Universal Insurance (UVE) 10-K 2010 FY Annual report

Exhibit 99.1

SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 2010

Investment Exhibit

		Codes											Fair Value								Change in Book / Adjusted Carrying					Interest									Dates
																					Unrealized
				NAIC				Gross		Gross			Rate Used								Valuation		Current Year’s								Admitted		Amount
				Desig-				Unrealized		Unrealized			to Obtain						Book / Adjusted		Increase /		(Amortization) /					Effective		When	Amount Due		Received
Investment 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		Maturity
Fixed maturities, Trading Securities:
Universal Property & Casualty Insurance Company:
US government and agency obligations
UNITED 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		7/31/2012
UNITED 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		2/15/2012
US 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		1/15/2025
US 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		1/15/2027
US 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		1/15/2028
US 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		1/15/2029
US 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		2/15/2040
US 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		7/15/2018
US 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		7/15/2019
US 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		1/15/2020
US 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		7/15/2020
Total 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	$	60,122
Total 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

										Gross
				Number of				Gross Unrealized		Unrealized			Estimated Fair
Investment Type	Symbol	Cusip ID		Shares		Cost		Gains		Losses			Value
Equity securities:
Universal Property & Casualty Insurance Company
AGNICO EAGLE MINES LTD	AEM		008474-10-8		10,225	$	823,699	$	—	$	(39,442	)	$	784,258
ALEXCO RESOURCE CORP	AXU		01535P-10-6		66,150		436,522		105,247		—			541,769
ALLIED NEVADA GOLD CORP	ANV		019344-10-0		31,000		818,470		—		(2,860	)		815,610
ANDINA MINERALS INC	ADMNF		034219-10-5		60,000		92,817		5,583		—			98,400
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		177,478		1,598,636		—		(169,938	)		1,428,698
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-26-1		35,200		4,753,080		—		(3,429,208	)		1,323,872
Barrick Gold Corp	ABX		067901-10-8		9,775		440,962		78,873		—			519,835
CLAYMORE GOLD BULLION ETF HEDGED C	CGL		0B634C-59-0		186,700		1,762,798		636,595		—			2,399,394
CLAYMORE SILVER BULLION TR TR UNIT	SVR		0B3N7L-27-3		142,400		1,492,853		1,134,014		—			2,626,867
CORVUS GOLD INC	KOR		221013-10-5		159,900		149,611		—		(23,290	)		126,321
DACHA STRATEGIC METALS INC	DAC		233407-10-5		261,000		130,043		457		—			130,500
DIREXION SHS ETF TR CHINA BEAR 3X	CZI		25459W-76-3		5,500		230,435		—		(129,181	)		101,254
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		161,910		2,336,905		—		(916,955	)		1,419,951
DIREXION SHS ETF TR LATN AM BEAR3X	LHB		25459W-64-9		2,500		130,540		—		(88,990	)		41,550
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN		G3204R-10-1		7,500		737,675		286,082		—			1,023,758
ETF Metal Secs Physical Silver	PHAG:LN		0B285Z-K5-2		27,250		604,534		223,206		—			827,741
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			86,770		105,941		61,005		—			166,945
ETFS CMMDTY SECS LTD CORN	CORN:LN		G3204Q-28-5		503,900		699,451		153,148		—			852,599
ETFS CMMDTY SECS LTD WHEAT	WEAT:LN		G3204Q-22-8		307,800		593,071		104,404		—			697,475
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN	0B15KY-76-8			389,500		715,067		284,779		—			999,847
