# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-25-193304
**Filing Date:** 2025-8
**Character Count:** 45484
**Document Hash:** f07ac3ee22ef1beb29c9bf4cb16c5927
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-193304.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-193304

**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:** 251234069

**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:** 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:** $182914199.35

**Total Liabilities:** $722462.26

**Net Assets:** $182191737.09

**Cash Not Reported:** $39030.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023526 | 7.02%                | 5.88%                | 3.27%                |
| Class ID C000023525 | 6.96%                | 5.82%                | 3.26%                |
| Class ID C000023527 | 7.05%                | 5.84%                | 3.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1036891.44              | $9848538.82                                |
| Month 2  | $1304389.98              | $8019074.35                                |
| Month 3  | $2293797.13              | $3682516.44                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bufab AB                                       | Bufab AB                                       | CUSIP: 000000000<br>LEI: 5493002TF62S16D67T17 | Long             | EC               | CORP              | SE        |    216930 | NS      | $2013404.99   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GENDA INC                                      | GENDA INC                                      | CUSIP: 000000000<br>LEI: 353800JYKQUW85OO9O74 | Long             | EC               | CORP              | JP        |     63700 | NS      | $386610.19    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AAC Technologies Holdings Inc                  | AAC Technologies Holdings Inc                  | CUSIP: 000000000<br>LEI: 549300SKEDE1VKS0A552 | Long             | EC               | CORP              | KY        |    112500 | NS      | $583283.97    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Corp                                  | Integral Corp                                  | CUSIP: 000000000<br>LEI: 254900LBW5E2GUM0UK59 | Long             | EC               | CORP              | JP        |     47100 | NS      | $1044994.97   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sectra AB                                      | Sectra AB                                      | CUSIP: 000000000<br>LEI: 549300R9ZBT8YSFFK266 | Long             | EC               | CORP              | SE        |     28192 | NS      | $1044137.11   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                     | FIXED INC CLEARING CORP.REPO                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   5291957 | PA      | $5291957.46   | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Bank Ltd                               | Rakuten Bank Ltd                               | CUSIP: 000000000<br>LEI: 3538007HFAF2NOCBUE44 | Long             | EC               | CORP              | JP        |     82600 | NS      | $3794305.75   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkland Corp                                  | Parkland Corp                                  | CUSIP: 70137W108<br>LEI: 549300UY5C6HUV0XLS53 | Long             | EC               | CORP              | CA        |     33510 | NS      | $947901.74    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Catapult Group International Ltd               | Catapult Group International Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    418290 | NS      | $1613244.22   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMedia Technology Inc                         | ASMedia Technology Inc                         | CUSIP: 000000000<br>LEI: 529900CQG67FQMMNX678 | Long             | EC               | CORP              | TW        |     18000 | NS      | $1176913.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Puuilo Oyj                                     | Puuilo Oyj                                     | CUSIP: 000000000<br>LEI: 743700UJUT6FWHBXPR69 | Long             | EC               | CORP              | FI        |     89973 | NS      | $1383087.99   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Guzman y Gomez Ltd                             | Guzman y Gomez Ltd                             | CUSIP: 000000000<br>LEI: 5493007NXIWMWSIYD986 | Long             | EC               | CORP              | AU        |     48096 | NS      | $895502.75    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ Holdings Inc                          | SIGMAXYZ Holdings Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    149200 | NS      | $1299238.22   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ariston Holding NV                             | Ariston Holding NV                             | CUSIP: 000000000<br>LEI: 815600CC86D25A205563 | Long             | EC               | CORP              | NL        |     77007 | NS      | $380076.77    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mildef Group AB                                | Mildef Group AB                                | CUSIP: 000000000<br>LEI: 9845009F7Q0D56B38270 | Long             | EC               | CORP              | SE        |     71534 | NS      | $1499349.13   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanwa Holdings Corp                            | Sanwa Holdings Corp                            | CUSIP: 000000000<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |     26900 | NS      | $894580.74    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Steadfast Group Ltd                            | Steadfast Group Ltd                            | CUSIP: 000000000<br>LEI: 9845003B6BEAA12DBD91 | Long             | EC               | CORP              | AU        |    428008 | NS      | $1692978.25   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                                  | BBB Foods Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     65266 | NS      | $1811784.16   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AddTech AB                                     | AddTech AB                                     | CUSIP: 000000000<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |     37932 | NS      | $1291008.68   | 0.71%             |  |  |  | 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        |     51105 | NS      | $1631372.81   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ABC-Mart