SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

SCHEDULE 13G

(Rule 13d-102)

Under the Securities Exchange Act of 1934

INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES

13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)

(Amendment No. 1 )*

National Patent Development Corporation

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

3763951098

(CUSIP Number)

12/31/2010

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed.

¨ Rule 13d-1(b)

¨ Rule 13d-1(c)

x Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 5 Pages

CUSIP No. 3763951098

SCHEDULE 13G

Page 2 of 5 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) FROST GAMMA INVESTMENTS TRUST
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ 60; (b) ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION FLORIDA
NUMBER OF		5	SOLE VOTING POWER	1,603,400
SHARES BENEFICIALLY		6	SHARED VOTING POWER	0
OWNED BY EACH		7	SOLE DISPOSITIVE POWER	1,603,400
REPORTING PERSON WITH		8	SHARED DISPOSITIVE POWER	0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,603,400
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* ¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.12%
12	TYPE OF REPORTING PERSON* oo

CUSIP No. 3763951098

SCHEDULE 13G

Page 3 of 5 Pages

Item 1(a). Name of Issuer. National Patent Development Corporation

Item 1(b). Address of Issuer’s Principal Executive Offices.

100 South Bedford Road, Suite 2R

Mount Kisco, NY 10549

Item 2(a). Name of Person Filing.

Frost Gamma Investments Trust

Item 2(b).

Address of Principal Business Office or, if None, Residence.

4400 Biscayne Boulevard

Miami, FL 33137

Item 2(c).

Citizenship.

Unites States

Item 2(d).

Title of Class of Securities.

Common Stock

Item 2(e).

CUSIP Number.

3763951098

Item 3.

If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), identify the status of the person filing.

Not Applicable

Item 4.

Ownership.

(a) Amount beneficially owned: 1,603,400

(b) Percent of class: 9.12%

(i) Sole power to vote or direct the vote: 1,603,400

(ii) Shared power to vote or direct the vote: 0

(iii) Sole power to dispose or direct the disposition of: 1,603,400

(iv) Shared power to dispose or direct the disposition of: 0

CUSIP No. 3763951098

SCHEDULE 13G

Page 4 of 5 Pages

Item 5.

Ownership of Five Percent or Less of a Class.

If this Statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. o

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable