ADP - Cost Basis Changed

The cost basis for the Automatic Data Processing (ADP) position has been changed. The old position was closed and another position was opened at the current cost basis. All prices include IB commissions.

Current Position Summary

Cost Basis	($4,400.00)
Income Generated	$125.27
Percent Income Generated	2.85%
Annualized Income Generated	9.04%
Net Profit If Assigned	$125.27
Percent Return If Assigned	2.85%
Annualized Return If Assigned	9.04%
Days Held to Expiration	115 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
4/27/2010	ADP	CSP Margin Used	CSP 100 ADP @ 44.00		($4,400.00)
4/27/2010	ADP	Initial Put Option	STO 1 May10 44.00 Put @ 0.49	Closed		$48.99
5/21/2010	ADP	Buy Back and Roll Out	BTC 1 May10 44.00 Put @ -3.89			($388.86)
5/21/2010	ADP	Continued Trade	STO 1 Aug10 44.00 Put @ 4.65			$465.14
8/20/2010	ADP		Totals		($4,400.00)	$125.27
DTE	115		Percent Income/Annualized		2.85%	9.04%

Closed Position Summary

Cost Basis	$5,008.00
Net Profit	$501.38
Percent Return	10.01%
Annualized Return	6.41%
Days Held to Expiration	570 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
9/23/2008	ADP	Initial Stock Position	BTO 100 ADP @ 43.08	Called	($4,308.00)
9/23/2008	ADP	Initial Call Option	STO 1 Oct08 42.50 Call @ 1.75	Expired		$175.00
10/20/2008	ADP	Interim Trade	STO 1 Nov08 37.50 Call @ 0.84	Expired		$84.00
11/24/2008	ADP	Interim Trade	STO 1 Dec08 40.00 Call @ 0.46	Expired		$46.00
12/22/2008	ADP	Continued Trade	STO 1 Feb09 42.50 Call @ 0.91	Expired		$91.00
1/1/2009	ADP	Dividend Received	DIV 100 Dividend @ 0.33			$33.00
2/24/2009	ADP	Interim Trade	STO 1 Apr09 37.50 Call @ 0.75	Expired		$75.00
4/1/2009	ADP	Dividend Received	DIV 100 Dividend @ 0.33			$33.00
4/21/2009	ADP	Interim Trade	STO 1 May09 39.00 Call @ 0.34	Expired		$34.00
5/18/2009	ADP	Interim Trade	STO 1 Jun09 37.00 Call @ 0.59	Closed		$59.00
6/8/2009	ADP	Buy Back and Roll Out	BTC 1 Jun09 37.00 Call @ -1.30			($130.00)
6/8/2009	ADP	Interim Trade	STO 1 Jul09 37.00 Call @ 1.74	Expired		$174.00
7/1/2009	ADP	Dividend Received	DIV 100 Dividend @ 0.33			$33.00
7/23/2009	ADP	Continued Trade	STO 1 Aug09 37.50 Call @ 0.36	Closed		$36.00
8/11/2009	ADP	Buy Back and Roll Out	BTC 1 Aug09 37.50 Call @ -0.76			($76.00)
8/11/2009	ADP	Continued Trade	STO 1 Sep09 37.00 Call @ 1.43	Exercised		$143.30
9/8/2009	ADP	Option Exercised	EX 1 Sep09 37.00 Call @ 37.00		$3,700.00
9/10/2009	ADP	CSP Margin Used	CSP 100 ADP @ 37.00		($3,700.00)
9/10/2009	ADP	Continued Trade	STO 1 Oct09 37.00 Put @ 0.62	Expired		$62.30
10/16/2009	ADP	CSP Margin Returned	CSP 100 ADP @ -37.00		$3,700.00
10/20/2009	ADP	CSP Margin Used	CSP 100 ADP @ 39.00		($3,900.00)
10/20/2009	ADP	current cost basis	$4,508.00 100 @ 45.08
10/20/2009	ADP	Continued Trade	STO 1 Nov09 39.00 Put @ 0.53	Expired		$53.25
11/20/2009	ADP	CSP Margin Returned	CSP 100 ADP @ -39.00		$3,900.00
11/24/2009	ADP	CSP Margin Used	CSP 100 ADP @ 43.00		($4,300.00)
11/24/2009	ADP	current cost basis	$4,908.00 100 @ 49.08
11/24/2009	ADP	Continued Trade	STO 1 Dec09 43.00 Put @ 0.52	Exercised		$51.75
12/18/2009	ADP	CSP Margin Returned	CSP 100 ADP @ -43.00		$4,300.00
12/18/2009	ADP	Option Exercised	EX 1 Dec09 43.00 Put @ -43.00		($4,300.00)
12/21/2009	ADP	Continued Trade	STO 1 Feb10 43.00 Call @ 1.19	Expired		$119.25
2/22/2010	ADP	Continued Trade	STO 1 Mar10 42.00 Call @ 0.56	Exercised		$55.54
3/9/2010	ADP	Option Exercised	EX 1 Mar10 42.00 Call @ 42.00		$4,200.00
3/10/2010	ADP	CSP Margin Used	CSP 100 ADP @ 43.00		($4,300.00)
3/10/2010	ADP	current cost basis	$5,008.00 100 @ 50.08
3/10/2010	ADP	Continued Trade	STO 1 Apr10 43.00 Put @ 0.57	Expired		$56.99
4/16/2010	ADP	CSP Margin Returned	CSP 100 ADP @ -43.00			$4,300.00
4/16/2010	ADP		Net Cost/Profit-Loss		($5,008.00)	$501.38
DTE	570		Percent Profit-Loss/Annualized		10.01%	6.41%

