William Blair SICAV - Emerging Markets Small Cap Growth Fund

NAV date Fund Name ISIN Security Type Country Sector Security Ccy Shares Market Value % of NAV

31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE769A01020 EQUITIES CHEMICALS AARTI INDUSTRIES LIMITED ARTO IN INR 165,306.00 2,050,971.38 1.17% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE09EO01013 EQUITIES INDIA FINANCIAL SERVICES AARTI SURFACTANTS LTD 1631322D IN INR 8,265.00 1,165.28 0.00% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0002345006 EQUITIES TAIWAN TELECOMMUNICATION EQUIPMENT ACCTON TECHNOLOGY CORP 2345 TT TWD 238,000.00 1,419,064.65 0.81% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ID1000125503 EQUITIES INDONESIA RETAIL ACE HARDWARE INDONESIA ACES IJ IDR 18,966,100.00 2,283,434.99 1.30% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG014081064 EQUITIES CAYMAN ISLANDS MISCELLANEOUS MACHINERY AIRTAC INTERNATIONAL GROUP 1590 TT TWD 132,000.00 1,810,418.61 1.03% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100002RY5 EQUITIES CHINA REAL ESTATE A-LIVING SERVICES CO LTD-H 3319 HK HKD 956,750.00 2,905,922.04 1.65% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE000000MD5 EQUITIES CHINA FINANCIAL SERVICES ANHUI GUJING DISTILLERY CO-A CNY 40,000.00 626,577.41 0.36% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE437A01024 EQUITIES INDIA HEALTHCARE SERVICES ENTERPRISE APHS IN INR 70,824.00 1,484,840.25 0.85% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG045531061 EQUITIES CAYMAN ISLANDS SOFTWARE ARCO PLATFORM LTD - CLASS A ARCE US USD 18,214.00 755,881.00 0.43% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0005269005 EQUITIES TAIWAN SEMICONDUCTORS ASMEDIA TECHNOLOGY INC 5269 TT TWD 21,000.00 338,036.79 0.19% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0005274005 EQUITIES TAIWAN COMPUTERS AND PERIPHERALS ASPEED TECHNOLOGY INC 5274 TT TWD 47,000.00 1,232,109.61 0.70% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE006I01046 EQUITIES INDIA IRON AND STEEL ASTRAL POLY TECHNIK LTD ASTRA IN INR 144,263.00 2,271,734.43 1.29% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000007T5 EQUITIES CHINA FINANCIAL SERVICES AVIC JONHON OPTRONIC TECHNOLOGY CO CNY1 CNY 171,200.00 980,393.87 0.56% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE545U01014 EQUITIES INDIA BANKS LTD BANDHAN IN INR 166,579.00 1,440,159.88 0.82% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ID1000142805 EQUITIES INDONESIA BANKS BANK TABUNGAN PENSIUNAN NASI BTPS IJ IDR 4,985,700.00 1,363,896.07 0.78% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE176A01028 EQUITIES INDIA PLASTICS AND RUBBER BATA INDIA LTD BATA IN INR 22,132.00 563,324.13 0.32% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE463A01038 EQUITIES INDIA CHEMICALS INDIA LTD BRGR IN INR 382,224.00 2,796,878.64 1.59% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG114741062 EQUITIES CAYMAN ISLANDS ELECTRONIC EQUIPMENT BIZLINK HOLDING INC 3665 TT TWD 196,000.00 1,336,050.17 0.76% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PHY0927M1046 EQUITIES PHILIPPINES LEISURE AND ENTERTAINMENT BLOOMBERRY RESORTS CORP BLOOM PM PHP 1,910,900.00 376,185.39 0.21% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRBRPRACNOR9 EQUITIES BRAZIL REAL ESTATE BR PROPERTIES SA BRPR3 BZ BRL 309,800.00 906,880.73 0.52% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ZAE000035861 EQUITIES SOUTH AFRICA FINANCIAL SERVICES CAPITEC BANK HOLDINGS LT CPI SJ ZAR 20,087.00 1,825,153.90 1.04% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PLOPTTC00011 EQUITIES POLAND