Securities Portfolio Performance as of September 30, 2012

As of September 30, 2012, M1’s securities portfolio was valued at $519,146, approximately 14.1% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 22% in residential, 10% in office and industrial, 12% in mortgage, 18% in retail, 8% in student housing, and 30% in CGM Realty fund.  Our three largest holdings were in the following mutual fund/REITs:  CGM Realty fund, Realty Income, and Annaly Capital.  During the 3Q12, we added to our positions in Home Properties, Annaly Capital, American Campus Communities, and Realty Income.

Our securities portfolio performance during the third quarter was 0.26%; since inception our securities portfolio has returned 26.75%.

Securities Portfolio Performance as of June 30 , 2012

As of June 30, 2012, M1’s securities portfolio was valued at $471,076, approximately 12.3% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 22% in residential, 10% in office and industrial, 12% in mortgage, 14% in retail, 8% in student housing, and 34% in CGM Realty fund. Our three largest holdings were in the following mutual fund/REITs: CGM Realty fund, Realty Income, and Annaly Capital. During the 2Q, we added to our positions in Home Properties and Annaly Capital and initiated new positions in D.R. Horton and Vanguard REIT. Our securities portfolio performance during the second quarter was 3.72%; since inception our securities portfolio has returned 26.82%.

Securities Portfolio Performance as of March 31, 2012

As of March 31, 2012, M1’s securities portfolio was valued at $423,744, approximately 12.3% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 17% in residential REITs, 11% in office and industrial REITs, 11% in mortgage REITs, 15% in retail REITs, 8% in student housing REITs, and 38% in CGM Realty fund. Our three largest holdings were in the following mutual fund/REITs: CGM Realty fund (CGMRX), Realty Income (O), and Annaly Capital (NLY). During the 1Q, we added to our positions in American Campus (ACC), Home Properties (HME), and Realty Income (O).

Our securities portfolio performance during the first quarter was 11.42%; since inception our securities portfolio has returned 33.30%.

Securites Portfolio Report as of December 31, 2011

As of December 31, 2011, M1’s securities portfolio was valued at $363,199, approximately 10.6% of total assets. The portfolio is comprised of real estate investment trusts and mutual funds, allocating 17% in residential REITs, 11% in office and industrial REITs, 12% in mortgage REITs, 13% in retail REITs, 7% in student housing REITs, and 40% 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 4Q, we added to our positions in American Campus (ACC) and CGM Realty (CGMRX). Our securities portfolio performance during the fourth quarter was 11.48%; since inception our securities portfolio has returned 19.22%.