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1			53,933		833,490		617,307		—			1,450,798
ETFS COMMODITY SECS 0% SECD	HOGS:LN	0B15KX-Z7-7			575,000		628,986		64		—			629,050
ETFS GOLD TR SHS	SGOL		26922Y-10-5		18,270		2,087,342		495,853		—			2,583,195
ETFS METAL SEC ETFS PHYSICAL GOLD	PHAU:LN		0B285Z-72-4		3,140		356,336		84,545		—			440,881
ETFS METAL SECS ETFS PHYSICAL GOLD	GOLD		066055-28-6		8,200		992,107		139,853		—			1,131,959
ETFS METAL SECS ETFS PHYSICAL SILV	ETPMAG	0B3KMG-42-2			13,000		240,823		106,927		—			347,750
ETFS METAL SECS PHYSICAL PLATINUM	PHPT LN	0B1VS2-W5-7			40		6,549		313		—			6,862
ETFS METAL SECURIT ETFS PHYSICAL S	PHAG:LN		G3204R-13-5		30,750		501,994		424,750		—			926,744
ETFS Metal Securitie Ltd Palladium	PHPD:LN	0B1VS3-00-1			8,180		442,822		195,627		—			638,449
ETFS Metal Securities Ltd Platinum	PHPT:LN	B1VS2W-53-8			4,320		644,892		96,204		—			741,096
ETFS OIL SECURITIE 0% SEC UNDATED	OILB:LN	0B0CTW-C0-6			7,650		365,678		21,566		—			387,243
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		27,450		1,382,634		809,520		—			2,192,154
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		16,990		2,677,651		314,458		—			2,992,109
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		92,200		2,080,033		753,273		—			2,833,306
EXETER RES CORP	XRA		301835-10-4		171,300		1,049,248		14,525		—			1,063,773
EXTORRE GOLD MINES LTD	XG		30227B-10-9		9,000		57,290		3,280		—			60,570
FORTUNA SILVER MINES INC	FVITF		349915-10-8		24,500		98,836		18,274		—			117,110
FRONTEER GOLD INC	FRG		359032-10-9		29,070		245,109		95,882		—			340,991
GLOBAL X FDS SILVERS MINERS ETF	SIL		37950E-85-3		12,050		285,812		41,104		—			326,917
GLOBAL X URANIUM ETF	URA		37950E-75-4		17,000		336,229		11,761		—			347,990
GOLDCORP INC NEW	GG		380956-40-9		3,000		135,251		2,689		—			137,940
HARMONY GOLD MNG LTD	HMY		413216-30-0		7,750		89,945		7,240		—			97,185
HECLA MNG CO	HL		422704-10-6		152,500		907,180		809,970		—			1,717,150
HORIZONS BETA WNTR NAT ETF UNIT CL	HUN:CN	0B61KF-94-6			15,000		106,892		—		(28,242	)		78,650
HORIZONS BETAPRO WINTER TERM NYMEX	HNU		44046T-10-0		30,000		237,970		—		(81,670	)		156,300
INTER CITIC MINERALS INC	ICMTF		458189-10-7		46,150		78,667		30,247		—			108,914
INTERNATIONAL TOWER HILL MINES	THM		46050R-10-2		97,688		812,007		171,711		—			983,718
IPATH DJ-UBS GRAINS SUB INDEX ETN	JJG		06739H-30-5		6,650		313,082		39,966		—			353,049
IShares Comex Gold Trust ETF	IAU		464285-10-5		133,000		1,552,755		295,945		—			1,848,700
Ishares Silver Trust ETF	SLV		46428Q-10-9		27,100		597,011		220,867		—			817,878
JULIUS BAER INV FD JB PHYSICAL GOL	JBGOUA:SW		H4547R-10-4		480		539,544		129,345		—			668,890
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW		0B3F8G-34-6		185		201,029		56,772		—			257,801
Market Vectors ETF Gold Miners	GDX		57060U-10-0		47,450		2,642,174		274,577		—			2,916,752
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		80,882		2,709,301		517,082		—			3,226,383
MEDUSA MINING LTD	MLL		Q59444-10-1		30,000		195,720		—		(1,920	)		193,800
MINEFINDERS CORP LTD	MFN		602900-10-2		54,014		501,341		94,974		—			596,315
MKT VCTRS RARE EARTH/STRAT METAL E	REMX		57060U-47-2		6,000		121,096		22,904		—			144,000
MOLYCORP INC DEL	MCP		608753-10-9		2,380		69,637		49,125		—			118,762
NEWCREST MINING NPV	NCM		066371-01-4		6,000		176,311		72,407		—			248,719
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		80,700		366,796		193,262		—			560,058
ORVANA MINERALS CORP	ORV		68759M-10-1		52,000		160,623		42,177		—			202,800
