william blair sicav annual report...the william blair sicav global leaders fund (class i shares)...

William Blair SICAVAnnual ReportAudited Financial Statements

December 31, 2016

Société d’Investissement à Capital Variable

R.C.S. Luxembourg B - 98.806

December 31, 2016 Wi l l iam Bla ir S ICAV 3

Table of Contents

No subscription can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current full Prospectus and KIID (“Key Investor Information Document”), supplemented by the latest Annual Report or the most recent Semi-Annual Report.

Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Organisation of the SICAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Fund Managers’ Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Statistical Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Statements of Operations and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Statements of Changes in Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Portfolios of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

William Blair SICAV – U.S. All Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

William Blair SICAV – U.S. Small-Mid Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

William Blair SICAV – Global Leaders Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

William Blair SICAV – Emerging Markets Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

William Blair SICAV – Emerging Markets Leaders Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

William Blair SICAV – Emerging Markets Small Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

William Blair SICAV – Dynamic Diversified Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

4 Annual Report December 31, 2016

Board of Directors

ChairmanMichelle R. SeitzPartnerWilliam Blair Investment Management, LLCLimited PartnerWBC Holdings, L.P.222 West Adams StreetChicago, IL 60606United States of America

DirectorsArthur J. SimonPartnerWilliam Blair & Company, LLCLimited PartnerWBC Holdings, L.P.222 West Adams StreetChicago, IL 60606United States of America

Richard W. SmirlPartnerWilliam Blair Investment Management, LLCLimited PartnerWBC Holdings, L.P.222 West Adams StreetChicago, IL 60606United States of America

Thomas RossPartner William Blair International, Ltd. The Broadgate Tower 20 Primerose Street London EC2A 2EW United Kingdom

Management and Administration

Management CompanyFundRock Management Company S.A.H2O building, 33, rue de GasperichL-5826 HesperangeGrand Duchy of Luxembourg

Investment ManagerWilliam Blair Investment Management, LLC222 West Adams StreetChicago, IL 60606United States of America

Depositary, Paying Agent, Central Administration Agent (including Domiciliary Agent), Registrar and Transfer AgentCitibank Europe plc, Luxembourg Branch *31, Z.A. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg

Independent AuditorErnst & Young S.A.35E avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Legal AdvisorClifford Chance10, boulevard G.D. CharlotteL-1011 LuxembourgGrand Duchy of Luxembourg

Paying and Information AgentsA list of Paying and Information Agents is to be found on page 75.

Registered OfficeCitibank Europe plc, Luxembourg Branch *31, Z.A. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg

Organisation of the SICAV

* Effective January 1, 2016, Citibank International Limited, Luxembourg Branch has been merged into Citibank Europe plc and changed its name to Citibank Europe plc, Luxembourg Branch.


Fund Managers’ Reports

William Blair SICAV – U.S. All Cap Growth Fund

The William Blair SICAV U.S. All Cap Growth Fund (Class D shares) posted a 1.43% decrease, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the Russell 3000® Growth Index (the “Index”), increased 7.39%.

Underperformance for 2016 versus the Index was due to a combination of style and stock-specific factors. From a style perspective, there were headwinds early in the year when investor preference for high dividend-yielding stocks dominated the market. While the preference for dividend yield was most pronounced at the beginning of the year, relative performance of high dividend-yielding stocks did not subside for the remainder of 2016 and high dividend-yielding stocks materially outperformed low dividend-yielding stocks in 2016. More economically-sensitive areas of the market also outperformed for the year, particularly in the third quarter and following the U.S. presidential election. The Fund tends to be significantly underweight high dividend- yielding and more economically-sensitive companies, preferring sustainable growth companies with substantial reinvestment opportunities that enable superior, durable long-term growth. From a stock-specific perspective, the largest detractor from the Fund’s relative performance was healthcare technology solutions provider Cerner after the company reported financial results below consensus expectations late in the year amid lower IT spending by hospitals, the company’s primary customers. Grocery retailer Kroger was a top detractor from relative performance for the year. The company experienced deflationary pressures on items such as milk, eggs and meat which negatively affected company earnings for much of 2016. However, fears of further deflation eased following the U.S. presidential election, and the stock was able to recover. Other top detractors from the Fund’s relative performance were Red Hat (Information Technology), BorgWarner (Consumer Discretionary) and Mead Johnson Nutrition (Consumer Staples). Top contributors for the year were rail operator Union Pacific and semiconductor manufacturer Texas Instruments. Union Pacific outperformed the Index mostly in the second half of 2016 due to improving trends in its underlying business. The stock performed particularly well following the election as investors gravitated to companies that would benefit the most from an improvement in the U.S. economy. Other top contributors to relative performance were Akamai Technologies (Information Technology), Vantiv (Information Technology) and NeuStar (Information Technology).

William Blair Investment Management, LLC

December 31, 2016


(continued)


William Blair SICAV – U.S. Small-Mid Cap Growth Fund

The William Blair SICAV US Small-Mid Cap Growth Fund (Class I shares) posted a 5.87% increase, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the Russell 2500™ Growth Index (the “Index”), increased 9.73%.

Underperformance for 2016 versus the Index was mostly due to individual stock dynamics as style factors were largely offsetting. From a style perspective, the Fund’s typical larger market cap profile relative to the Index was a headwind to performance as the smaller end of the Fund’s capitalization range outperformed. Further, more economically-sensitive areas of the market outperformed for the year. This dynamic was a headwind to the Fund’s investment style as the Fund’s emphasis on companies with durable growth drivers typically results in a portfolio with less cyclicality than the Index. The impact of these style headwinds was most pronounced in the third quarter, during which the Fund underperformed by more than it did for the year as a whole. Mostly offsetting the aforementioned headwinds was a benefit from the Fund’s typical underweight to Biotechnology and Pharmaceuticals, which underperformed in 2016 following several years of strong returns. From a stock-specific perspective, Information Technology was an area of weakness for the year, including the Fund’s positions in Guidewire Software and Cvent. Given the stock’s higher valuation multiple and several sources of near-term business uncertainty, Guidewire Software underperformed. Other notable detractors from relative performance included Jones Lang LaSalle (Real Estate), Centene (Health Care) and Tractor Supply Company (Consumer Discretionary). Shares of Jones Lang LaSalle declined as investors began to fear a peak in earnings associated with extended strength in the commercial real estate market. Conversely, stock selection within the Health Care sector contributed positively to the Fund’s relative returns. IDEXX Laboratories and Align Technology were among the top Health Care sector contributors. Shares of IDEXX Laboratories advanced following the company’s successful transition to a direct selling model and an acceleration in organic growth. Other strong performing holdings included Old Dominion Freight Line (Industrials), Nu Skin Enterprises (Consumer Staples) and Diamondback Energy (Energy). Old Dominion Freight Line outperformed the Index due to better-than-expected earnings in the latter half of the year and as investors gravitated towards more economically-sensitive stocks.


December 31, 2016


(continued)


William Blair SICAV – Global Leaders Fund

The William Blair SICAV Global Leaders Fund (Class I shares) posted a 0.37% increase, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the MSCI All Country World IMI Index (net) (the “Index”), increased 8.36%.

Adverse style effects broadly detracted from the Fund’s calendar year 2016 performance versus the Index. The Fund’s overweight to higher growth, higher valuation companies with relatively strong earnings trends was detrimental amid an environment of low valuation market leadership. From a sector attribution perspective relative to the Index, stock selection in Materials, Real Estate, Healthcare and Industrials were significant detractors from the Fund’s relative performance for the year. These effects were mitigated by positive stock selection in Energy and the Fund’s underweight position to Consumer Staples. Within Materials, the Fund’s performance was hampered by a lack of exposure to Metals & Mining stocks, which rallied strongly on global growth recovery prospects and the market's rotation into value orientated stocks. Chemicals holdings also detracted from the Fund’s relative performance in the Materials sector. Within the Real Estate sector, property developer China Overseas Land & Investment's share price was hampered by concerns about policy tightening measures in Shanghai and other mainland cities. U.S.-based commercial real estate company Jones Lang LaSalle also detracted from relative performance, as weaker investment sales, elevated expenses and currency effects weighed on financial results. Within the Health Care sector, U.S. managed care provider Centene’s share price weakened amid policy uncertainty following the Republican party sweep in November. Partially offsetting these effects were positive contributions to the Fund’s performance from Oil & Gas holdings, including Canadian oil sands producer Suncor Energy, which reported solid financial results driven by higher production and operational improvements. U.S.-based shale driller EOG Resources also contributed to the Fund’s relative performance, bolstered by better than expected crude oil production results, as well as production growth guidance. From a geographic attribution perspective, the primary detractor from relative performance in 2016 was U.S. stock selection, as the Fund’s U.S. Financials, Information Technology and Real Estate holdings lagged. In contrast, stock selection in Japan was positive, supported by the outperformance of the Japanese Industrials, IT and Financials sectors, relative to the Index.


December 31, 2016


(continued)


William Blair SICAV – Emerging Markets Growth Fund

The William Blair SICAV Emerging Markets Growth Fund (Class I shares) posted a 1.42% increase, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the MSCI Emerging Markets IMI Index (net) (the “Index”), increased 9.90%.

Adverse style effects broadly detracted from the Fund’s calendar year 2016 performance versus the Index. The Fund’s overweight to higher growth, higher valuation companies with relatively strong earnings trends was detrimental amid an environment of significant low valuation market leadership. From a sector attribution perspective, stock selection in Financials and Materials, an underweight to Energy, and an overweight to Consumer Staples were the primary detractors from the Fund’s performance relative to the Index for the year. Within Financials, the Fund’s Bank holdings did not keep pace with the Index, hampered partially by the position in Turkiye Garanti Bankasi which stumbled on broader macroeconomic and political risk in Turkey. Mexican bank exposure, including Grupo Financiero Inbursa which was sold from the Fund in the third quarter due to slowing loan growth, and Grupo Financiero Santander Mexico which weakened along with Mexican banks following Donald Trump’s election victory, also detracted from the Fund’s relative performance as a result of concerns about corporate credit quality and a potential increase in non-performing loans. Within Materials, the lack of exposure to Metals & Mining stocks was a significant detractor from the Fund’s performance during the year. These effects more than offset the positive contributions from the Fund’s stock selection in the Consumer Discretionary, Industrials, Telecommunication Services and Utilities sectors. India’s Tata Motors was a notable contributor within the Consumer Discretionary sector, bolstered by accelerating volume growth within its Jaguar division. Within Industrials, South African conglomerate Bidvest Group benefited from investors’ favorable reaction to the spin-off of the company’s food business. From a geographic attribution perspective, stock selection within Russia and Brazil were the largest detractors from the Fund’s relative performance in 2016, driven by a lack of exposure to strong performing Index holdings in the Metals & Mining and Oil & Gas Industries. These effects offset positive contributions from the Fund’s stock selection in India and Malaysia, along with underweights to China and Korea.


December 31, 2016


(continued)


William Blair SICAV – Emerging Markets Leaders Fund

The William Blair SICAV Emerging Markets Leaders Fund (Class I shares) posted a 1.83% increase, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the MSCI Emerging Markets Index (net) increased 11.19%.

Adverse style effects broadly detracted from the Fund’s calendar year 2016 performance versus the Index. The Fund’s overweight to higher growth, higher valuation companies with relatively strong earnings trends was detrimental amid an environment of significant low valuation market leadership. From a sector attribution perspective stock selection in Financials and Materials, an underweight to Energy, and an overweight to Consumer Staples were the primary detractors from the Fund’s performance relative to the Index for the year. Within Financials, the Fund’s Bank holdings did not keep pace with the Index, hampered partially by the position in Turkiye Garanti Bankasi, which stumbled on broader macroeconomic and political risk in Turkey. Mexican bank exposure, including Grupo Financiero Inbursa which was sold from the Fund in the second quarter due to slowing loan growth, and Grupo Financiero Banorte which weakened along with Mexican banks following Donald Trump’s election victory, also detracted from the Fund’s relative performance as a result of concerns about corporate credit quality and a potential increase in non-performing loans. Within Materials, the Fund’s lack of exposure to Metals & Mining stocks was a significant detractor from relative performance during the year. These effects more than offset the positive contributions from the Fund’s stock selection in the Industrials sector and its underweight positions in Healthcare, Telecommunication Services and Materials. From a geographic attribution perspective, stock selection within Russia and Brazil were the largest detractors from the Fund’s relative performance in 2016, driven by a lack of exposure to strong performing Index holdings in the Metals & Mining and Oil & Gas industries. These effects offset positive contributions from the Fund’s stock selection in Malaysia, the Philippines and Taiwan, along with its underweight to China and overweights to Thailand and Peru.


December 31, 2016


(continued)


William Blair SICAV – Emerging Markets Small Cap Growth Fund

The William Blair SICAV Emerging Markets Small Cap Growth Fund (Class I shares) posted a 6.06% decrease, net of fees, for the twelve months ended 31 December 2016. By comparison, the Fund’s benchmark index, the MSCI Emerging Markets Small Cap Index (net) (the “Index”), increased 2.28%.

Adverse style effects broadly detracted from the Fund’s calendar year 2016 performance versus the Index. The Fund’s overweight to higher growth, higher valuation companies with relatively strong earnings trends was detrimental amid an environment of significant low valuation market leadership. From a sector attribution perspective, stock selection in Industrials, Materials, Real Estate and Utilities were the primary detractors from the Fund’s performance relative to the Index for the year. Within the Industrials sector, the Fund’s Airline holdings underperformed, including Mexican low-cost carrier Controladora Vuela Compania de Aviacion (“Volaris”), which declined significantly in November on concerns about President-elect Trump’s policies potentially hurting future travel demand. Panamanian airline Copa Holdings also detracted from the Fund’s performance due to share price weakness in the first half of 2016 amid poor operating conditions and a tough macroeconomic backdrop, and lingering concerns about the company’s impending write down of its Venezuelan cash balance. Within the Materials sector, the Fund’s lack of Metals & Mining exposure detracted from relative performance. In addition, stock selection in Chemicals detracted from performance, as Berger Paints India’s share price pulled back in November due to worries about a slowdown in consumer spending related to the Indian government’s abrupt removal of high denomination currency notes from circulation. From a geographic attribution perspective, stock selection in South Korea, Taiwan and China were the primary detractors from the Fund’s relative performance in 2016, although partially mitigated by underweight positions in each country. These negative stock selection effects offset positive contributions from stock selection in India, Turkey, and the United Arab Emirates, in addition to the positive contributions from the Fund’s exposure to Pakistan and overweight in Brazil.


December 31, 2016


(continued)


William Blair SICAV – Dynamic Diversified Allocation Fund

The William Blair SICAV Dynamic Diversified Allocation Fund (Class I shares) posted a return of 0.51%, net of fees, during the twelve-month period ended 31 December 2016.

The Fund benefited from positive contributions from its market and currency strategies, but saw negative performance from security selection. Within markets, both equity and fixed income exposures were additive. Long exposures to emerging market equities were beneficial to performance, but this was partially offset by short exposure to Japanese equities, which appreciated, as well as sector, size and style preferences within U.S. equities. Within fixed income, long exposure to U.S. and European rates added value, while exposure to European credit detracted. Currency was a strong contributor during the year, mostly driven by long exposure to emerging market currencies, with the biggest contributors being the Russian ruble, Brazilian real, and Indonesian rupiah. This was partially offset by long exposures to the Mexican peso and Malaysian ringgit, which depreciated. Security selection was negative for the year, due to the underperformance of the International Leaders, U.S. Small Cap Value, U.S. Small Cap Growth, and U.S. Concentrated All Cap Growth strategies.

We feel compelled to remain relatively cautious in the domain of systematic (or beta-like) market risk, as well as by maintaining lower risk exposures to attractive emerging currencies than would otherwise be the case. But we have begun to re-risk the Fund in some places where shorter-term macro-thematic and geopolitical headwinds have abated.

Market strategy remains long of equities mostly within Europe, U.S., and emerging markets. Market strategy is moderately long of fixed income, with a preference for U.S. and Japan bond exposure over Europe.

Within currencies, strategy remains long of emerging currencies and short of developed currencies, in line with fundamental valuation. Our largest long positions are the Colombian peso, Mexican peso, and Philippine peso, and our largest short positions are in the Swiss franc, New Zealand dollar, and Canadian dollar.


December 31, 2016

The accompanying notes form an integral part of the financial statements.


