William Blair Small-Mid Cap Core Fund Quarterly Review

March 2020

Dan Crowe, CFA, Partner Robert C. Lanphier, Partner Ward D. Sexton, CFA, Partner Portfolio Managers

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William Blair Small-Mid Cap Core Fund Important Disclosures March 2020

Risks: The views expressed in this report and the information about the holdings are as of the date of this material, unless otherwise noted, and are subject to change. Information about the Fund’s holdings should not be considered investment advice. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change at any time. The Fund’s returns will vary, and you could lose money by investing in the Fund. The Fund invests most of its assets in equity securities of small cap and mid cap domestic growth companies where the primary risk is that the value of the equity securities it holds might decrease in response to the activities of those companies or market and economic conditions. Individual securities may not perform as expected or a strategy used by the Adviser may fail to produce its intended result. Investing in small and medium capitalization companies involves special risks, including higher volatility and lower liquidity. Small and mid-cap stocks are also more sensitive to purchase/sale transactions and changes in the issuer’s financial condition. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Diversification does not ensure against loss The Fund is not intended to be a complete investment program. The Fund is designed for long-term investors. Performance cited represents past performance. Past Performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are average annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. For the most current month end performance information, please call 1‐877‐962‐5247, or visit our Web site at www.williamblairfunds.com. Class I and Class R6 shares are available only to investors who meet certain eligibility requirements. This content is for informational and educational purposes only and is not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines and restrictions. Investing includes the risk of loss. Please carefully consider the Fund's investment objective, risks, charges, and expenses before investing. This and other information is contained in the Fund's prospectus and summary prospectus, which you may obtain by calling 1-800-742-7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss. Copyright © 2020 William Blair & Company, L.L.C. “William Blair” is a registered trademark of William Blair & Company, L.L.C. Distributed by William Blair & Company, L.L.C., member FINRA/SIPC

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William Blair Small-Mid Cap Core Fund Summary & Outlook March 2020

Market Overview Coming into 2020, the U.S. economic and business environment was quite healthy, helping drive U.S. equity markets to new highs by mid-February. Unemployment was near record lows, inflation was benign and economic growth appeared to be accelerating after a slower patch of global economic growth earlier in 2019. Similar to recent years, valuations remained above long-term average levels, as we were nearly eleven years into a bull market and economic expansion with generationally low interest rates. Investors initially underestimated the speed and magnitude of the spread of a novel coronavirus (COVID-19), which was, at that point, primarily contained to China. As it became clear that COVID-19 was evolving into a global pandemic, concerns surrounding the expanding magnitude of its economic impact caused a rapid downward move in U.S. equities starting in late February. Stay-at-home directives became increasingly pervasive, effectively shutting down many segments of the economy and resulting in a unique environment relative to past downturns. Volatility spiked as investors struggled to digest rapidly evolving information related to COVID-19 and its implications for the U.S. and global economies. Stock correlations reached extreme levels. Adding to heightened market volatility, oil prices collapsed as tensions between Russia and Saudi Arabia resulted in increased oil production as demand fell, creating further challenges for some businesses, while benefiting others. In conjunction with these developments, there was tremendous demand for liquidity across multiple asset classes, and fixed income spreads widened dramatically. In an effort to support the economy through this disruption, the U.S. responded with numerous monetary and fiscal stimulus measures. The Federal Open Market Committee (FOMC) lowered the target federal funds rate twice in March, by a total of 150 basis points to a lower bound of zero, and announced

uncapped asset purchases. These moves were followed by the passing of a coronavirus relief bill that will provide approximately $2 trillion in fiscal stimulus. Notwithstanding stimulus, jobless claims spiked and consumer sentiment fell as the economic fallout of social distancing and stay-at-home measures began to be reflected in economic data, leaving investors with little clarity as to the depth and duration of this slowdown. Fund Performance The William Blair Small-Mid Cap Core Fund (Class I) outperformed the Russell 2500 benchmark in the first quarter due to stock selection and style factors. From a style perspective, our exposure to more durable growers was a tailwind. However, our bias toward more consistent business models did not provide its typical, down market benefit as the unique nature of the sell-off caused by COVID-19 impacted performance in some unexpected ways. Certain holdings in the portfolio that have minimal cyclicality and good valuation support did not perform as we would have expected in a “normal” economic slowdown. For example, Lamb Weston is a leading potato processor with a very stable business in that consumption of processed potatoes (e.g., French fries) does not typically fluctuate widely. However, the stock did not outperform in this environment as mass restaurant closures are expected to depress the quantity of French fries consumed in the near term. This is just one example of a broader dynamic wherein stocks of companies with more consistent business models and low cyclicality were not necessarily rewarded as stock correlations were high and business exposure to COVID-19 was a significant driver of return dispersion. From a stock perspective, the portfolio benefited from strong selection in several sectors, most notably Real Estate and Industrials where strength was broad based. Top individual

