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
AFFILIATED MANAGERS GROUP INC COM 008252108 4,720 28,457 SH   SOLE   28,457 0 0
Accenture Plc-Cl A COM G1151C101 637 5,150 SH   SOLE   5,150 0 0
Achaogen, Inc. COM 004449104 608 28,000 SH   SOLE   28,000 0 0
Adobe Sys. Inc. Com. COM 00724F101 1,690 11,950 SH   SOLE   11,550 0 400
Akebia Therapeutics COM 00972d105 144 10,000 SH   SOLE   10,000 0 0
Albireo Pharma, Inc. COM 01345p106 313 15,200 SH   SOLE   15,200 0 0
Alibaba Group COM 01609w102 11,112 78,865 SH   SOLE   77,965 0 900
Allergan PLC COM G0177J108 1,993 8,200 SH   SOLE   7,800 0 400
Alliance Data Systems COM 018581108 308 1,200 SH   SOLE   1,200 0 0
Alphabet Inc-CL A COM 02079K305 20,207 21,735 SH   SOLE   21,405 0 330
Alphabet Inc-CL C COM 02079K107 21,301 23,440 SH   SOLE   23,060 0 380
Amazon.com COM 023135106 1,210 1,250 SH   SOLE   1,250 0 0
Anheuser-Busch Inbev SPN COM 03524A108 518 4,697 SH   SOLE   4,697 0 0
Apple Inc COM 037833100 12,047 83,650 SH   SOLE   82,150 0 1,500
Applied Materials COM 038222105 1,163 28,150 SH   SOLE   27,150 0 1,000
Athersys, Inc. COM 04744l106 38 25,000 SH   SOLE   25,000 0 0
BAE Systems ADR COM 05523r107 449 13,400 SH   SOLE   13,400 0 0
BASF SE ADR COM 055262505 327 3,500 SH   SOLE   3,500 0 0
Blackstone Group LP COM 09253U108 1,097 32,900 SH   SOLE   31,300 0 1,600
Carrizo Oil & Gas Inc COM 144577103 261 15,000 SH   SOLE   15,000 0 0
Celgene Corp COM 151020104 1,084 8,350 SH   SOLE   8,050 0 300
Cognizant Technology Solutions COM 192446102 29,379 442,451 SH   SOLE   435,351 0 7,100
Compass Group Plc-ADS COM 20449X302 475 22,657 SH   SOLE   22,657 0 0
Deutsche Post AG COM 25157y202 455 12,100 SH   SOLE   12,100 0 0
Deutsche Telekom AG COM 251566105 631 35,000 SH   SOLE   35,000 0 0
Diageo PLC ADR COM 25243Q205 671 5,600 SH   SOLE   5,600 0 0
Epam Systems Inc COM 29414B104 36,341 432,162 SH   SOLE   427,962 0 4,200
Essilor Intl SA ADR COM 297284200 605 9,484 SH   SOLE   9,484 0 0
Expedia, Inc. COM 30212p303 4,316 28,975 SH   SOLE   28,675 0 300
Exxon Mobil Corp COM 30231G102 6,058 75,043 SH   SOLE   74,043 0 1,000
Facebook Inc Cl A COM 30303M102 41,512 274,953 SH   SOLE   272,198 0 2,755
Fresenius Medical Care A COM 358029106 805 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,872 8,435 SH   SOLE   8,235 0 200
Grupo Televisa SA COM 40049J206 319 13,090 SH   SOLE   13,090 0 0
Heineken NV-ADR COM 423012301 648 13,300 SH   SOLE   13,300 0 0
Henkel AG and CO. KGAA. COM 42550U208 368 2,600 SH   SOLE   2,600 0 0
Home Depot Inc. COM 437076102 23,561 153,589 SH   SOLE   151,339 0 2,250
Honeywell Inc. COM 438516106 613 4,600 SH   SOLE   4,600 0 0
Johnson & Johnson COM 478160104 4,046 30,585 SH   SOLE   30,585 0 0
Kimberly Clark Corp COM 494368103 1,759 13,623 SH   SOLE   13,623 0 0
LVMH Moet Hennessy -ADR COM 502441306 663 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 248 3,019 SH   SOLE   3,019 0 0
