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
Estimated average burden
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 5,395 28,457 SH   SOLE   28,457 0 0
AbbVie Inc COM 00287y109 524 5,533 SH   SOLE   5,533 0 0
Accenture Plc-Cl A COM G1151C101 814 5,300 SH   SOLE   5,300 0 0
Adamas Pharmaceuticals COM 00548a106 490 20,500 SH   SOLE   20,500 0 0
Adobe Sys. Inc. Com. COM 00724F101 2,375 10,990 SH   SOLE   10,590 0 400
Albireo Pharma, Inc. COM 01345p106 329 10,100 SH   SOLE   10,100 0 0
Alibaba Group COM 01609w102 24,394 132,910 SH   SOLE   131,810 0 1,100
Alphabet Inc-CL A COM 02079K305 16,050 15,475 SH   SOLE   15,145 0 330
Alphabet Inc-CL C COM 02079K107 30,401 29,464 SH   SOLE   29,084 0 380
Amazon.com COM 023135106 26,110 18,040 SH   SOLE   17,970 0 70
Anheuser-Busch Inbev SPN COM 03524A108 522 4,747 SH   SOLE   4,747 0 0
Apple Inc COM 037833100 1,258 7,500 SH   SOLE   6,900 0 600
Applied Materials COM 038222105 2,010 36,150 SH   SOLE   35,150 0 1,000
Athersys, Inc. COM 04744l106 183 100,000 SH   SOLE   100,000 0 0
Baozun Inc. COM 06684l103 849 18,500 SH   SOLE   18,500 0 0
Booking Holdings Inc. COM 09857l108 40,372 19,406 SH   SOLE   19,231 0 175
CVS Health Corp COM 126650100 1,240 19,925 SH   SOLE   18,925 0 1,000
Celgene Corp COM 151020104 696 7,800 SH   SOLE   7,300 0 500
ChevronTexaco Corp COM 166764100 555 4,870 SH   SOLE   4,870 0 0
Citigroup Inc COM 172967101 239 3,537 SH   SOLE   3,537 0 0
Cognizant Technology Solutions COM 192446102 31,383 389,846 SH   SOLE   383,346 0 6,500
Compass Group Plc-ADS COM 20449X302 454 21,784 SH   SOLE   21,784 0 0
Crispr Therapeutics COM h17182108 229 5,000 SH   SOLE   5,000 0 0
Deutsche Post AG COM 25157y202 532 12,100 SH   SOLE   12,100 0 0
Deutsche Telekom AG COM 251566105 524 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 758 5,600 SH   SOLE   5,600 0 0
Epam Systems Inc COM 29414B104 40,971 357,762 SH   SOLE   353,562 0 4,200
Essilor Intl SA ADR COM 297284200 601 8,884 SH   SOLE   8,884 0 0
Exxon Mobil Corp COM 30231G102 5,537 74,206 SH   SOLE   73,206 0 1,000
Facebook Inc Cl A COM 30303M102 44,071 275,803 SH   SOLE   273,048 0 2,755
Federal Express COM 31428X106 8,846 36,842 SH   SOLE   36,542 0 300
Fomento Economico Mexicano SA COM 344419106 402 4,400 SH   SOLE   4,400 0 0
Fresenius Medical Care A COM 358029106 850 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,706 6,775 SH   SOLE   6,225 0 550
Heineken NV-ADR COM 423012301 506 9,400 SH   SOLE   9,400 0 0
Henkel AG and CO. KGAA. COM 42550U208 344 2,600 SH   SOLE   2,600 0 0
Home Depot Inc. COM 437076102 23,483 131,749 SH   SOLE   129,499 0 2,250
Honeywell Inc. COM 438516106 665 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 4,192 80,500 SH   SOLE   79,100 0 1,400
Intelsat COM l5140p101 395 105,000 SH   SOLE   105,000 0 0
Johnson & Johnson COM 478160104 3,988 31,123 SH   SOLE   31,123 0 0
