SCHEDULE OF INVESTMENTS

AS OF SEPTEMBER 30, 2009

Codes

Fair Value

Change in Book / Adjusted Carrying Value

Interest

Investment Type

Cusip ID

Code

Foreign

Bond CHAR

NAIC Desig-nation

Actual Cost

Gross Unrealized Gains

Gross Unrealized Losses

Rate Used to Obtain Fair Value

Fair Value

Par Value

Book / Adjusted Carrying Value

Unrealized Valuation Increase / (Decrease)

Current Year's (Amortization) / Accretion

Current Year's Other Than Temporary Impairment Recognized

Total Foreign Exchange Change in Book / Adjusted Carrying Value

Rate of

Effective Rate of

When Paid

Admitted Amount Due and Accrued

Amount Received During Year

Fixed maturities, available for sale:   

  Universal Property and Casualty Insurance Company:   

   US government and agency obligations     

    US Treasury Note

912828-GZ-7

SD

1

$    144,517

$  5,594

$            -

109.188

$     147,403

$     135,000

$       41,809

$          -

$ (1,716)

$          -

$          -

4.625

2.780

JJ

$ 1,052

$6,244

    US Treasury Note

912828-KC-3

SD

1

35,169

51

-

100.531

35,186

35,000

35,135

-

(34)

-

-

2.000

1.842

FA

89

241

    US Treasury Inflation Index Bond

912828-LA-6

1

8,113,941

-

(15,800)

103.821

8,098,015

7,800,000

8,113,347

(468)

(127)

-

-

1.875

1.535

JJ

31,265

-

    US Treasury Inflation Index Bond

912828-EA-4

1

10,265,078

30,670

-

114.382

10,294,419

9,000,000

10,258,979

(4,770)

(1,329)

-

-

1.875

1.347

JJ

39,600

-

       Total US government and agency obligations  

$18,558,705

$36,315

$(15,800)

$18,575,023

$16,970,000

$18,549,270

$(5,238)

$ (3,206)

$          -

$          -

$72,006

$6,485

Total fixed maturities, available for sale

$18,558,705

$36,315

$(15,800)

$18,575,023

$16,970,000

$18,549,270

$(5,238)

$ (3,206)

$          -

$          -

$72,006

$6,485

Dates

Acquired

Maturity

7/15/2008

7/31/2012

2/19/2009

2/15/2012

9/29/2009

7/15/2019

9/21/2009

7/15/2015

Investment Type

Symbol

Cusip ID

Number of Shares

Amortized Cost / Book Value

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

Equity securities:

  Universal Property and Casualty Insurance Company

     Barclays BK PLC

JJU

06739H-32-1

14,000

$     311,392

$      66,258

$             -

$ 377,650

     Claymore Gold Bullion Tr Tr Unit

CGL

18385M-21-5

165,000

1,440,217

-

(2,820)

1,437,397

     Claymore Silver Bullion Tr Tr Unit

SVR

18387H-15-6

126,000

1,229,367

3,278

-

1,232,645

     El Dorado Gold Corp New

EGO

284902-10-3

23,000

266,286

-

(4,086)

262,200

     ETF Metal Sec Ltd St Heiler Gold

PHAU:LN

G3204R-10-1

7,500

737,675

7,105

-

744,780

     ETFS Cmmdty Secs Ltd Corn

CORN:LN

G3204Q-28-5

400,000

497,320

15,480

-

512,800

     ETFS Cmmdty Secs Ltd Wheat

WEAT:LN

G3204Q-22-8

267,000

517,836

-

(25,221)

492,615

     ETFS Gold Tr Shs

SGOL

26922Y-10-5

12,500

1,248,059

11,566

-

1,259,625

     ETFS Metal Security ETFS Physical S

PHAG:LN

G3204R-13-5

30,750

501,994

-

(3,613)

498,381

     Freeport-McMoran Copper & Gold Inc

FCX

35671D-85-7

7,200

198,831

295,161

-

493,992

     Gold Corp Inc New

GG

380956-40-9

5,000

204,725

-

(2,875)

201,850

     Horizons Betapro Winter Term Nymex

HNU

44046T-10-0

25,000

199,788

52,962

-

252,750

     Monsanto Co New

MON

61166W-10-1

16,000

1,251,582

-

(13,182)

1,238,400

     Walter Energy Inc

WLT

93317Q-10-5

8,010

112,202

368,879

-

481,081

     Yamana Gold Inc

AUY

98462Y-10-0

10,000

108,579

-

(1,479)

107,100

     Agnico Eagle Mines Ltd

AEM

008474-10-8

9,000

607,304

3,346

-

610,650

     Anglogold Ashanti Ltd

AU

035128-20-6

4,000

168,820

-

(5,780)

