# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001410368-26-013311
**Filing Date:** 2026-2
**Character Count:** 22822
**Document Hash:** a4f6140f78e79a0d7d21085520cea3d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-013311.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001410368-26-013311

**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:** 26646311

**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 Leaders Fund (Series ID: S000021052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059867 | Class I      | WBELX           |
| C000059868 | Class R6     | WELIX           |
| C000088850 | Class N      | WELNX           |

## 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 Leaders Fund

- **b. EDGAR series identifier (if any):** S000021052

- **c. LEI of Series:** 2SS1NS26N6BK4F3KKO85

**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:** $97746874.09

**Total Liabilities:** $1978890.57

**Net Assets:** $95767983.52

**Cash Not Reported:** $24930.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059867 | 4.64%                | -3.85%               | 1.70%                |
| Class ID C000059868 | 4.64%                | -3.85%               | 1.67%                |
| Class ID C000088850 | 4.57%                | -3.95%               | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5074981.37              | $-538630.59                                |
| Month 2  | $2756600.62              | $-6458201.93                               |
| Month 3  | $1950895.71              | $-674701.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Grupo Financiero Banorte SAB de CV                  | Grupo Financiero Banorte SAB de CV                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     91900 | NS      | $851456.12    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                            | Itau Unibanco Holding SA                            | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    212392 | NS      | $1520728.01   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                    | MercadoLibre Inc                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       389 | NS      | $783547.14    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                                    | Clicks Group Ltd                                    | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     49237 | NS      | $1000706.35   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakao Corp                                          | Kakao Corp                                          | CUSIP: 000000000<br>LEI: 988400FTKUBQXKVZP434 | Long             | EC               | CORP              | KR        |     35057 | NS      | $1462584.22   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                     | Gold Fields Ltd                                     | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     40785 | NS      | $1787323.81   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                   | Hon Hai Precision Industry Co Ltd                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    252000 | NS      | $1848665.68   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd                           | Capitec Bank Holdings Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      4241 | NS      | $1064296.36   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    109358 | NS      | $2563627.55   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |      3999 | NS      | $1129841.38   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                        | SK hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      9050 | NS      | $4089792.09   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                                       | FirstRand Ltd                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    248411 | NS      | $1361310.28   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                          | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     42151 | NS      | $3508316.20   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    146000 | NS      | $7202304.23   | 7.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                             | Sea Ltd                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      5945 | NS      | $758403.65    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                          | FIXED INC CLEARING CORP.REPO                        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1501978 | PA      | $1501977.55   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     19998 | NS      | $6077192.22   | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co Ltd                            | Samsung Biologics Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1347 | NS      | $1584925.90   | 1.65%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bharat Electronics Ltd                              | Bharat Electronics Ltd                              | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    418963 | NS      | $1860827.17   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd                                   | Eicher Motors Ltd                                   | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     14448 | NS      | $1175716.26   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Health International Inc                         | JD Health International Inc                         | CUSIP: 000000000<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |    126850 | NS      | $904592.88    | 0.94%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Eternal Ltd                                         | Eternal Ltd                                         | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    343730 | NS      | $1063359.64   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lodha Developers Ltd                                | Lodha Developers Ltd                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    123945 | NS      | $1463134.43   | 1.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd                   | HD Hyundai Marine Solution Co Ltd                   | CUSIP: 000000000<br>LEI: 988400NV4TGR7O3GJM74 | Long             | EC               | CORP              | KR        |      7480 | NS      | $1004741.24   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coforge Ltd                                         | Coforge Ltd                                         | CUSIP: 000000000<br>LEI: 3358004YL9JGBNP4KF72 | Long             | EC               | CORP              | IN        |     54408 | NS      | $1007838.05   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                         | Naspers Ltd                                         | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     15054 | NS      | $1004063.62   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank SA                                         | Eurobank SA                                         | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | EC               | CORP              | GR        |    219946 | NS      | $885295.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                            | Bank Central Asia Tbk PT                            | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   3666300 | NS      | $1775434.63   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA         | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     50078 | NS      | $1187922.70   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                               | Aldar Properties PJSC                               | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    610748 | NS      | $1446738.17   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR Airports Ltd                                    | GMR Airports Ltd                                    | CUSIP: 000000000<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |   1357700 | NS      | $1574024.08   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CG Power & Industrial Solutions Ltd                 | CG Power & Industrial Solutions Ltd                 | CUSIP: 000000000<br>LEI: 335800KN5UTZKUZN2703 | Long             | EC               | CORP              | IN        |    125735 | NS      | $905597.41    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Marico Ltd                                          | Marico Ltd                                          | CUSIP: 000000000<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |    157479 | NS      | $1315312.36   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                              | Emirates NBD Bank PJSC                              | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |    167043 | NS      | $1266666.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                       | AIA Group Ltd                                       | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    132800 | NS      | $1363372.61   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                               | ASPEED Technology Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5000 | NS      | $1155296.70   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd              | Contemporary Amperex Technology Co Ltd              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     43720 | NS      | $2301758.54   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                       | HDFC Bank Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    244674 | NS      | $2702919.85   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                           | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    175328 | NS      | $3216986.19   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                         | NetEase Inc                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     88900 | NS      | $2451326.66   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd                        | Max Healthcare Institute Ltd                        | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     86640 | NS      | $1007432.89   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     85200 | NS      | $6557467.20   | 6.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Huaming Power Equipment Co Ltd                      | Huaming Power Equipment Co Ltd                      | CUSIP: 000000000<br>LEI: 9845005FF6F9871E3985 | Long             | EC               | CORP              | CN        |    204560 | NS      | $734278.85    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                   | Fuyao Glass Industry Group Co Ltd                   | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |    212500 | NS      | $1973053.27   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi XDC Cayman Inc                                 | WuXi XDC Cayman Inc                                 | CUSIP: 000000000<br>LEI: 549300BV0TP5RVPBYO24 | Long             | EC               | CORP              | KY        |    231000 | NS      | $1803133.87   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                      | Zabka Group SA                                      | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |    119392 | NS      | $761581.28    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                                   | Bajaj Finance Ltd                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    127210 | NS      | $1396233.90   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                          | Embraer SA                                          | CUSIP: 000000000<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     71200 | NS      | $1151205.80   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                                       | BBB Foods Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     19766 | NS      | $659986.74    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                       | Credicorp Ltd                                       | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      5588 | NS      | $1603756.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                                   | Grab Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    287412 | NS      | $1434185.88   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc                                      | Inter & Co Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    182904 | NS      | $1551025.92   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                      | NU Holdings Ltd/Cayman Islands                      | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    148755 | NS      | $2490158.70   | 2.60%             |  |  |  | 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