|                                                                                                               |        | 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 |                                     |       | Book / Adjusted Carrying Value |     |   | Unrealized Valuation Increase / (Decrease) |       |   | Current Year's (Amortization) / Accretion |   |   | Current Year's Other Than Temporary Impairment Recognized |   |   | Total Foreign Exchange Change in Book / Adjusted Carrying Value |   |   | Rate of |   |   | Effective Rate of |   | When Paid |   | Admitted Amount Due and Accrued |   |   | Amount Received During Year |   |   | Acquired |   | Maturity |
| Fixed maturities, available for sale:                                                                              |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Universal Property and Casualty Insurance Company:                                                     |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     US government and agency obligations                                                       |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       US Treasury Note                                                               | 912828-GZ-7 | SD     |    |      |   |              | 1      |   |        | $          | 144,517    |                   |   | $      | 4,571                   |       |   | $                              | -        |   |       |   | 108.000 |      |                                     | $          | 145,800                        |     |   | $                                          | 135,000    |   |   | $ | 141,229 |   |   | $ | - |   |   | $ | (2,296 | ) |   | $ | - |   |   | $ | - |   |   |   | 4.625 |   |   |   | 2.780 |   | JJ |   | $ | 2,613 |   |   | $ | 6,244 |   |   | 7/15/2008 |   | 7/31/2012 |
|       US Treasury Note                                                               | 912828-KC-3 | SD     |    |      |   |              | 1      |   |        |       | 35,169     |                   |   |   | -                       |       |   |                           | (20      | )      |       |   | 100.289 |      |                                     |       | 35,101                         |     |   |                                       | 35,000     |   |   |   | 35,121 |   |   |   | - |   |   |   | (48 | ) |   |   | - |   |   |   | - |   |   |   | 2.000 |   |   |   | 1.842 |   | FA |   |   | 264 |   |   |   | 241 |   |   | 2/19/2009 |   | 2/15/2012 |
|       US Treasury Inflation Index Bond                                               | 912828-LA-6 | SD     |    |      |   |              | 1      |   |        |       | 2,911,565  |                   |   |   | 33,051                  |       |   |                           | -        |   |       |   | 105.089 |      |                                     |       | 2,942,497                      |     |   |                                       | 2,800,000  |   |   |   | 2,920,114 |   |   |   | 10,668 |   |   |   | (2,119 | ) |   |   | - |   |   |   | - |   |   |   | 1.875 |   |   |   | 1.539 |   | JJ |   |   | 24,555 |   |   |   | - |   |   | 9/29/2009 |   | 7/15/2019 |
|       US Treasury Inflation Index Bond                                               | 912810-PV-4 |   |    |      |   |              | 1      |   |        |       | 11,363,524 |                   |   |   | -                       |       |   |                           | (281,765 | )      |       |   | 98.949  |      |                                     |       | 11,082,239                     |     |   |                                       | 11,200,000 |   |   |   | 11,372,353 |   |   |   | 8,350 |   |   |   | 479 |   |   |   | - |   |   |   | - |   |   |   | 1.750 |   |   |   | 1.864 |   | JJ |   |   | 93,431 |   |   |   | - |   |   | 12/22/2009 | 1/15/2028 |
|       US Treasury Inflation Index Bond                                               | 912810-FS-2 |   |    |      |   |              | 1      |   |        |       | 13,850,426 |                   |   |   |                    |       |   |                           | (339,587 | )      |       |   | 109.386 |      |                                     |       | 13,509,176                     |     |   |                                       | 12,350,000 |   |   |   | 13,858,881 |   |   |   | 10,118 |   |   |   | (1,663 | ) |   |   |   |   |   |   |   |   |   |   | 2.000 |   |   |   | 1.790 |   | JJ |   |   | 124,279 |   |   |   |   |   |   | 12/22/2009 |   | 1/15/2026 |
