Global Leaders Fund Class R (USD)

William Blair SICAV - Global Leaders Fund

Class R (USD)

Portfolio Review

March 2021

Andrew G. Flynn, CFA, Partner Kenneth J. McAtamney, Partner ISIN: LU1664184295 Portfolio Managers

FOR PROFESSIONAL INVESTORS ONLY Summary & Outlook March 2021

Market Review +6.34% in the quarter). Investor sentiment was bolstered on positive economic data, specifically the Eurozone Global equities advanced in the first quarter (the MSCI manufacturing purchasing manager’s index (PMI) which ACWI IMI gained +5.14% in USD terms) amid increased rose to its record high level (62.5) as business activity optimism of vaccine rollouts and gradual reopening of rebounded in March. economies. The prospect of a return to normality coupled with an improving outlook for a strong economic recovery Emerging markets underperformed on a relative basis drove a sharp style rotation out of defensive technology (MSCI EM IMI +2.86%) primarily driven by weakness in names in favor of value-oriented stocks which had Latin America (-5.12%) and China (0.00%). Within Latin underperformed in 2020. This style rotation was evident in America, Brazil weighed on performance primarily due to a global sector performance, as Energy (+18.57%) and resurgence in new Covid infections, higher inflation Financials (+11.99%) significantly outperformed, while expectations and currency headwinds (the MSCI Brazil IMI Consumer Staples (-0.13%) and Health Care (+0.30%) declined 9.48% in US dollars and 1.65% in local terms). underperformed on a relative basis. Despite strong returns to start the year, Chinese equities

plunged in mid-February amid dampened investor US equities gained (+6.18% as measured by the MSCI USA sentiment over elevated valuations and concern over IMI) as investors welcomed news of additional federal tightening liquidity. spending to revive the economy. The $1.9 trillion Covid relief plan introduced by the newly inaugurated Biden administration promised additional stimulus for eligible Performance individuals as well as increased support for the national Underperformance versus the MSCI ACWI IMI index was vaccination program. Towards the end of the quarter, primarily driven by negative stock selection across most President Biden also introduced a $2 trillion infrastructure sectors. Stock selection within the Industrials sector was plan which emphasized the need to upgrade roads and particularly detrimental, led by underperformance in Nihon bridges in the US, while also seeking to address climate M&A Center and MTU Aero Engines. change. Nihon M&A is a high-quality Japanese growth company that European equities advanced (+4.25% as measured by the provides advisory services to small and medium-sized MSCI Europe IMI) despite a third wave of infections leading businesses facing succession-oriented challenges, which is to new lockdown measures across several major European common given Japan’s aging demographics. It is led by an countries. The UK has been one of the few exceptions entrepreneurial management team that has built an within Europe that has had some success with the vaccine attractive network of national relationships aimed at rollout, supporting outperformance (the MSCI UK gained

Summary & Outlook March 2021 identifying buyers and sellers and sourcing transactions. 20% range despite its significant size. Advertising revenue Management recently noted that with the second stage of trends ran ahead of expectations on continued strength in lockdowns related to COVID-19 in Japan, deal times could social media, and cloud revenue improved following extend. While this has weighed on near-term expectations, several quarters of delays due to COVID-19. we believe the long-term outlook remains unchanged as the company continues to benefit from structural tailwinds. It Our thesis for Alphabet is premised on the stability and is the dominant player in the market due to its extensive sustained leadership (85%+ global share) of core Google network, and continued strong execution should continue Search, where attractive underlying profitability enables to result in steady deal flow, attractive margins, and continued investment in the existing ecosystem and earlier- expanding returns. stage adjacencies. On a five year view, we expect 15% revenue growth (led by YouTube and Google Cloud) with MTU is one of the world’s largest manufacturers of aircraft upside optionality from under-monetized assets like Google engine modules with an installed base of 22,000 aircraft, Maps. Operating margins will likely be relatively flat over which is approximately 34% of the global non-military the next 2-3 years given continued investment in public aircraft fleet. MTU’s profit growth has been driven by its cloud and other tangential TAMs, but we have seen spare parts activity which generates most of its earnings. evidence of more disciplined cost control with moderating As secular growth in air traffic increases, demand for spare headcount growth and faster decision-making around non- parts and maintenance, repair and overhaul services will core investments. With stability in the core business and follow. The company communicated 2021 growth opportunities for profit enhancement in adjacencies intact, expectations that were below expectations, and as a result we believe valuation is attractive and fundamental shares were range-bound even as cyclically-oriented durability is as strong as ever. companies outperformed. Despite the near-term headwind, we continue to view MTU as having an attractive Positioning risk-reward tradeoff, with near-term upside as economic growth recovers post COVID-19. During the period, Industrials exposure was increased through the purchase of Ryanair. Ryanair is the largest low Partially offsetting these effects were positive stock cost carrier in Europe servicing approximately 240 selection in Communication Services and an overweight destinations in 40 countries. The company offers low fare, allocation to Industrials. Within Communication Services, no-frills flights primarily catering to leisure travelers, and Tencent and Alphabet boosted relative results. Tencent’s enjoys the lowest cost structure of all global airlines with a market dominance of the online Chinese ecosystem drives simple operating model and high productivity. Advantages its ability to monetize engagement across its platform, include point-to-point flying that maximizes aircraft which has resulted in a sustained growth rate in the mid productivity, single fleet operations that reduces costs,

