William Blair SICAV - Emerging Markets Small Cap Growth Class I (USD) Portfolio Review September 2019

Todd M. McClone, CFA, Partner Casey K. Preyss, CFA, Partner Portfolio Managers ISIN: LU0874276255

Summary & Outlook September 2019

Market Review Mixed returns across regions resulted in flat performance for global equities in the third quarter of 2019 (the MSCI ACWI IMI declined -0.18% in USD terms). Developed markets outpaced emerging markets led by positive returns within Japan and the U.S. while China, India, and South Africa hampered performance within emerging markets. Ongoing concerns surrounding the continued slowdown in global growth coupled with mounting uncertainty about U.S.–China trade relations were key factors that weighed on investor sentiment and drove higher volatility. In this environment, major central banks maintained their accommodative stance. Within the U.S., the Federal Reserve cut interest rates by 25 basis points twice during the quarter (in July and September), but investor sentiment remained rattled by Chairman Powell’s suggestion that the move in interest rates was not necessarily the start of a lengthy cutting cycle. The US yield curve inverted for a brief period in August, which further weighed on investor sentiment and equity market performance. The MSCI USA IMI advanced +1.09% for the quarter. After trailing most markets in the first half of the year, Japanese equities outperformed most developed markets in the third quarter (the MSCI Japan IMI advanced 3.27%). Most of the gains occurred in September after the Bank of Japan made sweeping cuts to bond purchases in September in an attempt to encourage a steepening of the yield curve. European equities underperformed primarily due to weakness within Germany and the United Kingdom, and currency headwinds amid a stronger dollar. The MSCI Europe ex UK IMI declined -1.78% (+2.29% in local terms) and the MSCI UK IMI declined -2.28% (+0.93% in local terms). Within Germany, manufacturing growth declined meaningfully and purchasing manager surveys continued to point to deceleration in the pace of industrial orders growth. The European Central Bank

announced that it would restart its quantitative easing measures by cutting its bank deposit rate to -0.5% as a means to stimulate the economy. Ongoing trade war tensions between the U.S. and China weighed on equity performance in emerging markets following the announcement that the U.S. would implement an additional 10% tariff on approximately $300 billion of Chinese imports. The Chinese government swiftly responded by asking its state-owned enterprises to suspend imports of U.S. agricultural products. More importantly, the People’s Bank of China set the yuan’s daily reference rate below the politically sensitive level of 7 yuan per dollar for the first time in a decade, reigniting currency war fears. The MSCI China IMI declined -4.86% for the quarter. Emerging markets weakness was broadly spread across regions and countries for the quarter. Within Argentina, the country’s primary election results revealed strong support for opposition candidate Alberto Fernandez, triggering a sharp selloff in the peso and equities. The MSCI Argentina Index declined -46.83% in US dollar terms (-28.07% in pesos) in the third quarter on concerns that a Fernandez presidency would be a significant shift from the pro-market, reform-oriented policies of the sitting president, Mauricio Macri. Elsewhere in emerging markets, countries that are more sensitive to a stronger US dollar such as South Africa (-11.63%), Chile (-7.66%), and Indonesia (-5.32%), underperformed for the quarter. Multiple tariff announcements and increased market volatility generated clear risk-off sentiment as investors moved towards defensive, lower volatility sectors. Within the ACWI IMI, Utilities, Real Estate, and Staples significantly outperformed while cyclical sectors such as Energy and Materials endured the worst losses. Performance Outperformance versus the MSCI Emerging Markets Small Cap (net) was primarily driven by positive stock selection across most sectors. The Industrials, Financials and Health Care sectors

2

Summary & Outlook September 2019

were the largest sources of relative return. Within Industrials, A-Living Services and Country Garden Services enhanced relative results. A-Living Services is a leading Chinese property management services provider that manages over 125mn sqm (focused on mid- to high-end properties) spread across more than 65 cities throughout China. The company delivered strong 1H19 results with revenue, net profit and margin expansion exceeding market expectations. Robust operating performance was driven by an expanded portfolio under management, strong growth momentum in value-added services and operating leverage. Country Garden Service is also a leading Chinese property management services provider supported by its major shareholder Country Garden Holdings, the mainland's largest developer by contracted sales. In line with our investment thesis, Country Garden Services’ strong performance was underpinned by the expansion of value-added services and technology upgrades. Within Financials, HDFC Asset Management, a market leader in the Indian asset management industry, was an additional source of outperformance. HDFC Asset Management boasts the highest ROE and profit margins in the industry. The company delivered solid results, highlighting management’s strong execution in a more difficult regulatory backdrop. We believe the company is well positioned to continue to benefit from increasing wealth in India given its strong brand, distribution, leading technology and scale. Within the Health Care sector, Notre Dame Intermedica Participacoes, one of the largest healthcare plan operators in Brazil, propelled relative returns. Intermedica’s strong operating momentum accelerated amid continued vertical integration, boosting profitability and market consolidation through M&A. Partially offsetting these effects were overweight allocations to China and India, coupled with below average stock selection within the Real Estate sector as well as in the EMEA region. Within Real Estate, Logan Property Holdings hindered relative performance. The Chinese real estate developer posted solid operating results, however the stock weakened along with the broad sector amid deteriorated investor sentiment on a lack of policy support. Within EMEA, Network International Holdings,

