FOR PROFESSIONAL INVESTORS ONLY

William Blair SICAV - Global Leaders Fund Class I (USD) Portfolio Review

June 2020

Andrew G. Flynn, CFA, Partner Kenneth J. McAtamney, Partner ISIN: LU0319080601 Portfolio Managers

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Summary & Outlook June 2020

Market Review Global equities rebounded strongly and market volatility moderated in the second quarter as the MSCI ACWI IMI advanced 19.83%—recovering a significant portion of the pandemic-induced selloff during March. While concerns over the economic impact of the coronavirus remain, investors were encouraged by the massive stimulus measures from governments and central banks. Significant monetary and fiscal responses coupled with the gradual resumption of business activity led to a broad equity rally across both developed and emerging markets. U.S. equities strengthened during the second quarter (MSCI USA IMI +22.10%) despite the precipitous decline in economic activity, which included a significant rise in unemployment claims. The U.S. unemployment rate reached a record high in April of 14.7% before falling back to 11.1% as of June 30 amid the gradual reopening of businesses across the country. Despite the extraordinary amount of monetary firepower unleashed by the Fed, Chairman Powell maintained his commitment not to follow the path of other central banks and introduce negative policy rates. European equities advanced during the quarter (MSCI Europe ex-UK IMI +18.45%) with major countries indicating progress towards lowering the rate of new coronavirus infections. German equities surged (+26.75%) on the announcement from Chancellor Angela Merkel that efforts were being made to inject a second stimulus package into the economy. Autos and other manufacturers rallied on the news. Across other primary developed markets, the UK (+8.77%) and Japan (+11.82%) were notable laggards during the quarter.

Emerging markets rebounded in the second quarter (MSCI EM IMI +18.93%), driven by strength in South Africa (+26.78%), Brazil (+23.83%) and Taiwan (+23.38%). After depreciating significantly in the first quarter, emerging market currencies such as the South African Rand and the Mexican Peso stabilized in the second quarter. China underperformed on a relative basis (+15.22%) amid a reescalation of political tensions with the U.S., as the Senate passed legislation that would potentially ban Chinese companies from listing on American exchanges. Performance Second quarter outperformance versus the MSCI ACWI IMI index was primarily driven by positive stock selection across most sectors. The Industrials, Information Technology, and Communication Services sectors were the most notable sources of relative return. Within Industrials, Nihon M&A Center propelled relative performance as the company’s pipeline of deals and capacity to manage them has continued to expand. Nihon M&A Center is a high-quality Japanese growth company that provides advisory services to small and medium sized businesses facing succession-oriented challenges, which is common given Japan’s aging demographics. It is led by an entrepreneurial management team that has built an attractive network of national relationships aimed at identifying buyers and sellers and sourcing transactions, and the growth outlook remains robust. PayPal Holdings, a leader in digital payments within Information Technology, was an additional source of outperformance. While first quarter results were softer than expected due to COVID-19 related impacts in March, strong acceleration in volume and revenue growth returned in April. PayPal’s global two-

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Summary & Outlook June 2020

sided network creates a superior competitive position online. An attractive value proposition delivers quick, easy, and secure checkout for consumers, and meaningfully higher conversation rates and lower fraud risks for merchants, resulting in pricing power. Within the Communication Services, Facebook contributed to relative results. Revenue remained near all-time highs in absolute dollars despite the steep drop off in ad demand in March due to the COVID-19 pandemic. Heightened engagement on the platform continues and underlying, incremental profitability remains healthy. Partially offsetting these effects was negative stock selection within the Consumer Discretionary and Utilities sectors coupled with an underweight to the Materials sector. Within Consumer Discretionary, Compass Group weighed on relative returns. Compass is the global leader in outsourced foodservice and other support services to private businesses, schools and colleges, hospitals, and in remote environments. It is benefiting from the ongoing trend toward outsourcing foodservice and hospitality services globally. Given the COVID-19 pandemic, the narrative around contract caterers is fairly negative due to work from home dynamics, social distancing, and a challenging macro backdrop. However, as volumes recover and people gain comfort that the business model remains intact, we expect the stock will reflect the long-term earnings power of the business. Current estimates do not account for an acceleration of market share gains as business shifts away from competitors with weaker offerings, the demand for outsourcing increases due to health and safety concerns, or any upside from M&A, which we anticipate the company will take an active role in. NextEra Energy, within the Utilities sector, reported better-