PAN AMERICAN SILVER CORP	PAAS		697900-10-8		3,150		123,764		6,048		—			129,812
PLATMIN LTD COM	PPN CN		0B1B5G-C4-0		103,000		99,972		—		(7,715	)		92,257
Powershares DB Multi Sector Comm	DBA		73936B-40-8		98,450		2,566,900		617,958		—			3,184,858
Powershares Multi Sectr Com Oil Fd	DBO		73936B-50-7		15,800		409,223		36,653		—			445,876
PROSHARES TR PSHS ULSHT SP500	SDS		74347R-88-3		34,550		1,261,655		—		(440,747	)		820,908
QUEENSTON MNG INC	QNMNF		74832E-10-8		16,000		89,648		6,032		—			95,680
RANDGOLD RES LTD	GOLD		752344-30-9		28,588		2,752,767		—		(399,117	)		2,353,650
ROYAL GOLD INC	RGLD		780287-10-8		650		33,619		1,891		—			35,510
SEABRIDGE GOLD INC	SA		811916-10-5		15,218		437,741		29,147		—			466,888
Silver Wheaton Corp	SLW		828336-10-7		140,000		4,152,415		1,313,185		—			5,465,600
SILVERCORP METALS INC	SVM		82835P-10-3		40,250		472,013		44,395		—			516,408
SPDR Gold Shares	GLD		78463V-10-7		14,225		1,693,489		279,803		—			1,973,292
SPROTT RESOURCE CORP	SCP		85207D-10-3		24,000		109,543		137		—			109,680
STILLWATER MNG CO	SWC		86074Q-10-2		31,300		625,512		42,743		—			668,255
Swedish Export Credit Corp ETF	RJI		870297-80-1		14,250		118,133		13,538		—			131,670
Swedish Expt Cr Corp	RJA		870297-60-3		407,100		3,079,951		1,284,161		—			4,364,112
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN		870297-30-6		223,345		1,324,713		124,796		—			1,449,509
TRADE WINDS VENTURES INC	TWD		89254X-10-3		157,000		62,226		7,639		—			69,865
UNITED STS GASOLINE FD LP UNITS	UGA		91201T-10-2		3,900		148,151		16,062		—			164,213
URANIUM ONE INC COM	UUU CN		0B0V23-L6-4		121,000		568,726		10,913		—			579,638
YAMANA GOLD INC	AUY		98462Y-10-0		40,600		461,716		57,964		—			519,680
Zuercher KTBK Gold ETF	ZGLDUS:SW	0B3KZW-54-8			670		680,140		257,217		—			937,357
Zuercher KTBK Palladium ETF	ZPAL:SW	0B1XCL-D8-3			262		368,341		291,693		—			660,034
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-94-7			578		1,002,317		658,606		—			1,660,923
Zuercher KZKB Platinum ETF	ZPLA:SW	0B1XCL-H3-0			30		71,140		12,460		—			83,601
Total 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 Fair
Investment Type	Symbol	Cusip ID		Shares		Cost		Gains		Losses			Value
Equity securities:
American Platinum Property and Casualty Insurance Company
AGNICO EAGLE MINES LTD	AEM		008474-10-8		325	$	27,251	$	—	$	(2,324	)	$	24,928
ALEXCO RESOURCE CORP	AXU		01535P-10-6		4,400		34,226		1,810		—			36,036
ALLIED NEVADA GOLD CORP	ANV		019344-10-0		4,750		126,814		—		(1,841	)		124,973
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		69,666		132,218		732		—			132,950
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-26-1		3,236		121,622		2,929		—			124,550
Barrick Gold Corp	ABX		067901-10-8		2,500		29,118		—		(2,247	)		26,871
CLAYMORE SILVER BULLION TR TR UNIT	SVR		0B3N7L-27-3		2,070		19,847		7,653		—			27,500
DACHA STRATEGIC METALS INC	DAC		233407-10-5		55,000		199,079		9,950		—			209,029
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		12,500		49,519		3,648		—			53,167
ETF Metal Secs Physical Silver	PHAG:LN		0B285Z-K5-2		2,200		15,986		3,134		—			19,120
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			36,000		115,140		—		(190	)		114,950
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN	0B15KY-76-8			51,000		11,978		562		—			12,540
ETFS COMMODITY SECS 0% SECD	HOGS:LN	0B15KX-Z7-7			143,500		154,844		1,796		—			156,640
ETFS GOLD TR SHS	SGOL		26922Y-10-5		2,000		16,246		5,348		—			21,594
ETFS METAL SEC ETFS PHYSICAL GOLD	PHAU:LN		0B285Z-72-4		600		40,136		2,158		—			42,294
ETFS OIL SECURITIE 0% SEC UNDATED	OILB:LN	0B0CTW-C0-6			1,250		61,089		955		—			62,044
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		500		18,751		2,340		—			21,091
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		310		46,334		12,167		—			58,500
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		2,025		23,111		1,615		—			24,726
EXETER RES CORP	XRA		301835-10-4		33,660		50,427		3,393		—			53,820
EXTORRE GOLD MINES LTD	XG		30227B-10-9		7,900		320,535		—		(36,497	)		284,039
FORTUNA SILVER MINES INC	FVITF		349915-10-8		4,000		15,616		773		—			16,389
GLOBAL X FDS SILVERS MINERS ETF	SIL		37950E-85-3		3,000		202,562		54,070		—			256,632
GLOBAL X URANIUM ETF	URA		37950E-75-4		3,000		23,260		1,284		—			24,544
GOLDCORP INC NEW	GG		380956-40-9		2,500		172,004		6,565		—			178,569
HARMONY GOLD MNG LTD	HMY		413216-30-0		1,000		54,772		68		—			54,840
IAMGOLD CORP	IAG		450913-10-8		8,800		80,251		7,284		—			87,535
INTER CITIC MINERALS INC	ICMTF		458189-10-7		9,150		65,240		—		(640	)		64,600
INTERNATIONAL TOWER HILL MINES	THM		46050R-10-2		4,200		74,435		5,200		—			79,635
IPATH DJ-UBS GRAINS SUB INDEX ETN	JJG		06739H-30-5		1,500		659,484		—		(98,672	)		560,811
IShares Comex Gold Trust ETF	IAU		464285-10-5		23,000		386,447		—		(264,722	)		121,725
Ishares Silver Trust ETF	SLV		46428Q-10-9		3,000		59,930		3,345		—			63,275
Market Vectors ETF Gold Miners	GDX		57060U-10-0		4,200		46,803		22,462		—			69,264
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		6,000		159,519		—		(2,530	)		156,989
MEDUSA MINING LTD	MLL		Q59444-10-1		10,000		94,533		36,384		—			130,917
NEWMONT MINING CORP	NEM		651639-10-6		1,010		54,038		37,916		—			91,954
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		3,039		25,472		34,989		—			60,461
ORVANA MINERALS CORP	ORV		68759M-10-1		15,000		53,942		15,376		—			69,318
PAN AMERICAN SILVER CORP	PAAS		697900-10-8		600		66,733		17,511		—			84,245
PLATMIN LTD COM	PPN CN		0B1B5G-C4-0		30,000		49,271		17,555		—			66,827
Powershares DB Multi Sector Comm	DBA		73936B-40-8		2,000		24,401		13,785		—			38,186
Powershares Multi Sectr Com Oil Fd	DBO		73936B-50-7		1,200		182,451		—		(72,826	)		109,625
PROSHARES TR PSHS ULSHT SP500	SDS		74347R-88-3		8,500		52,335		2,259		—			54,594
QUEENSTON MNG INC	QNMNF		74832E-10-8		9,000		57,561		4,667		—			62,228
RANDGOLD RES LTD	GOLD		752344-30-9		3,450		224,131		58,649		—			282,780
ROYAL GOLD INC	RGLD		780287-10-8		300		35,757		4,173		—			39,930
SEABRIDGE GOLD INC	SA		811916-10-5		800		59,335		2,075		—			61,410
Silver Wheaton Corp	SLW		828336-10-7		4,574		76,153		5,237		—			81,390
SPDR Gold Shares	GLD		78463V-10-7		1,850		252,823		66,877		—			319,700
SPROTT RESOURCE CORP	SCP		85207D-10-3		12,000		79,618		10,922		—			90,540
STILLWATER MNG CO	SWC		86074Q-10-2		4,100		260,042		—		(1,868	)		258,174
Swedish Export Credit Corp ETF	RJI		870297-80-1		1,500		248,697		—		(9,357	)		239,340
Swedish Expt Cr Corp	RJA		870297-60-3		11,080		59,628		5,072		—			64,700
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN		870297-30-6		7,530		30,557		3,307		—			33,864
URANIUM ONE INC COM	UUU CN		0B0V23-L6-4		26,000		310,958		—		(108,998	)		201,960
Zuercher KTBK Palladium ETF	ZPAL:SW	0B1XCL-D8-3			24		42,079		6,791		—			48,870
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-94-7			32		108,615		10,162		—			118,778
Zuercher KZKB Platinum ETF	ZPLA:SW	0B1XCL-H2-2			25		12,435		1,425		—			13,860
UNITED STS GASOLINE FD LP UNITS	UGA		91201T-10-2		650		25,690		1,679		—			27,369
Total 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 Fair
Investment Type	Symbol	Cusip ID		Shares		Cost		Gains		Losses			Value
Universal Insurance Holdings, Inc.