the largest pan-regional provider of digital payment solutions in the Middle East and Africa, detracted from relative returns. Despite delivering solid 1H19 results, the stock weakened during the quarter on broad macroeconomic concerns. We believe the company’s growth outlook is well supported by the recent cooperation agreement with MasterCard and entry into Saudi Arabia. PSG Group, the listed private equity company in South Africa, also weighed on relative performance. Positioning During the period, Consumer Discretionary exposure was reduced through the liquidations of Makalot Industrial, Jollibee Foods and JNBY Design. Makalot is one of the leading garment makers in Taiwan and is highly leveraged to the US consumer. We exited the position as the growth outlook deteriorated on the back of capacity constrains due to fires at two plants in Vietnam and customers’ conservative inventories amid growing macro uncertainty. Jollibee is a leading fast-food chain in Asia, with a strong portfolio of quick-service restaurants serving Asian and western food. The company reported weaker than expected 2Q due to widening losses at Smashburger and supply-chain issues in their Red Ribbon business. This, coupled with the recently announced acquisition of Coffee Bean & Tea Leaf may continue to weigh on earnings over the near term. JNBY Design is a leading Chinese designer brand with a multi-brand portfolio and established customer loyalty program. We believe revenue growth deceleration is likely to continue in the near term amid China macroeconomic headwinds. Health Care exposure was increased to an overweight position during the period. Exposure to Information Technology also increased as a result of the purchases of Elite Material, Accton Technology and AVIC Jonhon Optronic Technology.

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Summary & Outlook September 2019

Elite Material manufactures copper-clad laminates that serve as the base material of printed circuit boards, where electronic components are mounted and connected. We believe Elite Materials can deliver stronger than expected earnings growth due to the rapid market share gains at Apple, and content gains from networking and automotive end markets. Accton Technology is a leader in white-box switches, a type of networking equipment used in datacenters. The company has 40% market share and several high-profile clients, including Amazon and Facebook. The company is well positioned to benefit from a secular shift toward unbundled hardware/software networking solutions in datacenters, as well as favorable network capex and product mix trends. AVIC Jonhon Optronic Technology is the leading Chinese connector manufacturer, especially in the defense, telecom and industrials end markets. We believe the company is well positioned to benefit from the secular growth of electronic content in modern weapons in China and continued strong growth of connector demand from 5G and new energy vehicles end markets. Its expanded capacity and the management incentive program should also help drive the earnings growth. From a geographic perspective, notable adjustments were increases to Brazil and Taiwan, offset by decreases to India and South Africa. Outlook The fragile state of the global economy, and within that the role of the ongoing trade war, remains the key focal point for the global financial markets. We are clearly in a state of industrial recession in many major economies throughout the world, and in many cases the bond markets are implying a deeper and broader slowdown. In fact, many indicators— and commentators—suggest a deep recession is looming. Despite this, especially in the U.S., the consumer has

been resilient with jobs and wages remaining supportive of consumer confidence and thus consumer spending. What is important to us is understanding the nature of the slowdown. In classic economic cycles, recessions are the result of economic imbalances or excessive build-ups, which appear largely absent from this cycle. In fact, it appears that this slowdown could be more of a policy-induced phenomena, i.e., uncertainty related to tariff outcomes has frozen corporates’ willingness to spend. Thus we are observing an increasing and polarizing tension: either the bond market is right and the underlying economy continues to deteriorate into a full recession; or, a trade deal gets done, the uncertainty overhang is removed, and the economy skips the contraction phase and actually enters into something more akin to a recovery. Each of these outcomes presents a unique risk to our positioning, though with dramatically different implications. In periods of economic uncertainty and protracted recession, quality and defensiveness typically act as buffers in such a “risk-off” environment. However, when this is at extreme levels, as we have seen in the last 20 years, this is combined with a significant reversal of leadership, or put another way, momentum. We are aware that typically and currently, a residual outcome of our investment style is positive momentum exposure. Thus we monitor our momentum exposure, and the risk of that exposure, very closely. In fact, for most of this year, coming off of the precipitous market drop in 4Q18, momentum has not presented a significant risk by our measures. Very recently though this has materially increased. Further, the spread between valuation performance and momentum performance has been stretched to levels not seen since the global financial crisis. Another way to think of this is the risk of high momentum, high valuation stocks underperforming is high. 4

Summary & Outlook September 2019

What about Tariffs? If this economic slowdown is the result of uncertainty about tariff resolution between the two global superpowers, rather than an unwinding of excessive imbalances, then we should be monitoring this closely as a trade resolution—albeit one that needs to be perceived as favorable—would imply a potential economic recovery. In which case, low quality, low valuation, but also cyclical stocks, would likely lead the market. There is not much we can do about low quality and low valuation, but we can address the cyclicality phenomenon by looking increasingly to those companies and industries (e.g., capital goods, semiconductors) that are more cyclically-oriented and thus also more reasonably valued, at the expense of more expensive “haven” areas like staples. In fact, just looking to equity market performance in the recent quarter, the mix of offensive and defensive industry performance has been inconclusive. The market remains confused by this tension as well. We highlight the dichotomy of market outcomes as we realize uncertainty remains quite high, and our portfolios feel vulnerable to these potential inflections—in the short term. However, increasingly we realize that the underlying corporate performance of our portfolio holdings remains quite resilient and their long-term earnings power is likely to remain unchanged. Thus our approach has been to only marginally adjust our positioning for the current risks, and to stay resolute or in some cases lean into market weakness to increase our commitments to our favored long-term holdings. Research Insights – Global Digital Payments In our effort to share current focus areas for ongoing research, we have included this brief overview of the global digital payments industry—the complex ecosystem of merchant acquirers, networks, and issuing banks that enable the

processing of non-cash transactions. Few industries are benefiting from stronger, more durable growth drivers than digital payments. The powerful secular shift from cash to non-cash transactions, which is occurring at vastly different rates around the world, underpins this unique and compelling long-term growth opportunity. The total addressable market for global payments is estimated at a staggering $30 trillion. Payment volumes grew at a 10% CAGR over last five years, yet penetration (the percent of transactions made digitally) is only now approaching 50%. We believe the outlook supports compounding earnings and free cash flow growth for high quality businesses, driven by sticky and visible revenue and healthy profitability. The payments ecosystem encompasses three main categories: Issuers – banks that issue credit cards or a digital equivalent; Merchant Acquirers – entities that allow merchants to accept various forms of digital payments (including debit/credit cards, digital wallets, PayPal, Apple Pay, etc.); and Networks – the “rails” or “pipes” through which transactions flow (most notably VISA and MasterCard). A key concept in understanding the business models in the industry is the merchant discount rate (MDR), which represents the difference between what the consumer pays and what the merchant receives. The MDR—which can vary significantly by country/region, business size, and type of transaction—is divided in unequal shares among merchant acquirers, networks, and issuers. From a business model perspective, we believe networks are in the strongest position, followed by merchant acquirers that are differentiated by high levels of exposure to e-commerce, small and mid-sized businesses, and international markets. Scale and technology-focused innovation will be important to future growth prospects for merchant acquirers as the industry rapidly globalizes. On the other end of the spectrum, issuer processors 5

Summary & Outlook September 2019

and terminal manufacturers are relatively less attractive business models with weaker value propositions in our view. For merchant acquirers, the greatest risk we see is increased competition driving fee compression over time. We expect merchant acquirers to be able to combat fee compression by offering more value-added services and by acquiring scale. For the networks, alternative payment models that bypass existing infrastructure (such as fast ACH technology, employed by China’s Tenpay and Alipay) pose a potential threat. For issuers, regulatory and cybersecurity risks are always present. This fall we will publish an in-depth report that details our investment views around the payments industry and examines its most intriguing aspects. These include the wide range of penetration rates across countries and regions, China’s unique model (and whether it can be exported to a market such as India), and why we believe that current valuation multiples for leading payments companies are justifiable in the context of their growth and sustainable value creation potential.

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Market Performance September 2019

AC World (DM+EM) -0.2 15.9 -10.1 23.9Developed Markets (DM) 0.4 17.3 -9.4 22.4Japan 3.3 11.0 -13.5 25.3Europe ex UK -1.8 14.7 -15.7 28.0UK -2.3 10.6 -15.0 23.7USA 1.1 19.7 -5.7 20.6Emerging Markets (EM) -4.3 5.4 -15.0 36.8

Asia -3.6 5.2 -15.9 41.8China -4.9 7.3 -18.7 50.7India -6.0 0.1 -11.2 43.7Korea -5.3 -3.1 -20.6 46.0Taiwan 5.0 15.9 -10.1 30.2EMEA -6.5 5.3 -16.8 24.1Russia -1.5 28.8 -1.4 5.1South Africa -11.6 -2.4 -24.7 34.0Latin America -5.3 7.2 -7.2 24.8Brazil -3.9 11.9 -1.1 26.4Mexico -1.6 5.8 -15.1 15.0

Frontier Markets (FM) -1.5 7.6 -16.6 29.9Large Cap -4.0 6.5 -14.9 37.7Small Cap -4.6 1.8 -18.6 33.8Communication Svcs -5.3 1.1 -15.3 16.8Discretionary -3.2 13.7 -29.3 38.6Staples -1.4 6.3 -14.2 25.0Energy -4.0 8.8 3.6 21.0Financials -8.2 2.2 -9.2 32.7Healthcare -6.9 -10.3 -19.8 35.4Industrials -5.4 -0.9 -15.1 25.7IT 5.6 18.9 -19.6 59.9Materials -9.6 -4.4 -13.4 33.5Real Estate -7.7 6.8 -16.0 42.2Utilities -4.0 3.9 -5.8 17.5Quality 3.3 11.9 16.6 2.4Valuation -2.6 1.7 15.0 0.1Etrend 2.6 9.6 8.8 14.4Momentum 7.8 10.6 -0.1 18.3Growth 2.8 4.0 -7.4 9.5Composite 3.2 12.8 19.9 7.9

