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
3M Company COM 88579Y101 281 1,332 SH   SOLE   1,332 0 0
Accenture Plc-Cl A COM G1151C101 902 5,300 SH   SOLE   5,300 0 0
Adamas Pharmaceuticals COM 00548a106 400 20,000 SH   SOLE   20,000 0 0
Adobe Sys. Inc. Com. COM 00724F101 2,157 7,990 SH   SOLE   7,590 0 400
Affiliated Managers Group Inc. COM 008252108 3,891 28,457 SH   SOLE   28,457 0 0
Affimed N.V. COM n01045108 65 15,000 SH   SOLE   15,000 0 0
Albireo Pharma, Inc. COM 01345p106 432 13,100 SH   SOLE   13,100 0 0
Alibaba Group COM 01609w102 21,610 131,160 SH   SOLE   129,860 0 1,300
Align Technology Inc COM 016255101 235 600 SH   SOLE   600 0 0
Alphabet Inc-CL A COM 02079K305 18,680 15,475 SH   SOLE   15,145 0 330
Alphabet Inc-CL C COM 02079K107 35,254 29,539 SH   SOLE   29,159 0 380
Amazon.com COM 023135106 40,070 20,005 SH   SOLE   19,885 0 120
Apple Inc COM 037833100 19,848 87,925 SH   SOLE   86,825 0 1,100
Athersys, Inc. COM 04744l106 210 100,000 SH   SOLE   100,000 0 0
Automatic Data Processing Inc COM 053015103 242 1,604 SH   SOLE   1,604 0 0
Baozun Inc. COM 06684l103 5,511 113,450 SH   SOLE   112,250 0 1,200
Blackline Inc. COM 09239b109 829 14,675 SH   SOLE   13,475 0 1,200
Booking Holdings Inc. COM 09857l108 37,311 18,806 SH   SOLE   18,631 0 175
ChevronTexaco Corp COM 166764100 754 6,170 SH   SOLE   6,170 0 0
Cognizant Technology Solutions COM 192446102 29,806 386,336 SH   SOLE   379,836 0 6,500
Compass Group Plc-ADS COM 20449X302 493 21,784 SH   SOLE   21,784 0 0
ContraFect Corp COM 212326102 83 40,000 SH   SOLE   40,000 0 0
Dassault Systems SA COM 237545108 529 3,550 SH   SOLE   3,550 0 0
Deutsche Telekom AG COM 251566105 513 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 822 5,800 SH   SOLE   5,800 0 0
Epam Systems Inc COM 29414B104 48,955 355,522 SH   SOLE   352,122 0 3,400
Essilor Intl SA ADR COM 297284200 658 8,884 SH   SOLE   8,884 0 0
Exxon Mobil Corp COM 30231G102 6,274 73,799 SH   SOLE   72,799 0 1,000
Facebook Inc Cl A COM 30303M102 44,318 269,478 SH   SOLE   266,723 0 2,755
Federal Express COM 31428X106 1,559 6,475 SH   SOLE   6,175 0 300
Fomento Economico Mexicano SA COM 344419106 569 5,750 SH   SOLE   5,750 0 0
Fresenius Medical Care A COM 358029106 856 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,076 4,800 SH   SOLE   4,250 0 550
Heineken NV-ADR COM 423012301 441 9,400 SH   SOLE   9,400 0 0
Henkel AG and CO. KGAA. COM 42550U208 270 2,300 SH   SOLE   2,300 0 0
Home Depot Inc. COM 437076102 27,205 131,329 SH   SOLE   129,079 0 2,250
Honeywell Inc. COM 438516106 766 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 3,789 80,125 SH   SOLE   78,725 0 1,400
Intelsat COM l5140p101 6,774 225,800 SH   SOLE   225,800 0 0
JP Morgan Chase & Co COM 606880102 237 2,100 SH   SOLE   1,100 0 1,000
Johnson & Johnson COM 478160104 4,375 31,661 SH   SOLE   31,661 0 0