Changes to Open Positions

In addition to the new financial statements and updated trading plan, I also have some changes to my current open positions.

Back in April, I replaced several of my holdings with companies that are members of the Dividend Champions, which is more in line with my new trading plan. At that time, I also used an alternative, and somewhat controversial, accounting method, of consolidating the positions using the original cost basis of the old positions, rather than starting with the new cost basis. I did this so I could track the Cash Return on Invested Capital (CROIC) using my existing spreadsheets at that time. However, with my new financial statements and data from IB, this alternative accounting method is no longer necessary.

So, I've modified the consolidated positions to reflect their actual cost basis at the time they were established in April/May, rather than the consolidated cost basis I used before. As a result, these positions have a much lower cost basis. The loss on the original positions were/are already reflected in the Net Asset Value (NAV) of my portfolio, so there's no change there.

Another change I made was to breakup positions in the same underlying by their cost basis. Each time the cost basis changed, either through the purchase of additional shares or the sale or change in strike of a cash secured put, I separated it into a new position, and in some cases closed the old position.

From now on, whenever additional shares are purchased or additional cash secured puts are sold or change strikes, on the same underlying, a new position will be established. This will limit each position to a single cost basis, which will make it easier to manage and easier to track annualized return.

Managing each position by cost basis also allows me to sell different strikes on the same underlying, since I'll have a different break even price for each position. Of course I've always had that ability, but it was harder to track as a single position.

Over the next week or so, I'll be posting all the modifications to my open positions, in addition to the closed positions that resulted from the cost basis conversion.

This may seem like a lot of changes in such a short amount of time, but I've been planning this for 5 weeks while I was on vacation. It really gave me time to think and reevaluate my investment strategy.

The biggest impact came when I re-read "F Wall Street" and "The Essays of Warren Buffet". Those two books made me refocus on value investing, the importance of cash flow and the importance of net asset value. I was already focused on the first two, but less focused on the later. I paid more attention to generating income and not enough attention to capital appreciation. But I'm refocused now and these changes will help me achieve my goals. It's never to late to re-evaluate! :)

Posting of Returns Will Be Further Delayed

I'm in the process of changing how I track and report returns, so the returns for June and July will be further delayed.

I'm developing a new spreadsheet which will contain two financial statements, 1) Statement of Net Asset Value, and 2) Statement of Cash Flows. All the data will be obtained from the Interactive Brokers Activity Statement. This will make it easier to track my progress against two metrics, 1) Return on Assets (ROA) and 2) Cash Return on Invested Capital (CROIC).

These statements will use standard accounting practices and will be similar to those of other investment companies. I studied the financial statements for several covered call funds and used them as a model.

I'll only be able to create these new reports for 2010 and beyond. Unfortunately I can't go back any further since my IB account had multiple portfolios, in addition to my CC portfolio, until then end of 2008, which was the reason I didn't use the IB Activity Statements in the past. Also, some of the 2009 data is no longer available.

