# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-23-029950
**Filing Date:** 2023-2
**Character Count:** 22053
**Document Hash:** bbdee88040ff1c8854931d8fe89110ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-029950.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-029950

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAM BLAIR FUNDS
- **CENTRAL INDEX KEY:** 0000822632
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 23645618

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $356520644.98

**Total Liabilities:** $4511176.99

**Net Assets:** $352009467.99

**Cash Not Reported:** $2855640.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000088850 | -0.76%               | 10.57%               | -3.55%               |
| Class ID C000059868 | -0.76%               | 10.55%               | -3.54%               |
| Class ID C000059867 | -0.76%               | 10.53%               | -3.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7822283.81             | $5714393.21                                |
| Month 2  | $-8300126.30             | $44249111.57                               |
| Month 3  | $-8316049.28             | $-5045962.68                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| eMemory Technology Inc                       | eMemory Technology Inc                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     56000 | NS      | $2432366.48   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd       | Contemporary Amperex Technology Co Ltd       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     65600 | NS      | $3712523.84   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV   | Grupo Aeroportuario del Pacifico SAB de CV   | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    480300 | NS      | $6886604.57   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                       | Kweichow Moutai Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     35559 | NS      | $8833866.97   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd          | Shenzhen Inovance Technology Co Ltd          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    476300 | NS      | $4761835.23   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| InterGlobe Aviation Ltd                      | InterGlobe Aviation Ltd                      | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |    275753 | NS      | $6670169.42   | 1.89%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Midea Group Co Ltd                           | Midea Group Co Ltd                           | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    783900 | NS      | $5841164.03   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                  | Infosys Ltd                                  | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    629575 | NS      | $11480440.53  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd       | China Tourism Group Duty Free Corp Ltd       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    321056 | NS      | $9977088.72   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                   | Samsung Electronics Co Ltd                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     78693 | NS      | $3441457.41   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA                         | Banco BTG Pactual SA                         | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |    938500 | NS      | $4255445.81   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                   | FIXED INC CLEARING CORP.REPO                 | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   3486084 | PA      | $3486083.91   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Havells India Ltd                            | Havells India Ltd                            | CUSIP: 000000000<br>LEI: 549300U1LOGHTTNT7D47 | Long             | EC               | CORP              | IN        |    192718 | NS      | $2567088.55   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | CUSIP: 000000000<br>LEI: 836800HTWRBAQJRAQ344 | Long             | EC               | CORP              | CN        |    136300 | NS      | $5655752.98   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                      | Reliance Industries Ltd                      | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    697192 | NS      | $21464378.39  | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                   | Globant SA                                   | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     39115 | NS      | $6577578.40   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd       | Wuxi Lead Intelligent Equipment Co Ltd       | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |    715269 | NS      | $4141372.22   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                 | MediaTek Inc                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    126000 | NS      | $2562183.79   | 0.73%             |  |  |  | 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        |   3405400 | NS      | $12037254.10  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Motherson Sumi Wiring India Ltd              | Motherson Sumi Wiring India Ltd              | CUSIP: 000000000<br>LEI: 335800Y5S92WUOZT3C60 | Long             | EC               | CORP              | IN        |   1189559 | NS      | $836127.84    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT         | Bank Rakyat Indonesia Persero Tbk PT         | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  20601200 | NS      | $6537332.78   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                | HDFC Bank Ltd                                | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    607044 | NS      | $11960373.75  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services PCL           | Bangkok Dusit Medical Services PCL           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   7746500 | NS      | $6486170.06   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                     | Bank Central Asia Tbk PT                     | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  26235200 | NS      | $14408926.29  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| E.Sun Financial Holding Co Ltd               | E.Sun Financial Holding Co Ltd               | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |   4859449 | NS      | $3802435.24   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                        | ASPEED Technology Inc                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     33000 | NS      | $1809145.78   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                            | Bajaj Finance Ltd                            | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     97248 | NS      | $7731174.86   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                   | JD.com Inc                                   | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    129254 | NS      | $3646392.05   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                       | WEG SA                                       | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |   1252400 | NS      | $9134887.83   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Foshan Haitian Flavouring & Food Co Ltd      | Foshan Haitian Flavouring & Food Co Ltd      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    519301 | NS      | $5946223.17   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd                    | Capitec Bank Holdings Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     77540 | NS      | $8481631.30   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                 | Silergy Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    103000 | NS      | $1462787.33   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Locaweb Servicos de Internet SA              | Locaweb Servicos de Internet SA              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2579900 | NS      | $3430256.74   | 0.97%             |  |  |  | Yes           |                  1 | On Loan: No      |
| UPL Ltd                                      | UPL Ltd                                      | CUSIP: 000000000<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |    750946 | NS      | $6510074.59   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Industries Ltd                     | Britannia Industries Ltd                     | CUSIP: 000000000<br>LEI: 335800RRN5EVHNNAXN80 | Long             | EC               | CORP              | IN        |     84921 | NS      | $4429841.91   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDI Co Ltd                           | Samsung SDI Co Ltd                           | CUSIP: 000000000<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      6790 | NS      | $3173499.41   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                  | B3 SA - Brasil Bolsa Balcao                  | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   4213200 | NS      | $10541478.67  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Corp Ltd         | Housing Development Finance Corp Ltd         | CUSIP: 000000000<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |    212221 | NS      | $6777322.40   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                    | Alibaba Group Holding Ltd                    | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1204428 | NS      | $13308895.07  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                             | Raia Drogasil SA                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    713300 | NS      | $3204597.94   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd                             | Asian Paints Ltd                             | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |     76662 | NS      | $2860577.71   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                             | Clicks Group Ltd                             | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |    331023 | NS      | $5261690.10   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                      | Rumo SA                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1216900 | NS      | $4289314.65   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                | Credicorp Ltd                                | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     42017 | NS      | $5700026.22   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd    | Taiwan Semiconductor Manufacturing Co Ltd    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    257544 | NS      | $19184452.56  | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                     | TOTVS SA                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1151200 | NS      | $6022282.12   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzhou Maxwell Technologies Co Ltd           | Suzhou Maxwell Technologies Co Ltd           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    102200 | NS      | $6054641.02   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                             | MercadoLibre Inc                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      9961 | NS      | $8429396.64   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                  | China Merchants Bank Co Ltd                  | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   1190000 | NS      | $6654773.27   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                   | Airtac International Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    165000 | NS      | $4997966.52   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TravelSky Technology Ltd                     | TravelSky Technology Ltd                     | CUSIP: 000000000<br>LEI: 5299007TAWP4DZ6QFG73 | Long             | EC               | CORP              | CN        |   1510000 | NS      | $3192000.46   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                | AIA Group Ltd                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    327800 | NS      | $3645278.62   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                         | Tencent Holdings Ltd                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    376800 | NS      | $16123503.45  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-17

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer