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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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 421 2,562 SH   SOLE   2,562 0 0
Accenture Plc-Cl A COM G1151C101 664 3,450 SH   SOLE   3,450 0 0
Adobe Sys. Inc. Com. COM 00724F101 2,196 7,948 SH   SOLE   7,548 0 400
Affiliated Managers Group Inc. COM 008252108 2,197 26,357 SH   SOLE   26,357 0 0
Albireo Pharma, Inc. COM 01345p106 406 20,300 SH   SOLE   19,900 0 400
Alcon Inc. COM H01301102 640 10,980 SH   SOLE   10,980 0 0
Alibaba Group COM 01609w102 20,197 120,775 SH   SOLE   120,275 0 500
Alphabet Inc-CL A COM 02079K305 19,141 15,675 SH   SOLE   15,345 0 330
Alphabet Inc-CL C COM 02079K107 35,180 28,859 SH   SOLE   28,479 0 380
Amazon.com COM 023135106 37,600 21,660 SH   SOLE   21,540 0 120
American Tower Corp COM 03027X100 8,052 36,415 SH   SOLE   35,815 0 600
Apple Inc COM 037833100 1,299 5,800 SH   SOLE   5,800 0 0
Athersys, Inc. COM 04744l106 133 100,000 SH   SOLE   100,000 0 0
Automatic Data Processing Inc COM 053015103 340 2,104 SH   SOLE   2,104 0 0
Baozun Inc. COM 06684l103 457 10,700 SH   SOLE   9,500 0 1,200
Blackstone Group Inc COM 09253U108 868 17,775 SH   SOLE   15,775 0 2,000
Booking Holdings Inc. COM 09857l108 37,635 19,176 SH   SOLE   18,951 0 225
CVS Health Corp COM 126650100 4,819 76,400 SH   SOLE   74,300 0 2,100
Charter Communications Inc COM 16117M305 596 1,445 SH   SOLE   1,445 0 0
ChevronTexaco Corp COM 166764100 503 4,245 SH   SOLE   4,245 0 0
Cognizant Technology Solutions COM 192446102 300 4,986 SH   SOLE   4,986 0 0
Comcast Cl A COM 200300101 488 10,835 SH   SOLE   10,835 0 0
Compania Brasileira COM 20440t201 365 19,000 SH   SOLE   19,000 0 0
Compass Group Plc-ADS COM 20449X302 535 20,775 SH   SOLE   20,775 0 0
ContraFect Corp COM 212326102 72 200,000 SH   SOLE   200,000 0 0
Crown Castle COM 22822v101 959 6,900 SH   SOLE   6,900 0 0
Danone ADR COM 23636t100 328 18,700 SH   SOLE   18,700 0 0
Dassault Systems SA COM 237545108 368 2,600 SH   SOLE   2,600 0 0
Deutsche Telekom AG COM 251566105 535 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 997 6,100 SH   SOLE   6,100 0 0
Epam Systems Inc COM 29414B104 64,873 355,822 SH   SOLE   352,422 0 3,400
Exxon Mobil Corp COM 30231G102 5,001 70,826 SH   SOLE   69,826 0 1,000
Facebook Inc Cl A COM 30303M102 47,224 265,183 SH   SOLE   262,428 0 2,755
Fidelity National COM 31620m106 266 2,000 SH   SOLE   2,000 0 0
Fomento Economico Mexicano SA COM 344419106 504 5,500 SH   SOLE   5,500 0 0
Fresenius Medical Care A COM 358029106 504 15,000 SH   SOLE   15,000 0 0
Givaudan SA COM 37636p108 496 8,900 SH   SOLE   8,900 0 0
Heineken NV-ADR COM 423012301 411 7,600 SH   SOLE   7,600 0 0
Home Depot Inc. COM 437076102 29,415 126,779 SH   SOLE   124,929 0 1,850
Honeywell Inc. COM 438516106 778 4,600 SH   SOLE   4,600 0 0
Intelsat COM l5140p101 13,576 595,450 SH   SOLE   595,450 0 0
JP Morgan Chase & Co COM 606880102 1,462 12,423 SH   SOLE   10,923 0 1,500
Johnson & Johnson COM 478160104 4,420 34,164 SH   SOLE   34,164 0 0
