# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001193125-25-203099
**Filing Date:** 2025-9
**Character Count:** 4151
**Document Hash:** 645a5c214f2932d3cb430508865d82c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-203099.hdr.sgml**: 20250915

**ACCESSION NUMBER**: 0001193125-25-203099

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250915

**DATE AS OF CHANGE**: 20250915

**EFFECTIVENESS DATE**: 20250915

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17463
- **FILM NUMBER:** 251313595

**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-Mid Cap Value Fund (Series ID: S000080810)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243363 | Class I      | ISMVX           |
| C000243364 | Class R6     | RSMVX           |

**WILLIAM BLAIR FUNDS** 

**William Blair Mid Cap Value Fund** 

**William Blair Small-Mid Cap Value Fund** 

**William Blair Small Cap Value Fund** 

**(each a "Fund" and collectively, the "Funds")** 

Supplement dated September 15, 2025, to each Fund's Summary Prospectus

and the Funds' Prospectus, each dated May 1, 2025

Effective immediately:

1. The information below replaces similar disclosure in the respective "Management" section of each
Fund's Summary Prospectus and the "Summary – Management" section of the Prospectus as follows:

<u>For the William Blair Mid Cap Value Fund:</u> 

**Portfolio Managers.** Matthew Fleming, Mark S. Goodman and William V. Heaphy, Associates of the Adviser, co-manage the Fund. Mr. Fleming and Mr. Heaphy have co-managed the Fund since its inception in 2022. Mr. Goodman has co-managed the Fund since 2025.

<u>For the William Blair Small-Mid Cap Value Fund:</u> 

**Portfolio Managers.** Matthew Fleming, Mark S. Goodman and William V. Heaphy, Associates of the Adviser, co-manage the Fund. Mr. Fleming and Mr. Heaphy have co-managed the Fund since its inception in 2023. Mr. Goodman has co-managed the Fund since 2025.

<u>For the William Blair Small Cap Value Fund:</u> 

**Portfolio Managers.** Matthew Fleming, Mark S. Goodman and William V. Heaphy, Associates of the Adviser, co-manage the Fund. Mr. Heaphy has co-managed the Fund since 2021 (and managed the Predecessor Fund since 1999). Mr. Fleming has co-managed the Fund since 2024. Mr. Goodman has co-managed the Fund since 2025.

2. The Prospectus section entitled "Management of the Funds – Portfolio Management" is
amended to include the following:

Mark Goodman, CFA, an Associate of William Blair Investment Management, LLC, has co-managed the William Blair Mid Cap Value Fund, the William Blair Small-Mid Cap Value Fund and the William Blair Small Cap Value Fund since 2025. Before joining William Blair in 2025, Mr. Goodman was a portfolio manager and senior analyst at Wellington Management from 2019 to 2025, where he focused on small-mid cap and mid-cap value strategies, with coverage responsibility for the consumer discretionary, consumer staples, information technology and health care sectors. Previously, he served as a Senior Analyst on the value team at Chartwell Investment Partners from 2007 to 2019, concentrating on small cap value and mid cap value strategies. Earlier in his career, Mr. Goodman held analyst roles at Endowment Capital Group and Merrill Lynch Investment Managers. He has the Chartered Financial Analyst designation. Education: B.S., Systems Engineering, The University of Virginia.

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**WILLIAM BLAIR FUNDS** 

150 North Riverside Plaza

Chicago, Illinois 60606

Please retain this supplement with your Prospectus for future reference.