Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Mar

 Option Bid Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

NUTRISYSTEM INC

NTRI

$23.11

400

$9,264

NSICF

$1.15

$444

30

34.1%

Comments:

Stock tanked on February 20. Held five days to Feb 27 for bounce. Sold all shares at $15.32 to close out position.

FANNIE MAE

FNM

$29.39

300

$8,834

FNMCG

$1.05

$301

35

22.0%

Comments:

Exercised get out price at $24.98 (-15%) on March 4 after buying back calls at $0.05.

W.R. GRACE & CO

GRA

$22.02

400

$8,828

GRACE

$1.30

$504

25

18.8%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $21.67, and value including call premium is $9,456, up +7.1%. Will now sell Apr25 at $0.75 expiring on April 19, 2008.  Called on April 19, 2008 at $25.00.

FIRST MARBLEHEAD CORP

FMD

13.64

700

$9,568

FMDCC

$0.80

$540

15

15.2%

Comments:

Exercised get out price at $11.59 (-15%) on March 3 after buying back calls at $0.05.

VALUECLICK INC

VCLK

$22.41

400

$8,984

QCSCE

$0.70

$264

25

14.0%

Comments:

Exercised get out price at $19.05 (-15%) on March 3 after buying back calls at $0.05.

FHN

$18.46

500

$9,250

FHNCD

$0.85

$408

20

12.3%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $17.17, and value including call premium is $9,250, up +0.0%. Not called on March 22, 2008 (expiration weekend), price at $17.17, and value including call premium is $9,250, up +0.0%. Will now sell Apr20 at $0.55 expiring on April 19, 2008.Exercised get out price at $15.69 (-15%) on March 27 after buying back calls at $0.05.

SHANDA INTERACTV ENT LTD

SNDA

$28.26

300

$8,498

QKUCF

$1.50

$436

30

10.8%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $26.68, and value including call premium is $8,575, up +0.9%. Will now sell Apr30 at $0.50 expiring on April 19, 2008. Called on April 19, 2008 (expiration weekend), at $30.00.

INTERDIGITAL INC

IDCC

$18.76

500

$9,400

DAQCD

$0.90

$433

20

10.8%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $19.46, and value including call premium is $10,745, up +14.3%. Will now sell Apr20 at $1.20 expiring on April 19, 2008. Not called on April 19, 2008 (expiration weekend), price at $18.82. Sold all shares at $18.82 to close out position.

PETSMART INC

PETM

$23.00

400

$9,220

QPTCE

$0.55

$204

25

10.5%

Comments:

Exercised get out price at $19.55 (-15%) on March 7 after buying back calls at $0.05.

CYPRESS SEMICONDUCTOR CP

CY

$23.65

400

$9,480

CYCE

$1.10

$424

25

9.7%

Comments:

Exercised get out price at $20.10 (-15%) on March 7 after buying back calls at $0.05.

Income from sale of calls is +$4,945.

All positions closed out in April.

Cost of these ten (10) stocks is $91,329. At April 19, 2008 (expiration weekend), this list value was $86,375, down (5.4%).