Exhibit 99.1
 SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 2010
 Investment Exhibit
 Codes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Fair Value
    
    
    
    
    
    
    
    
    
    
    Change in Book /
 Adjusted Carrying
    
    
    Interest
    
    
    DatesUnrealizedNAIC
    
    
    
    
    
    
    Gross
    
    
    Gross
    
    
    Rate Used
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Valuation
    
    
    Current Years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Admitted
    
    
    AmountDesig-
    
    
    
    
    
    
    Unrealized
    
    
    Unrealized
    
    
    to Obtain
    
    
    
    
    
    
    
    
    
    
    Book / Adjusted
    
    
    Increase /
    
    
    (Amortization) /
    
    
    
    
    
    
    Effective
    
    
    When
    
    
    Amount Due
    
    
    ReceivedInvestment Type
    
    Cusip ID
    
    
    Code
    
    
    Foreign
    
    
    nation
    
    
    Actual Cost
    
    
    Gains
    
    
    Losses
    
    
    Fair Value
    
    
    Fair Value
    
    
    Par Value
    
    
    Carrying Value
    
    
    (Decrease)
    
    
    Accretion
    
    
    Rate of
    
    
    Rate of
    
    
    Paid
    
    
    and Accrued
    
    
    During Year
    
    
    Acquired
    
    
    MaturityFixed maturities, Trading Securities:Universal Property & Casualty
Insurance Company:US government and agency
obligationsUNITED STATES TREAS NTS
    
    912828-GZ-7
    
    SD
    
    
    
    
    
    
    1
    
    
    $
    144,517
    
    
    $
    5,000
    
    
    $
    
    
    
    
    106.570
    
    
    $
    143,870
    
    
    $
    135,000
    
    
    $
    138,869
    
    
    $
    
    
    
    $
    (2,360
    )
    
    
    4.625
    
    
    
    2.780
    
    
    JJ
    
    $
    2,613
    
    
    $
    6,244
    
    
    
    7/15/2008
    
    
    
    7/31/2012UNITED STATES TREAS NTS
    
    912828-KC-3
    
    SD
    
    
    
    
    
    
    1
    
    
    
    35,169
    
    
    
    329
    
    
    
    
    
    
    
    101.125
    
    
    
    35,394
    
    
    
    35,000
    
    
    
    35,065
    
    
    
    
    
    
    
    (56
    )
    
    
    2.000
    
    
    
    1.842
    
    
    FA
    
    
    264
    
    
    
    481
    
    
    
    2/19/2009
    
    
    
    2/15/2012US TREASURY INFLATION INDEX BOND
    
    912810-FR-4
    
    SD
    
    
    
    
    
    
    1
    
    
    
    10,492,293
    
    
    
    
    
    
    
    (566,790
    )
    
    
    129.118
    
    
    
    9,909,844
    
    
    
    7,675,000
    
    
    
    10,491,405
    
    
    
    14,772
    
    
    
    (15,659
    )
    
    
    2.375
    
    
    
    1.012
    
    
    JJ
    
    
    97,703
    
    
    
    
    
    
    
    11/15/2010
    
    
    
    1/15/2025US TREASURY INFLATION INDEX BOND
    
    912810-PS-1
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    8,962,973
    
    
    
    
    
    
    
    (514,964
    )
    
    
    120.527
    
    
    
    8,436,881
    
    
    
    7,000,000
    
    
    
    8,964,242
    
    
    
    12,398
    
    
    
    (11,129
    )
    
    
    2.375
    
    
    
    1.141
    
    
    JJ
    
    
    83,292
    
    
    
    
    
    
    
    11/15/2010
    
    
    
    1/15/2027US TREASURY INFLATION INDEX BOND
    
    912810-PV-4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,524,781
    
    
    
    25,858
    
    
    
    
    
    
    
    106.274
    
    
    
    2,550,575
    
    
    
    2,400,000
    
    
    
    2,526,613
    
    
    
    1,896
    
    
    
    (64
    )
    
    
    1.750
    
    
    
    1.7
    
    
    JJ
    
    
    20,255
    
    
    
    
    
    
    
    12/10/2010
    
    
    
    1/15/2028US TREASURY INFLATION INDEX BOND
    
    912810-PZ-5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,741,602
    
    
    
    
    
    
    
    (47,179
    )
    
    
    115.588
    
    
    
    2,693,210
    
    
    
    2,330,000
    
    
    
    2,742,689
    
    
    
    2,300
    
    
    
    (1,213
    )
    
    
    2.5
    
    
    
    1.516
    
    
    JJ
    
    
    27,412
    
    
    
    
    
    
    
    12/7/2010
    
    
    
    1/15/2029US TREASURY INFLATION INDEX BOND
    
    912810-QF-8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    80,118,572
    
    
    
    
    
    
    
    (5,970,603
    )
    
    
    107.103
    
    
    
    74,104,808
    
    
    
    69,190,000
    
    
    
    80,193,768
    
    
    
    118,357
    
    
    
    (43,161
    )
    
    
    2.125
    
    
    
    1.512
    
    
    FA
    
    
    561,962
    
    
    
    
    
    
    
    12/14/2010
    
    
    
    2/15/2040US TREASURY INFLATION INDEX BOND
    
    912828-JE-1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,972,508
    
    
    
    21,262
    
    
    
    
    
    
    
    106.883
    
    
    
    2,992,737
    
    
    
    2,800,000
    
    
    
    2,973,630
    
    
    
    2,156
    
    
    
    (1,033
    )
    
    
    1.375
    
    
    
    0.733
    
    
    JJ
    
    
    18,039
    
    
    
    
    
    
    
    12/10/2010
    
    
    
    7/15/2018US TREASURY INFLATION INDEX BOND
    
    912828-MF-4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,984,879
    
    
    
    
    
    
    
    (696,776
    )
    
    
    105.107
    
    
    
    15,266,738
    
    
    
    14,525,000
    
    
    
    15,988,085
    
    
    
    24,571
    
    
    
    (21,365
    )
    
    
    1.875
    
    
    
    1.292
    
    
    JJ
    
    
    45,249
    
    
    
    53,397
    
    
    
    12/14/2010
    
    
    
    7/15/2019US TREASURY INFLATION INDEX BOND
    
    912828-LA-6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,437,316
    
    
    
    254,021
    
    
    
    
    
    
    
    111.710
    
    
    
    5,679,913
    
    
    
    5,100,000
    
    
    
    5,471,406
    
    
    
    34,846
    
    
    
    (9,304
    )
    
    
    1.375
    
    
    