2017YTD 2018QTD

Size

Sect

ors

Styl

eRe

gion

s

Source: FactSet Past performance is not a reliable indicator of future results. Regional performance is based on IMI region/country indexes. Sector and style values are based on the MSCI EM IMI Index. Size values are based on the MSCI EM IMI Index. Style values reflect the Quintile 1 minus Quintile 5 spread of William Blair’s proprietary quantitative models. Sectors are based on Global Industry Classification (GICS) sectors. Large Cap and Small Cap based on MSCI Global Investable Market Index Methodology. Data in blue reflects the top 20% (highest) values by region, country, sector, and style. Data in red reflects the bottom 20% (lowest) values by region, country, sector, and style. Real Estate was added as a GICS sector effective 9/1/16. Assignment to this sector has been applied retroactively to the index holdings. All index returns are net of dividends. A direct investment in an unmanaged index is not possible. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

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Portfolio Performance September 2019

Periods ended 30/09/2019 Quarter YTD 1 Year 3 Year 5 Year

Since Inception* William Blair SICAV - Emerging Markets Small Cap Growth (Class I) 0.14% 8.81% 2.36% 1.05% 0.50% 3.72%

MSCI Emerging Markets Small Cap (net) -4.58% 1.81% -5.49% 1.32% -0.13% 0.55% *Inception 01/03/2013 The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of small cap companies in emerging markets. Periods greater than one year are annualized. All charges and fees have been included within the performance figures. For the most current month-end performance information, please visit the SICAV website at sicav.williamblair.com. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

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Performance Analysis (by sector) September 2019

The table below shows the calculated sector attribution of the William Blair SICAV - Emerging Markets Small Cap Growth portfolio vs. its benchmark. William Blair SICAV - Emerging Markets Small Cap Growth vs. MSCI Emerging Markets Small Cap (net)

01/07/2019 to 30/09/2019 William Blair SICAV - Emerging Markets Small Cap Growth

MSCI Emerging Markets Small Cap (net) Attribution Analysis

GICS Sector

Average Weight

Total

Return

Contrib to

Return

Average Weight

Total

Return

Contrib to

Return

Allocation

Effect

Issue Selection

Effect

Total Effect Communication Services 3.3% -4.4% -0.2% 4.1% -7.2% -0.3% 0.0% 0.1% 0.1% Consumer Discretionary 23.4% -1.4% -0.4% 14.1% -4.1% -0.6% 0.0% 0.6% 0.7% Consumer Staples 10.1% -3.3% -0.3% 6.5% -6.4% -0.4% -0.1% 0.3% 0.2% Energy 0.3% -13.2% 0.0% 2.2% -5.8% -0.1% 0.0% 0.0% 0.0% Financials 12.2% -3.1% -0.5% 10.2% -11.6% -1.3% -0.2% 1.1% 0.9% Health Care 6.3% 8.6% 0.5% 7.7% -7.6% -0.6% 0.1% 0.9% 1.0% Industrials 15.3% 3.4% 0.5% 14.2% -5.9% -0.9% 0.0% 1.4% 1.4% Information Technology 18.7% 7.0% 1.2% 15.3% 5.0% 0.7% 0.3% 0.3% 0.6% Materials 5.0% 3.5% 0.3% 11.9% -3.9% -0.5% 0.0% 0.4% 0.4% Real Estate 3.8% -9.6% -0.4% 8.7% -4.8% -0.4% 0.0% -0.2% -0.2% Utilities 0.5% 2.3% 0.0% 5.0% -6.2% -0.3% 0.1% 0.0% 0.1% Cash 1.0% - -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total 100.0% 0.5% 0.5% 100.0% -4.6% -4.6% 0.3% 4.8% 5.1% Past performance does not guarantee future results. Performance cited represents past performance and current performance may be lower or higher than the data quoted. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment management fees and net of transaction costs. Attribution by segment is based on estimated returns of equities held within the segments listed. All stocks held during a measurement period, including purchases and sales, are included. Cash is not allocated among segments. Calculations are for attribution analysis only and are not intended to represent simulated performance history. The actual returns may be higher or lower. We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based attribution, taking into account all trading activity. Interaction effect is reallocated into Selection effect. Sectors are based on Global Industry Classification (GICS) Sectors.

