Portfolio Holdings as of 10/31/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $34,530.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $41,089.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $46,800.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $57,222.00 |
| COP-KP | 68L99F623 | CONOCO PHILLIPS 11/22/08 @ 80.00 | -11.000 | ($55.00) |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $64,000.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 21,060.910 | $21,060.91 |
| GE | 369604103 | General Electric Company | 2,000.000 | $39,020.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $79,742.00 |
| JNJ-KM | 4JM99A431 | JOHNSON & JOHNSON CALL @ 65 11/22/08 | -13.000 | ($1,235.00) |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $67,640.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $61,900.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $56,714.00 |
| NZQ-AC | 7GQ99N010 | PATTERSON-UTI CALL @ 15 1/17/09 | -50.000 | ($7,625.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $71,350.00 |
| PQX-AF | 7Z399A011 | PAYCHEX CALL @ 30 1/17/09 | -25.000 | ($4,687.50) |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $66,350.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $102,220.00 |
| RTN-KM | 7TP993819 | RAYTHEON CALL 11/22/08 @ 65.00 | -20.000 | ($50.00) |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $73,900.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $62,950.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $80,310.00 |
| T-LO | 0JP99A911 | AT&T CALL @ 29 12/20/08 | -20.000 | ($3,200.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $47,640.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $85,100.00 |
| TRV-AJ | 7JJ990046 | TRAVELERS CALL 1/17/09 @ 50.00 | -20.000 | ($4,150.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $105,555.00 |
| WFC-KG | 9JE99C894 | Wells Fargo Call @ 35 11/22/08 | -31.000 | ($5,270.00) |
| Totals | 341,470.910 | $1,513,820.41 | ||