    0.379
    
    
    JJ
    
    
    93,313
    
    
    
    
    
    
    
    11/16/2010
    
    
    
    1/15/2020US TREASURY INFLATION INDEX BOND
    
    912828-NM-8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,671,081
    
    
    
    
    
    
    
    (360,170
    )
    
    
    102.684
    
    
    
    8,302,039
    
    
    
    8,085,000
    
    
    
    8,675,991
    
    
    
    13,782
    
    
    
    (8,872
    )
    
    
    1.25
    
    
    
    0.498
    
    
    JJ
    
    
    46,820
    
    
    
    
    
    
    
    11/16/2010
    
    
    
    7/15/2020Total US government and
agency obligations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    138,085,689
    
    
    $
    306,471
    
    
    $
    (8,156,482
    )
    
    
    
    
    
    $
    130,116,008
    
    
    
    119,275,000
    
    
    $
    138,201,763
    
    
    $
    225,077
    
    
    $
    (114,216
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    996,922
    
    
    $
    60,122Total fixed maturities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    138,085,689
    
    
    $
    306,471
    
    
    $
    (8,156,482
    )
    
    
    
    
    
    $
    130,116,008
    
    
    
    119,275,000
    
    
    $
    138,201,763
    
    
    $
    225,077
    
    
    $
    (114,216
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    996,922
    
    
    $
    60,122




---



##### 



GrossNumber of
    
    
    
    
    
    
    Gross Unrealized
    
    
    Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    
    Cusip ID
    
    
    Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueEquity securities:Universal Property & Casualty Insurance CompanyAGNICO EAGLE MINES LTD
    
    AEM
    
    
    008474-10-8
    
    
    
    10,225
    
    
    $
    823,699
    
    
    $
    
    
    
    $
    (39,442
    )
    
    $
    784,258ALEXCO RESOURCE CORP
    
    AXU
    
    
    01535P-10-6
    
    
    
    66,150
    
    
    
    436,522
    
    
    
    105,247
    
    
    
    
    
    
    
    541,769ALLIED NEVADA GOLD CORP
    
    ANV
    
    
    019344-10-0
    
    
    
    31,000
    
    
    
    818,470
    
    
    
    
    
    
    
    (2,860
    )
    
    
    815,610ANDINA MINERALS INC
    
    ADMNF
    
    
    034219-10-5
    
    
    
    60,000
    
    
    
    92,817
    
    
    
    5,583
    
    
    
    
    
    
    
    98,400BARCLAYS BANK PLC ETN DJUBS NAT37
    
    GAZ
    
    
    06739H-64-4
    
    
    
    177,478
    
    
    
    1,598,636
    
    
    
    
    
    
    
    (169,938
    )
    
    
    1,428,698BARCLAYS BK PLC IPATH SHRT ETN
    
    VXX
    
    
    06740C-26-1
    
    
    
    35,200
    
    
    
    4,753,080
    
    
    
    
    
    
    
    (3,429,208
    )
    
    
    1,323,872Barrick Gold Corp
    
    ABX
    
    
    067901-10-8
    
    
    
    9,775
    
    
    
    440,962
    
    
    
    78,873
    
    
    
    
    
    
    
    519,835CLAYMORE GOLD BULLION ETF HEDGED C
    
    CGL
    
    
    0B634C-59-0
    
    
    
    186,700
    
    
    
    1,762,798
    
    
    
    636,595
    
    
    
    
    
    
    
    2,399,394CLAYMORE SILVER BULLION TR TR UNIT
    
    SVR
    
    
    0B3N7L-27-3
    
    
    
    142,400
    
    
    
    1,492,853
    
    
    
    1,134,014
    
    
    
    
    
    
    
    2,626,867CORVUS GOLD INC
    
    KOR
    
    
    221013-10-5
    
    
    
    159,900
    
    
    
    149,611
    
    
    
    
    
    
    
    (23,290
    )
    
    
    126,321DACHA STRATEGIC METALS INC
    
    DAC
    
    
    233407-10-5
    
    
    
    261,000
    
    
    
    130,043
    
    
    
    457
    
    
    
    
    
    
    
    130,500DIREXION SHS ETF TR CHINA BEAR 3X
    
    CZI
    
    
    25459W-76-3
    
    
    
    5,500
    
    
    
    230,435
    
    
    
    
    
    
    
    (129,181
    )
    
    
    101,254DIREXION SHS ETF TR DLY LRG CAP BE
    
    BGZ
    
    
    25459W-85-4
    
    
    
    161,910
    
    
    
    2,336,905
    
    
    
    
    
    
    
    (916,955
    )
    
    
    1,419,951DIREXION SHS ETF TR LATN AM BEAR3X
    
    LHB
    
    
    25459W-64-9
    
    
    
    2,500
    
    
    
    130,540
    
    
    
    
    
    
    
    (88,990
    )
    
    
    41,550ETF METAL SEC LTD ST HEILER GOLD
    
    PHAU:LN
    
    
    G3204R-10-1
    
    
    
    7,500
    
    
    
    737,675
    
    
    
    286,082
    
    
    
    
    
    
    
    1,023,758ETF Metal Secs Physical Silver
    
    PHAG:LN
    
    
    0B285Z-K5-2
    
    
    
    27,250
    
    
    
    604,534
    
    
    
    223,206
    
    
    
    
    
    
    
    827,741ETFS CMMDTY SECS 0% UNDTD NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    
    86,770
    
    
    
    105,941
    
    
    
    61,005
    
    
    
    
    
    
    
    166,945ETFS CMMDTY SECS LTD CORN
    
    CORN:LN
    
    
    G3204Q-28-5
    
    
    
    503,900
    
    
    
    699,451
    
    
    
    153,148
    
    
    
    
    
    
    
    852,599ETFS CMMDTY SECS LTD WHEAT
    
    WEAT:LN
    
    
    G3204Q-22-8
    
    
    
    307,800
    
    
    
    593,071
    
    
    
    104,404
    
    
    
    
    
    
    
    697,475ETFS COM SECURITIE 0% SEC UNDTD NT
    
    WEAT:LN
    
    0B15KY-76-8
    
    
    389,500
    
    
    
    715,067
    
    
    
    284,779
    
    
    
    
    
    
    
    999,847ETFS COM SECURITIE ETFS SUGAR (USD
    
    SUGA:LN
    
    0B15KY-65-1
    
    
    53,933
    
    
    
    833,490
    
    
    
    617,307
    
    
    
    
    
    
    
