Portfolio Holdings as of 9/30/2008
| Ticker | Cusip | Description | Shares | Market Value |
| AA | 013817101 | Alcoa Inc. | 3,000.000 | $67,740.00 |
| AA-JZ | 3KV99A637 | ALCOA CALL 10/18/08 @ 32.50 | -30.000 | ($150.00) |
| BAC | 060505104 | Bank of America Corporation | 1,700.000 | $59,500.00 |
| BRKL | 11373M107 | Brookline Bancorp, Inc. | 4,000.000 | $51,160.00 |
| COP | 20825C104 | ConocoPhillips | 1,100.000 | $80,575.00 |
| COP-KP | 68L99F623 | CONOCO PHILLIPS 11/22/08 @ 80.00 | -11.000 | ($2,915.00) |
| DD | 263534109 | E.I. du Pont de Nemours | 2,000.000 | $80,600.00 |
| DD-JW | 44U99C738 | DUPONT CALL 10/18/08 @ 47.50 | -20.000 | ($200.00) |
| EM050112 | EM050112 | Empire Corporation 05/01/12 | 275,000.000 | $275,000.00 |
| FMPXX | 316175207 | Fidelity Money Market Inst. Fund 59 | 45,251.960 | $45,251.96 |
| GE | 369604103 | General Electric Company | 2,000.000 | $51,000.00 |
| JNJ | 478160104 | Johnson & Johnson | 1,300.000 | $90,064.00 |
| LLY | 532457108 | Eli Lilly & Company | 2,000.000 | $88,060.00 |
| MRK | 589331107 | Merck & Co., Inc. | 2,000.000 | $63,120.00 |
| NUE | 670346105 | Nucor Corporation | 1,400.000 | $55,300.00 |
| PAYX | 704326107 | Paychex, Inc. | 2,500.000 | $82,575.00 |
| PQX-LU | 7V999N263 | PAYCHEX CALL 12/20/08 @ 37.50 | -25.000 | ($1,000.00) |
| PTEN | 703481101 | Patterson-UTI Energy, Inc. | 2,000.000 | $40,040.00 |
| RTN | 755111507 | Raytheon Company | 2,000.000 | $107,020.00 |
| RTN-KM | 7TP993819 | RAYTHEON CALL 11/22/08 @ 65.00 | -20.000 | ($1,000.00) |
| SNA | 833034101 | Snap-On, Inc. | 2,000.000 | $105,320.00 |
| SON | 835495102 | Sonoco Products Company | 2,500.000 | $74,200.00 |
| T | 00206R102 | A T & T Inc | 3,000.000 | $83,760.00 |
| TKR | 887389104 | The Timken Company | 3,000.000 | $85,050.00 |
| TRV | 89417E109 | Travelers Group, Inc. | 2,000.000 | $90,400.00 |
| TRV-AJ | 7JJ990046 | TRAVELERS CALL 1/17/09 @ 50.00 | -20.000 | ($3,100.00) |
| WFC | 949746101 | Wells Fargo & Company | 3,100.000 | $116,343.00 |
| WFC-JG | 3WD99B936 | WELLS FARGO CALL 10/18/08 @ 35.00 | -31.000 | ($12,400.00) |
| Totals | 362,694.960 | $1,771,313.96 | ||