Note

William Blair SICAV – U.S. All Cap

Growth Fund US$

William Blair SICAV – U.S. Small-Mid Cap

Growth Fund US$

William Blair SICAV – Global Leaders

Fund US$

AssetsTransferable securities portfolio at cost 316,970,299 672,035,809 50,875,038 Unrealised appreciation 48,176,927 118,335,566 5,135,527

Transferable securities portfolio at market value 365,147,226 790,371,375 56,010,565 Cash at bank 4,418,580 24,828,701 393,547 Margin accounts — — — Options at market value 8 — — — Net unrealised appreciation on forward foreign exchange contracts 9 — — — Net unrealised appreciation on future contracts 10 — — — Net unrealised appreciation on swaps 11 — — — Dividends and interest receivable 179,538 193,569 33,592 Receivable for investments sold — — — Receivable for fund shares sold 138,164 200,656 — Other receivables — 2,820 7,831

Total assets 2(a) 369,883,508 815,597,121 56,445,535

LiabilitiesBank overdraft — — — Net unrealised depreciation on foreign currencies — — — Payable for investments purchased 906,644 2,573,663 129,008 Payable for fund shares redeemed 7,323 372,925 — Other liabilities 1,755,429 2,024,794 159,104

Total liabilities 2,669,396 4,971,382 288,112

Total net assets 367,214,112 810,625,739 56,157,423

Statements of Assets and Liabilities

as of December 31, 2016 (audited)


as of December 31, 2016 (audited) (continued)



Note


Growth Fund US$


Growth Fund US$


Fund US$

Net asset value per Class I USD – US$294.51 US$118.35Number of shares outstanding – 1,085,642 135,769

Net asset value per Class I EUR – – €158.25Number of shares outstanding – – 2,150

Net asset value per Class I H EUR – – –Number of shares outstanding – – –

Net asset value per Class I H GBP – – –Number of shares outstanding – – –

Net asset value per Class I H SEK – – –Number of shares outstanding – – –

Net asset value per Class I I GBP – £162.77 –Number of shares outstanding – 400 –

Net asset value per Class D USD US$195.79 – –Number of shares outstanding 1,875,522 – –

Net asset value per Class J I GBP – £133.79 –Number of shares outstanding – 14,779 –

Net asset value per Class J USD – US$125.07 US$107.77Number of shares outstanding – 2,393,622 76,579

Net asset value per Class J H CHF – – –Number of shares outstanding – – –

Net asset value per Class J H EUR – – –Number of shares outstanding – – –

Net asset value per Class J H GBP – – –Number of shares outstanding – – –

Net asset value per Class J H SEK – – –Number of shares outstanding – – –

Net asset value per Class Z USD – US$230.07 US$98.03Number of shares outstanding – 821,524 300,000

Net asset value per Class Z AUD – – AU$143.41Number of shares outstanding – – 20,000

Net asset value per Class Z H AUD – – –Number of shares outstanding – – –





Note

William Blair SICAV – Emerging Markets

Growth FundUS$


Leaders FundUS$

William Blair SICAV – Emerging Markets Small

Cap Growth FundUS$

AssetsTransferable securities portfolio at cost 300,489,571 251,484,911 200,006,245 Unrealised appreciation 14,487,747 11,224,683 5,711,325

Transferable securities portfolio at market value 314,977,318 262,709,594 205,717,570 Cash at bank 3,370,794 9,097,871 2,279,243 Margin accounts — — — Options at market value 8 — — — Net unrealised appreciation on forward foreign exchange contracts 9 — — — Net unrealised appreciation on future contracts 10 — — — Net unrealised appreciation on swaps 11 — — — Dividends and interest receivable 621,726 512,043 127,519 Receivable for investments sold 395,955 327,305 476,269 Receivable for fund shares sold — 96,185 — Other receivables — — —

Total assets 2(a) 319,365,793 272,742,998 208,600,601

LiabilitiesBank overdraft — — 41,691 Net unrealised depreciation on foreign currencies — — — Payable for investments purchased 67,710 378,746 230,837 Payable for fund shares redeemed — 4,010,984 — Other liabilities 880,307 563,221 527,773

Total liabilities 948,017 4,952,951 800,301

Total net assets 318,417,776 267,790,047 207,800,300





Note


Growth FundUS$


Leaders FundUS$


Cap Growth FundUS$

Net asset value per Class I USD US$160.44 US$87.55 US$109.17Number of shares outstanding 512,434 302,726 686,719

Net asset value per Class I EUR – – –Number of shares outstanding – – –

Net asset value per Class I H EUR – – –Number of shares outstanding – – –

Net asset value per Class I H GBP – – –Number of shares outstanding – – –

Net asset value per Class I H SEK – – –Number of shares outstanding – – –

Net asset value per Class I I GBP – – –Number of shares outstanding – – –

Net asset value per Class D USD – US$85.82 –Number of shares outstanding – 183,784 –

Net asset value per Class J I GBP – £131.24 –Number of shares outstanding – 19,965 –

Net asset value per Class J USD US$90.00 US$97.17 US$97.67Number of shares outstanding 404,644 872,999 89,131

Net asset value per Class J H CHF – – –Number of shares outstanding – – –

Net asset value per Class J H EUR – – –Number of shares outstanding – – –

Net asset value per Class J H GBP – – –Number of shares outstanding – – –

Net asset value per Class J H SEK – – –Number of shares outstanding – – –

Net asset value per Class Z USD US$103.77 US$95.46 US$115.07Number of shares outstanding 1,925,166 1,422,323 1,078,745

Net asset value per Class Z AUD – AU$116.71 –Number of shares outstanding – 20,000 –

Net asset value per Class Z H AUD – – –Number of shares outstanding – – –





Note

William Blair SICAV – Dynamic Diversified

Allocation Fund US$ Combined US$

AssetsTransferable securities portfolio at cost 21,390,213 1,813,252,086 Unrealised appreciation 1,473,079 204,544,854

Transferable securities portfolio at market value 22,863,292 2,017,796,940 Cash at bank 2,828,259 47,216,995 Margin accounts 15,882 15,882 Options at market value 8 77,007 77,007 Net unrealised appreciation on forward foreign exchange contracts 9 400,672 400,672 Net unrealised appreciation on future contracts 10 15,739 15,739 Net unrealised appreciation on swaps 11 85,063 85,063Dividends and interest receivable 16,604 1,684,591 Receivable for investments sold 35,564 1,235,093 Receivable for fund shares sold — 435,005 Other receivables 916 11,567

Total assets 2(a) 26,338,998 2,068,974,554

LiabilitiesBank overdraft 344,702 386,393 Net unrealised depreciation on foreign currencies 148 148 Payable for investments purchased 120,832 4,407,440 Payable for fund shares redeemed — 4,391,232 Other liabilities 88,083 5,998,711

Total liabilities 553,765 15,183,924

Total net assets 25,785,233 2,053,790,630





Note


Allocation Fund US$ Combined US$

Net asset value per Class I USD US$116.83Number of shares outstanding 62,420

Net asset value per Class I EUR –Number of shares outstanding –

Net asset value per Class I H EUR €94.35Number of shares outstanding 20,000

Net asset value per Class I H GBP £97.39Number of shares outstanding 35,086

Net asset value per Class I H SEK kr98.00Number of shares outstanding 851,831

Net asset value per Class I I GBP –Number of shares outstanding –

Net asset value per Class D USD –Number of shares outstanding –

Net asset value per Class J I GBP –Number of shares outstanding –

Net asset value per Class J USD US$98.15Number of shares outstanding 10,000

Net asset value per Class J H CHF fr. 97.79Number of shares outstanding 970

Net asset value per Class J H EUR €97.83Number of shares outstanding 891

Net asset value per Class J H GBP £98.45Number of shares outstanding 771

Net asset value per Class J H SEK kr94.86Number of shares outstanding 8,650

Net asset value per Class Z USD –Number of shares outstanding –

Net asset value per Class Z AUD –Number of shares outstanding –

Net asset value per Class Z H AUD AU$121.03Number of shares outstanding 20,404



Growth Fund US$


Growth Fund US$


Fund US$


Growth Fund US$

Total net assetsDecember 31, 2016 367,214,112 810,625,739 56,157,423 318,417,776December 31, 2015 496,625,370 881,417,531 57,238,760 462,416,582December 31, 2014 471,284,586 795,373,252 37,061,657 513,570,738

Net asset value per Class I USD

December 31, 2016 — US$294.51 US$118.35 US$160.44December 31, 2015 — US$278.16 US$117.87 US$158.19December 31, 2014 — US$266.89 US$115.10 US$187.18

Net asset value per Class I EUR

December 31, 2016 — — €158.25 —December 31, 2015 — — €152.68 —December 31, 2014 — — €133.88 —

Net asset value per Class I H EUR

December 31, 2016 — — — —December 31, 2015 — — — —December 31, 2014 — — — —

Net asset value per Class I H GBP


Net asset value per Class I H SEK


Net asset value per Class I I GBP

December 31, 2016 — £162.77 — —December 31, 2015 — £129.06 — —December 31, 2014 — £117.23 — —

Net asset value per Class D USD

December 31, 2016 US$195.79 — — —December 31, 2015 US$198.63 — — —December 31, 2014 US$190.31 — — —

Net asset value per Class J I GBP

December 31, 2016 — £133.79 — —December 31, 2015 — £105.10 — —December 31, 2014 — — — —

Statistical Information

as of December 31, 2016


as of December 31, 2016 (continued)



Growth Fund US$


Growth Fund US$


Fund US$


Growth Fund US$

Net asset value per Class J USD

December 31, 2016 — US$125.07 US$107.77 US$90.00December 31, 2015 — US$117.54 US$106.84 US$88.30December 31, 2014 — US$112.22 US$103.80 US$103.96

Net asset value per Class J H CHF


Net asset value per Class J H EUR


Net asset value per Class J H GBP


Net asset value per Class J H SEK


Net asset value per Class Z USD

December 31, 2016 — US$230.07 US$98.03 US$103.77December 31, 2015 — US$214.07 US$96.41 US$100.79December 31, 2014 — US$202.34 — US$117.49

Net asset value per Class Z AUD

December 31, 2016 — — AU$143.41 —December 31, 2015 — — AU$139.68 —December 31, 2014 — — AU$120.16 —

Net asset value per Class Z H AUD






Leaders Fund US$


Cap Growth Fund US$


Allocation Fund US$

Total net assetsDecember 31, 2016 267,790,047 207,800,300 25,785,233December 31, 2015 307,526,103 168,993,622 17,450,811December 31, 2014 326,401,956 235,428,142 11,291,287

Net asset value per Class I USD

December 31, 2016 US$87.55 US$109.17 US$116.83December 31, 2015 US$85.98 US$116.21 US$116.24December 31, 2014 US$100.42 US$125.10 US$114.19

Net asset value per Class I EUR

December 31, 2016 — — —December 31, 2015 — — —December 31, 2014 — — —

Net asset value per Class I H EUR

December 31, 2016 — — €94.35December 31, 2015 — — €95.25December 31, 2014 — — —

Net asset value per Class I H GBP

December 31, 2016 — — £97.39December 31, 2015 — — £97.26December 31, 2014 — — —

Net asset value per Class I H SEK

December 31, 2016 — — kr98.00 1

December 31, 2015 — — —December 31, 2014 — — —

Net asset value per Class I I GBP

December 31, 2016 — — —December 31, 2015 — — —December 31, 2014 — — —

Net asset value per Class D USD

December 31, 2016 US$85.82 — —December 31, 2015 US$84.61 — —December 31, 2014 US$99.21 US$122.64 —

Net asset value per Class J I GBP

December 31, 2016 £131.24 — —December 31, 2015 £107.50 — —December 31, 2014 £118.42 — —

1 Launched on August 25, 2016





Leaders Fund US$


Cap Growth Fund US$


Allocation Fund US$

Net asset value per Class J USD

December 31, 2016 US$97.17 US$97.67 2 US$98.15December 31, 2015 US$94.94 — US$97.30December 31, 2014 US$110.33 — —

Net asset value per Class J H CHF

December 31, 2016 — — fr.97.79 3


Net asset value per Class J H EUR

December 31, 2016 — — €97.83 4


Net asset value per Class J H GBP

December 31, 2016 — — £98.45 5


Net asset value per Class J H SEK

December 31, 2016 — — kr94.86December 31, 2015 — — kr95.53December 31, 2014 — — —

Net asset value per Class Z USD

December 31, 2016 US$95.46 US$115.07 —December 31, 2015 US$92.43 US$120.55 —December 31, 2014 US$106.46 US$127.71 —

Net asset value per Class Z AUD

December 31, 2016 AU$116.71 — —December 31, 2015 AU$111.92 — —December 31, 2014 AU$115.05 — —

Net asset value per Class Z H AUD

December 31, 2016 — — AU$121.03December 31, 2015 — — AU$117.91December 31, 2014 — — AU$112.26

2 Launched on June 24, 20163 Launched on September 23, 20164 Launched on September 23, 20165 Launched on September 23, 2016



Note


Growth Fund US$


Growth Fund US$


Fund US$

IncomeDividends, net 3,629,774 4,903,481 780,340Interest income — — —Interest on swaps — — —Bank interest 8,631 21,586 1,001Other income — — —

Total income 2(c) 3,638,405 4,925,067 781,341

ExpensesInvestment management fees 4 7,324,074 7,070,244 282,702Expenses reimbursed or (waived) 4 — — (60,337)Management company fees 3 146,829 266,685 18,641Depositary fees 5 70,519 127,916 23,053Central administration fees 7 113,856 181,800 57,306Transfer agency fees 7 21,999 45,587 27,169Luxembourg tax 12 42,857 79,840 5,634Transaction costs 15 217,450 523,657 48,175Bank fees 4 7 491Professional fees 53,877 104,999 90,266Interest on swaps — — —Other expenses 6 39,393 95,291 5,409

Total expenses 8,030,858 8,496,026 498,509

Net investment gain/(loss) (4,392,453) (3,570,959) 282,832Net gain/(loss) realised on sale of securities 10,933,904 48,110,860 (1,661,192)Net gain/(loss) realised on foreign currencies (747) 2,242 (5,298)Net (loss) realised on options — — —Net (loss) realised on forward foreign exchange contracts — (8,905) —Net (loss) realised on future contracts — — —Net (loss) realised on swaps — — —

Net gain/(loss) realised for the year 6,540,704 44,533,238 (1,383,658)Net change in unrealised gain/(loss) on securities (13,440,673) (3,511,569) 2,033,954Net change in unrealised gain on options — — —Net change in unrealised (loss) on foreign currencies — (830) —Net change in unrealised gain on forward foreign exchange contracts — — —Net change in unrealised gain on future contracts — — —Net change in unrealised gain on swaps — — —

Net gain/(loss) unrealised for the year (13,440,673) (3,512,399) 2,033,954

Increase/(Decrease) in net assets as a result of operations (6,899,969) 41,020,839 650,296

Receipts as a result of issue of shares 18,363,735 205,638,198 —Payments as a result of repurchase of shares (140,875,024) (317,449,117) (1,731,633)

Change in total net assets for the year (129,411,258) (70,790,080) (1,081,337)

Dividend distribution 14 — (1,712) —Net assets at the beginning of the year 496,625,370 881,417,531 57,238,760Net assets at the end of the year 367,214,112 810,625,739 56,157,423

Statements of Operations and Changes in Net Assets

for the year ended December 31, 2016 (audited)


for the year ended December 31, 2016 (audited) (continued)



Note


Growth FundUS$


Leaders FundUS$


Cap Growth FundUS$

IncomeDividends, net 7,303,455 5,393,143 3,444,762Interest income — — —Interest on swaps — — —Bank interest 7,923 5,706 2,927Other income — 7 —

Total income 2(c) 7,311,378 5,398,856 3,447,689

ExpensesInvestment management fees 4 2,107,256 1,728,972 933,757Expenses reimbursed or (waived) 4 (6,191) (23,286) 6,480Management company fees 3 137,689 96,988 63,547Depositary fees 5 367,729 235,003 279,417Central administration fees 7 108,542 90,572 64,742Transfer agency fees 7 14,644 38,882 11,315Luxembourg tax 12 40,644 29,605 19,306Transaction costs 15 1,653,896 1,348,847 1,493,386Bank fees 5,205 3,708 9,383Professional fees 118,186 109,897 101,601Interest on swaps — — —Other expenses 6 45,325 39,180 17,405

Total expenses 4,592,925 3,698,368 3,000,339

Net investment gain/(loss) 2,718,453 1,700,488 447,350Net gain/(loss) realised on sale of securities (32,924,761) (28,177,305) (14,809,322)Net gain/(loss) realised on foreign currencies (137,210) (403,925) (959,030)Net (loss) realised on options — — —Net (loss) realised on forward foreign exchange contracts (3,472) (5,985) (25,342)Net (loss) realised on future contracts — — —Net (loss) realised on swaps — — —

Net gain/(loss) realised for the year (30,346,990) (26,886,727) (15,346,344)Net change in unrealised gain/(loss) on securities 39,379,953 34,421,971 1,888,733Net change in unrealised gain on options — — —Net change in unrealised (loss) on foreign currencies — — —Net change in unrealised gain on forward foreign exchange contracts — — —Net change in unrealised gain on future contracts — — —Net change in unrealised gain on swaps — — —

Net gain/(loss) unrealised for the year 39,379,953 34,421,971 1,888,733

Increase/(Decrease) in net assets as a result of operations 9,032,963 7,535,244 (13,457,611)

Receipts as a result of issue of shares 136,250,762 151,283,659 71,818,104Payments as a result of repurchase of shares (289,282,531) (198,521,692) (19,553,815)

Change in total net assets for the year (143,998,806) (39,702,789) 38,806,678

Dividend distribution 14 — (33,267) —Net assets at the beginning of the year 462,416,582 307,526,103 168,993,622Net assets at the end of the year 318,417,776 267,790,047 207,800,300


for the year ended December 31, 2016 (audited) (continued)




Allocation Fund US$

Combined US$

IncomeDividends, net 164,979 25,619,934Interest income 16,510 16,510Interest on swaps 62,201 62,201Bank interest 2,177 49,951Other income — 7

Total income 2(c) 245,867 25,748,603

ExpensesInvestment management fees 4 185,141 19,632,146Expenses reimbursed or (waived) 4 (233,608) (316,942)Management company fees 3 6,745 737,124Depositary fees 5 45,758 1,149,395Central administration fees 7 83,860 700,678Transfer agency fees 7 30,215 189,811Luxembourg tax 12 2,062 219,948Transaction costs 15 50,496 5,335,907Bank fees 431 19,229Professional fees 88,073 666,899Interest on swaps 30,312 30,312Other expenses 6 8,558 250,561

Total expenses 298,043 28,615,068

Net investment gain/(loss) (52,176) (2,866,465)Net gain/(loss) realised on sale of securities 88,244 (18,439,572)Net gain/(loss) realised on foreign currencies 4,409 (1,499,559)Net (loss) realised on options (168,023) (168,023)Net (loss) realised on forward foreign exchange contracts (938,902) (982,606)Net (loss) realised on future contracts (1,415,666) (1,415,666)Net (loss) realised on swaps (86,497) (86,497)

Net gain/(loss) realised for the year (2,568,611) (25,458,388)Net change in unrealised gain/(loss) on securities 987,968 61,760,337Net change in unrealised gain on options 45,160 45,160Net change in unrealised (loss) on foreign currencies (133) (963)Net change in unrealised gain on forward foreign exchange contracts 285,591 285,591Net change in unrealised gain on future contracts 23,376 23,376Net change in unrealised gain on swaps 173,447 173,447

Net gain/(loss) unrealised for the year 1,515,409 62,286,948

Increase/(Decrease) in net assets as a result of operations (1,053,202) 36,828,560

Receipts as a result of issue of shares 15,452,670 598,807,128Payments as a result of repurchase of shares (6,065,046) (973,478,858)

Change in total net assets for the year 8,334,422 (337,843,170)

Dividend distribution 14 — (34,979)Net assets at the beginning of the year 17,450,811 2,391,668,779Net assets at the end of the year 25,785,233 2,053,790,630


Shares outstanding at the beginning of the year

Shares issued Shares repurchased Shares outstanding at the end of the year

William Blair SICAV – U.S. All Cap Growth Fund Class D USD 2,500,274 97,769 (722,521) 1,875,522

William Blair SICAV – U.S. Small-Mid Cap Growth FundClass I USD 1,118,965 293,699 (327,022) 1,085,642 Class I I GBP 1,795 — (1,395) 400 Class J I GBP 58,725 5,753 (49,699) 14,779 Class J USD 2,218,227 1,008,060 (832,665) 2,393,622 Class Z USD 1,401,361 — (579,837) 821,524

William Blair SICAV – Global Leaders FundClass I USD 138,005 — (2,236) 135,769 Class I EUR 4,050 — (1,900) 2,150 Class J USD 87,434 — (10,855) 76,579 Class Z USD 300,000 — — 300,000 Class Z AUD 20,000 — — 20,000

William Blair SICAV – Emerging Markets Growth FundClass I USD 523,435 647,453 (658,454) 512,434 Class J USD 252,900 157,759 (6,015) 404,644 Class Z USD 3,544,725 148,232 (1,767,791) 1,925,166

William Blair SICAV – Emerging Markets Leaders FundClass I USD 319,005 132,922 (149,201) 302,726 Class D USD 546,413 117,029 (479,658) 183,784 Class J I GBP 76,872 — (56,907) 19,965 Class J USD 897,141 297,318 (321,460) 872,999 Class Z USD 1,459,221 1,050,387 (1,087,285) 1,422,323 Class Z AUD 20,000 — — 20,000

William Blair SICAV – Emerging Markets Small Cap Growth FundClass I USD 335,121 500,680 (149,082) 686,719 Class J USD 1 — 112,170 (23,039) 89,131 Class Z USD 1,078,745 — — 1,078,745

William Blair SICAV – Dynamic Diversified Allocation FundClass I USD 65,790 — (3,370) 62,420 Class I H EUR 20,000 — — 20,000 Class I H GBP 6,364 28,722 — 35,086 Class I H SEK 2 — 884,827 (32,996) 851,831 Class J USD 10,000 — — 10,000 Class J H CHF 3 — 970 — 970 Class J H EUR 4 — 891 — 891 Class J H GBP 5 — 771 — 771 Class J H SEK 361,811 113,351 (466,512) 8,650 Class Z H AUD 20,404 — — 20,404

1 Launched on June 24, 20162 Launched on August 25, 20163 Launched on September 23, 20164 Launched on September 23, 20165 Launched on September 23, 2016

Statements of Changes in Shares Outstanding

for the year ended December 31, 2016

The accompanying notes form an integral part of the financial statements.The geographical distinction is as per country of incorporation.


