Short Portfolio 16

xx x May 21, 2008

I decided to replace the orginal Short Portfolio 16 on May 21st. Instead of re-balancing the long and short portfolios I simply kept the beginning balance of the above new Short Portfolio 16 the same as the ending balance of the first Short Portfolio 16 below. By adjusting the number of shares of three of the stocks in the new portfolio I was able to keep the difference between the two balances to fifteen cents.

xxx May 16, 2008 to May 21, 2008