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    <nameOfIssuer>3M CO.</nameOfIssuer>
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    <nameOfIssuer>ADOBE SYSTEMS INC.</nameOfIssuer>
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    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS INC.</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>APPLIED MATERIALS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>APTARGROUP, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. B</nameOfIssuer>
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    <nameOfIssuer>BOEING CO.</nameOfIssuer>
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    <value>1779</value>
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    <nameOfIssuer>BOSTON PROPERTIES, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101121101</cusip>
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    <nameOfIssuer>BUCKEYE PARTNERS LP</nameOfIssuer>
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    <value>399</value>
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    <nameOfIssuer>CALAMP CORP.</nameOfIssuer>
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    <value>1697</value>
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    <nameOfIssuer>CARNIVAL CORP. (PAIRED CTF.)</nameOfIssuer>
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    <nameOfIssuer>CATASYS INC. (New)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>CELGENE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>CHECK POINT SOFTWARE</nameOfIssuer>
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    <cusip>M22465104</cusip>
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    <nameOfIssuer>CVS HEALTH CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>333</value>
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    <nameOfIssuer>FACEBOOK INC. CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
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    <cusip>444144109</cusip>
    <value>156</value>
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    <nameOfIssuer>IAC/INTERACTIVECORP CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44919P508</cusip>
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    <nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452308109</cusip>
    <value>3403</value>
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    <nameOfIssuer>INTUITIVE SURGICAL INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46120E602</cusip>
    <value>1360</value>
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    <nameOfIssuer>JACK HENRY &amp; ASSOCIATES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>426281101</cusip>
    <value>308</value>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON INC.</nameOfIssuer>
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    <cusip>478160104</cusip>
    <value>631</value>
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    <nameOfIssuer>JPMORGAN CHASE &amp; COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>48273J107</cusip>
    <value>785</value>
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      <sshPrnamt>37000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37000</Sole>
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      <None>0</None>
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    <nameOfIssuer>LABORATORY CORP OF AMERICA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50540R409</cusip>
    <value>20968</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138890</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LOWES COMPANIES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>749</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9370</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9370</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MACQUARIE INFRASTRUCTURE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55608B105</cusip>
    <value>1537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MAGNA INTERNATIONAL INC. CL. A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>559222401</cusip>
    <value>214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTERCARD INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>54085</value>
    <shrsOrPrnAmt>
      <sshPrnamt>383038</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>383038</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>37670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>505700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>505700</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIMEDX GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>602496101</cusip>
    <value>2911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>245000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>245000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MINERALS TECHNOLOGIES INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>603158106</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NESTLE S A ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>641069406</cusip>
    <value>369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXTERA ENERGY, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>440</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOBLE ROMAN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655107100</cusip>
    <value>39</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHERN TECHNOLOGIES INTL COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>665809109</cusip>
    <value>581</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVA MEASURING INSTRUMENTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>M7516K103</cusip>
    <value>618</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUMEREX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67053A102</cusip>
    <value>809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARKER HANNIFIN CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701094104</cusip>
    <value>910</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPG INDUSTRIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693506107</cusip>
    <value>1326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRAXAIR, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74005P104</cusip>
    <value>713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRIMO WATER CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74165N105</cusip>
    <value>948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>80000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROGENICS PHARMACEUTICALS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743187106</cusip>
    <value>88</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROGRESSIVE CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743315103</cusip>
    <value>1453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RUDOLPH TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781270103</cusip>
    <value>526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAP AKTIENGESELLSCHAFT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803054204</cusip>
    <value>22752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>207500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>207500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>SILICOM LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>M84116108</cusip>
    <value>585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIRIUS XM HLDGS. INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82968B103</cusip>
    <value>121</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SQUARE INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>852234103</cusip>
    <value>3025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>105000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARBUCKS CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELADOC, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87918A105</cusip>
    <value>2486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TENNANT COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880345103</cusip>
    <value>2052</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEXAS INSTRUMENTS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>18251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>203600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>203600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THERMO FISHER SCIENTIFIC INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>40415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213611</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213611</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TIME WARNER NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>887317303</cusip>
    <value>307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ULTA BEAUTY, INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90384S303</cusip>
    <value>29518</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130575</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130575</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNIVERSAL DISPLAY CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91347P105</cusip>
    <value>2190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VISA INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826c839</cusip>
    <value>6493</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VULCAN MATERIALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929160109</cusip>
    <value>8013</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>67000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATERS CORP.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941848103</cusip>
    <value>521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WHITESTONE REIT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>966084204</cusip>
    <value>966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>74000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
