# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-23-029957
**Filing Date:** 2023-2
**Character Count:** 43044
**Document Hash:** 50bbdb883be4e0ab4b1966d6dc9e5db5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-029957.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-029957

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAM BLAIR FUNDS
- **CENTRAL INDEX KEY:** 0000822632
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 23645627

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3123648000

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIAM BLAIR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLAIR WILLIAM READY RESERVES INC
- **DATE OF NAME CHANGE:** 19920316

## Series and Classes Contracts Data

### William Blair International Small Cap Growth Fund (Series ID: S000008595)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023525 | Class N      | WISNX           |
| C000023526 | Class I      | WISIX           |
| C000023527 | Class R6     | WIISX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** WILLIAM BLAIR FUNDS

- **b. Investment Company Act file number:** 811-05344

- **c. CIK number of Registrant:** 0000822632

- **d. LEI of Registrant:** SNQR0U5FDV8EZZX4W051

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 150 NORTH RIVERSIDE PLAZA

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-364-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** William Blair International Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000008595

- **c. LEI of Series:** GU7UOTN8SY5EBGM2UF12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $235713859.36

**Total Liabilities:** $385180.67

**Net Assets:** $235328678.69

**Cash Not Reported:** $8599.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023526 | 6.17%                | 11.72%               | -3.69%               |
| Class ID C000023525 | 6.16%                | 11.61%               | -3.68%               |
| Class ID C000023527 | 6.23%                | 11.63%               | -3.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-941816.57              | $14566797.86                               |
| Month 2  | $-672354.72              | $28117204.50                               |
| Month 3  | $-7230971.85             | $-1710339.13                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Domino's Pizza Enterprises Ltd                 | Domino's Pizza Enterprises Ltd                 | CUSIP: 000000000<br>LEI: 54930034RFI409JZ3179 | Long             | EC               | CORP              | AU        |     35327 | NS      | $1593471.02   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Investment and Finance Co Ltd    | Cholamandalam Investment and Finance Co Ltd    | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |    136594 | NS      | $1197859.87   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bufab AB                                       | Bufab AB                                       | CUSIP: 000000000<br>LEI: 5493002TF62S16D67T17 | Long             | EC               | CORP              | SE        |     64942 | NS      | $1456314.94   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd                   | Max Healthcare Institute Ltd                   | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    205617 | NS      | $1094072.32   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nolato AB                                      | Nolato AB                                      | CUSIP: 000000000<br>LEI: 213800T7T7I7WAOX8Y72 | Long             | EC               | CORP              | SE        |    200419 | NS      | $1049645.98   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplifon SpA                                   | Amplifon SpA                                   | CUSIP: 000000000<br>LEI: ZYXJDNVM2JI3VBM8G556 | Long             | EC               | CORP              | IT        |     31137 | NS      | $927256.90    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Greggs PLC                                     | Greggs PLC                                     | CUSIP: 000000000<br>LEI: 213800I71QMUFJ64IW20 | Long             | EC               | CORP              | GB        |     67700 | NS      | $1920105.32   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkland Corp                                  | Parkland Corp                                  | CUSIP: 70137W108<br>LEI: 549300UY5C6HUV0XLS53 | Long             | EC               | CORP              | CA        |    156783 | NS      | $3440194.19   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sdiptech AB                                    | Sdiptech AB                                    | CUSIP: 000000000<br>LEI: 549300JBO7VTEGMRW310 | Long             | EC               | CORP              | SE        |     66324 | NS      | $1436458.02   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional SAB de CV                             | Regional SAB de CV                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    289000 | NS      | $2091140.02   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Netwealth Group Ltd                            | Netwealth Group Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     88651 | NS      | $730332.35    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ Holdings Inc                          | SIGMAXYZ Holdings Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    101100 | NS      | $996055.32    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ariston Holding NV                             | Ariston Holding NV                             | CUSIP: 000000000<br>LEI: 815600CC86D25A205563 | Long             | EC               | CORP              | NL        |    407030 | NS      | $4191482.65   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Steadfast Group Ltd                            | Steadfast Group Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    574243 | NS      | $2138624.64   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Johns Lyng Group Ltd                           | Johns Lyng Group Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    179502 | NS      | $756504.42    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AddTech AB                                     | AddTech AB                                     | CUSIP: 000000000<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |    125920 | NS      | $1794400.88   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV      | Grupo Aeroportuario del Sureste SAB de CV      | CUSIP: 000000000<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |    120525 | NS      | $2808075.09   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoStore Holdings Ltd                         | AutoStore Holdings Ltd                         | CUSIP: 000000000<br>LEI: 549300KYN3M0LSM5A413 | Long             | EC               | CORP              | BM        |    979248 | NS      | $1791709.58   | 0.76%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Network International Holdings PLC             | Network International Holdings PLC             | CUSIP: 000000000<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |    673004 | NS      | $2424612.19   | 1.