Lowe's Companies Inc. COM 548661107 669 8,625 SH   SOLE   7,925 0 700
Luxoft Holding Inc COM G57279104 22,863 375,720 SH   SOLE   371,120 0 4,600
Luxottica Group ADS COM 55068R202 694 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 17,548 144,485 SH   SOLE   140,535 0 3,950
Medidata Solutions Inc COM 58471A105 735 9,400 SH   SOLE   8,600 0 800
Mesabi Trust COM 590672101 1,340 98,200 SH   SOLE   98,200 0 0
Microsoft Corporation COM 594918104 27,692 401,739 SH   SOLE   397,539 0 4,200
Millicom International Cellula COM SE0001174 14,233 236,945 SH   SOLE   236,945 0 0
Millicom International Cellula COM l6388f110 59,210 995,118 SH   SOLE   995,118 0 0
NQ Mobile Inc COM 64118U108 1,221 359,000 SH   SOLE   359,000 0 0
Nestle SA ADR COM 641069406 805 9,235 SH   SOLE   9,235 0 0
Netease, Inc COM 64110W102 1,001 3,330 SH   SOLE   3,330 0 0
Nidec Corp ADR COM 654090109 1,141 44,600 SH   SOLE   44,600 0 0
Nintendo Co. Ltd. COM 654445303 820 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 772 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 446 10,400 SH   SOLE   10,400 0 0
Olympus Corporation COM 68163W109 427 11,700 SH   SOLE   11,700 0 0
P J T Partners Inc-A COM 69343T107 381 9,475 SH   SOLE   9,475 0 0
PURE CYCLE CORP COM 746228303 1,509 194,733 SH   SOLE   194,733 0 0
Portola Pharmaceuticals COM 737010108 800 14,250 SH   SOLE   14,250 0 0
ProShares Ultra VIX COM 74347w346 122 12,500 SH   SOLE   12,500 0 0
Procter & Gamble Co COM 742718109 725 8,322 SH   SOLE   8,322 0 0
Prudential PLC COM 74435K204 690 15,000 SH   SOLE   15,000 0 0
PulteGroup, Inc. COM 745867101 561 22,850 SH   SOLE   22,850 0 0
Radcom Inc COM m81865111 213 11,000 SH   SOLE   11,000 0 0
Reckitt Benckiser ADR COM 756255204 611 29,500 SH   SOLE   29,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 483 15,200 SH   SOLE   15,200 0 0
Royal Dutch Shell Plc-Adr COM 780259206 388 7,300 SH   SOLE   7,300 0 0
SAP SE COM 803054204 713 6,810 SH   SOLE   6,810 0 0
Shire Plc COM 82481R106 595 3,600 SH   SOLE   3,600 0 0
Symantec Corp COM 871503108 14,807 524,150 SH   SOLE   516,350 0 7,800
Tencent Holdings Ltd. COM 88032Q109 1,079 30,000 SH   SOLE   30,000 0 0
The Priceline Group Inc. COM 741503403 40,817 21,821 SH   SOLE   21,566 0 255
Unilever N.V. COM 904784709 917 16,600 SH   SOLE   16,600 0 0
United Healthcare Corp. COM 91324P102 5,981 32,255 SH   SOLE   31,795 0 460
Vertex Pharmaceuticals Incorpo COM 92532f100 515 4,000 SH   SOLE   4,000 0 0
Virtusa Corp COM 92827P102 3,147 107,050 SH   SOLE   105,050 0 2,000
Visa Inc. COM 92826C839 16,700 178,079 SH   SOLE   174,979 0 3,100
Vodafone Group PLC ADS COM 92857W308 425 14,789 SH   SOLE   14,789 0 0
Wal-mart de Mexico SAB COM 93114W107 425 18,300 SH   SOLE   18,300 0 0
adidas AG COM 00687A107 413 4,300 SH   SOLE   4,300 0 0