While I might lose some historical data, I think this is the best approach going forward. It will be much easier to maintain, since IB will provide all the data, and I think it will be easier for myself and others to track my progress.

When I'm ready I'll post a more complete explanation on what I'm doing and why, as well as post the new statements for 2010.

Back From Vacation

I'm back from a 5 week vacation and have some catching up to do. I'll post the returns for June and July expiration sometime this weekend.

XOM - Adjustment

The following adjustment was made today on Exxon Mobil Corp (XOM). All prices include IB commissions.

NOTE: This is a consolidated position which uses the average starting date and combines the average cost basis, income received, and available cash from other positions which have been closed.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	XOM	Buy Back and Roll Out/Down	BTC 1 May10 67.50 Put @ -7.22			($721.86)
5/21/2010	XOM	CSP Margin Returned	CSP 100 XOM @ -67.50		$6,750.00
5/21/2010	XOM	CSP Margin Used	CSP 100 XOM @ 65.00		($6,500.00)
5/21/2010	XOM	New Cost Basis	$12,452.00 100 @ 124.52
5/21/2010	XOM	Interim Trade	STO 1 Oct10 65.00 Put @ 7.29			$729.14

Current Position Summary

Cost Basis	$12,452.00
Income Generated	$2,977.09
Percent Income Generated	23.91%
Annualized Income Generated	7.60%
Net Profit If Assigned	($2,974.91)
Percent Return If Assigned	-23.89%
Annualized Return If Assigned	-7.60%
Days Held to Expiration	1148 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
8/24/2007		Average Starting Date	Consolidated Position
4/30/2010		Average Cost Basis	170 @ 76.61		($13,023.00)
4/30/2010		Average Income	2 Income @ 16.79			$2,854.82
4/30/2010		Average Available Cash	170 @ -41.59		$7,071.00
4/30/2010	XOM	CSP Margin Used	CSP 100 XOM @ 67.50		($6,750.00)
4/30/2010	XOM	New Cost Basis	$12,702.00 100 @ 127.02
4/30/2010	XOM	Continued Trade	STO 1 May10 67.50 Put @ 1.15	Closed		$114.99
5/21/2010	XOM	Buy Back and Roll Out/Down	BTC 1 May10 67.50 Put @ -7.22			($721.86)
5/21/2010	XOM	CSP Margin Returned	CSP 100 XOM @ -67.50		$6,750.00
5/21/2010	XOM	CSP Margin Used	CSP 100 XOM @ 65.00		($6,500.00)
5/21/2010	XOM	New Cost Basis	$12,452.00 100 @ 124.52
5/21/2010	XOM	Interim Trade	STO 1 Oct10 65.00 Put @ 7.29			$729.14
10/15/2010	XOM		Totals		($12,452.00)	$2,977.09
DTE	1148		Percent Income/Annualized		23.91%	7.60%

VFC - Adjustment

The following adjustment was made today on V F Corp (VFC). All prices include IB commissions.

NOTE: This is a consolidated position which uses the average starting date and combines the average cost basis, income received, and available cash from other positions which have been closed.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	VFC	Buy Back and Roll Out	BTC 1 May10 85.00 Put @ -7.49			($748.86)
5/21/2010	VFC	CSP Margin Returned	CSP 100 VFC @ -85.00		$8,500.00
5/21/2010	VFC	CSP Margin Used	CSP 100 VFC @ 85.00		($8,500.00)
5/21/2010	VFC	Interim Trade	STO 1 Aug10 85.00 Put @ 9.29			$928.99