    1,450,798ETFS COMMODITY SECS 0% SECD
    
    HOGS:LN
    
    0B15KX-Z7-7
    
    
    575,000
    
    
    
    628,986
    
    
    
    64
    
    
    
    
    
    
    
    629,050ETFS GOLD TR SHS
    
    SGOL
    
    
    26922Y-10-5
    
    
    
    18,270
    
    
    
    2,087,342
    
    
    
    495,853
    
    
    
    
    
    
    
    2,583,195ETFS METAL SEC ETFS PHYSICAL GOLD
    
    PHAU:LN
    
    
    0B285Z-72-4
    
    
    
    3,140
    
    
    
    356,336
    
    
    
    84,545
    
    
    
    
    
    
    
    440,881ETFS METAL SECS ETFS PHYSICAL GOLD
    
    GOLD
    
    
    066055-28-6
    
    
    
    8,200
    
    
    
    992,107
    
    
    
    139,853
    
    
    
    
    
    
    
    1,131,959ETFS METAL SECS ETFS PHYSICAL SILV
    
    ETPMAG
    
    0B3KMG-42-2
    
    
    13,000
    
    
    
    240,823
    
    
    
    106,927
    
    
    
    
    
    
    
    347,750ETFS METAL SECS PHYSICAL PLATINUM
    
    PHPT LN
    
    0B1VS2-W5-7
    
    
    40
    
    
    
    6,549
    
    
    
    313
    
    
    
    
    
    
    
    6,862ETFS METAL SECURIT ETFS PHYSICAL S
    
    PHAG:LN
    
    
    G3204R-13-5
    
    
    
    30,750
    
    
    
    501,994
    
    
    
    424,750
    
    
    
    
    
    
    
    926,744ETFS Metal Securitie Ltd Palladium
    
    PHPD:LN
    
    0B1VS3-00-1
    
    
    8,180
    
    
    
    442,822
    
    
    
    195,627
    
    
    
    
    
    
    
    638,449ETFS Metal Securities Ltd Platinum
    
    PHPT:LN
    
    B1VS2W-53-8
    
    
    4,320
    
    
    
    644,892
    
    
    
    96,204
    
    
    
    
    
    
    
    741,096ETFS OIL SECURITIE 0% SEC UNDATED
    
    OILB:LN
    
    0B0CTW-C0-6
    
    
    7,650
    
    
    
    365,678
    
    
    
    21,566
    
    
    
    
    
    
    
    387,243ETFS PALLADIUM TR SH BEN INT
    
    PHPD: LN
    
    
    26923A-10-6
    
    
    
    27,450
    
    
    
    1,382,634
    
    
    
    809,520
    
    
    
    
    
    
    
    2,192,154ETFS PLATINUM TR SH BEN INT
    
    PHPT:LN
    
    
    26922V-10-1
    
    
    
    16,990
    
    
    
    2,677,651
    
    
    
    314,458
    
    
    
    
    
    
    
    2,992,109ETFS SILVER TR SILVER SHS
    
    SIVR
    
    
    26922X-10-7
    
    
    
    92,200
    
    
    
    2,080,033
    
    
    
    753,273
    
    
    
    
    
    
    
    2,833,306EXETER RES CORP
    
    XRA
    
    
    301835-10-4
    
    
    
    171,300
    
    
    
    1,049,248
    
    
    
    14,525
    
    
    
    
    
    
    
    1,063,773EXTORRE GOLD MINES LTD
    
    XG
    
    
    30227B-10-9
    
    
    
    9,000
    
    
    
    57,290
    
    
    
    3,280
    
    
    
    
    
    
    
    60,570FORTUNA SILVER MINES INC
    
    FVITF
    
    
    349915-10-8
    
    
    
    24,500
    
    
    
    98,836
    
    
    
    18,274
    
    
    
    
    
    
    
    117,110FRONTEER GOLD INC
    
    FRG
    
    
    359032-10-9
    
    
    
    29,070
    
    
    
    245,109
    
    
    
    95,882
    
    
    
    
    
    
    
    340,991GLOBAL X FDS SILVERS MINERS ETF
    
    SIL
    
    
    37950E-85-3
    
    
    
    12,050
    
    
    
    285,812
    
    
    
    41,104
    
    
    
    
    
    
    
    326,917GLOBAL X URANIUM ETF
    
    URA
    
    
    37950E-75-4
    
    
    
    17,000
    
    
    
    336,229
    
    
    
    11,761
    
    
    
    
    
    
    
    347,990GOLDCORP INC NEW
    
    GG
    
    
    380956-40-9
    
    
    
    3,000
    
    
    
    135,251
    
    
    
    2,689
    
    
    
    
    
    
    
    137,940HARMONY GOLD MNG LTD
    
    HMY
    
    
    413216-30-0
    
    
    
    7,750
    
    
    
    89,945
    
    
    
    7,240
    
    
    
    
    
    
    
    97,185HECLA MNG CO
    
    HL
    
    
    422704-10-6
    
    
    
    152,500
    
    
    
    907,180
    
    
    
    809,970
    
    
    
    
    
    
    
    1,717,150HORIZONS BETA WNTR NAT ETF UNIT CL
    
    HUN:CN
    
    0B61KF-94-6
    
    
    15,000
    
    
    
    106,892
    
    
    
    
    
    
    
    (28,242
    )
    
    
    78,650HORIZONS BETAPRO WINTER TERM NYMEX
    
    HNU
    
    
    44046T-10-0
    
    
    
    30,000
    
    
    
    237,970
    
    
    
    
    
    
    
    (81,670
    )
    
    
    156,300INTER CITIC MINERALS INC
    
    ICMTF
    
    
    458189-10-7
    
    
    
    46,150
    
    
    
    78,667
    
    
    
    30,247
    
    
    
    
    
    
    
    108,914INTERNATIONAL TOWER HILL MINES
    
    THM
    
    
    46050R-10-2
    
    
    
    97,688
    
    
    
    812,007
    
    
    
    171,711
    
    
    
    
    
    
    
    983,718IPATH DJ-UBS GRAINS SUB INDEX ETN
    
    JJG
    
    
    06739H-30-5
    
    
    
    6,650
    
    
    
    313,082
    
    
    
    39,966
    
    
    
    
    
    
    
    353,049IShares Comex Gold Trust ETF
    
    IAU
    
    
    464285-10-5
    
    
    
    133,000
    
    
    
    1,552,755
    
    
    
    295,945
    
    
    
    
    
    
    
    1,848,700Ishares Silver Trust ETF
    
    SLV
    
    
    46428Q-10-9
    
    
    
    27,100
    
    
    