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William Blair Small-Mid Cap Core Fund Summary & Outlook March 2020

stock contributors to outperformance were Virtu Financials (Financials) and BJ’s Wholesale Club (Consumer Staples). Electronic market maker, Virtu Financial experienced tailwinds from increased market volatility and trading volumes throughout the quarter. BJ’s Wholesale Club benefited from growth in membership fee income and nervous consumer buying behavior. Other outperforming portfolio holdings included Merit Medical Systems (Health Care), LHC Group (Health Care) and CoreSite Realty (Real Estate). Conversely, top detractors during the quarter were Boot Barn (Consumer Discretionary) and Orion Engineered Carbons (Materials). Boot Barn is a western and work wear retailer that underperformed during the quarter given uncertainty regarding the duration of COVID-19 shelter-in-place and other social distancing measures as well as the related energy market weakness. Orion Engineered Carbons, a producer of carbon black that is, among other things, an input to rubber tires, experienced headwinds from its exposure to the auto industry. As miles driven are likely to decrease in the near term due to shelter-in-place measures, demand for replacement tires, is anticipated to slow. Other notable laggards included Western Alliance Bancorp (Financials), Parsley Energy (Energy) and Portola Pharmaceuticals (Health Care). In addition, stock selection in Information Technology detracted from relative returns, driven by a number of modest underperforming holdings and our underweight exposure to the strong performing Software industry. Stock specific contributors and detractors for the first quarter are discussed in greater detail at the end of this quarterly review. Outlook Our investment philosophy leads us to own companies with durable businesses, whose stock prices are not reflective of our long-term fundamental expectations, that we believe can outperform over a market cycle. Given our bottom-up approach, our focus remains on assessing individual companies and

etermining where stock prices have become dislocated relative to our long-term expectations, factoring in a range of short-to-intermediate term scenarios associated with coronavirus-related disruptions. More specifically, for both owned and unowned stocks, we are examining how long term growth prospects, competitive dynamics, and business, financial, and valuation risk, may change under a variety of forward looking economic scenarios, including a temporary slowdown and a more prolonged recession. Given the depth of our analysis and the strength of communication across the team, we believe we are well positioned to make portfolio adjustments as opportunities arise. While stock correlations are high – meaning stocks have a strong directional relationship – so is dispersion. Wide dispersion indicates variability in the magnitude of stock returns and provides opportunities for active managers. Ongoing market volatility should continue to present attractive entry points for our fundamental, bottom-up approach. We continue to monitor market movements and will make adjustments as appropriate. We believe that companies with durable business models and strong balance sheets that can withstand a period of economic disruption should emerge in a stronger position.

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Market Performance March 2020

Value Core GrowthMonth to DateRussell 3000 -17.58 -13.75 -10.41Russell 1000 -17.09 -13.21 -9.84Russell Midcap -22.70 -19.49 -14.91Russell 2500 -24.93 -21.70 -17.72Russell 2000 -24.67 -21.73 -19.10Quarter to DateRussell 3000 -27.32 -20.90 -14.85Russell 1000 -26.73 -20.22 -14.10Russell Midcap -31.71 -27.07 -20.04Russell 2500 -34.64 -29.72 -23.22Russell 2000 -35.66 -30.61 -25.76Year to DateRussell 3000 -27.32 -20.90 -14.85Russell 1000 -26.73 -20.22 -14.10Russell Midcap -31.71 -27.07 -20.04Russell 2500 -34.64 -29.72 -23.22Russell 2000 -35.66 -30.61 -25.76

