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
AFFILIATED MANAGERS GROUP INC COM 008252108 8,977 54,757 SH   SOLE   54,757 0 0
Accenture Plc-Cl A COM G1151C101 617 5,150 SH   SOLE   5,150 0 0
Achaogen, Inc. COM 004449104 505 20,000 SH   SOLE   20,000 0 0
Adobe Sys. Inc. Com. COM 00724F101 669 5,140 SH   SOLE   5,140 0 0
Alibaba Group COM 01609w102 5,365 49,750 SH   SOLE   48,950 0 800
Allergan PLC COM G0177J108 2,414 10,105 SH   SOLE   9,705 0 400
Alliance Data Systems COM 018581108 962 3,865 SH   SOLE   3,665 0 200
Alphabet Inc-CL A COM 02079K305 18,881 22,270 SH   SOLE   21,940 0 330
Alphabet Inc-CL C COM 02079K107 19,644 23,680 SH   SOLE   23,300 0 380
Amazon.com COM 023135106 798 900 SH   SOLE   900 0 0
Anadarko Petroleum Corp COM 032511107 984 15,875 SH   SOLE   15,075 0 800
Anheuser-Busch Inbev SPN COM 03524A108 516 4,697 SH   SOLE   4,697 0 0
Apache Corp COM 037411105 1,858 36,150 SH   SOLE   36,050 0 100
Apple Inc COM 037833100 11,698 81,425 SH   SOLE   79,925 0 1,500
Applied Materials COM 038222105 1,599 41,100 SH   SOLE   40,100 0 1,000
BAE Systems ADR COM 05523r107 435 13,400 SH   SOLE   13,400 0 0
BASF SE ADR COM 055262505 347 3,500 SH   SOLE   3,500 0 0
Blackstone Group LP COM 09253U108 1,196 40,275 SH   SOLE   38,675 0 1,600
Celgene Corp COM 151020104 1,257 10,100 SH   SOLE   9,800 0 300
Cognizant Technology Solutions COM 192446102 26,495 445,151 SH   SOLE   438,051 0 7,100
Compass Group Plc-ADS COM 20449X302 436 22,657 SH   SOLE   22,657 0 0
Deutsche Post AG COM 25157y202 414 12,100 SH   SOLE   12,100 0 0
Deutsche Telekom AG COM 251566105 614 35,000 SH   SOLE   35,000 0 0
Diageo PLC ADR COM 25243Q205 647 5,600 SH   SOLE   5,600 0 0
EOG Resources COM 26875P101 439 4,500 SH   SOLE   4,500 0 0
Epam Systems Inc COM 29414B104 32,750 433,662 SH   SOLE   429,462 0 4,200
Essilor Intl SA ADR COM 297284200 577 9,484 SH   SOLE   9,484 0 0
Expedia, Inc. COM 30212p303 1,111 8,805 SH   SOLE   8,505 0 300
Exxon Mobil Corp COM 30231G102 6,154 75,043 SH   SOLE   74,043 0 1,000
Facebook Inc Cl A COM 30303M102 39,990 281,520 SH   SOLE   278,765 0 2,755
Fresenius Medical Care A COM 358029106 701 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,556 6,775 SH   SOLE   6,695 0 80
Grupo Televisa SA COM 40049J206 340 13,090 SH   SOLE   13,090 0 0
Heineken NV-ADR COM 423012301 565 13,300 SH   SOLE   13,300 0 0
Henkel AG and CO. KGAA. COM 42550U208 333 2,600 SH   SOLE   2,600 0 0
Home Depot Inc. COM 437076102 20,957 142,733 SH   SOLE   140,483 0 2,250
Honeywell Inc. COM 438516106 688 5,512 SH   SOLE   5,512 0 0
Johnson & Johnson COM 478160104 3,809 30,585 SH   SOLE   30,585 0 0
KB Home COM 48666K109 209 10,500 SH   SOLE   10,500 0 0
Kimberly Clark Corp COM 494368103 1,898 14,423 SH   SOLE   14,423 0 0
LVMH Moet Hennessy -ADR COM 502441306 580 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 254 3,019 SH   SOLE   3,019 0 0
Lowes Companies Inc. COM 548661107 828 10,075 SH   SOLE   9,375 0 700
Luxoft Holding Inc COM G57279104 23,764 379,920 SH   SOLE   375,320 0 4,600
Luxottica Group ADS COM 55068R202 628 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 16,599 147,585 SH   SOLE   143,635 0 3,950
Medidata Solutions Inc COM 58471A105 542 9,400 SH   SOLE   8,600 0 800
Merck & Co. COM 589331107 435 6,850 SH   SOLE   6,850 0 0
Mesabi Trust COM 590672101 1,291 86,100 SH   SOLE   86,100 0 0
Microsoft Corporation COM 594918104 28,307 429,804 SH   SOLE   425,604 0 4,200
Millicom International Cellula COM SE0001174 13,207 236,945 SH   SOLE   236,945 0 0
Millicom International Cellula COM l6388f110 55,626 994,918 SH   SOLE   994,918 0 0
NQ Mobile Inc COM 64118U108 1,455 349,000 SH   SOLE   349,000 0 0
Nestle SA ADR COM 641069406 710 9,235 SH   SOLE   9,235 0 0
Netease, Inc COM 64110W102 946 3,330 SH   SOLE   3,330 0 0
Nidec Corp ADR COM 654090109 1,067 44,600 SH   SOLE   44,600 0 0
Nintendo Co. Ltd. COM 654445303 569 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 687 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 357 10,400 SH   SOLE   10,400 0 0
Olympus Corporation COM 68163W109 450 11,700 SH   SOLE   11,700 0 0
PURE CYCLE CORP COM 746228303 970 174,733 SH   SOLE   174,733 0 0
Portola Pharmaceuticals COM 737010108 402 10,250 SH   SOLE   10,250 0 0
ProShares Ultra VIX COM 74347w346 162 10,000 SH   SOLE   10,000 0 0
Procter & Gamble Co COM 742718109 788 8,766 SH   SOLE   8,766 0 0
Prudential PLC COM 74435K204 635 15,000 SH   SOLE   15,000 0 0
PulteGroup, Inc. COM 745867101 516 21,900 SH   SOLE   21,900 0 0
Radcom Inc COM m81865111 236 11,000 SH   SOLE   11,000 0 0
Reckitt Benckiser ADR COM 756255204 549 29,500 SH   SOLE   29,500 0 0
Regeneron Pharmaceutic COM 75886f107 401 1,035 SH   SOLE   1,035 0 0
Roche Holdings Ltd Sponsored A COM 771195104 487 15,200 SH   SOLE   15,200 0 0
Royal Caribbean Cruises COM V7780T103 368 3,750 SH   SOLE   3,750 0 0
Royal Dutch Shell Plc-Adr COM 780259206 385 7,300 SH   SOLE   7,300 0 0
SAP SE COM 803054204 669 6,810 SH   SOLE   6,810 0 0
Shire Plc COM 82481R106 627 3,600 SH   SOLE   3,600 0 0
Silicon Motion COM 82706C108 407 8,700 SH   SOLE   8,700 0 0
Symantec Corp COM 871503108 16,343 532,700 SH   SOLE   524,900 0 7,800
Syngenta AG ADR COM 87160A100 549 6,200 SH   SOLE   6,200 0 0
Tencent Holdings Ltd. COM 88032Q109 866 30,000 SH   SOLE   30,000 0 0
The Priceline Group Inc. COM 741503403 38,396 21,571 SH   SOLE   21,316 0 255
Unilever N.V. COM 904784709 825 16,600 SH   SOLE   16,600 0 0
United Healthcare Corp. COM 91324P102 5,995 36,555 SH   SOLE   36,095 0 460
Virtusa Corp COM 92827P102 3,527 116,700 SH   SOLE   114,700 0 2,000
Visa Inc. COM 92826C839 16,047 180,565 SH   SOLE   177,465 0 3,100
Vodafone Group PLC ADS COM 92857W308 391 14,789 SH   SOLE   14,789 0 0
Wal-mart de Mexico SAB COM 93114W107 421 18,300 SH   SOLE   18,300 0 0
adidas AG COM 00687A107 409 4,300 SH   SOLE   4,300 0 0