| **SCHEDULE OF INVESTMENTS**

**AS OF****SEPTEMBER****3****0****, 2009**                          |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             |   |   | Codes |   |   |   |   | Fair Value |   |   | Change in Book / Adjusted Carrying Value |   | Interest |
| 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 | 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 |
| 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 | $  5,594 | $            - | 109.188 | $     147,403 | $     135,000 | $       41,809 | $          - | $ (1,716) | $          - | $          - |   | 4.625 | 2.780 | JJ | $ 1,052 | $6,244 |
|     US Treasury Note                                                         |   | 912828-KC-3 | SD |   |   | 1 | 35,169 | 51 | - | 100.531 | 35,186 | 35,000 | 35,135 | - | (34) | - | - |   | 2.000 | 1.842 | FA | 89 | 241 |
|     US Treasury Inflation Index Bond                                         |   | 912828-LA-6 |   |   |   | 1 | 8,113,941 | - | (15,800) | 103.821 | 8,098,015 | 7,800,000 | 8,113,347 | (468) | (127) | - | - |   | 1.875 | 1.535 | JJ | 31,265 | - |
|     US Treasury Inflation Index Bond                                         |   | 912828-EA-4 |   |   |   | 1 | 10,265,078 | 30,670 | - | 114.382 | 10,294,419 | 9,000,000 | 10,258,979 | (4,770) | (1,329) | - | - |   | 1.875 | 1.347 | JJ | 39,600 | - |
|        Total US government and agency obligations   |   |   | $18,558,705 | $36,315 | $(15,800) |   | $18,575,023 | $16,970,000 | $18,549,270 | $(5,238) | $ (3,206) | $          - | $          - |   |   |   |   | $72,006 | $6,485 |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total fixed maturities, available for sale                                                       |   |   |   |   |   |   | $18,558,705 | $36,315 | $(15,800) |   | $18,575,023 | $16,970,000 | $18,549,270 | $(5,238) | $ (3,206) | $          - | $          - |   |   |   |   | $72,006 | $6,485 |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Dates     |
|--------|-----------|
|   | Acquired  | Maturity |
|   |      |   |
|   | 7/15/2008 | 7/31/2012 |
|   | 2/19/2009 | 2/15/2012 |
|   | 9/29/2009 | 7/15/2019 |
|   | 9/21/2009 | 7/15/2015 |
|   |      |   |

----

| 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        |   |      |   |        |             |   |                                   |   |                                        |   |                                                                        |
|      Barclays BK PLC                        |   | JJU       |   | 06739H-32-1 | 14,000           |   | $     311,392 |   | $      66,258 |   | $             - |   | $ 377,650            |
|      Claymore Gold Bullion Tr Tr Unit       |   | CGL       |   | 18385M-21-5 | 165,000          |   | 1,440,217                              |   | -                                           |   | (2,820)                                                                     |   | 1,437,397            |
|      Claymore Silver Bullion Tr Tr Unit     |   | SVR       |   | 18387H-15-6 | 126,000          |   | 1,229,367                              |   | 3,278                                       |   | -                                                                           |   | 1,232,645            |
|      El Dorado Gold Corp New                |   | EGO       |   | 284902-10-3 | 23,000           |   | 266,286                                |   | -                                           |   | (4,086)                                                                     |   | 262,200              |
|      ETF Metal Sec Ltd St Heiler Gold       |   | PHAU:LN   |   | G3204R-10-1 | 7,500            |   | 737,675                                |   | 7,105                                       |   | -                                                                           |   | 744,780              |
|      ETFS Cmmdty Secs Ltd Corn              |   | CORN:LN   |   | G3204Q-28-5 | 400,000          |   | 497,320                                |   | 15,480                                      |   | -                                                                           |   | 512,800              |
|      ETFS Cmmdty Secs Ltd Wheat             |   | WEAT:LN   |   | G3204Q-22-8 | 267,000          |   | 517,836                                |   | -                                           |   | (25,221)                                                                    |   | 492,615              |
|      ETFS Gold Tr Shs                       |   | SGOL      |   | 26922Y-10-5 | 12,500           |   | 1,248,059                              |   | 11,566                                      |   | -                                                                           |   | 1,259,625            |
|      ETFS Metal Security ETFS Physical S    |   | PHAG:LN   |   | G3204R-13-5 | 30,750           |   | 501,994                                |   | -                                           |   | (3,613)                                                                     |   | 498,381              |
|      Freeport-McMoran Copper & Gold Inc |   | FCX       |   | 35671D-85-7 | 7,200            |   | 198,831                                |   | 295,161                                     |   | -                                                                           |   | 493,992              |
|      Gold Corp Inc New                      |   | GG        |   | 380956-40-9 | 5,000            |   | 204,725                                |   | -                                           |   | (2,875)                                                                     |   | 201,850              |
|      Horizons Betapro Winter Term Nymex     |   | HNU       |   | 44046T-10-0 | 25,000           |   | 199,788                                |   | 52,962                                      |   | -                                                                           |   | 252,750              |
|      Monsanto Co New                        |   | MON       |   | 61166W-10-1 | 16,000           |   | 1,251,582                              |   | -                                           |   | (13,182)                                                                    |   | 1,238,400            |
|      Walter Energy Inc                      |   | WLT       |   | 93317Q-10-5 | 8,010            |   | 112,202                                |   | 368,879                                     |   | -                                                                           |   | 481,081              |
