Portfolio Holdings as of 1/31/2009
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $23,370.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $11,186.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $38,680.00 |
| CAT | 149123101 | Caterpillar, Inc. | 1,500.000 | $46,275.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $52,283.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $45,920.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 7,870.420 | $7,870.42 |
| GE | 369604103 | General Electric Company | 2,000.000 | $24,260.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $74,997.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $73,640.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $57,100.00 |
| MRK-DG | 5JM998393 | Merck Call @ 35 4/18/09 | -20.000 | ($350.00) |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $57,106.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $60,725.00 |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $47,800.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $101,240.00 |
| RTN-BK | 7GQ99E168 | Raytheon Call @ 55 2/21/09 | -20.000 | ($600.00) |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $60,360.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $57,325.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $73,860.00 |
| T-BO | 5U199R522 | AT&T Call @ 29 2/21/09 | -30.000 | ($90.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $44,670.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $77,280.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $58,590.00 |
| Totals | 329,900.420 | $1,368,497.42 | ||