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PADCO ADVISORS INC /MD NEW
> UDR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2010 | UDR, Inc. | UDR | 0 | -25,888 | 0 | -495,000 | |
| 09/30/2010 | UDR, Inc. | UDR | 0 | -25,888 | 0 | -495,000 | |
| 09/30/2010 | UDR, Inc. | UDR | 0 | -25,888 | 0 | -495,000 | |
| 06/30/2010 | UDR, Inc. | UDR | 25,888 | -3,643 | 495,000 | 10,000 | $19.12 |
| 03/31/2010 | UDR, Inc. | UDR | 31,318 | 1,787 | 552,000 | 67,000 | $17.63 |
| 12/31/2009 | UDR, Inc. | UDR | 29,531 | -33,859 | 485,000 | -513,000 | $16.42 |
| 09/30/2009 | UDR, Inc. | UDR | 63,390 | 52,375 | 998,000 | 884,000 | $15.74 |
| 06/30/2009 | UDR, Inc. | UDR | 11,015 | -5,155 | 114,000 | -25,000 | $10.35 |
| 03/31/2009 | UDR, Inc. | UDR | 16,170 | -2,210 | 139,000 | -114,000 | $8.60 |
| 12/31/2008 | UDR, Inc. | UDR | 18,380 | 18,380 | 253,000 | 253,000 | $13.76 |
| 09/30/2008 | UDR, Inc. | UDR | 22,576 | 11,258 | 590,000 | 337,000 | $26.13 |
| 06/30/2008 | UDR, Inc. | UDR | 11,318 | -2,810 | 253,000 | -93,000 | $22.35 |
| 03/31/2008 | UDR, Inc. | UDR | 14,128 | 5,711 | 346,000 | 179,000 | $24.49 |
| 12/31/2007 | UDR, Inc. | UDR | 8,417 | -5,038 | 167,000 | -160,000 | $19.84 |
| 09/30/2007 | UDR, Inc. | UDR | 13,455 | 953 | 327,000 | -2,000 | $24.30 |
| 06/30/2007 | UDR, Inc. | UDR | 12,502 | -9,270 | 329,000 | -338,000 | $26.32 |
| 03/31/2007 | UDR, Inc. | UDR | 21,772 | 21,772 | 667,000 | 667,000 | $30.64 |
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