Added Companhia Siderurgica Nacional (SID)

We went about 4% more on margin to purchase shares of Companhia Siderurgica Nacional (SID) at $11.47 per share. Companhia Siderurgica Nacional is a Brazilian integrated steel producer. The purchase gives the portfolio further geographical diversification (Brazil) along with a foothold into metals/commodities sector. Again, the market correction has resulted in bargain valuation in many companies – as mentioned previously, we generally do not purchase shares on margin and expect to either infuse more cash into the portfolio or free up some cash by selling other positions later this year or early next year.

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	17.16	4.37	2.85	0.12
Philip Morris International (PM)	1/4/2005	32.19	39.74	6.17	23.44	0.14
Kraft Foods (KFT)	Various	24.03	27.25	4.62	13.38	0.09
Plum Creek Timber (PCL)	5/12/2005	35.5	45.52	11.58	28.21	0.26
Pfizer (PFE)	Various	24.37	15.14	6.42	(37.87)	0.23
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	28.30	13.85	4.70	(51.07)	0.03
Taiwan Semi (TSM)	7/27/2006	8.71	8.32	7.06	(4.30)	0.13
Advantage Energy Fund (AAV)	11/2/2006	11.22	4.99	2.75	(55.54)	0.18
SunTech Power (STP)	3/14/2007	36.73	21.90	3.71	(40.37)	None
Central Europe & Russia Fund (CEE)	Various	51.03	22.10	4.69	(54.88)	0.54
Patni Computers (PTI)	8/10/2007	20.85	6.20	2.63	(70.29)	0.02
Itron Inc. (ITRI)	11/07/2007	85.01	71.25	6.04	(16.28)	None
Anthracite (AHR)	11/09/2007	7.97	2.64	2.24	(66.88)	0.20
ClickSoftware (CKSW)	11/09/2007	4.61	2.45	2.07	(46.93)	None
Harvest Energy (HTE)	11/28/2007	21.01	8.09	2.74	(61.50)	0.25
iRobot (IRBT)	12/18/2007	18.65	12.42	4.21	(32.83)	None
MCG Capital (MCGC)	Various	10.86	1.26	0.85	(88.40)	0.09
LDK Solar (LDK)	01/22/2008	30.49	19.06	4.85	(37.49)	None
Aegon N.V. (AEG)	04/28/2008	15.99	5.02	2.55	(68.60)	0.09
LM Ericsson (ERIC) (AEG)	05/05/2008	11.83	6.54	4.44	(44.70)	0.09
TD Ameritrade (AMTD)	05/21/2008	17.68	13.12	4.45	(25.81)	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	11.72	2.48	(72.17)	None
Costco (COST)	08/01/2008	62.28	53.90	4.57	(13.45)	0.03
Frontline Limited (FRO)	10/06/2008	36.95	31.03	3.95	(16.01)	0.67
DryShips Incorporated (DRYS)	10/09/2008	19.30	17.84	4.54	(7.56)	0.11
Companhia Siderurgica Nacional (SID)	10/10/2008	11.47	11.64	2.96	1.46	0.07
Cash				(12.22)
Total Portfolio					(39.34)	3.24

• 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.