Portfolio Holdings as of 3/31/2009
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $22,020.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $38,000.00 |
| CAT | 149123101 | Caterpillar, Inc. | 1,500.000 | $41,940.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $43,076.00 |
| CVX | 166764100 | Chevron Corportation | 1,000.000 | $67,240.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $44,660.00 |
| DD-DT | 2KX99L707 | DU PONT CALL @ 22.50 4/18/09 | -20.000 | ($2,000.00) |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 53,138.770 | $53,138.77 |
| GE | 369604103 | General Electric Company | 2,000.000 | $20,220.00 |
| HCBK | 443683107 | Hudson City Bancorp, Inc. | 5,000.000 | $58,450.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $68,380.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $66,820.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $53,500.00 |
| MRK-DG | 5JM998393 | Merck Call @ 35 4/18/09 | -20.000 | ($50.00) |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $53,438.00 |
| NZQ-EB | 7HN99B603 | Patterson-UTI Energy Call @ 10 5/16/09 | -50.000 | ($3,000.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $64,175.00 |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $44,800.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $77,880.00 |
| RTN-DT | 69P99Q276 | Raytheon Call @ 47.5 4/18/2009 | -20.000 | ($50.00) |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $50,200.00 |
| SNA-FF | 11P99K685 | Snap-On Inc. Call @ 30.00 6/20/09 | -20.000 | ($1,800.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $41,880.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $81,280.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $44,144.00 |
| Totals | 373,908.770 | $1,303,341.77 | ||