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 258 1,466 SH   SOLE   1,466 0 0
Alphabet Inc. Class A COM 02079K305 256 319 SH   SOLE   319 0 0
Alphabet Inc. Class C COM 02079K107 548 705 SH   SOLE   705 0 0
Apple Inc. COM 037833100 528 4,673 SH   SOLE   4,673 0 0
Automatic Data Processing COM 053015103 232 2,631 SH   SOLE   2,631 0 0
Celgene Corp COM 151020104 229 2,194 SH   SOLE   2,194 0 0
Constellation Brands COM 21036P108 316 1,900 SH   SOLE   1,900 0 0
Delta Air Lines Inc. COM 247361702 222 5,638 SH   SOLE   5,638 0 0
EOG Resources Inc. COM 26875P101 524 5,423 SH   SOLE   5,423 0 0
General Electric COM 369604103 675 22,801 SH   SOLE   22,801 0 0
HCA Holdings Inc. COM 40412C101 280 3,705 SH   SOLE   3,705 0 0
J.P. Morgan COM 46625H100 445 6,690 SH   SOLE   6,690 0 0
JM Smucker CO. COM 832696405 259 1,909 SH   SOLE   1,909 0 0
Lockheed Martin Corp COM 539830109 289 1,205 SH   SOLE   1,205 0 0
Marsh & McLennan Cos COM 571748102 285 4,235 SH   SOLE   4,235 0 0
Mastercard Inc. - Class A COM 57636Q104 349 3,426 SH   SOLE   3,426 0 0
Medtronic Inc. COM G5960L103 296 3,425 SH   SOLE   3,425 0 0
Mohawk Industries COM 608190104 320 1,595 SH   SOLE   1,595 0 0
Nvidia Corp COM 67066G104 353 5,150 SH   SOLE   5,150 0 0
Pfizer COM 717081103 268 7,915 SH   SOLE   7,915 0 0
Pioneer Natural Resources CO COM 723787107 303 1,630 SH   SOLE   1,630 0 0
Stryker Corp COM 863667101 250 2,150 SH   SOLE   2,150 0 0
T-Mobile COM 872590104 654 13,993 SH   SOLE   13,993 0 0
TJX Companies Inc COM 872540109 284 3,800 SH   SOLE   3,800 0 0
Ulta Salon Cosmetics & Fragr. COM 90384S303 309 1,300 SH   SOLE   1,300 0 0
Vail Resorts Inc COM 91879Q109 674 4,299 SH   SOLE   4,299 0 0
Visa Inc COM 92826C839 621 7,504 SH   SOLE   7,504 0 0
Vulcan Materials COM 929160109 271 2,385 SH   SOLE   2,385 0 0
Zimmer Biomet Holding Inc. COM 98956P102 289 2,222 SH   SOLE   2,222 0 0
Cielo SA-Sponsored ADR ADR 171778202 181 17,953 SH   SOLE   17,953 0 0
Alibaba ADR 01609W102 214 2,020 SH   SOLE   2,020 0 0
China Construct - USPON ADR ADR 168919108 181 12,075 SH   SOLE   12,075 0 0
China Lodging Group ADR 16949N109 230 5,100 SH   SOLE   5,100 0 0
Netease Inc - ADR ADR 64110W102 203 842 SH   SOLE   842 0 0
Ping An Insurance-ADR ADR 72341E304 183 17,330 SH   SOLE   17,330 0 0
Tencent Holdings LTD ADR 88032Q109 471 16,895 SH   SOLE   16,895 0 0
Infineon Technologies - ADR ADR 45662N103 1,953 109,853 SH   SOLE   109,168 0 685
SAP AG ADR 803054204 4,813 52,649 SH   SOLE   52,329 0 320
Siemens AG_Spons ADR ADR 826197501 4,164 35,493 SH   SOLE   35,263 0 230
AIA Group LTD-SP ADR ADR 001317205 3,693 137,050 SH   SOLE   136,145 0 905
Melco Crown Entertainment ADR ADR 585464100 179 11,120 SH   SOLE   11,120 0 0
