William Blair & Company

WILLIAM BLAIR FORM ADV PART 2A - APPENDIX 1 WRAP BROCHURE, submitted 31 March 2026.

William Blair charges a single comprehensive fee for the provision of services to Wrap Fee Program Clients. The comprehensive fee includes investment advisory services and trade execution costs (including costs involved in purchasing and selling no-load mutual funds) for an account. Under certain limited circumstances, William Blair, as a broker or dealer, may accept unsolicited orders from clients and may charge a commission on any unsolicited order initiated by the client. We can charge up to a 2.00% annual fee on all assets, subject to negotiation. Fees are negotiable. William Blair may, but is not obligated to, aggregate assets under management for multiple accounts owned across certain related accounts when determining the amount of advisory fee charged to Wrap Fee Program Clients.

We customarily bill fees quarterly, in advance, based on the market value of portfolio assets (including dividends and interest) as of the last day of the prior quarter. When charged in advance, fees are calculated on the total market value of each account (including on assets invested in cash and cash equivalents and on accrued interest and dividends) on the last day of the prior quarter. When charged in arrears, fees are calculated on the total market value of each account (including on assets invested in cash and cash equivalents and on accrued interest and dividends) on the last day of the current quarter. PDF pages 7

William Blair generally requests a minimum account size of $100,000 for the Wrap Fee Program. PDF pages 17

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

Our affiliate, WBIM, is an investment adviser and manager, and William Blair is distributor for the William Blair Funds. William Blair and WBIM are paid by the William Blair Funds for the services they each provide. As investment adviser and manager, WBIM manages the William Blair Funds’ investments, administers their business affairs, furnishes office facilities and equipment, provides clerical, bookkeeping and administrative services, and provides shareholder and information services. Partners and employees of William Blair and WBIM can serve (without compensation) as trustees or officers of the William Blair Funds if elected to such positions. As of December 31, 2024, investment management fees paid by the William Blair Funds ranged from 0.60% to 1.10% for all share classes.

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

William Blair does not generally offer performance-based fee arrangements to clients. As discussed above, however, William Blair’s affiliate, the MB General Partner, as well as other general partners to of other private funds sponsored and / or managed by William Blair (each an “Affiliated General Partner”), may earn a performance-based fee, if applicable. As more fully described in any applicable offering documents, the Affiliated General Partner will be entitled to a portion of the profits of the limited partnership as “carried interest.” The amount of the performance-based fee and how it is calculated is fully disclosed in the applicable offering document. The amount of the performance-based fee may vary by series. Carried interest, where applicable, is indirectly borne by limited partners who are not affiliated with the Affiliated General Partner and/or William Blair. Limited partners should understand that the receipt of performance-based fees creates a conflict of interest as the Affiliated General Partner has the potential to receive higher compensation.

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

With respect to the Non-Discretionary Model Portfolio Program, William Blair provides investment recommendations to other registered investment advisers, including some in whom William Blair and / or its partners may own a minority interest. These registered investment advisers pay us advisory fees based on their clients’ total assets following a model portfolio.

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

For certain clients, William Blair provides non-discretionary investment advisory services to clients (including registered investment advisers under the Non-Discretionary Model Portfolio Program) for a fee. These non- discretionary advisory services include but are not limited to: recommending the purchase and sale of securities; monitoring the performance of third party managers; recommending unaffiliated investment advisers that are otherwise not available on the Platform Provider; and/or aggregated and consolidated reporting on client assets, including asset allocation advice, investment policy statement monitoring, and performance reporting. For the outlined non-discretionary advisory services, we charge a flat fee or an asset-based fee, subject to negotiation.

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

In cases where a client’s account or a portion thereof is managed by a third party investment manager or Sub- Manager, clients will pay the third party management fee, as well as William Blair’s advisory fee and any platform access fee, if applicable.

Account Type/Relationship Minimum WBIM Sub-Advisory/WBIM Separate $2 million Accounts PWM Non-Wrap Program Accounts $50,000 William Blair Wrap Program $100,000 Accounts Platform Separate Accounts* $100,000 *Certain third-party managers may be higher. PDF pages 20

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

For clients’ accounts managed by PWM, we charge up to a 2.00% fee on all assets, subject to negotiation. These annual fees are generally payable quarterly in advance, based on the appraised total market value of the account(s) including accrued interest and dividends but excluding the then current balance invested in any William Blair Funds, Blair Private Funds, WBIM Sub-Advisory Accounts, WBIM Separate Accounts, William Blair Managed MB Investments, any assets agreed to by the client and William Blair to be held in the account as an accommodation and not subject to supervision will be excluded from the calculation of the advisory fee and as described in the investment advisory agreement. Notwithstanding the foregoing and as previously noted in this Brochure, in certain instances the calculation of the advisory fee paid to William Blair will include the assets held in or through a WBIM Sub-Advisory Account, provided that WBIM does not charge a separate advisory fee to the client for its sub-advisory services.

William Blair provides discretionary and non-discretionary investment management services to clients and charges annual fees, payable quarterly either in advance or in arrears (depending on the terms of each investment management agreement). We charge up to a 2.00% fee on all assets, subject to negotiation. PDF pages 6

Account Type/Relationship Minimum WBIM Sub-Advisory/WBIM Separate $2 million Accounts PWM Non-Wrap Program Accounts $50,000 William Blair Wrap Program $100,000 Accounts Platform Separate Accounts* $100,000 *Certain third-party managers may be higher. PDF pages 20

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

In some instances, PWM Advisors may recommend to certain clients that they establish a WBIM Separate Account. William Blair and PWM Advisors do not conduct initial or ongoing due diligence on our affiliate, WBIM. In these instances, PWM’s clients are free to accept or reject our recommendation. If a PWM client accepts our recommendation, the client would enter into a separate investment advisory agreement with WBIM setting forth all fees (including an investment management fee) and expenses (including execution costs).

Account Type/Relationship Minimum WBIM Sub-Advisory/WBIM Separate $2 million Accounts PWM Non-Wrap Program Accounts $50,000 William Blair Wrap Program $100,000 Accounts Platform Separate Accounts* $100,000 *Certain third-party managers may be higher. PDF pages 20

WILLIAM BLAIR & COMPANY, L.L.C. FORM ADV 2A BROCHURE, submitted 31 March 2026.

With respect to WBIM Sub-Advisory Accounts, we either do not charge our account level investment management fee in addition to what WBIM earns to manage assets in the WBIM Sub-Advisory Account or our account level fee is inclusive of the assets managed by WBIM, in which case WBIM will not separately charge an investment management fee on the assets for which it sub-advises. If we exclude the assets under a WBIM Sub-Advisory Account when we calculate the investment management fees we charge you, WBIM will earn a sub-advisory fee to manage client assets in a WBIM Sub-Advisory Account and will compensate William Blair (and, in turn, PWM Advisors) up to 50% of the sub- advisory fee it earns based on PWM’s clients’ assets managed in WBIM Sub-Advisory Accounts.

Account Type/Relationship Minimum WBIM Sub-Advisory/WBIM Separate $2 million Accounts PWM Non-Wrap Program Accounts $50,000 William Blair Wrap Program $100,000 Accounts Platform Separate Accounts* $100,000 *Certain third-party managers may be higher. PDF pages 20

WILLIAM BLAIR EQUITY RESEARCH SERVICES FORM ADV 2A, submitted 31 March 2026.

Fees for Research Services are negotiable and vary from client to client based upon the nature of the Research Services provided and other factors (“Research Fees”). The specific Research Fee and terms of payment are agreed upon between the parties and are typically paid in arrears. Invoices are available upon request but may also be provided when deemed necessary. William Blair generally does not solicit or accept pre-paid Research Fees for provision of Research Services.