Sold LDK Solar

We sold out of LDK Solar yesterday at $40.85 for a short-term profit of close to 35% in less than 2 months. The gain as a percentage of total portfolio value is roughly 3%. During this period, the stock had a wild ride stumbling well below 30 immediately after our purchase and then bouncing sharply back above the 52-week high to 75 before the current steady decline. With this trade, we raised our cash position to 15.74%.

Below are our updated stock positions:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Philip Morris (MO)	1/4/2005	46.54	78.32	11.09	68.28	3.90
Kraft Foods (KFT)	1/4/2005	21.11	31.6	3.09	49.66	3.30
Plum Creek Timber (PCL)	5/12/2005	35.5	40.13	8.52	13.03	3.60
Pfizer (PFE)	2/6/2006	25.15	23.47	6.64	(6.70)	5.60
ICICI Bank (IBN)	5/18/2006	27.57	65.73	13.96	138.38	0.80
Taiwan Semi (TSM)	7/27/2006	8.71	8.80	6.22	0.98	3.60
Advantage Energy Fund (AAV)	11/2/2006	11.22	9.27	4.26	(17.41)	16.80
SunTech Power (STP)	3/14/2007	36.73	45	5.30	22.53	None
Central Europe & Russia Fund (CEE)	6/28/2007	51.5	55	5.84	6.66	17.90
Patni Computers (PTI)	8/10/2007	20.85	15.83	5.60	(24.13)	0.80
Itron Inc. (ITRI)	11/07/2007	85.01	89.94	6.37	5.68	None
Anthracite (AHR)	11/09/2007	7.97	6.40	4.53	(19.70)	15.60
ClickSoftware (CKSW)	11/09/2007	4.61	3.58	2.53	(22.34)	None
Harvest Energy (HTE)	11/28/2007	21.01	22.51	6.37	7.12	17.30
iRobot (IRBT)	12/18/2007	18.65	17.73	4.08	(4.94)	None
MCG Capital (MCGC)	12/21/2007	11.86	10.66	4.53	(10.09)	15.00
Cash				15.74
Total Portfolio					12.68

• 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.