163,040

     Barrick Gold Corp

ABX

067901-10-8

58,000

1,826,065

372,135

-

2,198,200

     Central Gold Trust

GTU

153546-10-6

17,500

704,241

-

(7,741)

696,500

     Silver Wheaton Corp

SLW

828336-10-7

106,200

755,543

581,515

-

1,337,058

     BHP Billiton Ltd ADR

BHP

088606-10-8

17,130

629,502

501,249

-

1,130,751

     Rio Tinto PLC ADR

RTP

767204-10-0

8,370

858,088

567,239

-

1,425,327

     Direxion Shs ETF Tr DL Y LRG CAP BE

BGZ

25459W-85-4

95,000

2,062,390

-

(28,440)

2,033,950

     ETFS Commodity Secs 0% Secd

HOGS:LN

0B15KX-Z7-7

50,000

41,588

5,412

-

47,000

     ETFS Commodity Secs Cotton Etc

COTN:LN

0B15KX-T1-7

220,000

355,600

-

(5,800)

349,800

     ETFS Metal Securitie Ltd Palladium

PHPD:LN

G3204R-11-9

152,010

3,459,543

1,024,752

-

4,484,295

     ETFS Metal Securities Ltd Platinum

PHPT:LN

B1VS2W-53-8

30,690

2,956,182

963,852

-

3,920,034

     ETFS Silver Tr Silver Shs

SIVR

26922X-10-7

160,000

2,349,077

318,123

-

2,667,200

     Market Vectors ETF Gold Miners

GDX

57060U-10-0

23,500

891,285

173,030

-

1,064,315

     Powershares DB Multi Sector Comm

DBA

73936B-40-8

151,000

3,727,499

116,961

-

3,844,460

     Powershares Multi Sector Metals Fd

DBB

73936B-70-5

68,000

1,219,553

23,487

-

1,243,040

     Swedish Export Credit Corp ETF

RJI

870297-80-1

230,000

1,616,479

-

(6,479)

1,610,000

     Swedish Expt Cr Corp

RJA

870297-60-3

458,100

3,493,003

-

(281,768)

3,211,235

     Swedish Expt Cr Corp RG Enrgy ETN2

RJN

870297-30-6

140,000

783,861

36,539

-

820,400

     Swedish Expt Cr Corp RG Metal ETN2

RJZ

870297-40-5

142,000

1,215,309

22,931

-

1,238,240

     United States 12 Month Oil Fnd ETF

USL

91288V-10-3

20,000

718,043

13,957

-

732,000

     United States Heating Oil Fnd ETF

UHN

91204P-10-7

8,500

156,400

55,505

-

211,905

     Claymore Gold Bullion Tr Tr Unit

CGL

18385M-20-7

79,000

651,668

36,537

-

688,205

     Claymore Silver Bullion Tr Tr Unit

SVR

18387H-16-4

114,600

993,233

127,889

-

1,121,122

     Zuercher KTBK Gold ETF

ZGLDUS:SW

0B3KZW-54-8

3,000

3,008,500

-

(9,280)

2,999,220

     Zuercher KTBK Palladium ETF

ZPAL:SW

0B1XCL-D9-1

3,785

2,447,838

1,101,304

-

3,549,142

     Zuercher KTBK Silver ETF

ZSIL:SW

0B1XCL-95-4

80

98,641

25,563

-

124,204

     Zuercher KZKB Platimum ETF

ZPLA:SW

0B1XCL-H3-0

1,120

1,904,978

400,539

-

2,305,517

3,487,545

$ 48,526,086

$7,292,554

$ (398,564)

$ 55,420,076

Investment Type

Symbol

Cusip ID

Number of Shares

Amortized Cost / Book Value

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

American Platinum Property and Casualty Insurance Company

     Barrick Gold Corp

ABX

067901-10-8

1,000

$ 37,245

$ 655

$ -

$ 37,900

     Silver Wheaton Corp

SLW

828336-10-7

5,000

63,267

-

(317)

62,950

     Market Vectors ETF Gold Miners

GDX

57060U-10-0

1,000

42,970

2,320

-

45,290

     Powershares DB Multi Sector Comm

DBA

73936B-40-8

3,500

87,113

1,997

-

89,110

     Swedish Export Credit Corp ETF

RJI

870297-80-1

7,000

49,350

-

(350)

49,000

     Swedish Expt Cr Corp

RJA

870297-60-3

9,000

72,660

-

(9,571)

63,089

     Claymore Silver Bullion Tr Tr Unit

SVR

18387H-16-4

5,000

49,200

-

(285)

48,915

     Horizon Natural Gas

HNU

44045F-20-0

1,000

15,337

-

(122)

15,215

     ETF Metal Secs Physical Silver

PHAG:LN

0B285Z-K5-2

2,000

24,530

7,872

-

32,402

34,500

$ 441,672

$12,844

$ (10,645)

$ 443,871

Investment Type

Symbol

Cusip ID

Number of Shares

Amortized Cost / Book Value

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

Universal Insurance Holdings, Inc.