    597,011
    
    
    
    220,867
    
    
    
    
    
    
    
    817,878JULIUS BAER INV FD JB PHYSICAL GOL
    
    JBGOUA:SW
    
    
    H4547R-10-4
    
    
    
    480
    
    
    
    539,544
    
    
    
    129,345
    
    
    
    
    
    
    
    668,890Julius Baer Invt Fnds ETF Gold
    
    JBGOUA:SW
    
    
    0B3F8G-34-6
    
    
    
    185
    
    
    
    201,029
    
    
    
    56,772
    
    
    
    
    
    
    
    257,801Market Vectors ETF Gold Miners
    
    GDX
    
    
    57060U-10-0
    
    
    
    47,450
    
    
    
    2,642,174
    
    
    
    274,577
    
    
    
    
    
    
    
    2,916,752MARKET VECTORS ETF TR JR GOLD MINE
    
    GDXJ
    
    
    57060U-58-9
    
    
    
    80,882
    
    
    
    2,709,301
    
    
    
    517,082
    
    
    
    
    
    
    
    3,226,383MEDUSA MINING LTD
    
    MLL
    
    
    Q59444-10-1
    
    
    
    30,000
    
    
    
    195,720
    
    
    
    
    
    
    
    (1,920
    )
    
    
    193,800MINEFINDERS CORP LTD
    
    MFN
    
    
    602900-10-2
    
    
    
    54,014
    
    
    
    501,341
    
    
    
    94,974
    
    
    
    
    
    
    
    596,315MKT VCTRS RARE EARTH/STRAT METAL E
    
    REMX
    
    
    57060U-47-2
    
    
    
    6,000
    
    
    
    121,096
    
    
    
    22,904
    
    
    
    
    
    
    
    144,000MOLYCORP INC DEL
    
    MCP
    
    
    608753-10-9
    
    
    
    2,380
    
    
    
    69,637
    
    
    
    49,125
    
    
    
    
    
    
    
    118,762NEWCREST MINING NPV
    
    NCM
    
    
    066371-01-4
    
    
    
    6,000
    
    
    
    176,311
    
    
    
    72,407
    
    
    
    
    
    
    
    248,719NORTH AMERN PALLADIUM LTD
    
    PAL
    
    
    656912-10-2
    
    
    
    80,700
    
    
    
    366,796
    
    
    
    193,262
    
    
    
    
    
    
    
    560,058ORVANA MINERALS CORP
    
    ORV
    
    
    68759M-10-1
    
    
    
    52,000
    
    
    
    160,623
    
    
    
    42,177
    
    
    
    
    
    
    
    202,800PAN AMERICAN SILVER CORP
    
    PAAS
    
    
    697900-10-8
    
    
    
    3,150
    
    
    
    123,764
    
    
    
    6,048
    
    
    
    
    
    
    
    129,812PLATMIN LTD COM
    
    PPN CN
    
    
    0B1B5G-C4-0
    
    
    
    103,000
    
    
    
    99,972
    
    
    
    
    
    
    
    (7,715
    )
    
    
    92,257Powershares DB Multi Sector Comm
    
    DBA
    
    
    73936B-40-8
    
    
    
    98,450
    
    
    
    2,566,900
    
    
    
    617,958
    
    
    
    
    
    
    
    3,184,858Powershares Multi Sectr Com Oil Fd
    
    DBO
    
    
    73936B-50-7
    
    
    
    15,800
    
    
    
    409,223
    
    
    
    36,653
    
    
    
    
    
    
    
    445,876PROSHARES TR PSHS ULSHT SP500
    
    SDS
    
    
    74347R-88-3
    
    
    
    34,550
    
    
    
    1,261,655
    
    
    
    
    
    
    
    (440,747
    )
    
    
    820,908QUEENSTON MNG INC
    
    QNMNF
    
    
    74832E-10-8
    
    
    
    16,000
    
    
    
    89,648
    
    
    
    6,032
    
    
    
    
    
    
    
    95,680RANDGOLD RES LTD
    
    GOLD
    
    
    752344-30-9
    
    
    
    28,588
    
    
    
    2,752,767
    
    
    
    
    
    
    
    (399,117
    )
    
    
    2,353,650ROYAL GOLD INC
    
    RGLD
    
    
    780287-10-8
    
    
    
    650
    
    
    
    33,619
    
    
    
    1,891
    
    
    
    
    
    
    
    35,510SEABRIDGE GOLD INC
    
    SA
    
    
    811916-10-5
    
    
    
    15,218
    
    
    
    437,741
    
    
    
    29,147
    
    
    
    
    
    
    
    466,888Silver Wheaton Corp
    
    SLW
    
    
    828336-10-7
    
    
    
    140,000
    
    
    
    4,152,415
    
    
    
    1,313,185
    
    
    
    
    
    
    
    5,465,600SILVERCORP METALS INC
    
    SVM
    
    
    82835P-10-3
    
    
    
    40,250
    
    
    
    472,013
    
    
    
    44,395
    
    
    
    
    
    
    
    516,408SPDR Gold Shares
    
    GLD
    
    
    78463V-10-7
    
    
    
    14,225
    
    
    
    1,693,489
    
    
    
    279,803
    
    
    
    
    
    
    
    1,973,292SPROTT RESOURCE CORP
    
    SCP
    
    
    85207D-10-3
    
    
    
    24,000
    
    
    
    109,543
    
    
    
    137
    
    
    
    
    
    
    
    109,680STILLWATER MNG CO
    
    SWC
    
    
    86074Q-10-2
    
    
    
    31,300
    
    
    
    625,512
    
    
    
    42,743
    
    
    
    
    
    
    
    668,255Swedish Export Credit Corp ETF
    
    RJI
    
    
    870297-80-1
    
    
    
    14,250
    
    
    
    118,133
    
    
    
    13,538
    
    
    
    
    
    
    
    131,670Swedish Expt Cr Corp
    
    RJA
    
    
    870297-60-3
    
    
    
    407,100
    
    
    
    3,079,951
    
    
    
    1,284,161
    
    
    
    
    
    
    
    4,364,112SWEDISH EXPT CR CORP RG ENRGY ETN2
    
    RJN
    
    
    870297-30-6
    
    
    
    223,345
    
    
    
    1,324,713
    
    
    
    124,796
    
    
    
    
    
    
    
    1,449,509TRADE WINDS VENTURES INC
    
    TWD
    
    
    89254X-10-3
    
    
    
    157,000
    
    
    
    62,226
    
    
    
    7,639
    
    
    
    
    
    
    
