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 277 1,332 SH   SOLE   1,332 0 0
Accenture Plc-Cl A COM G1151C101 616 3,500 SH   SOLE   3,500 0 0
Adamas Pharmaceuticals COM 00548a106 92 13,000 SH   SOLE   13,000 0 0
Adobe Sys. Inc. Com. COM 00724F101 2,123 7,965 SH   SOLE   7,565 0 400
Affiliated Managers Group Inc. COM 008252108 2,823 26,357 SH   SOLE   26,357 0 0
Albireo Pharma, Inc. COM 01345p106 459 14,250 SH   SOLE   13,850 0 400
Alibaba Group COM 01609w102 20,569 112,735 SH   SOLE   112,235 0 500
Alphabet Inc-CL A COM 02079K305 17,859 15,175 SH   SOLE   14,845 0 330
Alphabet Inc-CL C COM 02079K107 34,424 29,339 SH   SOLE   28,959 0 380
Amazon.com COM 023135106 35,660 20,025 SH   SOLE   19,905 0 120
American Tower Corp COM 03027X100 3,207 16,275 SH   SOLE   15,675 0 600
Apple Inc COM 037833100 1,664 8,760 SH   SOLE   8,160 0 600
Athersys, Inc. COM 04744l106 150 100,000 SH   SOLE   100,000 0 0
Automatic Data Processing Inc COM 053015103 336 2,104 SH   SOLE   2,104 0 0
Baozun Inc. COM 06684l103 511 12,300 SH   SOLE   11,100 0 1,200
Booking Holdings Inc. COM 09857l108 33,094 18,966 SH   SOLE   18,741 0 225
ChevronTexaco Corp COM 166764100 654 5,310 SH   SOLE   5,310 0 0
Cognizant Technology Solutions COM 192446102 26,744 369,136 SH   SOLE   367,136 0 2,000
Compania Brasileira COM 20440t201 494 21,200 SH   SOLE   21,200 0 0
Compass Group Plc-ADS COM 20449X302 478 19,975 SH   SOLE   19,975 0 0
ContraFect Corp COM 212326102 40 100,000 SH   SOLE   100,000 0 0
DOMO, Inc. COM 257554105 202 5,000 SH   SOLE   5,000 0 0
Danone ADR COM 23636t100 272 17,700 SH   SOLE   17,700 0 0
Dassault Systems SA COM 237545108 312 2,100 SH   SOLE   2,100 0 0
Deutsche Telekom AG COM 251566105 531 32,000 SH   SOLE   32,000 0 0
Diageo PLC ADR COM 25243Q205 900 5,500 SH   SOLE   5,500 0 0
Epam Systems Inc COM 29414B104 59,601 352,397 SH   SOLE   348,997 0 3,400
Exxon Mobil Corp COM 30231G102 5,884 72,826 SH   SOLE   71,826 0 1,000
Facebook Inc Cl A COM 30303M102 43,287 259,688 SH   SOLE   256,933 0 2,755
Fomento Economico Mexicano SA COM 344419106 508 5,500 SH   SOLE   5,500 0 0
Fresenius Medical Care A COM 358029106 669 16,500 SH   SOLE   16,500 0 0
Givaudan SA COM 37636p108 422 8,300 SH   SOLE   8,300 0 0
Heineken NV-ADR COM 423012301 470 8,900 SH   SOLE   8,900 0 0
Home Depot Inc. COM 437076102 23,829 124,179 SH   SOLE   122,329 0 1,850
Honeywell Inc. COM 438516106 731 4,600 SH   SOLE   4,600 0 0
Intel Corp. COM 458140100 4,155 77,375 SH   SOLE   75,875 0 1,500
Intelsat COM l5140p101 7,708 492,200 SH   SOLE   492,200 0 0
JP Morgan Chase & Co COM 606880102 283 2,800 SH   SOLE   1,300 0 1,500