Current Position Summary

Cost Basis	$14,190.00
Income Generated	$3,739.27
Percent Income Generated	26.35%
Annualized Income Generated	8.81%
Net Profit If Assigned	($1,950.73)
Percent Return If Assigned	-13.75%
Annualized Return If Assigned	-4.59%
Days Held to Expiration	1092 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
8/24/2007		Average Starting Date	Consolidated Position
4/30/2010		Average Cost Basis	170 @ 76.71		($13,040.00)
4/30/2010		Average Income	2 Income @ 20.35			$3,460.00
4/30/2010		Average Available Cash	170 @ -43.24		$7,350.00
4/30/2010	VFC	CSP Margin Used	CSP 100 VFC @ 85.00		($8,500.00)
4/30/2010	VFC	New Cost Basis	$14,190.00 100 @ 141.90
4/30/2010	VFC	Continued Trade	STO 1 May10 85.00 Put @ 0.99	Closed		$99.14
5/21/2010	VFC	Buy Back and Roll Out	BTC 1 May10 85.00 Put @ -7.49			($748.86)
5/21/2010	VFC	CSP Margin Returned	CSP 100 VFC @ -85.00		$8,500.00
5/21/2010	VFC	CSP Margin Used	CSP 100 VFC @ 85.00		($8,500.00)
5/21/2010	VFC	Interim Trade	STO 1 Aug10 85.00 Put @ 9.29			$928.99
8/20/2010	VFC		Totals		($14,190.00)	$3,739.27
DTE	1092		Percent Income/Annualized		26.35%	8.81%

UTX - Adjustment

The following adjustment was made today on United Technologies (UTX). All prices include IB commissions.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	UTX	Buy Back and Roll Out	BTC 1 May10 75.00 Put @ -9.05			($904.86)
5/21/2010	UTX	CSP Margin Returned	CSP 100 UTX @ -75.00		$7,500.00
5/21/2010	UTX	CSP Margin Used	CSP 100 UTX @ 75.00		($7,500.00)
5/21/2010	UTX	Interim Trade	STO 1 Aug10 75.00 Put @ 10.60			$1,060.14