|       US Treasury Inflation Index Bond                                               | 912810-FR-4 |   |    |      |   |              | 1      |   |        |       | 14,002,547 |                   |   |   |                    |       |   |                           | (323,970 | )      |       |   | 121.011 |      |                                     |       | 13,674,195                     |     |   |                                       | 11,300,000 |   |   |   | 14,007,885 |   |   |   | 9,721 |   |   |   | (4,382 | ) |   |   |   |   |   |   |   |   |   |   | 2.375 |   |   |   | 1.768 |   | JJ |   |   | 142,184 |   |   |   |   |   |   | 12/22/2009 |   | 1/15/2025 |
|                                                                                                               |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             Total US government and agency obligations |        |   |    |      |   |              |   |   | $           | 42,307,749 |       |                   | $      | 37,623 |                    |       | $      | (945,342                       | )        |   |       |   |    |      | $                                        | 41,389,008 |                           |     | $      | 37,820,000                                 |       |   | $ | 42,335,583 |   |   | $ | 38,856 |   |   | $ | (10,030 | ) |   | $ | - |   |   | $ | - |   |   |   |   |   |   |   |   |   |   |   | $ | 387,326 |   |   | $ | 6,484 |   |   |   |   |   |   |
|                                                                                                               |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                               |        |   |    |      |   |              |   |   |        |       |       |                   |   |   |                    |       |   |                           |     |   |       |   |    |      |                                     |       |                           |     |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total fixed maturities, available for sale                                                                         |        |   |    |      |   |              |   |   | $           | 42,307,749 |       |                   | $      | 37,623 |                    |       | $      | (945,342                       | )        |   |       |   |    |      | $                                        | 41,389,008 |                           |     | $      | 37,820,000                                 |       |   | $ | 42,335,583 |   |   | $ | 38,856 |   |   | $ | (10,030 | ) |   | $ | - |   |   | $ | - |   |   |   |   |   |   |   |   |   |   |   | $ | 387,326 |   |   | $ | 6,484 |   |   |   |   |   |   |

----

| 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 |   |             |   | 7,000     |                        |   | $      | 155,696                |   |   | $                       | 66,064    |   |                 | $      | - |   |   | $ | 221,760 |   |
|      EXETER RES CORP                        | XRA       |   |     | 301835-10-4 |   |             |   | 50,760    |                        |   | $      | 293,735                |   |   | $                       | 66,661    |   |                 |   |   |   |   | $ | 360,396 |   |
|      Claymore Gold Bullion Tr Tr Unit       | CGL       |   |     | 18385M-21-5 |   |             |   | 301,800   |                        |   |   | 2,773,230              |   |   | $                       | 72,744    |   |                 |   | - |   |   |   | 2,845,974 |   |
|      Claymore Silver Bullion Tr Tr Unit     | SVR       |   |     | 18387H-15-6 |   |             |   | 290,750   |                        |   |   | 2,919,318              |   |   |                    | 3,883     |   |                 |   | - |   |   |   | 2,923,201 |   |
|      ETF Metal Sec Ltd St Heiler Gold       | PHAU:LN   |   |     | G3204R-10-1 |   |             |   | 7,500     |                        |   |   | 737,675                |   |   |                    | 77,908    |   |                 |   | - |   |   |   | 815,583 |   |
|      ETFS Cmmdty Secs Ltd Corn              | CORN:LN   |   |     | G3204Q-28-5 |   |             |   | 360,000   |                        |   |   | 447,588                |   |   |                    | 98,676    |   |                 |   | - |   |   |   | 546,264 |   |
|      ETFS Cmmdty Secs Ltd Wheat             | WEAT:LN   |   |     | G3204Q-22-8 |   |             |   | 307,800   |                        |   |   | 593,071                |   |   |                    | 81,781    |   |                 |   | - |   |   |   | 674,852 |   |
|      ETFS Gold Tr Shs                       | SGOL      |   |     | 26922Y-10-5 |   |             |   | 12,350    |                        |   |   | 1,255,123              |   |   |                    | 96,091    |   |                 |   | - |   |   |   | 1,351,214 |   |
|      ETFS Metal Security ETFS Physical S    | PHAG:LN   |   |     | G3204R-13-5 |   |             |   | 30,750    |                        |   |   | 501,994                |   |   |                    | 14,145    |   |                 |   | - |   |   |   | 516,139 |   |
|      Freeport-McMoran Copper & Gold Inc | FCX       |   |     | 35671D-85-7 |   |             |   | 8,250     |                        |   |   | 664,303                |   |   |                    | -         |   |                 |   | (1,911 | ) |   |   | 662,393 |   |
|      Gold Corp Inc New                      | GG        |   |     | 380956-40-9 |   |             |   | 15,500    |                        |   |   | 635,672                |   |   |                    | -         |   |                 |   | (25,902 | ) |   |   | 609,770 |   |
|      NEWMONT MINING CORP                    | NEM       |   |     | 651639-10-6 |   |             |   | 13,000    |                        |   |   | 690,211                |   |   |                    |      |   |                 |   | (75,181 | ) |   |   | 615,030 |   |
|      Horizons Betapro Winter Term Nymex     | HNU       |   |     | 44046T-10-0 |   |             |   | 30,000    |                        |   |   | 237,970                |   |   |                    | 11,630    |   |                 |   | - |   |   |   | 249,600 |   |
|      Walter Energy Inc                      | WLT       |   |     | 93317Q-10-5 |   |             |   | 2,125     |                        |   |   | 148,215                |   |   |                    | 11,819    |   |                 |   | - |   |   |   | 160,034 |   |
|      Agnico Eagle Mines Ltd                 | AEM       |   |     | 008474-10-8 |   |             |   | 16,400    |                        |   |   | 1,003,610              |   |   |                    | -         |   |                 |   | (118,010 | ) |   |   | 885,600 |   |
|      Anglogold Ashanti Ltd                  | AU        |   |     | 035128-20-6 |   |             |   | 2,000     |                        |   |   | 84,410                 |   |   |                    | -         |   |                 |   | (4,050 | ) |   |   | 80,360 |   |
|      Barrick Gold Corp                      | ABX       |   |     | 067901-10-8 |   |             |   | 17,200    |                        |   |   | 704,065                |   |   |                    | -         |   |                 |   | (26,729 | ) |   |   | 677,336 |   |
|      Silver Wheaton Corp                    | SLW       |   |     | 828336-10-7 |   |             |   | 75,800    |                        |   |   | 1,102,132              |   |   |                    | 36,384    |   |                 |   | - |   |   |   | 1,138,516 |   |
|      BHP Billiton Ltd ADR                   | BHP       |   |     | 088606-10-8 |   |             |   | 6,250     |                        |   |   | 474,479                |   |   |                    | 4,146     |   |                 |   | - |   |   |   | 478,625 |   |
|      Rio Tinto PLC ADR                      | RTP       |   |     | 767204-10-0 |   |             |   | 2,050     |                        |   |   | 423,662                |   |   |                    | 17,887    |   |                 |   | - |   |   |   | 441,550 |   |
|      Direxion Shs ETF Tr DL Y LRG CAP BE    | BGZ       |   |     | 25459W-85-4 |   |             |   | 195,710   |                        |   |   | 4,343,969              |   |   |                    | -         |   |                 |   | (995,762 | ) |   |   | 3,348,207 |   |
|      ETFS Commodity Secs 0% Sec Undtd NT    | NICK:LN   |   |     | 0B15KY-21-4 |   |             |   | 18,600    |                        |   |   | 362,700                |   |   |                    | 50,964    |   |                 |   |   |   |   |   | 413,664 |   |
|      ETFS Metal Sec ETFS PHYSICAL GOLD      | PHAU:LN   |   |     | 0B285Z-72-4 |   |             |   | 18,300    |                        |   |   | 1,869,312              |   |   |                    | 120,703   |   |                 |   |   |   |   |   | 1,990,015 |   |
|      ETFS OIL Securities 0% SEC UNDATED     | OILB:LN   |   |     | G673A4-12-3 |   |             |   | 21,950    |                        |   |   | 990,842                |   |   |                    | 21,053    |   |                 |   |   |   |   |   | 1,011,895 |   |
|      BARCLAY BK PLC IPATH SHRT ETN          | VXX       |   |     | 06740C-52-7 |   |             |   | 55,250    |                        |   |   | 2,271,797              |   |   |                    | -         |   |                 |   | (389,430 | ) |   |   | 1,882,368 |   |
|      ETFS Commodity Secs Cotton Etc         | COTN:LN   |   |     | 0B15KX-T1-7 |   |             |   | 225,000   |                        |   |   | 368,891                |   |   |                    | 42,860    |   |                 |   | - |   |   |   | 411,750 |   |
|      ETFS Metal Securitie Ltd Palladium     | PHPD:LN   |   |     | G3204R-11-9 |   |             |   | 107,000   |                        |   |   | 3,635,777              |   |   |                    | 563,973   |   |                 |   | - |   |   |   | 4,199,750 |   |
|      ETFS Metal Securities Ltd Platinum     | PHPT:LN   |   |     | B1VS2W-53-8 |   |             |   | 19,075    |                        |   |   | 2,383,765              |   |   |                    | 373,907   |   |                 |   | - |   |   |   | 2,757,673 |   |
|      ETFS Silver Tr Silver Shs              | SIVR      |   |     | 26922X-10-7 |   |             |   | 121,000   |                        |   |   | 2,044,473              |   |   |                    | -         |   |                 |   | (3,203 | ) |   |   | 2,041,270 |   |
|      ETFS Metal Secs Physical Silver        | PHAG:LN   |   |     | OB285Z-K5-2 |   |             |   | 135,800   |                        |   |   | 2,346,613              |   |   |                    |      |   |                 |   | (77,667 | ) |   |   | 2,268,946 |   |
|      Julius Baer Inv FD JB Physical GOL     | JBGOUA:SW |   |     | H4547R-10-4 |   |             |   | 1,210     |                        |   |   | 1,328,162              |   |   |                    |      |   |                 |   | (18,034 | ) |   |   | 1,310,128 |   |
|      Market Vectors ETF Gold Miners         | GDX       |   |     | 57060U-10-0 |   |             |   | 16,700    |                        |   |   | 818,584                |   |   |                    | -         |   |                 |   | (46,877 | ) |   |   | 771,707 |   |
|      Market Vectors ETF TR JR Gold MINE     | GDXJ      |   |     | 57060U-58-9 |   |             |   | 23,500    |                        |   |   | 623,220                |   |   |                    |      |   |                 |   | (18,330 | ) |   |   | 604,890 |   |
|      Powershares DB Multi Sector Comm       | DBA       |   |     | 73936B-40-8 |   |             |   | 96,000    |                        |   |   | 2,420,609              |   |   |                    | 117,631   |   |                 |   | - |   |   |   | 2,538,240 |   |
|      Powershares Multi Sector Metals Fd     | DBB       |   |     | 73936B-70-5 |   |             |   | 36,100    |                        |   |   | 775,074                |   |   |                    | 37,176    |   |                 |   | - |   |   |   | 812,250 |   |
|      Swedish Export Credit Corp ETF         | RJI       |   |     | 870297-80-1 |   |             |   | 138,900   |                        |   |   | 984,679                |   |   |                    | 104,297   |   |                 |   | - |   |   |   | 1,088,976 |   |
|      Swedish Expt Cr Corp                   | RJA       |   |     | 870297-60-3 |   |             |   | 475,100   |                        |   |   | 3,577,197              |   |   |                    | 195,097   |   |                 |   | - |   |   |   | 3,772,294 |   |
|      Swedish Expt Cr Corp RG Enrgy ETN2     | RJN       |   |     | 870297-30-6 |   |             |   | 270,750   |                        |   |   | 1,630,134              |   |   |                    | 89,128    |   |                 |   | - |   |   |   | 1,719,263 |   |
|      Swedish Expt Cr Corp RG Metal ETN2     | RJZ       |   |     | 870297-40-5 |   |             |   | 69,700    |                        |   |   | 596,091                |   |   |                    | 93,939    |   |                 |   | - |   |   |   | 690,030 |   |
|      United States 12 Month Oil Fnd ETF     | USL       |   |     | 91288V-10-3 |   |             |   | 5,350     |                        |   |   | 201,695                |   |   |                    | 14,766    |   |                 |   | - |   |   |   | 216,461 |   |
|      Claymore Silver Bullion Tr Tr Unit     | SVR       |   |     | 18387H-16-4 |   |             |   | 6,577     |                        |   |   | 58,633                 |   |   |                    | 7,492     |   |                 |   | - |   |   |   | 66,124 |   |
