Portfolio Holdings as of 12/31/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $33,780.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $23,936.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $42,600.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $56,980.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $50,600.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 176.130 | $176.13 |
| GE | 369604103 | General Electric Company | 2,000.000 | $32,400.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $77,779.00 |
| JNJ-AL | 4JM99A035 | Johnson & Johnson Call @ 60 1/17/2009 | -13.000 | ($1,885.00) |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $80,540.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $60,800.00 |
| MRK-DG | 5JM998393 | Merck Call @ 35 4/18/09 | -20.000 | ($2,000.00) |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $64,680.00 |
| NUE-AW | 6JH99J477 | Nucor Call @ 47.50 1/17/09 | -14.000 | ($2,912.00) |
| NZQ-AC | 7GQ99N010 | PATTERSON-UTI CALL @ 15 1/17/09 | -50.000 | ($125.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $65,700.00 |
| PQX-AF | 7Z399A011 | PAYCHEX CALL @ 30 1/17/09 | -25.000 | ($100.00) |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $57,550.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $102,080.00 |
| RTN-BK | 7GQ99E168 | Raytheon Call @ 55 2/21/09 | -20.000 | ($2,000.00) |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $78,760.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $57,900.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $85,500.00 |
| T-BO | 5U199R522 | AT&T Call @ 29 2/21/09 | -30.000 | ($1,995.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $58,890.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $90,400.00 |
| TRV-AJ | 7JJ990046 | TRAVELERS CALL 1/17/09 @ 50.00 | -20.000 | ($600.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $91,388.00 |
| WFC-AG | 9JE99C035 | Wells Fargo Call @ 35 1/17/09 | -31.000 | ($775.00) |
| Totals | 320,553.130 | $1,475,047.13 | ||