD: LN  |   | 26923A-10-6 | 55,190                  |   | 2,652,377                                      |   | 0                       |   | (222,361)                           |   | 2,430,016            |
| ETFS PLATINUM TR SH BEN INT                                   |   | PHPT:LN   |   | 26922V-10-1 | 18,730                  |   | 2,993,113                                      |   |                    |   | (135,383)                           |   | 2,857,730            |
| ETFS SILVER TR SILVER SHS                                     |   | SIVR      |   | 26922X-10-7 | 125,000                 |   | 2,128,271                                      |   | 192,979                 |   | 0                                   |   | 2,321,250            |
| HORIZONS BETA WNTR NAT ETF UNIT CL                            |   | HUN:CN    |   | 0B61KF-94-6 | 15,000                  |   | 106,892                                        |   |                    |   | (8,792)                             |   | 98,100               |
| HORIZONS BETAPRO WINTER TERM NYMEX                            |   | HNU       |   | 44046T-10-0 | 30,000                  |   | 237,970                                        |   |                    |   | (43,270)                            |   | 194,700              |
| IShares Comex Gold Trust ETF                                  |   | IAU       |   | 464285-10-5 | 153,000                 |   | 1,758,185                                      |   | 103,825                 |   | 0                                   |   | 1,862,010            |
| Julius Baer Invt Fnds ETF Gold                                |   | JBGOUA:SW |   | 0B3F8G-34-6 | 280                     |   | 304,846                                        |   | 40,447                  | 0      | 0                                   |   | 345,293              |
| Market Vectors ETF Gold Miners                                |   | GDX       |   | 57060U-10-0 | 30,100                  |   | 1,499,692                                      |   | 64,304                  |   |                                |   | 1,563,996            |
| MARKET VECTORS ETF TR JR GOLD MINE                            |   | GDXJ      |   | 57060U-58-9 | 96,400                  |   | 2,653,551                                      |   |                    |   | (25,687)                            |   | 2,627,864            |
| Powershares DB Multi Sector Comm                              |   | DBA       |   | 73936B-40-8 | 183,000                 |   | 4,633,987                                      |   |                    |   | (243,817)                           |   | 4,390,170            |
| PROSHARES TR PSHS ULTSH 20YRS                                 |   | TBT       |   | 74347R-29-7 | 11,200                  |   | 421,622                                        |   |                    |   | (24,246)                            |   | 397,376              |
| PROSHARES TR SHRT 20+YR TRE                                   |   | TBF       |   | 74347X-84-9 | 44,000                  |   | 2,108,976                                      |   |                    |   | (225,336)                           |   | 1,883,640            |
| Swedish Expt Cr Corp                                          |   | RJA       |   | 870297-60-3 | 553,100                 |   | 4,143,930                                      |   |                    |   | (277,761)                           |   | 3,866,169            |
| United States 12 Month Oil Fnd ETF                            |   | USL       |   | 91288V-10-3 | 4,000                   |   | 150,000                                        |   |                    |   | (3,600)                             |   | 146,400              |
| CLAYMORE SILVER BULLION TR TR UNIT                            |   | SVR       |   | 0B3N7L-27-3 | 249,950                 |   | 2,553,522                                      |   | 36,210                  |   |                                |   | 2,589,732            |
| ETF Metal Secs Physical Silver                                |   | PHAG:LN   |   | 0B285Z-K5-2 | 61,700                  |   | 1,033,639                                      |   | 94,731                  |   |                                |   | 1,128,370            |
| JULIUS BAER INV FD JB PHYSICAL GOL                            |   | JBGOUA:SW |   | H4547R-10-4 | 610                     |   | 687,336                                        |   | 64,910                  |   |                                |   | 752,246              |
| SWEDISH EXPT CR CORP RG ENRGY ETN2                            |   | RJN       |   | 870297-30-6 | 232,345                 |   | 1,386,046                                      |   |                    |   | (77,943)                            |   | 1,308,102            |
| Zuercher KTBK Gold ETF                                        |   | ZGLDUS:SW |   | 0B3KZW-54-8 | 1,270                   |   | 1,281,840                                      |   | 289,391                 |   |                                |   | 1,571,231            |
| Zuercher KTBK Palladium ETF                                   |   | ZPAL:SW   |   | 0B1XCL-D8-3 | 531                     |   | 669,438                                        |   | 74,116                  |   |                                |   | 743,554              |
| Zuercher KTBK Silver ETF                                      |   | ZSIL:SW   |   | 0B1XCL-94-7 | 785                     |   | 1,347,634                                      |   | 31,642                  |   |                                |   | 1,379,276            |
|                                                          |   |      |   |        |                    |   |                                           |   |                    |   |                                |   |                 |
|                                                          |   |      |   |        |                    |   |                                           |   |                    |   |                                |   |                 |
| Total Universal Property and Casualty                         |   |      |   |        | $   5,756,796 |   | $    67,537,129                 |   | $   2,352,528 |   | $ (3,655,859)                  |   | $66,233,797          |
|                                                          |   |      |   |        |                    |   |                                           |   |                    |   |                                |   |                 |

----

|   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:                                                    |           |   |   |        |   |   |              |         |   |                        |   |          |                   |   |   |                    |   |   |                 |
| EXETER RES CORP                                                       | XRA            |   |   | 301835-10-4 |   |   |              | 11000        |   |                        |   | 69,924        |                   |   |   |                    |   |   | (624                 | )             |   |   | 69,300 |   |
| EXTORRE GOLD MINES LTD                                                | XG             |   |   | 30227B-10-9 |   |   |              | 11000        |   |                        |   | 17,481        |                   |   |   | 11,999                  |   |   |                 |          |   |   |   | 29,480 |   |
| FRONTEER GOLD INC                                                     | FRG            |   |   | 359032-10-9 |   |   |              | 6000         |   |                        |   | 35,457        |                   |   |   | 243                     |   |   |                 |          |   |   |   | 35,700 |   |
| HECLA MNG CO                                                          | HL             |   |   | 422704-10-6 |   |   |              | 8000         |   |                        |   | 41,200        |                   |   |   | 560                     |   |   |                 |          |   |   |   | 41,760 |   |
| NORTH AMERN PALLADIUM LTD                                             | PAL            |   |   | 656912-10-2 |   |   |              | 40000        |   |                        |   | 138,288       |                   |   |   |                    |   |   |                 | (13,888       | ) |   |   | 124,400 |   |
| SPDR Gold Shares                                                      | GLD            |   |   | 78463V-10-7 |   |   |              | 3150         |   |                        |   | 341,022       |                   |   |   | 42,270                  |   |   |                 |          |   |   |   | 383,292 |   |
| STILLWATER MNG CO                                                     | SWC            |   |   | 86074Q-10-2 |   |   |              | 10000        |   |                        |   | 132,265       |                   |   |   |                    |   |   |                 | (16,065       | ) |   |   | 116,200 |   |
| AGNICO EAGLE MINES LTD                                                | AEM            |   |   | 008474-10-8 |   |   |              | 500          |   |                        |   | 28,944        |                   |   |   | 1,446                   |   |   |                 |          |   |   |   | 30,390 |   |
| Silver Wheaton Corp                                                   | SLW            |   |   | 828336-10-7 |   |   |              | 9000         |   |                        |   | 166,000       |                   |   |   | 14,900                  |   |   |                 |          |   |   |   | 180,900 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                    |   SUGA:LN |   |   | 0B15KY-65-1 |   |   |              | 10000   |   |                        |   | 169,560  |                   |   |   |                    |   |   |                 | (41,160  | ) |   |   | 128,400  |   |
| ETFS METAL SEC ETFS PHYSICAL GOLD                                     | PHAU:LN        |   |   | 0B285Z-72-4 |   |   |              | 900          |   |                        |   | 100,100       |                   |   |   | 10,474                  |   |   |                 |          |   |   |   | 110,574 |   |
| BARCLAYS BANK PLC ETN DJUBS NAT37                                     | GAZ            |   |   | 06739H-64-4 |   |   |              | 17000        |   |                        |   | 164,616       |                   |   |   | 13,884                  |   |   |                 |          |   |   |   | 178,500 |   |
| BARCLAYS BK PLC IPATH SHRT ETN                                        | VXX            |   |   | 06740C-52-7 |   |   |              | 10250        |   |                        |   | 323,940       |                   |   |   |                    |   |   |                 | (4,140        | ) |   |   | 319,800 |   |
| DIREXION SHS ETF TR DLY LRG CAP BE                                    | BGZ            |   |   | 25459W-85-4 |   |   |              | 6500         |   |                        |   | 120,826       |                   |   |   |                    |   |   |                 | (2,201        | ) |   |   | 118,625 |   |
| ETFS CMMDTY SECS 0% UNDTD NTS CORN                                    |   CORN    |   |   | 0B15KX-S0-0 |   |   |              | 100000  |   |                        |   | 119,240  |                   |   |   |                    |   |   |                 | (340     | )  |   |   | 118,900  |   |
| ETFS COM SECURITIE 0% SEC UNDTD NT                                    | WEAT:LN        |   |   | 0B15KY-76-8 |   |   |              | 140000  |   |                        |   | 261,788  |                   |   |   |                    |   |   |                 | (16,788  | )  |   |   | 245,000  |   |