Holding DescriptionMarket Value

US$% of Net

Assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

Cayman Islands43,970 Herbalife Limited 2,116,716 0.58

2,116,716 0.58Curacao

66,470 Schlumberger Limited 5,580,157 1.52

5,580,157 1.52Ireland

22,710 Allergan plc 4,769,327 1.3060,220 Willis Towers Watson plc 7,363,702 2.01

12,133,029 3.31Jersey - Channel Islands

21,590 SHIRE plc - ADR 3,678,504 1.00

3,678,504 1.00United States

51,650 Adobe Systems Inc. 5,317,368 1.4519,810 Affiliated Managers Group 2,878,393 0.78

110,906 Akamai Technologies Inc. 7,395,212 2.0125,380 Align Technology Inc. 2,439,779 0.6625,477 Alphabet Inc. - A 20,189,249 5.50

7,572 Alphabet Inc. - C 5,844,221 1.5920,369 Amazon.com Inc. 15,274,102 4.1625,270 Biogen Idec Inc. 7,166,066 1.9536,620 BioMarin Pharmaceuticals Inc. 3,033,601 0.8382,554 Booz Allen Hamilton Holding Corp. 2,977,723 0.81

165,290 Bristol-Myers Squibb Company 9,659,548 2.6374,020 BWX Technologies Inc. 2,938,594 0.80

166,400 Cerner Corp. 7,882,368 2.1518,023 CoStar Group Inc. 3,397,155 0.9365,335 Costco Wholesale Corp. 10,460,787 2.85

175,830 CSRA US 5,598,427 1.5297,170 Danaher Corp. 7,563,713 2.06

117,090 Dollar General Corp. 8,672,856 2.3648,600 Dun & Bradstreet Corp. 5,896,152 1.6148,028 Edwards Lifesciences Corp. 4,500,224 1.2398,950 Facebook Inc. - A 11,384,198 3.10

118,100 Fastenal Company 5,548,338 1.5150,087 Guidewire Software Inc. 2,470,792 0.67

170,390 Hanesbrands Inc. 3,675,312 1.00202,690 IntercontinentalExchange Inc. 11,435,770 3.12

56,770 J2 Global Communications Inc. 4,643,786 1.26270,210 Kroger Company 9,324,948 2.54


Portfolio of Investments as of December 31, 2016 (audited)


Portfolio of Investments as of December 31, 2016 (audited) (continued)




US$% of Net

Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States (continued)158,058 Lowe’s Companies Inc. 11,241,084 3.06126,225 Mastercard Inc. - A 13,032,731 3.55

88,546 Mead Johnson Nutrition Company - A 6,265,515 1.71100,290 Mednax Inc. 6,685,331 1.82358,180 Microsoft Corp. 22,257,304 6.07126,220 Newell Rubbermaid Inc. 5,635,723 1.53

52,650 PPG Industries Inc. 4,989,114 1.3645,980 Raytheon Company 6,529,160 1.78

118,633 Red Hat Inc. 8,268,720 2.2530,270 Signature Bank 4,546,554 1.24

122,770 Sprouts Farmers Market Inc. 2,322,808 0.63136,790 Starbucks Corp. 7,594,581 2.07

51,612 Steven Madden Limited 1,845,129 0.50125,330 Texas Instruments Inc. 9,145,330 2.49

22,633 Transdigm Group Inc. 5,634,712 1.5354,210 Tyson Foods Inc. - A 3,343,673 0.9193,050 Union Pacific Corp. 9,647,424 2.63

7,626 Vail Resorts Inc. 1,230,150 0.33119,532 Vantiv Inc. - A 7,126,498 1.94

57,182 Verisk Analytics Inc. 4,641,463 1.2677,582 VF Corp. 4,139,000 1.13

148,480 Zoetis Inc. 7,948,134 2.16

341,638,820 93.03

Total Equities 365,147,226 99.44

Total Transferable securities and money market instruments admitted to an official exchange listing 365,147,226 99.44

Total Investments in Securities 365,147,226 99.44

Other Net Assets 2,066,886 0.56

Total Net Assets 367,214,112 100.00






US$% of Net

Assets


Equities

Bermuda350,704 Axalta Companyating Systems Limited 9,539,149 1.18

9,539,149 1.18Canada

143,780 Colliers International Group Inc. 5,283,915 0.65213,663 Firstservice Corp. 10,144,719 1.25332,951 IMAX Corp. 10,454,661 1.29

25,883,295 3.19Cayman Islands

136,295 Herbalife Limited 6,561,241 0.81


267,250 WNS Holdings Limited - ADR 7,362,738 0.91

7,362,738 0.91United Kingdom

415,984 OM Asset Management plc 6,031,768 0.74


320,661 2U Inc. 9,667,929 1.1996,591 Abiomed Inc. 10,883,874 1.34

100,694 Affiliated Managers Group 14,630,838 1.80195,541 Akamai Technologies Inc. 13,038,674 1.61526,373 Akorn Inc. 11,490,723 1.42

89,331 Align Technology Inc. 8,587,389 1.06190,067 Amedisys Inc. 8,102,556 1.00

93,100 Arista Networks Inc. 9,009,287 1.11158,190 Ball Corp. 11,875,323 1.46305,100 Bank of The Ozarks Inc. 16,045,209 1.98314,200 Blue Buffalo Pet Products 7,553,368 0.93497,291 Booz Allen Hamilton Holding Corp. 17,937,286 2.21367,400 BWX Technologies Inc. 14,585,780 1.80

7,870 Cable One Inc. 4,893,015 0.60260,081 Cambrex Corp. 14,031,370 1.73164,894 Carrizo Oil & Gas Inc. 6,158,791 0.76112,850 CBOE Holdings Inc. 8,338,487 1.03155,422 Celanese Corp. 12,237,928 1.51234,259 Centene Corp. 13,237,976 1.63278,932 Copart Inc. 15,455,622 1.91107,293 CoStar Group Inc. 20,223,658 2.49






US$% of Net

Assets



United States (continued)441,015 CSRA US 14,041,918 1.73326,393 DeVry Inc. 10,183,462 1.26126,212 Diamondback Energy Inc. 12,754,985 1.57

72,975 Dun & Bradstreet Corp. 8,853,327 1.09258,956 Encore Capital Group Inc. 7,419,089 0.92747,927 Exact Sciences Corp. 9,992,305 1.23

61,493 Factset Research Systems Inc. 10,049,801 1.24197,304 Firstcash Inc. 9,273,288 1.14247,300 Glaukos Corp. 8,482,390 1.05304,130 Guidewire Software Inc. 15,002,733 1.85245,425 HealthSouth Corp. 10,121,327 1.25146,929 Heico Corp. 9,976,479 1.23231,746 Hexcel Corp. 11,921,014 1.47

70,600 Iberiabank Corp. 5,912,750 0.7367,720 IDEXX Laboratories Inc. 7,941,524 0.98

234,155 J2 Global Communications Inc. 19,153,879 2.3672,935 Jones Lang Lasalle Inc. 7,369,352 0.91

153,058 Ligand Pharmaceuticals Inc. 15,552,223 1.9248,662 Martin Marietta Materials Inc. 10,780,093 1.33

314,815 Maximus Inc. 17,563,528 2.1740,790 Mettler-Toledo International Inc. 17,073,063 2.11

108,685 Middleby Corp. 13,999,715 1.7386,344 Nu Skin Enterprises Inc. 4,125,516 0.51

273,620 Old Dominion Freight Line Inc. 23,473,860 2.90409,858 Pandora Media Inc. 5,344,548 0.66

66,105 RepliGeneral Corp. 2,037,356 0.25144,517 SBA Communications Corp. - A 14,922,825 1.84115,599 Signature Bank 17,362,970 2.14181,000 SiteOne Landscape Supply Inc. 6,286,130 0.78365,746 Six Flags Entertainment Corp. 21,930,130 2.71208,700 Take-Two Interactive Software Inc. 10,286,823 1.27189,550 Toro Company 10,605,323 1.31290,141 Tractor Supply Company 21,995,590 2.71

55,737 Transdigm Group Inc. 13,876,284 1.7148,980 Ulta Salon, Cosmetics & Fragrance 12,486,961 1.54

154,541 Universal Electronics Inc. 9,975,622 1.2325,658 Vail Resorts Inc. 4,138,892 0.51

251,292 Vantiv Inc. - A 14,982,029 1.85350,357 Veeva Systems Inc. 14,259,530 1.76272,415 Virtu Financial Inc. 4,345,019 0.54






US$% of Net

Assets



United States (continued)122,000 Wabtec Corp. 10,128,440 1.25

94,320 WD-40 Company 11,026,008 1.36

734,993,184 90.67









US$% of Net

Assets


Equities

Australia7,335 CSL Limited 531,501 0.95

13,099 Macquarie Group Limited 823,536 1.47

1,355,037 2.42Canada

12,372 Alimentation Couche Tard Inc. 560,986 1.0021,297 Brookfield Asset Management Inc. 703,014 1.25

8,045 Intact Financial Corp. 575,820 1.0330,743 Suncor Energy Inc. 1,005,190 1.80


8,933 Alibaba Group Holding 784,407 1.40122,400 Sands China Limited 531,932 0.95

27,100 Tencent Holdings Limited 662,951 1.18

1,979,290 3.53Curacao

10,550 Schlumberger Limited 885,673 1.58

885,673 1.58France

17,044 BNP Paribas 1,086,350 1.9322,787 Valeo SA 1,309,916 2.33

2,396,266 4.26Germany

4,773 Siemens AG - Reg 586,838 1.04

586,838 1.04Hong Kong

141,000 AIA Group Limited 795,504 1.41

795,504 1.41India

13,896 HDFC Bank Limited - ADR 843,209 1.50

843,209 1.50Ireland

6,015 Paddy Power plc 642,667 1.14

642,667 1.14Japan

10,700 Daikin Industries Limited 982,798 1.754,100 Fanuc Limited 695,114 1.24

25,300 Fuji Heavy Industries Limited 1,032,998 1.84








US$% of Net

Assets



Japan (continued)1,100 Keyence Corp. 754,824 1.35

63,300 ORIX Corp. 987,886 1.75


38,521 WPP plc 862,115 1.54

862,115 1.54Netherlands

18,995 Koninklijke Philips Electronics NV 579,858 1.03

579,858 1.03Singapore

5,761 Broadcom Limited 1,018,372 1.81

1,018,372 1.81South Africa

15,632 Bid Corp. Limited 279,033 0.50

279,033 0.50Spain

16,173 Inditex SA 552,105 0.98

552,105 0.98Sweden

28,793 Assa Abloy AB 534,420 0.9529,652 SKF AB - B 545,481 0.97

1,079,901 1.92Switzerland

1,457 Partners Group Holding AG - Reg 682,857 1.22

682,857 1.22Taiwan

45,581 Taiwan Semiconductor Manufacturing Company Limited - ADR 1,310,454 2.34


50,170 Compass Group plc 928,061 1.6521,886 Rio Tinto plc 851,920 1.5235,004 Royal Dutch Shell plc - A 957,468 1.70


6,258 Adobe Systems Inc. 644,261 1.153,717 Affiliated Managers Group 540,080 0.96

13,808 Akamai Technologies Inc. 920,718 1.64






US$% of Net

Assets



United States (continued)4,111 Align Technology Inc. 395,190 0.701,695 Alphabet Inc. - A 1,343,203 2.391,919 Amazon.com Inc. 1,439,001 2.563,119 Ansys Inc. 288,476 0.51

10,579 Apogee Enterprises Inc. 566,611 1.013,597 Blackrock Inc. 1,368,802 2.43

33,437 Boston Scientific Corp. 723,242 1.297,986 Brunswick Corp. 435,556 0.783,710 Costco Wholesale Corp. 594,008 1.068,428 Danaher Corp. 656,036 1.177,513 Edwards Lifesciences Corp. 703,968 1.255,863 EOG Resources Inc. 592,749 1.065,437 Equifax Inc. 642,817 1.146,949 Facebook Inc. - A 799,482 1.42

32,184 Fifth Third Bancorp 868,002 1.554,692 Goldman Sachs Group Inc. 1,123,499 2.00

11,024 Hess Corp. 686,685 1.229,030 Home Depot Inc. 1,210,741 2.166,172 Honeywell International Inc. 715,026 1.27

16,400 IntercontinentalExchange Inc. 925,288 1.6515,845 JPMorgan Chase & Company 1,367,265 2.44

8,625 Mastercard Inc. - A 890,531 1.5919,283 Nike Inc. 980,155 1.75

2,026 O’Reilly Automotive Inc. 564,059 1.002,381 Pioneer Natural Resources Company 428,747 0.765,967 PPG Industries Inc. 565,433 1.017,962 Raytheon Company 1,130,604 2.017,573 Red Hat Inc. 527,838 0.944,601 Salesforce.com Inc. 314,984 0.561,536 Simon Property Group Inc. 272,901 0.495,668 Thermo Fisher Scientific Inc. 799,755 1.422,406 Ulta Salon, Cosmetics & Fragrance Inc. 613,386 1.094,666 Vail Resorts Inc. 752,673 1.34

13,357 Vantiv Inc. - A 796,344 1.4210,877 VCA Inc. 746,706 1.33

4,460 Watsco Inc. 660,615 1.1820,286 Yum China Holdings Inc. 529,870 0.94

30,125,307 53.64







US$% of Net

Assets



Other Net Assets 146,858 0.26





US$% of Net

Assets


Equities

Argentina16,012 Banco Macro Bansud SA - ADR 1,030,372 0.32

1,030,372 0.32Bermuda

23,964 Credicorp Limited 3,782,957 1.19

3,782,957 1.19Brazil

271,747 Ambev SA - ADR 1,334,278 0.42517,160 Banco Itau Holding Financeira SA 5,378,642 1.70256,800 BB Seguridade Participacoes SA 2,232,906 0.70451,500 BM&FBOVESPA SA 2,288,921 0.72237,500 Cielo SA 2,035,172 0.64102,400 Engie Brasil Energia SA 1,101,177 0.35512,000 Kroton Educacional SA 2,096,956 0.66128,800 Localiza Rent a Car 1,354,207 0.43256,800 Lojas Renner SA 1,828,143 0.57

1,859,500 Petroleo Brasileiro SA Pfd 8,495,642 2.67122,600 Raia Drogasil SA 2,304,942 0.72

98,500 Ultrapar Participacoes SA 2,071,566 0.65325,000 WEG SA 1,547,762 0.49


127,507 Alibaba Group Holding - ADR 11,196,390 3.5220,581 Baidu.com - ADR 3,383,722 1.0620,643 NetEase.com - ADR 4,445,263 1.4033,576 New Oriental Education & Technology Group - ADR 1,413,550 0.44

318,000 Sunny Optical Technology Group Company Limited 1,392,233 0.4421,543 Tal Education Group - ADR 1,511,241 0.47

602,200 Tencent Holdings Limited 14,731,704 4.63

38,074,103 11.96Chile

115,086 Banco Santander Chile SA - ADR 2,516,931 0.79238,357 Saci Falabella 1,885,917 0.59

4,402,848 1.38China

75,173 Ctrip.com International Limited - ADR 3,006,920 0.943,170,000 Huaneng Renewables Corp. - H 1,030,160 0.32

673,500 Ping An Insurance Group Company of China Limited 3,369,880 1.06306,800 Sinopharm Group Company 1,264,070 0.40








US$% of Net

Assets



China (continued)473,000 Travelsky Technology Limited - H 994,246 0.31821,000 Weichai Power Company Limited 1,264,132 0.40

10,929,408 3.43Hong Kong

1,176,000 China Pharmaceutical Group Limited 1,255,690 0.395,936,000 CNOOC Limited 7,425,241 2.331,550,000 Geely Automobile Holdings Limited 1,481,136 0.47

10,162,067 3.19Hungary

101,867 OTP Bank plc 2,912,590 0.9136,167 Richter Gedeon Nyrt 764,488 0.24

3,677,078 1.15India

138,290 Asian Paints Limited 1,814,452 0.57108,571 Bajaj Finance Limited 1,349,494 0.42157,629 Bharat Petroleum Corp. Limited 1,472,352 0.46

18,128 Britannia Industries Limited 770,043 0.244,466 Eicher Motors Limited 1,432,840 0.45

43,126 Godrej Consumer Products Limited 962,024 0.30149,075 Havell’s India Limited 749,436 0.24451,738 HDFC Bank Limited 8,006,391 2.52

44,582 Hero Honda Motors Limited 1,991,896 0.63120,418 Hindustan Lever Limited 1,465,077 0.46267,809 Housing Development Finance Corp. 4,977,356 1.57

99,161 Indraprastha Gas Limited 1,334,220 0.42288,395 IndusInd Bank Limited 4,703,878 1.49493,622 ITC Limited 1,751,344 0.55

52,706 Maruti Suzuki India Limited 4,127,703 1.29208,825 Max Financial Services Limited 1,703,947 0.54261,674 Motherson Sumi Systems Limited 1,253,810 0.39

3,226 Motor Industries Company Limited 1,007,676 0.32184,317 Petronet Lng Limited 995,857 0.31

82,096 Pidilite Industries Limited 711,851 0.224,900 Shree Cement Limited 1,061,290 0.33

132,545 SKS Microfinance Limited 1,150,562 0.36295,810 Tata Motors Limited 2,048,042 0.64130,292 United Phosphorus Limited 1,241,772 0.39225,379 Yes Bank Limited 3,835,448 1.20166,715 Zee Telefilms 1,112,740 0.35