|      Zuercher KTBK Gold ETF                 | ZGLDUS:SW |   |     | 0B3KZW-54-8 |   |             |   | 2,280     |                        |   |   | 2,286,460              |   |   |                    | 188,913   |   |                 |   | - |   |   |   | 2,475,373 |   |
|      Zuercher KTBK Palladium ETF            | ZPAL:SW   |   |     | 0B1XCL-D8-3 |   |             |   | 1,838     |                        |   |   | 1,909,332              |   |   |                    | 403,837   |   |                 |   | - |   |   |   | 2,313,169 |   |
|      Zuercher KTBK Silver ETF               | ZSIL:SW   |   |     | 0B1XCL-95-4 |   |             |   | 80        |                        |   |   | 98,641                 |   |   |                    | 30,675    |   |                 |   | - |   |   |   | 129,316 |   |
|      Zuercher KTBK Silver ETF               | ZSIL:SW   |   |     | 0B1XCL-94-7 |   |             |   | 1,275     |                        |   |   | 2,172,965              |   |   |                    | -         |   |                 |   | (111,997 | ) |   |   | 2,060,967 |   |
|      Zuercher KZKB Platimum ETF             | ZPLA:SW   |   |     | 0B1XCL-H2-2 |   |             |   | 640       |                        |   |   | 1,383,966              |   |   |                    | 93,838    |   |                 |   |   |   |   |   | 1,477,804 |   |
|      Zuercher KZKB Platimum ETF             | ZPLA:SW   |   |     | 0B1XCL-H3-0 |   |             |   | 215       |                        |   |   | 369,865                |   |   |                    | 126,585   |   |                 |   | - |   |   |   | 496,450 |   |
|                                                                 |      |   |     |        |   |             |   | 3,621,185 |                        |   | $      | 57,699,605             |   |   | $                       | 3,336,653 |   |                 | $      | (1,913,084 | ) |   | $ | 59,123,174 |   |

----

| 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            |   |    |   |     |        |   |             |   |   |                        |   |   |                   |   |   |                    |   |   |                 |    |
|      Agnico Eagle Mines Ltd                 |   | AEM     |   |     | 008474-10-8 |   |             |   | 500    |                        |   |   | 28,944                 |   |   |                    |   |   |                 | (1,944  | ) |   |   | 27,000 |   |
|      BARCLAY BK PLC IPATH SHRT ETN          |   | VXX     |   |     | 06740C-52-7 |   |             |   | 2,250  |                        |   |   | 92,980                 |   |   |                    |   |   |                 | (16,322 | ) |   |   | 76,658 |   |
|      Barrick Gold Corp                      |   | ABX     |   |     | 067901-10-8 |   |             |   | 500    |                        |   |   | 18,623                 |   |   |                    | 1,068  |   |                 |    | - |   |   |   | 19,690 |   |
|      BHP Billiton Ltd ADR                   |   | BHP     |   |     | 088606-10-8 |   |             |   | 350    |                        |   |   | 26,534                 |   |   |                    | 269    |   |                 |    | - |   |   |   | 26,803 |   |
|      Direxion Shs ETF Tr DL Y LRG CAP BE    |   | BGZ     |   |     | 25459W-85-4 |   |             |   | 5,500  |                        |   |   | 103,326                |   |   |                    |   |   |                 |    | (9,232 | ) |   |   | 94,094 |   |
|      Freeport-McMoran Copper & Gold Inc |   | FCX     |   |     | 35671D-85-7 |   |             |   | 350    |                        |   |   | 28,140                 |   |   |                    |   |   |                 |    | (39 | ) |   |   | 28,102 |   |
|      Silver Wheaton Corp                    |   | SLW     |   |     | 828336-10-7 |   |             |   | 3,000  |                        |   |   | 37,488                 |   |   |                    | 7,573  |   |                 |    | - |   |   |   | 45,060 |   |
|      Market Vectors ETF Gold Miners         |   | GDX     |   |     | 57060U-10-0 |   |             |   | 500    |                        |   |   | 21,485                 |   |   |                    | 1,620  |   |                 |    | - |   |   |   | 23,105 |   |
|      Market Vectors ETF TR JR Gold MINE     |   | GDXJ    |   |     | 57060U-58-9 |   |             |   | 500    |                        |   |   | 12,795                 |   |   |                    | 75     |   |                 |    |   |   |   |   | 12,870 |   |
|      Powershares DB Multi Sector Comm       |   | DBA     |   |     | 73936B-40-8 |   |             |   | 3,500  |                        |   |   | 87,113                 |   |   |                    | 5,427  |   |                 |    | - |   |   |   | 92,540 |   |
|      Rio Tinto PLC ADR                      |   | RTP     |   |     | 767204-10-0 |   |             |   | 250    |                        |   |   | 52,165                 |   |   |                    | 1,683  |   |                 |    |   |   |   |   | 53,848 |   |
|      Swedish Export Credit Corp ETF         |   | RJI     |   |     | 870297-80-1 |   |             |   | 6,300  |                        |   |   | 44,415                 |   |   |                    | 4,977  |   |                 |    | - |   |   |   | 49,392 |   |
|      Swedish Expt Cr Corp                   |   | RJA     |   |     | 870297-60-3 |   |             |   | 16,000 |                        |   |   | 122,214                |   |   |                    | 4,826  |   |                 |    | - |   |   |   | 127,040 |   |
|      Claymore Silver Bullion Tr Tr Unit     |   | SVR     |   |     | 18387H-16-4 |   |             |   | 4,300  |                        |   |   | 42,312                 |   |   |                    | 920    |   |                 |    | - |   |   |   | 43,232 |   |
|      Claymore Silver Bullion Tr Tr Unit     |   | SVR     |   |     | 18387H-15-6 |   |             |   | 2,000  |                        |   |   | 19,790                 |   |   |                    | 318    |   |                 |    |   |   |   |   | 20,108 |   |
|      ETFS Metal Secs Physical Platinum      |   | PHPT:LN |   |     | B1VS2W-55-3 |   |             |   | 750    |                        |   |   | 101,046                |   |   |                    | 7,381  |   |                 |    |   |   |   |   | 108,428 |   |
|      ETFS Silver Tr Silver Shs              |   | SIVR    |   |     | 26922X-10-7 |   |             |   | 2,600  |                        |   |   | 45,317                 |   |   |                    | -      |   |                 |    | (1,455 | ) |   |   | 43,862 |   |
|      Walter Energy Inc                      |   | WLT     |   |     | 93317Q-10-5 |   |             |   | 650    |                        |   |   | 45,346                 |   |   |                    | 3,605  |   |                 |    |   |   |   |   | 48,952 |   |
|      Zuercher KTBK Palladium ETF            |   | ZPAL:SW |   |     | 0B1XCL-D8-3 |   |             |   | 70     |                        |   |   | 74,294                 |   |   |                    | 13,803 |   |                 |    |   |   |   |   | 88,097 |   |
|      Zuercher KTBK Silver ETF               |   | ZSIL:SW |   |     | 0B1XCL-94-7 |   |             |   | 60     |                        |   |   | 101,321                |   |   |                    | -      |   |                 |    | (4,334 | ) |   |   | 96,987 |   |
|      Zuercher KZKB Platimum ETF             |   | ZPLA:SW |   |     | 0B1XCL-H2-2 |   |             |   | 30     |                        |   |   | 64,730                 |   |   |                    | 4,542  |   |                 |    |   |   |   |   | 69,272 |   |
|                                                                 |   |    |   |     |        |   |             |   | 49,960 |                        |   | $      | 1,170,378              |   |   | $                       | 58,086 |   |                 | $       | (33,327 | ) |   | $ | 1,195,137 |   |

----

| 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 |   |             |   | 50,175    |                        |   | $      | 441,157                |   |   | $                       | 31,993    |   |                 | $      | - |   |   | $ | 473,150 |   |
|      Claymore Silver Bullion Tr Tr Unit                    | SVR       |   |     | 18387H-15-6 |   |             |   | 108,410   |                        |   |   | 1,056,255              |   |   |                    | 33,699    |   |                 |   | - |   |   |   | 1,089,954 |   |
|      Direxion Shs ETF Tr DL Y LRG CAP BE                   | BGZ       |   |     | 25459W-85-4 |   |             |   | 57,530    |                        |   |   | 1,236,898              |   |   |                    |      |   |                 |   | (252,675 | ) |   |   | 984,223 |   |
|      ETF Metal Sec Ltd St Heiler Gold                      | PHAU:LN   |   |     | G3204R-10-1 |   |             |   | 6,750     |                        |   |   | 663,908                |   |   |                    | 70,117    |   |                 |   | - |   |   |   | 734,025 |   |
|      ETFS Cmmdty Secs Ltd Corn                             | CORN:LN   |   |     | G3204Q-28-5 |   |             |   | 180,000   |                        |   |   | 223,794                |   |   |                    | 49,338    |   |                 |   | - |   |   |   | 273,132 |   |
|      ETFS Cmmdty Secs Ltd Wheat                            | WEAT:LN   |   |     | G3204Q-22-8 |   |             |   | 157,500   |                        |   |   | 304,176                |   |   |                    | 41,143    |   |                 |   | - |   |   |   | 345,319 |   |
|      ETFS Metal Securitie Ltd Palladium                    | PHPD:LN   |   |     | G3204R-11-9 |   |             |   | 11,015    |                        |   |   | 359,656                |   |   |                    | 72,683    |   |                 |   |   |   |   |   | 432,339 |   |
|      ETFS Gold Tr Shs                                      | SGOL      |   |     | 26922Y-10-5 |   |             |   | 1,700     |                        |   |   | 170,051                |   |   |                    | 15,946    |   |                 |   | - |   |   |   | 185,997 |   |
|      EXETER RES CORP                                       | XRA       |   |     | 301835-10-4 |   |             |   | 23,230    |                        |   |   | 135,323                |   |   |                    | 29,610    |   |                 |   |   |   |   |   | 164,933 |   |
|      Goldcorp Inc New                                      | GG        |   |     | 380956-40-9 |   |             |   | 1,400     |                        |   |   | 54,687                 |   |   |                    | 389       |   |                 |   | - |   |   |   | 55,076 |   |
|      NEWMONT MINING CORP                                   | NEM       |   |     | 651639-10-6 |   |             |   | 4,000     |                        |   |   | 207,073                |   |   |                    |      |   |                 |   | (17,833 | ) |   |   | 189,240 |   |
|      Agnico Eagle Mines Ltd                                | AEM       |   |     | 008474-10-8 |   |             |   | 6,500     |                        |   |   | 403,859                |   |   |                    | -         |   |                 |   | (52,859 | ) |   |   | 351,000 |   |
|      Anglogold Ashanti Ltd                                 | AU        |   |     | 035128-20-6 |   |             |   | 1,000     |                        |   |   | 42,205                 |   |   |                    | -         |   |                 |   | (2,025 | ) |   |   | 40,180 |   |
|      BARCLAY BK PLC IPATH SHRT ETN                         | VXX       |   |     | 06740C-52-7 |   |             |   | 18,500    |                        |   |   | 759,089                |   |   |                    |      |   |                 |   | (128,794 | ) |   |   | 630,295 |   |
|      Barrick Gold Corp                                     | ABX       |   |     | 067901-10-8 |   |             |   | 4,450     |                        |   |   | 173,630                |   |   |                    | 1,611     |   |                 |   | - |   |   |   | 175,241 |   |
|      Rio Tinto PLC ADR                                     | RTP       |   |     | 767204-10-0 |   |             |   | 250       |                        |   |   | 52,557                 |   |   |                    | 1,290     |   |                 |   | - |   |   |   | 53,848 |   |
|      ETFS Commodity Secs Aluminum                          | ALUM:LN   |   |     | 0B15KX-N5-4 |   |             |   | 30,600    |                        |   |   | 122,553                |   |   |                    | 53,091    |   |                 |   | - |   |   |   | 175,644 |   |
|      ETFS Commodity Secs Cotton Etc                        | COTN:LN   |   |     | 0B15KX-T1-7 |   |             |   | 72,000    |                        |   |   | 115,973                |   |   |                    | 15,788    |   |                 |   | - |   |   |   | 131,760 |   |
|      ETFS Commodity Secs 0% Sec Undtd NT                   | NICK:LN   |   |     | 0B15KY-21-4 |   |             |   | 9,300     |                        |   |   | 181,350                |   |   |                    | 25,482    |   |                 |   |   |   |   |   | 206,832 |   |
|      ETFS Metal Securities Ltd Platinum                    | PHPT:LN   |   |     | B1VS2W-53-8 |   |             |   | 1,900     |                        |   |   | 251,902                |   |   |                    | 22,781    |   |                 |   | - |   |   |   | 274,683 |   |
|      ETFS Silver Tr Silver Shs                             | SIVR      |   |     | 26922X-10-7 |   |             |   | 34,225    |                        |   |   | 536,837                |   |   |                    | 40,538    |   |                 |   | - |   |   |   | 577,376 |   |
