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
Accenture Plc-Cl A COM G1151C101 867 5,300 SH   SOLE   5,300 0 0
Adamas Pharmaceuticals COM 00548a106 426 16,500 SH   SOLE   16,500 0 0
Adobe Sys. Inc. Com. COM 00724F101 2,645 10,850 SH   SOLE   10,450 0 400
Affiliated Managers Group Inc. COM 008252108 1,852 12,457 SH   SOLE   12,457 0 0
Albireo Pharma, Inc. COM 01345p106 476 13,400 SH   SOLE   13,400 0 0
Alibaba Group COM 01609w102 24,380 131,410 SH   SOLE   130,110 0 1,300
Alphabet Inc-CL A COM 02079K305 17,305 15,325 SH   SOLE   14,995 0 330
Alphabet Inc-CL C COM 02079K107 32,872 29,464 SH   SOLE   29,084 0 380
Amazon.com COM 023135106 34,072 20,045 SH   SOLE   19,925 0 120
Apple Inc COM 037833100 7,201 38,900 SH   SOLE   38,200 0 700
Applied Materials COM 038222105 1,279 27,700 SH   SOLE   26,700 0 1,000
Athersys, Inc. COM 04744l106 197 100,000 SH   SOLE   100,000 0 0
Baozun Inc. COM 06684l103 7,289 133,250 SH   SOLE   132,050 0 1,200
Booking Holdings Inc. COM 09857l108 37,716 18,606 SH   SOLE   18,431 0 175
ChevronTexaco Corp COM 166764100 717 5,670 SH   SOLE   5,670 0 0
Cognizant Technology Solutions COM 192446102 31,354 396,936 SH   SOLE   390,436 0 6,500
Coherus Bio Sciences COM 19249h103 140 10,000 SH   SOLE   10,000 0 0
Compass Group Plc-ADS COM 20449X302 472 21,784 SH   SOLE   21,784 0 0
ContraFect Corp COM 212326102 66 30,000 SH   SOLE   30,000 0 0
Crispr Therapeutics COM h17182108 294 5,000 SH   SOLE   5,000 0 0
Dassault Systems SA COM 237545108 498 3,550 SH   SOLE   3,550 0 0
Deutsche Telekom AG COM 251566105 494 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 835 5,800 SH   SOLE   5,800 0 0
Epam Systems Inc COM 29414B104 45,187 363,447 SH   SOLE   359,247 0 4,200
Essilor Intl SA ADR COM 297284200 627 8,884 SH   SOLE   8,884 0 0
Exxon Mobil Corp COM 30231G102 6,139 74,206 SH   SOLE   73,206 0 1,000
Facebook Inc Cl A COM 30303M102 53,199 273,768 SH   SOLE   271,013 0 2,755
Federal Express COM 31428X106 8,553 37,670 SH   SOLE   37,370 0 300
Fomento Economico Mexicano SA COM 344419106 443 5,050 SH   SOLE   5,050 0 0
Fresenius Medical Care A COM 358029106 838 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,074 4,870 SH   SOLE   4,320 0 550
Heineken NV-ADR COM 423012301 472 9,400 SH   SOLE   9,400 0 0
Henkel AG and CO. KGAA. COM 42550U208 294 2,300 SH   SOLE   2,300 0 0
Home Depot Inc. COM 437076102 25,321 129,784 SH   SOLE   127,534 0 2,250
Honeywell Inc. COM 438516106 663 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 4,208 84,650 SH   SOLE   83,250 0 1,400
Intelsat COM l5140p101 3,170 190,300 SH   SOLE   190,300 0 0
Johnson & Johnson COM 478160104 3,776 31,123 SH   SOLE   31,123 0 0
Kering ADR COM 492089107 567 10,100 SH   SOLE   10,100 0 0
Kimberly Clark Corp COM 494368103 1,435 13,623 SH   SOLE   13,623 0 0
