SCHEDULE OF INVESTMENTS AS OF March 31, 2010 | |||||||||||||||||||||||||
| Codes | Fair Value | ||||||||||||||||||||||||
| Investment Type | Cusip ID | Code | Foreign | Bond CHAR | NAIC Desig- nation | Actual Cost | Gross Unrealized Gains | Gross Unrealized Losses | Rate Used to Obtain Fair Value | Fair Value | Par Value | Par Value Foreign Dollars | Par Value US Dollars at Purchase Date | Book / Adjusted Carrying Value | Unrealized Valuation Increase / (Decrease) | Current Year's (Amortization) / Accretion | Current Year's Other Than Temporary Impairment Recognized | Total Foreign Exchange Change in Book / Adjusted Carrying Value | Rate of | Effective Rate of | When Paid | Admitted Amount Due and Accrued | Amount Received During Year | Acquired | Maturity |
| Fixed maturities, available for sale: | |||||||||||||||||||||||||
| Universal Property and Casualty Insurance Company: | |||||||||||||||||||||||||
| US government and agency obligations | |||||||||||||||||||||||||
| US Treasury Note | 912828-GZ-7 | SD | 1 | $ 144,517 | $ 5,053 | $ - | 107.930 | $ 145,705 | $ 135,000 | $ - | $ - | $ 140,652 | $ - | $ (577) | $ - | $ - | 4.625 | 2.780 | JJ | $ 1,035 | $ 3,122 | 7/15/2008 | 7/31/2012 | ||
| US Treasury Note | 912828-KC-3 | SD | 1 | 35,169 | 165 | 100.777 | 35,272 | 35,000 | - | - | 35,107 | - | 14 | - | - | 2.000 | 1.842 | FA | 87 | 241 | 2/19/2009 | 2/15/2012 | |||
| US Treasury Inflation Index Bond | 912828-LA-6 | SD | 1 | 2,911,565 | 19,635 | - | 104.536 | 2,927,021 | 2,800,000 | - | - | 2,924,746 | 6,692 | (2,060) | - | - | 1.875 | 1.539 | JJ | 11,186 | 26,585 | 9/29/2009 | 7/15/2019 | ||
| US Treasury Inflation Index Bond | 912810-PV-4 | 1 | 13,334,715 | - | (413,399) | 97.913 | 12,924,513 | 13,200,000 | - | - | 13,378,213 | 31,951 | 2,718 | - | - | 1.750 | 1.864 | JJ | 50,162 | 101,158 | 12/22/2009 | 1/15/2028 | |||
| US Treasury Inflation Index Bond | 912810-FS-2 | 1 | 15,873,798 | - | (444,899) | 108.604 | 15,421,709 | 14,200,000 | 15,913,104 | 36,378 | (5,526) | 2.000 | 1.815 | JJ | 65,095 | 134,556 | 12/22/2009 | 1/15/2026 | |||||||
| US Treasury Inflation Index Bond | 912810-FR-4 | 1 | 15,999,999 | - | (396,323) | 120.335 | 15,583,327 | 12,950,000 | 16,024,218 | 34,849 | (15,967) | 2.375 | 1.792 | JJ | 74,227 | 153,941 | 12/22/2009 | 1/15/2025 | |||||||
| US Treasury Inflation Index Bond | 912828-GX-2 | 4,959,473 | (4,343) | 114.907 | 4,940,999 | 4,300,000 | 4,955,318 | 9,976 | (14,131) | 2.625 | 1.159 | JJ | 24,776 | 58,885 | 1/6/2010 | 7/15/2017 | |||||||||