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Performance Analysis (by region) September 2019

The table below shows the calculated regional attribution of the William Blair SICAV - Emerging Markets Small Cap Growth portfolio vs. its benchmark. William Blair SICAV - Emerging Markets Small Cap Growth vs. MSCI Emerging Markets Small Cap (net)

01/07/2019 to 30/09/2019 William Blair SICAV - Emerging Markets Small Cap Growth

MSCI Emerging Markets Small Cap (net) Attribution Analysis

Region

Average Weight

Total

Return

Contrib to

Return

Average Weight

Total

Return

Contrib to

Return

Allocation

Effect

Issue Selection

Effect

Total Effect EM Asia 73.0% 0.5% 0.3% 72.0% -5.4% -3.9% 0.0% 4.3% 4.3% EMEA 7.3% -4.4% -0.4% 14.1% -2.1% -0.2% -0.1% -0.2% -0.3% Latin America 18.7% 4.8% 0.6% 13.9% -2.8% -0.4% -0.1% 1.4% 1.2% Cash 1.0% - -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total 100.0% 0.5% 0.5% 100.0% -4.6% -4.6% -0.4% 5.5% 5.1% Past performance does not guarantee future results. Performance cited represents past performance and current performance may be lower or higher than the data quoted. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment management fees and net of transaction costs. Attribution by segment is based on estimated returns of equities held within the segments listed. All stocks held during a measurement period, including purchases and sales, are included. Cash is not allocated among segments. Calculations are for attribution analysis only and are not intended to represent simulated performance history. The actual returns may be higher or lower. We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based attribution, taking into account all trading activity. Interaction effect is reallocated into Selection effect.

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Top Contributors/Detractors September 2019

The tables below show the top contributors and detractors for the William Blair SICAV - Emerging Markets Small Cap Growth portfolio vs. its benchmark. Top Five Contributors (%) for the Period: 01/07/2019 to 30/09/2019 Issuer Sector Country Contribution To

Relative Return Notre Dame Intermedica Partici Health Care Brazil 0.47 Li Ning Co Ltd Consumer Discretionary China 0.43 Magazine Luiza SA Consumer Discretionary Brazil 0.39 HDFC Asset Management Co Ltd Financials India 0.34 Country Garden Services Holdin Industrials China 0.33 Top Five Detractors (%) for the Period: 01/07/2019 to 30/09/2019 Issuer Sector Country Contribution To

Relative Return Ausnutria Dairy Corp Ltd Consumer Staples China -0.28 Titan Co Ltd Consumer Discretionary India -0.27 Fila Korea Ltd Consumer Discretionary South Korea -0.26 International Container Termin Industrials Philippines -0.15 Jiangsu Hengshun Vinegar Indus Consumer Staples China -0.14 Index: MSCI Emerging Markets Small Cap (net) Past performance does not guarantee future results. Performance cited represents past performance and current performance may be lower or higher than the data quoted. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment management fees and net of transaction costs. Performance results will be reduced by the fees incurred in the management of the account. For example, assuming an annual gross return of 8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5-year period. Net investment performance represents the deduction of the account’s actual fee. Investment management fees are described in William Blair's Form ADV Part 2A. Attribution is based on estimated returns of all equities held during a measurement period, including purchases and sales. Calculations are for attribution analysis only and are not intended to represent simulated performance history. The actual returns may be higher or lower. We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based attribution, taking into account all trading activity. Sectors are based on Global Industry Classification (GICS) Sectors. International investing involves special risk considerations, including currency fluctuations, lower liquidity, economic and political risk. Individual securities listed in this report are for informational purposes only. Holdings are subject to change at any time. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.

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Portfolio Positioning September 2019

Regional Exposure Sectoral Exposure

73.820.320.14.6 17.66.50.51.9 18.616.7--1.1

71.411.113.914.919.714.91.15.613.78.72.8--

EM Asia TotalChinaIndiaSouth KoreaTaiwanEMEA TotalRussiaSouth AfricaLatin America TotalBrazilMexicoCash & EquivalentsWilliam Blair Sicav - Emerging Markets Small Cap GrowthMSCI Emerging Markets Small Cap (net)

-1.6-0.2-2.5-1.0 2.8-1.4-0.1-2.1 3.73.10.0-0.7

1.64.6-4.4-3.0 8.7-1.7 0.1-1.5 0.30.4-1.3-0.2Portfolio Diff Previous QTRPortfolio Diff YTD

3.0 21.29.9-- 12.07.8 15.219.46.03.50.7--1.1

4.1 14.16.52.2 9.87.814.215.712.28.54.9----

Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesOtherCash & EquivalentsWilliam Blair Sicav - Emerging Markets Small Cap GrowthMSCI Emerging Markets Small Cap (net)

-1.1-3.9 1.1-0.7-1.2 3.40.02.41.8-0.2-1.0 0.0-0.7

0.5-3.9-5.4 -0.8-4.7-1.1 2.4 11.40.42.4-1.1 0.0-0.2Portfolio Diff Previous QTRPortfolio Diff YTD

Source: William Blair. As of Date: 30/09/2019 Cash & Equivalents includes: cash and dividend accruals. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

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Top Holdings by Market Cap September 2019

The table below shows the William Blair SICAV - Emerging Markets Small Cap Growth portfolio’s largest holdings as of 30/09/2019 by market cap as well as the sub-totals by market cap for the portfolio and index. The stocks are listed by country and by the sector that defines each one’s role in the portfolio. Country Sector

