Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 May

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

NETEASE.COM INC. -A

NTES

$18.51

500

$9,275

NQGED

$0.30

$133

20

9%

Comments:

Not called in May. Price at $17.83 on 5/19/2007. Sold Jun20 at $0.25. Not called in June. Price at $17.48 on 6/16/2007. Sold all shares at $17.48 to close out position.

COUNTRYWIDE FINANCIAL

CFC

$37.36

200

$7,492

CFCEH

$0.90

$167

40

9%

Comments:

Called in May at $40.00.

AGNICO-EAGLE MINES LTD

AEM

$37.42

200

$7,504

AEMEH

$0.75

$137

40

8%

Comments:

Not called in May. Price at $35.04 on 5/19/2007. Sold Jun40 at $0.20. Not called in June. Price at $36.75 on 6/16/2007. Sold Jul40 at $0.50.  Called in July at $40.00.

GOLDCORP INC.

GG

$25.65

300

$7,715

GGEY

$0.35

$91

27.5

8%

Comments:

Not called in May. Price at $23.76 on 5/19/2007. Sold Jun25 at $0.40. Note that we have lowered the strike price. Not called in June. Price at $24.83 on 6/16/2007. Sold Jul25 at $0.85. Called in July at $25.00.

PALOMAR MEDICAL TECH

PMTI

$38.23

200

$7,666

HKQEH

$1.50

$287

40

8%

Comments:

Not called in May. Price at $39.38 on 5/19/2007. Sold Jun40 at $1.40. Not called in June. Price at $35.09 on 6/16/2007. Sold Jul40 at $0.20. Not called in July. Price at $38.41 on 7/21/2007. Will now sell Aug40 at $1.35. Not called in August. Price at $30.23 on 8/18/2007. Sold all shares at $30.23 to closed out position at August expiration.

BRCM

$33.22

300

$9,986

RCQEG

$0.75

$211

35

7%

Comments:

Not called in May. Price at $30.74 on 5/19/2007. Sold Jun35 at $0.15. Not called in June. Price at $31.32 on 6/16/2007. Sold Jul35 at $0.20. Not called in July. Price at $34.44 on 7/21/2007. Will now sell Aug35 at $0.85. Not called in August. Price at $34.41 on 8/18/2007. Will now sell Sep35 at $1.40. Called in September at $35.00.

PULTE HOMES INC

PHM

$28.40

300

$8,540

PHMEF

$0.55

$151

30

7%

Comments:

Not called in May. Price at $26.04 on 5/19/2007. Holding. Price at $24.89 on 6/16/2007. Sold all shares at $24.89 to close out position.

WEBSENSE INC.

WBSN

$23.78

400

$9,532

DQHEE

$0.55

$204

25

7%

Comments:

Not called in May. Price at $22.93 on 5/19/2007. Holding. Price at $24.89 on 6/16/2007. Sold all shares at $24.89 to close out position.

GAP INC.

GPS

$18.96

500

$9,500

GPSED

$0.30

$133

20

6%

Comments:

Not called in May. Price at $18.44on 5/19/2007. Sold Jun20 at $0.25. Not called in June. Price at $18.97 on 6/16/2007. Sold Jul20 at $0.20. Not called in July. Price at $18.61 on 7/21/2007. Will now sell Aug20 at $0.15. Not called in August. Price at $17.27 on 8/18/2007. Will now sell Sep20 at $0.10. Not called in September. Price at $18.55 on 9/22/2007. Will now sell Oct20 at $0.15. Not called in October. Price at $17.75 on 10/20/2007. Will now sell Nov20 at $0.15. Called in November at $20.00

SOHU.COM INC.

SOHU

$23.83

400

$9,552

UZKEE

$0.50

$184

25

6%

Comments:

Not called in May  - price was at the strike price. Price at $25.00 on 5/19/2007. Sold Jun25 at $0.80. Called in June at $25.00.

Income from sale of calls is +$4,236.

 All positions closed out in November. Cost of these ten (10) stocks is $86,762 Return from premiums and appreciation at +$2,536. Real return is 2.9% ($2,536/$86,762)