|      Yamana Gold Inc                        |   | AUY       |   | 98462Y-10-0 | 10,000           |   | 108,579                                |   | -                                           |   | (1,479)                                                                     |   | 107,100              |
|      Agnico Eagle Mines Ltd                 |   | AEM       |   | 008474-10-8 | 9,000            |   | 607,304                                |   | 3,346                                       |   | -                                                                           |   | 610,650              |
|      Anglogold Ashanti Ltd                  |   | AU        |   | 035128-20-6 | 4,000            |   | 168,820                                |   | -                                           |   | (5,780)                                                                     |   | 163,040              |
|      Barrick Gold Corp                      |   | ABX       |   | 067901-10-8 | 58,000           |   | 1,826,065                              |   | 372,135                                     |   | -                                                                           |   | 2,198,200            |
|      Central Gold Trust                     |   | GTU       |   | 153546-10-6 | 17,500           |   | 704,241                                |   | -                                           |   | (7,741)                                                                     |   | 696,500              |
|      Silver Wheaton Corp                    |   | SLW       |   | 828336-10-7 | 106,200          |   | 755,543                                |   | 581,515                                     |   | -                                                                           |   | 1,337,058            |
|      BHP Billiton Ltd ADR                   |   | BHP       |   | 088606-10-8 | 17,130           |   | 629,502                                |   | 501,249                                     |   | -                                                                           |   | 1,130,751            |
|      Rio Tinto PLC ADR                      |   | RTP       |   | 767204-10-0 | 8,370            |   | 858,088                                |   | 567,239                                     |   | -                                                                           |   | 1,425,327            |
|      Direxion Shs ETF Tr DL Y LRG CAP BE    |   | BGZ       |   | 25459W-85-4 | 95,000           |   | 2,062,390                              |   | -                                           |   | (28,440)                                                                    |   | 2,033,950            |
|      ETFS Commodity Secs 0% Secd            |   | HOGS:LN   |   | 0B15KX-Z7-7 | 50,000           |   | 41,588                                 |   | 5,412                                       |   | -                                                                           |   | 47,000               |
|      ETFS Commodity Secs Cotton Etc         |   | COTN:LN   |   | 0B15KX-T1-7 | 220,000          |   | 355,600                                |   | -                                           |   | (5,800)                                                                     |   | 349,800              |
|      ETFS Metal Securitie Ltd Palladium     |   | PHPD:LN   |   | G3204R-11-9 | 152,010          |   | 3,459,543                              |   | 1,024,752                                   |   | -                                                                           |   | 4,484,295            |
|      ETFS Metal Securities Ltd Platinum     |   | PHPT:LN   |   | B1VS2W-53-8 | 30,690           |   | 2,956,182                              |   | 963,852                                     |   | -                                                                           |   | 3,920,034            |
|      ETFS Silver Tr Silver Shs              |   | SIVR      |   | 26922X-10-7 | 160,000          |   | 2,349,077                              |   | 318,123                                     |   | -                                                                           |   | 2,667,200            |
|      Market Vectors ETF Gold Miners         |   | GDX       |   | 57060U-10-0 | 23,500           |   | 891,285                                |   | 173,030                                     |   | -                                                                           |   | 1,064,315            |
|      Powershares DB Multi Sector Comm       |   | DBA       |   | 73936B-40-8 | 151,000          |   | 3,727,499                              |   | 116,961                                     |   | -                                                                           |   | 3,844,460            |
|      Powershares Multi Sector Metals Fd     |   | DBB       |   | 73936B-70-5 | 68,000           |   | 1,219,553                              |   | 23,487                                      |   | -                                                                           |   | 1,243,040            |
|      Swedish Export Credit Corp ETF         |   | RJI       |   | 870297-80-1 | 230,000          |   | 1,616,479                              |   | -                                           |   | (6,479)                                                                     |   | 1,610,000            |
|      Swedish Expt Cr Corp                   |   | RJA       |   | 870297-60-3 | 458,100          |   | 3,493,003                              |   | -                                           |   | (281,768)                                                                   |   | 3,211,235            |
|      Swedish Expt Cr Corp RG Enrgy ETN2     |   | RJN       |   | 870297-30-6 | 140,000          |   | 783,861                                |   | 36,539                                      |   | -                                                                           |   | 820,400              |
|      Swedish Expt Cr Corp RG Metal ETN2     |   | RJZ       |   | 870297-40-5 | 142,000          |   | 1,215,309                              |   | 22,931                                      |   | -                                                                           |   | 1,238,240            |
|      United States 12 Month Oil Fnd ETF     |   | USL       |   | 91288V-10-3 | 20,000           |   | 718,043                                |   | 13,957                                      |   | -                                                                           |   | 732,000              |
