Portfolio Holdings as of 10/31/2007
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $118,770.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $82,076.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $43,040.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 1,700.000 | $84,167.00 |
| DLX | 248019101 | Deluxe Corporation | 1,700.000 | $68,578.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| EMIXX | 300250602 | Evergreen Select Mon ey Market Fund | 52,883.480 | $52,883.48 |
| GE | 369604103 | General Electric Company | 2,000.000 | $82,320.00 |
| HON | 438516106 | Honeywell Internatio nal Inc. | 1,900.000 | $114,779.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $84,721.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $108,300.00 |
| MDY | 595635103 | Midcap SPDR Trust Series 1 | 500.000 | $82,495.00 |
| MMM | 88579Y101 | 3M Co | 800.000 | $69,088.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $116,520.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $104,450.00 |
| RRD | 257867101 | R.R. Donnelley & Son s Company | 2,500.000 | $100,725.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $127,220.00 |
| RTN-KM | 7TP993116 | Raytheon Company 11/17/07 call @65 | -20.000 | ($1,100.00) |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $77,300.00 |
| SPY | 78462F103 | Standard & Poor's Depositary Receipts | 400.000 | $61,860.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $125,370.00 |
| TKR | 887389104 | The Timken Company | 2,600.000 | $86,476.00 |
| TKR-LH | 8BZ99E416 | TKR CALL @40 12/22/2007 | -26.000 | ($2,080.00) |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $104,420.00 |
| TRV-AK | 7JE996527 | Travelers Cos Inc Call 1/19/08 @55 | -20.000 | ($3,150.00) |
| VZ | 92343V104 | Verizon Communications Inc. | 1,400.000 | $64,498.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $105,431.00 |
| WFC-AG | 9JF99U174 | WFC Call @$35 01/19/08 | -31.000 | ($3,720.00) |
| WMI | 94106L109 | Waste Management, INC. | 1,800.000 | $65,502.00 |
| Totals | 374,186.480 | $2,395,939.48 | ||