% of Total Net Assets in

Portfolio

% of Total Net Assets in

Index*

Mid Cap($3-15b) 14.0% 1.3% Li Ning Co Ltd China Consumer Discretionary 1.8% 0.0% Notre Dame Intermedica Partici Brazil Health Care 1.7% 0.0% Country Garden Services Holdin China Industrials 1.6% 0.0% Magazine Luiza SA Brazil Consumer Discretionary 1.5% 0.0% Localiza Rent a Car SA Brazil Industrials 1.4% 0.0% Small Cap(<$3b) 86.0% 98.7% Dino Polska SA Poland Consumer Staples 1.7% 0.0% Ace Hardware Indonesia Tbk PT Indonesia Consumer Discretionary 1.7% 0.1% HDFC Asset Management Co Ltd India Financials 1.6% 0.0% Centre Testing International G China Industrials 1.6% 0.0% Yihai International Holding Lt China Consumer Staples 1.6% 0.0%

*Index: MSCI Emerging Markets Small Cap (net) Source: Eagle Individual securities listed in this report are for informational purposes only, and are not intended to be a recommendation or solicitation for the purchase or sale of securities. Market cap calculations are based on the free float adjusted market cap. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed. Specific securities identified and described to do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed were or will be profitable. Holdings are subject to change at any time. Sectors are based on Global Industry Classification (GICS) Sectors.

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Top Portfolio Changes September 2019

Top Portfolio Changes During the Period: 01/07/2019 to 30/09/2019 Security Name Country Sector

New

Pu

rcha

ses Hapvida Participacoes E Inve Brazil Health Care Intercorp Financial Services Peru Financials Apollo Hospitals Enterprise India Health Care Accton Technology Corp Taiwan Information Technology Grupo Sbf Sa Brazil Consumer Discretionary

Liqu

idat

ions

Psg Group Ltd South Africa Financials Makalot Industrial Co Ltd Taiwan Consumer Discretionary Chroma Ate Inc Taiwan Information Technology Bangkok Expressway And Metro Thailand Industrials Macquarie Korea Infra Fund South Korea Financials Individual securities listed in this report are for informational purposes only. Holdings are subject to change at any time. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed. Sectors are based on Global Industry Classification (GICS) Sectors.

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Portfolio Characteristics September 2019

William Blair SICAV - Emerging

Markets Small Cap Growth MSCI Emerging Markets Small

Cap (net) Difference Quality WB Quality Model (Percentile) 31 52 Return on Equity (%) 22.6 12.1 86% Cash Flow ROIC (%) 18.5 10.6 74% Debt/Equity (%) 46.3 71.8 -36% Growth WB Growth Model (Percentile) 22 41 Long-Term Growth (%)* 20.0 16.9 18% 5-Year Historic EPS Growth (%) 19.4 13.2 46% Reinvestment Rate (%) 15.5 8.2 89% Earnings Trend WB Earnings Trend Model (Percentile) 35 50 EPS Revision Breadth (%) 7.0 -1.3 8.3 Valuation WB Valuation Model (Percentile) 78 49 P/E (next 12 months) 20.8 11.8 77% Dividend Yield (%) 1.5 2.8 -45% Other WB Composite Model (Percentile) 47 50 Float Adjusted Weighted Average Market Cap ($m) 1,855 746 149% Number of Holdings 126 1,630 Active Share (%) 93 --

The index is comparable to the strategy in terms of investment approach but contains significantly more securities. Calculated in FactSet, with the exception of market cap and active share, which are calculated in Eagle. *This measure represents the weighted average of forecasted growth in earnings expected to be experienced by stocks within the portfolio over the next 3-5 years. This projected earnings growth should not be considered an indication of future performance. From a portfolio perspective, the portfolio P/E ratio and EPS Growth Rate are weighted averages of the individual holdings’ P/E ratios and EPS Growth Rates.

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Holdings

Portfolio Portfolio Portfolio Weight Weight Weight EM Asia 73.77 EM Asia (continued) EM Asia (continued)