Market Performance• U.S. equity benchmarks continued their decidedly downward trajectory in March due to the rapid spread of the coronavirus throughout the world. The global pandemic led to social distancing and shelter in place directives across the nation, essentially shutting down many parts of the economy. Also contributing to heightened investor anxiety, oil prices collapsed as Saudi Arabia and Russia failed to agree on production cuts in the face of a rapidly declining demand environment. • In an effort to mitigate the economic impact of the virus, the FOMC lowered rates twice in March, implemented numerous monetary policy initiatives, and the federal government passed a $2 trillion economic stimulus package. Economic data began to show signs of the economic impact of the coronavirus as initial jobless claims spiked late in the quarter.Style Performance• Growth benchmarks significantly outperformed value benchmarks in March, further extending growth’s outperformance of value year-to-date. The dispersion of returns between growth and value was narrowest within small caps.Market Cap Performance• Larger caps outperformed smaller caps across the size spectrum and the dynamic was linear across growth and value benchmarks for the month and year-to-date periods. The dispersion of returns was wider across growth benchmarks.

Source: FactSet; Eagle Past Performance is not a guarantee of future results. A direct investment is an index is not possible.

The Russell 3000 Index measures the performance of the all-cap segment of the U.S. equity universe. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell Midcap Index measures the performance of the mid cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 Index based on a combination of their market cap and current index membership. The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe. It includes approximately 2500 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership. The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. It includes approximately 2000 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership. Core returns represent the Total Return indices. The value segments of these indices include companies with lower price-to-book ratios and lower forecasted growth values. The growth segments of these indices include companies with higher price-to-book ratios and higher forecasted growth values.

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Market Performance March 2020

Russell 2500 Total Return Q1 2020

-28.81-40.94

-25.30-66.67

-35.34-15.65

-31.99-20.86

-33.08-32.48

-17.43

Communication ServicesConsumer Discretionary

Consumer StaplesEnergy

FinancialsHealth CareIndustrials

Information TechnologyMaterials

Real EstateUtilities

Data calculated in our proprietary attribution system. Past returns are no guarantee of future performance. The Russell 2500 Total Index measures the performance of the small to mid-cap segment of the U.S. equity universe. It includes approximately 2500 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership.

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William Blair Small-Mid Cap Core Fund Performance March 2020

Periods ended 3/31/2020 Quarter Since

Inception* Small-Mid Cap Core Fund (WBCIX) - Class I -26.97% -21.95% Small-Mid Cap Core Fund (WBCRX) – Class R6 -26.97% -21.94% Russell 2500 Total -29.72% -23.72% *Inception Date: 10/1/2019

Performance cited represents past performance. Past Performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are average annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. For the most current month end performance information, please call 1‐877‐962‐5247, or visit our Web site at www.williamblairfunds.com. Class I and Class R6 shares are available only to investors who meet certain eligibility requirements. Small-Mid Cap Core Fund Expense Ratios: Gross Net

Class I Shares 1.11% 0.95% Class R6 Shares 0.96% 0.90% The Fund’s Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 4/30/21. Expenses shown are as of the most recent prospectus.

A direct investment in an index is not possible. The Russell 2500 Total Index measures the performance of the small to mid-cap segment of the U.S. equity universe. It includes approximately 2500 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership.

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William Blair Small-Mid Cap Core Fund Analysis March 2020

The charts below show the average sector weights and relative performance, by sector, for the Fund vs. its benchmark. Q1 2020 Average Weights Q1 2020 Relative Performance 4.46 8.724.822.10 12.6814.26 16.7216.265.34 9.301.421.17

3.13 10.942.892.01 15.7814.4514.8916.984.87 10.223.840.00

Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesCash WILLIAM BLAIR FUNDS SMALL-MID CAPCORE FUNDRussell 2500 Total

0.830.840.05 0.37 0.92-0.60 0.78-1.27 -0.26 1.13-0.28 0.17

Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesCash

Source: Proprietary attribution system.

Past returns are no guarantee of future results. Based on Global Industry Classification Sectors (GICS). Concentration of assets in one or a few sectors may entail greater risk than a fully diversified stock portfolio and should be considered as only part of a diversified portfolio.

