# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001410368-26-013316
**Filing Date:** 2026-2
**Character Count:** 38850
**Document Hash:** 2e8efffccf263bb380462ef042b1d13e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-013316.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001410368-26-013316

**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:** 26646316

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

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

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

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

## Series and Classes Contracts Data

### William Blair Small Cap Value Fund (Series ID: S000008597)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

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

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

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

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

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

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

**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:** $920402135.55

**Total Liabilities:** $792188.55

**Net Assets:** $919609947.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023531 | -1.16%               | 3.96%                | 0.91%                |
| Class ID C000023532 | -1.12%               | 4.00%                | 0.93%                |
| Class ID C000211717 | -1.12%               | 3.99%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18499261.03             | $-29333800.57                              |
| Month 2  | $6858519.90              | $28586922.18                               |
| Month 3  | $8477647.53              | $-1401845.19                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc                       | ADMA Biologics Inc                       | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    299516 | NS      | $5463171.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                       | ABM Industries Inc                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    157428 | NS      | $6659204.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                  | ANI Pharmaceuticals Inc                  | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    106421 | NS      | $8400873.74   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                      | ADTRAN Holdings Inc                      | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    831272 | NS      | $7223753.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                           | Air Lease Corp                           | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     46024 | NS      | $2956121.52   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                     | Alaska Air Group Inc                     | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |    176861 | NS      | $8896108.30   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp                | Albany International Corp                | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    161515 | NS      | $8188810.50   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                           | Ameris Bancorp                           | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    120491 | NS      | $8948866.57   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc           | Armstrong World Industries Inc           | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     40482 | NS      | $7736110.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp           | Atlantic Union Bankshares Corp           | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    373781 | NS      | $13194469.30  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc        | Atmus Filtration Technologies Inc        | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    226699 | NS      | $11767945.09  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                                | Avnet Inc                                | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    179288 | NS      | $8620167.04   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                   | Banc of California Inc                   | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    779913 | NS      | $15044521.77  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                               | Belden Inc                               | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     71531 | NS      | $8336938.05   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                               | Brady Corp                               | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    118343 | NS      | $9274540.91   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc             | Acadian Asset Management Inc             | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     85701 | NS      | $4027947.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                             | Cadence Bank                             | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    219267 | NS      | $9393398.28   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                       | CareTrust REIT Inc                       | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    280782 | NS      | $10153077.12  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                             | Cargurus Inc                             | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |    188979 | NS      | $7247344.65   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                    | Sila Realty Trust Inc                    | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |    328808 | NS      | $7664514.48   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                  | Central Garden & Pet Co                  | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |    121866 | NS      | $3557268.54   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc                     | Centuri Holdings Inc                     | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268965 | NS      | $6791366.25   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                     | Commercial Metals Co                     | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    172001 | NS      | $11905909.22  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                  | DigitalBridge Group Inc                  | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    626288 | NS      | $9607257.92   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                               | Diodes Inc                               | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |    157411 | NS      | $7766658.74   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc               | El Pollo Loco Holdings Inc               | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |    106236 | NS      | $1111228.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                   | Eastern Bankshares Inc                   | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    629912 | NS      | $11609278.16  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                              | Ecovyst Inc                              | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    916470 | NS      | $8917253.10   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                | Edgewell Personal Care Co                | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    223170 | NS      | $3805048.50   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc            | Empire State Realty Trust Inc            | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |    940572 | NS      | $6132529.44   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp       | Enterprise Financial Services Corp       | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     82698 | NS      | $4465692.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                    | ESCO Technologies Inc                    | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     32776 | NS      | $6404102.64   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc                     | Extreme Networks Inc                     | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |    497023 | NS      | $8275432.95   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                        | FB Financial Corp                        | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |    162449 | NS      | $9064654.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC          | First Bancorp/Southern Pines NC          | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127475 | NS      | $6474455.25   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                     | First Merchants Corp                     | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    256584 | NS      | $9616768.32   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc          | Four Corners Property Trust Inc          | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |    351557 | NS      | $8106904.42   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                 | Granite Construction Inc                 | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     71161 | NS      | $8208421.35   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                                | Greif Inc                                | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     95790 | NS      | $6484983.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp                     | Gulfport Energy Corp                     | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     64518 | NS      | $13419098.82  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                         | Haemonetics Corp                         | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    104782 | NS      | $8398277.30   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                     | Hancock Whitney Corp                     | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |    213384 | NS      | $13588293.12  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The          | Hanover Insurance Group Inc/The          | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     50118 | NS      | $9160066.86   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                     | Hayward Holdings Inc                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    612581 | NS      | $9464376.45   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                            | Hub Group Inc                            | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210000 | NS      | $8948100.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc               | Huron Consulting Group Inc               | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     65228 | NS      | $11278573.48  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                          | ICU Medical Inc                          | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     70188 | NS      | $10013721.96  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                             | IAMGOLD Corp                             | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    410371 | NS      | $6767017.79   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                              | IDACORP Inc                              | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     73807 | NS      | $9341013.92   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                | Innovex International Inc                | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    196529 | NS      | $4298089.23   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc            | Janus International Group Inc            | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    880143 | NS      | $5756135.22   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                             | OPENLANE Inc                             | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    171542 | NS      | $5108520.76   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                               | Kirby Corp                               | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    100621 | NS      | $11086421.78  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                  | Kite Realty Group Trust                  | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    427813 | NS      | $10254677.61  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc | Knight-Swift Transportation Holdings Inc | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180909 | NS      | $9457922.52   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                             | Knowles Corp                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    414179 | NS      | $8875855.97   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                               | Korn Ferry                               | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    138224 | NS      | $9125548.48   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc           | Kulicke & Soffa Industries Inc           | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    212019 | NS      | $9659585.64   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                             | La-Z-Boy Inc                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    242022 | NS      | $9020159.94   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                    | Lantheus Holdings Inc                    | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    174355 | NS      | $11603325.25  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                   | Laureate Education Inc                   | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    322561 | NS      | $10860628.87  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                     | LXP Industrial Trust                     | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |    202859 | NS      | $10057749.22  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                  | Live Oak Bancshares Inc                  | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220642 | NS      | $7579052.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                        | Steven Madden Ltd                        | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    220710 | NS      | $9190364.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                     | Matador Resources Co                     | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    138777 | NS      | $5889695.88   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                               | Matson Inc                               | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     53764 | NS      | $6642542.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                              | Maximus Inc                              | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |    104368 | NS      | $9009045.76   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                  | Modine Manufacturing Co                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     42798 | NS      | $5713960.98   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                           | NETSTREIT Corp                           | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    345120 | NS      | $6087916.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co             | Northwest Natural Holding Co             | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |    193212 | NS      | $9030728.88   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc            | Northwestern Energy Group Inc            | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    138604 | NS      | $8945502.16   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                  | Old National Bancorp/IN                  | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    601285 | NS      | $13414668.35  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                           | PBF Energy Inc                           | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    281805 | NS      | $7642551.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                | Perella Weinberg Partners                | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    484753 | NS      | $8386226.90   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                            | Renasant Corp                            | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    318669 | NS      | $11223522.18  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                     | Rush Enterprises Inc                     | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     76765 | NS      | $4140704.10   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                             | Sanmina Corp                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     77017 | NS      | $11557941.19  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida         | Seacoast Banking Corp of Florida         | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    431325 | NS      | $13552231.50  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc            | Selective Insurance Group Inc            | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    119227 | NS      | $9975723.09   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                      | Silgan Holdings Inc                      | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    222449 | NS      | $8980266.13   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                | Spire Inc                                | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |    113825 | NS      | $9413327.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp               | FIXED INC CLEARING CORP.REPO             | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  35524574 | PA      | $35524574.28  | 3.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellar Bancorp Inc                      | Stellar Bancorp Inc                      | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |    172957 | NS      | $5351289.58   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc             | Sunstone Hotel Investors Inc             | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    603538 | NS      | $5395629.72   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                     | Tri Pointe Homes Inc                     | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    287895 | NS      | $9060055.65   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                | Taylor Morrison Home Corp                | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    131815 | NS      | $7759949.05   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc             | Texas Capital Bancshares Inc             | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    157416 | NS      | $14252444.64  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc               | Thermon Group Holdings Inc               | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    297760 | NS      | $11064761.60  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                      | Titan Machinery Inc                      | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |    234047 | NS      | $3520066.88   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc                         | TriNet Group Inc                         | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |    134516 | NS      | $7953931.08   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                       | UMB Financial Corp                       | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     75344 | NS      | $8667573.76   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                       | UMH Properties Inc                       | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |    380592 | NS      | $6055218.72   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                            | Valvoline Inc                            | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    232285 | NS      | $6750202.10   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                  | V2X Inc                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158199 | NS      | $8629755.45   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                      | Verra Mobility Corp                      | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    269457 | NS      | $6038531.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc               | Vishay Intertechnology Inc               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    531175 | NS      | $7696725.75   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                 | WaFd Inc                                 | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    334931 | NS      | $10727839.93  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                         | Elme Communities                         | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    487208 | NS      | $8477419.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                    | John Wiley & Sons Inc                    | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    265414 | NS      | $8129630.82   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc                 | Winnebago Industries Inc                 | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |    124746 | NS      | $5054707.92   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc             | Wyndham Hotels & Resorts Inc             | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     94095 | NS      | $7109818.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                        | YETI Holdings Inc                        | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    154553 | NS      | $6826606.01   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                         | Essent Group Ltd                         | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |    143341 | NS      | $9318598.41   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                           | Tecnoglass Inc                           | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |    116688 | NS      | $5871740.16   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd                  | Tower Semiconductor Ltd                  | CUSIP: 000000000<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |    126005 | NS      | $14795507.10  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV                  | Expro Group Holdings NV                  | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |    710608 | NS      | $9486616.80   | 1.03%             |  |  |  | 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