Current Position Summary

Cost Basis	$10,024.00
Income Generated	$1,384.51
Percent Income Generated	13.81%
Annualized Income Generated	6.00%
Net Profit If Assigned	($1,139.49)
Percent Return If Assigned	-11.37%
Annualized Return If Assigned	-4.94%
Days Held to Expiration	840 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/2/2008	UTX	Initial Stock Position	BTO 100 UTX @ 75.24	Called	($7,524.00)
5/2/2008	UTX	Initial Call Option	STO 1 Jun08 75.00 Call @ 2.37	Expired		$237.00
6/10/2008	UTX	Dividend Received	DIV 100 Dividend @ 0.32			$32.00
7/7/2008	UTX	Interim Trade	STO 1 Aug08 70.00 Call @ 0.26	Expired		$26.00
8/22/2008	UTX	Interim Trade	STO 1 Sep08 70.00 Call @ 0.35	Closed		$35.00
9/10/2008	UTX	Dividend Received	DIV 100 Dividend @ 0.32			$32.00
9/12/2008	UTX	Buy Back & Roll Out	BTC 1 Sep08 70.00 Call @ -0.06			($6.00)
9/12/2008	UTX	Interim Trade	STO 1 Oct08 70.00 Call @ 0.69	Expired		$69.00
10/20/2008	UTX	Interim Trade	STO 1 Nov08 60.00 Call @ 0.39	Expired		$39.00
11/24/2008	UTX	Interim Trade	STO 1 Dec08 55.00 Call @ 0.79	Expired		$79.00
12/10/2008	UTX	Dividend Received	DIV 100 Dividend @ 0.39			$38.50
12/22/2008	UTX	Interim Trade	STO 1 Feb09 60.00 Call @ 0.60	Closed		$60.00
1/23/2009	UTX	Buy Back and Roll Down	BTC 1 Feb09 60.00 Call @ -0.06			($6.00)
1/23/2009	UTX	Interim Trade	STO 1 Feb09 50.00 Call @ 0.90	Expired		$90.30
2/24/2009	UTX	Interim Trade	STO 1 Mar09 45.00 Call @ 0.88	Expired		$88.00
3/10/2009	UTX	Dividend Received	DIV 100 Dividend @ 0.39			$38.50
3/24/2009	UTX	Interim Trade	STO 1 Apr09 45.00 Call @ 1.20	Closed		$120.30
4/16/2009	UTX	Buy Back and Roll Out	BTC 1 Apr09 45.00 Call @ -2.90			($290.00)
4/16/2009	UTX	Interim Trade	STO 1 May09 45.00 Call @ 3.89	Closed		$389.00
5/4/2009	UTX	Buy Back and Roll Out	BTC 1 May09 45.00 Call @ -6.20			($620.00)
5/4/2009	UTX	Interim Trade	STO 1 Jun09 45.00 Call @ 6.40	Closed		$640.00
6/10/2009	UTX	Dividend Received	DIV 100 Dividend @ 0.39			$38.50
6/18/2009	UTX	Buy Back and Roll Out	BTC 1 Jun09 45.00 Call @ -10.21			($1,021.00)
6/18/2009	UTX	Interim Trade	STO 1 Aug09 45.00 Call @ 10.39	Closed		$1,039.00
8/11/2009	UTX	Buy Back and Roll Out/Up	BTC 1 Aug09 45.00 Call @ -10.91			($1,090.70)
8/11/2009	UTX	Interim Trade	STO 1 Sep09 50.00 Call @ 5.90	Exercised		$590.30
8/18/2009	UTX	Option Exercised	EX 1 Sep09 50.00 Call @ 50.00		$5,000.00
9/2/2009	UTX	CSP Margin Used	CSP 100 UTX @ 55.00		($5,500.00)
9/2/2009	UTX	NewCost Basis	$8,024.00 100 @ 80.24
9/2/2009	UTX	Continued Trade	STO 1 Oct09 55.00 Put @ 1.06	Expired		$105.70
10/16/2009	UTX	CSP Margin Returned	CSP 100 UTX @ -55.00		$5,500.00
10/21/2009	UTX	CSP Margin Used	CSP 100 UTX @ 65.00		($6,500.00)
10/21/2009	UTX	New Cost Basis	$9,024.00 100 @ 90.24
10/21/2009	UTX	Continued Trade	STO 1 Nov09 65.00 Put @ 1.23	Expired		$122.70
11/20/2009	UTX	CSP Margin Returned	CSP 100 UTX @ -65.00		$6,500.00
11/24/2009	UTX	CSP Margin Used	CSP 100 UTX @ 65.00		($6,500.00)
11/24/2009	UTX	Continued Trade	STO 1 Dec09 65.00 Put @ 0.45	Expired		$45.00
12/18/2009	UTX	CSP Margin Returned	CSP 100 UTX @ -65.00		$6,500.00
12/28/2009	UTX	CSP Margin Used	CSP 100 UTX @ 65.00		($6,500.00)
12/28/2009	UTX	Continued Trade	STO 1 Feb10 65.00 Put @ 0.90	Expired		$90.00
2/19/2010	UTX	CSP Margin Returned	CSP 100 UTX @ -65.00		$6,500.00
2/22/2010	UTX	CSP Margin Used	CSP 100 UTX @ 65.00		($6,500.00)
2/22/2010	UTX	Continued Trade	STO 1 Mar10 65.00 Put @ 0.41	Expired		$41.14
2/19/2010	UTX	CSP Margin Returned	CSP 100 UTX @ -65.00		$6,500.00
4/30/2010	UTX	CSP Margin Used	CSP 100 UTX @ 75.00		($7,500.00)
4/30/2010	UTX	New Cost Basis	$10,024.00 100 @ 100.24
4/30/2010	UTX	Continued Trade	STO 1 May10 75.00 Put @ 1.77	Closed		$176.99
5/21/2010	UTX	Buy Back and Roll Out	BTC 1 May10 75.00 Put @ -9.05			($904.86)
5/21/2010	UTX	CSP Margin Returned	CSP 100 UTX @ -75.00		$7,500.00
5/21/2010	UTX	CSP Margin Used	CSP 100 UTX @ 75.00		($7,500.00)
5/21/2010	UTX	Interim Trade	STO 1 Aug10 75.00 Put @ 10.60			$1,060.14
8/20/2010	UTX		Totals		($10,024.00)	$1,384.51
DTE	840		Percent Income/Annualized		13.81%	6.00%

TGT - Adjustment

The following adjustment was made today on Target (TGT). All prices include IB commissions.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	TGT	Buy Back and Roll Out/Down	BTC 1 May10 50.00 Put @ -0.03			($2.86)
5/21/2010	TGT	CSP Margin Returned	CSP 100 TGT @ -50.00		$5,000.00
5/21/2010	TGT	CSP Margin Used	CSP 100 TGT @ 45.00		($4,500.00)
5/21/2010	TGT	New Cost Basis	$6,037.00 100 @ 60.37
5/21/2010	TGT	Continued Trade	STO 1 Sep10 45.00 Put @ 2.08			$207.99

Current Position Summary

Cost Basis	$6,037.00
Income Generated	$2,054.74
Percent Income Generated	34.04%
Annualized Income Generated	12.13%
Net Profit If Assigned	$517.74
Percent Return If Assigned	8.58%
Annualized Return If Assigned	3.06%
Days Held to Expiration	1024 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
11/28/2007	TGT	Initial Stock Position	BTO 100 TGT @ 59.37	Called	($5,937.00)
11/28/2007	TGT	Initial Call Option	STO 1 Dec07 55.00 Call @ 5.66	Expired		$566.00
1/7/2008	TGT	Continued Trade	STO 1 Feb07 55.00 Call @ 0.84	Expired		$84.00
2/21/2008	TGT	Continued Trade	STO 1 Mar08 55.00 Call @ 1.44	Expired		$144.00
3/10/2008	TGT	Dividend Received	DIV 100 Dividend @ 0.14			$14.00
3/25/2008	TGT	Continued Trade	STO 1 Apr08 55.00 Call @ 1.31	Expired		$131.00
4/23/2008	TGT	Interim Trade	STO 1 May08 55.00 Call @ 0.62	Closed		$62.00
5/16/2008	TGT	Buy Back & Roll Out/Up	BTC 1 May08 55.00 Call @ -0.11			($11.00)
5/19/2008	TGT	Continued Trade	STO 1 Jun08 57.50 Call @ 1.21	Expired		$121.00
6/10/2008	TGT	Dividend Received	DIV 100 Dividend @ 0.14			$14.00
7/7/2008	TGT	Continued Trade	STO 1 Jul08 50.00 Call @ 0.58	Expired		$58.00
7/22/2008	TGT	Continued Trade	STO 1 Sep08 50.00 Call @ 1.25	Closed		$125.00
9/10/2008	TGT	Dividend Received	DIV 100 Dividend @ 0.16			$16.00
9/12/2008	TGT	Buy Back & Roll Out/Up	BTC 1 Sep08 50.00 Call @ -6.80			($680.00)
9/12/2008	TGT	Continued Trade	STO 1 Oct08 57.50 Call @ 2.62	Expired		$262.30
10/20/2008	TGT	Interim Trade	STO 1 Nov08 45.00 Call @ 1.18	Expired		$118.30
11/24/2008	TGT	Interim Trade	STO 1 Dec08 35.00 Call @ 1.39	Expired		$139.30
12/10/2008	TGT	Dividend Received	DIV 100 Dividend @ 0.16			$16.00
12/22/2008	TGT	Interim Trade	STO 1 Feb09 40.00 Call @ 1.41	Expired		$140.85
2/24/2009	TGT	Interim Trade	STO 1 Mar09 30.00 Call @ 0.76	Closed		$76.30
3/10/2009	TGT	Dividend Received	DIV 100 Dividend @ 0.16			$16.00
3/20/2009	TGT	Buy Back & Roll Out/Up	BTC 1 Mar09 30.00 Call @ -0.39			($39.42)
3/20/2009	TGT	Interim Trade	STO 1 Apr09 32.50 Call @ 0.93	Closed		$93.30
4/9/2009	TGT	Buy Back & Roll Out/Up	BTC 1 Apr09 32.50 Call @ -7.41			($740.70)
4/9/2009	TGT	Interim Trade	STO 1 Jul09 40.00 Call @ 3.89	Expired		$389.25
6/10/2009	TGT	Dividend Received	DIV 100 Dividend @ 0.16			$16.00
7/23/2009	TGT	Interim Trade	STO 1 Aug09 44.00 Call @ 0.99	Closed		$99.00
8/12/2009	TGT	Buy Back and Roll Out	BTC 1 Aug09 44.00 Call @ -0.49			($49.00)
8/12/2009	TGT	Interim Trade	STC 1 Sep09 44.00 Call @ 1.23	Exercised		$123.00
9/10/2009	TGT	Dividend Received	DIV 100 Dividend @ 0.17			$17.00
9/18/2009	TGT	Option Exercised	EX 1 Sep09 44.00 Call @ 44.00		$4,400.00
9/22/2009	TGT	CSP Margin Used	CSP 100 TGT @ 46.00		($4,600.00)
9/22/2009	TGT	NewCost Basis	$6,137.00 100 @ 61.37
9/22/2009	TGT	Continued Trade	STO 1 Nov09 46.00 Put @ 1.73	Expired		$173.00
11/20/2009	TGT	CSP Margin Returned	CSP 100 TGT @ -46.00		$4,600.00
11/23/2009	TGT	CSP Margin Used	CSP 100 TGT @ 46.00		($4,600.00)
11/23/2009	TGT	Continued Trade	STO 1 Dec09 46.00 Put @ 0.81	Expired		$81.00
12/18/2009	TGT	CSP Margin Returned	CSP 100 TGT @ -46.00		$4,600.00
12/28/2009	TGT	CSP Margin Used	CSP 100 TGT @ 47.00		($4,700.00)
12/28/2009	TGT	New Cost Basis	$6,237.00 100 @ 62.37
12/28/2009	TGT	Continued Trade	STO 1 Jan10 47.00 Put @ 0.57	Expired		$57.00
1/15/2010	TGT	CSP Margin Returned	CSP 100 TGT @ -47.00		$4,700.00
1/21/2010	TGT	CSP Margin Used	CSP 100 TGT @ 49.00		($4,900.00)
1/21/2010	TGT	New Cost Basis	$6,437.00 100 @ 64.37
1/21/2010	TGT	Continued Trade	STO 1 Feb10 49.00 Put @ 0.73	Expired		$73.00
2/19/2010	TGT	CSP Margin Returned	CSP 100 TGT @ -49.00		$4,900.00
2/22/2010	TGT	CSP Margin Used	CSP 100 TGT @ 49.00		($4,900.00)
2/22/2010	TGT	Continued Trade	STO 1 Mar10 49.00 Put @ 0.64	Expired		$64.14
3/19/2010	TGT	CSP Margin Returned	CSP 100 TGT @ -49.00		$4,900.00
3/24/2010	TGT	CSP Margin Used	CSP 100 TGT @ 50.00		($5,000.00)
3/24/2010	TGT	New Cost Basis	$6,537.00 100 @ 65.37
3/24/2010	TGT	Continued Trade	STO 1 May10 50.00 Put @ 0.80	Closed		$79.99
5/21/2010	TGT	Buy Back and Roll Out/Down	BTC 1 May10 50.00 Put @ -0.03			($2.86)
5/21/2010	TGT	CSP Margin Returned	CSP 100 TGT @ -50.00		$5,000.00
5/21/2010	TGT	CSP Margin Used	CSP 100 TGT @ 45.00		($4,500.00)
5/21/2010	TGT	New Cost Basis	$6,037.00 100 @ 60.37
5/21/2010	TGT	Continued Trade	STO 1 Sep10 45.00 Put @ 2.08			$207.99
9/17/2010	TGT		Totals		($6,037.00)	$2,054.74
DTE	1024		Percent Income/Annualized		34.04%	12.13%

TBT - Adjustment

The following adjustment was made on today on ProShares UltraShort 20+ Year Treasury (TBT). All prices include IB commissions.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	TBT	Buy Back and Roll Out	BTC 2 May10 46.00 Put @ -7.24			($1,448.13)
5/21/2010	TBT	CSP Margin Returned	CSP 200 TBT @ -46.00		$9,200.00
5/21/2010	TBT	CSP Margin Used	CSP 200 TBT @ 46.00		($9,200.00)
5/21/2010	TBT	Continued Trade	STO 2 Sep10 46.00 Put @ 8.14			$1,628.57

Current Position Summary

Cost Basis	$9,200.00
Income Generated	$577.66
Percent Income Generated	6.28%
Annualized Income Generated	6.42%
Net Profit If Assigned	$577.66
Percent Return If Assigned	6.28%
Annualized Return If Assigned	6.42%
Days Held to Expiration	357 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
9/25/2009	TBT	CSP Margin Used	CSP 100 TBT @ 43.00		($4,300.00)
9/25/2009	TBT	Initial Put Option	STO 1 Nov09 43.00 Put @ 1.24	Expired		$124.00
11/20/2009	TBT	CSP Margin Returned	CSP 100 TBT @ -43.00		$4,300.00
11/23/2009	TBT	CSP Margin Used	CSP 100 TBT @ 44.00		($4,400.00)
11/23/2009	TBT	New Cost Basis	$4,400.00 100 @ 44.00
11/23/2009	TBT	Continued Trade	STO 1 Jan10 44.00 Put @ 0.90	Expired		$90.00
1/15/2010	TBT	CSP Margin Returned	CSP 100 TBT @ -44.00		$4,400.00
1/21/2010	TBT	CSP Margin Used	CSP 100 TBT @ 45.00		($4,500.00)
1/21/2010	TBT	New Cost Basis	$4,500.00 100 @ 45.00
1/21/2010	TBT	Continued Trade	STO 1 Mar10 45.00 Put @ 0.73	Expired		$72.65
1/15/2010	TBT	CSP Margin Returned	CSP 100 TBT @ -45.00		$4,500.00
4/22/2010	TBT	CSP Margin Used	CSP 200 TBT @ 46.00		($9,200.00)
4/22/2010	TBT	New Cost Basis	$9,200.00 200 @ 46.00
4/22/2010	TBT	Continued Trade	STO 2 May10 46.00 Put @ 0.55	Closed		$110.57
5/21/2010	TBT	Buy Back and Roll Out	BTC 2 May10 46.00 Put @ -7.24			($1,448.13)
5/21/2010	TBT	CSP Margin Returned	CSP 200 TBT @ -46.00		$9,200.00
5/21/2010	TBT	CSP Margin Used	CSP 200 TBT @ 46.00		($9,200.00)
5/21/2010	TBT	Continued Trade	STO 2 Sep10 46.00 Put @ 8.14			$1,628.57
9/17/2010	TBT		Totals		($9,200.00)	$577.66
DTE	357		Percent Income/Annualized		6.28%	6.42%

SYK - Adjustment

The following adjustment was made today on Stryker Corp (SYK). All prices include IB commissions.

NOTE: This is a consolidated position which uses the average starting date and combines the average cost basis, income received, and available cash from other positions which have been closed.

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
5/21/2010	SYK	Buy Back and Roll Out/Down	BTC 1 May10 55.00 Put @ -2.45			($244.86)
5/21/2010	SYK	CSP Margin Returned	CSP 100 SYK @ -55.00		$5,500.00
5/21/2010	SYK	CSP Margin Used	CSP 100 SYK @ 50.00		($5,000.00)
5/21/2010	SYK	New Cost Basis	$10,690.00 100 @ 106.90
5/21/2010	SYK	Interim Trade	STO 1 Sep10 50.00 Put @ 2.55			$254.54

Current Position Summary

Cost Basis	$10,690.00
Income Generated	$3,496.82
Percent Income Generated	32.71%
Annualized Income Generated	10.66%
Net Profit If Assigned	($2,193.18)
Percent Return If Assigned	-20.52%
Annualized Return If Assigned	-6.69%
Days Held to Expiration	1120 days

Trade History

Date	Stock	Description	Transaction	Status	Stock Investment	Income Generated
8/24/2007		Average Starting Date	Consolidated Position
4/21/2010		Average Cost Basis	170 @ 76.71		($13,040.00)
4/21/2010		Average Income	2 Income @ 20.35			$3,460.00
4/21/2010		Average Available Cash	170 @ -43.24		$7,350.00
4/21/2010	SYK	CSP Margin Used	CSP 100 SYK @ 55.00		($5,500.00)
4/21/2010	SYK	New Cost Basis	$11,190.00 100 @ 111.90
4/21/2010	SYK	Continued Trade	STO 1 May10 55.00 Put @ 0.27	Closed		$27.14
5/21/2010	SYK	Buy Back and Roll Out/Down	BTC 1 May10 55.00 Put @ -2.45			($244.86)
5/21/2010	SYK	CSP Margin Returned	CSP 100 SYK @ -55.00		$5,500.00
5/21/2010	SYK	CSP Margin Used	CSP 100 SYK @ 50.00		($5,000.00)
5/21/2010	SYK	New Cost Basis	$10,690.00 100 @ 106.90
5/21/2010	SYK	Interim Trade	STO 1 Sep10 50.00 Put @ 2.55			$254.54
9/17/2010	SYK		Totals		($10,690.00)	$3,496.82
DTE	1120		Percent Income/Annualized		32.71%	10.66%