SMAs

Q4 2025

Separately Managed Accounts (SMAs) are available only through a wrap fee or similar program sponsored by a third-party intermediary (“Sponsor”) that has engaged William Blair Investment Management, LLC (“William Blair”) to participate as a manager to certain of the Sponsor’s program client accounts. William Blair also participates in certain programs whereby William Blair provides Sponsors or other platform providers with investment recommendations in the form of model portfolios in certain investment strategies.

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Strategy Name	Description	Profile
Large Cap Growth SMA	Concentrated portfolio of structurally advantaged, large-cap quality growth companies that are diversified across sectors.
International Leaders ADR SMA	High conviction international portfolio of 30 to 60 companies diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent creation, competitive dominance, and sustainability of critical inputs.	-
All Cap Growth SMA	Broad opportunity set across all market caps in a portfolio of high-quality growth companies.	-

William Blair Investment Management (“William Blair”) acts as a discretionary investment manager or non-discretionary model provider in a variety of separately managed account or wrap fee programs sponsored by financial intermediaries. When acting as a discretionary investment manager, William Blair is responsible for making and implementing all investment decisions in accounts. When acting as a non-discretionary model provider, William Blair provides investment recommendations (in the form of model portfolios) to financial intermediaries who may or may not, in their sole discretion, utilize such recommendations in connection with its management of accounts. William Blair does not have investment discretion for model portfolio accounts, and as such, performance or characteristics of these accounts may differ from the composite or representative account information presented. For additional information on the William Blair SMAs, please contact your financial advisor.

Investing involves risks, including the possible loss of principal. Equity securities may decline in value due to both real and perceived general market, economic, and industry conditions. The securities of smaller companies may be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging markets. Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Different investment styles may shift in and out of favor depending on market conditions. Diversification does not ensure against loss. Past performance is not indicative of future returns. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security.

Any investment or strategy mentioned herein may not be appropriate for every investor. There can be no assurance that investment objectives will be met. Products and services listed are available only to residents of this jurisdiction and may only be available to certain categories of investors. The information on this website does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of this jurisdiction who are prohibited from receiving such information under applicable laws and regulations. Nothing on this webpage should be construed as advice and is therefore not a recommendation to buy or sell shares.

William Blair Investment Management, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.

Issued in the United Kingdom by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA), and is only directed at and is only made available to persons falling within articles 19, 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons").

Issued in the European Economic Area (EEA) by William Blair B.V., authorized and supervised by the Dutch Authority for the Financial Markets (AFM) under license number 14006134 and also supervised by the Dutch Central Bank (DNB), registered at the Dutch Chamber of Commerce under number 82375682 and has its statutory seat in Amsterdam, the Netherlands. This material is only intended for eligible counterparties and professional clients.

Issued in Switzerland by William Blair Investment Services (Zurich) GmbH, Talstrasse 65, 8001 Zurich, Switzerland ("WBIS"). WBIS is engaged in the offering of collective investment schemes and renders further, non-regulated services in the financial sector. WBIS is affiliated with FINOS Finanzomubdsstelle Schweiz, a recognized ombudsman office where clients may initiate mediation proceedings pursuant to articles 74 et seq. of the Swiss Financial Services Act ("FinSA"). The client advisers of WBIS are registered with regservices.ch by BX Swiss AG, a client adviser registration body authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). WBIS is not supervised by FINMA or any other supervisory authority or self-regulatory organization. This material is only intended for institutional and professional clients pursuant to article 4(3) to (5) FinSA.

Issued in Australia by William Blair Investment Management, LLC (“William Blair”), which is exempt from the requirement to hold an Australian financial services license under Australia's Corporations Act 2001 (Cth). William Blair is registered as an investment advisor with the U.S. Securities and Exchange Commission (“SEC”) and regulated by the SEC under the U.S. Investment Advisers Act of 1940, which differs from Australian laws. This material is intended only for wholesale clients.

Issued in Singapore by William Blair International (Singapore) Pte. Ltd. (Registration Number 201943312R), which is regulated by the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management activities. This material is intended only for institutional investors and may not be distributed to retail investors.

Issued in Canada by William Blair Investment Management, LLC, which relies on the international adviser exemption, pursuant to section 8.26 of National Instrument 31-103 in Canada.

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