CGM Realty Fund is up 26.96% in April 2009

As of 4/30/09, our investment in CGM Realty Fund, ran by Ken Heebner is up 26.95% for 1 month and 6.66% for 3-months.

Although, it is still down 54.37% for the past year, it is nice to see the fund back on a positive track and I believe there is much more to come.

The top 10 holdings as of 4/30/09 are:

1. Annaly Capial Management, Inc., symbol: NLY
2. Federal Realty Investment Trust, symbol: FRT
3. ProLogis Trust, symbol: PLD
4. Home Properties, Inc., symbol: HME
5. Macerich Company, symbol: MAC
6. Simon Property Group, Inc., symbol: SPG
7. Alexandria Real Estate Equities, Inc., symbol: ARE
8. Digital Realty Trust, Inc., symbol: DLR
9. Taubman Centers, Inc., symbol: TCO
10. Developers Diversified Realty, symbol: DDR

I believe we are in the last lap of our housing crisis and I believe that we will begin to see stronger demand for residental, retail and commercial properties by this time next year.

As a company we remain positioned with a strong balance sheet and ready to take advantage of any purchasing opportunies that may present itself.

Respectfully,

BILL