Equity Securities:
AGNICO EAGLE MINES LTD	AEM		008474-10-8		1,350	$	103,755	$	—	$	(210	)	$	103,545
ALEXCO RESOURCE CORP	AXU		01535P-10-6		12,150		73,339		26,169		—			99,509
ALLIED NEVADA GOLD CORP	ANV		019344-10-0		3,500		91,960		125		—			92,085
IPATH DJ-UBS GRAINS SUB INDEX ETN	JJG		06739H-30-5		700		28,141		9,022		—			37,163
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		82,365		742,477		—		(79,439	)		663,038
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-26-1		9,087		1,240,337		—		(898,575	)		341,762
URANIUM ONE INC COM	UUU CN		0B0V23-L6-4		27,500		122,761		8,975		—			131,736
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			41,500		54,611		25,235		—			79,846
ETFS COMMODITY SECS 0% SECD	HOGS:LN	0B15KX-Z7-7			102,500		110,161		1,974		—			112,135
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1			6,550		108,862		67,333		—			176,195
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW		0B3F8G-34-6		150		168,308		40,720		—			209,028
Zuercher KTBK Gold ETF	ZGLDUS:SW	0B3KZW-54-8			40		38,120		17,841		—			55,962
DACHA STRATEGIC METALS INC	DAC		233407-10-5		80,000		29,761		10,239		—			40,000
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		14,880		214,603		—		(84,105	)		130,498
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		1,100		175,649		18,072		—			193,721
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		4,700		132,577		11,854		—			144,431
ETFS GOLD TR SHS	SGOL		26922Y-10-5		350		40,228		9,259		—			49,487
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		2,340		116,433		70,439		—			186,872
ELDORADO GOLD CORP NEW	EGO		284902-10-3		14,500		265,431		3,834		—			269,265
EXETER RES CORP	XRA		301835-10-4		14,000		81,223		5,717		—			86,940
FORTUNA SILVER MINES INC	FVITF		349915-10-8		10,000		43,435		4,366		—			47,800
FRONTEER GOLD INC	FRG		359032-10-9		5,950		60,504		9,289		—			69,794
GLOBAL X URANIUM ETF	URA		37950E-75-4		5,000		98,896		3,455		—			102,350
GLOBAL X FDS SILVERS MINERS ETF	SIL		37950E-85-3		3,925		97,540		8,945		—			106,485
HARMONY GOLD MNG LTD	HMY		413216-30-0		5,000		61,651		1,050		—			62,700
HECLA MNG CO	HL		422704-10-6		9,400		64,682		41,162		—			105,844
IAMGOLD CORP	IAG		450913-10-8		16,900		300,961		—		(141	)		300,820
INTERNATIONAL TOWER HILL MINES	THM		46050R-10-2		12,588		107,349		19,412		—			126,761
Ishares Silver Trust ETF	SLV		46428Q-10-9		3,500		95,212		10,418		—			105,630
Market Vectors ETF Gold Miners	GDX		57060U-10-0		9,125		496,912		64,002		—			560,914
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		15,820		553,432		77,628		—			631,060
MOLYCORP INC DEL	MCP		608753-10-9		1,500		41,596		33,254		—			74,850
NEWMONT MINING CORP	NEM		651639-10-6		4,000		241,013		4,707		—			245,720
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		14,100		77,545		20,309		—			97,854
PAN AMERICAN SILVER CORP	PAAS		697900-10-8		2,750		106,093		7,234		—			113,328
Powershares DB Multi Sector Comm	DBA		73936B-40-8		23,650		610,050		155,028		—			765,078
RANDGOLD RES LTD	GOLD		752344-30-9		4,525		420,624		—		(48,081	)		372,543
ROYAL GOLD INC	RGLD		780287-10-8		1,900		100,723		3,074		—			103,797
SEABRIDGE GOLD INC	SA		811916-10-5		4,150		119,415		7,907		—			127,322
Silver Wheaton Corp	SLW		828336-10-7		12,140		393,559		80,386		—			473,946
STILLWATER MNG CO	SWC		86074Q-10-2		8,175		162,678		11,858		—			174,536
Swedish Expt Cr Corp	RJA		870297-60-3		119,900		868,695		416,633		—			1,285,328
UNITED STS GASOLINE FD LP UNITS	UGA		91201T-10-2		1,225		46,373		5,207		—			51,580
YAMANA GOLD INC	AUY		98462Y-10-0		5,350		60,213		8,267		—			68,480
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN		G3204R-10-1		900		88,521		34,330		—			122,851
Total Universal Insurance Holdings, Inc.					720,735	$	9,256,411	$	1,354,727	$	(1,110,552	)	$	9,500,586
Total equity securities					7,551,087	$	84,553,372	$	17,335,562	$	(7,472,537	)	$	94,416,397