Portfolio Holdings as of 7/31/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $101,250.00 |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $55,930.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $39,000.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $89,782.00 |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $87,620.00 |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 65,758.470 | $65,758.47 |
| GE | 369604103 | General Electric Company | 2,000.000 | $56,580.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $89,011.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $94,220.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $65,800.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $80,108.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $82,300.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $113,860.00 |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $112,580.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $81,550.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $92,430.00 |
| TKR | 887389104 | The Timken Company | 3,000.000 | $99,060.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $88,240.00 |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $93,837.00 |
| Totals | 381,358.470 | $1,863,916.47 | ||