Kering ADR COM 492089107 407 8,000 SH   SOLE   8,000 0 0
Kimberly Clark Corp COM 494368103 1,961 13,805 SH   SOLE   13,805 0 0
L'Oreal COM 502117203 503 9,000 SH   SOLE   9,000 0 0
LVMH Moet Hennessy -ADR COM 502441306 952 12,000 SH   SOLE   12,000 0 0
Lilly Eli & Co. COM 532457108 338 3,019 SH   SOLE   3,019 0 0
Link Motion COM 53577l105 31 203,500 SH   SOLE   203,500 0 0
Lockheed Martin Corp COM 539830109 267 683 SH   SOLE   683 0 0
Mastercard Inc. COM 57636Q104 34,634 127,533 SH   SOLE   124,455 0 3,078
Merck & Co. COM 589331107 286 3,397 SH   SOLE   3,397 0 0
Mesabi Trust COM 590672101 2,110 88,200 SH   SOLE   88,200 0 0
Micron Technology INC COM 595112103 701 16,350 SH   SOLE   14,750 0 1,600
Microsoft Corporation COM 594918104 57,270 411,922 SH   SOLE   407,722 0 4,200
Millicom International Cellula COM SE0001174 9,786 201,650 SH   SOLE   201,650 0 0
Millicom International Cellula COM l6388f128 748 15,295 SH   SOLE   15,295 0 0
Millicom International Cellula COM l6388f110 49,953 1,026,368 SH   SOLE   1,026,368 0 0
Nestle SA ADR COM 641069406 1,057 9,752 SH   SOLE   9,752 0 0
Netease, Inc COM 64110W102 865 3,250 SH   SOLE   3,250 0 0
Nidec Corp ADR COM 654090109 940 27,800 SH   SOLE   27,800 0 0
Nintendo Co. Ltd. COM 654445303 863 18,500 SH   SOLE   18,500 0 0
Novartis Ag-Adr COM 66987V109 802 9,228 SH   SOLE   9,228 0 0
Novo Nordisk A/S Adr COM 670100205 501 9,700 SH   SOLE   9,700 0 0
Orange ADR COM 684060106 374 24,000 SH   SOLE   24,000 0 0
Pagseguro COM g68707101 222 4,800 SH   SOLE   4,800 0 0
Palo Alto Networks, Inc. COM 697435105 3,673 18,020 SH   SOLE   17,720 0 300
PayPal Inc COM 704508100 634 6,120 SH   SOLE   5,520 0 600
Pernod Ricard SA COM 714264207 484 13,600 SH   SOLE   13,600 0 0
Portola Pharmaceuticals COM 737010108 322 12,000 SH   SOLE   12,000 0 0
Procter & Gamble Co COM 742718109 492 3,959 SH   SOLE   3,959 0 0
Prudential Global Short Durati COM 74433a109 461 32,113 SH   SOLE   23,000 0 9,113
Prudential PLC COM 74435K204 509 14,000 SH   SOLE   14,000 0 0
Pure Cycle Corp COM 746228303 2,910 283,026 SH   SOLE   283,026 0 0
Roche Holdings Ltd Sponsored A COM 771195104 364 10,000 SH   SOLE   10,000 0 0
Royal Dutch Shell Plc-Adr COM 780259206 477 8,100 SH   SOLE   8,100 0 0
SAP SE COM 803054204 389 3,300 SH   SOLE   3,300 0 0
Salesforce.com COM 79466l302 1,139 7,675 SH   SOLE   7,075 0 600
Shiseido Co COM 824841407 635 7,900 SH   SOLE   7,900 0 0
Takeda Pharma Co. COM 874060205 277 16,108 SH   SOLE   16,108 0 0
Tencent Holdings Ltd. COM 88032Q109 957 23,000 SH   SOLE   23,000 0 0
Unilever N.V. COM 904784709 540 9,000 SH   SOLE   9,000 0 0
United Healthcare Corp. COM 91324P102 724 3,330 SH   SOLE   2,930 0 400
Visa Inc. COM 92826C839 30,463 177,099 SH   SOLE   173,999 0 3,100
Wal-mart de Mexico SAB COM 93114W107 570 19,100 SH   SOLE   19,100 0 0
Walt Disney Company COM 254687106 443 3,396 SH   SOLE   3,396 0 0
adidas AG COM 00687A107 607 3,900 SH   SOLE   3,900 0 0
MYT HOLDING CO PFD 55406m204 510 500,000 SH   SOLE   500,000 0 0