SOFTWARE CD PROJEKT RED SA CDR PW PLN 8,876.00 585,670.84 0.33% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100000GV8 EQUITIES CHINA COMMERCIAL SERVICES CENTRE TESTING INTL GROUP-A 300012 C2 CNY 1,502,833.00 2,985,275.56 1.70% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG202881093 EQUITIES CAYMAN ISLANDS FINANCIAL SERVICES CHAILEASE HOLDINGS CO LTD 5871 TT TWD 176,190.00 795,852.43 0.45% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000011H2 EQUITIES CHINA FINANCIAL SERVICES CHANGZHOU XINGYU AUTOMOTIVE LI 601799 C1 CNY 73,000.00 881,450.82 0.50% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100001P27 EQUITIES CHINA RETAIL CHENGDU HONGQI CHAIN CO LT-A 002697 C2 CNY 803,500.00 974,759.92 0.56% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG2120T1004 EQUITIES CAYMAN ISLANDS FINANCIAL SERVICES CHINA EAST EDUCATION HOLDING 667 HK HKD 494,000.00 1,047,771.30 0.60% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG2163M1033 EQUITIES CAYMAN ISLANDS PUBLIC SERVICES CHINA EDUCATION GROUP HOLDIN 839 HK HKD 207,000.00 310,132.28 0.18% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE491A01021 EQUITIES INDIA BANKS LTD CUBK IN INR 418,625.00 1,251,265.10 0.71% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE259A01022 EQUITIES INDIA COSMETICS AND PERSONAL CARE COLGATE-PALMOLIVE INRP10 INR 42,685.00 932,814.51 0.53% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRTENDACNOR4 EQUITIES BRAZIL REAL ESTATE CONSTRUCTORA TENDA SA TEND3 BZ BRL 200,452.00 1,163,074.25 0.66% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG2453A1085 EQUITIES CHINA COMMERCIAL SERVICES COUNTRY GARDEN SERVICES HOLD 6098 HK HKD 911,000.00 3,098,304.67 1.76% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRCVCBACNOR1 EQUITIES BRAZIL LEISURE CVC BRASIL OPERADORA E AGENC CVCB3 BZ BRL 41,100.00 523,881.82 0.30% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRCYREACNOR7 EQUITIES BRAZIL REAL ESTATE CYRELA BRAZIL REALTY CYRE3 BZ BRL 449,900.00 3,029,990.32 1.73% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PLDINPL00011 EQUITIES POLAND RETAIL DINO POLSKA SA DNP PW PLN 72,566.00 2,829,977.05 1.61% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE600L01024 EQUITIES INDIA HEALTHCARE SERVICES DR LAL PATHLABS LTD DLPL IN INR 42,197.00 915,010.80 0.52% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7012510004 EQUITIES SOUTH KOREA SOFTWARE DUZONE BIZON CO LTD 012510 KS KRW 31,163.00 1,966,012.40 1.12% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0002383007 EQUITIES TAIWAN ELECTRONIC EQUIPMENT ELITE MATERIAL CO LTD 2383 TT TWD 318,000.00 1,331,943.80 0.76% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BREZTCACNOR0 EQUITIES BRAZIL REAL ESTATE EZ TEC EMPREENDIMENTOS E PAR EZTC3 BZ BRL 96,600.00 985,628.87 0.56% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0009910000 EQUITIES TAIWAN APPAREL FENG TAY ENTERPRISE CO LTD 9910 TT TWD 247,100.00 1,672,201.31 0.95% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7081660003 EQUITIES SOUTH KOREA APPAREL FILA KOREA LTD 081660 KS KRW 28,370.00 1,404,535.61 0.80% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0009921007 EQUITIES TAIWAN LEISURE AND ENTERTAINMENT GIANT MFG CO TWD10 TWD 120,000.00 890,919.12 0.51% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006488000 EQUITIES TAIWAN CONSTRUCTION AND BUILDING MATERIALS GLOBALWAFERS CO LTD 6488 TT TWD 166,000.00 1,990,442.09 1.13% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund LU0974299876 EQUITIES LUXEMBOURG IT CONSULTING AND SERVICES GLOBANT SA GLOB US USD 18,846.00 1,757,577.96 