We are recommending the following credit spreads for our Portfolio #2 in the following issue(s).

YUM - YUM! Brands, Inc., together with its subsidiaries, operates quick service restaurants in the United States and internationally. It operates in six segments: YUM Restaurants China, YUM Restaurants International, Taco Bell U.S., KFC U.S., Pizza Hut U.S., and YUM Restaurants India. The company develops, operates, franchises, and licenses a system of restaurants, which prepare, package, and sell various food items, as well as operates Chinese casual dining concept restaurants. It operates approximately 39,000 restaurants in 125 countries and territories under the KFC, Pizza Hut, and Taco Bell brands, which specialize in chicken, pizza, and Mexican-style food categories. The company was formerly known as TRICON Global Restaurants, Inc. and changed its name to YUM! Brands, Inc. in May 2002. YUM! Brands, Inc. was founded in 1997 and is headquartered in Louisville, Kentucky.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish call spreads.

Even though, we closed out our GMCR September 87.5/85 call spread yesterday, we are rolling up to higher call strike prices and putting on another GMCR September call spread.

We are recommending a GMCR September 95/92.50 call spread on GMCR to complete an iron condor when joined with our existing put spread position on GMCR .

This spread will not require any additional margin with the right brokerage firms.

We are recommending the following specific credit spread(s).

Call credit spreads = Bearish call spreads.