Added to Central Europe And Russia Fund (CEE)

We added 25% more to our holdings of Central Europe and Russia Fund (CEE), a non-diversified closed-end exchange traded fund (ETF) managed by Deutsche Bank Group. The fund aims to follow a blended benchmark index comprising of Composite Eastern European Index (CECE) – 45%, Russian Traded Stock Index (RTX) – 45%, and the Istanbul Stock Exchange National – 10 (ISE-30). The fund is very volatile and is down 30% from the beginning of the year although it experienced an interim peak in mid-May. Also, the discount to NAV has widened recently to a range of 15% about 5% above the average in the last few years. The fund has followed the prospects of the Russian Stock Index – the fund is close to 60% invested in Russian stocks, a divergence from their published benchmark index. Russian stock market has been in an extended slump due to the double-whammy of lower energy prices and an exodus of foreign investors due to rising tensions with the west and the re-nationalization of the energy sector. Despite all this, the valuation is compelling.

Below is our updated portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Yield as % of BOY Portfolio Value Plus Deposits
Altria (MO)	Various	16.69	21.03	3.29	26.04	0.15
Philip Morris International (PM)	1/4/2005	32.19	53.7	5.59	66.81	0.18
Kraft Foods (KFT)	Various	24.03	31.51	3.29	31.10	0.11
Plum Creek Timber (PCL)	5/12/2005	35.5	49.62	7.76	39.76	0.28
Pfizer (PFE)	Various	24.37	19.11	4.98	(21.58)	0.28
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	28.30	31.02	6.47	9.59	0.06
Taiwan Semi (TSM)	7/27/2006	8.71	9.80	5.11	12.64	0.15
Advantage Energy Fund (AAV)	11/2/2006	11.22	11.33	3.84	0.93	0.39
SunTech Power (STP)	3/14/2007	36.73	47.81	4.99	30.18	None
Central Europe & Russia Fund (CEE)	Various	48.98	41.14	5.36	(16.01)	0.93
Patni Computers (PTI)	8/10/2007	20.85	10.85	2.83	(48.00)	0.03
Itron Inc. (ITRI)	11/07/2007	85.01	103.58	5.40	21.70	None
Anthracite (AHR)	11/09/2007	7.97	5.63	2.94	(29.36)	0.51
ClickSoftware (CKSW)	11/09/2007	4.61	2.44	1.27	(47.07)	None
Harvest Energy (HTE)	11/28/2007	21.01	20.30	4.23	(3.40)	0.59
iRobot (IRBT)	12/18/2007	18.65	13.99	2.92	(24.34)	None
MCG Capital (MCGC)	Various	10.86	3.48	1.45	(67.96)	0.32
LDK Solar (LDK)	01/22/2008	30.49	51.26	8.02	68.10	None
Aegon N.V. (AEG)	04/28/2008	15.99	11.79	3.69	(26.25)	0.20
LM Ericsson (ERIC) (AEG)	05/05/2008	11.83	10.59	4.76	(3.44)	0.14
TD Ameritrade (AMTD)	05/21/2008	17.68	20.43	4.26	15.52	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	32.70	4.26	(22.36)	None
Costco (COST)	08/01/2008	62.28	67.06	3.50	7.68	0.03
Cash				(0.21)
Total Portfolio					(0.95)	4.36

• For SunTech Power (STP), we wrote covered calls for 2008 Dec 50 on 06/06/2008 at $5.20.
• For Taiwan Semi (TSM), we wrote covered calls for 2008 October 12.5 on 4/21/2008 at $0.45.
• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
• For Plum Creek Timber (PCL), we wrote covered calls for 2008 November 50 on 06/03/2008 at $1.70.