| ETFS GOLD TR SHS                                                      | SGOL           |   |   | 26922Y-10-5 |   |   |              | 3950         |   |                        |   | 441,916       |                   |   |   | 47,766                  |   |   |                 |          |   |   |   | 489,682 |   |
| ETFS PALLADIUM TR SH BEN INT                                          | PHPD:LN        |   |   | 26923A-10-6 |   |   |              | 4700         |   |                        |   | 211,925       |                   |   |   |                    |   |   |                 | (4,984        | ) |   |   | 206,941 |   |
| ETFS PLATINUM TR SH BEN INT                                           | PHPT:LN        |   |   | 26922V-10-1 |   |   |              | 1870         |   |                        |   | 300,726       |                   |   |   |                    |   |   |                 | (15,411       | ) |   |   | 285,315 |   |
| ETFS SILVER TR SILVER SHS                                             | SIVR           |   |   | 26922X-10-7 |   |   |              | 11600        |   |                        |   | 202,738       |                   |   |   | 12,674                  |   |   |                 |          |   |   |   | 215,412 |   |
| IShares Comex Gold Trust ETF                                          | IAU            |   |   | 464285-10-5 |   |   |              | 27000        |   |                        |   | 296,926       |                   |   |   | 31,664                  |   |   |                 |          |   |   |   | 328,590 |   |
| Powershares DB Multi Sector Comm                                      | DBA            |   |   | 73936B-40-8 |   |   |              | 11000        |   |                        |   | 272,246       |                   |   |   |                    |   |   |                 | (8,356        | ) |   |   | 263,890 |   |
| PROSHARES TR PSHS ULTSH 20YRS                                         | TBT            |   |   | 74347R-29-7 |   |   |              | 2500         |   |                        |   | 91,297        |                   |   |   |                    |   |   |                 | (2,597        | ) |   |   | 88,700 |   |
| PROSHARES TR SHRT 20+YR TRE                                           | TBF            |   |   | 74347X-84-9 |   |   |              | 5000         |   |                        |   | 236,532       |                   |   |   |                    |   |   |                 | (22,482       | ) |   |   | 214,050 |   |
| Swedish Expt Cr Corp                                                  | RJA            |   |   | 870297-60-3 |   |   |              | 38000        |   |                        |   | 284,680       |                   |   |   |                    |   |   |                 | (19,060       | ) |   |   | 265,620 |   |
| UNITED STS GASOLINE FD LP UNITS                                       | UGA            |   |   | 91201T-10-2 |   |   |              | 3500         |   |                        |   | 111,300       |                   |   |   | 6,755                   |   |   |                 |          |   |   |   | 118,055 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                                    | SVR            |   |   | 0B3N7L-27-3 |   |   |              | 7000         |   |                        |   | 71,840        |                   |   |   | 687                     |   |   |                 |          |   |   |   | 72,527 |   |
| CLAYMORE SILVER BULLION TR TR UNIT                                    | SVR            |   |   | 18387H-16-4 |   |   |              | 2000         |   |                        |   | 19,680        |                   |   |   | 1,042                   |   |   |                 |          |   |   |   | 20,722 |   |
| SWEDISH EXPT CR CORP RG ENRGY ETN2                                    | RJN            |   |   | 870297-30-6 |   |   |              | 25000        |   |                        |   | 144,950       |                   |   |   |                    |   |   |                 | (4,200        | ) |   |   | 140,750 |   |
| Zuercher KTBK Palladium ETF                                           | ZPAL:SW        |   |   | 0B1XCL-D8-3 |   |   |              | 70      |   |                        |   | 74,294   |                   |   |   | 23,726             |   |   |                 |          |   |   |   | 98,020  |   |
| Zuercher KTBK Silver ETF                                              | ZSIL:SW        |   |   | 0B1XCL-94-7 |   |   |              | 60      |   |                        |   | 101,321  |                   |   |   | 4,101              |   |   |                 |          |   |   |   | 105,422  |   |
| Zuercher KZKB Platinum ETF                                            | ZPLA:SW        |   |   | 0B1XCL-H2-2 |   |   |              | 30      |   |                        |   | 64,730   |                   |   |   | 8,036              |   |   |                 |          |   |   |   | 72,766  |   |
|                                                                  |           |   |   |        |   |   |              |         |   |                        |   |          |                   |   |   |                    |   |   |                 |          |   |   |   |   |
|                                                                  |           |   |   |        |   |   |              |         |   |                        |   |          |                   |   |   |                    |   |   |                 |          |   |   |   |   |   |
| Total American Platinum                                               |           |   |   |        |   |   |              | 499,420      |   |                        | $      | 5,157,752     |                   |   | $      | 232,227                 |   |   | $                    | (172,296      | ) |   | $ | 5,217,683 |   |