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                     | FIXED INC CLEARING CORP.REPO                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   4959062 | PA      | $4959061.56   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Musti Group Oyj                                | Musti Group Oyj                                | CUSIP: 000000000<br>LEI: 743700IE9NQGF9YZAI97 | Long             | EC               | CORP              | FI        |     58319 | NS      | $974493.96    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripod Technology Corp                         | Tripod Technology Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    307000 | NS      | $938914.28    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kin & Carta PLC                                | Kin & Carta PLC                                | CUSIP: 000000000<br>LEI: 213800B32KQM8CENCR16 | Long             | EC               | CORP              | GB        |    433373 | NS      | $1121202.35   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifco AB                                       | Lifco AB                                       | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |    130487 | NS      | $2177732.41   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| IntegraFin Holdings PLC                        | IntegraFin Holdings PLC                        | CUSIP: 000000000<br>LEI: 213800CYIZKXK9PQYE87 | Long             | EC               | CORP              | GB        |    270277 | NS      | $987442.74    | 0.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Koh Young Technology Inc                       | Koh Young Technology Inc                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    145023 | NS      | $1462272.24   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnoPro Holdings Inc                         | TechnoPro Holdings Inc                         | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |    176200 | NS      | $4732589.15   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brembo SpA                                     | Brembo SpA                                     | CUSIP: 000000000<br>LEI: 549300BLWVJN2BAT0A44 | Long             | EC               | CORP              | IT        |    132871 | NS      | $1486321.21   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Aavas Financiers Ltd                           | Aavas Financiers Ltd                           | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | IN        |     81401 | NS      | $1819100.31   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortnox AB                                     | Fortnox AB                                     | CUSIP: 000000000<br>LEI: 549300MSNMHPC3O60W78 | Long             | EC               | CORP              | SE        |    418239 | NS      | $1895429.48   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Motherson Sumi Wiring India Ltd                | Motherson Sumi Wiring India Ltd                | CUSIP: 000000000<br>LEI: 335800Y5S92WUOZT3C60 | Long             | EC               | CORP              | IN        |   2921279 | NS      | $2053334.63   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kardex Holding AG                              | Kardex Holding AG                              | CUSIP: 000000000<br>LEI: 529900JKKMQ07D6QZ480 | Long             | EC               | CORP              | CH        |     18687 | NS      | $3071890.99   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    488500 | NS      | $3755783.23   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arezzo Industria e Comercio SA                 | Arezzo Industria e Comercio SA                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     65200 | NS      | $966314.69    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Rotork PLC                                     | Rotork PLC                                     | CUSIP: 000000000<br>LEI: 213800AH5RZIHGWRJ718 | Long             | EC               | CORP              | GB        |   1109112 | NS      | $4111080.02   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Safestore Holdings PLC                         | Safestore Holdings PLC                         | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               |  | GB        |     94291 | NS      | $1077234.93   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SCSK Corp                                      | SCSK Corp                                      | CUSIP: 000000000<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               | CORP              | JP        |    176000 | NS      | $2683450.17   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Azimut Holding SpA                             | Azimut Holding SpA                             | CUSIP: 000000000<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     42976 | NS      | $962856.13    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC                                    | Beazley PLC                                    | CUSIP: 000000000<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |    556327 | NS      | $4570123.91   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                          | ASPEED Technology Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     30600 | NS      | $1677571.54   