Portfolio Holdings as of 6/30/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $106,860.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $40,579.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $38,200.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $103,829.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $85,780.00 |
| DICXX | 26188J206 | Dreyfus Cash Manage ment Inst. Fund 288 | 95,421.260 | $95,421.26 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 114,184.660 | $114,184.66 |
| GE | 369604103 | General Electric Company | 2,000.000 | $53,380.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $83,642.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $92,320.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $75,380.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $104,538.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $78,200.00 |
| RRD | 257867101 | R.R. Donnelley & Son s Company | 2,500.000 | $74,225.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $112,560.00 |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $104,020.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $77,375.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $101,070.00 |
| T-GH | 3X199B481 | AT&T Call @ 40.00 7/19/2008 | -30.000 | ($60.00) |
| TKR | 887389104 | The Timken Company | 3,000.000 | $98,820.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $86,800.00 |
| TRV-GK | 7KE99U810 | Traveler's Call @ 55 7/19/2008 | -20.000 | ($50.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $73,625.00 |
| Totals | 527,655.920 | $2,075,698.92 | ||