Summary & Outlook March 2021 newer and more fuel efficient fleets, the use of lower cost Unlike the post-GFC recovery, this cycle will likely be secondary airports, and a more productive labor force. It driven by domestic demand, not relying on China’s stimulus has generated solid returns on capital that are amongst the to drive the global economy. best in global airlines, with fare revenue increasingly supplemented by ancillary revenues from offerings such as As we pass the one-year anniversary of the first several checked bag and early boarding fees. Ryanair has a strong weeks of the 2020 global lockdowns, we are seeing and improving market position that we feel will result in evidence of strong business and consumer activity with significant market share gains post the COVID-19 crisis. PMIs showing significant growth acceleration in the US and Coupled with a benign cost environment, we believe the Europe, and consumer spending accelerating in kind. This market is underestimating the earnings power of the continues from the already strong sequential growth company. The pandemic will likely depress reported demonstrated in the latter part of last year. returns, but the recovery should be swift and we expect strong cost control coupled with revenue growth to result This economic activity naturally leads to concerns about in ROIC returning to previous levels. inflation and interest rates. We believe that while inflation must increase from depressed levels, it will be driven by Information Technology exposure was reduced during the healthy growth and will likely remain in a manageable period by trimming positions in order to fund for attractive range of +2%-3%, without much risk of overshooting. risk-reward opportunities. Think of this as reflation back to normal long-term historic levels, rather than overheating to levels of concern. From a geographic perspective, notable adjustments were increases to Developed Europe, offset by decreases to In a related manner, interest rates should continue to creep Japan. The portfolio's weighting in Emerging Markets up as well, but again this is a bounce from unusually low approximated +10.5% at the end of the period modestly levels, or what can be characterized as a “reasonable” move below the 11% weighting at the beginning of the period. in rates.

Outlook For corporations, the focus will be on earnings growth and leverage to the economic cycle. While consensus earnings The economy and stock market are behaving as expected estimates have been inching up, we believe analysts largely thus far in 2021. We’ve been referring to the post- under-appreciate the magnitude of profit growth we will pandemic economy as the “Mother of All Recoveries” see this year. (MOFAR), with yearly growth at a level not seen in decades. And we expect this recovery/expansion cycle to ultimately Cyclical areas of the economy—consumer and industrial be measured in years not months or quarters. alike—will likely have the greatest upside potential to

Summary & Outlook March 2021 estimates this year. Industrial sectors like machinery and contract. The result is a tempering of the multiple gap building products, and consumer services such as travel between classic Growth stocks as compared to Value and leisure are most interesting to us. stocks. Broad-based, abundant growth also reduces the scarcity premium for those special companies who are in It’s important to put this into context of what the market greater control of their own destiny regardless of the expects in the form of valuations. In an economic recovery economic climate. Many observers have commented about the market typically rewards economically-sensitive stocks, the unsustainably wide margin between the two, and it is with little regard to earnings quality or longevity. These not surprising to now see a bit of a contraction. stocks are typically cheap relative to the rest of the stock market. This current relationship between the economy and style performance is consistent with past cycles, and thus we That is precisely what we began to see in the middle of the believe it will be a difficult period for our investment style fourth quarter, post the announcement of vaccine which targets companies with high and sustainable long- approvals and the result of the US presidential election. term growth. Most of our investment strategies The market was collectively relieved enough to start underperformed their broad core benchmarks during the pricing in strong economic growth. This has continued quarter but fared much better compared to growth indices. apace in 2021, as mentioned previously. As the economy moves from recovery to expansion, these With higher interest rates, the value of future corporate headwinds should become much more manageable. We cash flows are reduced as well; and as expected, we are look forward to the Mother of All Recoveries quickly giving seeing the valuation multiples of long-duration earners way to what might be the Mother of All Expansions.

