Established Cisco Systems Covered Calls

A new covered calls position was established Tuesday in the Covered Calls Advisor Portfolio(CCAP) as follows:

Established Cisco Systems Inc(CSCO) Covered Calls for Aug08.

07/22/08 Bought 700 CSCO @ $21.66
07/22/08 Sold 7 CSCO Aug08 $22 Calls @ $.68

Annualized Return If Stock Price Unchanged (ARIU): +45.8%
Annualized Return If Exercised (ARIE): +68.8%
Downside Breakeven Protection: 3.1%