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VDE Position Update

|Includes:CVX, Vanguard Energy ETF (VDE), XOM

VDE at 105.something. Me 211 long and strangle 100 at $101.00 net about $1300, is in the money.

We are near fair value on XOM and CVX now. XOM comprises more than 20% of this fund.

Salud,

Scott

Disclosure: I am long VDE.

Additional disclosure: 211 long, short (1 contract) strangle sold at $101 December for ~1300 income.

Stocks: VDE, XOM, CVX