Portfolio Holdings as of 11/30/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $32,280.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $27,625.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $45,160.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $57,772.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $50,120.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 6,078.740 | $6,078.74 |
| GE | 369604103 | General Electric Company | 2,000.000 | $34,340.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $76,154.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $68,300.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $53,440.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $49,952.00 |
| NZQ-AC | 7GQ99N010 | PATTERSON-UTI CALL @ 15 1/17/09 | -50.000 | ($3,500.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $70,650.00 |
| PQX-AF | 7Z399A011 | PAYCHEX CALL @ 30 1/17/09 | -25.000 | ($3,562.50) |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $62,450.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $97,600.00 |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $72,100.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $62,750.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $85,680.00 |
| T-LO | 0JP99A911 | AT&T CALL @ 29 12/20/08 | -20.000 | ($2,220.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $43,530.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $87,300.00 |
| TRV-AJ | 7JJ990046 | TRAVELERS CALL 1/17/09 @ 50.00 | -20.000 | ($3,250.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $89,559.00 |
| Totals | 326,563.740 | $1,435,308.24 | ||