    69,865UNITED STS GASOLINE FD LP UNITS
    
    UGA
    
    
    91201T-10-2
    
    
    
    3,900
    
    
    
    148,151
    
    
    
    16,062
    
    
    
    
    
    
    
    164,213URANIUM ONE INC COM
    
    UUU CN
    
    
    0B0V23-L6-4
    
    
    
    121,000
    
    
    
    568,726
    
    
    
    10,913
    
    
    
    
    
    
    
    579,638YAMANA GOLD INC
    
    AUY
    
    
    98462Y-10-0
    
    
    
    40,600
    
    
    
    461,716
    
    
    
    57,964
    
    
    
    
    
    
    
    519,680Zuercher KTBK Gold ETF
    
    ZGLDUS:SW
    
    0B3KZW-54-8
    
    
    670
    
    
    
    680,140
    
    
    
    257,217
    
    
    
    
    
    
    
    937,357Zuercher KTBK Palladium ETF
    
    ZPAL:SW
    
    0B1XCL-D8-3
    
    
    262
    
    
    
    368,341
    
    
    
    291,693
    
    
    
    
    
    
    
    660,034Zuercher KTBK Silver ETF
    
    ZSIL:SW
    
    0B1XCL-94-7
    
    
    578
    
    
    
    1,002,317
    
    
    
    658,606
    
    
    
    
    
    
    
    1,660,923Zuercher KZKB Platinum ETF
    
    ZPLA:SW
    
    0B1XCL-H3-0
    
    
    30
    
    
    
    71,140
    
    
    
    12,460
    
    
    
    
    
    
    
    83,601Total Universal Property & Casualty Insurance Company
    
    
    
    
    
    
    
    
    
    
    6,167,346
    
    
    $
    69,195,114
    
    
    $
    15,462,782
    
    
    $
    (5,759,272
    )
    
    $
    78,898,624




---



##### 



Number of
    
    
    
    
    
    
    Gross Unrealized
    
    
    Gross Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    
    Cusip ID
    
    
    Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueEquity securities:American Platinum Property and
Casualty Insurance CompanyAGNICO EAGLE MINES LTD
    
    AEM
    
    
    008474-10-8
    
    
    
    325
    
    
    $
    27,251
    
    
    $
    
    
    
    $
    (2,324
    )
    
    $
    24,928ALEXCO RESOURCE CORP
    
    AXU
    
    
    01535P-10-6
    
    
    
    4,400
    
    
    
    34,226
    
    
    
    1,810
    
    
    
    
    
    
    
    36,036ALLIED NEVADA GOLD CORP
    
    ANV
    
    
    019344-10-0
    
    
    
    4,750
    
    
    
    126,814
    
    
    
    
    
    
    
    (1,841
    )
    
    
    124,973BARCLAYS BANK PLC ETN DJUBS NAT37
    
    GAZ
    
    
    06739H-64-4
    
    
    
    69,666
    
    
    
    132,218
    
    
    
    732
    
    
    
    
    
    
    
    132,950BARCLAYS BK PLC IPATH SHRT ETN
    
    VXX
    
    
    06740C-26-1
    
    
    
    3,236
    
    
    
    121,622
    
    
    
    2,929
    
    
    
    
    
    
    
    124,550Barrick Gold Corp
    
    ABX
    
    
    067901-10-8
    
    
    
    2,500
    
    
    
    29,118
    
    
    
    
    
    
    
    (2,247
    )
    
    
    26,871CLAYMORE SILVER BULLION TR TR UNIT
    
    SVR
    
    
    0B3N7L-27-3
    
    
    
    2,070
    
    
    
    19,847
    
    
    
    7,653
    
    
    
    
    
    
    
    27,500DACHA STRATEGIC METALS INC
    
    DAC
    
    
    233407-10-5
    
    
    
    55,000
    
    
    
    199,079
    
    
    
    9,950
    
    
    
    
    
    
    
    209,029DIREXION SHS ETF TR DLY LRG CAP BE
    
    BGZ
    
    
    25459W-85-4
    
    
    
    12,500
    
    
    
    49,519
    
    
    
    3,648
    
    
    
    
    
    
    
    53,167ETF Metal Secs Physical Silver
    
    PHAG:LN
    
    
    0B285Z-K5-2
    
    
    
    2,200
    
    
    
    15,986
    
    
    
    3,134
    
    
    
    
    
    
    
    19,120ETFS CMMDTY SECS 0% UNDTD NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    
    36,000
    
    
    
    115,140
    
    
    
    
    
    
    
    (190
    )
    
    
    114,950ETFS COM SECURITIE 0% SEC UNDTD NT
    
    WEAT:LN
    
    0B15KY-76-8
    
    
    51,000
    
    
    
    11,978
    
    
    
    562
    
    
    
    
    
    
    
    12,540ETFS COMMODITY SECS 0% SECD
    
    HOGS:LN
    
    0B15KX-Z7-7
    
    
    143,500
    
    
    
    154,844
    
    
    
    1,796
    
    
    
    
    
    
    
    156,640ETFS GOLD TR SHS
    
    SGOL
    
    
    26922Y-10-5
    
    
    
    2,000
    
    
    
    16,246
    
    
    
    5,348
    
    
    
    
    
    
    
    21,594ETFS METAL SEC ETFS PHYSICAL GOLD
    
    PHAU:LN
    
    
    0B285Z-72-4
    
    
    
    600
    
    
    
    40,136
    
    
    
    2,158
    
    
    
    
    
    
    
    42,294ETFS OIL SECURITIE 0% SEC UNDATED
    
    OILB:LN
    
    0B0CTW-C0-6
    
    
    1,250
    
    
    
    61,089
    
    
    
    955
    
    
    
    
    
    
    
    62,044ETFS PALLADIUM TR SH BEN INT
    
    PHPD: LN
    
    
    26923A-10-6
    
    
    
    500
    
    
    
    18,751
    
    
    
    2,340
    
    
    
    
    
    
    
    21,091ETFS PLATINUM TR SH BEN INT
    
    PHPT:LN
    
    
    26922V-10-1
    
    
    
    310
    
    
    
    46,334
    
    
    
    12,167
    
    
    
    
    
    
    
    58,500ETFS SILVER TR SILVER SHS
    
    SIVR
    
    
    26922X-10-7
    
    
    
    2,025
    
    
    
    23,111
    
    
    
    1,615
    
    
    
    
    
    
    
    24,726EXETER RES CORP
    
    XRA
    
    
    301835-10-4
    
    
    
    33,660
    
    
    
    50,427
    
    
    
