# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-23-029955
**Filing Date:** 2023-2
**Character Count:** 42286
**Document Hash:** 6288370ef0f118f1fb89b1862da29267
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-029955.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-029955

**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:** 23645626

**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 Small Cap Growth Fund (Series ID: S000034349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105753 | Class I      | BESIX           |
| C000105754 | Class N      | WESNX           |
| C000105755 | Class R6     | WESJX           |

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000034349

- **c. LEI of Series:** UK5HCYR30DJJ7EN5KV27

**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:** $326748823.41

**Total Liabilities:** $4317573.16

**Net Assets:** $322431250.25

**Cash Not Reported:** $1236189.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105753 | 2.66%                | 2.54%                | -5.69%               |
| Class ID C000105754 | 2.64%                | 2.52%                | -5.71%               |
| Class ID C000105755 | 2.72%                | 2.47%                | -5.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5710301.82             | $14674965.60                               |
| Month 2  | $-5420205.27             | $13748102.91                               |
| Month 3  | $-11346183.69            | $-7904176.50                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hypera SA                                               | Hypera SA                                               | CUSIP: 000000000<br>LEI: 25490092WKPBKTIZX403 | Long             | EC               | CORP              | BR        |    650800 | NS      | $5571506.23   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Investment and Finance Co Ltd             | Cholamandalam Investment and Finance Co Ltd             | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |    665170 | NS      | $5833202.41   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd                            | Max Healthcare Institute Ltd                            | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    504679 | NS      | $2685358.34   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc                                  | eMemory Technology Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     61000 | NS      | $2649542.06   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de CV                       | Corp Inmobiliaria Vesta SAB de CV                       | CUSIP: 000000000<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |    348000 | NS      | $824706.34    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fine Organic Industries Ltd                             | Fine Organic Industries Ltd                             | CUSIP: 000000000<br>LEI: 335800TTFT4VQ3O2OJ88 | Long             | EC               | CORP              | IN        |     45358 | NS      | $3142109.25   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional SAB de CV                                      | Regional SAB de CV                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    516900 | NS      | $3740173.97   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMedia Technology Inc                                  | ASMedia Technology Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     50000 | NS      | $1089944.85   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Americana Restaurants International PLC                 | Americana Restaurants International PLC                 | CUSIP: 000000000<br>LEI: 549300EYHRPEZ6UVAM64 | Long             | EC               | CORP              | AE        |   1093325 | NS      | $884162.51    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixon Technologies India Ltd                            | Dixon Technologies India Ltd                            | CUSIP: 000000000<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |     48938 | NS      | $2310550.32   | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Arabian Internet & Communications Services Co           | Arabian Internet & Communications Services Co           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     51156 | NS      | $3305129.54   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Huaneng Lancang River Hydropower Inc                    | Huaneng Lancang River Hydropower Inc                    | CUSIP: 000000000<br>LEI: 30030082YV5CD400SM55 | Long             | EC               | CORP              | CN        |   5513812 | NS      | $5234857.55   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VIP Industries Ltd                                      | VIP Industries Ltd                                      | CUSIP: 000000000<br>LEI: 335800ZOF8VAW3IYEB61 | Long             | EC               | CORP              | IN        |    289624 | NS      | $2345558.81   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dallah Healthcare Co                                    | Dallah Healthcare Co                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     69283 | NS      | $2728548.16   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV               | Grupo Aeroportuario del Sureste SAB de CV               | CUSIP: 000000000<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |    445230 | NS      | $10373277.52  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Page Industries Ltd                                     | Page Industries Ltd                                     | CUSIP: 000000000<br>LEI: 335800D6UFCCKUP3KD53 | Long             | EC               | CORP              | IN        |       585 | NS      | $303637.13    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sundram Fasteners Ltd                                   | Sundram Fasteners Ltd                                   | CUSIP: 000000000<br>LEI: 3358003EQ1YWXUE2HH94 | Long             | EC               | CORP              | IN        |     71246 | NS      | $839614.26    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APL Apollo Tubes Ltd                                    | APL Apollo Tubes Ltd                                    | CUSIP: 000000000<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |    334072 | NS      | $4401528.83   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Network International Holdings PLC                      | Network International Holdings PLC                      | CUSIP: 000000000<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |    625409 | NS      | $2253143.05   | 0.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                              | FIXED INC CLEARING CORP.REPO                            | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   3087629 | PA      | $3087629.02   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Atul Ltd                                                | Atul Ltd                                                | CUSIP: 000000000<br>LEI: 335800RE4LWLLDL2OQ62 | Long             | EC               | CORP              | IN        |      1424 | NS      | $142520.