The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFFILIATED MANAGERS GROUP INC COM 008252108 5,402 28,457 SH   SOLE   28,457 0 0
Accenture Plc-Cl A COM G1151C101 696 5,150 SH   SOLE   5,150 0 0
Achaogen, Inc. COM 004449104 223 14,000 SH   SOLE   14,000 0 0
Adamas Pharmaceuticals COM 00548a106 212 10,000 SH   SOLE   10,000 0 0
Adobe Sys. Inc. Com. COM 00724F101 1,596 10,700 SH   SOLE   10,300 0 400
Akebia Therapeutics COM 00972d105 197 10,000 SH   SOLE   10,000 0 0
Albireo Pharma, Inc. COM 01345p106 318 15,200 SH   SOLE   15,200 0 0
Alibaba Group COM 01609w102 18,004 104,245 SH   SOLE   103,145 0 1,100
Allergan PLC COM G0177J108 1,588 7,750 SH   SOLE   7,350 0 400
Alphabet Inc-CL A COM 02079K305 15,175 15,585 SH   SOLE   15,255 0 330
Alphabet Inc-CL C COM 02079K107 28,341 29,549 SH   SOLE   29,169 0 380
Amazon.com COM 023135106 481 500 SH   SOLE   500 0 0
Anheuser-Busch Inbev SPN COM 03524A108 560 4,697 SH   SOLE   4,697 0 0
Apple Inc COM 037833100 12,723 82,550 SH   SOLE   81,050 0 1,500
Applied Materials COM 038222105 1,571 30,150 SH   SOLE   29,150 0 1,000
Athersys, Inc. COM 04744l106 134 65,000 SH   SOLE   65,000 0 0
BAE Systems ADR COM 05523r107 635 18,400 SH   SOLE   18,400 0 0
Blackstone Group LP COM 09253U108 1,098 32,900 SH   SOLE   31,300 0 1,600
Carrizo Oil & Gas Inc COM 144577103 325 19,000 SH   SOLE   19,000 0 0
Celgene Corp COM 151020104 1,713 11,750 SH   SOLE   11,450 0 300
Citigroup Inc COM 172967101 364 5,000 SH   SOLE   5,000 0 0
Cognizant Technology Solutions COM 192446102 31,970 440,721 SH   SOLE   434,221 0 6,500
Compass Group Plc-ADS COM 20449X302 471 21,784 SH   SOLE   21,784 0 0
Deutsche Post AG COM 25157y202 541 12,100 SH   SOLE   12,100 0 0
Deutsche Telekom AG COM 251566105 653 35,000 SH   SOLE   35,000 0 0
Diageo PLC ADR COM 25243Q205 740 5,600 SH   SOLE   5,600 0 0
Epam Systems Inc COM 29414B104 34,808 395,862 SH   SOLE   391,662 0 4,200
Essilor Intl SA ADR COM 297284200 551 8,884 SH   SOLE   8,884 0 0
Expedia, Inc. COM 30212p303 4,333 30,100 SH   SOLE   29,700 0 400
Exxon Mobil Corp COM 30231G102 6,206 75,706 SH   SOLE   74,706 0 1,000
Facebook Inc Cl A COM 30303M102 47,007 275,103 SH   SOLE   272,348 0 2,755
Fresenius Medical Care A COM 358029106 814 16,650 SH   SOLE   16,650 0 0
Gilead Sciences Inc. COM 375558103 405 5,000 SH   SOLE   5,000 0 0
Goldman Sachs Group COM 38141G104 1,139 4,800 SH   SOLE   4,600 0 200
Grupo Televisa SA COM 40049J206 323 13,090 SH   SOLE   13,090 0 0
Heineken NV-ADR COM 423012301 660 13,300 SH   SOLE   13,300 0 0
Henkel AG and CO. KGAA. COM 42550U208 354 2,600 SH   SOLE   2,600 0 0
Home Depot Inc. COM 437076102 25,910 158,414 SH   SOLE   156,164 0 2,250
Honeywell Inc. COM 438516106 652 4,600 SH   SOLE   4,600 0 0
Johnson & Johnson COM 478160104 4,046 31,123 SH   SOLE   31,123 0 0
Kering ADR COM 492089107 343 8,600 SH   SOLE   8,600 0 0
Kimberly Clark Corp COM 494368103 1,603 13,623 SH   SOLE   13,623 0 0
LVMH Moet Hennessy -ADR COM 502441306 730 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 258 3,019 SH   SOLE   3,019 0 0
Luxoft Holding Inc COM G57279104 16,592 347,120 SH   SOLE   342,520 0 4,600
Luxottica Group ADS COM 55068R202 694 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 19,010 134,635 SH   SOLE   130,835 0 3,800
Medidata Solutions Inc COM 58471A105 578 7,400 SH   SOLE   6,600 0 800
Mesabi Trust COM 590672101 2,075 90,200 SH   SOLE   90,200 0 0
Microsoft Corporation COM 594918104 30,130 404,489 SH   SOLE   400,289 0 4,200
Millicom International Cellula COM SE0001174 15,301 231,945 SH   SOLE   231,945 0 0
Millicom International Cellula COM l6388f110 65,545 995,818 SH   SOLE   995,818 0 0
NQ Mobile Inc COM 64118U108 1,256 359,000 SH   SOLE   359,000 0 0
Nestle SA ADR COM 641069406 776 9,235 SH   SOLE   9,235 0 0
Netease, Inc COM 64110W102 818 3,100 SH   SOLE   3,100 0 0
Nidec Corp ADR COM 654090109 1,330 43,350 SH   SOLE   43,350 0 0
Nintendo Co. Ltd. COM 654445303 901 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 794 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 501 10,400 SH   SOLE   10,400 0 0
P J T Partners Inc-A COM 69343T107 319 8,325 SH   SOLE   8,325 0 0
PURE CYCLE CORP COM 746228303 1,498 199,733 SH   SOLE   199,733 0 0
Portola Pharmaceuticals COM 737010108 1,915 35,450 SH   SOLE   34,250 0 1,200
Procter & Gamble Co COM 742718109 1,159 12,735 SH   SOLE   12,735 0 0
Prudential PLC COM 74435K204 719 15,000 SH   SOLE   15,000 0 0
PulteGroup, Inc. COM 745867101 529 19,350 SH   SOLE   19,350 0 0
Range Resources Corp COM 75281a109 294 15,000 SH   SOLE   15,000 0 0
Reckitt Benckiser ADR COM 756255204 549 29,500 SH   SOLE   29,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 454 14,200 SH   SOLE   14,200 0 0
Royal Dutch Shell Plc-Adr COM 780259206 442 7,300 SH   SOLE   7,300 0 0
SAP SE COM 803054204 747 6,810 SH   SOLE   6,810 0 0
Shire Plc COM 82481R106 521 3,400 SH   SOLE   3,400 0 0
Symantec Corp COM 871503108 18,323 558,450 SH   SOLE   550,650 0 7,800
Tencent Holdings Ltd. COM 88032Q109 1,265 28,800 SH   SOLE   28,800 0 0
The Priceline Group Inc. COM 741503403 37,277 20,361 SH   SOLE   20,136 0 225
Unilever N.V. COM 904784709 980 16,600 SH   SOLE   16,600 0 0
United Healthcare Corp. COM 91324P102 6,493 33,155 SH   SOLE   32,695 0 460
Vantiv Inc. COM 92210h105 620 8,800 SH   SOLE   8,400 0 400
Vertex Pharmaceuticals Incorpo COM 92532f100 456 3,000 SH   SOLE   3,000 0 0
Virtusa Corp COM 92827P102 4,044 107,050 SH   SOLE   105,050 0 2,000
Visa Inc. COM 92826C839 18,878 179,379 SH   SOLE   176,279 0 3,100
Vodafone Group PLC ADS COM 92857W308 421 14,789 SH   SOLE   14,789 0 0
Wal-mart de Mexico SAB COM 93114W107 386 16,800 SH   SOLE   16,800 0 0
adidas AG COM 00687A107 487 4,300 SH   SOLE   4,300 0 0