53,031,501 16.66






US$% of Net

Assets



Indonesia4,639,700 Astra International Tbk PT 2,849,951 0.904,971,300 Bank Rakyat Indonesia Tbk PT 4,308,304 1.36

281,400 Gudang Garam Tbk PT 1,334,764 0.421,284,600 Indofood Cbp Sukses Makmur Tbk PT 817,676 0.269,283,500 Kalbe Farma Tbk PT 1,044,008 0.331,231,800 Matahari Department Store Tbk PT 1,382,977 0.43

10,546,100 Telekomunikasi Indonesia Tbk PT 3,115,691 0.98500,500 Unilever Indonesia Tbk PT 1,441,502 0.45228,400 United Tractors Tbk PT 360,275 0.11

16,655,148 5.24Malaysia

884,300 Public Bank Bhd 3,887,297 1.22

3,887,297 1.22Mexico

28,409 Fomento Economico Mexicano SAB de CV - ADR 2,165,050 0.688,875 Grupo Aeroportuario del Pacifico SAB de CV - ADR 1,277,024 0.40

159,600 Grupo Aeroportuario del Pacifico SAB de CV - B 1,311,927 0.41363,600 Grupo Bimbo SAB de CV 822,278 0.26673,200 Grupo Financiero Santander Mexico SAB de CV - B 968,085 0.30451,410 Grupo Mexico SAB de CV 1,225,772 0.38220,300 Infraestructura Energetica Nova SAB de CV 959,643 0.30

27,400 Promotora y Operadora de Infraestructura SAB de CV 228,667 0.071,203,278 Wal-Mart de Mexico SAB de CV 2,153,511 0.68

11,111,957 3.48Netherlands

469,942 Steinhoff International Holdings 2,439,051 0.77104,451 Yandex NV - A 2,102,599 0.66

4,541,650 1.43Papua New Guinea

214,013 Oil Search Limited 1,107,353 0.35

1,107,353 0.35Philippines

2,341,600 Ayala Land Inc. 1,507,316 0.47752,670 Banco de Oro Unibank Inc. 1,697,274 0.53

31,365 GT Capital Holdings Inc. 801,292 0.25240,490 International Container Terminal Services Inc. 348,072 0.11218,670 Jollibee Foods Corp. 853,361 0.27

6,412,800 Metro Pacific Investments Corp. 859,139 0.27528,950 Robinsons Retail Holdings Inc. 790,047 0.25






US$% of Net

Assets



Philippines (continued)183,500 Security Bank Corp. 701,344 0.22114,460 SM Investments Corp. 1,508,123 0.47213,650 Universal Robina Corp. 702,688 0.22

9,768,656 3.06Qatar

31,158 Qatar National Bank SAQ 1,393,872 0.44

1,393,872 0.44Republic of Korea (South)

4,531 Amorepacific Corp. 1,206,088 0.38116,650 Hana Financial Group Inc. 3,018,136 0.95

31,523 Hankook Tire Company Limited 1,513,769 0.4786,532 Hanon Systems 737,935 0.23

4,930 Hanssem Company Limited 812,277 0.2615,855 KT&G Corp. 1,325,842 0.42

2,989 LG Household & Health Care Limited 2,120,855 0.664,079 Mando Corp. 791,955 0.256,285 Naver Corp. 4,032,841 1.27

10,297 Samsung Biologics Company Limited 1,287,336 0.408,596 Samsung Electronics Company Limited 12,824,939 4.026,308 Samsung Fire & Marine Insurance Company Limited 1,402,297 0.44

58,864 Shinhan Financial Group Company Limited 2,205,324 0.69

33,279,594 10.44Russian Federation

42,443 Magnit OJSC 1,873,859 0.5940,108 X5 Retail Group NV - GDR - Reg 1,301,505 0.41


52,854 Aspen Pharmacare Holdings Limited 1,091,345 0.34127,243 Bid Corp. Limited 2,271,301 0.71101,945 Bidvest Group Limited 1,345,404 0.42

36,764 Capitec Bank Holdings Limited 1,860,444 0.581,021,736 Firstrand Limited 3,955,617 1.24

58,695 Naspers Limited 8,607,735 2.70

19,131,846 5.99Taiwan

112,125 Advantech Company Limited 885,409 0.281,058,000 China Life Insurance Company Limited 1,052,125 0.333,348,038 E.Sun Financial Holding Company Limited 1,906,252 0.60

70,000 Ennoconn Corp. 894,848 0.281,433,000 Fubon Financial Holding Company Limited 2,267,619 0.71






US$% of Net

Assets



Taiwan (continued)23,000 Largan Precision Company Limited 2,704,710 0.8570,000 Nien Made Enterprise Company Limited 722,177 0.23

217,000 President Chain Store Corp. 1,555,341 0.4912,000 St Shine Optical Company Limited 228,987 0.07

1,015,000 Taiwan Semiconductor Manufacturing Company Limited 5,716,056 1.80322,436 Taiwan Semiconductor Manufacturing Company Limited - ADR 9,270,035 2.91914,000 Uni-President Enterprises Corp. 1,514,403 0.48

28,717,962 9.03Thailand

202,000 Airports of Thailand pcl 2,245,059 0.712,303,500 Bangkok Dusit Medical Services pcl 1,485,913 0.471,864,600 Central Pattana pcl 2,954,913 0.932,259,000 CP All pcl 3,942,660 1.234,203,500 Home Product Center pcl 1,197,304 0.381,022,100 Minor International pcl 1,020,382 0.322,614,000 Thai Beverage pcl 1,534,302 0.48

14,380,533 4.52Turkey

156,373 Arcelik AS 939,949 0.29162,564 Tofas Turk Otomobil Fabrik 1,135,721 0.36

2,075,670 0.65United Arab Emirates

1,012,628 Emaar Malls Group PJSC 722,340 0.231,150,624 Emaar Properties PJSC 2,233,640 0.70

377,682 First Gulf Bank PJSC 1,321,355 0.41


14,810 Mercadolibre Inc. 2,312,433 0.73

2,312,433 0.73









US$% of Net

Assets


Equities

Bermuda34,505 Credicorp Limited 5,446,959 2.03

5,446,959 2.03Brazil

735,180 Banco Itau Holding Financeira SA 7,646,126 2.87173,300 BB Seguridade Participacoes SA 1,506,864 0.56438,600 BM&FBOVESPA SA 2,223,523 0.83816,100 Kroton Educacional SA 3,342,432 1.24

2,364,000 Petroleo Brasileiro SA Pfd 10,800,591 4.04179,900 Raia Drogasil SA 3,382,211 1.26136,000 Ultrapar Participacoes SA 2,860,234 1.07224,540 Vale SA - ADR 1,710,995 0.64


90,383 Alibaba Group Holding - ADR 7,936,531 2.9716,678 Baidu.com - ADR 2,742,030 1.0211,574 NetEase.com - ADR 2,492,345 0.9331,581 New Oriental Education & Technology Group - ADR 1,329,560 0.5021,268 Tal Education Group - ADR 1,491,950 0.56

376,400 Tencent Holdings Limited 9,207,928 3.45

25,200,344 9.43China

1,562,000 Anhui Conch Cement Company Limited 4,250,190 1.5912,248,000 Industrial & Commercial Bank of China - H 7,344,515 2.74

1,294,500 Ping An Insurance Group Company of China Limited 6,477,072 2.42306,000 Sinopharm Group Company 1,260,774 0.47

19,332,551 7.22Hong Kong

259,500 China Mobile Limited 2,750,769 1.035,638,000 CNOOC Limited 7,052,478 2.63

9,803,247 3.66Hungary

108,488 OTP Bank plc 3,101,898 1.16

3,101,898 1.16India

132,437 Asian Paints Limited 1,737,656 0.65372,590 Bharat Petroleum Corp. Limited 3,480,221 1.30345,217 HDFC Bank Limited 6,118,463 2.28

5,259 HDFC Bank Limited - ADR 319,116 0.12








US$% of Net

Assets



India (continued)114,916 Hero Honda Motors Limited 5,134,376 1.92285,937 Housing Development Finance Corp. 5,314,272 1.98204,655 IndusInd Bank Limited 3,338,033 1.25

44,797 Maruti Suzuki India Limited 3,508,305 1.31611,451 Sesa Sterlite Limited 1,948,672 0.73421,056 Tata Motors Limited 2,915,184 1.09

33,814,298 12.63Indonesia

7,218,400 Astra International Tbk PT 4,433,926 1.673,961,400 Bank Rakyat Indonesia Tbk PT 3,433,089 1.28

15,999,700 Kalbe Farma Tbk PT 1,799,301 0.6717,903,900 Telekomunikasi Indonesia Tbk PT 5,289,446 1.97

847,500 Unilever Indonesia Tbk PT 2,440,905 0.91

17,396,667 6.50Malaysia

872,900 Public Bank Bhd 3,837,184 1.43

3,837,184 1.43Mexico

374,591 Cemex SAB de CV - ADR 3,007,966 1.1226,633 Fomento Economico Mexicano SAB de CV - ADR 2,029,701 0.76

916,000 Grupo Financiero Banorte SAB de CV 4,511,578 1.68305,800 Wal-Mart de Mexico SAB de CV 547,291 0.20

10,096,536 3.76Netherlands

157,376 Yandex NV - A 3,167,979 1.18


2,832,500 SM Prime Holdings Inc. 1,615,342 0.60


4,387 Amorepacific Corp. 1,167,758 0.4472,417 Hankook Tire Company Limited 3,477,544 1.30

125,240 Hynix Semiconductor Inc. 4,635,053 1.736,694 Naver Corp. 4,295,280 1.609,160 Samsung Electronics Company Limited 13,666,408 5.10

121,162 Shinhan Financial Group Company Limited 4,539,303 1.70

31,781,346 11.87






US$% of Net

Assets



Russian Federation67,766 Magnit OJSC 2,991,869 1.12


194,759 Bid Corp. Limited 3,476,469 1.30271,522 Bidvest Group Limited 3,583,372 1.33

1,109,331 Firstrand Limited 4,294,739 1.6051,767 Naspers Limited 7,591,731 2.83

18,946,311 7.06Taiwan

2,436,000 Fubon Financial Holding Company Limited 3,854,795 1.4439,000 Largan Precision Company Limited 4,586,249 1.71

478,939 Taiwan Semiconductor Manufacturing Company Limited - ADR 13,769,496 5.15773,000 Uni-President Enterprises Corp. 1,280,780 0.48

23,491,320 8.78Thailand

364,600 Airports of Thailand pcl 4,052,219 1.512,939,400 Bangkok Dusit Medical Services pcl 1,896,111 0.711,863,300 CP All pcl 3,252,041 1.21

9,200,371 3.43Turkey

881,807 Koc Holding AS 3,450,319 1.29

3,450,319 1.29United Arab Emirates

679,464 Emaar Properties PJSC 1,319,004 0.49


17,374 Mercadolibre Inc. 2,712,776 1.0196,872 Yum China Holdings Inc. 2,530,297 0.94

5,243,073 1.95









US$% of Net

Assets


Equities

Argentina15,732 Banco Macro Bansud SA - ADR 1,012,354 0.4952,521 Pampa Energia SA - ADR 1,828,256 0.88

2,840,610 1.37Brazil

310,300 Bradespar SA Pfd 1,415,785 0.68119,100 Companhia de Saneamento Basico do Estado de Sao Paulo 1,053,519 0.51324,000 CVC Brasil Operadora e Agencia de Viagens SA 2,359,296 1.14890,700 EcoRodovias Infraestrutura e Logistica SA 2,255,006 1.09332,500 EDP - Energias do Brasil SA 1,368,943 0.66133,000 Linx SA 708,990 0.34138,300 Lojas Renner SA 984,549 0.47

1,163,700 Metalurgica Gerdau SA 1,716,214 0.83286,900 MRV Engenharia e Participacoes SA 964,355 0.46118,700 Raia Drogasil SA 2,231,621 1.08238,100 SER Educacional SA 1,365,818 0.66


141,000 Airtac International Group 1,124,362 0.5469,618 China Lodging Group Limited 3,608,997 1.74

758,000 Haitian International Holdings Limited 1,487,746 0.714,284,000 Lonking Holdings Limited 911,545 0.44

280,012 Microport Scientific Corp. 210,880 0.10662,000 Minth Group Limited 2,061,674 0.99377,000 Shenzhou International Group Holdings Limited 2,384,654 1.15

71,000 Silergy Corp. 1,000,157 0.4830,912 Silicon Motion Technology Corp. - ADR 1,313,142 0.63

360,000 Sunny Optical Technology Group Company Limited 1,576,112 0.7628,152 TAL Education Group - ADR 1,974,863 0.95

174,137 Tarena International Inc. - ADR 2,610,313 1.25

20,264,445 9.74Chile

2,233,605 Aguas Andinas SA 1,162,935 0.56732,821 Parque Arauco SA 1,673,429 0.81

2,836,364 1.37China

918,200 Beijing Capital International Airport Company Limited - H 928,321 0.451,378,000 China Oilfield Services Limited 1,279,460 0.621,164,400 Fuyao Glass Industry Group - H 3,611,289 1.741,772,000 Huadian Fuxin Energy Corp. - H 393,040 0.193,040,000 Huaneng Renewables Corp. - H 987,914 0.48








US$% of Net

Assets



China (continued)1,422,500 Sinotruk Hong Kong Limited 1,014,430 0.48

706,000 Travelsky Technology Limited - H 1,484,011 0.711,169,000 Weichai Power Company Limited 1,799,964 0.87

11,498,429 5.54Cyprus

118,580 TCS Group Holding plc - Reg 1,251,019 0.60

1,251,019 0.60Czech Republic

559,152 Moneta Money Bank AS 1,803,530 0.87

1,803,530 0.87Egypt

503,250 Global Telecom Holding SAE - GDR 936,045 0.45

936,045 0.45Greece

80,570 Greek Organisation of Football Prognostics SA 712,421 0.3434,460 Jumbo SA 546,291 0.26

1,258,712 0.60Hong Kong

5,820,000 Tongda Group Holdings Limited 1,501,059 0.72

1,501,059 0.72Hungary

556,716 Magyar Telekom plc 943,691 0.4512,807 MOL Hungarian Oil & Gas plc 899,536 0.4367,023 Richter Gedeon Nyrt 1,416,714 0.68

3,259,941 1.56India

60,373 AIA Engineering Limited 1,148,391 0.5558,835 Ajanta Pharma Limited 1,538,702 0.7477,964 Amara Raja Batteries Limited 999,618 0.48

249,687 Bajaj Finance Limited 3,103,509 1.50238,044 Berger Paints India Limited 739,873 0.36

44,899 Can Finance Homes Limited 1,046,725 0.50116,063 Cholamandalam Investment & Finance Inc. 1,614,137 0.78671,318 City Union Bank Limited 1,276,954 0.61276,142 Crompton Greaves Consumer Electricals Limited 591,382 0.28

65,511 Dr Lal Pathlabs Limited 1,025,084 0.496,273 Eicher Motors Limited 2,012,585 0.97






US$% of Net

Assets



India (continued)144,491 Finolex Industries Limited 932,472 0.45

66,626 Godrej Consumer Products Limited 1,486,244 0.72517,928 Gruh Finance Limited 2,461,046 1.18286,082 Havell’s India Limited 1,438,202 0.70125,710 Indiabulls Housing Finance 1,202,085 0.58194,859 Indraprastha Gas Limited 2,621,845 1.26155,393 Kajaria Ceramics Limited 1,063,501 0.51143,733 LIC Housing Finance Limited 1,179,593 0.57195,209 Mahanagar Gas Limited 2,254,948 1.09110,964 Max Financial Services Limited 905,432 0.44140,720 Motherson Sumi Systems Limited 674,259 0.32264,849 Petronet Lng Limited 1,430,968 0.69

75,858 PI Industries Limited 927,684 0.4592,976 Pidilite Industries Limited 806,191 0.3970,820 Repco Home Finance Limited 583,295 0.28

887,663 Sesa Sterlite Limited 2,828,950 1.36287,721 SKS Microfinance Limited 2,497,573 1.20

77,072 Supreme Industries Limited 1,027,699 0.49171,692 Syngene International Limited 1,415,373 0.68190,643 United Phosphorus Limited 1,816,959 0.87438,937 Vakrangee Limited 1,772,687 0.86198,508 Voltas Limited 953,490 0.46

47,377,456 22.81Indonesia

2,432,000 Ace Hardware Indonesia 150,740 0.0719,839,200 Bank Tabungan Negara Persero Tbk PT 2,562,435 1.23

5,170,000 Ciputra Development Tbk PT 512,332 0.251,749,000 Indofood Cbp Sukses Makmur Tbk PT 1,113,277 0.543,951,600 Mitra Keluarga Karyasehat Tbk PT 753,851 0.36

37,679,500 Pakuwon Jati Tbk PT 1,580,276 0.76395,700 Summarecon Agung Tbk PT 38,919 0.02

4,591,800 Waskita Karya Persero Tbk PT 869,166 0.42

7,580,996 3.65Kenya

14,685,900 Safaricom Limited 2,744,572 1.33

2,744,572 1.33Malaysia

1,512,450 My EG Services Bhd 509,095 0.24

509,095 0.24






US$% of Net

Assets



Mexico285,259 Alsea SAB de CV 814,920 0.39380,884 Banregio Grupo Financiero SAB de CV 2,122,179 1.02198,600 Grupo Aeroportuario del Centro Norte SAB de CV 854,865 0.41124,300 Grupo Aeroportuario del Pacifico SAB de CV - B 1,021,758 0.49381,700 Infraestructura Energetica Nova SAB de CV 1,662,713 0.79

6,476,435 3.10Pakistan

688,500 DG Khan Cement 1,461,789 0.7011,600 Honda Atlas Cars Pakistan Limited 74,464 0.04

307,000 Lucky Cement Limited 2,541,046 1.231,283,500 Maple Leaf Cement Factory Limited 1,562,976 0.75

139,900 Pakistan Oilfields Limited 717,171 0.351,165,700 United Bank Limited 2,663,593 1.28


4,972,500 D&L Industries Inc. 1,140,306 0.5422,025 GT Capital Holdings Inc. 562,680 0.27

131,570 Jollibee Foods Corp. 513,452 0.25683,100 Manila Water Company Inc. 398,496 0.19

5,072,300 Metro Pacific Investments Corp. 679,549 0.33574,950 Security Bank Corp. 2,197,482 1.06

5,491,965 2.64Poland

38,788 Kruk SA 2,196,784 1.06


43,993 Asia Pacific Systems Inc. 1,087,257 0.52678 BGF Retail Company Limited 45,918 0.02

68,862 Hanon Systems 587,247 0.2818,460 Hanssem Company Limited 3,041,508 1.4621,749 Interojo Company Limited 684,269 0.33

8,195 Mando Corp. 1,591,094 0.775,841 Samsung Biologics Company Limited 730,244 0.35

31,512 Vieworks Company Limited 1,560,204 0.75

9,327,741 4.48Romania

3,804,929 Banca Transilvania 2,104,681 1.01

2,104,681 1.01






US$% of Net

Assets



South Africa312,533 AVI Limited 2,079,031 1.00

56,054 Capitec Bank Holdings Limited 2,836,615 1.3738,986 Cashbuild Limited CSB 976,509 0.47

166,400 Clicks Group Limited 1,399,408 0.67768,684 Dis-Chem Pharmacies Pty Limited 1,253,733 0.60

90,861 Famous Brands Limited 1,035,449 0.5038,354 PSG Group Limited 610,394 0.29

10,191,139 4.90Taiwan

118,000 Advantech Company Limited 931,802 0.4577,000 Aspeed Technology Inc. 1,130,071 0.54

1,418,000 China Life Insurance Company Limited 1,410,126 0.6730,000 Chunghwa Precision Test Tech Company Limited 1,107,700 0.53

145,000 Ennoconn Corp. 1,853,612 0.90123,000 Grape King Industrial Company 713,675 0.34183,000 Kung Long Batteries Industrial Company Limited 894,305 0.43129,000 Nien Made Enterprise Company Limited 1,330,868 0.64194,749 Posiflex Technology Inc. 1,069,553 0.51681,000 Powertech Technology Inc. 1,838,316 0.89

80,466 Poya Company Limited 932,517 0.45412,136 Sinbon Electronics Company Limited 897,700 0.43412,000 Taiwan Paiho Limited 1,219,549 0.59412,000 Tong Yang Industry 811,755 0.39507,000 Tripod Technology Corp. 1,145,231 0.55

58,958 Voltronic Power Technology Corp. 814,975 0.39331,000 Win Semiconductors Corp. 933,567 0.45130,000 Wistron NeWeb Corp. 348,103 0.17

19,383,425 9.32Thailand

4,291,800 Bangkok Chain Hospital pcl 1,773,758 0.853,457,200 Beauty Companymunity pcl - F 1,129,545 0.541,058,200 Carabao Group pcl 2,253,205 1.09

907,200 Central Plaza Hotel pcl 1,007,009 0.482,828,000 Home Product Center pcl 805,513 0.39

497,000 KCE Electronics pcl 1,693,205 0.82863,400 Kiatnakin Finance pcl 1,422,516 0.68

1,137,380 Minor International pcl 1,135,468 0.55741,000 Tisco Financial 1,246,719 0.60

12,466,938 6.00






US$% of Net

Assets



Turkey91,782 Arcelik AS 551,696 0.27

189,511 Tofas Turk Otomobil Fabrik 1,323,981 0.64


41,892 Bank of Georgia Holdings plc 1,540,571 0.74149,552 NMC Health plc 2,845,714 1.38

4,386,285 2.12Vietnam

128,310 Vietnam Dairy Products JSC 709,092 0.34

709,092 0.34









US$% of Net

Assets


Equities

Australia1,594 Macquarie Group Limited 100,215 0.39

100,215 0.39Bermuda

1,169 Axalta Companyating Systems Limited 31,797 0.12

31,797 0.12Brazil

6,800 Cielo SA 58,270 0.23

58,270 0.23Canada

1,811 Alimentation Couche Tard Inc. 82,117 0.323,795 Brookfield Asset Management Inc. 125,272 0.49

479 Colliers International Group 17,603 0.07213 Constellation Software Inc 96,790 0.38712 Firstservice Corp. 33,806 0.13

1,109 IMAX Corp. 34,823 0.143,251 Suncor Energy Inc. 106,296 0.412,281 Toronto-Dominion Bank 112,500 0.44

609,207 2.38Cayman Islands

1,322 Alibaba Group Holding 116,085 0.45454 Herbalife Limited 21,856 0.08395 NetEase.com - ADR 85,059 0.33

10,400 Sands China Limited 45,197 0.183,000 Tencent Holdings Limited 73,389 0.28

341,586 1.32Curacao

772 Schlumberger Limited 64,809 0.25

64,809 0.25Finland

1,577 Kone Oyj 70,667 0.272,049 Sampo OYJ - A 91,861 0.36

162,528 0.63France

918 Arkema SA 89,810 0.361,952 BNP Paribas SA 124,415 0.471,960 Total SA 100,519 0.392,373 Valeo SA 136,413 0.53

412 Vinci SA 28,060 0.11

479,217 1.86








US$% of Net

Assets



Germany77 RATIONAL AG 34,367 0.13

1,030 Siemens AG - Reg 126,638 0.49

161,005 0.62Hong Kong

20,000 AIA Group Limited 112,836 0.4316,000 China Overseas Land & Investment Limited 42,401 0.16

155,237 0.59India

2,001 Hero Honda Motors Limited 89,403 0.353,651 Housing Development Finance Corp. 67,856 0.26

11,438 Tata Motors Limited 79,191 0.31

236,450 0.92Ireland

3,214 Kingspan Group plc 87,287 0.34562 Paddy Power plc 60,046 0.23

1,264 Ryanair Limited 105,241 0.41

252,574 0.98Italy

2,068 Luxottica Group SpA 111,239 0.43

111,239 0.43Japan

1,300 Daikin Industries Limited 119,405 0.46500 Daito Trust Construction Company Limited 75,209 0.29600 Fanuc Limited 101,724 0.40

2,800 Fuji Heavy Industries Limited 114,324 0.441,400 Hoya Corp. 58,827 0.23

200 Keyence Corp. 137,240 0.521,200 Makita Corp. 80,394 0.31

16,600 Mitsubishi Ufj Financial Group Inc. 102,292 0.4029 Nippon Prologis REIT Inc. 59,277 0.22

700 Nitori Holdings Company Limited 80,017 0.317,000 ORIX Corp. 109,245 0.411,000 Park24 Company Limited 27,123 0.11


5,864 Experian plc 113,750 0.441,684 SHIRE plc 97,210 0.38

370 SHIRE plc - ADR 63,041 0.24890 WNS Holdings Limited - ADR 24,520 0.10






US$% of Net

Assets



Jersey - Channel Islands (continued)1,708 Wolseley plc 104,447 0.414,566 WPP plc 102,189 0.40

505,157 1.97Mexico

13,038 Wal-Mart de Mexico SAB de CV 23,334 0.09

23,334 0.09Netherlands

2,939 Koninklijke Philips Electronics NV 89,718 0.35

89,718 0.35South Africa

2,922 Bid Corp. Limited 52,158 0.20

52,158 0.20Spain

1,621 Amadeus IT Holding SA - A 73,663 0.292,962 Inditex SA 101,115 0.39

174,778 0.68Sweden

2,499 Atlas Companypco AB - B 76,117 0.301,991 Hexagon AB - B 71,134 0.28

147,251 0.58Switzerland

583 Actelion Limited - Reg 126,240 0.49227 Geberit AG - Reg 90,996 0.35377 Lonza Group AG - Reg 65,271 0.25165 Partners Group Holding AG - Reg 77,331 0.30

359,838 1.39Taiwan

26,000 Taiwan Semiconductor Manufacturing Company Limited 146,422 0.57

146,422 0.57United Kingdom

11,933 BAE Systems plc 86,987 0.347,000 Compass Group plc 129,488 0.505,755 IG Group Holdings plc 35,044 0.142,236 Johnson Matthey plc 87,685 0.342,067 Micro Focus International plc 55,507 0.221,386 OM Asset Management plc 20,097 0.085,180 Reed Elsevier plc 92,502 0.362,672 Rio Tinto plc 104,009 0.40






US$% of Net

Assets



United Kingdom (continued)4,493 Royal Dutch Shell plc - A 122,899 0.475,010 St James’s Place plc 62,608 0.24

796,826 3.09United States

1,068 2U Inc. 32,200 0.12322 Abiomed Inc. 36,283 0.14

1,570 Acadia Realty Trust 51,308 0.202,406 Acxiom Corp. 64,481 0.251,560 Adtran Inc. 34,866 0.14

701 Affiliated Managers Group 101,855 0.40652 Akamai Technologies Inc. 43,475 0.17

1,755 Akorn Inc. 38,312 0.15298 Align Technology Inc. 28,647 0.11260 Alphabet Inc. - A 206,037 0.80159 Amazon.com Inc. 119,230 0.47634 Amedisys Inc. 27,027 0.10

1,200 American Assets Trust Inc. 51,696 0.20875 American Campus Communities 43,549 0.17

1,475 American Eagle Outfitters Inc. 22,376 0.09380 Analogic Corp. 31,521 0.12

2,915 Archrock Inc. 38,478 0.15310 Arista Networks Inc. 29,999 0.12527 Ball Corp. 39,562 0.16

2,262 Bank of The Ozarks Inc. 118,958 0.46915 Banner Corp. 51,066 0.20732 Belden Inc. 54,732 0.21

1,450 Berkshire Hills Bancorp Inc. 53,433 0.21370 BioMarin Pharmaceuticals Inc. 30,651 0.12

1,048 Blue Buffalo Pet Products 25,194 0.103,104 Booz Allen Hamilton Holding Corp. 111,961 0.432,545 Boston Private Financial Holdings Inc. 42,120 0.161,140 Brady Corp. 42,807 0.172,101 Bristol-Myers Squibb Company 122,782 0.482,015 BWX Technologies Inc. 79,996 0.31

26 Cable One Inc. 16,165 0.06867 Cambrex Corp. 46,775 0.18990 Care Capital Properties 24,750 0.10825 Carpenter Technology Corp. 29,840 0.12549 Carrizo Oil & Gas Inc. 20,505 0.08342 Cavco Industries Inc. 34,149 0.13376 CBOE Holdings Inc. 27,783 0.11






US$% of Net

Assets



United States (continued)518 Celanese Corp. 40,787 0.16780 Centene Corp. 44,078 0.17

1,483 Cerner Corp. 70,250 0.27573 Chesapeake Utilities Corp. 38,362 0.15515 The Childrens Place Inc. 51,989 0.20260 Churchill Downs Inc. 39,117 0.15713 Circor International Inc. 46,259 0.18

2,305 CNO Financial Group Inc. 44,141 0.173,249 CoBiz Financial Inc. 54,876 0.21

475 Columbia Sportswear Company 27,693 0.11995 CommonWealth REIT 30,089 0.12

1,315 Commscope Holding Company Inc. 48,918 0.181,035 Conmed Corp. 45,716 0.18

930 Copart Inc. 51,531 0.20741 CoStar Group Inc. 139,671 0.54

3,225 CSRA US 102,683 0.39465 Curtiss-Wright Corp. 45,737 0.18

1,715 CVB Finance Corp. 39,325 0.152,645 Dana Holding Corp. 50,202 0.192,815 Darling International Inc. 36,342 0.14

790 Dave & Buster’s Entertainment Inc. 44,477 0.171,087 Devry Inc. 33,914 0.13

421 Diamondback Energy Inc. 42,546 0.17855 Dollar General Corp. 63,330 0.25724 Dun & Bradstreet Corp. 87,836 0.34

1,228 Education Realty Trust Inc. 51,943 0.20855 Emcor Group Inc. 60,500 0.24863 Encore Capital Group Inc. 24,725 0.10450 Epr Properties 32,297 0.13953 Ethan Allen Interiors Inc. 35,118 0.14

2,493 Exact Sciences Corp. 33,306 0.13919 Exterran Corp. 21,964 0.09923 Facebook Inc. - A 106,191 0.41205 Factset Research Systems Inc. 33,503 0.13

1,120 First American Financial Corp. 41,026 0.16657 Firstcash Inc. 30,879 0.12985 FTI Consulting Inc. 44,404 0.17553 Genesco Inc. 34,341 0.13

1,785 Glacier Bancorp Inc. 64,671 0.25824 Glaukos Corp. 28,263 0.11

1,585 Guidewire Software Inc. 78,188 0.301,410 Hancock Holding Company 60,771 0.24






US$% of Net

Assets



United States (continued)570 Hanover Insurance Group 51,876 0.20

1,977 Healthsouth Corp. 81,531 0.31490 Heico Corp. 33,271 0.13

2,955 Helix Energy Solutions Group Inc. 26,063 0.10772 Hexcel Corp. 39,712 0.15760 Highwoods Properties Inc. 38,768 0.15

1,895 Home Bancshares Inc. 52,624 0.201,071 Iberiabank Corp. 89,696 0.35

625 Idacorp Inc. 50,344 0.20226 IDEXX Laboratories Inc. 26,503 0.10

1,212 Inphi Corp. 54,079 0.211,225 Integer Holdings Corp. 36,076 0.142,045 IntercontinentalExchange Inc. 115,378 0.442,663 Interface Inc. 49,399 0.191,280 Intersil Corp. 28,544 0.112,921 Intralinks Holdings Inc. 39,492 0.15

430 J&J Snack Foods Corp. 57,375 0.221,505 J2 Global Communications Inc. 123,109 0.48

243 Jones Lang Lasalle Inc. 24,553 0.10679 Kadant Inc. 41,555 0.16

2,615 Kroger Company 90,244 0.36510 Ligand Pharmaceuticals Inc. 51,821 0.20685 Lowe’s Companies Inc. 48,717 0.19693 Lydall Inc. 42,862 0.17570 Magellan Health Services Inc. 42,893 0.17162 Martin Marietta Materials Inc. 35,888 0.14955 Matson Inc. 33,797 0.13

1,049 Maximus Inc. 58,524 0.231,070 Mednax Inc. 71,326 0.28

755 Meredith Corp. 44,658 0.18136 Mettler-Toledo International Inc. 56,924 0.22

1,991 Microsoft Corp. 123,720 0.47362 Middleby Corp. 46,629 0.18650 Minerals Technologies Inc. 50,213 0.19

1,245 National Bank Holdings Corp. 39,703 0.151,447 Northwest Pipe Company 24,917 0.10

288 Nu Skin Enterprises Inc. 13,761 0.05912 Old Dominion Freight Line Inc. 78,241 0.30

1,118 Pacwest Bancorp 60,864 0.241,366 Pandora Media Inc. 17,813 0.07

718 PDC Energy Inc. 52,112 0.201,055 Pebblebrook Hotel Trust 31,386 0.12






US$% of Net

Assets



United States (continued)1,290 PNM Resources Inc. 44,247 0.171,060 Polyone Corp. 33,962 0.131,085 Portland General Electric Company 47,013 0.18

845 Prosperity Bancshares Inc. 60,654 0.243,975 Radian Group Inc. 71,471 0.28

417 Raytheon Company 59,214 0.231,513 Red Hat Inc. 105,456 0.411,305 Renasant Corp. 55,097 0.21

220 RepliGeneral Corp. 6,780 0.031,995 Rice Energy Inc. 42,593 0.171,255 RSP Permian Inc. 55,998 0.221,143 Safeguard Scientifics Inc. 15,373 0.06

481 SBA Communications Corp. - A 49,668 0.191,295 Selective Insurance Group Inc. 55,750 0.22

610 Sensient Technologies Corp. 47,934 0.19705 Signature Bank 105,891 0.41673 Silgan Holdings Inc. 34,444 0.13710 Simpson Manufacturing Company Inc. 31,063 0.12604 SiteOne Landscape Supply Inc. 20,977 0.08

1,219 Six Flags Entertainment Corp. 73,092 0.28610 Southwest Gas Corp. 46,739 0.18

1,462 Spartan Stores Inc. 57,807 0.22700 Spire Inc. 45,185 0.18517 Standex International Corp. 45,418 0.18

1,229 Starbucks Corp. 68,234 0.261,430 Sterling Bancorp 33,462 0.13

695 Take-Two Interactive Software Inc. 34,257 0.131,160 Tanger Factory Outlet Centers Inc. 41,505 0.16

800 Terreno Realty Corp. 22,792 0.09632 Toro Company 35,360 0.14967 Tractor Supply Company 73,308 0.28500 Transdigm Group Inc. 124,481 0.48163 Ulta Salon, Cosmetics & Fragrance 41,555 0.16

2,780 Umpqua Holdings Corp. 52,208 0.20515 Universal Electronics Inc. 33,243 0.13329 Vail Resorts Inc. 53,071 0.21300 Valmont Industries Inc. 42,271 0.16837 Vantiv Inc. - A 49,902 0.19

1,168 Veeva Systems Inc. 47,538 0.18908 Virtu Financial Inc. 14,483 0.06407 Wabtec Corp. 33,789 0.13314 WD-40 Company 36,707 0.14






US$% of Net

Assets



United States (continued)1,385 Western Alliance Bancorp 67,463 0.261,735 Wolverine World Wide Inc. 38,083 0.151,348 WSFS Financial Corp. 62,479 0.241,575 Yadkin Financial Corp. 53,960 0.212,121 Yum China Holdings Inc. 55,401 0.22

8,580,867 33.29



Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities

Supranationals, Governments and Local Public Authorities, Debt Instruments

Malaysia1,744,000 Malaysian Government 3.580% 28/Sep/2018 388,389 1.51


300,000 United States Treasury Bill 0.669% 5/Jan/2017 299,995 1.16300,000 United States Treasury Bill 0.543% 2/Feb/2017 299,896 1.16300,000 United States Treasury Bill 0.670% 2/Mar/2017 299,771 1.16500,000 United States Treasury Bill 0.464% 30/Mar/2017 499,409 1.95500,000 United States Treasury Bill 0.532% 27/Apr/2017 499,148 1.94500,000 United States Treasury Bill 0.606% 25/May/2017 498,811 1.93500,000 United States Treasury Bill 0.482% 22/Jun/2017 498,550 1.93500,000 United States Treasury Bill 0.511% 20/Jul/2017 498,247 1.93500,000 United States Treasury Bill 0.551% 17/Aug/2017 497,897 1.93500,000 United States Treasury Bill 0.608% 14/Sep/2017 497,540 1.93500,000 United States Treasury Bill 0.682% 12/Oct/2017 497,041 1.93500,000 United States Treasury Bill 0.679% 9/Nov/2017 496,588 1.93500,000 United States Treasury Bill 0.829% 7/Dec/2017 496,256 1.92

5,879,149 22.80

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 6,267,538 24.31

Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 6,267,538 24.31






US$% of Net

Assets

Undertakings for collective investments in transferable securities

Funds

France590 Amundi ETF MSCI World Energy 186,679 0.72

186,679 0.72Ireland

1,600 iShares Barclays Emerging Market Local Government Bond 99,184 0.381,960 iShares MSCI Russia ADR/GDR - ADR 185,494 0.72

525 Source Consumer Staples S&P US Select Sector UCITS ETF 185,110 0.72


3,860 Financial Select Sector SPDR Fund 89,745 0.356,415 iShares JPMorgan USD Emerging Markets Bond 707,061 2.744,680 iShares MSCI Chile Capped ETF 175,126 0.68

10,535 iShares MSCI Frontier 100 ETF 261,795 1.02

1,233,727 4.79

Total Funds 1,890,194 7.33

Total Undertakings for collective investments in transferable securities 1,890,194 7.33





Notes to the Financial Statements

1. Basis of Presentation

William Blair SICAV (the “Company”) is an open-ended investment fund with multiple compartments organised as a Société d’Investissement à Capital Variable (SICAV), registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to Part I of the Luxembourg law of December 17, 2010, relating to undertakings for collective investment, as amended from time to time (the “2010 Law”) and Directive 2009/65/EC, as amended from time to time (the “UCITS Directive”).

