# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-25-193297
**Filing Date:** 2025-8
**Character Count:** 25310
**Document Hash:** a6e2592b3bd22fa541611f36a6ee7282
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-193297.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-193297

**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:** 251234061

**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:** 2025-06-30

**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:** $161099467.18

**Total Liabilities:** $1306502.55

**Net Assets:** $159792964.63

**Cash Not Reported:** $5697.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000088850 | 1.19%                | 5.25%                | 4.58%                |
| Class ID C000059868 | 1.30%                | 5.22%                | 4.66%                |
| Class ID C000059867 | 1.29%                | 5.22%                | 4.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $737808.69               | $1479114.60                                |
| Month 2  | $-452572.12              | $8619747.26                                |
| Month 3  | $3277886.24              | $4247065.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Yum China Holdings Inc                      | Yum China Holdings Inc                      | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     19750 | NS      | $884101.17    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                                 | Xiaomi Corp                                 | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    221600 | NS      | $1692357.28   | 1.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd      | Contemporary Amperex Technology Co Ltd      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     76420 | NS      | $2692648.68   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd                                 | Eternal Ltd                                 | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    512677 | NS      | $1577904.55   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                  | FIXED INC CLEARING CORP.REPO                | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1265778 | PA      | $1265778.40   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Huaming Power Equipment Co Ltd              | Huaming Power Equipment Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    640760 | NS      | $1498455.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Supreme Industries Ltd                      | Supreme Industries Ltd                      | CUSIP: 000000000<br>LEI: 33580094NA85GD34LN25 | Long             | EC               | CORP              | IN        |     28325 | NS      | $1441681.73   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| InterGlobe Aviation Ltd                     | InterGlobe Aviation Ltd                     | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |     36383 | NS      | $2529331.23   | 1.58%             |  |  |  | Yes           |                  1 | On Loan: No      |
| BBB Foods Inc                               | BBB Foods Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     37526 | NS      | $1041721.76   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                     | Sea Ltd                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     15713 | NS      | $2513137.22   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     29813 | NS      | $1320996.89   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                  | BYD Co Ltd                                  | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     42300 | NS      | $1961344.32   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd                    | Macrotech Developers Ltd                    | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    146956 | NS      | $2373298.27   | 1.49%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pidilite Industries Ltd                     | Pidilite Industries Ltd                     | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     47043 | NS      | $1671463.68   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd               | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     63373 | NS      | $2556793.14   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Oberoi Realty Ltd                           | Oberoi Realty Ltd                           | CUSIP: 000000000<br>LEI: 335800TCKG1XQXN51L44 | Long             | EC               | CORP              | IN        |     54111 | NS      | $1208790.27   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd           | HD Hyundai Marine Solution Co Ltd           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7021 | NS      | $1069068.98   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                | MediaTek Inc                                | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     51000 | NS      | $2182322.33   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Marico Ltd                                  | Marico Ltd                                  | CUSIP: 000000000<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |    198491 | NS      | $1671064.62   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                               | FirstRand Ltd                               | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    471617 | NS      | $2016335.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    517400 | NS      | $1711753.15   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                               | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    197045 | NS      | $4595265.86   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                              | Zabka Group SA                              | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |    226670 | NS      | $1360894.14   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Electronics Ltd                      | Bharat Electronics Ltd                      | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    704791 | NS      | $3474645.93   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                    | Bank Central Asia Tbk PT                    | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   7512000 | NS      | $4013957.50   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                       | ASPEED Technology Inc                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $2761365.19   | 1.73%             |  |  |  | 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        |    269700 | NS      | $2147954.74   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                 | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    172500 | NS      | $4636653.74   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co Ltd                    | Samsung Biologics Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3411 | NS      | $2507196.21   | 1.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                    | ANTA Sports Products Ltd                    | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |    115800 | NS      | $1394034.36   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV          | Grupo Financiero Banorte SAB de CV          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    201600 | NS      | $1849956.25   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd                     | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    119944 | NS      | $3020977.61   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                       | Aldar Properties PJSC                       | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    998983 | NS      | $2426326.95   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                      | Yum China Holdings Inc                      | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     13026 | NS      | $582392.46    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank Ergasias Services and Holdings SA  | Eurobank Ergasias Services and Holdings SA  | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |    657666 | NS      | $2259019.64   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                      | WEG SA                                      | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    263000 | NS      | $2070850.90   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                          | Trip.com Group Ltd                          | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     51500 | NS      | $2991611.41   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                       | Delta Electronics Inc                       | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    212000 | NS      | $2997261.40   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                    | Itau Unibanco Holding SA                    | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    462992 | NS      | $3143715.68   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd                   | Capitec Bank Holdings Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8051 | NS      | $1614843.12   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Industries Ltd                    | Britannia Industries Ltd                    | CUSIP: 000000000<br>LEI: 335800RRN5EVHNNAXN80 | Long             | EC               | CORP              | IN        |     27335 | NS      | $1856650.83   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CG Power & Industrial Solutions Ltd         | CG Power & Industrial Solutions Ltd         | CUSIP: 000000000<br>LEI: 335800KN5UTZKUZN2703 | Long             | EC               | CORP              | IN        |    194381 | NS      | $1543760.48   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    166228 | NS      | $2325089.26   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                | SK Hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     25385 | NS      | $5492308.83   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands              | NU Holdings Ltd/Cayman Islands              | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    169333 | NS      | $2323248.76   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantech Co Ltd                            | Advantech Co Ltd                            | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |    116000 | NS      | $1350130.08   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                            | Clicks Group Ltd                            | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     82203 | NS      | $1722647.07   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd   | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    278000 | NS      | $10087635.22  | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                               | Credicorp Ltd                               | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     11724 | NS      | $2620548.48   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd   | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     35848 | NS      | $8119213.52   | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                            | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1333 | NS      | $3483968.79   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                              | ICICI Bank Ltd                              | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    159264 | NS      | $2690922.76   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Polycab India Ltd                           | Polycab India Ltd                           | CUSIP: 000000000<br>LEI: 335800ZAL1L11ERZVW68 | Long             | EC               | CORP              | IN        |     21737 | NS      | $1658916.34   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                               | AIA Group Ltd                               | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    320600 | NS      | $2875208.12   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    171800 | NS      | $11008401.33  | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co Ltd                   | Sinbon Electronics Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    167000 | NS      | $1249127.07   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LPP SA                                      | LPP SA                                      | CUSIP: 000000000<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       245 | NS      | $997170.09    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                        | Saudi Arabian Oil Co                        | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |    173368 | NS      | $1124199.38   | 0.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Voltronic Power Technology Corp             | Voltronic Power Technology Corp             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     35000 | NS      | $1509653.57   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                     | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |    235300 | NS      | $3755831.57   | 2.35%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grab Holdings Ltd                           | Grab Holdings Ltd                           | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    467067 | NS      | $2349347.01   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                              | MakeMyTrip Ltd                              | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     22566 | NS      | $2211919.32   | 1.38%             |  |  |  | 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        |     71866 | NS      | $1500186.67   | 0.94%             |  |  |  | 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