than-expected first quarter results but failed to keep up with the broad market. NextEra operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. It is among the best run and highest growth utility companies in the industry. We continue to see this type of integrated utility with growth exposure as advantaged in 2020 vs purely regulated, yield-oriented peers. Positioning During the second quarter Information Technology exposure was increased through the purchases of Workday, Adyen, and Atlassian. Workday is a leader in cloud software solutions. Initially the company focused on its human capital management offering, but has now broadened its reach with a focus on the financials part of cloud which has a total addressable market twice as large as the human capital management business. Once this unique architecture shift to the cloud is exploited with a product that can be constantly updated, companies are less likely to switch vendors of such embedded back-office software. Over 45% of customers make add-on purchases within one year of going live. At least half of the human capital management business market and three-quarters of the Financials market has yet to shift to cloud applications, providing an opportunity to disrupt incumbencies and produces strong growth. Adyen is an innovative global payment service provider with focus on large merchant online payments and is well positioned to benefit from the accelerating shift to online due to its best-in-class technology and product differentiation, and is investing to drive share gains and support long-term growth and innovation. Atlassian is a

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Summary & Outlook June 2020

software company that produces tools to help developers, IT service professionals, and others track issues and projects, and collaborate more efficiently. These tools enable more efficient and faster digital transformation. Broadening growth and a diversified customer base support the durability and longer-term duration of its competitive advantage. Health Care and Financials exposure was reduced during the period by trimming existing positions for better risk/reward opportunities. From a geographic perspective, notable adjustments were increases to Developed Europe, offset by decreases to Emerging Asia and the U.S. The portfolio's weighting in Emerging Markets approximated 11% at the end of the period, down modestly from 12% at the beginning of the period. Outlook Following the peak of the pandemic and related lock-down, economic activity accelerated strongly in June in China, Europe and the U.S., including both manufacturing and services. Our preferred supply side indicator—orders in excess of inventories— registered double-digit improvement in the Euro Area and is already back to positive territory in the U.S. Crucially, a rebound in new orders drove the improvement. Unprecedented fiscal support efforts, combined with healthy corporate and household balance sheets at the start of the pandemic-induced recession, point to a continued strong sequential recovery, although we do not expect either GDP or corporate profits to recover to pre-pandemic levels this year.

China, Europe and the U.S. followed somewhat different approaches to containing the spread of the virus. These differences may impact the recovery trajectory and speed in each of these major global demand centers, with the U.S. lagging and likely to continue to fall behind given the resurgence of cases. The market recovery we have seen has been driven by liquidity. Major central banks acted early and decisively, such that periods of funding stress typical in acute and sudden recession were fleeting. Domestic financial conditions are normalizing rapidly and both the U.S. Fed and Europe’s ECB have assured the markets that they will remain committed to eliminating pockets of funding stress wherever necessary. In China, the PBoC has aggressively increased liquidity provisions, such that the total credit impulse in the economy is now among the strongest we have seen in a decade. Importantly, funding conditions remain adequate for the vast majority of Emerging Market economies, supported by ample dollar liquidity and lower oil prices. From a corporate performance perspective, new economy digital business models proved more defensive and more resilient amid the pandemic-induced collapse in economic activity. While the majority of S&P 500 companies saw year-on-year revenue declines in excess of 10%, the fastest growers clocked in double digit gains. This widening performance differential is particularly interesting to us as investors in industry leading growth companies. While valuation multiples appear inflated due to depressed earnings, this is largely consistent with historical recovery environments. Looking forward, however, successful containment of the virus, combined with improving

