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 CO COM 88579Y101 124,975 2,046,200 SH   SOLE   2,046,200 0 0
51JOB INC SP ADR REP COM 316827104 304,041 5,016,352 SH   SOLE   5,016,352 0 0
ABBOTT LABS COM 002824100 125,189 4,171,941 SH   SOLE   4,171,941 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 117,398 679,742 SH   SOLE   679,742 0 0
ALLSTATE CORP COM 020002101 281 3,058 SH   SOLE   3,058 0 0
AMAZON COM INC COM 023135106 123,944 137,579 SH   SOLE   137,579 0 0
AMBEV SA SPONSORED ADR 02319V103 162,110 24,599,334 SH   SOLE   24,599,334 0 0
AMERISOURCEBERGEN CORP COM 03073E105 134,939 3,166,794 SH   SOLE   3,166,794 0 0
APPLE INC COM 037833100 188,966 3,296,304 SH   SOLE   3,296,304 0 0
BAIDU INC SPON ADR REP A 056752108 597,992 299,359,034 SH   SOLE   299,359,034 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 58,375 224,278,507 SH   SOLE   224,278,507 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 264,404 23,884,704 SH   SOLE   23,884,704 0 0
BANCO MACRO SA SPON ADR B 05961W105 15,045 128,202 SH   SOLE   128,202 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 187,089 6,297,156 SH   SOLE   6,297,156 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 188,367 4,113,718 SH   SOLE   4,113,718 0 0
CANADIAN NATL RY CO COM 136375102 366,305 180,965,047 SH   SOLE   180,965,047 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 495,041 214,296,110 SH   SOLE   214,296,110 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 161,150 3,186,675 SH   SOLE   3,186,675 0 0
CNOOC LTD SPONSORED ADR 126132109 280,018 2,158,964 SH   SOLE   2,158,964 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 18,675 242,122 SH   SOLE   242,122 0 0
COGNEX CORP COM 192422103 135,890 2,835,891 SH   SOLE   2,835,891 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 142,254 3,544,946 SH   SOLE   3,544,946 0 0
COLGATE PALMOLIVE CO COM 194162103 176,329 4,742,752 SH   SOLE   4,742,752 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 153,063 6,466,540 SH   SOLE   6,466,540 0 0
CREDICORP LTD COM G2519Y108 215,774 1,052,453 SH   SOLE   1,052,453 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 246,713 4,677,909 SH   SOLE   4,677,909 0 0
EBAY INC COM 278642103 138,877 5,168,396 SH   SOLE   5,168,396 0 0
ECOPETROL S A SPONSORED ADS 279158109 9,959 1,049,430 SH   SOLE   1,049,430 0 0
EXXON MOBIL CORP COM 30231G102 128,026 2,817,833 SH   SOLE   2,817,833 0 0
F5 NETWORKS INC COM 315616102 84 2,406,306 SH   SOLE   2,406,306 0 0
FACEBOOK INC CL A 30303M102 215,130 4,258,885 SH   SOLE   4,258,885 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 227,383 4,734,746 SH   SOLE   4,734,746 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 96,335 1,008,431 SH   SOLE   1,008,431 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 31,245 163,837,558 SH   SOLE   163,837,558 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 272,368 89,561,714 SH   SOLE   89,561,714 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 245,376 1,285,904 SH   SOLE   1,285,904 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 12,170 236,120 SH   SOLE   236,120 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 437,993 70,752,445 SH   SOLE   70,752,445 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 248,755 78,647,160 SH   SOLE   78,647,160 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 17,392 98,112,785 SH   SOLE   98,112,785 0 0
ICICI BK LTD ADR 45104G104 348,926 121,859,547 SH   SOLE   121,859,547 0 0
IPG PHOTONICS CORP COM 44980X109 167,055 2,825,425 SH   SOLE   2,825,425 0 0
ISHARES TR MSCI INDIA ETF 46429B598 20,568 626,105 SH   SOLE   626,105 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 774,895 193,057,699 SH   SOLE   193,057,699 0 0
JD COM INC SPON ADR CL A 47215P106 242,079 6,337,134 SH   SOLE   6,337,134 0 0
MASTERCARD INCORPORATED CL A 57636Q104 194,599 3,447,079 SH   SOLE   3,447,079 0 0
MICROSOFT CORP COM 594918104 103,913 2,629,218 SH   SOLE   2,629,218 0 0
MONSANTO CO NEW COM 61166W101 111,903 2,294,152 SH   SOLE   2,294,152 0 0
NETEASE INC SPONSORED ADR 64110W102 59,886 227,006 SH   SOLE   227,006 0 0
NIKE INC CL B 654106103 390,421 12,151,210 SH   SOLE   12,151,210 0 0
PAYPAL HLDGS INC COM 70450Y103 381,030 11,353,818 SH   SOLE   11,353,818 0 0
PRAXAIR INC COM 74005P104 66 1,832,927 SH   SOLE   1,832,927 0 0
PRICELINE GRP INC COM NEW 741503403 347,846 5,254,041 SH   SOLE   5,254,041 0 0
PRICESMART INC COM 741511109 5,279 59,152 SH   SOLE   59,152 0 0
REGENERON PHARMACEUTICALS COM 75886F107 286,619 3,663,548 SH   SOLE   3,663,548 0 0
ROPER TECHNOLOGIES INC COM 776696106 358,642 5,925,422 SH   SOLE   5,925,422 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 39,548 235,163,798 SH   SOLE   235,163,798 0 0
SAP SE SPON ADR 803054204 402,798 267,928,144 SH   SOLE   267,928,144 0 0
SASOL LTD SPONSORED ADR 803866300 15,116 57,773,363 SH   SOLE   57,773,363 0 0
SCHLUMBERGER LTD COM 806857108 569,035 138,957,632 SH   SOLE   138,957,632 0 0
SHIRE PLC SPONSORED ADR 82481R106 20,354 127,537,052 SH   SOLE   127,537,052 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 94,865 1,802,550 SH   SOLE   1,802,550 0 0
STARBUCKS CORP COM 855244109 128,044 3,782,496 SH   SOLE   3,782,496 0 0
SVB FINL GROUP COM 78486Q101 284,617 4,817,712 SH   SOLE   4,817,712 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 412,105 289,009,863 SH   SOLE   289,009,863 0 0
TENARIS S A SPONSORED ADR 88031M109 378,234 59,606,642 SH   SOLE   59,606,642 0 0
UNILEVER PLC SPON ADR NEW 904767704 24,696 136,128,531 SH   SOLE   136,128,531 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 7 361,432 SH   SOLE   361,432 0 0
VERISK ANALYTICS INC COM 92345Y106 243,146 5,847,407 SH   SOLE   5,847,407 0 0
WABCO HLDGS INC COM 92927K102 140,660 2,566,784 SH   SOLE   2,566,784 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 115,725 2,844,207 SH   SOLE   2,844,207 0 0
WATERS CORP COM 941848103 158,275 2,768,174 SH   SOLE   2,768,174 0 0
WEIBO CORP SPONSORED ADR 948596101 476,760 95,403,043 SH   SOLE   95,403,043 0 0
WPP PLC NEW ADR 92937A102 21,969 131,945,303 SH   SOLE   131,945,303 0 0
YANDEX N V SHS CLASS A N97284108 124,012 5,626,818 SH   SOLE   5,626,818 0 0