    3,393
    
    
    
    
    
    
    
    53,820EXTORRE GOLD MINES LTD
    
    XG
    
    
    30227B-10-9
    
    
    
    7,900
    
    
    
    320,535
    
    
    
    
    
    
    
    (36,497
    )
    
    
    284,039FORTUNA SILVER MINES INC
    
    FVITF
    
    
    349915-10-8
    
    
    
    4,000
    
    
    
    15,616
    
    
    
    773
    
    
    
    
    
    
    
    16,389GLOBAL X FDS SILVERS MINERS ETF
    
    SIL
    
    
    37950E-85-3
    
    
    
    3,000
    
    
    
    202,562
    
    
    
    54,070
    
    
    
    
    
    
    
    256,632GLOBAL X URANIUM ETF
    
    URA
    
    
    37950E-75-4
    
    
    
    3,000
    
    
    
    23,260
    
    
    
    1,284
    
    
    
    
    
    
    
    24,544GOLDCORP INC NEW
    
    GG
    
    
    380956-40-9
    
    
    
    2,500
    
    
    
    172,004
    
    
    
    6,565
    
    
    
    
    
    
    
    178,569HARMONY GOLD MNG LTD
    
    HMY
    
    
    413216-30-0
    
    
    
    1,000
    
    
    
    54,772
    
    
    
    68
    
    
    
    
    
    
    
    54,840IAMGOLD CORP
    
    IAG
    
    
    450913-10-8
    
    
    
    8,800
    
    
    
    80,251
    
    
    
    7,284
    
    
    
    
    
    
    
    87,535INTER CITIC MINERALS INC
    
    ICMTF
    
    
    458189-10-7
    
    
    
    9,150
    
    
    
    65,240
    
    
    
    
    
    
    
    (640
    )
    
    
    64,600INTERNATIONAL TOWER HILL MINES
    
    THM
    
    
    46050R-10-2
    
    
    
    4,200
    
    
    
    74,435
    
    
    
    5,200
    
    
    
    
    
    
    
    79,635IPATH DJ-UBS GRAINS SUB INDEX ETN
    
    JJG
    
    
    06739H-30-5
    
    
    
    1,500
    
    
    
    659,484
    
    
    
    
    
    
    
    (98,672
    )
    
    
    560,811IShares Comex Gold Trust ETF
    
    IAU
    
    
    464285-10-5
    
    
    
    23,000
    
    
    
    386,447
    
    
    
    
    
    
    
    (264,722
    )
    
    
    121,725Ishares Silver Trust ETF
    
    SLV
    
    
    46428Q-10-9
    
    
    
    3,000
    
    
    
    59,930
    
    
    
    3,345
    
    
    
    
    
    
    
    63,275Market Vectors ETF Gold Miners
    
    GDX
    
    
    57060U-10-0
    
    
    
    4,200
    
    
    
    46,803
    
    
    
    22,462
    
    
    
    
    
    
    
    69,264MARKET VECTORS ETF TR JR GOLD MINE
    
    GDXJ
    
    
    57060U-58-9
    
    
    
    6,000
    
    
    
    159,519
    
    
    
    
    
    
    
    (2,530
    )
    
    
    156,989MEDUSA MINING LTD
    
    MLL
    
    
    Q59444-10-1
    
    
    
    10,000
    
    
    
    94,533
    
    
    
    36,384
    
    
    
    
    
    
    
    130,917NEWMONT MINING CORP
    
    NEM
    
    
    651639-10-6
    
    
    
    1,010
    
    
    
    54,038
    
    
    
    37,916
    
    
    
    
    
    
    
    91,954NORTH AMERN PALLADIUM LTD
    
    PAL
    
    
    656912-10-2
    
    
    
    3,039
    
    
    
    25,472
    
    
    
    34,989
    
    
    
    
    
    
    
    60,461ORVANA MINERALS CORP
    
    ORV
    
    
    68759M-10-1
    
    
    
    15,000
    
    
    
    53,942
    
    
    
    15,376
    
    
    
    
    
    
    
    69,318PAN AMERICAN SILVER CORP
    
    PAAS
    
    
    697900-10-8
    
    
    
    600
    
    
    
    66,733
    
    
    
    17,511
    
    
    
    
    
    
    
    84,245PLATMIN LTD COM
    
    PPN CN
    
    
    0B1B5G-C4-0
    
    
    
    30,000
    
    
    
    49,271
    
    
    
    17,555
    
    
    
    
    
    
    
    66,827Powershares DB Multi Sector Comm
    
    DBA
    
    
    73936B-40-8
    
    
    
    2,000
    
    
    
    24,401
    
    
    
    13,785
    
    
    
    
    
    
    
    38,186Powershares Multi Sectr Com Oil Fd
    
    DBO
    
    
    73936B-50-7
    
    
    
    1,200
    
    
    
    182,451
    
    
    
    
    
    
    
    (72,826
    )
    
    
    109,625PROSHARES TR PSHS ULSHT SP500
    
    SDS
    
    
    74347R-88-3
    
    
    
    8,500
    
    
    
    52,335
    
    
    
    2,259
    
    
    
    
    
    
    
    54,594QUEENSTON MNG INC
    
    QNMNF
    
    
    74832E-10-8
    
    
    
    9,000
    
    
    
    57,561
    
    
    
    4,667
    
    
    
    
    
    
    
    62,228RANDGOLD RES LTD
    
    GOLD
    
    
    752344-30-9
    
    
    
    3,450
    
    
    
    224,131
    
    
    
    58,649
    
    
    
    
    
    
    
    282,780ROYAL GOLD INC
    
    RGLD
    
    
    780287-10-8
    
    
    
    300
    
    
    
    35,757
    
    
    
    4,173
    
    
    
    
    
    
    
    39,930SEABRIDGE GOLD INC
    
    SA
    
    
    811916-10-5
    
    
    
    800
    
    
    
    59,335
    
    
    
    2,075
    
    
    
    
    
    
    
    61,410Silver Wheaton Corp
    
    SLW
    
    
    828336-10-7
    
    
    
    4,574
    
    
    
    76,153
    
    
    
    5,237
    
    
    
    
    
    
    
    81,390SPDR Gold Shares
    
    GLD
    
    
    78463V-10-7
    
    
    
    1,850
    
    
    
    252,823
    
    
    
    66,877
    
    
    
    
    
    
    
    319,700SPROTT RESOURCE CORP
    
    SCP
    
    
    85207D-10-3
    
    
    
    12,000
    
    
    
    79,618
    
    
    
    10,922
    
    
    
    
    