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Summary & Outlook June 2020

prospects for an effective vaccine, are likely to pave the way for a broadening of market leadership to include more traditional cyclical companies as their earnings begin to stabilize and reaccelerate. This will be the ultimate catalyst to see a style reversal in the market, where the valuation differentials of high growth companies relative to all others will likely compress. We are monitoring this closely. Given that backdrop and this period of high uncertainty, we are focused on understanding the durability of the competitive advantage of those “digital winners”, trying to understand the nature of the acceleration of their growth; and how much of that future success is priced into the stocks. Electronic payments are a key focus area in that context. On the other hand, we are also interested in some of the more compelling structural growth companies in cyclical industries who have been particularly impacted by the economic slowdown. While there may be limited visibility in sight, many of these stocks remain quite depressed and may represent a significant valuation as well as growth opportunity when activity normalizes. Air travel and aerospace manufacturing companies are good examples. Some additional detail on electronic payments and aerospace opportunities are summarized below. Electronic Payments The adoption of digital, electronic and cashless payments is not a new story. It has been a decades-long phenomena, pre-dating e-commerce. But online shopping has been a massive catalyst, as have mobile penetration, availability of better and easier payment solutions, and evolving consumer habits/preference. Not to mention cleanliness.

All of which were in place long before COVID-19. Perhaps not surprisingly, we have material exposure to the payments industry, both direct and indirect, in most of our investment strategies. Prior to this year, electronic payments growth and penetration had been steadily increasing, growing ~2x GDP in many major economies, including North America. McKinsey calculates that mobile transactions in China grew at a +123% CAGR from ’13-’18. During the pandemic-related closures, both consumers and merchants have increasingly adopted digital payments as they adjust to the realities of this new world. Mastercard reported “card-not-present” transactions as a percentage of total volumes in April moving from 40% last year to 50% this year. Visa reported that similar transactions were up +1200 bps in April as well. Interestingly, Paypal said there has not been a decline from elevated levels as economies have re-opened, and they have also observed new demographics moving online. Worldline believes that COVID-19 is a “true accelerator” of cashless trends. We have observed an acceleration in lower penetration categories (think of grocery, pharmacy, furniture, etc.); not to mention emergence of newer areas of the digital economy like education, healthcare, food delivery, gaming, and digital media. And the consumer experience is proving to be a positive one. Payment practices have historically proven to be sticky, so we believe this step change will create a new baseline. In fact, we believe the electronic payments penetration growth story has accelerated by up to 3 or 4 years. We 5 10651477

Summary & Outlook June 2020

expect card payments growth could increase by an additional 100 bps/yr. While these stocks have performed well in the face of altered consumer behavior, we think this industry is the beneficiary of accelerating structural growth, and they remain compelling. Aerospace Many of our portfolios have material exposure to the commercial aerospace industry because we think consumer demand, company (and product) quality, and industry structure have converged to be a very compelling long-term investment opportunity. There is certainly less cyclicality to their sales and profits now than in previous decades. Technological breakthroughs have changed the return profiles for the aerospace component manufactures materially. The last 20 years have seen an industry transformation: planes now run much more efficiently and longer, not to mention more safely; and consolidation of the industry has also helped profit growth. Many parts makers have shifted to consumption-based business models, and combined with lower competition and disruption, make for highly visible cash flows. On the demand side, growth of air travel has been an inexorable trend for decades. We still see very low penetration of air travel in most of the higher growth parts of the world, and aspirational consumption of travel is very real. Thus demand has steadily risen, while the cost per seat mile has declined in similar fashion. There remains a massive total addressable market (TAM) opportunity. This growth has clearly been disrupted by the pandemic, with global air traffic during the second quarter bottoming at

