Portfolio Holdings as of 5/31/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $121,770.00 |
| AA-FU | 5V599K067 | ALCOA CALL @ 37.50 6/21/08 | -30.000 | ($12,000.00) |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $57,817.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $40,200.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $102,410.00 |
| COP-FS | 68L99F961 | ConocoPhillips Call @ 95 6/21/2008 | -11.000 | ($1,595.00) |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $95,820.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| EMIXX | 300250602 | Evergreen Select Mon ey Market Fund | 92,199.200 | $92,199.20 |
| GE | 369604103 | General Electric Company | 2,000.000 | $61,440.00 |
| GE-FG | 41U99C106 | GE CALL @ 35 EXP 6/21/08 | -20.000 | ($60.00) |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $86,762.00 |
| LBQXX | 52521A876 | Lehman Brothers Prime Portfolio | 25,812.960 | $25,812.96 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $96,280.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $77,920.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $104,720.00 |
| NUE-FP | 5XD99F248 | NUCOR CALL @ 80.00 6/21/2008 | -14.000 | ($1,540.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $86,375.00 |
| PQX-FU | 7KK99M753 | PAYCHEX CALL @ 37.50 6/21/08 | -25.000 | ($187.50) |
| RRD | 257867101 | R.R. Donnelley & Son s Company | 2,500.000 | $82,075.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $127,720.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $86,550.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $119,700.00 |
| T-GH | 3X199B481 | AT&T Call @ 40.00 7/19/2008 | -30.000 | ($3,900.00) |
| TKR | 887389104 | The Timken Company | 2,600.000 | $95,238.00 |
| TKR-FG | 8BZ99E564 | TIMKEN CALL @ 35 6/21/08 | -26.000 | ($5,590.00) |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $99,620.00 |
| TRV-GK | 7KE99U810 | Traveler's Call @ 55 7/19/2008 | -20.000 | ($500.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $85,467.00 |
| Totals | 433,536.160 | $1,995,523.66 | ||