    
    
    90,540STILLWATER MNG CO
    
    SWC
    
    
    86074Q-10-2
    
    
    
    4,100
    
    
    
    260,042
    
    
    
    
    
    
    
    (1,868
    )
    
    
    258,174Swedish Export Credit Corp ETF
    
    RJI
    
    
    870297-80-1
    
    
    
    1,500
    
    
    
    248,697
    
    
    
    
    
    
    
    (9,357
    )
    
    
    239,340Swedish Expt Cr Corp
    
    RJA
    
    
    870297-60-3
    
    
    
    11,080
    
    
    
    59,628
    
    
    
    5,072
    
    
    
    
    
    
    
    64,700SWEDISH EXPT CR CORP RG ENRGY ETN2
    
    RJN
    
    
    870297-30-6
    
    
    
    7,530
    
    
    
    30,557
    
    
    
    3,307
    
    
    
    
    
    
    
    33,864URANIUM ONE INC COM
    
    UUU CN
    
    
    0B0V23-L6-4
    
    
    
    26,000
    
    
    
    310,958
    
    
    
    
    
    
    
    (108,998
    )
    
    
    201,960Zuercher KTBK Palladium ETF
    
    ZPAL:SW
    
    0B1XCL-D8-3
    
    
    24
    
    
    
    42,079
    
    
    
    6,791
    
    
    
    
    
    
    
    48,870Zuercher KTBK Silver ETF
    
    ZSIL:SW
    
    0B1XCL-94-7
    
    
    32
    
    
    
    108,615
    
    
    
    10,162
    
    
    
    
    
    
    
    118,778Zuercher KZKB Platinum ETF
    
    ZPLA:SW
    
    0B1XCL-H2-2
    
    
    25
    
    
    
    12,435
    
    
    
    1,425
    
    
    
    
    
    
    
    13,860UNITED STS GASOLINE FD LP UNITS
    
    UGA
    
    
    91201T-10-2
    
    
    
    650
    
    
    
    25,690
    
    
    
    1,679
    
    
    
    
    
    
    
    27,369Total American Platinum Property
and Casualty Insurance Company
    
    
    
    
    
    
    
    
    
    
    663,006
    
    
    $
    6,101,847
    
    
    $
    518,053
    
    
    $
    (602,713
    )
    
    $
    6,017,187




---



##### 



Number of
    
    
    
    
    
    
    Gross Unrealized
    
    
    Gross Unrealized
    
    
    Estimated FairInvestment Type
    
    Symbol
    
    
    Cusip ID
    
    
    Shares
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    ValueUniversal Insurance Holdings, Inc.Equity Securities:AGNICO EAGLE MINES LTD
    
    AEM
    
    
    008474-10-8
    
    
    
    1,350
    
    
    $
    103,755
    
    
    $
    
    
    
    $
    (210
    )
    
    $
    103,545ALEXCO RESOURCE CORP
    
    AXU
    
    
    01535P-10-6
    
    
    
    12,150
    
    
    
    73,339
    
    
    
    26,169
    
    
    
    
    
    
    
    99,509ALLIED NEVADA GOLD CORP
    
    ANV
    
    
    019344-10-0
    
    
    
    3,500
    
    
    
    91,960
    
    
    
    125
    
    
    
    
    
    
    
    92,085IPATH DJ-UBS GRAINS SUB INDEX ETN
    
    JJG
    
    
    06739H-30-5
    
    
    
    700
    
    
    
    28,141
    
    
    
    9,022
    
    
    
    
    
    
    
    37,163BARCLAYS BANK PLC ETN DJUBS NAT37
    
    GAZ
    
    
    06739H-64-4
    
    
    
    82,365
    
    
    
    742,477
    
    
    
    
    
    
    
    (79,439
    )
    
    
    663,038BARCLAYS BK PLC IPATH SHRT ETN
    
    VXX
    
    
    06740C-26-1
    
    
    
    9,087
    
    
    
    1,240,337
    
    
    
    
    
    
    
    (898,575
    )
    
    
    341,762URANIUM ONE INC COM
    
    UUU CN
    
    
    0B0V23-L6-4
    
    
    
    27,500
    
    
    
    122,761
    
    
    
    8,975
    
    
    
    
    
    
    
    131,736ETFS CMMDTY SECS 0% UNDTD NTS CORN
    
    CORN
    
    0B15KX-S0-0
    
    
    41,500
    
    
    
    54,611
    
    
    
    25,235
    
    
    
    
    
    
    
    79,846ETFS COMMODITY SECS 0% SECD
    
    HOGS:LN
    
    0B15KX-Z7-7
    
    
    102,500
    
    
    
    110,161
    
    
    
    1,974
    
    
    
    
    
    
    
    112,135ETFS COM SECURITIE ETFS SUGAR (USD
    
    SUGA:LN
    
    0B15KY-65-1
    
    
    6,550
    
    
    
    108,862
    
    
    
    67,333
    
    
    
    
    
    
    
    176,195Julius Baer Invt Fnds ETF Gold
    
    JBGOUA:SW
    
    
    0B3F8G-34-6
    
    
    
    150
    
    
    
    168,308
    
    
    
    40,720
    
    
    
    
    
    
    
    209,028Zuercher KTBK Gold ETF
    
    ZGLDUS:SW
    
    0B3KZW-54-8
    
    
    40
    
    
    
    38,120
    
    
    
    17,841
    
    
    
    
    
    
    
    55,962DACHA STRATEGIC METALS INC
    
    DAC
    
    
    233407-10-5
    
    
    
    80,000
    
    
    
    29,761
    
    
    
    10,239
    
    
    
    
    
    
    
    40,000DIREXION SHS ETF TR DLY LRG CAP BE
    
    BGZ
    
    
    25459W-85-4
    
    
    
    14,880
    
    
    
    214,603
    
    
    
    
    
    
    
    (84,105
    )
    
    
    130,498ETFS PLATINUM TR SH BEN INT
    
    PHPT:LN
    
    
    26922V-10-1
    
    
    
    1,100
    
    
    
    175,649
    
    
    
    18,072
    
    
    
    
    
    
    
    193,721ETFS SILVER TR SILVER SHS
    
    SIVR
    
    
    26922X-10-7
    
    
    
    4,700
    
    
    
    132,577
    
    
    
    11,854
    
    
    
    
    
    
    
    144,431ETFS GOLD TR SHS
    
    SGOL
    
    
    26922Y-10-5
    
    
    
    350
    
    
    
    40,228
    
    
    
    9,259
    
    
    
    
    
    
    
