# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-25-193301
**Filing Date:** 2025-8
**Character Count:** 34358
**Document Hash:** c1b699cef1c38b1544b7b5a13520b2db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-193301.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-193301

**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:** 251234065

**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 Growth Fund (Series ID: S000008602)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023540 | Class N      | WBSNX           |
| C000023541 | Class I      | WBSIX           |
| C000211720 | Class R6     | WBSRX           |

## 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 Growth Fund

- **b. EDGAR series identifier (if any):** S000008602

- **c. LEI of Series:** 5493003FC1N8C1R68G14

**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:** $898108022.39

**Total Liabilities:** $813876.44

**Net Assets:** $897294145.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023540 | -2.91%               | 3.52%                | 5.87%                |
| Class ID C000023541 | -2.89%               | 3.54%                | 5.91%                |
| Class ID C000211720 | -2.88%               | 3.52%                | 5.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18146361.22            | $-6151920.81                               |
| Month 2  | $-9557413.06             | $38296212.71                               |
| Month 3  | $17880495.26             | $32554285.66                               |

### Schedule of Portfolio Investments

| Name                              | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Revolve Group Inc                 | Revolve Group Inc                 | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163327 | NS      | $3274706.35   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                        | Vertex Inc                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    256720 | NS      | $9071201.20   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                       | Neogen Corp                       | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |    173028 | NS      | $827073.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                | Champion Homes Inc                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127069 | NS      | $7955790.09   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp              | Waystar Holding Corp              | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139407 | NS      | $5697564.09   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc           | Mirion Technologies Inc           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    338990 | NS      | $7298454.70   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp        | FIXED INC CLEARING CORP.REPO      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  34402246 | PA      | $34402246.45  | 3.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Rush Street Interactive Inc       | Rush Street Interactive Inc       | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    901190 | NS      | $13427731.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Treace Medical Concepts Inc       | Treace Medical Concepts Inc       | CUSIP: 89455T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1051340 | NS      | $6181879.20   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN           | Old National Bancorp/IN           | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    462400 | NS      | $9867616.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                    | Tecnoglass Inc                    | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |     88370 | NS      | $6836303.20   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group PLC                   | Marex Group PLC                   | CUSIP: 000000000<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |    159209 | NS      | $6283979.23   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammond Power Solutions Inc       | Hammond Power Solutions Inc       | CUSIP: 408549103<br>LEI: 549300OLI26OOKEG5V73 | Long             | EC               | CORP              | CA        |    101925 | NS      | $9388252.43   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BKV Corp                          | BKV Corp                          | CUSIP: 05603J108<br>LEI: 549300S3T4Z01TRFU656 | Long             | EC               | CORP              | US        |    297860 | NS      | $7184383.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                | Planet Fitness Inc                | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    102840 | NS      | $11214702.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                         | JFrog Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    283380 | NS      | $12434714.40  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc        | Americold Realty Trust Inc        | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |    396130 | NS      | $6587641.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc         | Merit Medical Systems Inc         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |    127980 | NS      | $11963570.40  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc          | Alignment Healthcare Inc          | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    498128 | NS      | $6973792.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                        | OMNIAB INC                        | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23037 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Balchem Corp                      | Balchem Corp                      | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     79450 | NS      | $12648440.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc      | National Vision Holdings Inc      | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |    200257 | NS      | $4607913.57   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co           | Modine Manufacturing Co           | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     80750 | NS      | $7953875.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp            | WillScot Holdings Corp            | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    371750 | NS      | $10185950.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                      | Appfolio Inc                      | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     44950 | NS      | $10351086.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp          | Fox Factory Holding Corp          | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |    270430 | NS      | $7014954.20   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The        | Cheesecake Factory Inc/The        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    152360 | NS      | $9546877.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                    | Brink's Co/The                    | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |    187016 | NS      | $16698658.64  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                          | Gogo Inc                          | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |    891290 | NS      | $13084137.20  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc      | Madrigal Pharmaceuticals Inc      | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     30698 | NS      | $9290442.72   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc       | Inspire Medical Systems Inc       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     69700 | NS      | $9044969.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc | United States Lime & Minerals Inc | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |    126460 | NS      | $12620708.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp          | Western Alliance Bancorp          | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    133925 | NS      | $10443471.50  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The              | Vita Coco Co Inc/The              | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    108588 | NS      | $3920026.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc        | Grid Dynamics Holdings Inc        | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Long             | EC               | CORP              | US        |    490660 | NS      | $5667123.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The          | Simply Good Foods Co/The          | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236910 | NS      | $7483986.90   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                  | WNS Holdings Ltd                  | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |    124930 | NS      | $7900573.20   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc   | Establishment Labs Holdings Inc   | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | VG        |    310575 | NS      | $13264658.25  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp             | Twist Bioscience Corp             | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |    346766 | NS      | $12757521.14  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                      | Doximity Inc                      | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238440 | NS      | $14625909.60  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc               | Varonis Systems Inc               | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    317430 | NS      | $16109572.50  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp              | GeneDx Holdings Corp              | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99035 | NS      | $9141920.85   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc               | Krystal Biotech Inc               | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     30810 | NS      | $4235142.