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd                                | Macrotech Developers Ltd                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    406553 | NS      | $5356739.97   | 1.66%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Banco del Bajio SA                                      | Banco del Bajio SA                                      | CUSIP: 000000000<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |   1820400 | NS      | $5734028.79   | 1.78%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pidilite Industries Ltd                                 | Pidilite Industries Ltd                                 | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     10396 | NS      | $321606.22    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Havells India Ltd                                       | Havells India Ltd                                       | CUSIP: 000000000<br>LEI: 549300U1LOGHTTNT7D47 | Long             | EC               | CORP              | IN        |     23919 | NS      | $318611.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilcon Depot Inc                                        | Wilcon Depot Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   9369700 | NS      | $4959959.62   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Oberoi Realty Ltd                                       | Oberoi Realty Ltd                                       | CUSIP: 000000000<br>LEI: 335800TCKG1XQXN51L44 | Long             | EC               | CORP              | IN        |    272057 | NS      | $2844546.17   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi National Oil Co for Distribution PJSC         | Abu Dhabi National Oil Co for Distribution PJSC         | CUSIP: 000000000<br>LEI: 213800YI1ZIOJB3HLB11 | Long             | EC               | CORP              | AE        |   4145421 | NS      | $4977755.98   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital PCL                                 | Bumrungrad Hospital PCL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    799200 | NS      | $4891883.93   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Parade Technologies Ltd                                 | Parade Technologies Ltd                                 | CUSIP: 000000000<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | KY        |    103000 | NS      | $2590457.29   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Trent Ltd                                               | Trent Ltd                                               | CUSIP: 000000000<br>LEI: 335800IYA8EHI7MW7G59 | Long             | EC               | CORP              | IN        |    332512 | NS      | $5425978.48   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd                                            | Lotes Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    227831 | NS      | $6122835.35   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Transaction Capital Ltd                                 | Transaction Capital Ltd                                 | CUSIP: 000000000<br>LEI: 213800LKDMT3FP3FQU40 | Long             | EC               | CORP              | ZA        |    171107 | NS      | $333326.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna Energy SA                                         | Terna Energy SA                                         | CUSIP: 000000000<br>LEI: 5493006164JBW2E60O73 | Long             | EC               | CORP              | GR        |    274831 | NS      | $5995647.32   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Aavas Financiers Ltd                                    | Aavas Financiers Ltd                                    | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | IN        |     43743 | NS      | $977542.11    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Chemical India Ltd                             | Sumitomo Chemical India Ltd                             | CUSIP: 000000000<br>LEI: 335800L1XZBQ95MM4J51 | Long             | EC               | CORP              | IN        |    320051 | NS      | $1899492.82   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JYP Entertainment Corp                                  | JYP Entertainment Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     24926 | NS      | $1336483.04   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Motherson Sumi Wiring India Ltd                         | Motherson Sumi Wiring India Ltd                         | CUSIP: 000000000<br>LEI: 335800Y5S92WUOZT3C60 | Long             | EC               | CORP              | IN        |   1052845 | NS      | $740033.08    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Properties Ltd                                   | Godrej Properties Ltd                                   | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |     49231 | NS      | $727188.23    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd                                   | Elite Material Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    188000 | NS      | $1045956.63   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV          | Grupo Aeroportuario del Centro Norte SAB de CV          | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    787899 | NS      | $6057682.40   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Arezzo Industria e Comercio SA                          | Arezzo Industria e Comercio SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    299000 | NS      | $4431412.47   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                                            | Kaspi.KZ JSC                                            | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     61651 | NS      | $4408046.50   | 1.37%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Infracommerce CXAAS SA                                  | Infracommerce CXAAS SA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     90100 | NS      | $63311.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajaria Ceramics Ltd                                    | Kajaria Ceramics Ltd                                    | CUSIP: 000000000<br>LEI: 3358007XN6AXJ1V67M07 | Long             | EC               | CORP              | IN        |     26461 | NS      | $366545.46    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nanya Technology Corp                                   | Nanya Technology Corp                                   | CUSIP: 000000000<br>LEI: 254900STKVKJBRRO0835 | Long             | EC               | CORP              | TW        |   2129000 | NS      | $3546543.90   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Juewei Food Co Ltd                                      | Juewei Food Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    607500 | NS      | $5338575.46   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Dino Polska SA                                          | Dino Polska SA                                          | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |     94399 | NS      | $8086079.56   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Motor Oil Hellas Corinth Refineries SA                  | Motor Oil Hellas Corinth Refineries SA                  | CUSIP: 000000000<br>LEI: 213800U3Y9UL7Y4QVM11 | Long             | EC               | CORP              | GR        |    149063 | NS      | $3481695.48   