Market Performance March 2021 QTD 2020 2019 2018 AC World (DM+EM) 5.1 16.3 26.4 -10.1 Developed Markets (DM) 5.5 15.9 27.5 -9.4 Pacific ex JP 4.5 8.5 18.3 -11.2 Japan 1.9 13.1 19.6 -13.5 Europe ex UK 3.6 12.1 25.0 -15.7 UK 6.3 -9.0 23.2 -15.0 Canada 9.5 6.9 27.9 -17.6

Regions USA 6.2 20.5 30.4 -5.7 Emerging Markets (EM) 2.9 18.4 17.6 -15.0 Asia 2.9 28.5 17.8 -15.9 EMEA 8.1 -5.6 15.8 -16.8 Latin America -5.1 -14.1 19.4 -7.2 Frontier Markets (FM) 1.8 2.1 13.8 -16.6

Large Cap 4.4 16.5 26.7 -8.6 Small Cap 9.2 16.3 24.7 -14.4

Communication Svcs 6.6 23.2 24.2 -10.9 Discretionary 4.0 34.5 26.8 -9.8 Staples -0.1 8.5 20.8 -10.5 Energy 18.6 -28.4 11.6 -14.9 Financials 12.0 -3.5 22.9 -15.7 Healthcare 0.3 17.5 23.2 1.2

Sectors Industrials 8.3 12.2 26.7 -15.5 IT 2.0 45.2 46.5 -6.2 Materials 6.9 21.5 20.0 -17.3 Real Estate 5.6 -6.4 24.6 -7.8 Utilities 1.0 4.1 21.3 0.9

Quality -3.6 -5.4 5.6 13.9 Valuation 10.3 -17.4 -0.1 2.4 Etrend 5.6 13.8 5.2 5.4

StyleMomentum Size 0.5 24.6 4.9 3.4 Growth -5.8 10.5 4.1 -3.0 Composite 4.4-6.64.311.9 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. 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. Name change from Telecommunication Services to Communication Services effective after close of business on 28/9/18; industry and subindustry reclassifications effective 1/10/18.

Portfolio Performance March 2021

Since Periods ended 31/03/2021 Quarter 1 Year Inception* William Blair SICAV - Global Leaders Fund (Class R) 1.20% 63.80% 17.54% MSCI ACWI IMI (net) 5.14% 57.58% 13.02%

*Inception 04/10/2018

The MSCI All Country World IMI Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and 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 our Web site 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.

Performance Analysis (by Sector) March 2021 The table below shows the calculated sector attribution of the William Blair SICAV - Global Leaders Fund portfolio vs. its benchmark.

William Blair SICAV - Global Leaders Fund vs. MSCI ACWI IMI (net) 01/01/2021 to 31/03/2021

William Blair SICAV - Global Leaders MSCI ACWI IMI (net) Attribution Analysis Fund Issue Average Total Contrib to Average Total Contrib to Allocation Selection Total GICS Sector Weight Return Return Weight Return Return Effect Effect Effect Communication Services 7.4% 12.7% 0.9% 8.7% 6.6% 0.6% 0.0% 0.4% 0.5% Consumer Discretionary 18.7% 1.8% 0.3% 13.1% 4.0% 0.5% -0.1% -0.4% -0.5% Consumer Staples 1.5% 9.4% 0.1% 6.7% -0.1% 0.0% 0.3% 0.1% 0.4% Energy 0.0% 0.0% 0.0% 3.2% 18.6% 0.5% -0.4% 0.0% -0.4% Financials 7.6% 3.2% 0.2% 13.7% 12.0% 1.6% -0.4% -0.7% -1.1% Health Care 13.7% -2.6% -0.4% 11.7% 0.3% 0.0% -0.1% -0.4% -0.5% Industrials 20.1% -1.4% -0.2% 10.7% 8.3% 0.9% 0.3% -1.9% -1.5% Information Technology 25.2% 0.7% 0.3% 20.7% 2.0% 0.4% -0.1% -0.2% -0.3% Materials 1.7% -6.5% -0.1% 5.3% 6.9% 0.4% -0.1% -0.2% -0.3% Real Estate 0.9% 7.5% 0.1% 3.4% 5.6% 0.2% 0.0% 0.0% 0.0% Utilities 0.9% -3.1% 0.0% 2.8% 1.0% 0.0% 0.1% 0.0% 0.1% Cash 2.3% - 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 100.0% 1.5% 1.5% 100.0% 5.1% 5.1% -0.4% -3.2% -3.6%

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.