Cambodia 1.25 India (continued) Taiwan (continued) Nagacorp Ltd 1.25 Godrej Properties Ltd 0.51 Chailease Holding Co Ltd 0.43 China 20.27 Dr Lal Pathlabs Ltd 0.50 Poya International Co Ltd 0.34 Li Ning Co Ltd 1.75 Havells India Ltd 0.47 Eclat Textile Company Ltd 0.20 Centre Testing Intl Group-A 1.60 Kei Industries Ltd 0.39 Powertech Technology Inc 0.07 Country Garden Services Hold 1.59 Vmart Retail Ltd 0.35 Sunny Friend Environmental T 0.04 Yihai International Holding 1.57 Phoenix Mills Ltd 0.34 Thailand 2.92 A-Living Services Co Ltd-H 1.21 Bata India Ltd 0.32 Tisco Financial-Foreign 1.15 Topchoice Medical Investme-A 1.20 Bandhan Bank Ltd 0.22 Muangthai Capital Pcl-Foreig 0.71 Jiangsu Hengli Hydraulic C-A 0.98 Endurance Technologies Ltd 0.15 Home Product Center Pcl-For 0.66 Hangzhou Tigermed Consulti-A 0.82 Indonesia 4.15 Toa Paint Thailand Pcl-For 0.40 Guangdong Haid Group Co-A 0.79 Ace Hardware Indonesia 1.72 EMEA 6.49 Offcn Education Technology-A 0.78 Pakuwon Jati Tbk Pt 1.03 Greece 0.67 Gsx Techedu Inc - Adr 0.75 Indofood Cbp Sukses Makmur T 0.71 Jumbo SA 0.67 Zhejiang Dingli Machinery -A 0.73 Bank Tabungan Pensiunan Nasi 0.70 Kenya 0.37 Jiajiayue Group Co Ltd-A 0.69 Philippines 2.87 Safaricom PLC 0.37 Silergy Corp 0.66 Security Bank Corp 1.14 Poland 2.04 Anhui Gujing Distillery Co-A 0.62 Intl Container Term Svcs Inc 0.74 Dino Polska SA 1.72 Avic Jonhon Optronic Tech-A 0.60 Wilcon Depot Inc 0.56 Cd Projekt SA 0.33 Zhejiang Supor Co Ltd -A 0.59 Bloomberry Resorts Corp 0.42 Russia 0.46 China East Education Holding 0.54 South Korea 4.59 Tcs Group Holding -Reg S 0.46 Toly Bread Co Ltd-A 0.54 Koh Young Technology Inc 1.11 South Africa 1.91 Jonjee High-Tech Industria-A 0.46 Korea Investment Holdings Co 0.97 Capitec Bank Holdings Ltd 1.03 Chacha Food Co Ltd-A 0.39 Fila Korea Ltd 0.83 Clicks Group Ltd 0.81 Logan Property Holdings Co L 0.37 Douzone Bizon Co Ltd 0.79 Santam Ltd 0.07 Jinxin Fertility Group Ltd 0.28 Jyp Entertainment Corp 0.67 United Arab Emirates 1.04 China Education Group Holdin 0.26 Dentium Co Ltd 0.22 Network International Holdin 1.04 Hua Hong Semiconductor Ltd 0.25 Taiwan 17.61 Latin America 18.61 Jiangsu Hengshun Vinegar I-A 0.23 Parade Technologies Ltd 1.47 Argentina 1.04 India 20.10 Sinbon Electronics Co Ltd 1.32 Globant SA 1.04 Hdfc Asset Management Co Ltd 1.62 Iteq Corp 1.28 Brazil 16.73 Berger Paints India Ltd 1.42 Tripod Technology Corp 1.13 Notre Dame Intermed Par SA 1.66 Astral Poly Technik Ltd 1.41 Taiwan Union Technology Corp 1.05 Cyrela Brazil Realty Sa Emp 1.57 Pidilite Industries Ltd 1.34 Feng Tay Enterprise Co Ltd 0.93 Magazine Luiza SA 1.46 Aarti Industries Limited 1.13 Bizlink Holding Inc 0.82 Totvs SA 1.38 Pvr Ltd 1.08 Voltronic Power Technology 0.80 Localiza Rent A Car 1.34 Srf Ltd 0.90 Nanya Technology Corp 0.78 Construtora Tenda SA 1.14 Varun Beverages Ltd 0.85 Elite Material Co Ltd 0.78 Hapvida Participacoes E Inve 1.11 Apollo Hospitals Enterprise 0.84 Accton Technology Corp 0.76 Tegma Gestao Logistica 1.06 Pi Industries Ltd 0.84 Aspeed Technology Inc 0.72 Grupo Sbf SA 0.94 Niit Technologies Ltd 0.80 Airtac International Group 0.70 Randon Participacoes Sa-Pref 0.86 City Union Bank Ltd 0.78 King Yuan Electronics Co Ltd 0.68 Irb Brasil Resseguros SA 0.84 Ipca Laboratories Ltd 0.76 Asmedia Technology Inc 0.67 Multiplan Empreendimentos 0.66 Gruh Finance Ltd 0.67 Giant Manufacturing 0.67 Iguatemi Emp De Shopping 0.58 Indraprastha Gas Ltd 0.67 Win Semiconductors Corp 0.57 Arco Platform Ltd - Class A 0.52 Info Edge India Ltd 0.59 Sporton International Inc 0.48 Cvc Brasil Operadora E Agenc 0.48 Titan Co Ltd 0.59 Taiwan Paiho Ltd 0.47 Odontoprev S.A. 0.44 Colgate Palmolive (India) 0.55 Globalwafers Co Ltd 0.46 Sul America Sa - Units 0.36

As of Date: 30/09/2019 Holdings are subject to change at any time. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

16

Holdings

Portfolio Weight

Latin America (continued) Brazil (continued) Bk Brasil Operacao E Assesso 0.31 Peru 0.84 Intercorp Financial Services 0.84

Cash 1.13 Total 100.00

As of Date: 30/09/2019 Holdings are subject to change at any time. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

