First Ship Lease Trust - Hold calls as not much upside left.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

06/10/10 DBS Vickers First Ship Lease Trust 0.395 0.36 Fully Valued
07/27/10 DBS Vickers First Ship Lease Trust 0.42 0.4 Fully Valued
10/26/10 DBS Vickers First Ship Lease Trust 0.47 0.45 Fully Valued Target yield 12%

05/19/10 OCBC First Ship Lease Trust 0.48 0.48 Hold FCFE Model (25% discount)