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.	$466	still own shares	$7,991
700 shares of OVTI purchased in August at $12.85. Sell 7 Sep15 at $0.40. Not called in September. Price at $13.07 and value $9,149 on 9/16/2005. Sell Oct15 at 0.15. Not called in October. Price at $12.49 and value $8,743 on 10/21/2005. Sell Nov12.5 at $0.75. Note that we have lowered strike price to 12.5.	$506	still own shares	$7,991
400 shares of ADCT purchased in August at $22.62. Sell 4 Sep25 at $0.35. Not called in September. Price at $21.55 and value $8,620 on 9/16/2005. Sell Oct22.5 at 0.60. Note that we have lowered the strike price to 22.5. Exercised get-out price at $19.23 after buying back calls at 0.14. Proceeds $7,672 after commission.	($72)		$15,663
800 shares of RMBS purchased in August at $11.57. Sell 8 Sep12.5 at $0.30. Not called in September. Price at $11.79 and value $9,432 on 9/16/2005. Sell Oct12.5 at 0.65. Not called in October. Price at $12.38 and value $9,904 on 10/21/2005. Sell Nov15 at $0.80.	$614	still own shares	$15,663
600 shares of JUPM at $16.42. Sell 6 Sep17.5 at $0.45. Not called in September. Price at $16.22 and value $9,732 on 9/16/2005. Sell Oct175 at 0.40. Not called in October. Price at $17.50 and value $10,500 on 10/21/2005. Sell Nov15 at $1.05.	$611	still own shares	$15,663
600 shares of FLML in September at $15.52. Sell 6 Oct17.5 at $0.40. Called at $17.50 in October. Proceeds $10,480 after commission.			$26,143
400 shares of SGTL at $20.03. Sell 4 Oct22.5 at $0.40. Exercised get-out price at $15.47 after buying back calls at 0.07. Proceeds $6,832 after commission.	($44)		$32,975
500 shares of ZEUS at $18.20. Sell 5 Oct20 at $0.35. Stock price dropped below get-out price the day before expiration. Retained shares, did not get out because to do so would have cost more than holding one more day. Sold all shares at $15.62 on 10/24/2005. Proceeds $7,790 after commission.			$40,765
600 shares of ADRX at $16.40. Sell 6 Oct17.5 at $0.70. Not called in October. Price at $15.01and value $9,006 on 10/21/2005. Sell Nov17.5 at $0.20.	$101	still own shares	$40,765
From Conservative "Stocks-to-Consider" for October 22, 2005
Buy 400 shares of KCS at $21.42. Sell 4 Nov25 at $0.35.	$124	$8,588	$32,177
Buy 900 shares of ADBL at $10.83. Sell 9 Nov12.5 at $0.25.	$202	$9,767	$22,410
Buy 400 shares of WMB at $21.56. Sell 4 Nov25 at $0.30.	$104	$8,644	$13,766
Buy 500 shares of MOGN at $19.69. Sell 5 Nov22.5 at $0.45.	$208	$9,865	$3,901
Portfolio value at October 22, 2005 is $89,108 after $2,820 taken as income.	$2,820

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.