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc                    | Fukuoka Financial Group Inc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     54200 | NS      | $1241016.46   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Proya Cosmetics Co Ltd                         | Proya Cosmetics Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    162908 | NS      | $3924771.18   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Maytronics Ltd                                 | Maytronics Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     40390 | NS      | $402164.95    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV                 | BE Semiconductor Industries NV                 | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     49361 | NS      | $2988543.15   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Benefit One Inc                                | Benefit One Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    181600 | NS      | $2674739.41   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Eventim AG & Co KGaA                       | CTS Eventim AG & Co KGaA                       | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     63617 | NS      | $4058687.61   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mainfreight Ltd                                | Mainfreight Ltd                                | CUSIP: 000000000<br>LEI: 5493007BE0VNXX7RYQ88 | Long             | EC               | CORP              | NZ        |     79417 | NS      | $3403475.51   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MR DIY Group M Bhd                             | MR DIY Group M Bhd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   2969400 | NS      | $1348195.23   | 0.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kinaxis Inc                                    | Kinaxis Inc                                    | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     28186 | NS      | $3162286.01   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TOMRA Systems ASA                              | TOMRA Systems ASA                              | CUSIP: 000000000<br>LEI: 549300J726JCFJU3VT89 | Long             | EC               | CORP              | NO        |     77546 | NS      | $1310797.16   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| First International Bank Of Israel Ltd/The     | First International Bank Of Israel Ltd/The     | CUSIP: 000000000<br>LEI: 2138002RV6AUUX19F397 | Long             | EC               | CORP              | IL        |     55221 | NS      | $2183641.72   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                            | Burford Capital Ltd                            | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | GG        |    181291 | NS      | $1461875.72   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitra Adiperkasa Tbk PT                        | Mitra Adiperkasa Tbk PT                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  12990600 | NS      | $1205808.06   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmet Oyj                                     | Valmet Oyj                                     | CUSIP: 000000000<br>LEI: 213800D9O7FUQDH83V62 | Long             | EC               | CORP              | FI        |     66098 | NS      | $1780185.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pets at Home Group Plc                         | Pets at Home Group Plc                         | CUSIP: 000000000<br>LEI: 2138003Y9ULD24PD3J93 | Long             | EC               | CORP              | GB        |    428380 | NS      | $1468736.16   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Elevator Service Holdings Co Ltd         | Japan Elevator Service Holdings Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    182300 | NS      | $2297502.29   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Info Edge India Ltd                            | Info Edge India Ltd                            | CUSIP: 000000000<br>LEI: 335800MXUVHTBF9DEC78 | Long             | EC               | CORP              | IN        |     40773 | NS      | $1928450.04   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Affle India Ltd                                | Affle India Ltd                                | CUSIP: 000000000<br>LEI: 335800VOXUF6XMCWSD89 | Long             | EC               | CORP              | IN        |     56856 | NS      | $740131.38    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chacha Food Co Ltd                             | Chacha Food Co Ltd                             | CUSIP: 000000000<br>LEI: 300300AJZ9YPIRBJZN87 | Long             | EC               | CORP              | CN        |    461600 | NS      | $3320051.21   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tube Investments of India Ltd                  | Tube Investments of India Ltd                  | CUSIP: 000000000<br>LEI: 335800Z8CKZ11SGVKE64 | Long             | EC               | CORP              | IN        |     42169 | NS      | $1404248.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT           | Bank Negara Indonesia Persero Tbk PT           | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |   3100700 | NS      | $1837414.97   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Renishaw PLC                                   | Renishaw PLC                                   | CUSIP: 000000000<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |     64309 | NS      | $2851736.92   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sichuan Swellfun Co Ltd                        | Sichuan Swellfun Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    105682 | NS      | $1283380.24   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lagercrantz Group AB                           | Lagercrantz Group AB                           | CUSIP: 000000000<br>LEI: 5493002L6I4YHANEYR87 | Long             | EC               | CORP              | SE        |    202291 | NS      | $2002583.68   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon M&A Center Holdings Inc                  | Nihon M&A Center Holdings Inc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     95800 | NS      | $1189105.