Plum Creek Timber (PCL) Shares Called Away

Plum Creek Timber (PCL) closed at $35.01 on Friday. The 2008 December 35 covered calls we wrote on these shares on 11/24/2008 at $3.33 were automatically exercised and the shares were called away. We plan to liquidate some of our losing positions by the end of the year to take advantage of the $3000 capital loss write-off provision. That should also allow us to be fully invested with zero margin exposure heading into the new 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	15.28	4.01	(8.42)	0.17
Philip Morris International (PM)	1/4/2005	32.19	41.85	7.32	30.00	0.24
Kraft Foods (KFT)	Various	24.03	26.67	4.66	10.97	0.11
Pfizer (PFE)	Various	24.37	17.30	7.56	(29.00)	0.34
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	25.28	19.45	8.50	(23.05)	0.19
Taiwan Semi (TSM)	7/27/2006	8.71	7.86	6.87	(9.63)	0.24
Advantage Energy Fund (AAV)	11/2/2006	11.22	4.03	2.29	(64.10)	0.30
SunTech Power (STP)	3/14/2007	36.73	11.75	2.05	(68.01)	None
Central Europe & Russia Fund (CEE)	Various	39.23	15.69	4.80	(60.00)	1.83
Patni Computers (PTI)	8/10/2007	20.85	5.68	2.48	(72.78)	0.03
Itron Inc. (ITRI)	11/07/2007	85.01	59.09	5.17	(30.57)	None
Anthracite (AHR)	11/09/2007	7.97	2.87	2.51	(63.99)	0.77
ClickSoftware (CKSW)	11/09/2007	4.61	1.94	1.70	(57.92)	None
Harvest Energy (HTE)	11/28/2007	21.01	8.36	2.92	(60.22)	0.44
iRobot (IRBT)	12/18/2007	18.65	10.19	3.56	(44.89)	None
MCG Capital (MCGC)	Various	10.86	0.65	0.45	(94.02)	None
LDK Solar (LDK)	01/22/2008	30.49	13.90	3.65	(54.42)	None
Aegon N.V. (AEG)	04/28/2008	15.99	6.78	3.56	(57.59)	0.50
LM Ericsson (ERIC) (AEG)	05/05/2008	11.83	7.77	5.43	(34.31)	0.21
TD Ameritrade (AMTD)	05/21/2008	17.68	12.58	4.40	(28.87)	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	7.38	1.61	(82.48)	None
Costco (COST)	08/01/2008	62.28	53.79	4.70	(13.63)	0.04
Frontline Limited (FRO)	10/06/2008	36.95	29.80	3.91	(19.34)	0.43
DryShips Incorporated (DRYS)	10/09/2008	11.66	11.23	5.89	(3.68)	0.48
Companhia Siderurgica Nacional (SID)	10/10/2008	11.47	13.37	4.68	21.23	0.03
Cash				(4.68)
Total Portfolio					(42.16)	6.34

• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
• The yield column is current as of 11/21/2008.