Securities Portfolio Report as of September 30, 2011

As of September 30, 2011, M1’s securities portfolio was valued at $328,794, approximately 9.7% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 17% in residential REITs, 14% in office and industrial REITs, 15% in mortgage REITs, 13% in retail REITs, 6% in student housing REITs, and 35% in CGM Realty fund. Our three largest holdings were in the following mutual fund/REITs: CGM Realty fund (CGMRX), Annaly Capital (NLY), and Realty Income (O). During the 3Q, we added to our positions in American Campus (ACC), Annaly Capital (NLY), Home Properties (HME), UDR (UDR), Washington Real Estate Trust (WRE), and CGM Realty (CGMRX). We eliminated our positions in Digital Realty (DLR) and Investor RE Trust (IRET). Our securities portfolio performance during the quarter was -10.54%; since inception our securities portfolio has returned 6.97%.