17

Important Disclosures

The Fund, the Management Company and the Investment Manager This document has been prepared and issued by FUNDROCK MANAGEMENT COMPANY S.A., a "société anonyme", incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 33, rue de Gasperich, L-5826 Hesperange and registered in the R.C.S. Luxembourg under n° 104196 (the "Management Company"). The Management Company is authorised and regulated by the Luxembourg Supervisory Authority of the Financial Sector (the "CSSF") as the management company of UCITS (defined below) under the EU directive 2009/65/EC, as amended. The Management Company has been appointed as the management company of WILLIAM BLAIR SICAV, a "société d'investissement á capital variable", incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 31, Z.A.I. Bourmicht, Bertrange, registered in the R.C.S. Luxembourg under n° 98806 and approved by the CSSF as an undertaking for collective investment in transferable securities (UCITS) in accordance with the EU directive 2009/65/EC, as amended (the "Fund"). The Management Company has appointed WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC, the asset management business of WILLIAM BLAIR & COMPANY, LLC., having its registered office at The William Blair Building | 150 North Riverside Plaza, Chicago, Illinois 60606, US ("William Blair Group") as the investment manager for the Fund (the "Investment Manager").

Fund Distribution The Fund is currently registered for public offering only in the following countries: Austria, Denmark, Finland, France, Germany, Ireland, Luxembourg, Norway, Sweden, Switzerland and the UK. Therefore the Fund may not be registered to be marketed in your jurisdiction or may only be marketed to certain categories of investors in your jurisdiction.

Marketing Materials William Blair Group makes no representations that these marketing materials are appropriate or available for use in any jurisdiction. This document is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any laws or regulations applicable to the recipient. This document shall constitute a marketing communication only in the countries in which the Fund has been registered for public offering. In any other countries, laws and regulations may restrict the access to the present website. The access to the present website is not to be considered as marketing communication or as the marketing of the shares of the Fund if such access to such information and documentation through a website would be unlawful.

Fund Documents The Articles of Incorporation, the Prospectus, the Key Investor Information Documents (KIID), the Annual and Half-yearly Reports of the Fund and the Subscription Form are available free of charge in English and German from our website sicav.williamblair.com or at the registered office of the Management Company (33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg), at the registered office of the Fund (William Blair SICAV, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg) or from the Swiss representative, First Independent Fund Services Limited, Klausstrasse 33, CH-8008 Zurich, and in German language at Marcard, Stein & Co., Ballindamm 36, 20095 Hamburg, Germany, and at Bank of Austria Creditanstalt AG, Am Hof 2, 1010 Vienna, Austria.

Recipients of this Document The present document is not intended to be directed to those categories of investors to which the communication of this document would be unlawful in any country according to any applicable law or regulation. This document is intended for the use of the persons to whom it is addressed, being persons who are Professional Investors as defined in the Markets in Financial Instruments Directive (2004/39/EC), understood as financial advisers, insurance companies, asset managers, 18

Important Disclosures

discretionary wealth managers, banks and other authorized intermediaries. Therefore, its content should not be used by retail clients. These materials are not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as retail clients. William Blair Group does not accept responsibility for retail clients accessing information intended exclusively for Professional Investors.

No Investment Advice This document has been produced for information purposes only and is not to be construed as investment advice or a solicitation or an offer to purchase or sell investments or related financial instruments to any recipients. The investments in the Fund may not be suitable for all recipients. This document does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investment in financial products. Recipients of this document should make their own investment decisions based upon the Fund Documents listed above (which can be obtained free of charge) and in accordance with their own financial objectives and financial resources and, if in any doubt, should seek advice from independent professional advice as to risks and consequences of any investment

Risks - Recipients of this document should be aware of the risks detailed in this paragraph. Please be advised that any return estimates or indications of past performance on this document are for information purposes only. Past performance is not necessarily a guide to future performance and no assurance can be made that the profits will be achieved or that substantial losses will not be incurred. The value of shares and any income from them can increase or decrease. An investor may not get back the amount originally invested. Where investment is made in currencies other than the investor's base currency, the value of those investments, and any income from them, will be affected by movements in exchange rates. This effect could be unfavourable as well as favourable. Levels and bases for taxation may change. Further specific risks may arise in relation to specific investments and you should review the risk factors very carefully before investing. Intended risk profile of the Fund may change overtime. The Fund is designed for long-term investors. For the most current month-end performance information, please visit our web site at sicav.williamblair.com

William Blair's Opinion This document contains the opinions of William Blair, as at the date of issue based on sources believed to be reliable. However, William Blair does not guarantee the timeliness, accuracy, or completeness of the information contained in this document. All information and opinions may change without notice.

Property of William Blair This document is the property of William Blair and is not intended for distribution or dissemination, directly or indirectly, to any other persons than those to which it has been addressed exclusively for their personal use. It is being supplied to you solely for your information and may not be reproduced, modified, forwarded to any other person or published, in whole or in part, for any purpose without the prior written consent of William Blair.

Liability To the extent permitted by applicable law, William Blair will accept no liability for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this document or its contents. Copyright © 2019 William Blair & Company, L.L.C. "William Blair" is a registered trademark of William Blair & Company, L.L.C. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent. 19