Accenture PLC ADR G1151C101 5,592 45,771 SH   SOLE   45,496 0 275
Allergan PLC ADR G0177J108 3,337 14,491 SH   SOLE   14,406 0 85
CRH PLC-Sponsored ADR ADR 12626K203 4,443 133,537 SH   SOLE   132,752 0 785
Icon PLC ADR G4705A100 3,916 50,619 SH   SOLE   50,289 0 330
RyanAir Holdings PLC ADR 783513203 3,078 41,018 SH   SOLE   40,777 0 241
Honda Motor Company ADR 438128308 3,546 122,610 SH   SOLE   121,795 0 815
Japan Tobacco Inc-UNSPON ADR ADR 471105205 3,235 157,952 SH   SOLE   156,837 0 1,115
KDDI Corp - Unsponsored ADR ADR 48667L106 3,859 249,747 SH   SOLE   248,082 0 1,665
Mitsubishi UFJ Financial ADR 606822104 1,757 347,840 SH   SOLE   345,705 0 2,135
Nippon Telegraph & Telephone A ADR 654624105 3,926 85,694 SH   SOLE   85,114 0 580
Orix Corporation ADR 686330101 3,535 47,668 SH   SOLE   47,348 0 320
Sony Corp. ADR 835699307 3,646 109,779 SH   SOLE   109,054 0 725
Cemex ADR 151290889 1,836 231,198 SH   SOLE   229,993 0 1,205
Grupo Financiero Santander ADR 40053C105 89 10,060 SH   SOLE   10,060 0 0
Walmart de Mexico ADR ADR 93114W107 1,875 85,790 SH   SOLE   85,395 0 395
ASML Holdings ADR N07059210 222 2,030 SH   SOLE   2,030 0 0
ING Groep N.V. ADR 456837103 4,077 330,409 SH   SOLE   328,369 0 2,040
Koninklijke Ahold Delhaize NV ADR 500467501 4,449 196,429 SH   SOLE   195,249 0 1,180
NXP Semiconductors ADR N6596X109 5,226 51,234 SH   SOLE   50,924 0 310
Royal Dutch Shell PLC - A Shar ADR 780259206 3,016 60,235 SH   SOLE   59,785 0 450
Yandex ADR N97284108 218 10,370 SH   SOLE   10,370 0 0
Broadcom LTD ADR Y09827109 3,272 18,965 SH   SOLE   18,860 0 105
Flextronics Intl LTD ADR Y2573F102 4,168 306,020 SH   SOLE   304,215 0 1,805
KB Financial Group Inc. ADR ADR 48241A105 221 6,465 SH   SOLE   6,465 0 0
Chubb Corp ADR H1467J104 4,050 32,233 SH   SOLE   32,043 0 190
Nestle SA ADR 641069406 1,358 17,183 SH   SOLE   17,091 0 92
Roche Holdings ADR 771195104 406 13,125 SH   SOLE   13,125 0 0
BP PLC-Spon ADR ADR 055622104 3,801 108,102 SH   SOLE   107,352 0 750
Carnival PLC ADR 14365C103 1,631 33,226 SH   SOLE   32,991 0 235
Delphi Automotive PLC ADR G27823106 1,903 26,689 SH   SOLE   26,519 0 170
Diageo PLC ADR 25243Q205 3,339 28,775 SH   SOLE   28,570 0 205
Randgold Resources LTD-ADR ADR 752344309 3,604 36,012 SH   SOLE   35,772 0 240
Rio Tinto LTD ADR 767204100 3,830 114,667 SH   SOLE   113,947 0 720
Shire PLC-ADR ADR 82481R106 1,728 8,914 SH   SOLE   8,852 0 62
Smith & Nephew PLC-SPON ADR ADR 83175M205 1,536 46,870 SH   SOLE   46,535 0 335
Telekomunik Indonesia SP ADR ADR 715684106 1,043 15,780 SH   SOLE   15,780 0 0
Anglogold Ashanti ADR 035128206 187 11,775 SH   SOLE   11,775 0 0
Naspers LTD-N SHS SPON ADR ADR 631512100 225 12,910 SH   SOLE   12,910 0 0