Bought Fannie Mae (FNM)

We purchased Fannie Mae (FNM) at $30.70 yesterday. As indicated through our SINLetter portfolio selections, it looked good at $40 and even better 25% down. Below are our updated stock positions:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Philip Morris (MO)	1/4/2005	46.54	72.53	9.61	55.84	3.90
Kraft Foods (KFT)	1/4/2005	21.11	31.33	2.87	48.39	3.30
Plum Creek Timber (PCL)	5/12/2005	35.5	39.99	7.95	12.64	3.60
Pfizer (PFE)	2/6/2006	25.15	22.33	5.92	(11.23)	5.60
ICICI Bank (IBN)	5/18/2006	27.57	59.39	11.81	115.39	0.80
Taiwan Semi (TSM)	7/27/2006	8.71	9.75	6.46	11.93	3.60
Advantage Energy Fund (AAV)	11/2/2006	11.22	10.46	4.51	(6.81)	16.80
SunTech Power (STP)	3/14/2007	36.73	45	5.96	22.53	None
Central Europe & Russia Fund (CEE)	6/28/2007	51.5	49.63	6.58	(2.75)	17.90
Patni Computers (PTI)	8/10/2007	20.85	13.04	4.32	(37.51)	0.80
Itron Inc. (ITRI)	11/07/2007	85.01	78.01	5.17	(8.34)	None
Anthracite (AHR)	11/09/2007	7.97	6.65	4.41	(16.56)	15.60
ClickSoftware (CKSW)	11/09/2007	4.61	3.05	2.02	(33.84)	None
Harvest Energy (HTE)	11/28/2007	21.01	25.04	6.64	19.15	16.30
iRobot (IRBT)	12/18/2007	18.65	18.86	4.06	1.12	None
MCG Capital (MCGC)	12/21/2007	11.86	12.31	4.89	3.83	14.00
LDK Solar (LDK)	01/22/2008	30.49	34.34	6.83	12.62	None
Fannie Mae (FNM)	03/15/2008	30.49	29.39	7.79	(4.28)	4.76
Cash				0.08
Total Portfolio					8.95

• For SunTech Power (STP), we wrote a covered call option for 2008 March 45 on 10/15/2007 at $5 and so the price is listed as $45 as we won’t participate in the appreciation beyond that plus the premium received.
• For Taiwan Semiconductor (TSM), we wrote a covered call option for 2008 April 12.5 at $0.35 on 10/18/2007.
• For LDK Solar (LDK), we wrote a covered call option for 2008 March 40 at $3 on 2/13/2008.