The Company currently has seven Funds:

• William Blair SICAV – U.S. All Cap Growth Fund – launched August 16, 2010, which offers Class D Shares to institutional shareholders only;

• William Blair SICAV – U.S. Small-Mid Cap Growth Fund – launched March 17, 2004, which offers Class I Shares, Class J Shares and Class Z Shares to institutional shareholders only;

• William Blair SICAV – Global Leaders Fund – launched October 16, 2007, which offers Class I Shares, Class J Shares and Class Z Shares to institutional shareholders only;

• William Blair SICAV – Emerging Markets Growth Fund – launched October 3, 2005, which offers Class I Shares, Class J Shares and Class Z Shares to institutional shareholders only;

The Board of Directors of the William Blair SICAV resolved on July 1, 2011 to soft close the Emerging Markets Growth Fund to new subscriptions. The Board of Directors reserves the right to re-open the Emerging Markets Growth Fund to new subscriptions in the future.

• William Blair SICAV – Emerging Markets Leaders Fund – launched April 1, 2011, which offers Class I Shares, Class D Shares, Class J Shares and Class Z Shares to institutional shareholders only;

• William Blair SICAV – Emerging Markets Small Cap Growth Fund – launched on March 1, 2013, which offers Class I Shares, Class J Shares and Class Z Shares to institutional shareholders only.

The Board of Directors of the William Blair SICAV resolved on January 1, 2014 to soft close the Emerging Markets Small Cap Growth Fund to new subscriptions. The Board of Directors reserves the right to re-open the Emerging Markets Small Cap Growth Fund to new subscriptions in the future.

• William Blair SICAV – Dynamic Diversified Allocation Fund – launched on March 26, 2013, which offers Class I Shares, Class J Shares and Class Z Shares to institutional shareholders only.

Each Fund is separate from the others and will only be liable for its own obligations.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in accordance with the Luxembourg legal and regulatory requirements applicable to investment funds.

a) Valuation of Investments and Other Assets

• Securities listed on a recognised stock exchange or dealt on any other regulated market are valued at their latest available prices, or, in the event that there should be several such markets, on the basis of their latest available prices on the main market for the relevant security.

In the event that the latest available price does not, in the opinion of the Board of Directors, truly reflect the fair market value of the relevant securities, the value of such securities are valued at fair value as determined in good faith pursuant to procedures established by the Board of Directors.

• Securities not listed or traded on a recognised stock exchange or not dealt on another regulated market are valued on the basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors.


(continued)


2. Summary of Significant Accounting Policies (continued)

a) Valuation of Investments and Other Assets (continued)

• Securities with a short term maturity date (i.e. maturity of less than three months) may be valued by using an amortised cost method. This involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the investments. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortisation cost, is higher or lower than the price the Fund would receive if it sold the investment. The Board of Directors will continually assess this method of valuation and recommend changes, to ensure that the Fund’s investments will be valued at their fair value as determined in good faith by the Board of Directors.

If the Board of Directors believes that a deviation from the amortised cost per share may result in material dilution or other unfair results to shareholders, the Board of Directors shall take such corrective action, if any, as they deem appropriate to eliminate or reduce, to the extent reasonably practicable, the dilution or unfair results.

Each Fund shall, in principle, keep in its portfolio the investments determined by the amortisation cost method until their respective maturity date.

• Cash, bills payable on demand and other debts are valued at their nominal amount.

• All other securities and other assets will be valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors.

b) Cost of Sales of Investments

Securities transactions are accounted for on a trade date basis.

Realised gains or losses on sales of investments have been determined on the basis of the average cost method.

c) Income from Investments

The Company takes credit for its income from investments on the following basis:

• On fixed deposits and bonds on an accrual basis;

• On equity securities when they are quoted ex-dividend net of withholding tax.

d) Expenses

Expenses are recorded on an accrual basis.

e) Foreign Exchange Contracts

The Company can enter into forward foreign exchange contracts. Open forward foreign exchange contracts are valued at the cost to close the contracts on the accounting date. Surpluses/deficits arising from these and closed unsettled contracts will be taken to unrealised gain/loss and are included in “Net unrealised appreciation/depreciation on forward foreign exchange contracts” (as appropriate) in the Statements of Assets and Liabilities. As of December 31, 2016, the Company had open forward foreign exchange contracts as detailed in note 9.

f) Options

Outstanding options, if any, are valued at the last available settlement price or the last available market price of the instruments.

The market value of options, if any, is included in the Statement of Assets and Liabilities under the heading “Options at market value”.

The realised gain or loss on options is disclosed in the Statement of Operations and Changes in Net Assets under the heading “Net gain/(loss) realised on options”.

As of December 31, 2016, the Company had outstanding options as detailed in note 8.


(continued)



g) Future contracts

Outstanding future contracts, if any, are valued at the last available settlement price or the last available market price of the instruments.

The net unrealised appreciation and/or depreciation on future contracts is included in the Statement of Assets and Liabilities under the heading “Net unrealised appreciation on future contracts’’ and/or “Net unrealised depreciation on future contracts’’. All margin accounts are included in “Margin accounts’’.

The realised gain or loss on future contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading “Net gain/(loss) realised on future contracts’’.

As of December 31, 2016, the Company had open future contracts as detailed in note 10.

h) Swap agreements

Over-the-Counter (“OTC”) swap contracts are valued by an independent pricing service. Depending on the product and the terms of the transaction, the independent pricing service may use a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates.

Centrally cleared swaps listed or settled on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices.

The unrealised appreciation or depreciation on swap agreements is included in the Statement of Assets and Liabilities under the heading “Net unrealised appreciation on swaps” and/or “Net unrealised depreciation on swaps”. All accrued interest is included in “Other receivables/Other liabilities”.

The realised gain or loss on swap agreements is disclosed in the Statement of Operations and Changes in Net Assets under the heading “Net gain/(loss) realised on swaps”.

As of December 31, 2016, the Company had open swap contracts as detailed in note 11.

i) Foreign Exchange

Any assets or liabilities held in a Fund not expressed in the Reference Currency (US$) will be translated into the Reference Currency (US$) at the exchange rate prevailing in a recognised market at 4:00 p.m. in New York on the relevant Valuation Day. Realised profits and losses on foreign exchange are included in “net gain/(loss) realised on foreign currencies”, except for realised foreign exchange gains and losses on investments which are included in “net gain/(loss) realised on sale of securities”.

Transactions occurring during the period in currencies other than the fund’s reference currency are translated at rates of exchange on the transaction dates.


(continued)



i) Foreign Exchange (continued)

The following exchange rates were used to convert the assets and liabilities denominated in currencies other than the Reference Currency of the Fund as of December 31, 2016:

Fund Currency Foreign Currency Exchange Rate Fund Currency Foreign Currency Exchange RateUSD AED 3.6729 USD KRW 1,207.8024 USD AUD 1.3857 USD MXN 20.7297 USD BRL 3.2547 USD MYR 4.4860 USD CAD 1.3426 USD NOK 8.6354 USD CHF 1.0183 USD NZD 1.4395 USD CLP 669.7924 USD PHP 49.7117 USD CNY 6.9730 USD PKR 104.3732 USD COP 3,003.0030 USD PLN 4.1846 USD CZK 25.6706 USD QAR 3.6414 USD DKK 7.0625 USD RON 4.3117 USD EUR 0.9500 USD RUB 61.3459 USD GBP 0.8114 USD SEK 9.1106 USD HKD 7.7545 USD SGD 1.4482 USD HUF 293.7876 USD THB 35.8102 USD IDR 13,471.6422 USD TRY 3.5269 USD INR 67.8702 USD TWD 32.2290 USD JPY 116.8750 USD VND 22,727.2727 USD KES 102.4695 USD ZAR 13.7338

3. Management Company

From April 28, 2006, FundRock Management Company S.A. has been appointed by the Company to act as its management company (the “Management Company”). The Management Company is approved as a management company in accordance with chapter 15 of the law of December 17, 2010 on undertakings for collective investment as amended. FundRock Management Company S.A. acts as a management company for other funds as well as the Company.

The Company has signed a management company agreement (the “Fund Management Agreement”) with the Management Company. The Management Company is in particular responsible for the following duties:

• portfolio management of the Funds (delegated to William Blair Investment Management, LLC);

• central administration, including inter alia the calculation of the Net Asset Value, the procedure of registration, conversion and redemption of Shares and the general administration of the Company (delegated to Citibank Europe plc, Luxembourg Branch); and

• distribution and marketing of the Shares; in this respect the Management Company may, with the consent of the Company, appoint other distributors/nominees (delegated to William Blair & Co, L.L.C.).

With the prior approval of the Company, the Management Company has appointed Citibank Europe plc, Luxembourg Branch as the Company’s central administration, corporate and paying agent (in such capacity, the “Central Administration”) and registrar and transfer agent (in such capacity, the “Registrar and Transfer Agent”).

The Directors of the Management Company are: Kevin Brown (non-executive), Lorna Cassidy, Revel Wood, Michel Vareika (non executive), Henry Kelly (non executive), Eric May and Gudrun Goebel.

The Management Company is entitled to a fee for the performance of its management company services (the “Management Company Fees”). This fee is paid on a monthly basis, and is subject to a minimum annual fee. The minimum annual fee is replaced by a tiered basis point fee based on the combined SICAV assets under management provided the basis point fee is higher than the minimum annual fee.


(continued)


3. Management Company (continued)

The basis point fee applies once the respective SICAV assets under management (as calculated in accordance with the provisions of the Prospectus) reach and exceed the following bands or their equivalents in euro in case the Fund currency is in another currency than in euro:

Tier (assets under management) Fee

Up to €500 million 5.50 bpsAbove €500 million up to €1 billion 3.50 bpsAbove €1 billion up to €1.5 billion 2.50 bpsAbove €1.5 billion up to €2 billion 1.50 bpsAbove €2 billion 1.00 bps

The list of the Funds managed by the Management Company, may be obtained, on simple request, at the registered office of the Management Company.

4. Investment Management Fees

The Management Company with approval of the Board of Directors of the Company has appointed William Blair Investment Management, LLC to act as Investment Manager. The Investment Manager is entitled to receive a fee as detailed below, this fee is payable monthly in arrears, and calculated on the average daily net asset value of the Fund.

Fund Class I Class D Class J

William Blair SICAV – U.S. All Cap Growth Fund Not applicable Up to 1.65% Up to 0.70%*William Blair SICAV – U.S. Small-Mid Cap Growth Fund Up to 1.50% Up to 1.90%* Up to 1.00%William Blair SICAV – Global Leaders Fund Up to 1.30% Up to 1.70%* Up to 0.80%William Blair SICAV – Emerging Markets Growth Fund Up to 1.50% Up to 1.90%* Up to 1.00%William Blair SICAV – Emerging Markets Leaders Fund Up to 1.40% Up to 1.80% Up to 0.90%William Blair SICAV – Emerging Markets Small Cap Growth Fund Up to 1.60% Up to 2.00%* Up to 1.10%William Blair SICAV – Dynamic Diversified Allocation Fund Up to 1.10% Up to 1.50%* Up to 0.75%

* Non-active share classes.

In each Fund, no investment management fee will be levied on the shares issued in Class Z.

The total expense ratio (“TER”) which includes the Management Company fees, the Investment Management fees, Depositary fees, Central Administration and Transfer Agency fees, Formation expenses, Bank fees, Other expenses and Luxembourg Tax (“Operating expenses”), is capped (as agreed by the Investment Manager). The following chart displays the relevant Expense Caps, expressed as a percentage per annum of the average daily net assets for each Class within each Fund.


(continued)


4. Investment Management Fees (continued)

FundExpense Cap

for Class IExpense Cap for Class D

Expense Cap for Class J

Expense Cap for Class Z

William Blair SICAV – U.S. All Cap Growth Fund Not applicable 1.95% 1.00% 0.30%William Blair SICAV – U.S. Small-Mid Cap Growth Fund 1.80% 2.20% 1.30% 0.30%William Blair SICAV – Global Leaders Fund 1.60% 2.00% 1.10% 0.30%William Blair SICAV – Emerging Markets Growth Fund 1.80% 2.20% 1.30% 0.30%William Blair SICAV – Emerging Markets Leaders Fund 1.70% 2.10% 1.20% 0.30%William Blair SICAV – Emerging Markets Small Cap Growth Fund 1.90% 2.30% 1.40% 0.30%William Blair SICAV – Dynamic Diversified Allocation Fund 1.25% 1.65% 0.90% 0.15%

To the extent that the Operating expenses incurred by each Fund in any financial year exceed the TER expense cap, such excess amount shall be borne by the Investment Manager in the form of a Management Fee waiver.

The relevant Fund will reimburse the Investment Manager for any Management Fees waived or reduced and any other Fund expenses paid by the Investment Manager, if and when the TER of the relevant Fund is less than the applicable Expense Cap.

As of December 31, 2016, the Investment Manager has borne the following amounts on behalf of the Funds: William Blair SICAV – Global Leaders Fund: US$100,111William Blair SICAV – Emerging Markets Growth Fund: US$6,191William Blair SICAV – Emerging Markets Leaders Fund: US$23,286William Blair SICAV – Emerging Markets Small Cap Growth Fund: US$35,312 William Blair SICAV – Dynamic Diversified Allocation Fund: US$780,454

5. Depositary Fees and Security Granted to Depositary

Citibank Europe plc, Luxembourg Branch has been appointed as Depositary, Listing Agent and Domiciliary Agent. The Depositary is remunerated by a combination of fees based upon the Net Asset Value and the number and location of transactions. The actual level of fees can vary from time to time according to the asset allocation and the level of transactions.

In order to secure repayment of the Company’s obligations to the Depositary, the Company pledges and grants to the Depositary a continuing lien and security interest in, and right of set-off against, all of the Company’s right, title and interest in and to the accounts of the Company with the Depositary on which the assets of the Company held by the Depositary on behalf of the Company are recorded, and the securities, money and other property held in these accounts, and any other property at any time held by the Depositary for the account of the Company.


(continued)


6. Other Expenses

Other expenses, which include General expenses as defined in the Prospectus, are borne by the Company.

7. Central Administration and Transfer Agency Fees

Citibank Europe plc, Luxembourg Branch has been delegated the role of the Central Administrator and Registrar and Transfer Agent.

The Company pays Administration fees based on a tiered Net Asset Value tariff, specific Central Administration functions and subject to minimum fee values, and pays Transfer Agency fees based on the volume of transactions, number of holdings and subject to minimum fee values.

8. Options

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following options:

DescriptionMaturity Date

Option’s Currency

Number of Contracts

P/(S)

Market Value (USD) Counterparty

Unrealised appreciation/(depreciation)

(USD)

S&P 500 Put Option strike price USD 2,180.00 19-Jan-17 USD 4 3,932 Credit Suisse (13,188)S&P 500 Call Option strike price USD 2,315.00 16-Feb-17 USD 4 3,000 Credit Suisse (2,000)S&P 500 Put Option strike price USD 2,180.00 16-Feb-17 USD 4 9,620 Credit Suisse 2,100Financial Select Sector Put Option strike price USD 54.00 17-Mar-17 USD 107 60,455 Credit Suisse 5,835

Total Market Value and net unrealised depreciation on Options 77,007 (7,253)


(continued)


9. Forward Foreign Exchange Contracts

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following outstanding forward foreign exchange contracts:

Purchased Amount Currency Sold Amount CurrencyMaturity Date Counterparty

Unrealised appreciation/ (depreciation)

(USD)

513,000 BRL 150,594 USD 15-Mar-17 Citibank London 3,7781,063,000 CNY 151,727 USD 15-Mar-17 Citibank London (2,265)

1,284,458,000 COP 428,153 USD 15-Mar-17 Citibank London (5,566)98,000 GBP 124,779 USD 15-Mar-17 Citibank London (3,775)

141,583,000 HUF 482,149 USD 16-Mar-17 Citibank London 7333,659,273,000 IDR 272,430 USD 15-Mar-17 Citibank London (4,388)

11,818,000 INR 173,590 USD 15-Mar-17 Citibank London (1,094)13,087,000 MXN 641,630 USD 15-Mar-17 Citibank London (16,634)

2,285,000 NOK 269,996 USD 15-Mar-17 Citibank London (5,256)29,317,000 PHP 584,995 USD 15-Mar-17 Citibank London (267)

1,935,000 PLN 464,274 USD 15-Mar-17 Citibank London (2,478)954,000 SGD 669,949 USD 15-Mar-17 Citibank London (11,429)379,000 TRY 107,481 USD 15-Mar-17 Citibank London (1,744)250,331 USD 238,000 EUR 15-Mar-17 Citibank London (1,152)139,353 USD 1,269,000 SEK 15-Mar-17 Citibank London (556)

1,055,570 USD 8,187,000 HKD 15-Mar-17 Citibank London (504)62,247 USD 42,146,000 CLP 15-Mar-17 Citibank London (383)29,040 USD 19,756,423 CLP 15-Mar-17 Citibank London (319)35,986 USD 24,399,927 CLP 15-Mar-17 Citibank London (274)12,777 USD 8,675,530 CLP 15-Mar-17 Citibank London (115)15,400 USD 10,410,636 CLP 15-Mar-17 Citibank London (70)36,252 USD 24,291,484 CLP 15-Mar-17 Citibank London 15651,253 USD 3,188,000 RUB 15-Mar-17 Citibank London 22726,768 USD 186,000 DKK 15-Mar-17 Citibank London 321

1,271,316 USD 45,283,000 THB 15-Mar-17 Citibank London 7,244234,200 USD 272,691,000 KRW 15-Mar-17 Citibank London 8,372744,007 USD 18,746,000 CZK 15-Mar-17 Citibank London 10,808487,729 USD 15,441,000 TWD 15-Mar-17 Citibank London 11,137

1,739,442 USD 1,746,000 CHF 15-Mar-17 Citibank London 16,5921,147,161 USD 131,327,000 JPY 15-Mar-17 Citibank London 19,1842,145,410 USD 2,005,000 EUR 15-Mar-17 Citibank London 26,685

