Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Oct

 Option Bid Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

INTERDIGITAL COMMUNIONS

IDCC

$21.20

400

$8,500

DAQJE

$0.30

$104

25

20%

Comments:

Not called in October. Price at $21.09 on 10/20/2007. Will now sell Nov22.5 at $1.10. Note that we have lowered the strike price. Not called in November. Price at $21.42 on 11/17/2007. Will now sell Dec22.5 at $0.95.  Exercised get-out price at $18.02 on November 26 after calling back calls at $0.05.

AMKOR TECHNOLOGY INC

AMKR

$11.10

800

$8,900

QELJV

$0.25

$178

12.5

15%

Comments:

Not called in October. Price at $11.36 on 10/20/2007. Will now sell Nov12.5 at $0.45. Exercised get-out price at $9.44 on November 8 after calling back calls at $0.05.

THORNBURG MORGAGE

TMA

$13.38

700

$9,386

TMAJC

$0.30

$190

15

14%

Comments:

Exercised get-out price at $11.37 on October 16 after buying back calls at $0.05.

FAMILY DOLLAR STORES

FDO

$27.13

300

$8,159

FDOJF

$0.30

$76

30

12%

Comments:

Not called in October. Price at $24.56 on 10/20/2007. Will now sell Nov27.5 at $0.30. Note that we have lowered the strike price. Exercised get-out price at $23.06 on November 5 after calling back calls at $0.05.

VALUECLICK INC.

VCLK

$20.48

400

$8,212

QCSJX

$0.35

$124

22.5

12%

Comments:

Called in October at $22.5.

MTH

$16.66

500

$8,350

CFCJW

$1.05

$508

17.5

11%

Comments:

Exercised get-out price at $14.16 on September 26 after calling back calls at $0.05.

AMERITRADE HOLDING

AMTD

$18.27

500

$9,155

TQAJD

$0.25

$108

20

11%

Comments:

Not called in October. Price at $18.54 on 10/20/2007. Will now sell Nov20 at $0.55. Not called in November. Price at $19.38 on 11/17/2007. Will now sell Dec20 at $0.85. Not called in December. Price at $19.99 on 12/22/2007. Will now sell Jan20 at $0.90. Not called in January, 2008. Price at $16.85 on 1/19/2008. All shares sold at $16.85 to close out position for the year.

COLDWATER CREEK INC.

CWTR

$11.80

800

$9,460

UCJJV

$0.55

$418

12.5

11%

Comments:

Not called in October. Exercised get-out price at $10.03 on October 12 after calling back calls at $0.05.

KING PHARMACEUTICALS

KG

$11.72

800

$9,396

KGJV

$0.40

$298

12.5

10%

Comments:

Not called in October. Price at $10.77 on 10/20/2007. Will now sell Nov12.5 at $0.10. Not called in November. Sold all shares at $9.98 after expiration to close out position.

RYLAND GROUP

RYL

$23.98

400

$9,612

RYLJE

$1.25

$484

25

9%

Comments:

Not called in October. Price at $29.91 on 10/20/2007. Will now sell Nov25 at $1.40. Called in November at $25.00.

Income from sale of calls is +$5,131.

All positions closed ot on January 19, 2008.Cost of these ten (10) stocks is $89,130 Return from premiums and appreciation at ($3,689) Real return is -4.1% (($3,689)/$89,130)