Sold Navteq (NVT) As Deepening Anti-Trust Probe Adds Risk

Navteq (NVT) that was bought at $73.33 Tuesday was sold yesterday at $72.14 for a short-term loss of 1.62%. The stock was bought as a low risk arbitration play as Nokia (NOK) is acquiring Navteq (NVT) at $78 per share cash. Yesterday, news of deepening EU anti-trust probe broke out. We no longer consider this a low risk opportunity. Below is our updated portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Philip Morris (MO)	1/4/2005	46.54	73.66	10.73	58.27	3.90
Kraft Foods (KFT)	1/4/2005	21.11	30.95	3.11	47.17	3.30
Plum Creek Timber (PCL)	5/12/2005	35.5	39.48	8.63	11.20	3.60
Pfizer (PFE)	2/6/2006	25.15	21.28	6.20	(15.40)	5.60
ICICI Bank (IBN)	5/18/2006	27.57	43	9.40	55.95	0.80
Taiwan Semi (TSM)	7/27/2006	8.71	10.32	7.52	18.66	3.60
Advantage Energy Fund (AAV)	11/2/2006	11.22	11	5.21	(2)	16.80
SunTech Power (STP)	3/14/2007	36.73	32.67	4.76	(11.04)	None
Central Europe & Russia Fund (CEE)	6/28/2007	51.5	47.76	6.96	(6.41)	17.90
Patni Computers (PTI)	8/10/2007	20.85	10.65	3.88	(48.96)	0.80
Itron Inc. (ITRI)	11/07/2007	85.01	94.84	6.91	11.43	None
Anthracite (AHR)	11/09/2007	7.97	6.09	4.44	(23.59)	15.60
ClickSoftware (CKSW)	11/09/2007	4.61	2.69	1.96	(41.65)	None
Harvest Energy (HTE)	11/28/2007	21.01	23.38	6.81	11.26	16.30
iRobot (IRBT)	12/18/2007	18.65	18.94	4.48	1.55	None
MCG Capital (MCGC)	12/21/2007	11.86	10.41	4.55	(12.20)	15.00
LDK Solar (LDK)	01/22/2008	30.49	20.43	4.46	(33)	None
Cash				6.01
Total Portfolio					0.21

• For SunTech Power (STP), we wrote a covered call option for 2008 March 45 on 10/15/2007 at $5.
• For Taiwan Semiconductor (TSM), we wrote a covered call option for 2008 April 12.5 at $0.35 on 10/18/2007.
• For LDK Solar (LDK), we wrote a covered call option for 2008 March 40 at $3 on 2/13/2008.