Investment Enhancing Systems, Inc. – Covered Call Analyzer

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	Income*	Cost*	Balance
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. Not called in September. Price at $30.08 and value $9,024 on 9/16/2005. Sell Oct35 at 0.70. Not called in October. Price at $33.70 and value $10,110 on 10/21/2005. Sell Nov35 at $1.60. Not called in November. Price at $32.08 and value $9,624 on 11/18/2005. Sell Dec35 at 0.35. Not called in December. Price at $33.44 and value $10,032 on 12/16/2005. Sell Jan35 at 1.35. This is becoming a cash cow.	$394	still own shares	$7,378
400 shares of KCS purchased in October at $21.42. Sell 4 Nov25 at $0.35. Not called in November. Price at $24.44 and value $9,776 on 11/18/2005. Sell Dec25 at 1.05. Called at $25.00 in December. Proceeds $9,980 after commission.			$17,328
400 shares of WMB purchased in October at $21.56. Sell 4 Nov25 at $0.30. Not called in November. Price at $21.75 and value $8,700 on 11/18/2005. Sell Dec22.5 at 0.65. Note we have lowered the strike price to 22.5 since it is still above our purchase price. Called at $22.50 in December. Proceeds $8,980 after commission.			$26,308
500 shares of MOGN purchased in October at $19.69. Sell 5 Nov22.5 at $0.45.Not called in November. Price at $21.07 and value $10,535 on 11/18/2005. Sell Dec22.5 at 0.30. Exercised get-out price at $16.73 after buying back calls at 0.13. Proceeds $8,345.	($83)		$34,653
500 shares of PHRM purchased in November at $17.32. Sell 5 Dec20 at $0.30. Not called in December. Price at $18.67 and value $9,335 on 12/16/2005. Sell Jan20 at 0.70.	$333	still own shares	$34,653
700 shares of NOVN purchased in November at $13.95. Sell 7 Dec15 at $1.25. Called at $15.00 in December. Proceeds $10,480 after commission. NOTE-This stock tanked for one day (12/01/05) not allowing us to exercise our get-out price. When this happens, we hold the stock for a few days anticipating a bounce off the bottom. See EYET in our May 05 Aggressive Stocks-to-Consider. This happened, resulting in a "bounce" above the strike price, and the stock getting called away.			$45,133
700 shares of SGTL purchased in November at $13.53. Sell 7 Dec15 at $0.25. Not called in December. Price at $13.34 and value $9,338 on 12/16/2005. Sell Jan15 at 0.30.	$189	still own shares	$45,133
400 shares of LSCP purchased in November at $22.49. Sell 4 Dec25 at $0.35. Not called in December. Price at $23.82 and value $9,528 on 12/16/2005. Sell Jan25 at 0.75.	$284	still own shares	$45,133
500 shares of TTWO purchased in November at $18.03. Sell 5 Dec20 at $0.25. Not called in December. Price at $17.52 and value $8,760 on 12/16/2005. Sell Jan20 at 0.40.	$183	still own shares	$45,133
From Conservative "Stocks-to-Consider" for December 17, 2005
Buy 900 shares of DRL at $10.74. Sell 9 Jan12.5 at $0.40.	$337	$9,686	$35,447
Buy 900 shares of IIJI at $10.95. Sell 9 Jan12.5 at $0.55.	$472	$9,875	$25,572
Buy 600 shares of ATYT at $15.91. Sell 6 Jan17.5 at $0.40.	$221	$9,566	$16,006
Buy 500 shares of CRYP at $18.50. Sell 5 Jan20 at $0.55.	$258	$9,270	$6,736
Portfolio value at December 17, 2005 is $92,206 after $2,588 taken as income.	$2588

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.