Johnson & Johnson COM 478160104 4,426 31,661 SH   SOLE   31,661 0 0
Kering ADR COM 492089107 539 9,400 SH   SOLE   9,400 0 0
Kimberly Clark Corp COM 494368103 1,688 13,623 SH   SOLE   13,623 0 0
L'Oreal COM 502117203 512 9,500 SH   SOLE   9,500 0 0
LVMH Moet Hennessy -ADR COM 502441306 892 12,100 SH   SOLE   12,100 0 0
Lilly Eli & Co. COM 532457108 392 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 30,938 131,400 SH   SOLE   128,300 0 3,100
Merck & Co. COM 589331107 258 3,100 SH   SOLE   3,100 0 0
Mesabi Trust COM 590672101 2,583 88,200 SH   SOLE   88,200 0 0
Micron Technology INC COM 595112103 866 20,950 SH   SOLE   19,350 0 1,600
Microsoft Corporation COM 594918104 47,967 406,709 SH   SOLE   402,509 0 4,200
Millicom International Cellula COM SE0001174 12,251 201,650 SH   SOLE   201,650 0 0
Millicom International Cellula COM l6388f128 936 15,295 SH   SOLE   15,295 0 0
Millicom International Cellula COM l6388f110 60,761 998,868 SH   SOLE   998,868 0 0
Nestle SA ADR COM 641069406 918 9,635 SH   SOLE   9,635 0 0
Netease, Inc COM 64110W102 741 3,070 SH   SOLE   3,070 0 0
Nidec Corp ADR COM 654090109 886 27,800 SH   SOLE   27,800 0 0
Nintendo Co. Ltd. COM 654445303 610 17,000 SH   SOLE   17,000 0 0
Novartis Ag-Adr COM 66987V109 849 8,828 SH   SOLE   8,828 0 0
Novo Nordisk A/S Adr COM 670100205 544 10,400 SH   SOLE   10,400 0 0
Oasis Petroleum Inc. COM 674215108 60 10,000 SH   SOLE   10,000 0 0
Orange ADR COM 684060106 437 26,800 SH   SOLE   26,800 0 0
Palo Alto Networks, Inc. COM 697435105 5,075 20,895 SH   SOLE   20,595 0 300
PayPal Inc COM 704508100 690 6,645 SH   SOLE   6,045 0 600
Pernod Ricard SA COM 714264207 489 13,600 SH   SOLE   13,600 0 0
Portola Pharmaceuticals COM 737010108 1,671 48,150 SH   SOLE   46,150 0 2,000
Prudential Global Short Durati COM 74433a109 517 37,113 SH   SOLE   28,000 0 9,113
Prudential PLC COM 74435K204 563 14,000 SH   SOLE   14,000 0 0
Pure Cycle Corp COM 746228303 2,791 283,026 SH   SOLE   283,026 0 0
Royal Dutch Shell Plc-Adr COM 780259206 469 7,500 SH   SOLE   7,500 0 0
SAP SE COM 803054204 381 3,300 SH   SOLE   3,300 0 0
Shiseido Co COM 824841407 571 7,900 SH   SOLE   7,900 0 0
Takeda Pharma Co. COM 874060205 363 17,808 SH   SOLE   17,808 0 0
Tencent Holdings Ltd. COM 88032Q109 1,058 23,000 SH   SOLE   23,000 0 0
Unilever N.V. COM 904784709 507 8,700 SH   SOLE   8,700 0 0
United Healthcare Corp. COM 91324P102 3,412 13,800 SH   SOLE   12,900 0 900
Virtusa Corp COM 92827P102 845 15,800 SH   SOLE   13,800 0 2,000
Visa Inc. COM 92826C839 27,154 173,854 SH   SOLE   170,754 0 3,100
Wal-mart de Mexico SAB COM 93114W107 510 19,100 SH   SOLE   19,100 0 0
adidas AG COM 00687A107 426 3,500 SH   SOLE   3,500 0 0