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William Blair Small-Mid Cap Core Fund Top 3 Contributors to Return March 2020

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 do not represent all of the securities purchased, sold, or recommended for advisory clients, and you should not assume that investments in the securities identified and discussed were or will be profitable.

Virtu Financial (VIRT) is a leading electronic market maker and liquidity provider to the global financial marketplace. The stock benefited from tailwinds associated with increased market volatility and trading volumes throughout the quarter. Additionally, Virtu announced preliminary first quarter earnings estimates that exceeded expectations, further solidifying its strong performance during the quarter. We maintained our position and continue to believe the company's scale and asset class diversification create a large barrier to entry and lower risk profile over the long term. BJ’s Wholesale Club (BJ) is the third largest U.S. wholesale club retailer. BJ’s reported solid membership fee income growth in its most recent quarter, a key element of our thesis that we believe was not previously reflected in the stock’s valuation. In addition, shares benefited as COVID-19 concerns resulted in nervous consumer buying behavior in March and the stock was briefly priced as though this benefit was structural in nature. Thus, we trimmed our position in favor of a pressured consumer staple holding with more exposure to restaurants, where valuation had become more attractive. We believe the opportunity remains for BJ’s to drive operational improvements, membership fee growth and higher earnings. Merit Medical Systems (MMSI) designs and manufactures consumable medical devices that are used in interventional, diagnostic and therapeutic procedures. The company reported a reacceleration of organic revenue growth across its diversified mix of products and geographies. In addition, earlier in the quarter, the stock outperformed after a well-known activist investor announced it had purchased a stake in the company. We trimmed our position on strength, but continue to believe Merit Medical Systems’ innovative consumable devices and competitive strategy will drive attractive long-term returns.

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William Blair Small-Mid Cap Growth Fund Largest 3 Detractors to Return March 2020

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 do not represent all of the securities purchased, sold, or recommended for advisory clients, and you should not assume that investments in the securities identified and discussed were or will be profitable.

Boot Barn Holdings (BOOT) is a western and work wear retailer with a market leading position in an otherwise fragmented category with low fashion exposure. The stock underperformed during the quarter given uncertainty regarding the duration of COVID-19 shelter-in-place and other social distancing measures as well as the related energy market weakness. These dynamics pressure retail store traffic generally, and more specifically, the energy market weakness could reduce demand in Boot Barn’s stores located in markets such as Texas. We added to our position as we believe the stock has discounted a substantial decline in business. Despite these near term disruptions to its business, we believe long-term growth will resume as Boot Barn is likely to emerge in a stronger competitive position relative to weaker peers, allowing the company to continue consolidating the large and fragmented western and work wear industry. Orion Engineered Carbons (OEC) is one of the leading producers of carbon black. The company produces two types of carbon black: rubber black, which is mainly used in the production of tires, and specialty carbon black, which is used in paints, inks and other coatings. While the company reported robust demand for its higher margin specialty products and continued to demonstrate strong pricing discipline, headwinds related to the COVID-19 disruption weighed on the stock during the quarter due to the company's exposure to the auto industry. As shelter-in-place directives are enforced, miles driven are likely to decrease in the near term resulting in an anticipated slowdown in the demand for replacement tires. Despite these near-term headwinds, our long-term thesis remains intact. We maintained our position and continue to believe the stock's valuation offers an attractive risk/reward over the long term given our view that margins and profitability will improve as higher margin specialty carbon black becomes a greater portion of company revenues. Western Alliance Bancorp (WAL) is a regional bank headquartered in Phoenix, Arizona. The company reported strong earnings early in the quarter, driven by accelerating loan and deposit growth as well as excellent credit quality. However, headwinds related to the potential impact of COVID-19 on the company’s hotel loan book, combined with a lower interest rate environment, pressured shares during the quarter. We maintained our position as we believe Western Alliance Bancorp is a high-quality bank with an attractive valuation and durable market position given its high touch service model, ability to attract top industry talent and superior profitability.

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William Blair Small-Mid Cap Core Fund Positioning March 2020

Source: Eagle. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. William Blair may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held. Holdings are shown as a percentage of total gross assets.

