Securities Portfolio Performance as of September 30, 2013

Securities portfolio:  As of September 30, 2013, M1’s securities portfolio was valued at $920,377, approximately 14.22% of total assets. The portfolio is comprised of real estate investment trusts allocating 14% in residential, 7% in office and industrial, 5% in healthcare, 25% in mortgage, 33% in retail, 6% in student housing, 4% in shopping centers, and 6% in Vanguard REIT.  Our three largest holdings were in the following REITs:  Realty Income, Annaly Capital, and National Retail Properties, Inc.  During 3Q13, we did not add, reduce, eliminate or initiate any new positions. Our securities portfolio performance during the third quarter was -14.06%; since inception our securities portfolio has returned -2.76%.