| US Treasury Inflation Index Bond | 912828-MF-4 | 5,027,115 | - | (115,313) | 98.216 | 4,911,318 | 5,000,550 | 5,036,282 | 9,651 | (485) | 1.375 | 1.324 | JJ | 14,465 | 1/19/2010 | 1/15/2020 | |||||||||
| Total US government and agency obligations | $ 58,286,351 | $ 24,853 | $ (1,374,277) | $ 56,889,864 | $ 52,620,550 | $ - | $ - | $ 58,407,640 | $ 129,497 | $ (36,014) | $ - | $ - | $ 241,033 | $ 478,488 | |||||||||||
| Foreign obligations | |||||||||||||||||||||||||
| NORWAY KINGDOM | R63339-EP-7 | F | 1FE | 2,560,024 | (69,483) | 104.049 | 2,471,646 | 2,375,457 | 14,100,000.00 | 2,428,466 | 2,485,631 | (18,895) | - | $ (55,498) | 6 | 1.809 | May | 124,712 | 2/5/2010 | 5/16/2011 | |||||
| NORWAY(KINGDOM OF) 6.5% BDS 15/5/2 | 073810-76-4 | D | 1 | 2,159,869 | 3,697.00 | 111.206 | 2,154,538 | 1,937,429 | 11,500,000.00 | 1,941,733 | 2,146,136 | (9,027) | - | (4,705) | 6.5 | 2.848 | May | 110,541 | 3/26/2010 | 5/15/2013 | |||||
| SWITZERLAND(GOVT) 2.75% BDS | 057019-77-0 | D | 1 | 1,405,403 | 12,633 | - | 105.101 | 1,412,934 | 1,344,354 | 1,415,000.00 | 1,325,643 | 1,420,058 | (5,103) | - | 19,757 | 2.75 | 0.174 | Jun | 29,884 | 2/25/2010 | 6/10/2012 | ||||
| SWITZERLAND(GOVT) 4% BDS 10/6/2011 | H7351P-NM-4 | D | 1 | 2,581,732 | - | (29,935) | 104.378 | 2,543,626 | 2,436,939 | 2,565,000.00 | 2,477,879 | 2,531,442 | (8,171) | - | (42,119) | 4 | 2.174 | Jun | 78,794 | 2/1/2010 | 6/10/2012 | ||||
| SWITZERLAND(GOVT) 4% BDS 11/2/2013 | 058870-48-6 | D | 1 | 154,007 | 4,567 | 109.839 | 156,533 | 142,511 | 150,000.00 | 140,010 | 154,682 | (2,042) | - | 2,716 | 4 | (5.45) | Feb | 792 | 2/11/2010 | 2/11/2011 | |||||
| SWITZERLAND(GOVT) 3.5% BDS | H7351P-DJ-2 | D | 750,021 | (5,686) | 739,659 | 731,557 | 770,000.00 | 736,350 | 740,426 | (4,676) | (4,919) | 3.5 | 0.04 | Aug | 16,643 | 1/29/2010 | 8/7/2010 | ||||||||
| Total Foreign obligations | 9,611,056 | 20,897.00 | (105,104) | 9,478,936 | 8,968,247.00 | 30,500,000 | 9,050,081 | 9,478,375 | 0 | (47,914) | (84,768) | 361,366 | |||||||||||||
| Total fixed maturities, available for sale | $ 67,897,407 | $ 45,750 | $ (1,479,381) | $ 66,368,800 | $ 61,588,797 | $ 30,500,000 | $ 9,050,081 | $ 67,886,015 | $ 129,497 | $ (83,928) | $ - | $ (84,768) | $ 602,399 | $ 478,488 | |||||||||||
| Symbol | Cusip ID | Number of Shares | Amortized Cost / Book Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||
| Equity securities: | ||||||||||||||
| Universal Property and Casualty Insurance Company | ||||||||||||||