Top 10 Holdings by Weight William Blair Small-Mid Cap

Core Fund Russell 2500 Total % in Fund % in Index BWX Technologies Inc 2.69 0.13 Grand Canyon Education Inc 2.43 0.10 Brink's Co/The 2.23 0.07 Americold Realty Trust 2.19 0.19 Nice Ltd - Spon Adr 2.06 0.00 Horizon Therapeutics Plc 2.04 0.16 Crown Holdings Inc 2.00 0.22 Western Alliance Bancorp 1.99 0.08 Virtu Financial Inc-Class A 1.94 0.03 Coresite Realty Corp 1.80 0.12 Total: 21.37 1.11

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William Blair Small-Mid Cap Core Fund Characteristics March 2020

William Blair Small-Mid Cap

Core Fund

Russell 2500 Total Growth EPS Growth Rate (3 Years) 19.0% 16.7% EPS Growth Rate (5 Years) 17.2% 14.4% EPS Growth Rate (LT forecast) 10.8% 12.4% Quality Return on Investment Capital 7.8% 5.9% Free Cash Flow Margin 9.5% 7.1% Debt to Total Capital Ratio 49.1% 42.3% Valuation P/E Ratio (1-year forecast) 15.6x 16.9x Capitalization ($B) Weighted Average Market Cap $5.0 $4.8 Weighted Median Market Cap $4.4 $3.8 Portfolio Positions Number of Securities 85 2484

Source: William Blair; FactSet; Eagle.

From a portfolio perspective, the portfolio P/E ratio and EPS Growth Rate are weighted averages of the individual holdings' P/E ratios and EPS Growth Rates.

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William Blair Small-Mid Cap Core Fund Positioning March 2020

Source: William Blair; Eagle Based on Global Industry Classification Sectors (GICS). Concentration of assets in one or a few sectors may entail greater risk than a fully diversified stock portfolio and should be considered as only part of a diversified portfolio.

Sector Weights as of 3/31/2020

5.23 9.245.041.65 11.88 16.5717.0615.475.05 9.401.561.85

2.99 9.503.121.27 14.78 16.8314.57 18.214.86 9.654.220.00

Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesCashWILLIAM BLAIR FUNDSSMALL-MID CAP COREFUNDRussell 2500 Total

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William Blair Small-Mid Cap Core Fund Holdings March 2020

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Weight Weight Weight Weight Weight Weight

