Bought AU Optronics Corp ADR

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

Established AU Optronics Corp ADR(AUO) Covered Calls for May08.

05/01/08 Bought 1000 AUO @ $19.778
05/01/08 Sold 10 AUO May08 $20 Calls @ $.60

Annualized Return If Stock Price Unchanged (ARIU): +69.1%
Annualized Return If Exercised (ARIE): +95.2%
Downside Breakeven Protection: 3.0%