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                                   | ASPEED Technology Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     62900 | NS      | $3448341.49   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Proya Cosmetics Co Ltd                                  | Proya Cosmetics Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    309749 | NS      | $7462457.03   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Navin Fluorine International Ltd                        | Navin Fluorine International Ltd                        | CUSIP: 000000000<br>LEI: 335800OVIUAAKYG44C59 | Long             | EC               | CORP              | IN        |     25335 | NS      | $1248437.02   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| City Union Bank Ltd                                     | City Union Bank Ltd                                     | CUSIP: 000000000<br>LEI: 33580024M7FWA847JI64 | Long             | EC               | CORP              | IN        |    838752 | NS      | $1816805.98   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd                                       | PI Industries Ltd                                       | CUSIP: 000000000<br>LEI: 335800PEGP94E4CC1D11 | Long             | EC               | CORP              | IN        |     89270 | NS      | $3698829.56   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TDCX Inc                                                | TDCX Inc                                                | CUSIP: 87190U100<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     63960 | NS      | $791824.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk PT                                  | United Tractors Tbk PT                                  | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    667700 | NS      | $1118373.37   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitra Adiperkasa Tbk PT                                 | Mitra Adiperkasa Tbk PT                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  32005100 | NS      | $2970764.06   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Carborundum Universal Ltd                               | Carborundum Universal Ltd                               | CUSIP: 000000000<br>LEI: 335800T32DYFKLROEO23 | Long             | EC               | CORP              | IN        |     33752 | NS      | $359428.41    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | Cyrela Brazil Realty SA Empreendimentos e Participacoes | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    658500 | NS      | $1630114.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Comercial Chedraui SA de CV                       | Grupo Comercial Chedraui SA de CV                       | CUSIP: 000000000<br>LEI: 4469000001BRXSV0JO96 | Long             | EC               | CORP              | MX        |    197700 | NS      | $842278.19    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Affle India Ltd                                         | Affle India Ltd                                         | CUSIP: 000000000<br>LEI: 335800VOXUF6XMCWSD89 | Long             | EC               | CORP              | IN        |    149428 | NS      | $1945201.07   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Radico Khaitan Ltd                                      | Radico Khaitan Ltd                                      | CUSIP: 000000000<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |    178124 | NS      | $2183326.99   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank BTPN Syariah Tbk PT                                | Bank BTPN Syariah Tbk PT                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  19861700 | NS      | $3559604.50   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tube Investments of India Ltd                           | Tube Investments of India Ltd                           | CUSIP: 000000000<br>LEI: 335800Z8CKZ11SGVKE64 | Long             | EC               | CORP              | IN        |    186080 | NS      | $6196556.22   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT                    | Bank Negara Indonesia Persero Tbk PT                    | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |  12449900 | NS      | $7377570.42   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Transilvania SA                                   | Banca Transilvania SA                                   | CUSIP: 000000000<br>LEI: 549300RG3H390KEL8896 | Long             | EC               | CORP              | RO        |    405313 | NS      | $1748984.03   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Longshine Technology Group Co Ltd                       | Longshine Technology Group Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    439058 | NS      | $1388220.84   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Co                | Bupa Arabia for Cooperative Insurance Co                | CUSIP: 000000000<br>LEI: 558600B2WJHD5P31XS68 | Long             | EC               | CORP              | SA        |     65969 | NS      | $2524306.07   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Sichuan Swellfun Co Ltd                                 | Sichuan Swellfun Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    272891 | NS      | $3313931.59   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Astral Ltd                                              | Astral Ltd                                              | CUSIP: 000000000<br>LEI: 3358007M1SKFTVDRMC40 | Long             | EC               | CORP              | IN        |     72193 | NS      | $1710362.38   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UNO Minda Ltd                                           | UNO Minda Ltd                                           | CUSIP: 000000000<br>LEI: 335800Y2G59FEIQRLG14 | Long             | EC               | CORP              | IN        |    441561 | NS      | $2770097.41   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Centre Testing International Group Co Ltd               | Centre Testing International Group Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1083705 | NS      | $3476361.39   | 1.08%             |  |  |  | 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        |   3054278 | NS      | $4060993.71   | 1.26%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Com7 PCL                                                | Com7 PCL                                                | CUSIP: 000000000<br>LEI: 984500C71C65E6KC5A42 | Long             | EC               | CORP              | TH        |   1843100 | NS      | $1809308.50   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiumaojiu International Holdings Ltd                    | Jiumaojiu International Holdings Ltd                    | CUSIP: 000000000<br>LEI: 6556009ZSGTEPL7MEK84 | Long             | EC               | CORP              | KY        |   2001000 | NS      | $5345092.21   | 1.66%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Anhui Guangxin Agrochemical Co Ltd                      | Anhui Guangxin Agrochemical Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    510073 | NS      | $2157191.22   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Gujarat Fluorochemicals Ltd                             | Gujarat Fluorochemicals