Performance Analysis (by Region) March 2021 The table below shows the calculated regional attribution of the William Blair SICAV - Global Leaders Fund portfolio vs. its benchmark.

William Blair SICAV - Global Leaders Fund vs. MSCI ACWI IMI (net) 01/01/2021 to 31/03/2021

William Blair SICAV - Global MSCI ACWI IMI (net) Attribution Analysis Leaders Fund Issue Average Total Contrib to Average Total Contrib to Allocation Selection Total Region Weight Return Return Weight Return Return Effect Effect Effect

Pacific Ex Japan 5.2% -1.0% -0.1% 3.3% 4.2% 0.1% 0.0% -0.3% -0.3% Japan 5.9% -13.3% -0.8% 7.1% 1.9% 0.1% 0.0% -1.0% -0.9% Europe+ME Ex U.K. 24.5% 4.6% 1.2% 14.0% 3.8% 0.5% -0.1% 0.3% 0.2% U.K. 3.5% 0.6% 0.0% 4.1% 6.3% 0.3% 0.0% -0.2% -0.2% W Hemisphere 1.3% -11.7% -0.2% 2.9% 9.2% 0.3% -0.1% -0.3% -0.4% United States 45.9% 1.5% 0.7% 55.1% 6.2% 3.4% -0.1% -2.1% -2.2% EM Asia 9.5% 4.8% 0.5% 10.7% 2.9% 0.3% 0.0% 0.2% 0.3% EMEA 0.0% 0.0% 0.0% 1.6% 8.1% 0.1% 0.0% 0.0% 0.0% Latin America 1.8% -6.2% -0.1% 1.1% -5.6% -0.1% -0.1% 0.0% -0.1% Cash 2.3% - 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 100.0% 1.5% 1.5% 100.0% 5.1% 5.1% -0.3% -3.4% -3.6%

Top Contributors/Detractors March 2021 The tables below show the top contributors and detractors for the William Blair SICAV - Global Leaders Fund portfolio vs. its benchmark.

Top Five Contributors (%) for the Period: 01/01/2021 to 31/03/2021 Issuer Sector Country Contribution To Relative Return Evolution Gaming Group AB Consumer Discretionary Sweden 0.22 DSV PANALPINA A/S Industrials Denmark 0.21 Atlas Copco AB Industrials Sweden 0.20 Alphabet Inc Communication Services United States 0.16 Infineon Technologies AG Information Technology Germany 0.16

Top Five Detractors (%) for the Period: 01/01/2021 to 31/03/2021 Issuer Sector Country Contribution To Relative Return Nihon M&A Center Inc Industrials Japan -0.44 Keyence Corp Information Technology Japan -0.34 Lonza Group AG Health Care Switzerland -0.25 Lululemon Athletica Inc Consumer Discretionary Canada -0.23 MTU Aero Engines AG Industrials Germany -0.22

Index: MSCI ACWI IMI (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 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.

Portfolio Positioning March 2021

Regional Exposure Sectoral Exposure

7.2 5.3 Communication Services Asia Ex-Japan 0.1 8.6 -0.3 3.3 18.7 Consumer Discretionary 5.4 13.0 0.2 Japan -1.1 6.9 1.6 Consumer Staples 6.7 0.1 26.5 Europe+ME Ex U.K. 2.5 -- Energy 14.0 3.3 0.0 3.7 7.9 United Kingdom 0.6 Financials 0.5 4.1 14.2 13.7 1.2 Health Care -0.5 Western Hemisphere -0.2 11.4 3.0 21.0 Industrials 1.5 45.6 11.0 United States -1.4 24.7 55.8 Information Technology -1.6 20.3 8.9 EM Asia -0.3 1.7 Materials -0.1 10.2 5.3 -- 0.9 EMEA 0.0 Real Estate 0.0 1.7 3.4 0.9 0.0 1.6 Utilities Latin America 0.0 2.8 1.1 -- Other 0.0 1.7 0.0 Cash & Equivalents 0.2 1.7 -- Cash & Equivalents 0.2 -- William Blair Sicav - Global Leaders Fund William Blair Sicav - Global Leaders Fund MSCI ACWI IMI (net) Portfolio Diff Previous QTR Portfolio Diff Previous QTR MSCI ACWI IMI (net)

Source: William Blair. As of Date: 31/03/2021 Cash & Equivalents includes: cash and dividend accruals.

Top Holdings by Market Cap March 2021 The table below shows the William Blair SICAV - Global Leaders Fund portfolio’s largest holdings as of 31/03/2021 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.

% of Total % of Total Net Assets in Net Assets in Country Sector Portfolio Index* Large Cap(>$20b) 85.6% 68.6% Alphabet Inc United States Communication Services 3.0% 1.7% Amazon.com Inc United States Consumer Discretionary 2.8% 1.9% Mastercard Inc United States Information Technology 2.7% 0.4% Infineon Technologies AG Germany Information Technology 2.6% 0.1% Taiwan Semiconductor Taiwan Information Technology 2.6% 0.7% Manufactu

Mid Cap($5-20b) 13.9% 18.7% Ulta Beauty Inc United States Consumer Discretionary 1.9% 0.0% MTU Aero Engines AG Germany Industrials 1.7% 0.0% Aristocrat Leisure Ltd Australia Consumer Discretionary 1.6% 0.0% Charles River Laboratories Int United States Health Care 1.6% 0.0% Nihon M&A Center Inc Japan Industrials 1.6% 0.0%

Small Cap(<$5b) 0.6% 12.7% Rational AG Germany Industrials 0.6% 0.0%

*Index: MSCI ACWI IMI (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.

Top Portfolio Changes March 2021

Top Portfolio Changes During the Period: 01/01/2021 to 31/03/2021

Security Name Country Sector Ryanair Holdings Plc-Sp Adr Ireland Industrials

New Purchases Lockheed Martin Corp United States Industrials

Liquidations

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.

Portfolio Characteristics March 2021

William Blair SICAV - Global Leaders Fund MSCI ACWI IMI (net) Difference Quality WB Quality Model (Percentile) 23 34 Return on Equity (%) 17.3 14.0 24% Cash Flow ROIC (%) 20.2 19.4 4% Debt/Equity (%) 74.9 99.6 -25% Growth WB Growth Model (Percentile) 44 52 Long-Term Growth (%) 18.4 14.6 26% 5-Year Historic EPS Growth (%) 15.9 13.9 15% Reinvestment Rate (%) 16.6 14.0 18% Earnings Trend WB Earnings Trend Model (Percentile) 44 40 EPS Revision Breadth (%) 2.0 6.6 -4.6 Valuation WB Valuation Model (Percentile) 86 65 P/E (next 12 months) 33.5 19.6 71% Dividend Yield (%) 0.6 1.7 -67% Other WB Composite Model (Percentile) 46 40 Float Adjusted Weighted Average Market Cap ($m) 212,313 220,118 -4% Number of Holdings 68 8,930 Active Share (%) 85 --

Characteristics have been calculated by William Blair.

Please refer to the ‘Important Disclosures’ section of this document for further information on investment risks and returns.

