Purchased Itron Inc. (ITRI)

We purchased Itron Incorporated at $85.01/share yesterday. Itron is primarily a meter reading equipment maker for utilities. This segment is expected to experience good growth going forward. Itron has global presence and has Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI) based products. AMI promises to optimize energy delivery and consumption by providing energy rate information on-demand.

Here is our updated Stock Portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Philip Morris (MO)	1/4/2005	46.54	71.98	8.85	54.66	4.29
Kraft Foods (KFT)	1/4/2005	21.11	33.33	2.83	57.86	3.15
Plum Creek Timber (PCL)	5/12/2005	35.5	42.3	7.8	19.14	3.74
Pfizer (PFE)	2/6/2006	25.15	23.32	5.74	(7.29)	4.63
ICICI Bank (IBN)	5/18/2006	27.57	64.34	11.87	133.34	0.92
Taiwan Semi (TSM)	7/27/2006	8.71	10.2	6.27	17.11	3.4
Harvest Energy (HTE)	11/2/2006	23.46	28.1	7.34	19.76	17.48
Advantage Energy Fund (AAV)	11/2/2006	11.22	12.34	4.93	9.94	15.03
SunTech Power (STP)	3/14/2007	36.73	45	5.53	22.53	0
Central Europe & Russia Fund (CEE)	6/28/2007	51.5	62.62	5.78	21.44	9.6
Patni Computers (PTI)	8/10/2007	20.85	16.71	5.14	(19.92)	0.64
Bank Of Ireland (IRE)	10/1/2007	76.43	62.46	4.80	(18.28)	4.5
Asure Software (ASUR)	10/5/2007	1.31	1.38	4.24	5.24	0
Frontline Limited (FRO)	10/26/2007	43.51	42.18	5.19	(3.05)	13.81
Canadian Solar Inc. (CSIQ)	10/30/2007	10.60	11.84	7.28	11.70	0
Itron Inc. (ITRI)	11/07/2007	85.01	84.73	5.21	(0.45)	0
Cash				1.20
Total Portfolio					19.05

• For SunTech Power (STP), we wrote a call option for March 45 (see first table) and so the price is listed as $45 as we won’t participate in the appreciation beyond that plus the premium received.

A detailed analysis of Itron Inc. will follow.