    49,487ETFS PALLADIUM TR SH BEN INT
    
    PHPD: LN
    
    
    26923A-10-6
    
    
    
    2,340
    
    
    
    116,433
    
    
    
    70,439
    
    
    
    
    
    
    
    186,872ELDORADO GOLD CORP NEW
    
    EGO
    
    
    284902-10-3
    
    
    
    14,500
    
    
    
    265,431
    
    
    
    3,834
    
    
    
    
    
    
    
    269,265EXETER RES CORP
    
    XRA
    
    
    301835-10-4
    
    
    
    14,000
    
    
    
    81,223
    
    
    
    5,717
    
    
    
    
    
    
    
    86,940FORTUNA SILVER MINES INC
    
    FVITF
    
    
    349915-10-8
    
    
    
    10,000
    
    
    
    43,435
    
    
    
    4,366
    
    
    
    
    
    
    
    47,800FRONTEER GOLD INC
    
    FRG
    
    
    359032-10-9
    
    
    
    5,950
    
    
    
    60,504
    
    
    
    9,289
    
    
    
    
    
    
    
    69,794GLOBAL X URANIUM ETF
    
    URA
    
    
    37950E-75-4
    
    
    
    5,000
    
    
    
    98,896
    
    
    
    3,455
    
    
    
    
    
    
    
    102,350GLOBAL X FDS SILVERS MINERS ETF
    
    SIL
    
    
    37950E-85-3
    
    
    
    3,925
    
    
    
    97,540
    
    
    
    8,945
    
    
    
    
    
    
    
    106,485HARMONY GOLD MNG LTD
    
    HMY
    
    
    413216-30-0
    
    
    
    5,000
    
    
    
    61,651
    
    
    
    1,050
    
    
    
    
    
    
    
    62,700HECLA MNG CO
    
    HL
    
    
    422704-10-6
    
    
    
    9,400
    
    
    
    64,682
    
    
    
    41,162
    
    
    
    
    
    
    
    105,844IAMGOLD CORP
    
    IAG
    
    
    450913-10-8
    
    
    
    16,900
    
    
    
    300,961
    
    
    
    
    
    
    
    (141
    )
    
    
    300,820INTERNATIONAL TOWER HILL MINES
    
    THM
    
    
    46050R-10-2
    
    
    
    12,588
    
    
    
    107,349
    
    
    
    19,412
    
    
    
    
    
    
    
    126,761Ishares Silver Trust ETF
    
    SLV
    
    
    46428Q-10-9
    
    
    
    3,500
    
    
    
    95,212
    
    
    
    10,418
    
    
    
    
    
    
    
    105,630Market Vectors ETF Gold Miners
    
    GDX
    
    
    57060U-10-0
    
    
    
    9,125
    
    
    
    496,912
    
    
    
    64,002
    
    
    
    
    
    
    
    560,914MARKET VECTORS ETF TR JR GOLD MINE
    
    GDXJ
    
    
    57060U-58-9
    
    
    
    15,820
    
    
    
    553,432
    
    
    
    77,628
    
    
    
    
    
    
    
    631,060MOLYCORP INC DEL
    
    MCP
    
    
    608753-10-9
    
    
    
    1,500
    
    
    
    41,596
    
    
    
    33,254
    
    
    
    
    
    
    
    74,850NEWMONT MINING CORP
    
    NEM
    
    
    651639-10-6
    
    
    
    4,000
    
    
    
    241,013
    
    
    
    4,707
    
    
    
    
    
    
    
    245,720NORTH AMERN PALLADIUM LTD
    
    PAL
    
    
    656912-10-2
    
    
    
    14,100
    
    
    
    77,545
    
    
    
    20,309
    
    
    
    
    
    
    
    97,854PAN AMERICAN SILVER CORP
    
    PAAS
    
    
    697900-10-8
    
    
    
    2,750
    
    
    
    106,093
    
    
    
    7,234
    
    
    
    
    
    
    
    113,328Powershares DB Multi Sector Comm
    
    DBA
    
    
    73936B-40-8
    
    
    
    23,650
    
    
    
    610,050
    
    
    
    155,028
    
    
    
    
    
    
    
    765,078RANDGOLD RES LTD
    
    GOLD
    
    
    752344-30-9
    
    
    
    4,525
    
    
    
    420,624
    
    
    
    
    
    
    
    (48,081
    )
    
    
    372,543ROYAL GOLD INC
    
    RGLD
    
    
    780287-10-8
    
    
    
    1,900
    
    
    
    100,723
    
    
    
    3,074
    
    
    
    
    
    
    
    103,797SEABRIDGE GOLD INC
    
    SA
    
    
    811916-10-5
    
    
    
    4,150
    
    
    
    119,415
    
    
    
    7,907
    
    
    
    
    
    
    
    127,322Silver Wheaton Corp
    
    SLW
    
    
    828336-10-7
    
    
    
    12,140
    
    
    
    393,559
    
    
    
    80,386
    
    
    
    
    
    
    
    473,946STILLWATER MNG CO
    
    SWC
    
    
    86074Q-10-2
    
    
    
    8,175
    
    
    
    162,678
    
    
    
    11,858
    
    
    
    
    
    
    
    174,536Swedish Expt Cr Corp
    
    RJA
    
    
    870297-60-3
    
    
    
    119,900
    
    
    
    868,695
    
    
    
    416,633
    
    
    
    
    
    
    
    1,285,328UNITED STS GASOLINE FD LP UNITS
    
    UGA
    
    
    91201T-10-2
    
    
    
    1,225
    
    
    
    46,373
    
    
    
    5,207
    
    
    
    
    
    
    
    51,580YAMANA GOLD INC
    
    AUY
    
    
    98462Y-10-0
    
    
    
    5,350
    
    
    
    60,213
    
    
    
    8,267
    
    
    
    
    
    
    
    68,480ETF METAL SEC LTD ST HEILER GOLD
    
    PHAU:LN
    
    
    G3204R-10-1
    
    
    
    900
    
    
    
    88,521
    
    
    
    34,330
    
    
    
    
    
    
    
    122,851Total Universal Insurance Holdings, Inc.
    
    
    
    
    
    
    
    
    
    
    720,735
    
    
    $
    9,256,411
    
    
    $
    1,354,727
    
    
    $
    (1,110,552
    )
    
    $
    9,500,586Total equity securities
    
    
    
    
    
    
    
    
    
    
    7,551,087
    
    
    $
    84,553,372
    
    
    $
    17,335,562
    
    
    $
    (7,472,537
    )
    
    $
    94,416,397