Holdings March 2021

Portfolio Portfolio Portfolio Country Weight Country Weight Country Weight COMMUNICATION SERVICES 7.22 HEALTH CARE (continued) INFORMATION TECHNOLOGY (continued) Alphabet Inc-Cl A United States 2.97 Novo Nordisk A/S-B Denmark 1.14 Workday Inc-Class A United States 1.56 Facebook Inc-Class A United States 2.34 Edwards Lifesciences Corp United States 1.01 Fidelity National Info Serv United States 1.35 Tencent Holdings Ltd China 1.90 Intuitive Surgical Inc United States 0.97 Keyence Corp Japan 1.25 CONSUMER DISCRETIONARY 18.70 Csl Ltd Australia 0.96 Adobe Inc United States 1.20 Amazon.Com Inc United States 2.75 Veeva Systems Inc-Class A United States 0.62 Adyen NV Netherlands 1.03 Alibaba Group Holding Ltd China 2.03 Fisher & Paykel Healthcare C New Zealand 0.40 Globant SA Argentina 0.94 Compass Group PLC United Kingdom 1.91 INDUSTRIALS 21.04 Atlassian Corp Plc-Class A Australia 0.83 Ulta Beauty Inc United States 1.90 Airbus Se France 2.47 Halma PLC United Kingdom 0.40 Lvmh Moet Hennessy Louis Vui France 1.78 Atlas Copco Ab-A Shs Sweden 1.95 MATERIALS 1.68 Aptiv PLC Ireland 1.72 Dsv Panalpina A/S Denmark 1.78 Ecolab Inc United States 0.93 Aristocrat Leisure Ltd Australia 1.61 Union Pacific Corp United States 1.71 Chr Hansen Holding A/S Denmark 0.75 Nike Inc -Cl B United States 1.50 Mtu Aero Engines AG Germany 1.66 REAL ESTATE 0.93 Lululemon Athletica Inc Canada 1.21 Ryanair Holdings Plc-Sp Adr Ireland 1.64 Prologis Inc United States 0.93 Evolution Gaming Group Sweden 0.84 Nihon M&A Center Inc Japan 1.53 UTILITIES 0.88 Shenzhou International Group China 0.75 Daikin Industries Ltd Japan 1.50 Nextera Energy Inc United States 0.88 Mercadolibre Inc Argentina 0.69 Roper Technologies Inc United States 1.27 Cash 1.72 CONSUMER STAPLES 1.63 Smc Corp Japan 1.14 Total 100.00 Estee Lauder Companies-Cl A United States 1.63 Costar Group Inc United States 0.97 FINANCIALS 7.88 Indutrade AB Sweden 0.76 Partners Group Holding AG Switzerland 1.73 Allegion PLC Ireland 0.76 Hdfc Bank Ltd-Adr India 1.73 Experian PLC United Kingdom 0.75 Blackrock Inc United States 1.57 Rentokil Initial PLC United Kingdom 0.61 Aia Group Ltd Hong Kong 1.53 Rational AG Germany 0.55 Intercontinental Exchange In United States 1.32 INFORMATION TECHNOLOGY 24.66 HEALTH CARE 13.66 Mastercard Inc - A United States 2.67 Unitedhealth Group Inc United States 1.88 Infineon Technologies AG Germany 2.59 Charles River Laboratories United States 1.55 Taiwan Semiconductor-Sp Adr Taiwan 2.51 Thermo Fisher Scientific Inc United States 1.40 Microsoft Corp United States 2.44 Lonza Group Ag-Reg Switzerland 1.24 Salesforce.Com Inc United States 2.07 Zoetis Inc United States 1.24 Hexagon Ab-B Shs Sweden 2.05 Idexx Laboratories Inc United States 1.23 Paypal Holdings Inc United States 1.74

As of Date: 31/03/2021 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. Important Disclosures GENERAL INFORMATION

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. Both past performance and yield may not be a reliable guide to future performance. The value of investments and income from them may fall as well as rise and investors may not get back the full amount invested. 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.

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. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as investment advice, offer or a recommendation to buy or sell any particular security or product.

Any discussion of particular topics is not meant to be complete, accurate, comprehensive or up-to-date and may be subject to change. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Information and opinions expressed are those of the author and may not reflect the opinions of other investment teams within William Blair. Information is current as of the date appearing in this material only and subject to change without notice.

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. The most current month-end performance information is available on sicav.williamblair.com.

FUND INFORMATION

The SICAV has appointed FUNDROCK MANAGEMENT COMPANY S.A., a "société anonyme" incorporated under the laws of the Grand Duchy of Luxembourg and having its registered office at 33, rue de Gasperich, L-5826 Hesperange as its management company (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,

Important Disclosures 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, having its registered office at 150 North Riverside Plaza Chicago, IL 60606-1598, USA ("William Blair Group") as the investment manager for the Fund (the "Investment Manager").

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.

This is a marketing document and does not contain personalized recommendations or investment advice. 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.

William Blair makes no representations that this document or any contents contained on it are appropriate or available for use in any jurisdiction. This information 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 user. The SICAV Fund is currently registered for marketing in: Austria, Denmark, Finland, France, Germany, Ireland, Luxembourg, Norway, Singapore, Spain, Sweden, Switzerland and the UK. Therefore the SICAV Fund is either not registered to be marketed in your jurisdiction or may only be marketed or offered to professional investors in your jurisdiction.

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 © 2021 William Blair. "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.