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%.