# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001410368-26-013314
**Filing Date:** 2026-2
**Character Count:** 48029
**Document Hash:** 1b744c297b6b52e9468013be185f65d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-013314.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001410368-26-013314

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**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:** 26646314

**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 Emerging Markets Small Cap Growth Fund (Series ID: S000034349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105753 | Class I      | BESIX           |
| C000105754 | Class N      | WESNX           |
| C000105755 | Class R6     | WESJX           |

## 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 Emerging Markets Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000034349

- **c. LEI of Series:** UK5HCYR30DJJ7EN5KV27

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $371552999.07

**Total Liabilities:** $3585255.85

**Net Assets:** $367967743.22

**Cash Not Reported:** $911456.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105753 | 3.03%                | -2.17%               | 1.34%                |
| Class ID C000105754 | 3.00%                | -2.17%               | 1.33%                |
| Class ID C000105755 | 3.06%                | -2.16%               | 1.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4186759.42              | $7517208.45                                |
| Month 2  | $4680211.83              | $-14226110.68                              |
| Month 3  | $3497657.15              | $-772651.76                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aris Mining Corp                                        | Aris Mining Corp                                        | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               | CORP              | CA        |    258604 | NS      | $4197142.92   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan African Resources PLC                               | Pan African Resources PLC                               | CUSIP: 000000000<br>LEI: 213800EAXURCXMX6RL85 | Long             | EC               | CORP              | GB        |   2122390 | NS      | $3461660.78   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Atour Lifestyle Holdings Ltd                            | Atour Lifestyle Holdings Ltd                            | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     91773 | NS      | $3615856.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Credito e Inversiones SA                       | Banco de Credito e Inversiones SA                       | CUSIP: 000000000<br>LEI: 549300E9E5Y3PKW24142 | Long             | EC               | CORP              | CL        |     78541 | NS      | $5091685.98   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | Cyrela Brazil Realty SA Empreendimentos e Participacoes | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    314300 | NS      | $1698903.42   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrias Penoles SAB de CV                            | Industrias Penoles SAB de CV                            | CUSIP: 000000000<br>LEI: 549300WA2HB7776CB324 | Long             | EC               | CORP              | MX        |    111290 | NS      | $5846348.14   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Parque Arauco SA                                        | Parque Arauco SA                                        | CUSIP: 000000000<br>LEI: 2549001WW2PV1Y0UEU97 | Long             | EC               | CORP              | CL        |   1043034 | NS      | $3461959.57   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GEK TERNA SA                                            | GEK TERNA SA                                            | CUSIP: 000000000<br>LEI: 2138003TO2MTRHWVP686 | Long             | EC               | CORP              | GR        |     60417 | NS      | $1804872.31   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                                  | Laureate Education Inc                                  | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    195492 | NS      | $6582215.64   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Circuit Electronics Ltd                            | Gold Circuit Electronics Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    106000 | NS      | $2317658.85   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| National Aluminium Co Ltd                               | National Aluminium Co Ltd                               | CUSIP: 000000000<br>LEI: 335800OM1V78CX7SSC72 | Long             | EC               | CORP              | IN        |    669986 | NS      | $2345488.45   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Zinc Ltd                                      | Hindustan Zinc Ltd                                      | CUSIP: 000000000<br>LEI: 335800LB39TLJ8YTWM98 | Long             | EC               | CORP              | IN        |    290224 | NS      | $1977139.98   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd                                | GE Vernova T&D India Ltd                                | CUSIP: 000000000<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |    219688 | NS      | $7655156.21   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Han Kuk Carbon Co Ltd                                   | Han Kuk Carbon Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     80763 | NS      | $1673510.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma ATE Inc                                          | Chroma ATE Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    128000 | NS      | $3157174.46   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DRDGOLD Ltd                                             | DRDGOLD Ltd                                             | CUSIP: 000000000<br>LEI: 529900Z0P3GRRN23MG34 | Long             | EC               | CORP              | ZA        |    471443 | NS      | $1490625.33   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IsuPetasys Co Ltd                                       | IsuPetasys Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     21395 | NS      | $1770354.38   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Meezan Bank Ltd                                         | Meezan Bank Ltd                                         | CUSIP: 000000000<br>LEI: 254900Y8S03SVOEXXP61 | Long             | EC               | CORP              | PK        |   1827194 | NS      | $2900411.51   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripod Technology Corp                                  | Tripod Technology Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     93000 | NS      | $939752.71    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| City Union Bank Ltd                                     | City Union Bank Ltd                                     | CUSIP: 000000000<br>LEI: 33580024M7FWA847JI64 | Long             | EC               | CORP              | IN        |    842065 | NS      | $2711339.98   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuland Laboratories Ltd                                | Neuland Laboratories Ltd                                | CUSIP: 000000000<br>LEI: 335800AVHZURTYQ17N08 | Long             | EC               | CORP              | IN        |      5284 | NS      | $894194.22    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LS Electric Co Ltd                                      | LS Electric Co Ltd                                      | CUSIP: 000000000<br>LEI: 988400AF8KS117D7D072 | Long             | EC               | CORP              | KR        |     13589 | NS      | $4339273.19   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Harbin Electric Co Ltd                                  | Harbin Electric Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900QH6Y4U07RU0U61 | Long             | EC               | CORP              | CN        |    748000 | NS      | $1598319.35   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| L&K Engineering Co Ltd                                  | L&K Engineering Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     74000 | NS      | $1300042.97   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiatnakin Phatra Bank PCL                               | Kiatnakin Phatra Bank PCL                               | CUSIP: 000000000<br>LEI: 254900UPQE3MNOEDXK30 | Long             | EC               | CORP              | TH        |    625900 | NS      | $1350934.77   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Lucky Cement Ltd                                        | Lucky Cement Ltd                                        | CUSIP: 000000000<br>LEI: 213800HCLGMIPPAF9976 | Long             | EC               | CORP              | PK        |   1829650 | NS      | $3119601.44   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MPI Corp                                                | MPI Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     48000 | NS      | $3437246.38   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Investment Holdings Co Ltd                        | Korea Investment Holdings Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36922 | NS      | $4144449.97   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chenbro Micom Co Ltd                                    | Chenbro Micom Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     88000 | NS      | $2814722.87   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Union Technology Corp                            | Taiwan Union Technology Corp                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    413000 | NS      | $6493276.68   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Taichung Commercial Bank Co Ltd                         | Taichung Commercial Bank Co Ltd                         | CUSIP: 000000000<br>LEI: 549300VNYOLU68FQNE06 | Long             | EC               | CORP              | TW        |   5300287 | NS      | $3508727.41   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hansol Chemical Co Ltd                                  | Hansol Chemical Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10451 | NS      | $1650482.45   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                              | FIXED INC CLEARING CORP.REPO                            | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1629555 | PA      | $1629554.87   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vnet Group Inc                                          | Vnet Group Inc                                          | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | KY        |    317775 | NS      | $2688376.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunway Construction Group Bhd                           | Sunway Construction Group Bhd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1041300 | NS      | $1452379.99   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BNK Financial Group Inc                                 | BNK Financial Group Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    602460 | NS      | $6637076.26   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Bank Ltd                                        | Federal Bank Ltd                                        | CUSIP: 000000000<br>LEI: 335800J8VWGE2HGWF417 | Long             | EC               | CORP              | IN        |    676977 | NS      | $2011059.92   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Life India Asset Management Ltd                  | Nippon Life India Asset Management Ltd                  | CUSIP: 000000000<br>LEI: 335800ZQXV958RZSRU89 | Long             | EC               | CORP              | IN        |    444320 | NS      | $4360178.64   | 1.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Aster DM Healthcare Ltd                                 | Aster DM Healthcare Ltd                                 | CUSIP: 000000000<br>LEI: 335800TFWMBMRZEICW46 | Long             | EC               | CORP              | IN        |    135597 | NS      | $929406.87    | 0.25%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Titan SA                                                | Titan SA                                                | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |      5333 | NS      | $329035.43    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chalet Hotels Ltd                                       | Chalet Hotels Ltd                                       | CUSIP: 000000000<br>LEI: 335800Q9XDG5J8BS1M67 | Long             | EC               | CORP              | IN        |    157070 | NS      | $1520380.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Energy India Ltd                                | Hitachi Energy India Ltd                                | CUSIP: 000000000<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      1818 | NS      | $369448.