Portfolio Holdings as of 5/31/2009
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $27,660.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $39,360.00 |
| CAT | 149123101 | Caterpillar, Inc. | 1,500.000 | $53,190.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $50,424.00 |
| CVX | 166764100 | Chevron Corportation | 1,000.000 | $66,670.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 38,168.840 | $38,168.84 |
| GCI | 364730101 | Gannett Company, Inc. | 12,000.000 | $57,240.00 |
| GE | 369604103 | General Electric Company | 2,000.000 | $26,960.00 |
| HCBK | 443683107 | Hudson City Bancorp, Inc. | 5,000.000 | $64,150.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $71,708.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $69,140.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $55,160.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $61,474.00 |
| NZQ-FB | 7GQ99N994 | Patterson-UTI Call @ 10 06/20/09 | -50.000 | ($21,750.00) |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $68,425.00 |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 5,000.000 | $71,700.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $89,300.00 |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $62,300.00 |
| SNA-FF | 11P99K685 | Snap-On Inc. Call @ 30.00 6/20/09 | -20.000 | ($3,550.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $50,730.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $81,320.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $79,050.00 |
| Totals | 368,998.840 | $1,433,829.84 | ||