|                                                                  |           |   |   |        |   |   |              |         |   |                        |   |          |                   |   |   |                    |   |   |                 |          |   |   |   |   |   |

----

|   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:                                    |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |
|  HECLA MNG CO                                                                  | HL               |   |   | 422704-10-6       |   |   |             | 15,000       |   |                                                                           |      | 84,195        |                                                                                      |   |    |                                                                           |   |   | (5,895                                                                         | )             |   |   | 78,300 |   |
|  AGNICO EAGLE MINES LTD                                                        | AEM              |   |   | 008474-10-8       |   |   |             | 5,000        |   |                                                                           |      | 295,676       |                                                                                      |   |    | 8,224                                                                          |   |   |                                                                           |          |   |   |   | 303,900 |   |
|  Silver Wheaton Corp                                                           | SLW              |   |   | 828336-10-7       |   |   |             | 14,500       |   |                                                                           |      | 266,517       |                                                                                      |   |    | 24,933                                                                         |   |   |                                                                           |          |   |   |   | 291,450 |   |
| ETFS COM SECURITIE ETFS SUGAR (USD                                                  |   SUGA:LN   |   |   | 0B15KY-65-1       |   |   |             | 14,000  |   |                                                                           |      | 246,960  |                                                                                      |   |    |                                                                           |   |   |                                                                           | (67,200  |  ) |   |   | 179,760  |   |
|  BARCLAYS BANK PLC ETN DJUBS NAT37                                             | GAZ              |   |   | 06739H-64-4       |   |   |             | 13,500       |   |                                                                           |      | 132,434       |                                                                                      |   |    | 9,316                                                                          |   |   |                                                                           |          |   |   |   | 141,750 |   |
|  BARCLAYS BK PLC IPATH SHRT ETN                                                | VXX              |   |   | 06740C-52-7       |   |   |             | 31,750       |   |                                                                           |      | 1,138,239     |                                                                                      |   |    |                                                                           |   |   |                                                                           | (147,639      | ) |   |   | 990,600 |   |
|  DIREXION SHS ETF TR DLY LRG CAP BE                                            | BGZ              |   |   | 25459W-85-4       |   |   |             | 9,880        |   |                                                                           |      | 175,424       |                                                                                      |   |    | 4,886                                                                          |   |   |                                                                           |          |   |   |   | 180,310 |   |
|  ETF METAL SEC LTD ST HEILER GOLD                                              | PHAU:LN          |   |   | G3204R-10-1       |   |   |             | 900          |   |                                                                           |      | 88,521        |                                                                                      |   |    | 22,053                                                                         |   |   |                                                                           |          |   |   |   | 110,574 |   |
|  ETFS GOLD TR SHS                                                              | SGOL             |   |   | 26922Y-10-5       |   |   |             | 400          |   |                                                                           |      | 45,975        |                                                                                      |   |    | 3,613                                                                          |   |   |                                                                           |          |   |   |   | 49,588 |   |
|  ETFS PALLADIUM TR SH BEN INT                                                  | PHPD:LN          |   |   | 26923A-10-6       |   |   |             | 3,000        |   |                                                                           |      | 151,133       |                                                                                      |   |    |                                                                           |   |   |                                                                           | (19,043       | ) |   |   | 132,090 |   |
