Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Mar

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

SOLARFUN POWER HLDGS ADR

SOLF

$17.02

500

$8,530

QFGCD

$1.15

$558

20

23.5%

Comments:

Exercised get out price at $14.47 (-15%) on February 21 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.

PULTE HOMES

PHM

$13.58

700

$9,526

PHMCC

$0.80

$540

15

15.7%

Comments:

Exercised get out price at $11.54 (-15%) on March 7 after buying back calls at $0.05.

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 6 after buying back calls at $0.05.

RAMBUS INC

RMBS

$18.28

500

$9,160

BNQCD

$0.95

$458

20

13.9%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $17.67, and value including call premium is $10,150, up +10.8%. Will now sell Apr20 at $1.75 expiring on April 19, 2008. Called on April 19, 2008 at $25.00.

FRE

$28.40

300

$8,540

FRECF

$2.30

$676

30

13.1%

Comments:

Exercised get out price at $24.14 (-15%) on March 3 after buying back calls at $0.05.

D.R. HORTON INC

DHI

$13.82

700

$9,694

DHICC

$0.70

$470

15

13.0%

Comments:

Called on March 22 at $15.00.

LENNAR CORP CL A

LEN

$18.59

500

$9,315

LENCD

$1.05

$508

20

12.6%

Comments:

Exercised get out price at $15.80 (-15%) on March 7 after buying back calls at $0.05.

KB HOME

KBH

$23.85

400

$9,560

KBHCE

$1.60

$624

25

10.9%

Comments:

Exercised get out price at $20.27 (-15%) on March 17 after buying back calls at $0.05.

MELCO PBL ENTMNT LTD ADS

MPEL

$11.94

800

$9,572

NBQCV

$0.80

$618

12.5

10.7%

Comments:

Not called on March 22, 2008 (expiration weekend), price at $11.83, and value including call premium is $10,500, up +9.7%. Will now sell Apr12.5 at $0.55 expiring on April 19, 2008. Called on April 19, 2008 at $12.50.

Income from sale of calls is +$6,846.

All positions closed out in April.

Cost of these ten (10) stocks is $92,293. At April 19, 2008 (expiration weekend), this list value was $93,943, up 1.8%.