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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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 254 1,332 SH   SOLE   1,332 0 0
Accenture Plc-Cl A COM G1151C101 705 5,000 SH   SOLE   5,000 0 0
Adamas Pharmaceuticals COM 00548a106 124 14,500 SH   SOLE   14,500 0 0
Adobe Sys. Inc. Com. COM 00724F101 1,542 6,815 SH   SOLE   6,415 0 400
Affiliated Managers Group Inc. COM 008252108 2,568 26,357 SH   SOLE   26,357 0 0
Albireo Pharma, Inc. COM 01345p106 297 12,100 SH   SOLE   12,100 0 0
Alibaba Group COM 01609w102 15,353 112,010 SH   SOLE   111,610 0 400
Alphabet Inc-CL A COM 02079K305 16,014 15,325 SH   SOLE   14,995 0 330
Alphabet Inc-CL C COM 02079K107 30,539 29,489 SH   SOLE   29,109 0 380
Amazon.com COM 023135106 30,017 19,985 SH   SOLE   19,865 0 120
American Tower Corp COM 03027X100 2,412 15,250 SH   SOLE   15,250 0 0
Apple Inc COM 037833100 1,309 8,300 SH   SOLE   7,700 0 600
Athersys, Inc. COM 04744l106 144 100,000 SH   SOLE   100,000 0 0
Automatic Data Processing Inc COM 053015103 210 1,604 SH   SOLE   1,604 0 0
Baozun Inc. COM 06684l103 291 9,950 SH   SOLE   8,750 0 1,200
Booking Holdings Inc. COM 09857l108 33,193 19,271 SH   SOLE   19,046 0 225
ChevronTexaco Corp COM 166764100 573 5,270 SH   SOLE   5,270 0 0
Cognizant Technology Solutions COM 192446102 24,013 378,279 SH   SOLE   371,779 0 6,500
Compania Brasileira COM 20440t201 440 21,200 SH   SOLE   21,200 0 0
Compass Group Plc-ADS COM 20449X302 417 19,975 SH   SOLE   19,975 0 0
ContraFect Corp COM 212326102 61 40,000 SH   SOLE   40,000 0 0
Deutsche Telekom AG COM 251566105 543 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 780 5,500 SH   SOLE   5,500 0 0
Epam Systems Inc COM 29414B104 41,140 354,622 SH   SOLE   351,222 0 3,400
Essilor Intl SA ADR COM 297284200 530 8,384 SH   SOLE   8,384 0 0
Exxon Mobil Corp COM 30231G102 5,018 73,587 SH   SOLE   72,587 0 1,000
Facebook Inc Cl A COM 30303M102 34,108 260,188 SH   SOLE   257,433 0 2,755
Fomento Economico Mexicano SA COM 344419106 473 5,500 SH   SOLE   5,500 0 0
Fresenius Medical Care A COM 358029106 512 15,800 SH   SOLE   15,800 0 0
Givaudan SA COM 37636p108 384 8,300 SH   SOLE   8,300 0 0
Heineken NV-ADR COM 423012301 334 7,600 SH   SOLE   7,600 0 0
Henkel AG and CO. KGAA. COM 42550U208 220 2,000 SH   SOLE   2,000 0 0
Home Depot Inc. COM 437076102 22,402 130,379 SH   SOLE   128,129 0 2,250
Honeywell Inc. COM 438516106 608 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 3,680 78,425 SH   SOLE   77,025 0 1,400
Intelsat COM l5140p101 9,825 459,350 SH   SOLE   455,350 0 4,000
JP Morgan Chase & Co COM 606880102 205 2,100 SH   SOLE   1,100 0 1,000
Johnson & Johnson COM 478160104 4,086 31,661 SH   SOLE   31,661 0 0