just 10-15% of the January 2020 level. We have observed this to be coincident with pandemic-related death rates. Since then, China domestic travel has now recovered to 80% of prior peak levels, and Europe is likely to be there my mid-July. The U.S. probably has more near-term uncertainty, but even Southwest Airlines has been planning for resuming 100% of its capacity by year end. There is some visibility into schedules and we believe that during the third quarter, global air traffic will be back to 40-50% of pre-existing capacity. That is the near-term story, and it won’t make that much of a difference to the industry’s financials or likely the stocks. We are focused here on the intermediate to long term. Importantly, the airlines around the world have not experienced many bankruptcies. They are better run, and in many cases have received government support, so we believe the risk to the manufacturers’ customer base is low. Thus, with some volatility expected, we believe the aerospace industry will recover back to pre-COVID levels by 2022. These stocks, however remain ~40-60% below their pre-COVID levels. Final Thoughts In this confusing period, visibility of growth is being bid up, while uncertainty is being punished. In reality, the actual stock risk/reward may be better where it is less visible, as we believe is the case here. Twelve months from now, we would expect either the gap in actual growth, or the gap in visibility of growth, to narrow. This presents a very compelling opportunity. 6 10651477

Summary & Outlook June 2020

As growth investors, the critical point of these two examples is that we strive to strike a balance between different types of growth in the portfolios such that we can deliver consistent performance through different economic backdrops and market environments. Finally, on top of the COVID-19 crisis, the killing of George Floyd (and others) and the resultant Black Lives Matter movement have sparked some real attention in our society to the difficulties of being a minority in America. They have also brought to light the realities that a number of our work colleagues are confronted with, which may be very different than the experiences most of us enjoy. Within William Blair Investment Management, we have had an increased focus on attracting a diverse set of perspectives into our organization for the last several years, while also striving for a culture of inclusion.

This is critical to the long term sustainability of our business—making sure we are building a team consisting of the best and the brightest, and creating a workplace and a culture that allows those different perspectives and voices to thrive. We are reminded that this has been an essential element of our success, and will increasingly be a focus for our organization moving forward.

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Market Performance June 2020

AC World (DM+EM) 19.8 -7.1 26.4 -10.1Developed Markets (DM) 19.9 -6.7 27.5 -9.4Pacific ex JP 22.3 -12.4 18.3 -11.2Japan 11.8 -7.6 19.6 -13.5Europe ex UK 18.4 -9.2 25.0 -15.7UK 8.8 -23.9 23.2 -15.0Canada 23.0 -12.6 27.9 -17.6USA 22.1 -3.6 30.4 -5.7Emerging Markets (EM) 18.9 -10.1 17.6 -15.0Asia 18.7 -3.7 17.8 -15.9EMEA 19.4 -21.3 15.8 -16.8Latin America 20.1 -35.5 19.4 -7.2Frontier Markets (FM) 14.1 -15.7 13.8 -16.6Large Cap 18.6 -5.5 26.7 -8.6Small Cap 24.8 -12.8 24.7 -14.4Communication Svcs 19.9 -0.3 24.2 -10.9Discretionary 29.8 -0.9 26.8 -9.8Staples 9.7 -6.0 20.8 -10.5Energy 19.1 -34.9 11.6 -14.9Financials 12.4 -23.7 22.9 -15.7Healthcare 16.6 2.6 23.2 1.2Industrials 18.4 -13.9 26.7 -15.5IT 30.3 11.2 46.5 -6.2Materials 26.7 -8.7 20.0 -17.3Real Estate 11.3 -17.6 24.6 -7.8Utilities 6.7 -9.7 21.3 0.9Quality -4.8 1.9 5.6 13.9Valuation -1.4 -12.8 -0.1 2.4Etrend -2.1 4.5 5.2 5.4Momentum 2.0 13.3 4.9 3.4Growth -1.3 6.7 4.1 -3.0Composite -4.5 -2.8 4.3 11.9

QTD YTD 2019 2018

Regi

ons

Styl

eSi

zeSe

ctor

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. 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.

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Performance June 2020

Periods ended 30/06/2020 Quarter YTD 1 Year 3 Year 5 Year 10 Year Since

Inception* William Blair SICAV - Global Leaders Fund (Class I) 25.50% 2.13% 11.03% 11.80% 9.30% 11.19% 5.09% MSCI ACWI IMI (net) 19.83% -7.06% 1.17% 5.55% 6.11% 9.10% 4.05%

*Inception 16/10/2007 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.

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Performance Analysis (by Sector) June 2020

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)

01/04/2020 to 30/06/2020 William Blair SICAV - Global Leaders Fund MSCI ACWI IMI (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 8.6% 28.9% 2.4% 8.7% 19.9% 1.7% 0.0% 0.8% 0.8% Consumer Discretionary 17.4% 26.6% 4.5% 11.4% 29.8% 3.2% 0.6% -0.5% 0.1% Consumer Staples 1.5% 18.4% 0.3% 8.1% 9.7% 0.8% 0.7% 0.1% 0.8% Energy 0.0% 0.0% 0.0% 3.6% 19.1% 0.7% 0.0% 0.0% 0.0% Financials 10.6% 15.7% 1.8% 13.6% 12.4% 1.8% 0.2% 0.4% 0.6% Health Care 15.9% 20.9% 3.5% 13.2% 16.6% 2.2% 0.1% 0.7% 0.7% Industrials 18.8% 25.5% 4.9% 10.2% 18.4% 1.9% -0.1% 1.3% 1.2% Information Technology 22.5% 35.0% 7.6% 19.1% 30.3% 5.6% 0.4% 1.0% 1.3% Materials 1.4% 27.3% 0.4% 4.9% 26.7% 1.3% -0.2% 0.0% -0.2% Real Estate 1.1% 16.5% 0.2% 3.9% 11.3% 0.5% 0.2% 0.1% 0.3% Utilities 1.2% 0.4% 0.0% 3.4% 6.7% 0.2% 0.3% -0.1% 0.2% Cash 1.0% - 0.0% 0.0% 0.0% 0.0% -0.2% 0.0% -0.2%

Total 100.0% 25.5% 25.5% 100.0% 19.8% 19.8% 1.9% 3.7% 5.7% 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) June 2020

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)

01/04/2020 to 30/06/2020 William Blair SICAV - Global Leaders Fund MSCI ACWI IMI (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 Pacific Ex Japan 5.3% 13.6% 0.8% 3.3% 22.0% 0.7% 0.1% -0.5% -0.4% Japan 6.4% 35.1% 2.2% 7.7% 11.8% 1.0% 0.1% 1.5% 1.6% Europe+ME Ex U.K. 20.0% 30.5% 6.1% 14.1% 18.3% 2.7% 0.0% 2.4% 2.4% U.K. 3.5% 5.4% 0.2% 4.6% 11.2% 0.5% 0.1% -0.3% -0.1% W Hemisphere 2.8% 37.4% 1.0% 3.0% 22.8% 0.7% 0.0% 0.4% 0.4% United States 49.7% 24.7% 12.3% 55.5% 22.0% 12.0% -0.1% 1.4% 1.3% EM Asia 9.9% 19.7% 2.0% 9.2% 18.9% 1.8% 0.0% 0.1% 0.0% EMEA 0.0% 0.0% 0.0% 1.5% 19.1% 0.3% 0.0% 0.0% 0.0% Latin America 1.3% 81.2% 0.9% 1.1% 23.9% 0.3% 0.1% 0.6% 0.6% Cash 1.0% - 0.0% 0.0% 0.0% 0.0% -0.2% 0.0% -0.2%

Total 100.0% 25.5% 25.5% 100.0% 19.8% 19.8% 0.1% 5.5% 5.7% 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 June 2020

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: 01/04/2020 to 30/06/2020 Issuer Sector Country Contribution To

Relative Return PayPal Holdings Inc Information Technology United States 0.77 Nihon M&A Center Inc Industrials Japan 0.57 Infineon Technologies AG Information Technology Germany 0.53 Lululemon Athletica Inc Consumer Discretionary Canada 0.53 Adyen NV Information Technology Netherlands 0.41 Top Five Detractors (%) for the Period: 01/04/2020 to 30/06/2020 Issuer Sector Country Contribution To

Relative Return Compass Group PLC Consumer Discretionary United Kingdom -0.49 AIA Group Ltd Financials Hong Kong -0.27 NextEra Energy Inc Utilities United States -0.26 Alibaba Group Holding Ltd Consumer Discretionary China -0.20 Novo Nordisk A/S Health Care Denmark -0.20 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.