|      United States Heating Oil Fnd ETF      |   | UHN       |   | 91204P-10-7 | 8,500            |   | 156,400                                |   | 55,505                                      |   | -                                                                           |   | 211,905              |
|      Claymore Gold Bullion Tr Tr Unit       |   | CGL       |   | 18385M-20-7 | 79,000           |   | 651,668                                |   | 36,537                                      |   | -                                                                           |   | 688,205              |
|      Claymore Silver Bullion Tr Tr Unit     |   | SVR       |   | 18387H-16-4 | 114,600          |   | 993,233                                |   | 127,889                                     |   | -                                                                           |   | 1,121,122            |
|      Zuercher KTBK Gold ETF                 |   | ZGLDUS:SW |   | 0B3KZW-54-8 | 3,000            |   | 3,008,500                              |   | -                                           |   | (9,280)                                                                     |   | 2,999,220            |
|      Zuercher KTBK Palladium ETF            |   | ZPAL:SW   |   | 0B1XCL-D9-1 | 3,785            |   | 2,447,838                              |   | 1,101,304                                   |   | -                                                                           |   | 3,549,142            |
|      Zuercher KTBK Silver ETF               |   | ZSIL:SW   |   | 0B1XCL-95-4 | 80               |   | 98,641                                 |   | 25,563                                      |   | -                                                                           |   | 124,204              |
|      Zuercher KZKB Platimum ETF             |   | ZPLA:SW   |   | 0B1XCL-H3-0 | 1,120            |   | 1,904,978                              |   | 400,539                                     |   | -                                                                           |   | 2,305,517            |
|                                                                 |   |      |   |        | 3,487,545        |   | $ 48,526,086                           |   | $7,292,554                                  |   | $ (398,564)                                                                 |   | $ 55,420,076         |
|                                                                 |   |      |   |        |             |   |                                   |   |                                        |   |                                                                        |   |                 |

----

|                                                             |   |    |   |        |             |   |                        |   |                   |   |                    |   |                 |
|------------------------------------------------------------------|--------|---------|--------|-------------|------------------|--------|-----------------------------|--------|------------------------|--------|-------------------------|--------|----------------------|
| 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        |   |    |   |        |             |   |                        |   |                   |   |                    |
|      Barrick Gold Corp                  |   | ABX     |   | 067901-10-8 | 1,000            |   | $ 37,245                    |   | $ 655                  |   | $ -                     |   | $ 37,900             |
|      Silver Wheaton Corp                |   | SLW     |   | 828336-10-7 | 5,000            |   | 63,267                      |   | -                      |   | (317)                   |   | 62,950               |
|      Market Vectors ETF Gold Miners     |   | GDX     |   | 57060U-10-0 | 1,000            |   | 42,970                      |   | 2,320                  |   | -                       |   | 45,290               |
|      Powershares DB Multi Sector Comm   |   | DBA     |   | 73936B-40-8 | 3,500            |   | 87,113                      |   | 1,997                  |   | -                       |   | 89,110               |
|      Swedish Export Credit Corp ETF     |   | RJI     |   | 870297-80-1 | 7,000            |   | 49,350                      |   | -                      |   | (350)                   |   | 49,000               |
|      Swedish Expt Cr Corp               |   | RJA     |   | 870297-60-3 | 9,000            |   | 72,660                      |   | -                      |   | (9,571)                 |   | 63,089               |
|      Claymore Silver Bullion Tr Tr Unit |   | SVR     |   | 18387H-16-4 | 5,000            |   | 49,200                      |   | -                      |   | (285)                   |   | 48,915               |
|      Horizon Natural Gas                |   | HNU     |   | 44045F-20-0 | 1,000            |   | 15,337                      |   | -                      |   | (122)                   |   | 15,215               |
|      ETF Metal Secs Physical Silver     |   | PHAG:LN |   | 0B285Z-K5-2 | 2,000            |   | 24,530                      |   | 7,872                  |   | -                       |   | 32,402               |
|                                                             |   |    |   |        | 34,500           |   | $ 441,672                   |   | $12,844                |   | $ (10,645)              |   | $ 443,871            |
|                                                             |   |    |   |        |             |   |                        |   |                   |   |                    |   |                 |

----

| 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:                                    |   |      |   |        |             |   |                                         |   |                                           |   |                                                                             |   |                                                     |
|      Claymore Gold Bullion Tr Tr Unit                      |   | CGL       |   | 18385M-21-5 | 65,000           |   | $      565,665 |   | $       583 |   | $             - |   | $        566,248 |
|      Claymore Silver Bullion Tr Tr Unit                    |   | SVR       |   | 18387H-15-6 | 85,900           |   | 832,804                                      |   | 7,547                                          |   | -                                                                                |   | 840,351                                                  |