COMMUNICATION SERVICES 5.23 2.99 HEALTH CARE 16.57 16.83 INFORMATION TECHNOLOGY (continued) Cable One Inc 1.54 0.21 Horizon Therapeutics PLC 2.04 0.16 Solaredge Technologies Inc 1.05 0.00 Take-Two Interactive Softwre 1.43 0.00 Lhc Group Inc 1.75 0.12 Euronet Worldwide Inc 0.97 0.12 Zynga Inc - Cl A 1.14 0.17 Encompass Health Corp 1.72 0.18 Knowles Corp 0.96 0.03 Live Nation Entertainment In 1.11 0.00 Merit Medical Systems Inc 1.59 0.05 Booz Allen Hamilton Holdings 0.93 0.27 CONSUMER DISCRETIONARY 9.24 9.50 Steris PLC 1.54 0.34 Maximus Inc 0.78 0.11 Grand Canyon Education Inc 2.43 0.10 Tabula Rasa Healthcare Inc 1.50 0.03 Verra Mobility Corp 0.77 0.03 Advance Auto Parts Inc 1.26 0.00 Hanger Inc 1.48 0.02 Entegris Inc 0.75 0.17 Burlington Stores Inc 1.16 0.30 Codexis Inc 1.17 0.02 Rogers Corp 0.74 0.05 Boot Barn Holdings Inc 0.94 0.01 Teleflex Inc 1.04 0.00 Wex Inc 0.62 0.13 Domino's Pizza Inc 0.94 0.38 Veracyte Inc 0.89 0.03 Brooks Automation Inc 0.52 0.06 National Vision Holdings Inc 0.92 0.04 Healthequity Inc 0.79 0.10 MATERIALS 5.05 4.86 Carmax Inc 0.89 0.00 Mednax Inc 0.54 0.03 Crown Holdings Inc 2.00 0.22 Service Corp International 0.70 0.20 Portola Pharmaceuticals Inc 0.51 0.02 Eagle Materials Inc 0.92 0.07 CONSUMER STAPLES 5.04 3.12 INDUSTRIALS 17.06 14.57 Fmc Corp 0.79 0.00 Bj's Wholesale Club Holdings 1.68 0.08 Bwx Technologies Inc 2.69 0.13 Orion Engineered Carbons SA 0.76 0.01 Lamb Weston Holdings Inc 1.60 0.24 Brink's Co/The 2.23 0.07 Ingevity Corp 0.57 0.04 Spectrum Brands Holdings Inc 0.95 0.05 Trex Company Inc 1.28 0.13 REAL ESTATE 9.40 9.65 Primo Water Corp 0.80 0.00 Tennant Co 1.27 0.03 Americold Realty Trust 2.19 0.19 ENERGY 1.65 1.27 Healthcare Services Group 1.27 0.05 Coresite Realty Corp 1.80 0.12 Cameco Corp 1.06 0.00 Douglas Dynamics Inc 1.09 0.02 Douglas Emmett Inc 1.63 0.14 Parsley Energy Inc-Class A 0.43 0.05 Generac Holdings Inc 0.93 0.16 Healthcare Realty Trust Inc 1.42 0.11 Talos Energy Inc 0.10 0.00 Armstrong World Industries 0.88 0.11 Jones Lang Lasalle Inc 1.35 0.15 Oceaneering Intl Inc 0.07 0.01 Nordson Corp 0.87 0.22 Rexford Industrial Realty In 1.01 0.13 FINANCIALS 11.88 14.78 Luxfer Holdings PLC 0.86 0.01 UTILITIES 1.56 4.22 Western Alliance Bancorp 1.99 0.08 Toro Co 0.83 0.20 Idacorp Inc 1.56 0.13 Virtu Financial Inc-Class A 1.94 0.03 John Bean Technologies Corp 0.77 0.07 Cash 1.85 0.00 Svb Financial Group 1.69 0.00 Lincoln Electric Holdings 0.76 0.12 Total 100.00 100.00 Cboe Global Markets Inc 1.05 0.00 Teledyne Technologies Inc 0.71 0.30 Firstcash Inc 1.01 0.08 Blue Bird Corp 0.62 0.00 Signature Bank 1.00 0.12 INFORMATION TECHNOLOGY 15.47 18.21 Wintrust Financial Corp 0.97 0.05 Nice Ltd - Spon Adr 2.06 0.00 Ares Management Corp - A 0.89 0.06 J2 Global Inc 1.56 0.10 Arthur J Gallagher & Co 0.80 0.00 Dolby Laboratories Inc-Cl A 1.37 0.10 Encore Capital Group Inc 0.53 0.02 Perspecta Inc 1.25 0.07 Pure Storage Inc - Class A 1.11 0.08

As of 3/31/2020. Individual securities listed in this report are for informational purposes only. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. 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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Glossary - Terms

