Portfolio Holdings as of 09/30/2007
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $117,360.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $85,459.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $46,360.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 1,700.000 | $84,252.00 |
| DLX | 248019101 | Deluxe Corporation | 1,700.000 | $62,628.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| EMIXX | 300250602 | Evergreen Select Mon ey Market Fund | 29,487.810 | $29,487.81 |
| GE | 369604103 | General Electric Company | 2,000.000 | $82,800.00 |
| HON | 438516106 | Honeywell Internatio nal Inc. | 1,900.000 | $112,993.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $85,410.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $113,860.00 |
| MDY | 595635103 | Midcap SPDR Trust Series 1 | 500.000 | $80,450.00 |
| MMM | 88579Y101 | 3M Co | 800.000 | $74,864.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $103,380.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $102,500.00 |
| RRD | 257867101 | R.R. Donnelley & Son s Company | 2,500.000 | $91,400.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $127,640.00 |
| RTN-KM | 7TP993116 | Raytheon Company 11/17/07 call @65 | -20.000 | ($3,300.00) |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $75,450.00 |
| SPY | 78462F103 | Standard & Poor's Depositary Receipts | 400.000 | $61,032.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $126,930.00 |
| TKR | 887389104 | The Timken Company | 2,600.000 | $96,590.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $100,680.00 |
| TRV-AK | 7JE996527 | Travelers Cos Inc Call 1/19/08 @55 | -20.000 | ($2,300.00) |
| VZ | 92343V104 | Verizon Communications Inc. | 1,400.000 | $61,992.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $110,422.00 |
| WFC-JU | 3WD99B027 | Wells Fargo & Co Call 10/20/07 @37.50 | -31.000 | ($930.00) |
| WMI | 94106L109 | Waste Management, INC. | 1,800.000 | $67,932.00 |
| Totals | 350,816.810 | $2,370,341.81 | ||