# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-25-193287
**Filing Date:** 2025-8
**Character Count:** 37676
**Document Hash:** a49e5e6f8838a8cb4ddb58a8cc0825d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-193287.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-193287

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAM BLAIR FUNDS
- **CENTRAL INDEX KEY:** 0000822632

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 251234051

**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 Small Cap Value Fund (Series ID: S000008597)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023531 | Class N      | WBVNX           |
| C000023532 | Class I      | ICSCX           |
| C000211717 | Class R6     | WBVRX           |

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000008597

- **c. LEI of Series:** 5493002FQGRSJB1RZB02

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1102921526.32

**Total Liabilities:** $815224.59

**Net Assets:** $1102106301.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023531 | -4.56%               | 3.97%                | 3.19%                |
| Class ID C000211717 | -4.57%               | 4.01%                | 3.23%                |
| Class ID C000023532 | -4.57%               | 4.01%                | 3.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28041416.49            | $-27024957.00                              |
| Month 2  | $-17323680.43            | $59152043.72                               |
| Month 3  | $-7270605.09             | $39633491.66                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thermon Group Holdings Inc           | Thermon Group Holdings Inc           | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    392604 | NS      | $11024320.32  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                         | OPENLANE Inc                         | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    495096 | NS      | $12105097.20  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc       | Kulicke & Soffa Industries Inc       | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    279553 | NS      | $9672533.80   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp           | FIXED INC CLEARING CORP.REPO         | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  31887860 | PA      | $31887859.85  | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Janus International Group Inc        | Janus International Group Inc        | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1363705 | NS      | $11100558.70  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV              | Expro Group Holdings NV              | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |    936954 | NS      | $8048434.86   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc               | Eastern Bankshares Inc               | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    830554 | NS      | $12682559.58  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co              | Central Garden & Pet Co              | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |    311222 | NS      | $9738136.38   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc         | Acadian Asset Management Inc         | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |    269591 | NS      | $9500386.84   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN              | Old National Bancorp/IN              | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    689889 | NS      | $14722231.26  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                       | Tecnoglass Inc                       | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |    153856 | NS      | $11902300.16  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc      | Four Corners Property Trust Inc      | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |    463537 | NS      | $12473780.67  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                          | Ecovyst Inc                          | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1208389 | NS      | $9945041.47   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                 | First Merchants Corp                 | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    273669 | NS      | $10481522.70  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognyte Software Ltd                 | Cognyte Software Ltd                 | CUSIP: 000000000<br>LEI: 2549006L803IRJC67B33 | Long             | EC               | CORP              | IL        |    538762 | NS      | $4978160.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                | Sila Realty Trust Inc                | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |    433541 | NS      | $10261915.47  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                   | UMH Properties Inc                   | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |    664112 | NS      | $11150440.48  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc    | Atmus Filtration Technologies Inc    | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    298908 | NS      | $10886229.36  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc          | Columbia Banking System Inc          | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    419229 | NS      | $9801574.02   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                           | Belden Inc                           | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     94315 | NS      | $10921677.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                        | Hub Group Inc                        | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    276891 | NS      | $9256466.13   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc             | Granite Construction Inc             | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    113331 | NS      | $10597581.81  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                       | Air Lease Corp                       | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    184692 | NS      | $10802635.08  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc             | Winnebago Industries Inc             | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |    164481 | NS      | $4769949.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                 | MGIC Investment Corp                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    351172 | NS      | $9776628.48   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                          | Maximus Inc                          | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |    172843 | NS      | $12133578.60  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                 | Tri Pointe Homes Inc                 | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    379597 | NS      | $12128124.15  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                       | Ameris Bancorp                       | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    261746 | NS      | $16934966.20  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                | Oxford Industries Inc                | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |    122762 | NS      | $4941170.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc        | Empire State Realty Trust Inc        | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |   1240168 | NS      | $10032959.12  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                         | Knowles Corp                         | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    619634 | NS      | $10917951.08  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc               | Banc of California Inc               | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    853243 | NS      | $11988064.15  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc       | Armstrong World Industries Inc       | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     53377 | NS      | $8670559.88   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc              | ANI Pharmaceuticals Inc              | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    185319 | NS      | $12092064.75  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust              | Kite Realty Group Trust              | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    564082 | NS      | $12776457.30  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc           | Huron Consulting Group Inc           | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     86005 | NS      | $11829127.70  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc        | Northwestern Energy Group Inc        | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    182753 | NS      | $9375228.90   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                         | La-Z-Boy Inc                         | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    254866 | NS      | $9473369.22   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                            | Spire Inc                            | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |    108059 | NS      | $7887226.41   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                     | WNS Holdings Ltd                     | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |    172371 | NS      | $10900742.04  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC      | First Bancorp/Southern Pines NC      | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    266450 | NS      | $11747780.50  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc            | Innovex International Inc            | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    452469 | NS      | $7067565.78   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                | John Wiley & Sons Inc                | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    349955 | NS      | $15618491.65  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc        | CSG Systems International Inc        | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    183844 | NS      | $12006851.64  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                            | Greif Inc                            | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |    127609 | NS      | $8293308.91   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc             | Golden Entertainment Inc             | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |    208228 | NS      | $6128150.04   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp                 | Gulfport Energy Corp                 | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     85068 | NS      | $17113129.56  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                   | Verint Systems Inc                   | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    467157 | NS      | $9188978.19   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                         | Sanmina Corp                         | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |    129804 | NS      | $12698725.32  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                         | SM Energy Co                         | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    114349 | NS      | $2825563.79   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc        | Selective Insurance Group Inc        | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    157162 | NS      | $13618087.30  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                 | Alaska Air Group Inc                 | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |    233195 | NS      | $11538488.60  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc         | Sunstone Hotel Investors Inc         | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    795781 | NS      | $6907379.08   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                       | PBF Energy Inc                       | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    371567 | NS      | $8051856.89   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                     | Elme Communities                     | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    642397 | NS      | $10214112.30  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                           | Kirby Corp                           | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    107823 | NS      | $12228206.43  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc           | Vishay Intertechnology Inc           | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    700367 | NS      | $11121827.96  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                | ESCO Technologies Inc                | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     67969 | NS      | $13041212.03  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                           | Diodes Inc                           | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |    207550 | NS      | $10977319.50  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust              | Pebblebrook Hotel Trust              | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |    721330 | NS      | $7206086.70   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc | Cracker Barrel Old Country Store Inc | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |    190502 | NS      | $11635862.16  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                           | Matson Inc                           | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     70889 | NS      | $7893490.15   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                  | ADTRAN Holdings Inc                  | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |   1096053 | NS      | $9831595.41   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                  | Titan Machinery Inc                  | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |    308597 | NS      | $6113306.57   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                  | Silgan Holdings Inc                  | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    202407 | NS      | $10966411.26  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp   | Enterprise Financial Services Corp   | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |    231529 | NS      | $12757247.90  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                 | Rush Enterprises Inc                 | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |    208066 | NS      | $10717479.66  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc      | Pinnacle Financial Partners Inc      | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     98768 | NS      | $10904974.88  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp            | Albany International Corp            | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    153318 | NS      | $10752191.34  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc               | Werner Enterprises Inc               | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |    198842 | NS      | $5440317.12   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners            | Perella Weinberg Partners            | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    562106 | NS      | $10916098.52  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                           | Korn Ferry                           | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    157801 | NS      | $11571547.33  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                   | ABM Industries Inc                   | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    271493 | NS      | $12817184.53  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                  | Stellar Bancorp Inc                  | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |    403649 | NS      | $11294099.02  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd                 | Marten Transport Ltd                 | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    499166 | NS      | $6484166.34   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp       | Atlantic Union Bankshares Corp       | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    367364 | NS      | $11491145.92  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                    | YETI Holdings Inc                    | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    203782 | NS      | $6423208.64   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida     | Seacoast Banking Corp of Florida     | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    489691 | NS      | $13525265.42  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp            | Taylor Morrison Home Corp            | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    258944 | NS      | $15904340.48  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc           | El Pollo Loco Holdings Inc           | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |    468713 | NS      | $5160530.13   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                            | Avnet Inc                            | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    227621 | NS      | $12082122.68  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                             | WaFd Inc                             | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    365144 | NS      | $10691416.32  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                 | Hancock Whitney Corp                 | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |    235179 | NS      | $13499274.60  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                        | Renasant Corp                        | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    345487 | NS      | $12413347.91  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion SA                             | Orion SA                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    241418 | NS      | $2532474.82   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc         | Texas Capital Bancshares Inc         | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    209416 | NS      | $16627630.40  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc          | Pacific Premier Bancorp Inc          | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    435628 | NS      | $9187394.52   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                          | IDACORP Inc                          | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     97316 | NS      | $11235132.20  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                 | LXP Industrial Trust                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |   1337374 | NS      | $11046709.24  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                 | Matador Resources Co                 | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    182981 | NS      | $8731853.32   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                 | Commercial Metals Co                 | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    226788 | NS      | $11092201.08  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                | Lantheus Holdings Inc                | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    146991 | NS      | $12032683.26  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                     | Haemonetics Corp                     | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    157838 | NS      | $11776293.18  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                      | ICU Medical Inc                      | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     79243 | NS      | $10471962.45  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc                     | TriNet Group Inc                     | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |    146549 | NS      | $10718593.86  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                           | Brady Corp                           | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    156039 | NS      | $10605970.83  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd              | Tower Semiconductor Ltd              | CUSIP: 000000000<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |    280998 | NS      | $12181263.30  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc                 | Extreme Networks Inc                 | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |    717098 | NS      | $12871909.10  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co            | Edgewell Personal Care Co            | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    294255 | NS      | $6888509.55   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                    | Steven Madden Ltd                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    255736 | NS      | $6132549.28   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                  | TreeHouse Foods Inc                  | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |    157727 | NS      | $3063058.34   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                   | CareTrust REIT Inc                   | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    522466 | NS      | $15987459.60  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                 | Ryerson Holding Corp                 | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |    126398 | NS      | $2726404.86   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc              | DigitalBridge Group Inc              | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   1001399 | NS      | $10364479.65  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                            | Monro Inc                            | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375563 | NS      | $5599644.33   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer