Buy Honeywell and Travelers

The Covered Calls Advisor Portfolio (CCAP) established two new covered call positions:

9/10/07 Bought 500 HON @ 54.23
9/10/07 Sold 5 HON Oct07 55 Calls @ 1.80

Annualized Return If Unchanged: 30.3%
Annualized Return If Exercised: 43.2%
Downside Breakeven Protection: 3.3%


9/10/07 Bought 500 TRV @ 49.37
9/10/07 Sold 5 TRV Oct07 50 Calls @ 1.85

Annualized Return If Unchanged: 34.2%
Annualized Return If Exercised: 45.8%
Downside Breakeven Protection: 3.7%