     Equity Securities:

     Claymore Gold Bullion Tr Tr Unit

CGL

18385M-21-5

65,000

$      565,665

$       583

$             -

$        566,248

     Claymore Silver Bullion Tr Tr Unit

SVR

18387H-15-6

85,900

832,804

7,547

-

840,351

     El Dorado Gold Corp New

EGO

284902-10-3

13,000

149,133

-

(933)

148,200

     ETF Metal Sec Ltd St Heiler Gold

PHAU:LN

G3204R-10-1

7,500

737,675

7,105

-

744,780

     ETFS Cmmdty Secs Ltd Corn

CORN:LN

G3204Q-28-5

200,000

248,660

7,740

-

256,400

     ETFS Cmmdty Secs Ltd Wheat

WEAT:LN

G3204Q-22-8

150,000

291,463

-

(14,713)

276,750

     ETFS Gold Tr Shs

SGOL

26922Y-10-5

2,000

200,060

1,480

-

201,540

     Goldcorp Inc New

GG

380956-40-9

2,000

81,890

-

(1,150)

80,740

     Monsanto Co New

MON

61166W-10-1

6,000

468,236

-

(3,836)

464,400

     Yamana Gold Inc

AUY

98462Y-10-0

5,000

54,290

-

(740)

53,550

     Agnico Eagle Mines Ltd

AEM

008474-10-8

3,000

200,845

2,705

-

203,550

     Anglogold Ashanti Ltd

AU

035128-20-6

2,000

84,410

-

(2,890)

81,520

     Central Gold Trust

GTU

153546-10-6

2,500

104,794

-

(5,294)

99,500

     BHP Billiton Ltd ADR

BHP

088606-10-8

1,500

55,391

43,624

-

99,015

     Rio Tinto PLC ADR

RTP

767204-10-0

2,400

350,768

57,928

-

408,696

     Direxion Shs ETF Tr Dly Lrg Cap BE

BGZ

25459W-85-4

20,000

433,740

-

(5,540)

428,200

     ETFS Commodity Secs 0% Secd

HOGS:LN

0B15KX-Z7-7

50,000

41,588

5,412

-

47,000

     ETFS Commodity Secs Aluminum

ALUM:LN

0B15KX-N5-4

38,000

152,190

33,725

-

185,915

     ETFS Commodity Secs Cotton Etc

COTN:LN

0B15KX-T1-7

80,000

128,712

-

(1,512)

127,200

     ETFS Metal Securities Ltd Platinum

PHPT:LN

B1VS2W-53-8

500

53,657

10,208

-

63,865

     ETFS Silver Tr Silver Shs

SIVR

26922X-10-7

70,000

1,036,138

130,762

-

1,166,900

     Julius Baer Invt Fnds ETF Gold

JBGOUA:SW

0B3F8G-34-6

230

217,800

10,795

-

228,595

     Market Vectors ETF Gold Miners

GDX

57060U-10-0

11,500

440,717

80,118

-

520,835

     Powershares DB Multi Sector Comm

DBA

73936B-40-8

86,000

2,115,421

74,139

-

2,189,560

     Powershares Multi Sector Metals Fd

DBB

73936B-70-5

12,000

215,215

4,145

-

219,360

     Swedish Expt Credit Corp ETF

RJI

870297-80-1

92,000

648,010

-

#

(4,010)

644,000

     Swedish Expt Cr Corp

RJA

870297-60-3

245,000

1,844,977

-

(127,552)

1,717,425

     Swedish Expt Cr Corp Rg Enrgy ETN2

RJN

870297-30-6

50,000

273,456

19,544

-

293,000

     Swedish Expt Cr Corp Rg Metal ETN2

RJZ

870297-40-5

65,000

556,099

10,701

-

566,800

     United States 12 Month Oil Fnd ETF

USL

91288V-10-3

8,500

307,230

3,870

-

311,100

     Claymore Silver Bullion Tr Tr Unit

SVR

18387H-16-4

30,000

264,281

29,206

-

293,487

     ETF Metal Secs Physical Silver

PHAG:LN

0B285Z-K5-2

10,000

122,400

39,610

-

162,010

     Zuercher KTBK Gold ETF

ZGLDUS:SW

0B3KZW-54-8

130

123,891

6,075

-

129,966

     Zuercher KTBK Palladium ETF

ZPAL:SW

0B1XCL-D9-1

380

247,588

108,733

-

356,321

     Zuercher KTBK Silver ETF

ZSIL:SW

0B1XCL-95-4

480

635,037

110,185

-

745,222

1,417,520

$ 14,284,231

$ 805,940

$ (168,170)

$ 14,922,001

          Total equity securities

4,939,565

$ 63,251,989

$8,111,338

$ (577,379)

$ 70,785,948