1.00% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE484J01027 EQUITIES INDIA REAL ESTATE INVESTMENT TRUST GODREJ PROPERTIES LTD GPL IN INR 58,139.00 817,078.72 0.47% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG410121084 EQUITIES CAYMAN ISLANDS REAL ESTATE INVESTMENT TRUST GREENTOWN SERVICE GROUP CO L 2869 HK HKD 174,000.00 197,849.74 0.11% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRCNTOACNOR5 EQUITIES BRAZIL RETAIL GRUPO SBF SA CNTO3 BZ BRL 286,600.00 1,923,764.50 1.10% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund US36257Y1091 EQUITIES CAYMAN ISLANDS SOFTWARE GSX TECHEDU INC- ADR GSX US USD 80,728.00 1,383,677.92 0.79% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100001KV8 EQUITIES CHINA COMMERCIAL SERVICES HANGZHOU TIGERMED CONSULTI-A 300347 C2 CNY 155,934.00 1,511,148.66 0.86% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRHAPVACNOR4 EQUITIES BRAZIL INSURANCE HAPVIDA PARTICIPACOES E INVE HAPV3 BZ BRL 140,900.00 1,975,160.98 1.12% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE127D01025 EQUITIES INDIA FINANCIAL SERVICES HDFC ASSET MANGD CO LTD HDFCAMC IN INR 54,897.00 2,315,554.27 1.32% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TH0661010015 EQUITIES THAILAND RETAIL HOME PRODUCT CENTER PCL-FOR HMPRO/F TB THB 1,600,800.00 911,863.06 0.52% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRIGTAACNOR5 EQUITIES BRAZIL REAL ESTATE INVESTMENT TRUST IGUATEMI EMP DE SHOPPING IGTA3 BS BRL 85,000.00 1,012,240.96 0.58% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund MYQ0166OO007 EQUITIES MALAYSIA SEMICONDUCTORS INARI AMERTRON BHD INRI MK MYR 2,092,600.00 986,578.03 0.56% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ID1000116700 EQUITIES INDONESIA FOOD SERVICES INDOFOOD CBP SUKSES MAKMUR TBK ICBP IJ IDR 1,904,800.00 1,577,488.69 0.90% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE203G01027 EQUITIES INDIA GAS LTD IGL IN INR 294,905.00 1,636,328.00 0.93% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE663F01024 EQUITIES INDIA EMPLOYMENT SERVICES (INDIA) LIMITED INFOE IB INR 34,405.00 1,236,944.04 0.70% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PAL2400671A3 EQUITIES PANAMA FINANCIAL SERVICES INTERCORP FINANCIAL SERVICES IFS US USD 19,289.00 804,929.97 0.46% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE646L01027 EQUITIES INDIA TRANSPORTATION INTERGLOBE AVIATION LTD INDIGO IN INR 21,094.00 433,050.41 0.25% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PHY411571011 EQUITIES PHILIPPINES COMMERCIAL SERVICES INTL CONTAINER TERM SVCS INC ICT PM PHP 530,150.00 1,240,075.03 0.71% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE571A01020 EQUITIES INDIA PHARMACEUTICALS IPCA LABOROTORIES LTD IPCA IN INR 99,102.00 1,369,294.32 0.78% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRIRBRACNOR4 EQUITIES BRAZIL INSURANCE IRB BRASIL RESSEGUROS SA IRBR3 BZ BRL 153,900.00 1,445,939.69 0.82% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006213002 EQUITIES TAIWAN ELECTRONIC EQUIPMENT ITEQ CORP 6213 TT TWD 436,000.00 2,220,070.58 1.26% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100002ZV4 EQUITIES CHINA FINANCIAL SERVICES JIAJIAYUE GROUP CO LTD-A 603708 C1 CNY 304,529.00 1,105,718.59 0.63% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000019R4 EQUITIES CHINA MACHINERY JIANGSU HENGLI HYDRAULIC C-A 601100 C1 CNY 220,600.00 1,217,902.17 0.69% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG5140J1013 EQUITIES CAYMAN ISLANDS HEALTHCARE SERVICES JINXIN FERTILITY GROUP LTD 1951 HK HKD 456,000.00 840,312.00 0.48% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE000000HK0 