William Blair Emerging Markets Small Cap Growth Fund Class I

The primary objective of this fund is to achieve substantial capital appreciation over the long term. Under normal market conditions, the fund allocates at least 80% of its net assets, along with any investment borrowings, to the equity holdings of small-capitalization companies within developing economies. It primarily constructs a diversified portfolio consisting of various equity instruments, including common stocks and securities convertible into common stocks, issued by these smaller emerging market firms. The Adviser specifically targets companies believed to demonstrate superior growth potential, robust profitability, and high overall quality.