|      Julius Baer Invt Fnds ETF Gold                        | JBGOUA:SW |   |     | 0B3F8G-34-6 |   |             |   | 470       |                        |   |   | 496,015                |   |   |                    | 12,877    |   |                 |   | - |   |   |   | 508,893 |   |
|      Market Vectors ETF Gold Miners                        | GDX       |   |     | 57060U-10-0 |   |             |   | 5,350     |                        |   |   | 251,403                |   |   |                    | -         |   |                 |   | (4,179 | ) |   |   | 247,224 |   |
|      Market Vectors ETF TR JR Gold MINE                    | GDXJ      |   |     | 57060U-58-9 |   |             |   | 6,500     |                        |   |   | 168,998                |   |   |                    |      |   |                 |   | (1,688 | ) |   |   | 167,310 |   |
|      Powershares DB Multi Sector Comm                      | DBA       |   |     | 73936B-40-8 |   |             |   | 40,500    |                        |   |   | 1,009,807              |   |   |                    | 61,013    |   |                 |   | - |   |   |   | 1,070,820 |   |
|      Powershares Multi Sector Metals Fd                    | DBB       |   |     | 73936B-70-5 |   |             |   | 6,000     |                        |   |   | 129,169                |   |   |                    | 5,831     |   |                 |   | - |   |   |   | 135,000 |   |
|      Silver Wheaton Corp                                   | SLW       |   |     | 828336-10-7 |   |             |   | 11,200    |                        |   |   | 158,344                |   |   |                    | 9,880     |   |                 |   |   |   |   |   | 168,224 |   |
|      Swedish Expt Credit Corp ETF                          | RJI       |   |     | 870297-80-1 |   |             |   | 67,020    |                        |   |   | 473,457                |   |   |                    | 51,979    |   |                 |   | - |   |   |   | 525,437 |   |
|      Swedish Expt Cr Corp                                  | RJA       |   |     | 870297-60-3 |   |             |   | 223,000   |                        |   |   | 1,650,189              |   |   |                    | 120,431   |   |                 |   | - |   |   |   | 1,770,620 |   |
|      Swedish Expt Cr Corp Rg Enrgy ETN2                    | RJN       |   |     | 870297-30-6 |   |             |   | 40,000    |                        |   |   | 219,427                |   |   |                    | 34,573    |   |                 |   | - |   |   |   | 254,000 |   |
|      Swedish Expt Cr Corp Rg Metal ETN2                    | RJZ       |   |     | 870297-40-5 |   |             |   | 40,860    |                        |   |   | 349,817                |   |   |                    | 54,697    |   |                 |   | - |   |   |   | 404,514 |   |
|      United States 12 Month Oil Fnd ETF                    | USL       |   |     | 91288V-10-3 |   |             |   | 2,600     |                        |   |   | 99,008                 |   |   |                    | 6,188     |   |                 |   | - |   |   |   | 105,196 |   |
|      Walter Energy Inc                                     | WLT       |   |     | 93317Q-10-5 |   |             |   | 625       |                        |   |   | 43,593                 |   |   |                    | 3,476     |   |                 |   |   |   |   |   | 47,069 |   |
|      Zuercher KTBK Gold ETF                                | ZGLDUS:SW |   |     | 0B3KZW-54-8 |   |             |   | 130       |                        |   |   | 123,891                |   |   |                    | 17,249    |   |                 |   | - |   |   |   | 141,140 |   |
|                                                                                |      |   |     |        |   |             |   | 1,224,690 |                        |   | $      | 12,666,050             |   |   | $                       | 883,694   |   |                 | $      | (460,052 | ) |   | $ | 13,089,692 |   |
|                                                                                |      |   |     |        |   |             |   |      |                        |   |   |                   |   |   |                    |      |   |                 |   |   |   |   |   |   |   |
|           Total equity securities |      |   |     |        |   |             |   | 4,895,835 |                        |   | $      | 71,536,033             |   |   | $                       | 4,278,432 |   |                 | $      | (2,406,463 | ) |   | $ | 73,408,002 |   |