EQUITIES CHINA FINANCIAL SERVICES JONJEE HI TECH INDUSTRIAL & CO 600872 C1 CNY 128,000.00 808,194.05 0.46% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100002RT5 EQUITIES CHINA FINANCIAL SERVICES JUEWEI FOOD CO LTD-A 603517 C1 CNY 156,411.00 1,006,223.55 0.57% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund GRS282183003 EQUITIES GREECE RETAIL JUMBO SA BELA GA EUR 58,199.00 1,135,913.53 0.65% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7035900000 EQUITIES SOUTH KOREA LEISURE AND ENTERTAINMENT JYP ENTERTAINMENT CORP 035900 KS KRW 61,490.00 1,183,868.45 0.67% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE878B01027 EQUITIES INDIA ELECTRICAL EQUIPMENT KEI INDUSTRIES LIMITED NKEII IS INR 84,094.00 699,528.37 0.40% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7098460009 EQUITIES SOUTH KOREA SEMICONDUCTORS KHO YOUNG TECHNOLO 098460 KS KRW 32,368.00 2,617,920.31 1.49% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0002449006 EQUITIES TAIWAN SEMICONDUCTORS KING YUAN ELECTRON TWD10 TWD 1,129,000.00 1,418,645.80 0.81% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7071050009 EQUITIES SOUTH KOREA FINANCIAL SERVICES KOREA INVESTMENT HOLDINGS CO 071050 KS KRW 25,564.00 1,489,736.42 0.85% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG5496K1242 EQUITIES CAYMAN ISLANDS RETAIL LI NING CO LTD 2331 HK HKD 754,000.00 2,564,348.76 1.46% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRRENTACNOR4 EQUITIES BRAZIL COMMERCIAL SERVICES LOCALIZA RENT A CAR RENT3 BZ BRL 125,570.00 1,346,340.82 0.77% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRMGLUACNOR2 EQUITIES BRAZIL RETAIL MAGAZINE LUIZA SA MGLU3 BZ BRL 272,200.00 3,013,503.88 1.72% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TH6068010Y10 EQUITIES THAILAND FINANCIAL SERVICES MUANGTHAI CAPITAL PCL-FOREIG MTC/F TB THB 631,900.00 1,297,490.38 0.74% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRMULTACNOR5 EQUITIES BRAZIL ENGINEERING AND CONSTRUCTION MULTIPLAN EMPREENDIMENTOS MULT3 BZ BRL 159,000.00 1,155,676.67 0.66% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG6382M1096 EQUITIES CAYMAN ISLANDS LEISURE AND ENTERTAINMENT NAGACORP LTD 3918 HK HKD 1,324,000.00 2,412,818.89 1.37% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0002408002 EQUITIES TAIWAN SEMICONDUCTORS NANYA TECHNOLOGY CORPORATION 2408 TT TWD 497,000.00 1,142,886.29 0.65% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund GB00BH3VJ782 EQUITIES UNITED KINGDOM FINANCIAL SERVICES NETWORK INTERNATIONAL HOL-WI NETW LN GBP 142,966.00 1,001,883.35 0.57% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ZAE000134854 EQUITIES SOUTH AFRICA RETAIL NEW CLICKS HLDGS ZAR0.01(POST RECONS) ZAR 94,805.00 1,542,048.32 0.88% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE591G01017 EQUITIES INDIA IT CONSULTING AND SERVICES NIIT TECHNOLOGIES LTD NITEC IN INR 67,203.00 1,468,617.40 0.84% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRGNDIACNOR2 EQUITIES BRAZIL HEALTHCARE SERVICES NOTREDAME INTERMEDICA PAR SA GNDI3 BZ BRL 210,500.00 3,141,354.28 1.79% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRODPVACNOR4 EQUITIES BRAZIL INSURANCE ODONTOPREV S.A. ODPV3 BS BRL 45,200.00 168,041.57 0.10% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100001641 EQUITIES CHINA PUBLIC SERVICES OFFCN EDUCATION TECHNOLOGY-A 002607 C2 CNY 569,500.00 1,616,104.32 0.92% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund ID1000122500 EQUITIES INDONESIA REAL ESTATE INVESTMENT TRUST PAKUWON JATI TBK PT PWON IJ IDR 14,162,500.00 630,585.31 