807,632 USD 1,077,000 AUD 15-Mar-17 Citibank London 31,900901,928 USD 1,252,000 NZD 15-Mar-17 Citibank London 34,200

1,464,728 USD 1,915,000 CAD 15-Mar-17 Citibank London 37,1324,450,000 ZAR 320,651 USD 15-Mar-17 Citibank London (1,168)

Total net unrealised appreciation on Forward Foreign Exchange Contracts 149,032

The Dynamic Diversified Allocation Fund may employ share class hedging as a means of managing the risks associated with changes in exchange rates between the US dollar and the denomination of the share class. Any gains or losses associated with the forward foreign currency contract will only impact the NAV of the class being hedged. As of December 31, 2016 William Blair SICAV – Dynamic Diversified Allocation Fund Class Z H AUD, Class I H EUR, Class I H GBP, Class I H SEK, Class J H CHF, Class J H EUR, Class J H GBP and Class J H SEK have the following forward foreign currency contracts outstanding for share classes hedging:


(continued)


9. Forward Foreign Exchange Contracts (continued)

Purchased Amount Currency Sold Amount CurrencyMaturity Date Counterparty


(USD)

2,441,113 AUD 1,763,599 USD 31-Jan-17 Citibank London (3,491)93,825 CHF 91,486 USD 31-Jan-17 Citibank London 87586,157 EUR 89,730 USD 31-Jan-17 Citibank London 1,121

1,915,925 EUR 1,995,376 USD 31-Jan-17 Citibank London 24,9283,376,239 GBP 4,173,234 USD 31-Jan-17 Citibank London (8,545)

76,496 GBP 94,554 USD 31-Jan-17 Citibank London (194)809,967 SEK 86,807 USD 31-Jan-17 Citibank London 2,290

83,332,593 SEK 8,931,077 USD 31-Jan-17 Citibank London 235,59181,563 USD 750,000 SEK 31-Jan-17 Citibank London (935)

Total net unrealised appreciation on Forward Foreign Exchange Contracts 251,640

10. Future Contracts

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following outstanding future contracts:

Description ContractsNumber of Contracts Currency

Maturity Date Counterparty

Commitment (in future’s currency)


(USD)

S&P 60 Future (TSE) (6) CAD 16-Mar-17 Credit Suisse (1,076,280) (1,487)10 Year Government of Canada Bond Future (MSE) (4) CAD 22-Mar-17 Credit Suisse (550,120) 4,009DJ Euro Stoxx 50 Future (EUX) (66) EUR 17-Mar-17 Credit Suisse (2,162,820) (35,780)Stoxx 600 Banks Index Future 99 EUR 17-Mar-17 Credit Suisse 829,125 (23,813)Amsterdam Index Future (AEX) 1 EUR 20-Jan-17 Credit Suisse 96,620 2,190Euro-OAT Futures (EUX) 1 EUR 08-Mar-17 Credit Suisse 151,820 2,258Euro Bund Future (EUX) 2 EUR 08-Mar-17 Credit Suisse 328,300 5,379Euro-BTP Futures 2 EUR 08-Mar-17 Credit Suisse 270,620 6,101DAX Index Future (EUX) 1 EUR 17-Mar-17 Credit Suisse 286,625 7,798CAC40 Index Future (FSE) 12 EUR 20-Jan-17 Credit Suisse 583,560 10,618FTSE 100 Index Future (LIF) 10 EUR 17-Mar-17 Credit Suisse 960,250 24,607IBEX 35 Future (BME) 17 EUR 20-Jan-17 Credit Suisse 1,583,278 34,261Long Gilt Future (LIF) 2 GBP 29-Mar-17 Credit Suisse 251,660 5,644Hang Seng China Enterprises Index (HSCEI) (1) HKD 26-Jan-17 Credit Suisse (469,400) (1,096)Nikkei 225 Futures (SGX) (15) JPY 09-Mar-17 Credit Suisse (143,025,000) (55,170)Topix Tokyo Index Future (TPX) (3) JPY 09-Mar-17 Credit Suisse (45,540,000) (14,365)Mini-10 year JGB Futures (SGX) 20 JPY 10-Mar-17 Credit Suisse 300,560,000 1,191KFE Korea 200 Index (KRX) 2 KRW 09-Mar-17 Credit Suisse 260,050,000 8,528Mexican Bolsa Index Future (26) MXN 17-Mar-17 Credit Suisse (11,903,840) 12,327Stockholm 30 Index Future (OMX) (11) SEK 20-Jan-17 Credit Suisse (1,670,900) 2,284MSCI Taiwan Index Future 18 SGD 27-Jan-17 Credit Suisse 575,640 (1,826)10 Year US Treasury Note Future (CBT) 28 USD 22-Mar-17 Credit Suisse 3,479,875 (20,864)E-mini S&P 500 Future (CME) (1) USD 17-Mar-17 Credit Suisse (111,813) 912Russell 2000 Future (CME) (94) USD 17-Mar-17 Credit Suisse (6,377,430) 15,393S&P MidCap 400 e-mini futures (CME) (10) USD 17-Mar-17 Credit Suisse (1,659,100) 16,500FTSE/JSE Top40 Index Future (LIF) (26) ZAR 16-Mar-17 Credit Suisse (11,519,560) 10,140

Total net unrealised appreciation on Future Contracts 15,739


(continued)


10. Future Contracts (continued)

Upon entering into future contracts, initial margin has been given by the Fund to Credit Suisse in the form of U.S. Treasury Bill 0.061% 2/Feb/2017 (100,000 units), 0.127% 2/Mar/2017 (300,000 units), 0.198% 30/Mar/2017 (260,000 units), 0.549% 17/Aug/2017 (200,0000 units), 0.727% 9/Nov/2017 (250,000 units) and 0.764% 7/Dec/2017 (125,000 units). Such securities are included in the Portfolio of Investments under the heading ‘Transferable securities portfolio at market value’. Other margin deposits given/received in the form of cash are included in the Statement of assets and liabilities under the heading ‘Margin accounts’.

11. Swap Agreements

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following total return swaps:

DescriptionMaturity Date Currency

Number of Contracts

P/(S)Notional/

Commitment Counterparty


(USD)

Consumer Discretionary Select Sect Index 22-Mar-17 USD (250) 617,025 Goldman Sachs 10,054Dow Jones US Health Care Total Return 17-Mar-17 USD (240) 267,706 Citibank 3,079Dow Jones US Telecom Total Return 22-Mar-17 USD (80) 353,206 Goldman Sachs (8,424)Eurostoxx Bank Gross Return 22-Mar-17 EUR (1,260) 85,113 Credit Suisse 1,724GSEHWBVW Index 22-Mar-17 USD 2,005 179,908 Goldman Sachs (500)MSCI China Small Cap 31-May-17 USD 190 238,527 Citibank 15,298MSCI China Small Cap 20-Dec-17 USD 90 124,957 Goldman Sachs (4,723)MSCI Emerging Markets Small Cap 03-May-17 USD 220 246,583 Credit Suisse (991)MSCI Emerging Markets Small Cap 20-Dec-17 USD 80 94,678 Credit Suisse (5,373)Russell 1000 Growth Index Total Return 22-Mar-17 USD 535 541,727 Goldman Sachs (6,478)Russell 1000 Value Index Total Return 22-Mar-17 USD 1,555 2,135,690 Goldman Sachs (13,508)

Total net unrealised depreciation on Total Return Swaps (9,842)

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following variance swaps:

DescriptionMaturity Date Currency

Number of Contracts

P/(S)Notional/

Commitment Counterparty

Unrealised appreciation

(USD)

ESTX 50 PR INDEX S Variance Swap 15-Dec-17 EUR 212,589 193,800 Citibank 2,168ESTX 50 PR INDEX B Variance Swap 15-Dec-17 EUR 838,500 750,000 Citibank 16,520

Total net unrealised appreciation on Variance Swaps 18,688


(continued)


11. Swap Agreements (continued)

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following credit default swaps:

Buy/Sell protection Underlying/Issuer Currency

Notional amount

Maturity Date Counterparty

Upfront premiums received/

(paid)


(USD)

Sell Markit CDX.NA.IG.27 USD 1,706,000 20-Dec-23 Credit Suisse (1,171) 4,533

SellMarkit CDX.NA.HY.27 USD 500,000 20-Dec-21 Credit Suisse (20,577) 30,959

SellITRAXX Europe Series 26 EUR 883,000 20-Dec-21 Credit Suisse (14,125) 12,608

SellITRAXX Europe Crossover Series 26 EUR 223,000 20-Dec-21 Credit Suisse (19,943) 22,308

Total net unrealised appreciation on Credit Default Swaps 70,408

As of December 31, 2016, William Blair SICAV – Dynamic Diversified Allocation Fund has the following interest rates swaps:

DescriptionMaturity Date Currency Pay Receive

Notional/Commitment Counterparty

Upfront premiums received/

(paid)


(USD)

CHF Interest Rate Swap 16-Dec-26 CHF 0.00% CHF-LIBOR-BBA 220,000 Credit Suisse 5,160 3,043CHF Interest Rate Swap 16-Dec-26 CHF 0.00% CHF-LIBOR-BBA 110,000 Credit Suisse 3,121 1,521CHF Interest Rate Swap 16-Dec-26 CHF 0.00% CHF-LIBOR-BBA 50,000 Credit Suisse 202 692CHF Interest Rate Swap 16-Dec-26 CHF 0.00% CHF-LIBOR-BBA 40,000 Credit Suisse (638) 553

Total net unrealised appreciation on Interest Rate Swaps 5,809

Total net unrealised appreciation on Swaps 85,063

Upon entering into swap contracts, initial margin has been given by the Fund to Credit Suisse in the form of U.S. Treasury Bills 0.585% 17/Aug/2017 (300,000 units). Such securities are included in the Portfolio of Investments under the heading ‘Transferable securities portfolio at market value’. Other margin deposits given/received in the form of cash are included in the Statement of assets and liabilities under the heading ‘Margin accounts’.


(continued)



Swap Contracts

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realised on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund’s gains from a swap agreement or may cause the Fund to lose money.

Interest Rate Swap — William Blair SICAV – Dynamic Diversified Allocation Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, the Fund would make the fixed payment and receive the floating payment. As a receiver, the Fund would make the floating payment and receive the fixed payment.

Credit Default Swaps — William Blair SICAV – Dynamic Diversified Allocation Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. A Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in note 11. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.

Total Return Swap — William Blair SICAV – Dynamic Diversified Allocation Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver, the Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer, the Fund would make a payment for a positive return and would receive a payment for a negative return.


(continued)



Swap Contracts (continued)

Variance Swap — William Blair SICAV – Dynamic Diversified Allocation Fund may invest in variance swaps in order to gain or mitigate its exposure to an underlying reference entity such as a broad based index. A variance swap is an agreement between two parties to exchange cash flows based on the measured variance of a reference entity. The payer agrees to exchange the fixed rate, or the variance strike price of the reference entity, to the receiver for the floating rate, or realised variance price of the reference entity. At the time the trade is originated, the agreed upon variance strike price is generally set so that the market value of the swap is near zero. At maturity, a net cash flow is exchanged between the parties based on the difference between the final realised variance price of the swap and the variance strike price multiplied by the notional, or vega amount. As a receiver of the floating rate, the Fund would receive a payment if the final realised variance price is greater than the variance strike price and would make a payment if the final realised variance price is less than the variance strike price. As a payer of the floating rate, the Fund would receive a payment if the final realised variance price is less than the variance strike price and would make a payment if the final realised variance price is greater than the variance strike price.

12. Tax Status

Under present Luxembourg law and practice, the Company is not liable to any Luxembourg income tax, or any Luxembourg capital gains tax on realised capital appreciation of the assets of the Company nor are any dividends paid by the Company liable for Luxembourg withholding tax. With regard to Class D, I, J and Z shares the Company is liable to pay a tax of 0.01% per annum (“taxe d’abonnement”) of its Net Asset Value, such tax being paid quarterly on the basis of the net assets of the Company at the end of each calendar quarter. If the Company creates further Funds and/or classes of shares offered to retail investors, the taxe d’abonnement rate will be 0.05% per annum. No stamp or other tax will be payable in Luxembourg in connection with the issue of shares. Income and capital gains on the Company’s investments, however, may be subject to withholding or capital gains taxes in certain countries.

13. Related Parties

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. There were no transactions with related parties other than those in the normal course of business. The Investment Manager, Management Company and Directors are deemed to be related to the Company. Fees incurred with the Investment Manager and the Management Company during the period are disclosed in the Statements of Operations and Changes in Net Assets.

14. Dividend Policy

Each year the annual general meeting of shareholders will decide, based on a proposal from the Directors, on the use of the Company’s net income in respect of the previous financial year ending 31 December for each distribution Category of every Fund (if any).

At the annual general meeting of shareholders held on April 12, 2016, the shareholders of the Company have determined to approve the Board’s proposal to distribute dividends to the shareholders of the William Blair SICAV – U.S. Small-Mid Cap Growth Fund, Class J I GBP (ISIN: LU0995405163), and to the shareholders of the William Blair SICAV – Emerging Markets Leaders Fund, Class J I GBP (ISIN: LU1023416511), within the limits prescribed by the Luxembourg law dated December 17, 2010 as amended from time to time on undertakings for collective investment.

The Board resolved to distribute a dividend as follows:

Fund Class Currency Dividend Distributed

Distribution Date

William Blair SICAV – U.S. Small-Mid Cap Growth Fund J I GBP USD 1,712 19-Apr-16

William Blair SICAV – Emerging Markets Leaders Fund J I GBP USD 33,267 19-Apr-16


(continued)


15. Transaction Costs

For the year ended December 31, 2016, the Funds incurred transaction costs, which have been included in the Statement of Operations and Changes in Net Assets, relating to purchase or sale of transferable securities, derivatives or other eligible assets as follows:

Fund US$

William Blair SICAV – U.S. All Cap Growth Fund 217,450 William Blair SICAV – U.S. Small-Mid Cap Growth Fund 523,657 William Blair SICAV – Global Leaders Fund 48,175 William Blair SICAV – Emerging Markets Growth Fund 1,653,896 William Blair SICAV – Emerging Markets Leaders Fund 1,348,847 William Blair SICAV – Emerging Markets Small Cap Growth Fund 1,493,386 William Blair SICAV – Dynamic Diversified Allocation Fund 50,496

Transaction costs include commission costs, settlement fees and broker fees.

The transaction costs are disclosed in the Statement of Operations and Changes in Net Assets under the heading “Transaction costs”.

16. Soft-dollar Commission Arrangements

During the year ended December 31, 2016, the Investment Manager entered into soft-dollar commissions/arrangements with brokers relating to the Funds that invest in equity securities, in respect of which certain services used to support the investment decision making process were received. The commission amounts paid for each Fund are in the schedule below.

The soft-dollar commission arrangements were entered into on the basis that the execution of transactions on behalf of the Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The services received include research and market analysis. The nature of the services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Fund and may contribute to an improvement in the Fund’s performance.

For the avoidance of doubt, such services do not include travel, accommodations, entertainment, general administrative services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.

Fund Broker US$

William Blair SICAV – U.S. All Cap Growth Fund Bank of America/Merrill Lynch 865 Credit Suisse 511 Deutsche Securities Inc 103 Goldman Sachs 242 Jones & Associates 112 JP Morgan Securities 1,832 Liquidnet 2,295 Sanford Bernstein 28 UBS Securities, LLC 227

6,215


(continued)


16. Soft-dollar Commission Arrangements (continued)

Fund Broker US$

William Blair SICAV – U.S. Small-Mid Cap Growth Fund Bank of America/Merrill Lynch 112 Credit Suisse 722 Deutsche Securities Inc 219 Goldman Sachs 299 Jones & Associates 78 JP Morgan Securities 8,036 Liquidnet 8,525 Morgan Stanley 151 Sanford Bernstein 1,654 UBS Securities, LLC 1,584

21,380

William Blair SICAV – Global Leaders Fund Liquidnet 66 UBS Securities, LLC 54

120

William Blair SICAV – Emerging Markets Growth Fund Credit Suisse 1,207 Liquidnet 1,080 UBS Securities, LLC 227

2,514

William Blair SICAV – Emerging Markets Leaders Fund Credit Suisse 938 Liquidnet 1,006 UBS Securities, LLC 147

2,091 William Blair SICAV – Emerging Markets Small Cap Growth Fund Credit Suisse 446

Liquidnet 1,323 UBS Securities, LLC 239

2,008

William Blair SICAV – Dynamic Diversified Allocation Fund Bank of America/Merrill Lynch 100 Credit Suisse 2 Deutsche Securities Inc 5 Goldman Sachs 1 Jones & Associates 1 JP Morgan Securities 55 Liquidnet 64 Morgan Stanley 1 Sanford Bernstein 9 UBS Securities, LLC 21

259

17. Events during the year

Effective January 1, 2016, Citibank International Limited, Luxembourg Branch merged into Citibank Europe plc and changed its name to Citibank Europe plc, Luxembourg Branch.

18. Subsequent Events

There were no significant events after year end requiring adjustments to or disclosures in the financial statements.

y Ernst & YoungSociete anonyme

35E, Avenue john F. KennedyL-1855 Luxembourg

Tel: +352 421241

B.P. 780L-2017 Luxembourg

R.C.S. Luxembourg B 47 771TVA LU 16063074

Building OJ betterworking world www.ey.com/luxembourg

Independent Auditor's Report

To the Shareholders of William Blair SICAV31, Z.A. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg

Following our appointment by the Annual General Meeting of the Shareholders of April 12, 2016, we haveaudited the accompanying financial statements of William Blair SICAV (the "Company") and of each of itssub-funds, which comprise the statements of assets and liabilities and the portfolios of investments as atDecember 31, 2016 and the statements of operations and changes in net assets for the year then ended,and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of thesefinancial statements in accordance with Luxembourg legal and regulatory requirements relating to thepreparation and presentation of the financial statements and for such internal control as the Board ofDirectors of the Company determines is necessary to enable the preparation and presentation of financialstatements that are free from material misstatement, whether due to fraud or error.

Responsibility of the "reviseur d'entreprises agree"

Our responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with International Standards on Auditing as adopted for Luxembourg by the"Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the judgement of the "reviseur d'entreprisesagree", including the assessment of the risks of material misstatement of the financial statements, whetherdue to fraud or error. In making those risk assessments, the "reviseur d'entreprises agree" considers internalcontrol relevant to the entity's preparation and fair presentation of the financial statements in order to designaudit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by the Board of Directors ofthe Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

73A member firm of Ernst & Young Global limited

Building a betterworking world

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of William BlairSICAV and of each of its sub-funds as of December 31, 2016, and of the results of their operations andchanges in their net assets for the year then ended in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation and presentation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandatebut has not been subject to specific audit procedures carried out in accordance with the standards describedabove. Consequently, we express no opinion on such information. However, we have no observation tomake concerning such information in the context of the financial statements taken as a whole.