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cury Construtora e Incorporadora SA                     | Cury Construtora e Incorporadora SA                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    918200 | NS      | $5400535.79   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartrade Tech Ltd                                       | Cartrade Tech Ltd                                       | CUSIP: 000000000<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |     97953 | NS      | $3078761.37   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Power Systems Ltd                                    | TD Power Systems Ltd                                    | CUSIP: 000000000<br>LEI: 335800X4CR12E4TJMM03 | Long             | EC               | CORP              | IN        |    309049 | NS      | $2406939.74   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 ONE WAM Ltd                                         | 360 ONE WAM Ltd                                         | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    150803 | NS      | $1995283.99   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Itau Chile SA                                     | Banco Itau Chile SA                                     | CUSIP: 000000000<br>LEI: 549300DDPTTIZ06NIV06 | Long             | EC               | CORP              | CL        |     11071 | NS      | $245178.33    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| APR Corp/Korea                                          | APR Corp/Korea                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7931 | NS      | $1271778.83   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkin Co PJSC                                          | Parkin Co PJSC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   1152586 | NS      | $1785641.37   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tbo Tek Ltd                                             | Tbo Tek Ltd                                             | CUSIP: 000000000<br>LEI: 3358006X42UDL4UIOH37 | Long             | EC               | CORP              | IN        |     93818 | NS      | $1744537.94   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| 99 Speed Mart Retail Holdings Bhd                       | 99 Speed Mart Retail Holdings Bhd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   5491800 | NS      | $5156174.96   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SAI Life Sciences Ltd                                   | SAI Life Sciences Ltd                                   | CUSIP: 000000000<br>LEI: 335800JBS3NY25NIBC93 | Long             | EC               | CORP              | IN        |    209591 | NS      | $2119826.11   | 0.58%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Vishal Mega Mart Ltd                                    | Vishal Mega Mart Ltd                                    | CUSIP: 000000000<br>LEI: 335800AL4QPSIFSU3936 | Long             | EC               | CORP              | IN        |   1782237 | NS      | $2706686.41   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AURAS Technology Co Ltd                                 | AURAS Technology Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     37000 | NS      | $1189350.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Copper Ltd                                    | Hindustan Copper Ltd                                    | CUSIP: 000000000<br>LEI: 33580013OQMTB8N3IV37 | Long             | EC               | CORP              | IN        |    374650 | NS      | $2160462.74   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL Energia SA                                         | CPFL Energia SA                                         | CUSIP: 000000000<br>LEI: 529900GBWSBDXN8GGM28 | Long             | EC               | CORP              | BR        |    104900 | NS      | $1020141.61   | 0.28%             |  |  |  | No            |                  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        |   1536870 | NS      | $8296276.48   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Logo Yazilim Sanayi Ve Ticaret AS                       | Logo Yazilim Sanayi Ve Ticaret AS                       | CUSIP: 000000000<br>LEI: 789000GDLIK56QCEB068 | Long             | EC               | CORP              | TR        |    335854 | NS      | $1177625.16   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bank Ltd/Pakistan                                | United Bank Ltd/Pakistan                                | CUSIP: 000000000<br>LEI: 25490030EXC4CQV3JH29 | Long             | EC               | CORP              | PK        |    572004 | NS      | $866100.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Radico Khaitan Ltd                                      | Radico Khaitan Ltd                                      | CUSIP: 000000000<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |    102262 | NS      | $3748949.04   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                                | TOTVS SA                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    370400 | NS      | $2844369.18   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR Airports Ltd                                        | GMR Airports Ltd                                        | CUSIP: 000000000<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |   1922530 | NS      | $2228849.17   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hochschild Mining PLC                                   | Hochschild Mining PLC                                   | CUSIP: 000000000<br>LEI: 549300JK10TVQ3CCJQ89 | Long             | EC               | CORP              | GB        |    408778 | NS      | $2829449.25   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Microwave Technology Inc                      | Universal Microwave Technology Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    176000 | NS      | $3803376.78   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Halyk Savings Bank of Kazakhstan JSC                    | Halyk Savings Bank of Kazakhstan JSC                    | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               | CORP              | KZ        |     42287 | NS      | $1266495.65   | 0.34%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Indian Bank                                             | Indian Bank                                             | CUSIP: 000000000<br>LEI: 5493008JR8FCVQ6FJL94 | Long             | EC               | CORP              | IN        |    318541 | NS      | $2965697.47   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Healthcare Ltd                                   | Fortis Healthcare Ltd                                   | CUSIP: 000000000<br>LEI: 3358001Q5ZJC4M83WH02 | Long             | EC               | CORP              | IN        |    402517 | NS      | $3962275.18   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| V2 Retail Ltd                                           | V2 Retail Ltd                                           | CUSIP: 000000000<br>LEI: 335800E2ZWVG3R4NJT44 | Long             | EC               | CORP              | IN        |     72811 | NS      | $1979876.19   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Arabia PJSC                                         | Air Arabia PJSC                                         | CUSIP: 000000000<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |   2488977 | NS      | $3158024.05   | 0.86%             |  |  |  | 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        |     31000 | NS      | $2708263.71   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Muthoot Finance Ltd                                     | Muthoot Finance Ltd                                     | CUSIP: 000000000<br>LEI: 335800HAMJMBFL4RRF02 | Long             | EC               | CORP              | IN        |    107015 | NS      | $4535904.16   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HD-Hyundai Marine Engine                                | HD-Hyundai Marine Engine                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     47916 | NS      | $2976975.46   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Acter Group Corp Ltd                                    | Acter Group Corp Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     64000 | NS      | $1590808.55   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EcoRodovias Infraestrutura e Logistica SA               | EcoRodovias Infraestrutura e Logistica SA               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1023800 | NS      | $1980433.41   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelington Group Bhd                                     | Kelington Group Bhd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1251900 | NS      | $1604208.97   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Direcional Engenharia SA                                | Direcional Engenharia SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2006400 | NS      | $5170011.04   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bizlink Holding Inc                                     | Bizlink Holding Inc                                     | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     87047 | NS      | $4210990.91   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Engine                                           | Hanwha Engine                                           | CUSIP: 000000000<br>LEI: 9884003YHS5XI9WJAL96 | Long             | EC               | CORP              | KR        |     94664 | NS      | $2822407.27   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Multi Commodity Exchange of India Ltd                   | Multi Commodity Exchange of India Ltd                   | CUSIP: 000000000<br>LEI: 254900BTZEPM27IOAM68 | Long             | EC               | CORP              | IN        |     22187 | NS      | $2746239.68   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                                   | ASPEED Technology Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     23000 | NS      | $5314364.83   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Innodisk Corp                                           | Innodisk Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     79000 | NS      | $1448226.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Financial Group Co Ltd                               | JB Financial Group Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    378482 | NS      | $6739136.65   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe d'Exploitation des Ports                        | Societe d'Exploitation des Ports                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MA        |     12689 | NS      | $1322350.81   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneta Money Bank AS                                    | Moneta Money Bank AS                                    | CUSIP: 000000000<br>LEI: I6USJ58BDV2BO5KP3C31 | Long             | EC               | CORP              | CZ        |    596403 | NS      | $5610856.47   | 1.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pricol Ltd                                              | Pricol Ltd                                              | CUSIP: 000000000<br>LEI: 335800N23TD8QNM5O312 | Long             | EC               | CORP              | IN        |    177903 | NS      | $1302314.87   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lion Finance Group PLC                                  | Lion Finance Group PLC                                  | CUSIP: 000000000<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |     33312 | NS      | $4175972.24   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Guizhou Chanhen Chemical Corp                           | Guizhou Chanhen Chemical Corp                           | CUSIP: 000000000<br>LEI: 83680054HT57TCV2XH46 | Long             | EC               | CORP              | CN        |    645300 | NS      | $3391252.33   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Robotis Co Ltd                                          | Robotis Co Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5982 | NS      | $1083823.54   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NAC Kazatomprom JSC                                     | NAC Kazatomprom JSC                                     | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |     48186 | NS      | $2688778.80   | 0.73%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Jones Tech PLC                                          | Jones Tech PLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    266700 | NS      | $1881787.61   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                                       | Gentera SAB de CV                                       | CUSIP: 000000000<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |   2269100 | NS      | $5791355.60   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Sanmei Chemical Industry Co Ltd                | Zhejiang Sanmei Chemical Industry Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    313400 | NS      | $2727952.06   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtel Africa PLC                                       | Airtel Africa PLC                                       | CUSIP: 000000000<br>LEI: 254900ZNZDQL6OWQH623 | Long             | EC               | CORP              | GB        |   1304672 | NS      | $6246665.43   | 1.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Orizon Valorizacao de Residuos SA                       | Orizon Valorizacao de Residuos SA                       | CUSIP: 000000000<br>LEI: 894500ACAMVLSLV62B28 | Long             | EC               | CORP              | BR        |    317800 | NS      | $4055034.63   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivara Participacoes SA                                 | Vivara Participacoes SA                                 | CUSIP: 000000000<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |    307800 | NS      | $1867105.62   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Optima bank SA                                          | Optima bank SA                                          | CUSIP: 000000000<br>LEI: 2138008NSD1X1XFUK750 | Long             | EC               | CORP              | GR        |    325891 | NS      | $2952830.54   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fositek Corp                                            | Fositek Corp                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     51000 | NS      | $2637609.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Cable Group Bhd                                | Southern Cable Group Bhd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   6113300 | NS      | $3449841.55   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Conant Optical Co Ltd                          | Shanghai Conant Optical Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    311000 | NS      | $2157862.95   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Rainbow Robotics                                        | Rainbow Robotics                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8867 | NS      | $2896062.96   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rasan Information Technology Co                         | Rasan Information Technology Co                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     67623 | NS      | $2089555.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Laurus Labs Ltd                                         | Laurus Labs Ltd                                         | CUSIP: 000000000<br>LEI: 335800S8HO8QRYP3VQ26 | Long             | EC               | CORP              | IN        |    363917 | NS      | $4493927.18   | 1.22%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo SBF SA                                            | Grupo SBF SA                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    318300 | NS      | $752802.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Huaming Power Equipment Co Ltd                          | Huaming Power Equipment Co Ltd                          | CUSIP: 000000000<br>LEI: 9845005FF6F9871E3985 | Long             | EC               | CORP              | CN        |    446400 | NS      | $1602376.21   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaily Engineering Plastics Ltd                         | Shaily Engineering Plastics Ltd                         | CUSIP: 000000000<br>LEI: 335800T1LWSQ3UCPMB53 | Long             | EC               | CORP              | IN        |    123328 | NS      | $3107370.42   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Yutong Bus Co Ltd                                       | Yutong Bus Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |   1122500 | NS      | $5261869.61   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Skipper Ltd                                             | Skipper Ltd                                             | CUSIP: 000000000<br>LEI: 335800F64MK3PP52L611 | Long             | EC               | CORP              | IN        |    267128 | NS      | $1299389.64   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Blenders & Distillers Ltd                        | Allied Blenders & Distillers Ltd                        | CUSIP: 000000000<br>LEI: 335800XU2PVRYNZP8A55 | Long             | EC               | CORP              | IN        |    308434 | NS      | $2105484.47   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Quality Power Electrical Equipments Ltd                 | Quality Power Electrical Equipments Ltd                 | CUSIP: 000000000<br>LEI: 335800KIZW1SINUE3G50 | Long             | EC               | CORP              | IN        |    297104 | NS      | $2409771.49   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi XDC Cayman Inc                                     | WuXi XDC Cayman Inc                                     | CUSIP: 000000000<br>LEI: 549300BV0TP5RVPBYO24 | Long             | EC               | CORP              | KY        |    360000 | NS      | $2810078.76   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Neway Valve Suzhou Co Ltd                               | Neway Valve Suzhou Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    980600 | NS      | $7305510.77   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Precision Inc                                       | Hon Precision Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     69313 | NS      | $7555482.09   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vukile Property Fund Ltd                                | Vukile Property Fund Ltd                                | CUSIP: 000000000<br>LEI: 549300BDQAETROOTKO37 | Long             | EC               |  | ZA        |      7974 | NS      | $12038.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Memory Technology Corp                               | AP Memory Technology Corp                               | CUSIP: 000000000<br>LEI: 529900A63PT4N736VY17 | Long             | EC               | CORP              | TW        |     73000 | NS      | $1040849.13   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Plaza SA                                                | Plaza SA                                                | CUSIP: 000000000<br>LEI: 254900IOKBBI6NWAPK83 | Long             | EC               | CORP              | CL        |   1221908 | NS      | $4321656.54   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Karur Vysya Bank Ltd/The                                | Karur Vysya Bank Ltd/The                                | CUSIP: 000000000<br>LEI: 335800GFMDHTPWI6JP97 | Long             | EC               | CORP              | IN        |   2075358 | NS      | $6070947.57   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS Co Ltd                                        | WONIK IPS Co Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     30367 | NS      | $1431341.71   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Aura Minerals Inc                                       | Aura Minerals Inc                                       | CUSIP: 000000000<br>LEI: 549300YIRI8PSDM2FV20 | Long             | EC               | CORP              | VG        |     70839 | NS      | $3571348.19   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                                           | BBB Foods Inc                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    103516 | NS      | $3456399.24   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc                                          | Inter & Co Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    651818 | NS      | $5527416.64   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Latinoamericano de Comercio Exterior SA           | Banco Latinoamericano de Comercio Exterior SA           | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |     42619 | NS      | $1900807.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc                        | Intercorp Financial Services Inc                        | CUSIP: 000000000<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |     90432 | NS      | $3830699.52   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-15

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer