Wrote May 16 Calls On EMC Corporation Shares

We wrote May 16 covered calls (EMCEQ) on our EMC Corporation (EMC) shares at $0.57 today. The options are set to expire in less than a month and if they get exercised we will realize an overall return of just over 10% in a month.

Below is our updated portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Altria (MO)	Various	16.69	22.30	4.06	33.65	5.1
Philip Morris International (MO)	1/4/2005	32.19	52	5.52	61.53	3.90
Kraft Foods (KFT)	Various	24.03	31.32	3.80	30.31	3.30
Plum Creek Timber (PCL)	5/12/2005	35.5	41.22	7.50	16.10	3.60
Pfizer (PFE)	Various	24.37	19.88	6.03	(18.42)	6.2
ICICI Bank (IBN)	5/18/2006	27.57	43.63	7.94	59.23	0.80
Taiwan Semi (TSM)	7/27/2006	8.71	10.70	6.49	23.05	3.60
Advantage Energy Fund (AAV)	11/2/2006	11.22	12.55	4.95	11.81	16.80
SunTech Power (STP) Call Value	3/14/2007	36.73	45	5.46	22.53	None
Central Europe & Russia Fund (CEE)	Various	51.03	50.70	6.15	(0.65)	17.90
Patni Computers (PTI)	8/10/2007	20.85	12.94	3.93	(37.98)	0.80
Itron Inc. (ITRI)	11/07/2007	85.01	105.21	6.38	23.62	None
Anthracite (AHR)	11/09/2007	7.97	7.65	4.64	(4.01)	15.60
ClickSoftware (CKSW)	11/09/2007	4.61	3.00	1.82	(34.92)	None
Harvest Energy (HTE)	11/28/2007	21.01	22.65	5.50	7.78	16.30
iRobot (IRBT)	12/18/2007	18.65	16.80	4.08	(9.15)	None
MCG Capital (MCGC)	Various	10.86	7.08	3.44	(34.82)	21.00
LDK Solar (LDK)	01/22/2008	30.49	31.47	5.73	3.20	None
EMC Corporation (EMC)	04/08/2008	15.00	15.89	5.06	5.96	None
Cash				14.33
Total Portfolio					6.28

• For EMC Corporation (EMC), we wrote covered calls for 2008 May 17 on 4/23/2008 at $0.57.
• For SunTech Power (STP), we wrote covered calls for 2008 June 45 on 4/1/2008 at $4.30.
• For Taiwan Semi (TSM), we wrote covered calls for 2008 October 12.5 on 4/21/2008 at $0.45.
• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info