|      El Dorado Gold Corp New                               |   | EGO       |   | 284902-10-3 | 13,000           |   | 149,133                                      |   | -                                              |   | (933)                                                                            |   | 148,200                                                  |
|      ETF Metal Sec Ltd St Heiler Gold                      |   | PHAU:LN   |   | G3204R-10-1 | 7,500            |   | 737,675                                      |   | 7,105                                          |   | -                                                                                |   | 744,780                                                  |
|      ETFS Cmmdty Secs Ltd Corn                             |   | CORN:LN   |   | G3204Q-28-5 | 200,000          |   | 248,660                                      |   | 7,740                                          |   | -                                                                                |   | 256,400                                                  |
|      ETFS Cmmdty Secs Ltd Wheat                            |   | WEAT:LN   |   | G3204Q-22-8 | 150,000          |   | 291,463                                      |   | -                                              |   | (14,713)                                                                         |   | 276,750                                                  |
|      ETFS Gold Tr Shs                                      |   | SGOL      |   | 26922Y-10-5 | 2,000            |   | 200,060                                      |   | 1,480                                          |   | -                                                                                |   | 201,540                                                  |
|      Goldcorp Inc New                                      |   | GG        |   | 380956-40-9 | 2,000            |   | 81,890                                       |   | -                                              |   | (1,150)                                                                          |   | 80,740                                                   |
|      Monsanto Co New                                       |   | MON       |   | 61166W-10-1 | 6,000            |   | 468,236                                      |   | -                                              |   | (3,836)                                                                          |   | 464,400                                                  |
|      Yamana Gold Inc                                       |   | AUY       |   | 98462Y-10-0 | 5,000            |   | 54,290                                       |   | -                                              |   | (740)                                                                            |   | 53,550                                                   |
|      Agnico Eagle Mines Ltd                                |   | AEM       |   | 008474-10-8 | 3,000            |   | 200,845                                      |   | 2,705                                          |   | -                                                                                |   | 203,550                                                  |
|      Anglogold Ashanti Ltd                                 |   | AU        |   | 035128-20-6 | 2,000            |   | 84,410                                       |   | -                                              |   | (2,890)                                                                          |   | 81,520                                                   |
|      Central Gold Trust                                    |   | GTU       |   | 153546-10-6 | 2,500            |   | 104,794                                      |   | -                                              |   | (5,294)                                                                          |   | 99,500                                                   |
|      BHP Billiton Ltd ADR                                  |   | BHP       |   | 088606-10-8 | 1,500            |   | 55,391                                       |   | 43,624                                         |   | -                                                                                |   | 99,015                                                   |
|      Rio Tinto PLC ADR                                     |   | RTP       |   | 767204-10-0 | 2,400            |   | 350,768                                      |   | 57,928                                         |   | -                                                                                |   | 408,696                                                  |
|      Direxion Shs ETF Tr Dly Lrg Cap BE                    |   | BGZ       |   | 25459W-85-4 | 20,000           |   | 433,740                                      |   | -                                              |   | (5,540)                                                                          |   | 428,200                                                  |
|      ETFS Commodity Secs 0% Secd                           |   | HOGS:LN   |   | 0B15KX-Z7-7 | 50,000           |   | 41,588                                       |   | 5,412                                          |   | -                                                                                |   | 47,000                                                   |
|      ETFS Commodity Secs Aluminum                          |   | ALUM:LN   |   | 0B15KX-N5-4 | 38,000           |   | 152,190                                      |   | 33,725                                         |   | -                                                                                |   | 185,915                                                  |
|      ETFS Commodity Secs Cotton Etc                        |   | COTN:LN   |   | 0B15KX-T1-7 | 80,000           |   | 128,712                                      |   | -                                              |   | (1,512)                                                                          |   | 127,200                                                  |
|      ETFS Metal Securities Ltd Platinum                    |   | PHPT:LN   |   | B1VS2W-53-8 | 500              |   | 53,657                                       |   | 10,208                                         |   | -                                                                                |   | 63,865                                                   |