Active Share: A measure of the percentage of equity holdings in a portfolio that differ from the benchmark index. It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a portfolio versus the weight of each holding in the index and dividing by two. Alpha: A measure of a portfolio’s return in excess of the market return, after both have been adjusted for risk. It is a mathematical estimate of the amount of return expected from a portfolio above and beyond the market return at any point in time. For example, an alpha of 1.25 indicates that a stock is projected to rise 1.25% in price in a year over the return of the market, or the return when the market return is zero. When an investment price is low relative to its alpha, it is undervalued, and considered a good selection. Beta: A quantitative measure of the volatility of the portfolio relative to the overall market, represented by a comparable benchmark. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile, and could be expected to rise and fall more slowly than the market. Developed Markets: Using the Morgan Stanley Capital International (MSCI) geographic definition, this region includes: United Kingdom, Europe (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Spain, Sweden and Switzerland), Japan, Pacific Asia (Australia, Hong Kong, New Zealand, and Singapore) and the Western Hemisphere (Canada and other Americas). Debt to Total Capital Ratio: This figure is the percentage of each company’s invested capital that consists of debt. Companies with a high Debt to Total Capital level may be considered more risky. From a portfolio perspective, the portfolio Debt to Total Capital Ratio is a weighted average of the individual holdings' Debt to Total Capital Ratio. Emerging Markets: Using MSCI’s geographic definition, this region includes: Emerging Markets Asia (China, India, Indonesia, Malaysia, S Korea, Taiwan, and Thailand), Emerging Markets Europe, Mid-East and Africa (Czech Republic, Hungary, Poland, Russia, Turkey, Egypt, Morocco, and S Africa), and Latin America (Argentina, Brazil, Chile, Columbia, Mexico, Peru and Venezuela). EPS (Earnings Per Share) Growth Rate (Projected): This measure represents the weighted average of forecasted growth in earnings expected to be experienced by the stocks within the portfolio over the next 3-5 years. From a portfolio perspective, the portfolio P/E ratio and EPS Growth Rate are weighted averages of the individual holdings’ P/E ratios and EPS Growth Rates. Data calculated in FactSet. EV/EBITDA: (Enterprise Value / Earnings Before Interest, Taxes and Depreciation-Amortization): The EV/EBITDA ratio is useful for global comparisons because it ignores the distorting effects of individual countries' taxation policies. It's used to find attractive takeover candidates. Enterprise value is a better measure than market cap for takeovers because it takes into account the debt which the acquirer will have to assume. Therefore, a company with a low EV/EBITDA ratio can be viewed as a good takeover candidate. EV/IC: (Enterprise Value / Invested Capital) Ratio: Enterprise Value (EV), which is market capitalization minus cash plus debt divided by Invested Capital (IC), which is the sum of common stock, preferred stock and long-term debt. This number will get you a simple multiple. If it is below 1.0, then it means that the company is selling below book value and theoretically below its liquidation value. Information Coefficient: A measure of the correlation between expected and actual returns. Information Ratio: A measure of risk-adjusted return. The annualized excess return of the portfolio relative to a respective benchmark, divided by the annualized tracking error relative to that same benchmark. The higher the measure, the higher the risk-adjusted return.

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Glossary - Terms

PBV: (Price/Book Value) Ratio: The PBV Ratio measures the value of a company's common stock relative to its shareholder's equity. A price-to-book multiple above one means that the price of the company's common stock is higher than its common shareholder's equity. A price-to-book multiple below one means that the price of the company's common stock are less than its break-up value, and the shares may be undervalued. PCF: (Price/CashFlow): Some analysts favor the price/cash flow over the price-earnings (PE) ratio as a measure of a company’s value. Cash flow is a measure of a company's financial health. It equals cash receipts minus cash payments over a given period of time. P/E: (Price/Earnings) Ratio: This is the most common measure of how expensive a stock is. Simply, it is the cost an investor in a given stock must pay per dollar of current annual earnings. A high P/E generally indicates that the market is paying more to obtain the stock because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E often indicates that the market has less confidence that the company’s earnings will increase rapidly or steadily, and therefore will not pay as much for its stock. R-squared: A measurement of how closely the portfolio’s performance correlates with the performance of its benchmark, such as the MSC AC World Free ex US Index. In other words, it is a measurement of what portion of a portfolio’s performance can be explained by the performance of the overall market or index. Ranges from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Risk (Standard Deviation): A measure of the portfolio’s risk. A higher standard deviation represents a greater dispersion of returns, and thus a greater amount of risk. The annualized standard deviation is calculated using monthly returns. Sharpe-Ratio: A risk-adjusted measure calculated using standard deviation and excess return (Portfolio return – Risk Free Rate) to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio’s historic risk-adjusted performance. Tracking Error: Tracking Error measures the extent to which a portfolio tracks its benchmark. The tracking error of an index portfolio should be lower than that of an active portfolio. The tracking error will always be greater than zero if the portfolio is anything other than a replication of the benchmark. Trailing 1-Year Turnover: This figure reflects the portfolio’s trading activity by calculating the amount of the portfolio’s holdings bought or sold over the prior year, expressed as a percentage of the portfolio’s average market value. Turnover figures may be related to the amount of trading costs experienced by the portfolio. Weighted Average Market Capitalization: Market capitalization refers to the total market value of each company's outstanding shares. The Weighted Average Market Capitalization for a portfolio is calculated as the average market capitalization of the stocks within the portfolio, weighted by the amount of each stock owned. Weighted Median Market Capitalization: This calculation represents the median market capitalization of the stocks in the portfolio, weighted by the amount of each stock owned.

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