Investment Enhancing Systems, Inc. – Covered Call Analyzer

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	Income*	Cost*	Balance
300 shares of SLAB purchased at $29.36 in March. Sell 3 Apr30 at $1.10. Not called in April. Price at $27.34 and value $8,202 on 4/16/2005. Sell 3 May30 at $0.80. Not called in May. Price at $27.33 and value $8,199 on 5/20/2005. Sell Jun30 at 0.20. Not called in June. Price at $28.53 and value $8,559 on 6/18/2005. Sell Jul30 at 0.45. Not called in July. Price at $28.00 and value $8,400 on 7/16/2005. Sell Aug30 at 0.70. Called at $30.00 in August. Proceeds $8,980 after commission.			$16,294
300 shares of IMCL purchased in April at $31.37. Sell 3 May35 at $0.85. Not called in May. Price at $33.07 and value $9,921 on 5/20/2005. Sell Jun35 at 0.90. Not called in June. Price at $33.80 and value $10,140 on 6/18/2005. Sell Jul35 at 1.30. Not called in July. Price at $34.15 and value $10,245 on 7/16/2005. Sell Aug35 at 1.80. Not called in August. Price at $31.72 and value $9,516 on 8/20/2005. Sell Sep35 at 0.55.	$151	still own shares	$16,294
800 shares of TASR purchased in May at $11.13. Sell 8 Jun12.5 at $0.55. Not called in June. Price at $10.65 and value $8,520 on 6/18/2005. Sell Jul12.5 at 0.35. Not called in July. Price at $10.00 and value $8,000 on 7/16/2005. Sell Aug12.5 at 0.15. Exercised get-out price at $9.46 after buying back calls at 0.05. Proceeds $7,548 after commissions.	($62)		$23,842
600 shares of NFLX purchased in May at $15.89 . Sell 6 Jun17.5 at $0.55. Not called in June. Price at $17.22 and value $10,332 on 6/18/2005. Sell Jul17.5 at 0.75. Not called in July. Price at $16.40 and value $9,840 on 7/16/2005. Sell Aug17.5 at 0.60. Called at $17.50 in August. Proceeds $10,480 after commission.			$34,322
800 shares of IIG purchased in June at $11.20. Sell 8 Jun12.5 at $0.55. Not called in July. Price at $10.63 and value $8,504 on 7/16/2005. Sell Aug12.5 at 0.25. Exercised get-out price at $9.52 after buying back calls at 0.17. Proceeds $7,596 after commissions.	($131)		$41,918
400 shares of SYNA purchased in July at $20.09. Sell 4 Aug22.5 at $0.55. Exercised get-out price at $17.08 after buying back calls at 0.11. Proceeds $6,812 after commissions.	($60)		$48,730
700 shares of NVTL purchased in July at $13.55. Sell 7 Aug15 at $0.35. Exercised get-out price at $11.52 after buying back calls at 0.09. Proceeds $8,044 after commissions.	($81)		$56,774
500 shares of SGTL purchased in July at $18.40. Sell 5 Aug20 at $0.75. Not called in August. Price at $18.83 and value $9,415 on 8/20/2005. Sell Sep20 at 0.55.	$258	still own shares	$56,774
700 shares of RMBS purchased in July at $13.62. Sell 7 Aug15 at $0.30. Exercised get-out price at $11.58 after buying back calls at 0.08. Proceeds $8,086 after commissions.	($74)		$64,860
800 shares of SIMG purchased in July at $11.47. Sell 8 Aug12.5 at $0.30. Exercised get-out price at $9.75 after buying back calls at 0.13. Proceeds $7,780 after commissions.	($123)		$72,640
From Conservative "Stocks-to-Consider" for August 16, 2005
Buy 700 shares of OVTI at $12.85. Sell 7 Sep15 at $0.40.	$260	$9,015	$63,625
Buy 500 shares of ADRX at $19.45. Sell 5 Sep22.5 at $0.30.	$133	$9,745	$53,880
Buy 400 shares of MOVI at $20.23. Sell 4 Sep22.5 at $0.40.	$144	$8,112	$45,768
Buy 400 shares of ADCT at $22.62. Sell 4 Sep25 at $0.35.	$124	$9,068	$36,700
Buy 800 shares of RMBS at $11.57. Sell 8 Sep12.5 at $0.30.	$218	$9,276	$27,424
Buy 800 shares of ATYT at $11.57. Sell 8 Sep12.5 at $0.25.	$178	$9,276	$18,148
Buy 600 shares of JUPM at $16.42. Sell 6 Sep17.5 at $0.45.	$251	$9,782	$8,366
Portfolio value at August 20, 2005 is $91,710 after $1,175 taken as income.

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.

Starting in January 2005, Investment Enhancing Systems, Inc. provided this retirement portfolio using the stocks identified in our Conservative "Stocks-to-Consider" list. We started by investing $100,000 in stock buy/writes identified by the Covered Call Analyzer on expiration weekend for January 2005. Since it is a retirement portfolio, we take the premium income each month as income. We reinvest (keep in the portfolio) stock price appreciation to the strike price. Our objective is to maintain and grow the portfolio while maintaining a monthly income of over $2000. Click on the month below to view details of stocks bought and calls sold and when we held the stock or exercised our get-out price. We anticipate good months and poor months, with a general gain at year end. PATIENCE usually wins.