|  ETFS SILVER TR SILVER SHS                                                     | SIVR             |   |   | 26922X-10-7       |   |   |             | 6,000        |   |                                                                           |      | 105,005       |                                                                                      |   |    | 6,415                                                                          |   |   |                                                                           |          |   |   |   | 111,420 |   |
|  Julius Baer Invt Fnds ETF Gold                                                | JBGOUA:SW        |   |   | 0B3F8G-34-6       |   |   |             | 150          |   |                                                                           |      | 168,308       |                                                                                      |   |    | 16,671                                                                         |   |   |                                                                           |          |   |   |   | 184,979 |   |
|  Market Vectors ETF Gold Miners                                                | GDX              |   |   | 57060U-10-0       |   |   |             | 10,950       |   |                                                                           |      | 517,611       |                                                                                      |   |    | 51,351                                                                         |   |   |                                                                           |          |   |   |   | 568,962 |   |
|  MARKET VECTORS ETF TR JR GOLD MINE                                            | GDXJ             |   |   | 57060U-58-9       |   |   |             | 19,700       |   |                                                                           |      | 529,497       |                                                                                      |   |    | 7,525                                                                          |   |   |                                                                           |          |   |   |   | 537,022 |   |
|  Powershares DB Multi Sector Comm                                              | DBA              |   |   | 73936B-40-8       |   |   |             | 41,850       |   |                                                                           |      | 1,043,978     |                                                                                      |   |    |                                                                           |   |   |                                                                           | (39,996       | ) |   |   | 1,003,982 |   |
|  Swedish Expt Cr Corp                                                          | RJA              |   |   | 870297-60-3       |   |   |             | 159,000      |   |                                                                           |      | 1,139,532     |                                                                                      |   |    |                                                                           |   |   |                                                                           | (28,122       | ) |   |   | 1,111,410 |   |
|    Zuercher KTBK Gold ETF                                                 |   ZGLDUS:SW |   |   | 0B3KZW-54-8  |   |   |             | 40      |   |                                                                           |      | 38,119   |                                                                                      |   |    | 11,368                                                                    |   |   |                                                                           |          |   |   |   | 49,487  |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    | -                                                                              |   |   |                                                                           | -             |   |   |   |   |   |
| Total Universal Insurance Holdings                                                  |             |   |   |              |   |   | 345,620          |         |   | $                                                                              | 6,167,124 |          |                                                                                      | $      | 166,355 |                                                                           |   | $      | (307,895                                                                       | )             |   | $ | 6,025,584 |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |
|           Total equity securities |             |   |   |              |   |   | 6,601,836        |         |   | $            78,862,005 |      |          | $              2,751,110 |   |    | $           (4,136,050) |   |   | $            77,477,064 |          |
|                                                                                |             |   |   |              |   |   |             |         |   |                                                                           |      |          |                                                                                      |   |    |                                                                           |   |   |                                                                           |          |   |   |   |   |   |