0.36% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG6892A1085 EQUITIES CAYMAN ISLANDS SEMICONDUCTORS PARADE TECHNOLOGIES LTD TWD 140,000.00 2,708,893.46 1.54% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE211B01039 EQUITIES INDIA REAL ESTATE INVESTMENT TRUST PHOENIX MILLS LTD PHNX IN INR 56,604.00 574,563.15 0.33% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE603J01030 EQUITIES INDIA CHEMICALS PI INDUSTRIES LTD PI IN INR 75,067.00 1,505,742.48 0.86% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE318A01026 EQUITIES INDIA MISCELLANEOUS MACHINERY LTD PIDI IN INR 109,186.00 2,163,645.55 1.23% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006239007 EQUITIES TAIWAN SEMICONDUCTORS POWERTECH TECHNOLOGY INC 6239 TT TWD 332,000.00 1,047,027.07 0.60% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0005904007 EQUITIES TAIWAN RETAIL POYA CO LTD 5904 TT TWD 40,000.00 549,925.74 0.31% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE191H01014 EQUITIES INDIA LEISURE AND ENTERTAINMENT PVR LTD PVRL IN INR 36,471.00 915,387.08 0.52% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000010Q5 EQUITIES CHINA FOOD QIAQIA FOOD CO LTD-A 002557 C2 CNY 180,460.00 857,771.13 0.49% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRRAPTACNPR4 EQUITIES BRAZIL AUTOMOBILE PARTS AND EQUIPMENT RANDON SA IMPLEMENTOS RAPT4 BZ BRL 681,400.00 1,770,396.38 1.01% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KR7218410009 EQUITIES SOUTH KOREA ELECTRONIC EQUIPMENT RFHIC CORP 218410 KS KRW 34,054.00 1,071,272.98 0.61% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0004968003 EQUITIES TAIWAN TELECOMMUNICATION EQUIPMENT RICHWAVE TECHNOLOGY CORP 4968 TT TWD 119,000.00 938,224.56 0.53% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KE1000001402 EQUITIES KENYA TELECOMMUNICATION SERVICES SAFARICOM LTD SAFCOM KN KES 2,322,100.00 668,787.44 0.38% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PHY7571C1000 EQUITIES PHILIPPINES BANKS SECURITY BANK CORP SECB PM PHP 497,640.00 1,953,453.57 1.11% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100001V60 EQUITIES CHINA OFFICE FURNISHINGS SHANGHAI M&G STATIONERY IN-A 603899 C1 CNY 161,100.00 1,142,907.84 0.65% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG8190F1028 EQUITIES CAYMAN ISLANDS ELECTRONIC EQUIPMENT SILERGY CORP 6415 TT TWD 57,000.00 1,606,611.01 0.91% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0003023008 EQUITIES TAIWAN ELECTRONIC EQUIPMENT SINBON ELECTRONINCS CO LTD 3023 TT TWD 562,000.00 2,270,858.23 1.29% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006146004 EQUITIES TAIWAN COMMERCIAL SERVICES SPORTON INTERNATIONAL INC 6146 TT TWD 123,000.00 767,727.87 0.44% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE647A01010 EQUITIES INDIA TEXTILES SRF LTD SRF IN INR 18,398.00 752,240.87 0.43% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRSULACDAM12 EQUITIES BRAZIL INSURANCE SUL AMERICA SA - UNITS SULA11 BZ BRL 52,600.00 640,694.47 0.36% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0008341009 EQUITIES TAIWAN ENVIRONMENT CONTROL AND SERVICES SUNNY FRIEND ENVIRONMENTAL T 8341 TT TWD 8,000.00 69,118.50 0.04% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0009938001 EQUITIES TAIWAN TEXTILES TAIWAN PAIHO LIMITED 9938 TT TWD 72,000.00 188,275.65 0.11% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006274004 EQUITIES TAIWAN ELECTRONIC EQUIPMENT TAIWAN UNION TECHNOLOGY CORP 6274 TT TWD 379,000.00 1,668,370.89 0.95% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRTGMAACNOR7 EQUITIES BRAZIL TRANSPORTATION TEGMA GESTAO LOGISTICA TGMA3 