| ANGLOGOLD ASHANTI LTD | AU | 035128-20-6 | 6,000 | $232,527 | $(4,827) | $227,700 | ||||||||
| ALEXCO RESOURCE CORP | AXU | 01535P-10-6 | 78,900 | 269,814 | 3,180 | - | 272,994 | |||||||
| BARCLAYS BANK PLC ETN DJUBS SGAR38 | SGG | 06739H-21-4 | 4,000 | 227,091 | (36,651) | 190,440 | ||||||||
| ELDORADO GOLD CORP NEW | EGO | 284902-10-3 | 48,000 | 630,760 | (50,920) | 579,840 | ||||||||
| GOLDCORP INC NEW | GG | 380956-40-9 | 18,500 | 743,009 | (54,439) | 688,570 | ||||||||
| HECLA MNG CO | HL | 422704-10-6 | 160,000 | 950,974 | (75,774) | 875,200 | ||||||||
| MONSANTO CO NEW | MON | 61166W-10-1 | 9,500 | 727,890 | (49,400) | 678,490 | ||||||||
| NEWMONT MINING CORP | NEM | 651639-10-6 | 17,500 | 898,353 | (7,078) | 891,275 | ||||||||
| SPDR Gold Shares | GLD | 78463V-10-7 | 4,700 | 514,005 | (1,940) | 512,065 | ||||||||
| AGNICO EAGLE MINES LTD | AEM | 008474-10-8 | 19,400 | 1,165,535 | - | (85,537) | 1,079,998 | |||||||
| Barrick Gold Corp | ABX | 067901-10-8 | 26,000 | 1,041,362 | - | (44,522) | 996,840 | |||||||
| INTERNATIONAL TOWER HILL MINES | THM | 46051L-10-4 | 45,000 | 291,886 | (32,686) | 259,200 | ||||||||
| Silver Wheaton Corp | SLW | 828336-10-7 | 164,500 | 2,575,501 | 3,859 | - | 2,579,360 | |||||||
| ETFS COM SECURITIE ETFS SUGAR (USD) | SUGA:LN | 0B15KY-65-1 | 56,950 | 1,232,425 | - | (390,704) | 841,721 | |||||||
| ETFS METAL SEC ETFS PHYSICAL GOLD | PHAU:LN | 0B285Z-72-4 | 9,490 | 989,497 | 55,103 | - | 1,044,600 | |||||||
| BARCLAYS BK PLC IPATH SHRT ETN | VXX | 06740C-52-7 | 89,750 | 3,295,767 | - | (1,410,119) | 1,885,648 | |||||||
| CLAYMORE GOLD BULLION ETF HEDGED C | CGL | 0B634C-59-0 | 224,200 | 2,106,298 | 116,802 | - | 2,223,100 | |||||||
| DIREXION SHS ETF TR DLY LRG CAP BE | BGZ | 25459W-85-4 | 263,710 | 3,689,303 | - | - | 3,689,303 | |||||||
| ETF METAL SEC LTD ST HEILER GOLD | PHAU:LN | G3204R-10-1 | 7,500 | 737,675 | 88,525 | - | 826,200 | |||||||
| ETFS CMMDTY SECS 0% UNDTD NTS CORN | CORN | 0B15KX-S0-0 | 114,500 | 151,710 | - | (12,879) | 138,831 | |||||||
| ETFS CMMDTY SECS LTD CORN | CORN:LN | G3204Q-28-5 | 707,900 | 953,084 | - | (174,394) | 778,690 | |||||||
| ETFS CMMDTY SECS LTD WHEAT | WEAT:LN | G3204Q-22-8 | 307,800 | 593,071 | - | (23,641) | 569,430 | |||||||
| ETFS COM SECURITIE 0% SEC UNDTD NT | WEAT:LN | 0B15KY-76-8 | 566,600 | 1,157,399 | - | (154,517) | 1,002,882 | |||||||
| ETFS COMMODITY SECS COTTON ETC | COTN:LN | 0B15KX-T1-7 | 83,000 | 141,009 | 18,974 | 159,983 | ||||||||
| ETFS GOLD TR SHS | SGOL | 26922Y-10-5 | 13,170 | 1,380,399 | 82,656 | - | 1,463,055 | |||||||
| ETFS METAL SECURIT ETFS PHYSICAL S | PHAG:LN | G3204R-1 3-5 | 30,750 | 501,994 | 20,756 | - | 522,750 | |||||||
| ETFS Metal Securitie Ltd Palladium | PHPD:LN | 0B1VS3-00-1 | 26,727 | 1,023,141 | 238,641 | - | 1,261,782 | |||||||
| ETFS Metal Securities Ltd Platinum | PHPT:LN | B1VS2W-53-8 | 7,177 | 1,041,971 | 118,048 | - | 1,160,019 | |||||||
| ETFS SILVER TR SILVER SHS | SIVR | 26922X-10-7 | 149,900 | 2,539,181 | 76,574 | - | 2,615,755 | |||||||
| HORIZONS BETA WNTR NAT ETF UNIT CL | HUN:CN | 0B61KF-94-6 | 15,000 | 106,892 | (8,573) | 98,319 | ||||||||
| HORIZONS BETAPRO WINTER TERM NYMEX | HNU | 44046T-10-0 | 30,000 | 237,970 | (38,470) | 199,500 | ||||||||
| Julius Baer Invt Fnds ETF Gold | JBGOUA:SW | 0B3F8G-34-6 | 280 | 304,846 | 4,593 | - | 309,439 | |||||||
| Market Vectors ETF Gold Miners | GDX | 57060U-10-0 | 34,200 | 1,616,387 | (97,565) | 1,518,822 | ||||||||
| MARKET VECTORS ETF TR JR GOLD MINE | GDXJ | 57060U-58-9 | 59,000 | 1,494,675 | 22,805 | - | 1,517,480 | |||||||
| Powershares DB Multi Sector Comm | DBA | 73936B-40-8 | 157,500 | 4,023,597 | - | (208,947) | 3,814,650 | |||||||
| Swedish Expt Cr Corp | RJA | 870297-60-3 | 513,100 | 3,862,894 | - | (225,015) | 3,637,879 | |||||||
| CLAYMORE SILVER BULLION TR TR UNIT | SVR | 0B3N7L-27-3 | 254,950 | 2,601,177 | 57,518 | - | 2,658,695 | |||||||
| ETF Metal Secs Physical Silver | PHAG:LN | 0B285Z-K5-2 | 144,950 | 2,486,002 | 15,070 | - | 2,501,072 | |||||||
| JULIUS BAER INV FD JB PHYSICAL GOL | JBGOUA:SW | H4547R-10-4 | 1,210 | 1,328,162 | 9,058 | - | 1,337,219 | |||||||
| SWEDISH EXPT CR CORP RG ENRGY ETN2 | RJN | 870297-30-6 | 175,345 | 1,066,865 | 50,083 | - | 1,116,948 | |||||||
| Zuercher KTBK Gold ETF | ZGLDUS:SW | 0B3KZW-54-8 | 1,230 | 1,233,485 | 134,201 | - | 1,367,686 | |||||||
| Zuercher KTBK Palladium ETF | ZPAL:SW | 0B1XCL-D8-3 | 1,360 | 1,451,124 | 634,313 | - | 2,085,437 | |||||||
| Zuercher KTBK Silver ETF | ZSIL:SW | 0B1XCL-94-7 | 1,275 | 2,172,965 | 1,158,231 | 3,331,196 | ||||||||
| Zuercher KTBK Silver ETF | ZSIL:SW | 0B1XCL-95-4 | 80 | 98,641 | 34,462 | - | 133,102 | |||||||
| Zuercher KZKB Platinum ETF | ZPLA:SW | 0B1XCL-H2-2 | 640 | 1,383,966 | 288,163 | - | 1,672,130 | |||||||
| - | - | |||||||||||||
| 4,651,244 | $57,272,277 | $3,231,612 | $(3,188,596) | $57,315,293 | ||||||||||
| Investment Type | Symbol | Cusip ID | Number of Shares | Amortized Cost / Book Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
| American Platinum Property and Casualty Insurance Company | ||||||||||||||||||||||||
| Equity securities: | ||||||||||||||||||||||||
| ELDORADO GOLD CORP NEW | EGO | 284902-10-3 | 5,000 | 61,300 | (900 | ) | 60,400 | |||||||||||||||||
| EXETER RES CORP | XRA | 301835-10-4 | 11,000 | 87,404 | (19,974 | ) | 67,430 | |||||||||||||||||
| HECLA MNG CO | HL | 422704-10-6 | 19,000 | 96,860 | 7,070 | - | 103,930 | |||||||||||||||||
| SPDR Gold Shares | GLD | 78463V-10-7 | 3,250 | 351,878 | 2,210 | - | 354,088 | |||||||||||||||||
| AGNICO EAGLE MINES LTD | AEM | 008474-10-8 | 500 | 28,944 | (1,109 | ) | 27,835 | |||||||||||||||||
| Barrick Gold Corp | ABX | 067901-10-8 | 500 | 18,623 | 548 | - | 19,170 | |||||||||||||||||
| Silver Wheaton Corp | SLW | 828336-10-7 | 5,700 | 77,871 | 11,505 | - | 89,376 | |||||||||||||||||
| ETFS COM SECURITIE ETFS SUGAR (USD | SUGA:LN | 0B15KY-65-1 | 10,000 | 169,560 | - | (21,760 | ) | 147,800 | ||||||||||||||||
| ETFS METAL SEC ETFS PHYSICAL GOLD | PHAU:LN | 0B285Z-72-4 | 900 | 100,100 | - | (1,034 | ) | 99,066 | ||||||||||||||||
| BARCLAYS BK PLC IPATH SHRT ETN | VXX | 06740C-52-7 | 6,250 | 205,068 | - | (73,755 | ) | 131,313 | ||||||||||||||||
| DIREXION SHS ETF TR DLY LRG CAP BE | BGZ | 25459W-85-4 | 6,500 | 90,935 | - | - | 90,935 | |||||||||||||||||
| ETFS COM SECURITIE 0% SEC UNDTD NT | WEAT:LN | 0B15KY-76-8 | 125,000 | 235,925 | - | (14,675 | ) | 221,250 | ||||||||||||||||
| ETFS GOLD TR SHS | SGOL | 26922Y-10-5 | 3,500 | 389,283 | - | (468 | ) | 388,815 | ||||||||||||||||
| ETFS Metal Secs Physical Platinum | PHPT:LN | B1VS2W-55-3 | 750 | 101,046 | 20,176 | - | 121,223 | |||||||||||||||||
| ETFS PALLADIUM TR SH BEN INT | PHPD: LN | 26923A-10-6 | 1,100 | 49,584 | 3,051 | 52,635 | ||||||||||||||||||
| ETFS SILVER TR SILVER SHS | SIVR | 26922X-10-7 | 11,600 | 202,738 | - | (318 | ) | 202,420 | ||||||||||||||||
| IShares Comex Gold Trust ETF | IAU | 464285-10-5 | 3,000 | 330,004 | - | (2,914 | ) | 327,090 | ||||||||||||||||
| Market Vectors ETF Gold Miners | GDX | 57060U-10-0 | 500 | 21,485 | 720 | 22,205 | ||||||||||||||||||
| MARKET VECTORS ETF TR JR GOLD MINE | GDXJ | 57060U-58-9 | 6,500 | 156,588 | 10,593 | 167,180 | ||||||||||||||||||
| Powershares DB Multi Sector Comm | DBA | 73936B-40-8 | 9,500 | 236,492 | - | (6,402 | ) | 230,090 | ||||||||||||||||
| PROSHARES TR SHRT 20+YR TRE | TBF | 74347X-84-9 | 2,500 | 122,667 | 2,108 | - | 124,775 | |||||||||||||||||
| Swedish Expt Cr Corp | RJA | 870297-60-3 | 33,000 | 249,424 | - | (15,454 | ) | 233,970 | ||||||||||||||||