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis SA                              | EDP Renovaveis SA                              | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |    110047 | NS      | $2424318.96   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                                        | UPL Ltd                                        | CUSIP: 000000000<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |    118420 | NS      | $1026602.49   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Siltronic AG                                   | Siltronic AG                                   | CUSIP: 000000000<br>LEI: 5299003NKV26NNGHHR90 | Long             | EC               | CORP              | DE        |     29708 | NS      | $2167232.26   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Diploma PLC                                    | Diploma PLC                                    | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |    114327 | NS      | $3836866.11   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Softcat PLC                                    | Softcat PLC                                    | CUSIP: 000000000<br>LEI: 213800N42YZLR9GLVC42 | Long             | EC               | CORP              | GB        |    161148 | NS      | $2306667.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Food & Life Cos Ltd                            | Food & Life Cos Ltd                            | CUSIP: 000000000<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |     83100 | NS      | $1645030.48   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MIPS AB                                        | MIPS AB                                        | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |     36521 | NS      | $1504609.83   | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abcam PLC                                      | Abcam PLC                                      | CUSIP: 000380204<br>LEI: 213800B9N83DSNT33F79 | Long             | EC               | CORP              | GB        |    115996 | NS      | $1804897.76   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                                | Hemnet Group AB                                | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |     91114 | NS      | $1096701.76   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meitec Corp                                    | Meitec Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    137000 | NS      | $2501158.18   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Galenica AG                                    | Galenica AG                                    | CUSIP: 000000000<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |     43283 | NS      | $3536506.41   | 1.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AU Small Finance Bank Ltd                      | AU Small Finance Bank Ltd                      | CUSIP: 000000000<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |    563043 | NS      | $4457452.11   | 1.89%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Royal Unibrew A/S                              | Royal Unibrew A/S                              | CUSIP: 000000000<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |     17042 | NS      | $1215077.82   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd                            | Varun Beverages Ltd                            | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |     76942 | NS      | $1230811.59   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bidvest Group Ltd/The                          | Bidvest Group Ltd/The                          | CUSIP: 000000000<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |     93868 | NS      | $1184395.53   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Group PLC                                  | CVS Group PLC                                  | CUSIP: 000000000<br>LEI: 213800J41XDQ2NX48O05 | Long             | EC               | CORP              | GB        |     60769 | NS      | $1422315.09   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Richelieu Hardware Ltd                         | Richelieu Hardware Ltd                         | CUSIP: 76329W103<br>LEI: 5493007VPNETW465DN04 | Long             | EC               | CORP              | CA        |     68023 | NS      | $1819137.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SES-imagotag SA                                | SES-imagotag SA                                | CUSIP: 000000000<br>LEI: 969500U51BYOMEW9M549 | Long             | EC               | CORP              | FR        |     16478 | NS      | $2151941.74   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bravida Holding AB                             | Bravida Holding AB                             | CUSIP: 000000000<br>LEI: 549300H88IJGPNNL3T61 | Long             | EC               | CORP              | SE        |    118312 | NS      | $1263071.04   | 0.54%             |  |  |  | Yes           |                  1 | On Loan: No      |
| EQB Inc                                        | EQB Inc                                        | CUSIP: 26886R104<br>LEI: 549300QAXPCRULOPD247 | Long             | EC               | CORP              | CA        |     42597 | NS      | $1784732.50   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                         | Brunello Cucinelli SpA                         | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |     36114 | NS      | $2671282.52   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SMS Co Ltd                                     | SMS Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    159400 | NS      | $4074878.09   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TIS Inc                                        | TIS Inc                                        | CUSIP: 000000000<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |     69400 | NS      | $1840231.64   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus Ltd                                | Pro Medicus Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     65514 | NS      | $2464884.23   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                               | Clicks Group Ltd                               | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |    189322 | NS      | $3009318.66   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                        | Rumo SA                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    447700 | NS      | $1578047.63   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                       | TOTVS SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    411700 | NS      | $2153729.63   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitrolife AB                                   | Vitrolife AB                                   | CUSIP: 000000000<br>LEI: 5493001WDZMONMSPPR49 | Long             | EC               | CORP              | SE        |     75377 | NS      | $1345031.06   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                     | Inmode Ltd                                     | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |    101399 | NS      | $3619944.30   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                                     | Melexis NV                                     | CUSIP: 000000000<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |     38008 | NS      | $3295537.19   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Polycab India Ltd                              | Polycab India Ltd                              | CUSIP: 000000000<br>LEI: 335800ZAL1L11ERZVW68 | Long             | EC               | CORP              | IN        |     54353 | NS      | $1691197.57   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Siegfried Holding AG                           | Siegfried Holding AG                           | CUSIP: 000000000<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |      2998 | NS      | $1989155.90   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                         | Warehouses De Pauw CVA                         | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               |  | BE        |     35590 | NS      | $1017197.84   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaria Energia y Medio Ambiente SA            | Solaria Energia y Medio Ambiente SA            | CUSIP: 000000000<br>LEI: 959800PM2YJU406K2789 | Long             | EC               | CORP              | ES        |     57334 | NS      | $1050708.35   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent Consulting Inc                      | BayCurrent Consulting Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    135600 | NS      | $4251706.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Rakus Co Ltd                                   | Rakus Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     86600 | NS      | $1045217.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| North West Co Inc/The                          | North West Co Inc/The                          | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |     73359 | NS      | $1927163.69   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AZ-COM MARUWA Holdings Inc                     | AZ-COM MARUWA Holdings Inc                     | CUSIP: 000000000<br>LEI: 353800T8U9EBANSQUQ17 | Long             | EC               | CORP              | JP        |     49200 | NS      | $590444.99    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Biotage AB                                     | Biotage AB                                     | CUSIP: 000000000<br>LEI: 529900SR87NBUKX74L58 | Long             | EC               | CORP              | SE        |    136954 | NS      | $2434626.95   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gjensidige Forsikring ASA                      | Gjensidige Forsikring ASA                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |    141219 | NS      | $2770526.27   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GMO Payment Gateway Inc                        | GMO Payment Gateway Inc                        | CUSIP: 000000000<br>LEI: 353800Q6U21E2PM83F86 | Long             | EC               | CORP              | JP        |     16000 | NS      | $1331301.43   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                | Voltronic Power Technology Corp                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     64451 | NS      | $3239797.47   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Carel Industries SpA                           | Carel Industries SpA                           | CUSIP: 000000000<br>LEI: 815600115DA6E507AE33 | Long             | EC               | CORP              | IT        |     80508 | NS      | $2025224.07   | 0.86%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SHIFT Inc                                      | SHIFT Inc                                      | CUSIP: 000000000<br>LEI: 353800HJXMOPLJ7BO262 | Long             | EC               | CORP              | JP        |     17500 | NS      | $3112237.12   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                                       | JUMBO SA                                       | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     80352 | NS      | $1374483.87   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EBOS Group Ltd                                 | EBOS Group Ltd                                 | CUSIP: 000000000<br>LEI: 254900KJ40C7HBYTWC21 | Long             | EC               | CORP              | NZ        |     47281 | NS      | $1317821.39   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige International Inc                     | Prestige International Inc                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     60200 | NS      | $333017.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijer Ref AB                                  | Beijer Ref AB                                  | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |    156289 | NS      | $2203204.83   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweco AB                                       | Sweco AB                                       | CUSIP: 000000000<br>LEI: 549300Q4Y55VICYV6U90 | Long             | EC               | CORP              | SE        |    152775 | NS      | $1461888.17   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-17

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer