Two of our 5 covered call plays were called away on Friday;

J.P. Morgan (JPM)- We sold the May 42.5 call and received a premium of .70. We our officially our of the stock at $43.20 for a gain of 25.21%. We bought the stock in May 2005 at $34.50, and we did not include the dividends we have received in the gain.

Bank of America (BAC)- We sold the May 47.5 call and received a premium of .75. This gets us out of the stock at $48.25 for a gain of 12.36% or 16.47% annualized. We officially bought the stock in August 2005 at $42.94. The gain does not reflect the dividends we have received.

Our other three covered call plays expired, and we kept the cash. Given that these calls were all oil related, the recent sell-off in oil allowed us to keep the cash and hang on to the stocks. These positions were;