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Portfolio Positioning June 2020

Regional Exposure Sectoral Exposure

5.46.4

21.53.42.8

48.69.5

--1.70.8

3.37.4

14.34.5

3.055.5

9.51.51.1

--

Asia Ex-JapanJapan

Europe+ME Ex U.K.United Kingdom

Western HemisphereUnited States

EM AsiaEMEA

Latin AmericaCash & Equivalents

William Blair Sicav - Global Leaders FundMSCI ACWI IMI (net)

-0.3-0.4

2.90.10.2

-1.6-1.8

0.00.0

0.0

-2.5-1.0

1.00.41.01.5

-1.10.00.0

-0.3Portfolio Diff Previous QTRPortfolio Diff YTD

8.8 18.11.4-- 9.614.419.624.21.11.10.9--0.8

8.711.97.73.4 13.312.910.3 20.14.93.73.2----

Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesOtherCash & EquivalentsWilliam Blair Sicav - Global Leaders FundMSCI ACWI IMI (net)

0.62.1-0.3 0.0-2.3-3.7 1.0 4.4-0.7-0.1-1.0 0.00.0

1.81.4-0.6-1.1-4.1-1.3 2.43.0-0.7 0.0-0.7 0.0-0.3Portfolio Diff Previous QTRPortfolio Diff YTD

Source: William Blair. As of Date: 30/06/2020 Cash & Equivalents includes: cash and dividend accruals.

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Top Holdings by Market Cap June 2020

The table below shows the William Blair SICAV - Global Leaders Fund portfolio’s largest holdings as of 30/06/2020 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* Large Cap(>$15b) 88.6% 70.3% Amazon.com Inc United States Consumer Discretionary 4.5% 2.2% Alphabet Inc United States Communication Services 3.3% 1.6% Tencent Holdings Ltd China Communication Services 2.8% 0.7% Alibaba Group Holding Ltd China Consumer Discretionary 2.8% 0.8% Facebook Inc United States Communication Services 2.7% 1.0% Mid Cap($4-15b) 10.3% 17.0% Nihon M&A Center Inc Japan Industrials 1.7% 0.0% MTU Aero Engines AG Germany Industrials 1.2% 0.0% Ulta Beauty Inc United States Consumer Discretionary 1.2% 0.0% Chr Hansen Holding A/S Denmark Materials 1.1% 0.0% Aristocrat Leisure Ltd Australia Consumer Discretionary 1.0% 0.0% Small Cap(<$4b) 1.1% 12.7% Indutrade AB Sweden Industrials 0.6% 0.0% Rational AG Germany Industrials 0.5% 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.

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Top Portfolio Changes June 2020

Top Portfolio Changes During the Period: 01/04/2020 to 30/06/2020 Security Name Country Sector

New

Pu

rcha

ses Workday Inc-Class A United States Information Technology Atlassian Corp Plc-Class A Australia Information Technology Rentokil Initial Plc United Kingdom Industrials Adyen Nv Netherlands Information Technology Fisher & Paykel Healthcare C New Zealand Health Care

Liqu

idat

ions

Victrex Plc United Kingdom Materials Misumi Group Inc Japan Industrials Huazhu Group Ltd-Adr China Consumer Discretionary Galaxy Entertainment Group L Hong Kong Consumer Discretionary Fevertree Drinks Plc United Kingdom Consumer Staples 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 June 2020

William Blair SICAV - Global Leaders Fund MSCI ACWI IMI (net) Difference

Quality WB Quality Model (Percentile) 19 31 Return on Equity (%) 18.3 15.8 16% Cash Flow ROIC (%) 21.9 18.4 19% Debt/Equity (%) 78.2 102.4 -24% Growth WB Growth Model (Percentile) 44 53 Long-Term Growth (%) 11.6 10.1 14% 5-Year Historic EPS Growth (%) 17.8 12.6 41% Reinvestment Rate (%) 20.0 13.7 46% Earnings Trend WB Earnings Trend Model (Percentile) 39 40 EPS Revision Breadth (%) -3.4 0.4 -3.8 Valuation WB Valuation Model (Percentile) 85 66 P/E (next 12 months) 31.1 19.5 60% Dividend Yield (%) 0.8 2.3 -65% Other WB Composite Model (Percentile) 37 37 Float Adjusted Weighted Average Market Cap ($m) 169,765 186,194 -9% Number of Holdings 67 8,786 Active Share (%) 86 --

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.

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Holdings June 2020

Portfolio Portfolio Portfolio Country Weight Country Weight Country Weight COMMUNICATION SERVICES 8.77 HEALTH CARE (continued) INFORMATION TECHNOLOGY (continued) Alphabet Inc-Cl A United States 3.31 Csl Ltd Australia 1.31 Keyence Corp Japan 1.91 Tencent Holdings Ltd China 2.75 Idexx Laboratories Inc United States 1.27 Hexagon Ab-B Shs Sweden 1.78 Facebook Inc-Class A United States 2.72 Edwards Lifesciences Corp United States 1.10 Fidelity National Info Serv United States 1.69 CONSUMER DISCRETIONARY 18.11 Intuitive Surgical Inc United States 0.98 Workday Inc-Class A United States 1.66 Amazon.Com Inc United States 4.46 Veeva Systems Inc-Class A United States 0.74 Adyen NV Netherlands 1.01 Alibaba Group Holding Ltd China 2.74 Illumina Inc United States 0.68 Atlassian Corp Plc-Class A Australia 0.93 Lvmh Moet Hennessy Louis Vui France 1.69 Fisher & Paykel Healthcare C New Zealand 0.57 Globant SA Argentina 0.89 Lululemon Athletica Inc Canada 1.62 INDUSTRIALS 19.59 Halma PLC United Kingdom 0.46 Aptiv PLC Ireland 1.48 Atlas Copco Ab-A Shs Sweden 1.78 MATERIALS 1.11 Nike Inc -Cl B United States 1.45 Nihon M&A Center Inc Japan 1.69 Chr Hansen Holding A/S Denmark 1.11 Ulta Beauty Inc United States 1.19 Roper Technologies Inc United States 1.60 REAL ESTATE 1.08 Compass Group PLC United Kingdom 1.15 Daikin Industries Ltd Japan 1.59 Prologis Inc United States 1.08 Aristocrat Leisure Ltd Australia 0.98 Airbus Se France 1.55 UTILITIES 0.92 Mercadolibre Inc Argentina 0.77 Union Pacific Corp United States 1.50 Nextera Energy Inc United States 0.92 Shenzhou International Group China 0.57 Dsv Panalpina A/S Denmark 1.45 Cash 0.82 CONSUMER STAPLES 1.39 Lockheed Martin Corp United States 1.28 Total 100.00 Estee Lauder Companies-Cl A United States 1.39 Mtu Aero Engines AG Germany 1.22 FINANCIALS 9.63 Smc Corp Japan 1.17 Aia Group Ltd Hong Kong 1.64 Costar Group Inc United States 1.11 Partners Group Holding AG Switzerland 1.61 Experian PLC United Kingdom 0.99 Blackrock Inc United States 1.49 Allegion PLC Ireland 0.82 Intercontinental Exchange In United States 1.41 Rentokil Initial PLC United Kingdom 0.76 Jpmorgan Chase & Co United States 1.31 Indutrade AB Sweden 0.57 Brookfield Asset Manage-Cl A Canada 1.16 Rational AG Germany 0.52 Hdfc Bank Ltd-Adr India 1.01 INFORMATION TECHNOLOGY 24.16 HEALTH CARE 14.43 Mastercard Inc - A United States 2.67 Unitedhealth Group Inc United States 1.95 Salesforce.Com Inc United States 2.44 Lonza Group Ag-Reg Switzerland 1.53 Taiwan Semiconductor-Sp Adr Taiwan 2.41 Thermo Fisher Scientific Inc United States 1.46 Adobe Inc United States 2.18 Novo Nordisk A/S-B Denmark 1.42 Paypal Holdings Inc United States 2.11 Zoetis Inc United States 1.41 Infineon Technologies AG Germany 2.01

As of Date: 30/06/2020

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.

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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,

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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 © 2020 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.

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