Inc                                   | ABC-Mart Inc                                   | CUSIP: 000000000<br>LEI: 353800AXWW4CMTSJWL33 | Long             | EC               | CORP              | JP        |     81600 | NS      | $1678408.39   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Siegfried Holding AG                           | Siegfried Holding AG                           | CUSIP: 000000000<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |     11842 | NS      | $1332775.35   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Next Vision Stabilized Systems Ltd             | Next Vision Stabilized Systems Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     26839 | NS      | $1001591.99   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentrack Group Ltd                             | Gentrack Group Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    144860 | NS      | $1099266.03   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                            | Sportradar Group AG                            | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     69263 | NS      | $1944905.04   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zen Technologies Ltd                           | Zen Technologies Ltd                           | CUSIP: 000000000<br>LEI: 335800LESMFKPK45XK09 | Long             | EC               | CORP              | IN        |     28722 | NS      | $664799.09    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd              | HD Hyundai Marine Solution Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5775 | NS      | $879343.88    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Financial Holdings Ltd           | Cholamandalam Financial Holdings Ltd           | CUSIP: 000000000<br>LEI: 335800WAHI1O38BILX22 | Long             | EC               | CORP              | IN        |     67651 | NS      | $1711784.86   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Inventurus Knowledge Solutions Ltd             | Inventurus Knowledge Solutions Ltd             | CUSIP: 000000000<br>LEI: 984500FE8V6837444319 | Long             | EC               | CORP              | IN        |     35050 | NS      | $658413.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifco AB                                       | Lifco AB                                       | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |     26044 | NS      | $1053773.24   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Television Holdings Inc                 | Nippon Television Holdings Inc                 | CUSIP: 000000000<br>LEI: 353800QI43C3H97E4W63 | Long             | EC               | CORP              | JP        |     34600 | NS      | $803941.53    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SOL SpA                                        | SOL SpA                                        | CUSIP: 000000000<br>LEI: 81560096A9AEBBBD4B25 | Long             | EC               | CORP              | IT        |     38916 | NS      | $2204958.23   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnoPro Holdings Inc                         | TechnoPro Holdings Inc                         | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     72600 | NS      | $2120955.52   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology One Ltd                             | Technology One Ltd                             | CUSIP: 000000000<br>LEI: 875500YEWBJIM91P9N12 | Long             | EC               | CORP              | AU        |     65980 | NS      | $1780849.01   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC                   | Baltic Classifieds Group PLC                   | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |    424488 | NS      | $2173371.47   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| XPS Pensions Group PLC                         | XPS Pensions Group PLC                         | CUSIP: 000000000<br>LEI: 2138004Y8OBPJEAACJ11 | Long             | EC               | CORP              | GB        |    136505 | NS      | $718577.55    | 0.39%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sundaram Finance Ltd                           | Sundaram Finance Ltd                           | CUSIP: 000000000<br>LEI: 335800QM6HEH82BEJY45 | Long             | EC               | CORP              | IN        |     29059 | NS      | $1752146.56   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd                          | Elite Material Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     43000 | NS      | $1298302.07   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                              | Cellebrite DI Ltd                              | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |     60072 | NS      | $961152.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kardex Holding AG                              | Kardex Holding AG                              | CUSIP: 000000000<br>LEI: 529900JKKMQ07D6QZ480 | Long             | EC               | CORP              | CH        |      7243 | NS      | $2519463.10   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Exchange Income Corp                           | Exchange Income Corp                           | CUSIP: 301283107<br>LEI: 549300G7SUZKHS2N8C38 | Long             | EC               | CORP              | CA        |     15761 | NS      | $726041.88    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Europris ASA                                   | Europris ASA                                   | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGA8G28 | Long             | EC               | CORP              | NO        |     96660 | NS      | $818973.75    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kfin Technologies Ltd                          | Kfin Technologies Ltd                          | CUSIP: 000000000<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |    150252 | NS      | $2361703.54   | 1.30%             |  |  |  | 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        |    114100 | NS      | $1500699.73   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BoneSupport Holding AB                         | BoneSupport Holding AB                         | CUSIP: 000000000<br>LEI: 549300COLY053IGTLD63 | Long             | EC               | CORP              | SE        |     52955 | NS      | $1567229.33   | 0.86%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zabka Group SA                                 | Zabka Group SA                                 | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |    240571 | NS      | $1444353.75   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rotork PLC                                     | Rotork PLC                                     | CUSIP: 000000000<br>LEI: 213800AH5RZIHGWRJ718 | Long             | EC               | CORP              | GB        |    461727 | NS      | $2035731.61   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dassault Aviation SA                           | Dassault Aviation SA                           | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      7504 | NS      | $2653570.37   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Atoss Software SE                              | Atoss Software SE                              | CUSIP: 000000000<br>LEI: 529900Q9G9280ADNOA39 | Long             | EC               | CORP              | DE        |      5182 | NS      | $860683.78    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rusta AB                                       | Rusta AB                                       | CUSIP: 000000000<br>LEI: 549300V512S3QMRNO618 | Long             | EC               | CORP              | SE        |     64085 | NS      | $501928.83    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimamura Co Ltd                               | Shimamura Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24200 | NS      | $1700663.17   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dino Polska SA                                 | Dino Polska SA                                 | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |      7857 | NS      | $1146609.51   | 0.63%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Azimut Holding SpA                             | Azimut Holding SpA                             | CUSIP: 000000000<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     63789 | NS      | $2042313.19   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC                                    | Beazley PLC                                    | CUSIP: 000000000<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |    192464 | NS      | $2470135.81   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                          | ASPEED Technology Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     13000 | NS      | $2111632.21   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc                    | Fukuoka Financial Group Inc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47400 | NS      | $1269551.75   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV                     | Arca Continental SAB de CV                     | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    118500 | NS      | $1255445.12   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Yutong Bus Co Ltd                              | Yutong Bus Co Ltd                              | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |    317800 | NS      | $1103692.66   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RaySearch Laboratories AB                      | RaySearch Laboratories AB                      | CUSIP: 000000000<br>LEI: 549300TYFVYGS0JFWM28 | Long             | EC               | CORP              | SE        |     44467 | NS      | $1574527.26   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Home First Finance Co India Ltd                | Home First Finance Co India Ltd                | CUSIP: 000000000<br>LEI: 335800LHIN24IFBBN535 | Long             | EC               | CORP              | IN        |     61189 | NS      | $981763.81    | 0.54%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Canon Marketing Japan Inc                      | Canon Marketing Japan Inc                      | CUSIP: 000000000<br>LEI: 529900WMTZBIIROD5K97 | Long             | EC               | CORP              | JP        |     46400 | NS      | $1704818.58   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ypsomed Holding AG                             | Ypsomed Holding AG                             | CUSIP: 000000000<br>LEI: 391200QLIOTTBNPNSI14 | Long             | EC               | CORP              | CH        |      2401 | NS      | $1278495.81   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Eckert & Ziegler SE                            | Eckert & Ziegler SE                            | CUSIP: 000000000<br>LEI: 391200EUDABLUKXCKG48 | Long             | EC               | CORP              | DE        |     13004 | NS      | $1043926.49   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc                  | Internet Initiative Japan Inc                  | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |    104100 | NS      | $2055180.72   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Eventim AG & Co KGaA                       | CTS Eventim AG & Co KGaA                       | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     24861 | NS      | $3086642.28   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Jentech Precision Industrial Co Ltd            | Jentech Precision Industrial Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18000 | NS      | $930439.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hill & Smith PLC                               | Hill & Smith PLC                               | CUSIP: 000000000<br>LEI: 2138003A3ISGQZBOWI83 | Long             | EC               | CORP              | GB        |     57244 | NS      | $1408081.17   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                            | Burford Capital Ltd                            | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | GG        |    102469 | NS      | $1201185.50   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| QinetiQ Group PLC                              | QinetiQ Group PLC                              | CUSIP: 000000000<br>LEI: 213800S8OBDOZMCMUW34 | Long             | EC               | CORP              | GB        |    145021 | NS      | $1026169.92   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de CV                | Qualitas Controladora SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    144600 | NS      | $1486418.18   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC Business Consultants Co Ltd               | OBIC Business Consultants Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     46800 | NS      | $2774428.67   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifedrink Co Inc                               | Lifedrink Co Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     67100 | NS      | $986894.90    | 0.54%             |  |  |  | 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        |    124700 | NS      | $3597989.65   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Volution Group PLC                             | Volution Group PLC                             | CUSIP: 000000000<br>LEI: 213800EPT84EQCDHO768 | Long             | EC               | CORP              | GB        |    177243 | NS      | $1437858.95   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Group Services Inc                        | Boyd Group Services Inc                        | CUSIP: 103310108<br>LEI: 549300FVHMLW88VSTP09 | Long             | EC               | CORP              | CA        |      9582 | NS      | $1505114.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto1 Group SE                                 | Auto1 Group SE                                 | CUSIP: 000000000<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |     25713 | NS      | $828697.33    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve Ticaret AS        | Aselsan Elektronik Sanayi Ve Ticaret AS        | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |    195504 | NS      | $740423.64    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INVISIO AB                                     | INVISIO AB                                     | CUSIP: 000000000<br>LEI: 54930054EB7KX3MY2Q11 | Long             | EC               | CORP              | SE        |     23782 | NS      | $898652.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Gudeng Precision Industrial Co Ltd             | Gudeng Precision Industrial Co Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     71000 | NS      | $904148.98    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTsurance Group Ltd                           | OUTsurance Group Ltd                           | CUSIP: 000000000<br>LEI: 984500AC307E8L2D9X52 | Long             | EC               | CORP              | ZA        |    483257 | NS      | $2138163.99   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lagercrantz Group AB                           | Lagercrantz Group AB                           | CUSIP: 000000000<br>LEI: 5493002L6I4YHANEYR87 | Long             | EC               | CORP              | SE        |     57364 | NS      | $1380000.47   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Giant Biogene Holding Co ltd                   | Giant Biogene Holding Co ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    161000 | NS      | $1183408.81   | 0.65%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Diploma PLC                                    | Diploma PLC                                    | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |     21666 | NS      | $1453682.79   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hensoldt AG                                    | Hensoldt AG                                    | CUSIP: 000000000<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |     16880 | NS      | $1936682.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                                | D'ieteren Group                                | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |     11058 | NS      | $2375901.96   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Softcat PLC                                    | Softcat PLC                                    | CUSIP: 000000000<br>LEI: 213800N42YZLR9GLVC42 | Long             | EC               | CORP              | GB        |     69482 | NS      | $1637579.22   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AQ Group AB                                    | AQ Group AB                                    | CUSIP: 000000000<br>LEI: 549300CN568MD1JD3E40 | Long             | EC               | CORP              | SE        |     64059 | NS      | $1224182.39   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sheng Siong Group Ltd                          | Sheng Siong Group Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    410500 | NS      | $603723.95    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitec Software Group AB                        | Vitec Software Group AB                        | CUSIP: 000000000<br>LEI: 5493005EB5RV1QHE6H94 | Long             | EC               | CORP              | SE        |     15798 | NS      | $796838.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                                | Hemnet Group AB                                | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |     88948 | NS      | $2600494.33   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Galenica AG                                    | Galenica AG                                    | CUSIP: 000000000<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |     16527 | NS      | $1809023.82   | 0.99%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AU Small Finance Bank Ltd                      | AU Small Finance Bank Ltd                      | CUSIP: 000000000<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |    113342 | NS      | $1083528.90   | 0.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Telix Pharmaceuticals Ltd                      | Telix Pharmaceuticals Ltd                      | CUSIP: 000000000<br>LEI: 894500HTWOOGIHLLSB86 | Long             | EC               | CORP              | AU        |     18215 | NS      | $292751.99    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Syariah Indonesia Tbk PT                  | Bank Syariah Indonesia Tbk PT                  | CUSIP: 000000000<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |   3061400 | NS      | $486505.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gillette India Ltd                             | Gillette India Ltd                             | CUSIP: 000000000<br>LEI: 3358002S2XZDSQKDGX30 | Long             | EC               | CORP              | IN        |      7800 | NS      | $989552.24    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Definity Financial Corp                        | Definity Financial Corp                        | CUSIP: 24477T100<br>LEI: 984500D5F3FC49D00C44 | Long             | EC               | CORP              | CA        |     55155 | NS      | $3214725.43   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VusionGroup                                    | VusionGroup                                    | CUSIP: 000000000<br>LEI: 969500U51BYOMEW9M549 | Long             | EC               | CORP              | FR        |      5832 | NS      | $1883701.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EQB Inc                                        | EQB Inc                                        | CUSIP: 26886R104<br>LEI: 549300QAXPCRULOPD247 | Long             | EC               | CORP              | CA        |     16189 | NS      | $1231160.52   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| flatexDEGIRO AG                                | flatexDEGIRO AG                                | CUSIP: 000000000<br>LEI: 529900IRBZTADXJB6757 | Long             | EC               | CORP              | DE        |    104436 | NS      | $2950030.49   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                         | Brunello Cucinelli SpA                         | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |     20413 | NS      | $2481496.28   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustpilot Group PLC                           | Trustpilot Group PLC                           | CUSIP: 000000000<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |    721948 | NS      | $2400157.66   | 1.32%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Xvivo Perfusion AB                             | Xvivo Perfusion AB                             | CUSIP: 000000000<br>LEI: 549300G2464FYLS14B41 | Long             | EC               | CORP              | SE        |     11441 | NS      | $341988.06    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus Ltd                                | Pro Medicus Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     18135 | NS      | $3402587.71   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Medacta Group SA                               | Medacta Group SA                               | CUSIP: 000000000<br>LEI: 506700P2PFU3A3DROC14 | Long             | EC               | CORP              | CH        |      4355 | NS      | $736582.02    | 0.40%             |  |  |  | Yes           |                  1 | On Loan: No      |
| JB Chemicals & Pharmaceuticals Ltd             | JB Chemicals & Pharmaceuticals Ltd             | CUSIP: 000000000<br>LEI: 335800EZQUJ9BB5YBV04 | Long             | EC               | CORP              | IN        |     35343 | NS      | $691117.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Poly Medicure Ltd                              | Poly Medicure Ltd                              | CUSIP: 000000000<br>LEI: 335800XM9YRKFWFVXO61 | Long             | EC               | CORP              | IN        |     27800 | NS      | $722164.65    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent Inc                                 | BayCurrent Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     70000 | NS      | $3606819.21   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| North West Co Inc/The                          | North West Co Inc/The                          | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |     52406 | NS      | $1857637.32   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LPP SA                                         | LPP SA                                         | CUSIP: 000000000<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       151 | NS      | $614582.38    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                  | Eastroc Beverage Group Co Ltd                  | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |     35680 | NS      | $1565369.19   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AZ-COM MARUWA Holdings Inc                     | AZ-COM MARUWA Holdings Inc                     | CUSIP: 000000000<br>LEI: 353800T8U9EBANSQUQ17 | Long             | EC               | CORP              | JP        |     79900 | NS      | $566493.52    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Depository Services India Ltd          | Central Depository Services India Ltd          | CUSIP: 000000000<br>LEI: 335800YRV56TH7RQVH27 | Long             | EC               | CORP              | IN        |     83091 | NS      | $1740105.36   | 0.96%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Gjensidige Forsikring ASA                      | Gjensidige Forsikring ASA                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |    123827 | NS      | $3137628.81   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                | Voltronic Power Technology Corp                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17451 | NS      | $752713.27    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Carel Industries SpA                           | Carel Industries SpA                           | CUSIP: 000000000<br>LEI: 815600115DA6E507AE33 | Long             | EC               | CORP              | IT        |     50352 | NS      | $1340455.07   | 0.74%             |  |  |  | Yes           |                  1 | On Loan: No      |
| DPC Dash Ltd                                   | DPC Dash Ltd                                   | CUSIP: 000000000<br>LEI: 254900OG7TEI5GQICO05 | Long             | EC               | CORP              | VG        |     87900 | NS      | $1149985.67   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                                       | JUMBO SA                                       | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     58308 | NS      | $2012439.63   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lottomatica Group Spa                          | Lottomatica Group Spa                          | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     36121 | NS      | $1002448.68   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoscripta SE                                 | Innoscripta SE                                 | CUSIP: 000000000<br>LEI: 894500BA6B025ZEF0T83 | Long             | EC               | CORP              | DE        |      3166 | NS      | $375176.81    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JTC PLC                                        | JTC PLC                                        | CUSIP: 000000000<br>LEI: 213800DVUG4KLF2ASK33 | Long             | EC               | CORP              | JE        |    115119 | NS      | $1343153.50   | 0.74%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Beijer Ref AB                                  | Beijer Ref AB                                  | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |     74964 | NS      | $1183383.55   | 0.65%             |  |  |  | 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