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 314 1,332 SH   SOLE   1,332 0 0
AFFILIATED MANAGERS GROUP INC COM 008252108 5,841 28,457 SH   SOLE   28,457 0 0
Accenture Plc-Cl A COM G1151C101 788 5,150 SH   SOLE   5,150 0 0
Adamas Pharmaceuticals COM 00548a106 559 16,500 SH   SOLE   16,500 0 0
Adobe Sys. Inc. Com. COM 00724F101 1,879 10,725 SH   SOLE   10,325 0 400
Albireo Pharma, Inc. COM 01345p106 241 9,400 SH   SOLE   9,400 0 0
Alibaba Group COM 01609w102 22,748 131,925 SH   SOLE   130,825 0 1,100
Alphabet Inc-CL A COM 02079K305 16,407 15,575 SH   SOLE   15,245 0 330
Alphabet Inc-CL C COM 02079K107 31,266 29,879 SH   SOLE   29,499 0 380
Amazon.com COM 023135106 5,859 5,010 SH   SOLE   5,010 0 0
Anheuser-Busch Inbev SPN COM 03524A108 503 4,512 SH   SOLE   4,512 0 0
Apple Inc COM 037833100 17,185 101,550 SH   SOLE   100,050 0 1,500
Applied Materials COM 038222105 1,270 24,850 SH   SOLE   23,850 0 1,000
Athersys, Inc. COM 04744l106 127 70,000 SH   SOLE   70,000 0 0
Celgene Corp COM 151020104 767 7,350 SH   SOLE   6,850 0 500
ChevronTexaco Corp COM 166764100 240 1,920 SH   SOLE   1,920 0 0
Citigroup Inc COM 172967101 988 13,277 SH   SOLE   13,277 0 0
Cognizant Technology Solutions COM 192446102 30,243 425,841 SH   SOLE   419,341 0 6,500
Compass Group Plc-ADS COM 20449X302 478 21,784 SH   SOLE   21,784 0 0
Deutsche Post AG COM 25157y202 576 12,100 SH   SOLE   12,100 0 0
Deutsche Telekom AG COM 251566105 565 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 818 5,600 SH   SOLE   5,600 0 0
Epam Systems Inc COM 29414B104 42,409 394,762 SH   SOLE   390,562 0 4,200
Essilor Intl SA ADR COM 297284200 613 8,884 SH   SOLE   8,884 0 0
Exxon Mobil Corp COM 30231G102 6,262 74,869 SH   SOLE   73,869 0 1,000
Facebook Inc Cl A COM 30303M102 48,774 276,403 SH   SOLE   273,648 0 2,755
Federal Express COM 31428X106 4,396 17,617 SH   SOLE   17,617 0 0
Fomento Economico Mexicano SA COM 344419106 413 4,400 SH   SOLE   4,400 0 0
Fresenius Medical Care A COM 358029106 875 16,650 SH   SOLE   16,650 0 0
Goldman Sachs Group COM 38141G104 1,331 5,225 SH   SOLE   4,675 0 550
Heineken NV-ADR COM 423012301 646 12,400 SH   SOLE   12,400 0 0
Henkel AG and CO. KGAA. COM 42550U208 345 2,600 SH   SOLE   2,600 0 0
Home Depot Inc. COM 437076102 29,893 157,724 SH   SOLE   155,474 0 2,250
Honeywell Inc. COM 438516106 706 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 2,382 51,600 SH   SOLE   51,600 0 0
Johnson & Johnson COM 478160104 4,424 31,661 SH   SOLE   31,661 0 0
Kering ADR COM 492089107 433 9,200 SH   SOLE   9,200 0 0
Kimberly Clark Corp COM 494368103 1,644 13,623 SH   SOLE   13,623 0 0
LVMH Moet Hennessy -ADR COM 502441306 775 13,200 SH   SOLE   13,200 0 0
Lilly Eli & Co. COM 532457108 255 3,019 SH   SOLE   3,019 0 0
Lockheed Martin Corp COM 539830109 212 661 SH   SOLE   661 0 0
Luxoft Holding Inc COM G57279104 6,532 117,270 SH   SOLE   112,670 0 4,600
Luxottica Group ADS COM 55068r202 697 11,400 SH   SOLE   11,400 0 0
Mastercard Inc. COM 57636Q104 20,401 134,785 SH   SOLE   130,985 0 3,800
Mesabi Trust COM 590672101 2,269 90,200 SH   SOLE   90,200 0 0
Microsoft Corporation COM 594918104 36,854 430,839 SH   SOLE   426,639 0 4,200
Millicom International Cellula COM SE0001174 15,717 231,945 SH   SOLE   231,945 0 0
Millicom International Cellula COM l6388f110 67,162 996,318 SH   SOLE   996,318 0 0
NQ Mobile Inc COM 64118U108 828 206,000 SH   SOLE   206,000 0 0
Nestle SA ADR COM 641069406 794 9,235 SH   SOLE   9,235 0 0
Netease, Inc COM 64110W102 1,070 3,100 SH   SOLE   3,100 0 0
Nidec Corp ADR COM 654090109 1,524 43,350 SH   SOLE   43,350 0 0
Nintendo Co. Ltd. COM 654445303 883 19,600 SH   SOLE   19,600 0 0
Novartis Ag-Adr COM 66987V109 777 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 558 10,400 SH   SOLE   10,400 0 0
Orange ADR COM 684060106 501 28,800 SH   SOLE   28,800 0 0
P J T Partners Inc-A COM 69343T107 380 8,325 SH   SOLE   8,325 0 0
Portola Pharmaceuticals COM 737010108 1,418 29,125 SH   SOLE   27,925 0 1,200
ProShares Ultra VIX COM 74347w346 102 10,000 SH   SOLE   10,000 0 0
Procter & Gamble Co COM 742718109 1,576 17,148 SH   SOLE   17,148 0 0
Prudential PLC COM 74435K204 762 15,000 SH   SOLE   15,000 0 0
Pure Cycle Corp COM 746228303 1,946 233,026 SH   SOLE   233,026 0 0
Reckitt Benckiser ADR COM 756255204 561 29,500 SH   SOLE   29,500 0 0
Red Hat Inc COM 756577102 661 5,500 SH   SOLE   5,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 496 15,700 SH   SOLE   15,700 0 0
Royal Dutch Shell Plc-Adr COM 780259206 600 8,988 SH   SOLE   8,988 0 0
SAP SE COM 803054204 765 6,810 SH   SOLE   6,810 0 0
Shire Plc COM 82481R106 527 3,400 SH   SOLE   3,400 0 0
Symantec Corp COM 871503108 14,201 506,100 SH   SOLE   502,300 0 3,800
Tencent Holdings Ltd. COM 88032Q109 1,365 26,300 SH   SOLE   26,300 0 0
The Priceline Group Inc. COM 741503403 34,922 20,096 SH   SOLE   19,871 0 225
Unilever N.V. COM 904784709 473 8,400 SH   SOLE   8,400 0 0
Vantiv Inc. COM 92210h105 3,475 47,250 SH   SOLE   46,150 0 1,100
Virtusa Corp COM 92827P102 3,249 73,700 SH   SOLE   71,700 0 2,000
Visa Inc. COM 92826C839 20,561 180,329 SH   SOLE   177,229 0 3,100
Vodafone Group PLC ADS COM 92857W308 472 14,789 SH   SOLE   14,789 0 0
Wal-mart de Mexico SAB COM 93114W107 410 16,800 SH   SOLE   16,800 0 0
adidas AG COM 00687A107 379 3,800 SH   SOLE   3,800 0 0