Added to ICICI Bank (IBN), Central Europe & Russia Fund (CEE), Wrote Covered Calls on Plum Creek Timber (PCL)

We went a little bit more on margin to purchase about one-third more shares of ICICI Bank (IBN) at $13.16 per share and about 40% more Central Europe & Russia Fund (CEE) at $14.84 per share. Our existing holding in both of these holdings got crushed during this emerging market correction but the valuation has become compelling. We also went aggressive and wrote near-the-money covered calls on our Plum Creek Timber (PCL) holdings (Nov 35 at $2.75). Plum Creek Timber is a very good defensive holding for any portfolio but with valuations across the board at compelling levels, it makes less sense to hold on to defensive names. We will use the same strategy with other defensive names in the portfolio if this rebound continues.

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	19.53	5.31	17.05	0.14
Philip Morris International (PM)	1/4/2005	32.19	42.58	6.94	32.27	0.15
Kraft Foods (KFT)	Various	24.03	28.88	5.24	20.16	0.10
Plum Creek Timber (PCL) – Call Value	5/12/2005	35.5	35	9.52	(1.42)	0.20
Pfizer (PFE)	Various	24.37	17.82	8.08	(26.87)	0.27
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	28.30	14.81	6.72	(41.41)	0.04
Taiwan Semi (TSM)	7/27/2006	8.71	7.77	7.05	(10.68)	0.12
Advantage Energy Fund (AAV)	11/2/2006	11.22	5.67	3.34	(49.49)	0.21
SunTech Power (STP)	3/14/2007	36.73	13.25	2.40	(63.92)	None
Central Europe & Russia Fund (CEE)	Various	51.03	16.72	5.31	(57.37)	0.57
Patni Computers (PTI)	8/10/2007	20.85	5.50	2.49	(73.24)	0.15
Itron Inc. (ITRI)	11/07/2007	85.01	47.53	4.31	(44.15)	None
Anthracite (AHR)	11/09/2007	7.97	3.07	2.78	(61.48)	0.23
ClickSoftware (CKSW)	11/09/2007	4.61	2.41	2.19	(47.72)	None
Harvest Energy (HTE)	11/28/2007	21.01	8	2.90	(61.93)	0.24
iRobot (IRBT)	12/18/2007	18.65	11.31	4.10	(38.84)	None
MCG Capital (MCGC)	Various	10.86	0.66	0.48	(93.92)	0.04
LDK Solar (LDK)	01/22/2008	30.49	15.86	4.32	(47.99)	None
Aegon N.V. (AEG)	04/28/2008	15.99	4.32	2.35	(72.98)	0.08
LM Ericsson (ERIC) (AEG)	05/05/2008	11.83	7.10	5.15	(39.97)	0.10
TD Ameritrade (AMTD)	05/21/2008	17.68	11.93	4.33	(32.54)	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	10.20	2.31	(75.78)	None
Costco (COST)	08/01/2008	62.28	57.48	5.21	(7.71)	0.03
Frontline Limited (FRO)	10/06/2008	36.95	28.50	3.88	(22.86)	0.61
DryShips Incorporated (DRYS)	10/09/2008	19.30	14.05	3.82	(27.21)	0.08
Companhia Siderurgica Nacional (SID)	10/10/2008	11.47	12.93	3.52	12.70	0.07
Cash				(14.86)
Total Portfolio					(43.53)	3.22

• 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 35 on 10/28/2008 at $2.75.