| CLAYMORE SILVER BULLION TR TR UNIT | SVR | 0B3N7L-27-3 | 7,000 | 71,840 | 1,158 | - | 72,998 | |||||||||||||||||
| CLAYMORE SILVER BULLION TR TR UNIT | SVR | 18387H-16-4 | 2,000 | 19,680 | 1,177 | - | 20,857 | |||||||||||||||||
| Zuercher KTBK Palladium ETF | ZPAL:SW | 0B1XCL-D8-3 | 70 | 74,294 | 33,045 | - | 107,339 | |||||||||||||||||
| Zuercher KTBK Silver ETF | ZSIL:SW | 0B1XCL-94-7 | 60 | 101,321 | 55,441 | - | 156,762 | |||||||||||||||||
| Zuercher KZKB Platinum ETF | ZPLA:SW | 0B1XCL-H2-2 | 30 | 64,730 | 13,651 | - | 78,381 | |||||||||||||||||
| 274710 | $ | 3,715,642 | $ | 162,452 | $ | (158,762 | ) | $ | 3,719,331 | |||||||||||||||
| Investment Type | Symbol | Cusip ID | Number of Shares | Amortized Cost / Book Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
| Universal Insurance Holdings, Inc. | ||||||||||||||||||||||||||
| Equity Securities: | ||||||||||||||||||||||||||
| AGNICO EAGLE MINES LTD | AEM | 008474-10-8 | 5,000 | $ | 295,676 | $ | - | (17,326 | ) | $ | 278,350 | |||||||||||||||
| ETFS COM SECURITIE ETFS SUGAR (USD | SUGA:LN | 0B15KY-65-1 | 14,000 | 246,960 | - | (40,040 | ) | 206,920 | ||||||||||||||||||
| BARCLAYS BK PLC IPATH SHRT ETN | VXX | 06740C-52-7 | 29,250 | 1,066,757 | (452,215 | ) | 614,543 | |||||||||||||||||||
| DIREXION SHS ETF TR DLY LRG CAP BE | BGZ | 25459W-85-4 | 62,530 | 874,795 | - | 874,795 | ||||||||||||||||||||
| ETF METAL SEC LTD ST HEILER GOLD | PHAU:[N | G3204R-10-1 | 900 | 88,521 | 10,623 | - | 99,144 | |||||||||||||||||||
| Julius Baer Invt Fnds ETF Gold | JBGOUA:SW | 0B3F8G-34-6 | 150 | 168,308 | - | (2,537 | ) | 165,771 | ||||||||||||||||||
| Market Vectors ETF Gold Miners | GDX | 57060U-10-0 | 8,350 | 389,213 | - | (18,389 | ) | 370,824 | ||||||||||||||||||
| MARKET VECTORS ETF TR JR GOLD MINE | GDXJ | 57060U-58-9 | 10,000 | 255,043 | 2,157 | - | 257,200 | |||||||||||||||||||
| Powershares DB Multi Sector Comm | DBA | 73936B-40-8 | 41,850 | 1,043,978 | - | (30,371 | ) | 1,013,607 | ||||||||||||||||||
| Swedish Expt Cr Corp | RJA | 870297-60-3 | 159,000 | 1,139,532 | - | (12,222 | ) | 1,127,310 | ||||||||||||||||||
| Zuercher KTBK Gold ETF | ZGLDUS:SW | 0B3KZW-54-8 | 40 | 38,120 | 6,357 | - | 44,478 | |||||||||||||||||||
| - | - | |||||||||||||||||||||||||
| 331,070 | $ | 5,606,904 | $ | 19,137 | $ | (573,101 | ) | $ | 5,052,941 | |||||||||||||||||
| Total equity securities | 5,257,024 | $ | 66,594,823 | $ | 3,413,202 | $ | (3,920,460 | ) | $ | 66,087,565 | ||||||||||||||||
