Wrote Dec 35 Covered Calls on Plum Creek Timber Shares (PCL)

Today, as the market rallied, we sold covered calls on our Plum Creek Timber (TSM) shares – Dec 35 at $3.33 (PCLLG). We previously wrote November 35 covered calls that expired worthless last Saturday. The market rally resulted in the shares going well above 35 and enabled us to write the option with a good premium. If the shares get exercised, it would help our strategy to reduce our margin exposure. If it doesn’t, we plan to continue writing near-term in-or-near-the-money covered calls.

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	15.43	4.69	(7.52)	0.17
Philip Morris International (PM)	1/4/2005	32.19	41.83	7.54	29.94	0.24
Kraft Foods (KFT)	Various	24.03	26.96	5.46	12.17	0.12
Plum Creek Timber (PCL) – Call Value	5/12/2005	35.5	35	10.63	(1.42)	0.27
Pfizer (PFE)	Various	24.37	16.04	8.12	(34.17)	0.31
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	25.28	13.94	7.06	(44.85)	0.14
Taiwan Semi (TSM)	7/27/2006	8.71	6.76	6.85	(22.28)	0.21
Advantage Energy Fund (AAV)	11/2/2006	11.22	5.11	3.36	(54.47)	0.38
SunTech Power (STP)	3/14/2007	36.73	6.69	1.35	(81.78)	None
Central Europe & Russia Fund (CEE)	Various	39.23	15.67	5.55	(60.05)	1.83
Patni Computers (PTI)	8/10/2007	20.85	5.46	2.76	(73.83)	0.03
Itron Inc. (ITRI)	11/07/2007	85.01	40.84	4.14	(52.01)	None
Anthracite (AHR)	11/09/2007	7.97	2.39	2.42	(70.01)	0.66
ClickSoftware (CKSW)	11/09/2007	4.61	2.25	2.28	(51.19)	None
Harvest Energy (HTE)	11/28/2007	21.01	10.56	4.28	(49.75)	0.55
iRobot (IRBT)	12/18/2007	18.65	9.24	3.74	(50.03)	None
MCG Capital (MCGC)	Various	10.86	0.73	0.59	(93.28)	None
LDK Solar (LDK)	01/22/2008	30.49	12.17	3.70	(60.09)	None
Aegon N.V. (AEG)	04/28/2008	15.99	4.15	2.52	(74.04)	0.31
LM Ericsson (ERIC) (AEG)	05/05/2008	11.83	6.63	5.37	(43.94)	0.18
TD Ameritrade (AMTD)	05/21/2008	17.68	12.03	4.87	(31.98)	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	7.96	2.02	(81.10)	None
Costco (COST)	08/01/2008	62.28	49.45	5.01	(20.60)	0.03
Frontline Limited (FRO)	10/06/2008	36.95	29.01	4.41	(21.48)	0.41
DryShips Incorporated (DRYS)	10/09/2008	11.66	4.50	2.73	(61.40)	0.19
Companhia Siderurgica Nacional (SID)	10/10/2008	11.47	9.95	3.02	(13.28)	0.01
Cash				(15.40)
Total Portfolio					(50.02)	6.02

• 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 December 35 on 11/24/2008 at $3.33.
• The yield column is current as of 11/21/2008.