2Q11 Securities Portfolio Report

As of June 30, 2011, M1’s securities portfolio was valued at $321,408, approximately 9.6% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 13.58% in residential REITs, 13.95% in office and industrial REITs, 12.82% in specialty REITs, 11.5% in retail REITs, 3.3% in student housing REITs, and 44.85% in CGM Realty fund. Our three largest holdings were in the following mutual fund/REITs: CGM Realty fund (CGMRX), Realty Income (O), and Mack-Cali Realty (CLI). During the 2Q, we added to our positions in Annaly Capital, Washington Real Estate Trust, UDR, Investor Real Estate Trust, and CGM Realty fund. Our securities portfolio performance during the quarter was 2.34%; since inception our portfolio has returned 23.30%.