Kering ADR COM 492089107 439 9,400 SH   SOLE   9,400 0 0
Kimberly Clark Corp COM 494368103 1,552 13,623 SH   SOLE   13,623 0 0
L'Oreal COM 502117203 434 9,500 SH   SOLE   9,500 0 0
LVMH Moet Hennessy -ADR COM 502441306 707 12,100 SH   SOLE   12,100 0 0
Lilly Eli & Co. COM 532457108 349 3,019 SH   SOLE   3,019 0 0
Link Motion COM 53577l105 31 203,500 SH   SOLE   203,500 0 0
Mastercard Inc. COM 57636Q104 24,911 132,050 SH   SOLE   128,550 0 3,500
Merck & Co. COM 589331107 237 3,100 SH   SOLE   3,100 0 0
Mesabi Trust COM 590672101 2,089 88,200 SH   SOLE   88,200 0 0
Micron Technology INC COM 595112103 479 15,100 SH   SOLE   13,900 0 1,200
Microsoft Corporation COM 594918104 41,970 413,209 SH   SOLE   409,009 0 4,200
Millicom International Cellula COM SE0001174 13,257 209,150 SH   SOLE   209,150 0 0
Millicom International Cellula COM l6388f128 964 15,295 SH   SOLE   15,295 0 0
Millicom International Cellula COM l6388f110 63,362 995,318 SH   SOLE   995,318 0 0
Nestle SA ADR COM 641069406 780 9,635 SH   SOLE   9,635 0 0
Netease, Inc COM 64110W102 723 3,070 SH   SOLE   3,070 0 0
Nidec Corp ADR COM 654090109 780 27,800 SH   SOLE   27,800 0 0
Nintendo Co. Ltd. COM 654445303 563 17,000 SH   SOLE   17,000 0 0
Novartis Ag-Adr COM 66987V109 708 8,253 SH   SOLE   8,253 0 0
Novo Nordisk A/S Adr COM 670100205 447 9,700 SH   SOLE   9,700 0 0
Oasis Petroleum Inc. COM 674215108 83 15,000 SH   SOLE   15,000 0 0
Orange ADR COM 684060106 434 26,800 SH   SOLE   26,800 0 0
P J T Partners Inc-A COM 69343T107 331 8,550 SH   SOLE   8,550 0 0
Palo Alto Networks, Inc. COM 697435105 3,999 21,230 SH   SOLE   20,930 0 300
Pernod Ricard SA COM 714264207 445 13,600 SH   SOLE   13,600 0 0
Portola Pharmaceuticals COM 737010108 669 34,250 SH   SOLE   32,250 0 2,000
Prudential Global Short Durati COM 74433a109 441 34,113 SH   SOLE   25,000 0 9,113
Prudential PLC COM 74435K204 513 14,500 SH   SOLE   14,500 0 0
Pure Cycle Corp COM 746228303 2,810 283,026 SH   SOLE   283,026 0 0
Royal Dutch Shell Plc-Adr COM 780259206 437 7,500 SH   SOLE   7,500 0 0
SAP SE COM 803054204 627 6,300 SH   SOLE   6,300 0 0
Shire Plc COM 82481R106 557 3,200 SH   SOLE   3,200 0 0
Shiseido Co COM 824841407 498 7,900 SH   SOLE   7,900 0 0
Tencent Holdings Ltd. COM 88032Q109 876 22,200 SH   SOLE   22,200 0 0
Unilever N.V. COM 904784709 468 8,700 SH   SOLE   8,700 0 0
United Healthcare Corp. COM 91324P102 3,123 12,535 SH   SOLE   11,735 0 800
Virtusa Corp COM 92827P102 671 15,750 SH   SOLE   13,750 0 2,000
Visa Inc. COM 92826C839 23,134 175,339 SH   SOLE   172,239 0 3,100
Vodafone Group PLC ADS COM 92857W308 237 12,289 SH   SOLE   12,289 0 0
Wal-mart de Mexico SAB COM 93114W107 486 19,100 SH   SOLE   19,100 0 0
adidas AG COM 00687A107 417 4,000 SH   SOLE   4,000 0 0