Ltd                             | CUSIP: 000000000<br>LEI: 335800AQPB19VEXI8M93 | Long             | EC               | CORP              | IN        |     57559 | NS      | $2160254.04   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Plyboards India Ltd                             | Century Plyboards India Ltd                             | CUSIP: 000000000<br>LEI: 335800VGFE3IXOJPGY57 | Long             | EC               | CORP              | IN        |    291115 | NS      | $1829805.39   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LEENO Industrial Inc                                    | LEENO Industrial Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     48537 | NS      | $5968765.12   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Estun Automation Co Ltd                                 | Estun Automation Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    184800 | NS      | $576328.67    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AU Small Finance Bank Ltd                               | AU Small Finance Bank Ltd                               | CUSIP: 000000000<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |    474880 | NS      | $3759490.58   | 1.17%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shanghai M&G Stationery Inc                             | Shanghai M&G Stationery Inc                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    622447 | NS      | $4922844.21   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd                                     | Varun Beverages Ltd                                     | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |    416884 | NS      | $6668733.05   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| F&F Co Ltd / New                                        | F&F Co Ltd / New                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     45953 | NS      | $5251252.27   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinati Organics Ltd                                     | Vinati Organics Ltd                                     | CUSIP: 000000000<br>LEI: 254900Q2IRNXURG92U10 | Long             | EC               | CORP              | IN        |    130778 | NS      | $3152472.22   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA               | Multiplan Empreendimentos Imobiliarios SA               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    947200 | NS      | $3928913.30   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Botanee Bio-Technology Group Co Ltd              | Yunnan Botanee Bio-Technology Group Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     18000 | NS      | $386426.34    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Hengli Hydraulic Co Ltd                         | Jiangsu Hengli Hydraulic Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    108900 | NS      | $989259.46    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Salik Co PJSC                                           | Salik Co PJSC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   3446007 | NS      | $2326988.34   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                                | TOTVS SA                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1420200 | NS      | $7429504.05   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalwafers Co Ltd                                     | Globalwafers Co Ltd                                     | CUSIP: 000000000<br>LEI: 529900V6RTNF3U5EGX67 | Long             | EC               | CORP              | TW        |    177000 | NS      | $2461892.60   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                                      | KEI Industries Ltd                                      | CUSIP: 000000000<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |    236752 | NS      | $4218209.21   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CI&T Inc                                                | CI&T Inc                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     83812 | NS      | $544778.00    | 0.17%             |  |  |  | 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        |     90223 | NS      | $5345086.86   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Polycab India Ltd                                       | Polycab India Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZAL1L11ERZVW68 | Long             | EC               | CORP              | IN        |    107611 | NS      | $3348324.13   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                              | Airtac International Group                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     69158 | NS      | $2094844.66   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GMM Pfaudler Ltd                                        | GMM Pfaudler Ltd                                        | CUSIP: 000000000<br>LEI: 335800KCMB1KC4EBZR39 | Long             | EC               | CORP              | IN        |     65601 | NS      | $1238592.55   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pet Center Comercio e Participacoes SA                  | Pet Center Comercio e Participacoes SA                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    249606 | NS      | $295948.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Sulaiman Al Habib Medical Services Group Co          | Dr Sulaiman Al Habib Medical Services Group Co          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     70908 | NS      | $4162401.49   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co Ltd                               | Sinbon Electronics Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    564000 | NS      | $5046281.99   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services Inc           | International Container Terminal Services Inc           | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    274150 | NS      | $983894.85    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Depository Services India Ltd                   | Central Depository Services India Ltd                   | CUSIP: 000000000<br>LEI: 335800YRV56TH7RQVH27 | Long             | EC               | CORP              | IN        |     86385 | NS      | $1164260.55   | 0.36%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Nahdi Medical Co                                        | Nahdi Medical Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     69070 | NS      | $3073045.24   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                         | Voltronic Power Technology Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     97507 | NS      | $4901443.44   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Gas Transport Co Ltd                              | Qatar Gas Transport Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | QA        |   2054911 | NS      | $2066337.36   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SRF Ltd                                                 | SRF Ltd                                                 | CUSIP: 000000000<br>LEI: 335800436F28GT8ZW506 | Long             | EC               | CORP              | IN        |     11707 | NS      | $324705.45    | 0.10%             |  |  |  | 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