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    <nameOfIssuer>3M</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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  <infoTable>
    <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>2622</value>
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  <infoTable>
    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3896</value>
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      <Sole>59550</Sole>
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  <infoTable>
    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>569</value>
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    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>1535</value>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>031162100</cusip>
    <value>4539</value>
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    <votingAuthority>
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    <nameOfIssuer>APPLE COMPUTER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>48774</value>
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    <nameOfIssuer>BAKER HUGHES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>057224107</cusip>
    <value>1132</value>
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      <Sole>20200</Sole>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>064058100</cusip>
    <value>831</value>
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      <None>0</None>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>060505104</cusip>
    <value>343</value>
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      <None>0</None>
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    <nameOfIssuer>BAXTER INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>071813109</cusip>
    <value>3012</value>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. "B"</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>2953</value>
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    <nameOfIssuer>BLACKROCK INC.</nameOfIssuer>
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    <value>275</value>
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      <None>0</None>
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    <nameOfIssuer>BOEING CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>097023105</cusip>
    <value>4874</value>
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    <nameOfIssuer>BRISTOL-MYERS SQUIBB</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>110122108</cusip>
    <value>3228</value>
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    </votingAuthority>
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    <nameOfIssuer>CVS CAREMARK CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>CHEVRON TEXACO</nameOfIssuer>
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    <value>678</value>
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    <nameOfIssuer>CISCO SYSTEMS</nameOfIssuer>
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    <nameOfIssuer>CLOVIS</nameOfIssuer>
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    <nameOfIssuer>COCA COLA</nameOfIssuer>
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    <nameOfIssuer>COLGATE-PALMOLIVE COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>194162103</cusip>
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    </votingAuthority>
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    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
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    <value>797</value>
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    </votingAuthority>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>648</value>
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    </votingAuthority>
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    <nameOfIssuer>COSTCO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>616</value>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COVIDIEN LTD</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G2552X108</cusip>
    <value>225</value>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CUMMINS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>231021106</cusip>
    <value>749</value>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CYTEC INDUSTRIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>232820100</cusip>
    <value>701</value>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DEERE &amp; COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>24419910</cusip>
    <value>592</value>
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    <nameOfIssuer>DEVON ENERGY CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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      <sshPrnamt>11600</sshPrnamt>
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    </votingAuthority>
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    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>254687106</cusip>
    <value>4808</value>
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    <votingAuthority>
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    </votingAuthority>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1764</value>
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    </votingAuthority>
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    <nameOfIssuer>DUPONT DE NEMOURS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>263534109</cusip>
    <value>2011</value>
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      <Sole>27200</Sole>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>EMC CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>26864810</cusip>
    <value>452</value>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>EMERSON CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>291011104</cusip>
    <value>3543</value>
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      <sshPrnamt>57400</sshPrnamt>
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    <votingAuthority>
      <Sole>57400</Sole>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ENTERPRISE PROSUCTS PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>293792107</cusip>
    <value>227</value>
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      <sshPrnamt>6300</sshPrnamt>
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    <votingAuthority>
      <Sole>6300</Sole>
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    </votingAuthority>
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    <nameOfIssuer>EXXON MOBIL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30231G102</cusip>
    <value>7620</value>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1389</value>
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      <sshPrnamt>8000</sshPrnamt>
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      <Sole>8000</Sole>
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    </votingAuthority>
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    <nameOfIssuer>FREEPORT-MCMORAN COPPER &amp; GOLD, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>35671D857</cusip>
    <value>378</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>3513</value>
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      <sshPrnamt>139037</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>139037</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GOLDMAN SACHS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GOOGLE INC CLASS A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38259P508</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1090</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GOOGLE INC CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38259P706</cusip>
    <value>573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1090</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>406216101</cusip>
    <value>1034</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HOME DEPOT</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>1380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HONEYWELL INTL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>438516106</cusip>
    <value>5558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
    <value>2742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21030</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>4435</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27646</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27646</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>458140100</cusip>
    <value>1121</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INVESCO INTERNATIONAL GROWTH A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>008882102</cusip>
    <value>328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10194</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10194</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46625H100</cusip>
    <value>4585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73270</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73270</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JACOBS ENGINEERING GROUP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>469814107</cusip>
    <value>446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>478160104</cusip>
    <value>10647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101822</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>101822</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>494368103</cusip>
    <value>1097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KNOWLES CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>49926D109</cusip>
    <value>297</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KRAFT FOODS INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>50075N104</cusip>
    <value>532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502424104</cusip>
    <value>997</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LILLY (ELI) &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>532457108</cusip>
    <value>896</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOWES COMPANIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>894</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>580135101</cusip>
    <value>2248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>594918104</cusip>
    <value>2861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIMEDX GROUP INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>602496101</cusip>
    <value>131</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>617446448</cusip>
    <value>628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NESTLE S A SPONSORED ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>641069406</cusip>
    <value>284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>3365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>655844108</cusip>
    <value>2126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19400</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>2075</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22400</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OAKTREE CAPITAL GROUP, LLC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>674001201</cusip>
    <value>720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OPPENHEIMER INTERNATIONAL GROWTH C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68380L308</cusip>
    <value>327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68389X105</cusip>
    <value>2995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PALL CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>696429307</cusip>
    <value>2530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>713448108</cusip>
    <value>2592</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27420</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27420</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>717081103</cusip>
    <value>887</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>718172109</cusip>
    <value>1124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRECISION CASTPARTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>740189105</cusip>
    <value>2023</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>8945</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98210</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98210</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>3723</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>4039</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TJX COMPANIES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>872540109</cusip>
    <value>356</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5200</Sole>
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    <nameOfIssuer>THIRD POINT REINSURANCE LTD</nameOfIssuer>
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      <Sole>25600</Sole>
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    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
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    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3913</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35200</sshPrnamt>
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    <votingAuthority>
      <Sole>35200</Sole>
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    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1498</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32035</sshPrnamt>
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    <votingAuthority>
      <Sole>32035</Sole>
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    <nameOfIssuer>VIRTUS INSIGHT EMERGING MARKETS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92828T806</cusip>
    <value>176</value>
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    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1071</value>
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      <sshPrnamt>31347</sshPrnamt>
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    <votingAuthority>
      <Sole>31347</Sole>
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      <None>0</None>
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    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>6571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58300</sshPrnamt>
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      <Sole>58300</Sole>
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      <None>0</None>
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    <nameOfIssuer>WATTS WATER TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>942749102</cusip>
    <value>2252</value>
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      <sshPrnamt>35500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>WELLS FARGO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30226D106</cusip>
    <value>1880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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</informationTable>
