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 An Example Stock Portfolio Filled With Water
Is your glass half empty, or half full?

Background

For several years, our research group has been discussing the long term implications of limited resources. Drinking water quickly became an area of focus. Since we do not recommend mutual funds, the following portfolio was put together. The amount of shares purchased was determined based on several factors, with the most important being dividend yield. (Also considered were the listing stock exchange, technology, geographic location, etc. Special consideration was given to some companies based on technology. If a company has a lot of "old, underground, cast iron pipes," fewer shares were purchased. If a company has a specialty in purification techniques, more shares were purchased. )

Over 85% of the portfolio's original investment value was placed in the water utilities group.

Water Companies & Utilities

AMERICAN WATER WORKS Ticker symbol = AWK
comments: a full water resource provider in 22 states. Since our initial purchase, AWK was purchased by RWE AG, a German utility. Ticker symbol = RWNFF

AMERICAN STATES WATER Ticker symbol = AWR
comments: principal investment is the stock of Southern California Water Company (SCW), a public utility engaged in the purchase, production, distribution and sale of water.

CALIFORNIA WATER Ticker symbol = CWT
comments: production, purchase, storage, purification, distribution and sale of water for domestic, industrial, public and irrigation uses, and for fire protection.

CONNECTICUT WATER SERVICES Ticker symbol = CTWS
comments: the parent company of four regulated water utility companies supplies water to over 40 towns throughout Connecticut and Massachusetts.

CONSOLIDATED WATER CO. Ticker symbol = CWCO
comments: provides water services in the Cayman Islands, Belize and the Commonwealth of the Bahamas (provides water services in areas where the supply of potable water is scarce.) Services include de-salinisation -- the production of potable water from seawater.

MIDDLESEX WATER CO. Ticker symbol = MSEX
comments: collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes in parts of New Jersey and Delaware.

PHILADELPHIA SUBURBAN Ticker symbol = PSC
comments: holding company for regulated utilities providing water and/or wastewater services to approximately two million people in Pennsylvania, Ohio, Illinois, New Jersey, Maine and North Carolina.

SOUTHWEST WATER CO. Ticker symbol = SWWC
comments: water production and distribution, wastewater collection and treatment, public works services and utility submetering in 29 states.

YORK WATER CO. Ticker symbol = YORW
comments: impounding, purifying and distributing water in York County, Pennsylvania. The water supply is obtained from the south branch and east branch of the Codorus Creek, as well as, two reservoirs (Lake Williams and Lake Redman -- combined capacity can hold up to 2.75 billion gallons of water.)

Global Mutual Fund

One exception to investing in mutual funds has to do with foreign investments. In an effort to take advantage of the foreign currency exchange, as well as, to diversify internationally, a small position in a "global water mutual fund" was included in this portfolio.

PICTET GLOBAL WATER FUND Ticker symbol = PGWRX
comments: normally invests at least 80% of its assets in the shares of companies operating in the global water sector.
note: in 2003 the Pictet Global Water fund was liquidated.

Water Purification

IONICS Ticker symbol = ION
comments: a global separations technology company involved in the manufacture and sales of membranes and related equipment for the purification, concentration, treatment and analysis of water and wastewater, in the supply of purified water, in water disinfection, and in water quality monitoring. Ionics has been a pioneer in privatization with "build, own, and operate" (BOO) water facilities around the world. Ionics is a world leader in water purification and water desalination, having built more desalination plants than any other company in the world.
note: in November of 2004, GE bought Ionics

WATER PIK TECH INC. Ticker symbol = PIK
comments: designing, manufacturing and marketing a wide range of well-recognized consumer products including water filtration products.

Bottlers & Beverage Retailers

ANHEUSER BUSCH Ticker symbol = BUD
comments: engaged in the production and distribution of beer, and aluminum beverage containers, as well as, operating a chain of theme parks.

CLEARLY CANADIAN BEVERAGE Ticker symbol = CCBC.OB
comments: produces, distributes and markets beverage products including Clearly Canadian flavored sparkling beverages, Clearly Canadian O+2, Cascade Clear bottled water and flavored beverages, Tré Limone and Battery with distribution in the United States, Canada, the United Kingdom, Scandinavia, the Caribbean, France, Brazil, Japan, Turkey, the Philippines, the Middle East and other countries.

COCA COLA CO. Ticker symbol = KO
comments: manufacturer, distributor and marketer of soft drink concentrates, syrups, juice and juice-drink products.

COTT CORPORATION Ticker symbol = COT
comments: a supplier of retailer-brand carbonated soft drinks in the United States, Canada and the United Kingdom.

HANSEN NATURAL CORP. Ticker symbol = HANS
comments: "alternative" beverages, natural sodas, fruit juices, fruit juice Smoothies, "functional drinks", non-carbonated ready-to-drink iced teas, lemonades and juice cocktails, children's multi-vitamin juice products.

LEADING BRANDS Ticker symbol = LBIX
comments: principal operations are comprised of an integrated bottling and distribution system for beverages, water and snack foods.

NATIONAL BEVERAGE CORP. Ticker symbol = FIZ
comments: a holding company for various subsidiaries that develop, manufacture, market and distribute a complete portfolio of beverage products throughout the United States.

PHILIP MORRIS Ticker symbol = MO
comments: subsidiaries include beverages and Miller beer. Miller Brewing has been known to interrupt its brewing business to bottle water (instead of beer) to help in disaster relief.

VERMONT PURE HOLDINGS Ticker symbol = VPS
comments: bottles, markets and distributes natural spring water under the Vermont Pure and Hidden Spring brands and distilled water with minerals added under the Crystal Rock brand.

Utility Portfolio
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