Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 June

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

QIAO XING UNIVERSAL

XING

$13.55

700

$9,505

QAEFC

$0.40

$260

15

13%

Comments:

Not called in June. Price at $13.49 on 6/16/2007. Sold Jul15 at $0.45. Share price dropped below our get-out price at $11.52 (-15%) on July 17. Since it was within a week we decided to hold the stock to expiration so we would not have to buy back the calls. Sold all shares at $11.20 after expiration.

NEUROCRINE BIOSCIENCE

RISKY

NBIX

$11.47

800

$9,196

UOTFV

$0.40

$298

12.5

12%

Comments:

 Not called in June. Price at $12.43 on 6/16/2007. Sold Jul12.5 at $0.75. Not called in July. Price at $11.40 on 7/21/2007. Will now sell Aug12.5 at $0.20. Not called in August. Price at $9.82 on 8/18/2007. Will now sell Sep10 at $0.60. Note that we have lowered the strike price. Called in September at $10.00

IMERGENT, INC.

IIG

$23.10

400

$9,260

IIGFE

$0.90

$344

25

11%

Comments:

Not called in June. Price at $25.00 (the strike price) on 6/16/2007. Sold Jul30 at $0.25. Note that we have raised the strike price. Not called in July. Price at $24.43 on 7/21/2007. Will now sell Aug25 at $0.75. Not called in August. Price at $18.24 on 8/18/2007. Will now sell Sep20 at $0.65. Note that we have lowered the strike price. Called in September at $20.00.

OMNIVISION TECHNOLOGIES

OVTI

$14.40

600

$8,660

UCMFC

$0.65

$371

15

8%

Comments:

Called in June at $15.00.

RAMBUS, INC.

RMBS

$19.13

400500

$9,585

BNQFD

$0.60

$283

20

7%

Comments:

Not called in June. Price at $18.19 on 6/16/2007. Sold Jul20 at $0.35. Not called in July. Price at $17.50 on 7/21/2007. Will now sell Aug20 at $0.25. Not called in August. Price at $13.19 on 8/18/2007. Will now sell Sep15 at $0.35. Note that we have lowered the strike price. Called in September at $15.00.

AMR

$27.00

300

$8,120

AMRFY

$1.40

$406

27.5

6%

Comments:

Not called in June. Price at $25.91 on 6/16/2007. Sold Jul27.5 at $0.80. Not called in July. Price at $26.63 on 7/21/2007. Will now sell Aug27.5 at $1.15. Not called in August. Price at $22.44 on 8/18/2007. Will now sell Sep27.5 at $0.35. Not called in September. Price at $24.26 on 9/22/2007. Will now sell Oct27.5 at $0.30. Not called in October. Price at $23.16 on 10/20/2007. Will now sell Nov27.5 at $0.35. Exercised get-out price at $20.62 (-15%) on November 8 after buying back calls at $0.05.

DELTA PETROLIUM CORP

DPTR

$19.60

500

$9,820

QHRFD

$0.95

$458

20

6%

Comments:

Called in June at $20.00.

AIRTRANS HOLDINGS

AAI

$12.03

800

$9,644

AAIFV

$0.35

$258

12.5

6%

Comments:

Not called in June. Price at $11.29 on 6/16/2007. SoldJul12.5 at $0.10. Not called in July. Price at $10.30 on 7/21/2007. Sold all shares at $10.30 to close out position.

CIENA CORPORATION

CIEN

$29.36

300

$8,828

EUQFF

$1.25

$361

30

6%

Comments:

Called in June at $30.00.

ALKERMES INC.

ALKS

$17.08

500

$8,560

QALFW

$0.65

$308

17.5

6%

Comments:

Exercised get-out price at $14.52 (-15%) on June 12 after buying back calls at $0.05.

Income from sale of calls is +$6,676.

All positions closed out in November. Cost of these ten (10) stocks is $91,178. Return from premiums and appreciation is up ($3,395). Real return is -3.7% (($3,395)/$91,178).