Ernst & YoungSociete anonyme

Cabinet de revision agree

Kerry Nichol

Luxembourg, March 15, 2017

74A member firm of Ernst & Young Global Llnllted


General Information

(unaudited)

Current Prospectus

The Company’s Prospectus dated March 2016, along with an application form may be obtained from the Administrator, the Facilities Agent and the Paying and Information Agents. Copies of the Company’s Articles of Association may also be obtained, free of charge, from the Administrator, the Facilities Agent and the Paying and Information Agents.

Authorised Status

The Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Part I of the Luxembourg law of December 17, 2010, as amended. Regulatory consents have been approved or appropriate notifications have been made for the distribution of shares in Austria, Denmark, Finland, France, Germany, Ireland, Norway, Sweden, Switzerland and the United Kingdom.

Facilities Agent

IrelandPatrick RobinsonBridge Consulting33 Sir John Rogerson’s Quay Dublin 2, Ireland

Paying and Information Agents

Austria Germany Switzerland SwedenUniCredit Bank Austria A.G. GerFIS – German Fund NPB Neue Private Bank AG SEB ABSchottengasse 6-8 Information Service UG Limmatquai 1/am Bellevue Sergels Torg 2A-1010 Vienna (since March 18, 2016) P.O. Box CH-8024 Zurich SE-106 40 StockholmAustria Zum Eichhagen 4 Switzerland Sweden

D-21382 BrietlingenGermany

Swiss Representative Austria Representative

First Independent Fund Services, A.G. OEKBKlausstrasse 33 Strauchgasse 1-3CH-8008 Zurich A-1010 ViennaSwitzerland Austria

Publication of Prices and Notices to Shareholders

Financial notices are given by publication in the Luxemburger Wort in Luxembourg. The share prices are available daily on http://sicav.williamblairfunds.com. Prices are also available at the registered office of the Company and the Paying and Information Agents on each dealing day.

Report and Accounts

The annual report and audited financial statement are available from the registered office of the Company, the Facilities Agent and the Paying and Information Agents and the Swiss Representative within four months after the end of the financial year, and shall be available at least eight days before the annual general meeting of the Company.

The unaudited semi-annual report is available from the registered office of the Company, the Facilities Agent and the Paying and Information Agents and the representative offices within two months after June 30.

Copies of all reports, the Prospectus and KIID and articles of association are available free of charge at the representative offices.

General Information

(unaudited) (continued)


Purchases and Sales

A detailed list of investments purchased and sold during the period is available upon request, free of charge, from the registered office of the Company, the Facilities Agent and the Paying and Information Agents and for Swiss investors, the Swiss Representative.

Total Expense Ratio

Total Expense Ratio (TER) is calculated as the total of all expenses (excluding transaction costs, commissions and interest), divided by the average net assets of the Company, expressed as a percentage. This has been calculated in accordance with the guidelines of the Swiss Funds & Asset Management Association (SFAMA).

For the year January 1, 2016 - December 31, 2016, the TER’s are as follows:


Gross TER (excluding

reimbursement) Reimbursement

Net TER (including

reimbursement)

Capped Expense

Ratio

Class D USD 1.76% 0.00% 1.76% 1.95%



reimbursement) Reimbursement

Net TER (including

reimbursement)

Capped Expense

Ratio

Class I USD 1.61% 0.00% 1.61% 1.80%Class I I GBP 1.61% 0.00% 1.61% 1.80%Class J I GBP 1.11% 0.00% 1.11% 1.30%Class J USD 1.11% 0.00% 1.11% 1.30%Class Z USD 0.11% 0.00% 0.11% 0.30%



waiver) Waiver

Net TER (including

waiver)

Capped Expense

Ratio

Class I USD 1.71% -0.11% 1.60% 1.60%Class I EUR 1.72% -0.12% 1.60% 1.60%Class J USD 1.21% -0.11% 1.10% 1.10%Class Z USD 0.41% -0.11% 0.30% 0.30%Class Z AUD 0.41% -0.11% 0.30% 0.30%



waiver) Waiver

Net TER (including

waiver)

Capped Expense

Ratio

Class I USD 1.68% 0.00% 1.68% 1.80%Class J USD 1.19% 0.00% 1.19% 1.30%Class Z USD 0.20% 0.00% 0.20% 0.30%

General Information



Total Expense Ratio (continued)



waiver) Waiver

Net TER (including

waiver)

Capped Expense

Ratio

Class I USD 1.62% 0.00% 1.62% 1.70%Class D USD 2.04% 0.00% 2.04% 2.10%Class J I GBP 1.14% 0.00% 1.14% 1.20%Class J USD 1.11% 0.00% 1.11% 1.20%Class Z USD 0.21% 0.00% 0.21% 0.30%Class Z AUD 0.21% 0.00% 0.21% 0.30%



reimbursement/(waiver))

Reimbursement/(waiver)

Net TER (including

reimbursement/(waiver))

Capped Expense

Ratio

Class I USD 1.86% 0.03% 1.89% 1.90%Class J USD 1 1.33% 0.07% 1.40% 1.40%Class Z USD 0.31% -0.01% 0.30% 0.30%



waiver) Waiver

Net TER (including

waiver)

Capped Expense

Ratio

Class I USD 2.42% -1.17% 1.25% 1.25%Class I H EUR 2.42% -1.17% 1.25% 1.25%Class I H GBP 2.48% -1.23% 1.25% 1.25%Class I H SEK 2 2.38% -1.13% 1.25% 1.25%Class J USD 2.07% -1.17% 0.90% 0.90%Class J H CHF 3 2.08% -1.18% 0.90% 0.90%Class J H EUR 4 2.08% -1.18% 0.90% 0.90%Class J H GBP 5 2.09% -1.19% 0.90% 0.90%Class J H SEK 2.08% -1.18% 0.90% 0.90%Class Z H AUD 1.31% -1.16% 0.15% 0.15%


General Information



Investment Performance

Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time.

Subscriptions may be made only on the basis of the current prospectus, of which the most recent unaudited interim report and accounts form an integral part, and KIID of the Company. Copies are available from the registered office of the Company.

Calculation methodology is based on industry standards.

Returns for periods of less than one year are not annualised.

1 Year % 3 Years % 5 Years % 10 Years %

Life of Fund

%Inception

Date


Class D USD (1.43) 2.75 10.78 – 11.10 16/08/2010


Class I USD 5.87 5.96 13.32 8.04 8.80 17/03/2004Class I I GBP 26.12 16.71 – – 16.23 04/10/2013Class J I GBP 27.29 – – – 31.71 11/12/2015Class J USD 6.40 6.48 – – 7.62 13/12/2013Class Z USD 7.47 7.55 15.03 – 14.33 13/10/2010


Class I USD 0.41 2.06 8.41 – 1.84 16/10/2007Class I EUR 3.65 11.58 12.97 – 5.11 17/10/2007Class J USD 0.87 – – – 2.56 15/01/2014Class Z USD 1.68 – – – (1.30) 25/06/2015Class Z AUD 2.67 10.98 – – 12.49 09/12/2013

General Information



Investment Performance (continued)

1 Year % 3 Years % 5 Years % 10 Years %

Life of Fund

%Inception

Date


Class I USD 1.42 (4.19) 1.44 0.50 4.29 03/10/2005Class J USD 1.93 (3.71) – – (3.36) 03/12/2013Class Z USD 2.95 (2.74) 2.97 – 0.59 30/09/2010


Class I USD 1.83 (3.78) 1.21 – (2.29) 01/04/2011Class D USD 1.43 (4.16) 0.81 – (2.64) 14/04/2011Class J I GBP 22.41 – – – 10.00 05/02/2014Class J USD 2.35 – – – (0.99) 07/02/2014Class Z USD 3.28 (2.42) – – (1.47) 11/11/2013Class Z AUD 4.28 4.75 – – 5.17 09/12/2013


Class I USD (6.06) 0.11 – – 2.32 01/03/2013Class J USD 1 – – – – (2.33) 24/06/2016Class Z USD (4.55) 1.72 – – 4.38 24/09/2013


Class I USD 0.51 2.68 – – 4.21 26/03/2013Class I H EUR (0.94) – – – (3.58) 28/05/2015Class I H GBP 0.13 – – – (1.74) 30/06/2015Class I H SEK 2 – – – – (2.00) 26/08/2016Class J USD 0.87 – – – (1.23) 30/06/2015Class J H CHF 3 – – – – (2.21) 23/09/2016Class J H EUR 4 – – – – (2.17) 23/09/2016Class J H GBP 5 – – – – (1.55) 23/09/2016Class J H SEK (0.70) – – – (3.10) 30/04/2015Class Z H AUD 2.65 5.79 – – 6.41 05/12/2013


General Information



Risk Management

The Company and the Management Company will use a risk-management process that enables them to monitor and measure at any time the risk of the Funds’ portfolio positions and their contribution to the overall risk profile of the Company. They use the commitment approach for all the funds – except the William Blair SICAV – Dynamic Diversified Allocation Fund for which a Value-at-Risk approach is used – for the risk measurement and the calculation of global exposure of the Funds, in accordance with the most applicable guidelines of the European Securities and Markets Authority (ESMA).

General investment risk

The value of your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the Company is affected by developments in the financial markets and may both rise and fall. Shareholders run the risk that their investments may end up being worth less than the amount invested or even worth nothing. Because each Fund invests substantially all of its assets in equity securities, the main risk is that the value of the equity securities it holds may decrease in response to the activities of an individual company or in response to general market, business and economic conditions. This may, in turn, affect the NAV per share. General investment risk can be broken down into market risk, concentration risk and currency risk.

Market risk

The value of the securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

Concentration risk

Based on its investment policy, the Company may invest in financial instruments from issuing institutions that (mainly) operate within the same sector or region, or in the same market. If this is the case, the concentration of the investment portfolio of the Fund may cause events that have an effect on these issuing institutions to have a greater effect on the Fund’s assets than would occur with a less concentrated investment portfolio.

Currency risk

The Reference Currency of each Fund is the US$. Investments are made that best benefit the objective and performance of each Fund in the view of the Investment Manager. Changes in foreign currency exchange rates may affect the value of the Shares held in the Funds which invest in non-U.S. investments and, of those Shares held in a Class denominated in a currency other than the US$. Shareholders investing in the Funds other than in their reference currency should be aware that exchange rate fluctuations could cause the value of their investment to diminish or increase.

Counterparty risk

A counterparty of a Fund may fail to fulfil its obligations towards that Fund. In case of hedging transactions in classes of shares, the relevant Fund carries the counterparty risk. This risk is limited as much as possible by taking every possible care in the selection of counterparties. Wherever it is customary in the market, the Company will demand and obtain collateral.

Liquidity risk

Investments that trade less frequently can be more difficult or more costly to buy, or to sell, than more liquid or active investments. It may not be possible to sell or otherwise dispose of illiquid securities both at the price and within a time period deemed desirable by a Fund. Securities subject to liquidity risk in which a Fund may invest include private placements, Rule 144A securities, below investment grade securities and other securities without an established market.

General Information



Foreign Investment Risk

The risks of investing in securities of foreign issuers may include less publicly available information, less governmental regulation and supervision of foreign stock exchanges, brokers and issuers, a lack of uniform accounting, auditing and financial reporting standards, practices and requirements, the possibility of expropriation, seizure or nationalization, confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, restrictions on the flow of international capital, difficulty in obtaining and enforcing judgments against foreign entities or other adverse political, social or diplomatic developments that could affect a Fund’s investments. Securities of some foreign issuers are less liquid and their prices more volatile than the securities of U.S. companies. In addition, the time period for settlement of transactions in certain foreign markets generally is longer than for domestic markets.

Foreign securities held by a Fund usually will be denominated in currencies other than the U.S. dollar. Therefore, changes in foreign exchange rates will affect the value of the securities held by a Fund either beneficially or adversely. Fluctuations in foreign currency exchange rates will also affect the dollar value of dividends and interest earned, gains and losses realised on the sale of securities and net investment income and gains, if any, available for distribution to shareholders.

Emerging Markets Risk

Foreign investment risk is typically intensified in emerging markets, which are the less developed and developing nations. Certain of these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies. Political, social and economic structures in many emerging market countries may be less established and may change rapidly. Such countries may also lack the social, political and economic characteristics of more developed countries. Unanticipated political, social or economic developments may affect the values of a Fund’s investments in emerging market countries and the availability to a Fund of additional investments in these countries.

The currencies of certain emerging market countries have from time to time experienced a steady devaluation relative to the U.S. dollar, and continued devaluations may adversely affect the value of a Fund’s assets denominated in such currencies. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

The small size, limited trading volume and relative inexperience of the securities markets in these countries may make a Fund’s investments in such countries illiquid and more volatile than investments in more developed countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

The system of share registration and custody in some emerging market countries may create certain risks of loss (including in some cases the risk of total loss) and a Fund may be required to establish special custodial or other arrangements before making investments in these countries. There is an increased risk of uninsured loss due to lost, stolen or counterfeit stock certificates or unauthorized trading, or other fraudulent activity.

Prior governmental approval of non-domestic investments may be required and foreign investment in domestic companies may be subject to limitation in some emerging market countries. Foreign ownership limitations also may be imposed by the charters of individual companies in emerging market countries to prevent, among other concerns, violation of foreign investment limitations. Repatriation of investment income, capital and proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. A Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for such repatriation.

The economies of certain developing countries may be dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.

Geographic Risk

Although the Funds investing primarily in foreign securities currently intend to maintain geographic diversification, the Funds have the flexibility to invest up to 50% (65% for Global Leaders Fund) of their equity holdings in securities of issuers in any one country. To the extent that a Fund invests a significant portion of its assets in any one country, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries in which it invests. Investing in any one country makes a Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country.

General Information



Small Cap Stock Risk

Stocks of small cap companies involve greater risk than those of larger, more established companies. This is because small cap companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Small cap companies may be more adversely affected by poor economic or market conditions, and may be traded in low volumes, which may increase volatility and liquidity risks. From time to time, each of the Funds that invest in small cap stocks may invest in the equity securities of very small cap companies, often referred to as “micro-cap” companies. For purposes of the Funds, “micro-cap” companies are those with market capitalizations of $250 million or less at the time of a Fund’s investment. The considerations noted above are generally intensified for these investments. Any convertible debentures issued by small cap companies are likely to be lower-rated or non-rated securities, which generally involve more credit risk than debentures in the higher rating categories and generally include some speculative characteristics, including uncertainties or exposure to adverse business, financial or economic conditions that could lead to inadequate capacity to meet timely interest and principal payments.

Joint interest of directors

As at December 31, 2016 the members of the Board of Directors held no interests in investments of the Fund.

Global exposure

The Company and the Management Company will use a risk-management process that enables them to monitor and measure at any time the risk of the Funds’ portfolio positions and their contribution to the overall risk profile of the Company. It will employ a process allowing for accurate and independent assessment of the value of OTC derivative instruments.

The method used to calculate the global exposure of Dynamic Diversified Allocation Fund is the Absolute Value at Risk (regulatory limit 20%).

The VAR has been computed using the following risk settings: Computation methodology: historical simulationConfidence interval: 99%Analysis time horizon: one month (20 days)Time series extension: 1 yearAbsolute VAR Limit: 20%

VAR

MAX 4.70%MIN 2.16%AVERAGE 3.61%

Leverage

The leverage is calculated using Sum of Notionals approach.

MAX 396.1%AVERAGE 240.9%

For all Funds other than the Dynamic Diversified Allocation Fund, the global exposure is calculated using the commitment approach.

The Company and the Management Company shall ensure that for the Funds using the commitment approach, global exposure relating to derivative instruments does not exceed the total net value of its portfolio. The risk exposure is calculated taking into account the current value of the underlying assets.

General Information



Remuneration disclosure

Following the implementation of European Union Directive 2014/91/EU (known as the “UCITS V Directive”) which came into effect on March 18, 2016, the management company is required to operate a remuneration policy in accordance with applicable requirements of the UCITS V Directive. The management company having a financial year ending on December 31 each year and, therefore, having not completed a full annual performance period, details of its remuneration and associated financial disclosures are not available for disclosure.

Securities Financing Transaction Regulation

The Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A SFT is defined as per Article 3(11) of the SFTR as:

• a repurchase/reverse repurchase agreement;

• securities or commodities lending and securities or commodities borrowing;

• a buy-sell back transaction or sell-buy back transaction; or

• a margin lending transaction.

As at December 31, 2016, the William Blair SICAV – Dynamic Diversified Allocation Fund held total return swaps (“TRS”) as type of instrument in scope of the SFTR.

Global Data

The amount of assets across all SFTs and total return swaps as at December 31, 2016 is as follows

Type of Asset Amount % of NAVTotal Return swaps (9,842) 0.02%

Data on reuse of collateral

There was no collateral reuse during the year ended December 31, 2016.

There was no cash collateral reinvestment during the year ended December 31, 2016.

Concentration data

There was no security collateral received for total return swaps as at December 31, 2016.

Safekeeping of collateral received

There was no security collateral received for total return swaps as at December 31, 2016.

Safekeeping of collateral granted

The amount of collateral granted for total return swaps as at December 31, 2016 is as follows:

Asset Market Value % of NAVUS Treasury Bill 298,738 0.77%

Return/Costs

Return and cost for each type of SFTs and total return swaps for the year ended December 31, 2016 is as follows:

Returns * Amount % of overall returns**To Fund 94,418 100%

Costs *** Amount % of overall returnsTo Fund 20,501 100%

General Information



Aggregate transaction data

The maturity of total return swaps as at December 31, 2016 is as follows:

Total return swaps

Maturity AmountLess than one day 0One day to one week 0One week to one month 0One month to three months (14,053)Three months to one year 4,211Above one year 0Open Maturity 0

The settlement and clearing mechanisms for total return swaps as at December 31, 2016 are as follows:

Total return swaps

Settlement and clearing mechanism AmountBilateral (9,842)

The aggregate transaction data for collateral positions (including cash) granted across total return swaps as at December 1, 2016 is as follows:

Counterparty Type of collateral Par Amount Quality Maturity of collateral

Currency of collateral

Country

Citibank N/A N/A N/A N/A N/A U.S.Credit Suisse U.S. Treasury Bill 300,000 AAA 17-Aug-17 USD U.S.Goldman Sachs N/A N/A N/A N/A N/A U.S.

* Returns are identified as the realized gains, change in unrealized gains and interest received on TRS contracts during the reporting period.

** All returns from OTC derivative transactions will accrue to the Portfolio and are not subject to any returns sharing agreement with the Portfolio’s manager or any other third parties.

*** Costs are identified as interest paid on TRS contracts during the reporting period.

31, Z.A. BourmichtL-8070 BertrangeGrand Duchy of LuxembourgLuxembourg R.C.S: B-98 806 sicav.williamblairfunds.com

William Blair SICAV

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