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc              | BWX Technologies Inc              | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |    122264 | NS      | $17613351.84  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                | Globus Medical Inc                | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |    189003 | NS      | $11154957.06  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf Inc               | Diebold Nixdorf Inc               | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |    220482 | NS      | $12214702.80  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc              | OneMain Holdings Inc              | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    168350 | NS      | $9595950.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc     | Academy Sports & Outdoors Inc     | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189680 | NS      | $8499560.80   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                      | Winmark Corp                      | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20492 | NS      | $7737984.12   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The   | Baldwin Insurance Group Inc/The   | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    276829 | NS      | $11851049.49  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc        | Grand Canyon Education Inc        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     35040 | NS      | $6622560.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                   | Vital Farms Inc                   | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |    223960 | NS      | $8626939.20   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc              | Rush Enterprises Inc              | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |    166830 | NS      | $8593413.30   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc             | Lumentum Holdings Inc             | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    121120 | NS      | $11513667.20  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanterix Corp                    | Quanterix Corp                    | CUSIP: 74766Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    380130 | NS      | $2527864.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp           | CECO Environmental Corp           | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    318430 | NS      | $9014753.30   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                       | Cognex Corp                       | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    257480 | NS      | $8167265.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp         | Albany International Corp         | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |     99035 | NS      | $6945324.55   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp               | Verra Mobility Corp               | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    401079 | NS      | $10183395.81  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd          | OneSpaWorld Holdings Ltd          | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    500490 | NS      | $10204991.10  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                      | Agilysys Inc                      | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     83800 | NS      | $9606832.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Technologies Inc           | Helios Technologies Inc           | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |    212540 | NS      | $7092459.80   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd      | Aspen Insurance Holdings Ltd      | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |    188164 | NS      | $5921521.08   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                       | Novanta Inc                       | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     95380 | NS      | $12297343.40  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Growth ETF   | iShares Russell 2000 Growth ETF   | CUSIP: 464287648<br>LEI: 549300CPJOUVKWJGSH44 | Long             | EC               | RF                | US        |     31850 | NS      | $9104641.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                  | ACV Auctions Inc                  | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    743500 | NS      | $12059570.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ZipRecruiter Inc                  | ZipRecruiter Inc                  | CUSIP: 98980B103<br>LEI: 549300HLOVNNFCY2IV80 | Long             | EC               | CORP              | US        |   1060400 | NS      | $5312604.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                        | OMNIAB INC                        | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23037 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Garrett Motion Inc                | Garrett Motion Inc                | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |    887479 | NS      | $9327404.29   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                 | PDF Solutions Inc                 | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |    342341 | NS      | $7319250.58   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc | Clearwater Analytics Holdings Inc | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    462171 | NS      | $10135410.03  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                      | Vericel Corp                      | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    258089 | NS      | $10981686.95  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc  | Montrose Environmental Group Inc  | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |    690786 | NS      | $15121305.54  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc         | Casella Waste Systems Inc         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    153120 | NS      | $17666985.60  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC     | Weatherford International PLC     | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |    150830 | NS      | $7588257.30   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                       | SiTime Corp                       | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37935 | NS      | $8083189.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp             | Antero Resources Corp             | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    148200 | NS      | $5969496.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc | Donnelley Financial Solutions Inc | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |    138640 | NS      | $8547156.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp         | Zeta Global Holdings Corp         | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |    420500 | NS      | $6513545.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                 | Primo Brands Corp                 | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |    435740 | NS      | $12906618.80  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                      | Glaukos Corp                      | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     49520 | NS      | $5114920.80   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                    | elf Beauty Inc                    | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     57510 | NS      | $7156544.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp             | Encompass Health Corp             | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     71610 | NS      | $8781534.30   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                 | FTAI Aviation Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    111220 | NS      | $12794748.80  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferson Capital Inc             | Jefferson Capital Inc             | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325932 | NS      | $6013445.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                      | Freshpet Inc                      | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     86460 | NS      | $5875821.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                 | FirstService Corp                 | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     82347 | NS      | $14379433.14  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc               | Mercury Systems Inc               | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    210910 | NS      | $11359612.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc           | Amicus Therapeutics Inc           | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |   1217330 | NS      | $6975300.90   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc               | StepStone Group Inc               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180540 | NS      | $10019970.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp          | PROCEPT BioRobotics Corp          | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110460 | NS      | $6362496.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc            | Whitecap Resources Inc            | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |    934930 | NS      | $6282729.60   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                   | Q2 Holdings Inc                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    150070 | NS      | $14045051.30  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                        | Stride Inc                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     73890 | NS      | $10728089.10  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc               | Onto Innovation Inc               | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     81010 | NS      | $8176339.30   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                     | Confluent Inc                     | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    609430 | NS      | $15193089.90  | 1.69%             |  |  |  | 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