Kering ADR COM 492089107 486 10,100 SH   SOLE   10,100 0 0
Kimberly Clark Corp COM 494368103 1,500 13,623 SH   SOLE   13,623 0 0
LVMH Moet Hennessy -ADR COM 502441306 814 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 234 3,019 SH   SOLE   3,019 0 0
Lockheed Martin Corp COM 539830109 243 720 SH   SOLE   720 0 0
Luxoft Holding Inc COM G57279104 1,415 34,550 SH   SOLE   32,950 0 1,600
Luxottica Group ADS COM 55068r202 709 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 23,532 134,345 SH   SOLE   130,545 0 3,800
Mesabi Trust COM 590672101 2,323 90,200 SH   SOLE   90,200 0 0
Micron Technology INC COM 595112103 1,293 24,800 SH   SOLE   23,800 0 1,000
Microsoft Corporation COM 594918104 38,670 423,689 SH   SOLE   419,489 0 4,200
Millicom International Cellula COM SE0001174 15,835 231,945 SH   SOLE   231,945 0 0
Millicom International Cellula COM l6388f110 68,911 995,818 SH   SOLE   995,818 0 0
NQ Mobile Inc COM 64118U108 453 206,000 SH   SOLE   206,000 0 0
Nestle SA ADR COM 641069406 730 9,235 SH   SOLE   9,235 0 0
Netease, Inc COM 64110W102 869 3,100 SH   SOLE   3,100 0 0
Nidec Corp ADR COM 654090109 1,131 29,350 SH   SOLE   29,350 0 0
Nintendo Co. Ltd. COM 654445303 1,088 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 772 9,553 SH   SOLE   9,553 0 0
Novo Nordisk A/S Adr COM 670100205 512 10,400 SH   SOLE   10,400 0 0
Orange ADR COM 684060106 492 28,800 SH   SOLE   28,800 0 0
P J T Partners Inc-A COM 69343T107 421 8,400 SH   SOLE   8,400 0 0
Pernod Ricard SA COM 714264207 484 14,500 SH   SOLE   14,500 0 0
Portola Pharmaceuticals COM 737010108 987 30,225 SH   SOLE   29,025 0 1,200
Procter & Gamble Co COM 742718109 724 9,135 SH   SOLE   9,135 0 0
Prudential PLC COM 74435K204 767 15,000 SH   SOLE   15,000 0 0
Pure Cycle Corp COM 746228303 2,675 283,026 SH   SOLE   283,026 0 0
Red Hat Inc COM 756577102 1,507 10,080 SH   SOLE   9,680 0 400
Roche Holdings Ltd Sponsored A COM 771195104 449 15,700 SH   SOLE   15,700 0 0
Royal Dutch Shell Plc-Adr COM 780259206 574 8,988 SH   SOLE   8,988 0 0
SAP SE COM 803054204 710 6,750 SH   SOLE   6,750 0 0
Shire Plc COM 82481R106 508 3,400 SH   SOLE   3,400 0 0
Shiseido Co COM 824841407 540 8,400 SH   SOLE   8,400 0 0
Tencent Holdings Ltd. COM 88032Q109 1,210 22,700 SH   SOLE   22,700 0 0
UltraShort QQQ ProShares COM 74347r875 244 20,000 SH   SOLE   20,000 0 0
Unilever N.V. COM 904784709 513 9,100 SH   SOLE   9,100 0 0
Virtusa Corp COM 92827P102 3,572 73,700 SH   SOLE   71,700 0 2,000
Visa Inc. COM 92826C839 21,421 179,079 SH   SOLE   175,979 0 3,100
Vodafone Group PLC ADS COM 92857W308 411 14,789 SH   SOLE   14,789 0 0
Wal-mart de Mexico SAB COM 93114W107 430 16,800 SH   SOLE   16,800 0 0
Worldpay, Inc. COM 981558109 7,673 93,300 SH   SOLE   92,000 0 1,300
adidas AG COM 00687A107 463 3,800 SH   SOLE   3,800 0 0