Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Apr.

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

INTEROIL CORP

IOC

$22.34

400

$8,656

IOCDE

$1.00

$384

25

16%

Comments:

Called in April at $25.00.

VERTEX PHARMA.

VRTX

$27.09

300

$8,147

VQRDF

$1.25

$361

30

14%

Comments:

Called in April at $30.00.

TRIDENT MICROSYSTEMS

TRID

$21.28

400

$8,532

HVUDX

$0.90

$344

22.5

9%

Comments:

Not called in April. Price at $21.98 on 4/21/2007. Sold May22.5 at $0.75. Not called in May. Price at $20.49 on 5/19/2007. Sold Jun22.5 at $0.25. Not called in June. Price at $19.35 on 6/16/2007. Sold Jul20 at $0.65. Note that we have lowered the strike price. Exercised get-out price at $18.09 (-15%) on June 29, after buying back calls at $0.05.

DELTA PETROLEUM

DPTR

$18.89

500

$9,465

QHRDD

$0.60

$283

20

8%

Comments:

Called in April at $20.00.

TOLL BROTHERS

TOL

$28.40

300

$8,540

TOLDF

$0.90

$256

30

8%

Comments:

Not called in April. Price at $29.62 on 4/21/2007. Sold May30 at $0.75. Not called in May. Price at $28.55 on 5/19/2007. Sold Jun30 at $0.45. Not called in June. Price at $27.22 on 6/16/2007. Not called in July. Price at $25.27 on 7/21/2007. Sold all shares at $25.27 to close out position.

CREE

$16.64

500

$8,340

CQRDW

$0.50

$233

17.5

7%

Comments:

Not called in April. Price at $17.35 on 4/21/2007. Sold May17.5 at $0.60. Called in May at $17.50.

COGENT INC.

COGT

$11.98

800

$9,604

QAODV

$0.35

$258

12.5

7%

Comments:

Called in April at $12.50.

GYMBOREE CORP.

GYMB

$38.60

200

$7,740

GQUDH

$1.40

$267

40

7%

Comments:

Not called in April. Price at $39.98 on 4/21/2007. Sold May40 at $1.65. Not called in May. Price at $38.25 on 5/19/2007. Sold Jun40 at $0.95. Called in June at $40.00.

PALOMAR MEDICAL

PMTI

$38.91

200

$7,802

HKQDH

$1.70

$327

40

7%

Comments:

Not called in April. Price at $38.23 on 4/21/2007. Sold May40 at $1.50. Not called in May. Price at $39.38 on 5/19/2007. Sold Jun40 at $0.95. Not called in June. Price at $35.09 on 6/16/2007. Holding. Price at $38.41 on 7/21/2007. Sold Aug40 at $1.35. Not called in August. Price at $30.23 on 8/18/2007. Sold all shares at $30.23 to close out position at August expiration.

PAR PHARMA.

PRX

$24.19

400

$9,696

PRXDE

$0.90

$344

25

7%

Comments:

Called in April at $25.00.

Income from sale of calls is +$5,626.

All positions closed out in August, 2007.Cost of these ten (10) stocks is $86,822. All positions closed out with return from premiums and appreciation up +$5,478. Real return is +6.3% ($5,478)/$86,822).