L'Oreal COM 502117203 509 10,350 SH   SOLE   10,350 0 0
LVMH Moet Hennessy -ADR COM 502441306 875 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 258 3,019 SH   SOLE   3,019 0 0
Link Motion COM 53577l105 301 264,000 SH   SOLE   264,000 0 0
Lockheed Martin Corp COM 539830109 213 720 SH   SOLE   720 0 0
Luxoft Holding Inc COM G57279104 1,089 29,550 SH   SOLE   27,950 0 1,600
Luxottica Group ADS COM 55068r202 732 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 26,324 133,950 SH   SOLE   130,150 0 3,800
Mesabi Trust COM 590672101 2,190 89,200 SH   SOLE   89,200 0 0
Micron Technology INC COM 595112103 1,054 20,100 SH   SOLE   18,900 0 1,200
Microsoft Corporation COM 594918104 41,058 416,364 SH   SOLE   412,164 0 4,200
Millicom International Cellula COM SE0001174 13,281 224,445 SH   SOLE   224,445 0 0
Millicom International Cellula COM l6388f110 57,672 981,646 SH   SOLE   981,646 0 0
Nestle SA ADR COM 641069406 684 8,835 SH   SOLE   8,835 0 0
Netease, Inc COM 64110W102 803 3,180 SH   SOLE   3,180 0 0
Nidec Corp ADR COM 654090109 1,102 29,350 SH   SOLE   29,350 0 0
Nintendo Co. Ltd. COM 654445303 799 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 661 8,753 SH   SOLE   8,753 0 0
Novo Nordisk A/S Adr COM 670100205 480 10,400 SH   SOLE   10,400 0 0
Oasis Petroleum Inc. COM 674215108 648 50,000 SH   SOLE   50,000 0 0
Orange ADR COM 684060106 480 28,800 SH   SOLE   28,800 0 0
P J T Partners Inc-A COM 69343T107 456 8,550 SH   SOLE   8,550 0 0
Palo Alto Networks, Inc. COM 697435105 4,972 24,200 SH   SOLE   24,000 0 200
Pernod Ricard SA COM 714264207 474 14,500 SH   SOLE   14,500 0 0
Portola Pharmaceuticals COM 737010108 1,173 31,050 SH   SOLE   29,850 0 1,200
Prudential Global Short Durati COM 74433a109 466 34,113 SH   SOLE   25,000 0 9,113
Prudential PLC COM 74435K204 685 15,000 SH   SOLE   15,000 0 0
Pure Cycle Corp COM 746228303 2,703 283,026 SH   SOLE   283,026 0 0
Red Hat Inc COM 756577102 709 5,275 SH   SOLE   4,875 0 400
Royal Dutch Shell Plc-Adr COM 780259206 622 8,988 SH   SOLE   8,988 0 0
SAP SE COM 803054204 815 7,050 SH   SOLE   7,050 0 0
Shire Plc COM 82481R106 574 3,400 SH   SOLE   3,400 0 0
Shiseido Co COM 824841407 668 8,400 SH   SOLE   8,400 0 0
Tencent Holdings Ltd. COM 88032Q109 1,163 23,150 SH   SOLE   23,150 0 0
Unilever N.V. COM 904784709 507 9,100 SH   SOLE   9,100 0 0
Vertex Pharmaceuticals Incorpo COM 92532f100 255 1,500 SH   SOLE   1,500 0 0
Virtusa Corp COM 92827P102 1,025 21,050 SH   SOLE   19,050 0 2,000
Visa Inc. COM 92826C839 23,508 177,489 SH   SOLE   174,389 0 3,100
Vodafone Group PLC ADS COM 92857W308 323 13,289 SH   SOLE   13,289 0 0
Wal-mart de Mexico SAB COM 93114W107 444 16,800 SH   SOLE   16,800 0 0
adidas AG COM 00687A107 469 4,300 SH   SOLE   4,300 0 0