Current holdings as of 3/7/08

Current holdings and gain (loss) to date:

5/7/07 tranche
FDG +109.87%
JAKK +8.80%
MOCO +1.75%
MTEX -50.41%
AXCA (merger 2/8/08) +29.79%

Tranche cumulative = 19.97%, VFINX = -12.91%

7/9/07 tranche
EPIQ -15.55%
IVAC -45.77%
LRCX -26.63%
PACR -32.31%
PBT +75.03%

Tranche = -9.02%, VFINX = -14.39%

9/7/07 tranche
FTO -22.37%
KG -40.73%
BPT +34.17%
HSII -16.06%
TZOO -46.21%

Tranche = -18.46%, VFINX = -11.68%

11/7/07 tranche
BBSI -4.24%
BVF -27.06%
HOC -22.21%
LCAV -22.47%
ASPV (merger 1/7/08) +2.12%

Tranche = -14.71%, VFINX = -14.28%

1/7/08 tranche
RAIL +20.24%
EPAX +7.71%
SIMG +9.24%
VPHM +1.67%
IAR -68.05%

Tranche = -5.94%, VFINX = -8.03%

3/7/08 tranche
HLYS -2.30%
ICFI -0.56%
PRXI +2.65%
SRSL -3.03%
USMO -4.57%

Tranche = -1.56%, VFINX = -0.85%