Kering ADR COM 492089107 540 10,100 SH   SOLE   10,100 0 0
Kimberly Clark Corp COM 494368103 1,548 13,623 SH   SOLE   13,623 0 0
L'Oreal COM 502117203 498 10,350 SH   SOLE   10,350 0 0
LVMH Moet Hennessy -ADR COM 502441306 930 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 324 3,019 SH   SOLE   3,019 0 0
Link Motion COM 53577l105 209 316,500 SH   SOLE   316,500 0 0
Lockheed Martin Corp COM 539830109 249 720 SH   SOLE   720 0 0
Luxoft Holding Inc COM G57279104 992 20,950 SH   SOLE   19,350 0 1,600
Luxottica Group ADS COM 55068r202 776 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 29,462 132,350 SH   SOLE   128,850 0 3,500
Merck & Co. COM 589331107 220 3,100 SH   SOLE   3,100 0 0
Mesabi Trust COM 590672101 2,337 88,200 SH   SOLE   88,200 0 0
Micron Technology INC COM 595112103 1,009 22,300 SH   SOLE   21,100 0 1,200
Microsoft Corporation COM 594918104 48,457 423,689 SH   SOLE   419,489 0 4,200
Millicom International Cellula COM SE0001174 12,442 216,650 SH   SOLE   216,650 0 0
Millicom International Cellula COM l6388f128 859 15,295 SH   SOLE   15,295 0 0
Millicom International Cellula COM l6388f110 56,931 995,818 SH   SOLE   995,818 0 0
Nestle SA ADR COM 641069406 843 10,135 SH   SOLE   10,135 0 0
Netease, Inc COM 64110W102 669 2,930 SH   SOLE   2,930 0 0
Nidec Corp ADR COM 654090109 1,055 29,400 SH   SOLE   29,400 0 0
Nintendo Co. Ltd. COM 654445303 891 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 754 8,753 SH   SOLE   8,753 0 0
Novo Nordisk A/S Adr COM 670100205 490 10,400 SH   SOLE   10,400 0 0
Oasis Petroleum Inc. COM 674215108 354 25,000 SH   SOLE   25,000 0 0
Orange ADR COM 684060106 458 28,800 SH   SOLE   28,800 0 0
P J T Partners Inc-A COM 69343T107 448 8,550 SH   SOLE   8,550 0 0
Palo Alto Networks, Inc. COM 697435105 3,379 15,000 SH   SOLE   15,000 0 0
Pernod Ricard SA COM 714264207 475 14,500 SH   SOLE   14,500 0 0
Portola Pharmaceuticals COM 737010108 750 28,150 SH   SOLE   26,950 0 1,200
Prudential Global Short Durati COM 74433a109 473 34,113 SH   SOLE   25,000 0 9,113
Prudential PLC COM 74435K204 688 15,000 SH   SOLE   15,000 0 0
Pure Cycle Corp COM 746228303 3,269 283,026 SH   SOLE   283,026 0 0
Royal Dutch Shell Plc-Adr COM 780259206 612 8,988 SH   SOLE   8,988 0 0
SAP SE COM 803054204 867 7,050 SH   SOLE   7,050 0 0
Shire Plc COM 82481R106 616 3,400 SH   SOLE   3,400 0 0
Shiseido Co COM 824841407 651 8,400 SH   SOLE   8,400 0 0
Tencent Holdings Ltd. COM 88032Q109 892 21,850 SH   SOLE   21,850 0 0
Unilever N.V. COM 904784709 506 9,100 SH   SOLE   9,100 0 0
Virtusa Corp COM 92827P102 1,114 20,750 SH   SOLE   18,750 0 2,000
Visa Inc. COM 92826C839 26,677 177,739 SH   SOLE   174,639 0 3,100
Vodafone Group PLC ADS COM 92857W308 288 13,289 SH   SOLE   13,289 0 0
Wal-mart de Mexico SAB COM 93114W107 580 19,100 SH   SOLE   19,100 0 0
adidas AG COM 00687A107 525 4,300 SH   SOLE   4,300 0 0