Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for April 2005

For April 2005 From Mar.			$1,284
100 shares of KOSP purchased at $31.50 in March called at the strike price of $35.00. Proceeds $3,490 after commission. Return +$464.			$4,774
100 shares of XMSR purchased at $29.37 in March not called. Price at $27.50, Value $2,750 on 4/16/05. Sell 1 Apr30 at $0.70.	$60		$4,834
100 shares of SLAB purchased at $29.36 in March not called. Price at $27.34, Value at $2,734 on 4/16/05. Sell 1 Apr30 at $0.80.	$70		$4,904
From Aggressive "Stocks-to-Consider" for April 16, 2005
Buy 200 shares of MYGN at $17.15. Sell 2 May20 at $1.45.	$280	$3,440	$1,744
Totals for April:	$410		$1,744
Portfolio value at April 16, 2005 after selling the calls is $10,658. We will review results on the weekend of May 21, 2005 (expiration weekend) and make additional trades as dictated by the Covered Call Analyzer.

*After the effect of all commissions.

The stocks listed above are for illustrative and educational purposes only and should not be construed as an endorsement, recommendation, or solicitation to buy or sell any particular security.

On March 16, 2005 (expiration weekend), Investment Enhancing Systems, Inc. initiated this $10,000 aggressive portfolio using the stocks identified in our Aggressive "Stocks-to-Consider" list by selecting buy/writes from the "Stocks with high or negative PE ratios" list. We have set the money available to $5,000 (the default value) and have reduced the commissions for purchasing the stock to $9.95 and selling the calls to $9.95 plus $1.50 per contract in our parameters page. Several low cost, on-line brokers offer these low commissions. Since it is an aggressive portfolio, we keep the premium income and stock price appreciation to the strike price in the portfolio. We update the portfolio each month on expiration weekend. Our objective is to maintain and grow the portfolio. The table below lists details of stocks bought and calls sold, and when we held the stock or exercised our get-out price (-15%). We anticipate good months and poor months, with a general gain at year end. Patience usually wins. Because this portfolio is limited in diversity, it will be much more difficult to realize the types of gains in our larger portfolios.

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