|      ETFS Silver Tr Silver Shs                             |   | SIVR      |   | 26922X-10-7 | 70,000           |   | 1,036,138                                    |   | 130,762                                        |   | -                                                                                |   | 1,166,900                                                |
|      Julius Baer Invt Fnds ETF Gold                        |   | JBGOUA:SW |   | 0B3F8G-34-6 | 230              |   | 217,800                                      |   | 10,795                                         |   | -                                                                                |   | 228,595                                                  |
|      Market Vectors ETF Gold Miners                        |   | GDX       |   | 57060U-10-0 | 11,500           |   | 440,717                                      |   | 80,118                                         |   | -                                                                                |   | 520,835                                                  |
|      Powershares DB Multi Sector Comm                      |   | DBA       |   | 73936B-40-8 | 86,000           |   | 2,115,421                                    |   | 74,139                                         |   | -                                                                                |   | 2,189,560                                                |
|      Powershares Multi Sector Metals Fd                    |   | DBB       |   | 73936B-70-5 | 12,000           |   | 215,215                                      |   | 4,145                                          |   | -                                                                                |   | 219,360                                                  |
|      Swedish Expt Credit Corp ETF                          |   | RJI       |   | 870297-80-1 | 92,000           |   | 648,010                                      |   | -                                              | #      | (4,010)                                                                          |   | 644,000                                                  |
|      Swedish Expt Cr Corp                                  |   | RJA       |   | 870297-60-3 | 245,000          |   | 1,844,977                                    |   | -                                              |   | (127,552)                                                                        |   | 1,717,425                                                |
|      Swedish Expt Cr Corp Rg Enrgy ETN2                    |   | RJN       |   | 870297-30-6 | 50,000           |   | 273,456                                      |   | 19,544                                         |   | -                                                                                |   | 293,000                                                  |
|      Swedish Expt Cr Corp Rg Metal ETN2                    |   | RJZ       |   | 870297-40-5 | 65,000           |   | 556,099                                      |   | 10,701                                         |   | -                                                                                |   | 566,800                                                  |
|      United States 12 Month Oil Fnd ETF                    |   | USL       |   | 91288V-10-3 | 8,500            |   | 307,230                                      |   | 3,870                                          |   | -                                                                                |   | 311,100                                                  |
|      Claymore Silver Bullion Tr Tr Unit                    |   | SVR       |   | 18387H-16-4 | 30,000           |   | 264,281                                      |   | 29,206                                         |   | -                                                                                |   | 293,487                                                  |
|      ETF Metal Secs Physical Silver                        |   | PHAG:LN   |   | 0B285Z-K5-2 | 10,000           |   | 122,400                                      |   | 39,610                                         |   | -                                                                                |   | 162,010                                                  |
|      Zuercher KTBK Gold ETF                                |   | ZGLDUS:SW |   | 0B3KZW-54-8 | 130              |   | 123,891                                      |   | 6,075                                          |   | -                                                                                |   | 129,966                                                  |
|      Zuercher KTBK Palladium ETF                           |   | ZPAL:SW   |   | 0B1XCL-D9-1 | 380              |   | 247,588                                      |   | 108,733                                        |   | -                                                                                |   | 356,321                                                  |
|      Zuercher KTBK Silver ETF                              |   | ZSIL:SW   |   | 0B1XCL-95-4 | 480              |   | 635,037                                      |   | 110,185                                        |   | -                                                                                |   | 745,222                                                  |
|                                                                                |   |      |   |        | 1,417,520        |   | $ 14,284,231                                 |   | $ 805,940                                      |   | $ (168,170)                                                                      |   | $ 14,922,001                                             |
|                                                                                |   |      |   |        |             |   |                                         |   |                                           |   |                                                                             |   |                                                     |
|           Total equity securities |   |      |   |        | 4,939,565        |   | $ 63,251,989                                 |   | $8,111,338                                     |   | $ (577,379)                                                                      |   | $ 70,785,948                                             |