BZ BRL 234,300.00 1,839,694.09 1.05% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TH0999010Z11 EQUITIES THAILAND FINANCIAL SERVICES TISCO FINANCIAL FOREIGN TISCO/F TB THB 567,400.00 1,832,137.44 1.04% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE280A01028 EQUITIES INDIA RETAIL TITAN CO LTD TTAN IN INR 54,066.00 1,015,199.89 0.58% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TH8193010015 EQUITIES THAILAND CHEMICALS TOA PAINT THAILAND PCL-FOR TOA/F TB THB 690,400.00 1,028,910.02 0.59% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE100002524 EQUITIES CHINA FOOD TOLY BREAD CO LTD-A 603866 C1 CNY 131,740.00 828,070.00 0.47% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG8924B1041 EQUITIES CAYMAN ISLANDS APPAREL TOPSPORTS INTERNATIONAL HOLD 6110 HK HKD 656,000.00 791,123.31 0.45% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund BRTOTSACNOR8 EQUITIES BRAZIL SOFTWARE TOTVS SA TOTS3 BZ BRL 165,300.00 2,571,923.86 1.46% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0003044004 EQUITIES TAIWAN ELECTRONIC EQUIPMENT TRIPOD TECHNOLOGY CORP 3044 TT TWD 520,000.00 2,015,737.36 1.15% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE200M01013 EQUITIES INDIA BEVERAGES VARUN BEVERAGES LTD VBL IN INR 160,257.00 1,397,704.09 0.80% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund INE665J01013 EQUITIES INDIA MERCHANDISING VMART RETAIL LTD VMART IN INR 19,691.00 549,694.35 0.31% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0006409006 EQUITIES TAIWAN ELECTRICAL EQUIPMENT VOLTRONIC POWER TECHNOLOGY 6409 TT TWD 64,050.00 1,420,271.92 0.81% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund PHY9584X1055 EQUITIES PHILIPPINES FINANCIAL SERVICES WILCON DEPOT INC PHP1 WLCON PM PHP 2,895,900.00 941,598.99 0.54% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund TW0003105003 EQUITIES TAIWAN SEMICONDUCTORS WIN SEMICONDUCTORS CORP 3105 TT TWD 105,000.00 1,096,894.89 0.62% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000023R6 EQUITIES CHINA PHARMACEUTICALS YICHANG HEC CHANGJIANG PHARM 1558 HK HKD 61,000.00 375,219.50 0.21% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund KYG984191075 EQUITIES CHINA FOOD YIHAI INTERNATIONAL HOLDING 1579 HK HKD 391,000.00 2,664,566.39 1.52% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE1000023M7 EQUITIES CHINA MACHINERY ZHEJIANG DINGLI MACHINERY -A 603338 C1 CNY 143,898.00 1,253,628.32 0.71% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE000001KS5 EQUITIES CHINA FINANCIAL SERVICES ZHEJIANG SUPOR COOKWARE CO 002032 C2 CNY 97,569.00 1,033,168.04 0.59% 31-10-2019 William Blair SICAV - Emerging Markets Small Cap Growth Fund CNE000000MZ8 EQUITIES CHINA FINANCIAL SERVICES ZHONGYAN TEXTILE CORP CNY1 A O 600763 C1 CNY 138,600.00 1,954,768.27 1.11%

Cash and other assets less liabilities 2,029,745.59 1.16% Total Net Assets 175,590,225.34 100.00% Portfolio Holdings Disclaimer

Portfolio holdings are shown as of the date indicated. The portfolio holdings are provided on a delayed basis and will not necessarily represent all of the actual investments held by the relevant William Blair fund. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change at any time.

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 available from our website sicav.williamblair.com 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.

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Copyright © 2019 William Blair. William Blair is a registered trademark of William Blair & Company, L.L.C. “William Blair” refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates.