Taiwan Semiconductor April 12.5 (TSMDV) Expired Worthless While Cypress Semiconductor April 27 (CYDB) Covered Calls Was Exercised

The April 12.5 covered calls (TSMDV) on our Taiwan Semiconductor (TSM) shares we wrote on 10/18/2007 expired worthless yesterday. The April 27 covered calls (CYDB) on our Cypress Semiconductor (CY) shares we wrote on 04/04/2008 was exercised automatically as the options ended on-the-money yesterday and our CY shares were called away.

Below is our updated portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Altria (MO)	Various	16.69	22.10	4.00	32.45	5.1
Philip Morris International (MO)	1/4/2005	32.19	49.96	5.30	55.19	3.90
Kraft Foods (KFT)	Various	24.03	31.73	3.80	30.85	3.30
Plum Creek Timber (PCL)	5/12/2005	35.5	42.01	7.61	18.33	3.60
Pfizer (PFE)	Various	24.37	20.47	6.18	(15.99)	6.2
ICICI Bank (IBN)	5/18/2006	27.57	42.18	7.64	52.97	0.80
Taiwan Semi (TSM)	7/27/2006	8.71	11.11	6.71	27.78	3.60
Advantage Energy Fund (AAV)	11/2/2006	11.22	12.36	4.85	10.12	16.80
SunTech Power (STP) Call Value	3/14/2007	36.73	45	5.43	22.53	None
Central Europe & Russia Fund (CEE)	Various	51.03	50.89	6.14	(0.28)	17.90
Patni Computers (PTI)	8/10/2007	20.85	14.02	4.23	(32.81)	0.80
Itron Inc. (ITRI)	11/07/2007	85.01	98.22	5.93	15.40	None
Anthracite (AHR)	11/09/2007	7.97	7.78	4.70	(2.38)	15.60
ClickSoftware (CKSW)	11/09/2007	4.61	2.90	1.75	(37.09)	None
Harvest Energy (HTE)	11/28/2007	21.01	23.54	5.68	12.02	16.30
iRobot (IRBT)	12/18/2007	18.65	17.29	4.18	(6.50)	None
MCG Capital (MCGC)	Various	10.86	7.35	3.55	(32.33)	21.00
LDK Solar (LDK)	01/22/2008	30.49	32.89	5.96	7.86	None
EMC Corporation (EMC)	04/08/2008	15.00	15.52	4.94	3.50	None
Cash				13.81
Total Portfolio					6.82

• For SunTech Power (STP), we wrote a covered call option for 2008 June 45 on 4/1/2008 at $4.30.
• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info