Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Nov

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

VALUECLICK INC.

VCLK

$25.98

300

$7,814

QCSKF

$1.40

$406

30

20%

Comments:

Exercised get-out price at $22.08 (-15%) on November 8 after buying back calls at $0.05.

XM SATELLITE RADIO

XMSR

$15.01

600

$9,026

QSYKW

$0.60

$341

17.5

20%

Comments:

Exercised Get-out price at $12.76 on November 1 after buying back calls at $0.05.

SIERRA WIRELESS INC.

SWIR

$19.47

500

$9,755

IYQKX

$0.60

$283

22.5

18%

Comments:

Not called in November. Price at $18.52 on 11/17/2007. Will now sell Dec20 at $0.90. Note that we have lowered the strike price but it is still above the purchase price. Present Value is up +$240.

QIAO XING UNIVERSAL

XING

$11.17

800

$8,956

QAEKV

$0.60

$458

12.5

17%

Comments:

Exercised Get-out price at $9.49 on November 8 after buying back calls at $0.05..

CHILDREN'S PLACE

PLCE

$22.52

400

$9,028

YUTKE

$0.75

$284

25

14%

Comments:

Called in November at $25.00.

IVN

$13.57

700

$9,519

IVNKC

$0.50

$330

15

14%

Comments:

Not called in November. Price at $12.85 on 11/17/2007. Will now sell Dec15 at $0.40. Exercised Get-out price at $11.53 (-15%) on November 26 after buying back calls at $0.05.

AMKOR TECHNOLOGY INC

AMKR

$11.36

800

$9,108

QELKV

$0.45

$338

12.5

14%

Comments:

Exercised Get-out price at $9.66 on November 1 after buying back calls at $0.05..

CYPRESS BIOSCIENCE

CYPB

$13.56

700

$9,512

QGYKC

$0.45

$295

15

14%

Comments:

Not called in November. Share price dropped below our get-out price at $11.53 (-15%) the last week before expiration. 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 $11.03 after expiration.

GEORGIA GULF CORP

GGC

$11.50

800

$9,220

GGCKV

$0.55

$418

12.5

13%

Comments:

Exercised Get-out price at $9.78 on November 5 after buying back calls at $0.05.

BOWATER INCORPORATED

BOW

$16.01

600

$9,626

BOWKW

$0.60

$341

17.5

13%

Comments:

Called in November at $17.50. Merged with Abitibi.

Income from sale of calls is +$3,822.

All positions closed out in December.  Cost of these ten (10) stocks is $91,564. Return from premiums and appreciation is down ($5,569). Real return is -6.1% ($5,569)/$91,564.