# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001193125-26-198384
**Filing Date:** 2026-5
**Character Count:** 26850
**Document Hash:** b793f7f46a0f25f7d741bd7e0941eca6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-198384.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-198384

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**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:** 26928213

**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 China Growth Fund (Series ID: S000072753)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229252 | Class I      | WICGX           |
| C000229253 | Class R6     | WRCGX           |

Summary Prospectus May 1, 2026

![LOGO](g43487logo_01.jpg)

China Growth Fund

Class I WICGX Class R6 WRCGX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information and other information about the Fund online at https://www.williamblairfunds.com/literature/forms/. You can also get this information at no cost by calling 1-800-742-7272 or by sending an e-mail request to fundinfo@williamblair.com. The Fund's Prospectus and Statement of Additional Information, each dated May 1, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.

**INVESTMENT OBJECTIVE:** The William Blair China Growth Fund seeks long-term capital appreciation.

**FEES AND EXPENSES:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees** (fees paid directly from your investment)**:**

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| | | |
|:---|:---|:---|
|  | **Class I** | **Class R6** |
|  Maximum Sales Charge (Load) Imposed on Purchases | None | None |
|  Redemption Fee | None | None |

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**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)**:**

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| | | |
|:---|:---|:---|
|  | **Class I** | **Class R6** |
|  Management Fee | 0.94% | 0.94% |
|  Distribution (Rule 12b-1) Fee |  |  |
|  Other Expenses | 7.60% | 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 8.54% | 8.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement\* | 7.55% | 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.99% | 0.94% |

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\* William Blair Investment Management, LLC (the "Adviser") has entered into a contractual agreement with the Fund to waive fees and/or reimburse expenses in order to limit the Fund's operating expenses (excluding interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses on short sales, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business) to 0.99% and 0.94% of average daily net assets for Class I and Class R6 shares, respectively, until April 30, 2027. The Adviser may not terminate this contractual agreement prior to April 30, 2027 without the approval of the Fund's Board of Trustees. 

**Example:** This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for

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the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. The figures reflect the expense limitation for the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $101 | $1815 | $3410 | $6929 |
| **Class R6** | 96 | 1811 | 3407 | 6927 |

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**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 73% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES:** Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of companies with their principal office in the People's Republic of China ("PRC"). For the avoidance of doubt, the PRC shall include mainland China, Hong Kong and Macau but exclude Taiwan. The Fund may pursue this objective through purchases of class A-Shares of companies listed on the Shanghai and Shenzhen Stock Exchanges, H-Shares listed in Hong Kong, American Depositary Receipts, Global Depositary Receipts and dual listed securities.

The Fund invests primarily in a portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks), of companies of all sizes that the Adviser believes have above-average growth, profitability and quality characteristics. The Adviser seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development.

In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser generally seeks equity securities, including common stocks, of Chinese companies that historically have had superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide, and that are expected to continue such performance. Such companies generally will exhibit superior business fundamentals, including leadership in their field, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis. These business characteristics should be accompanied by management that is shareholder return-oriented and that uses conservative accounting policies. Companies with above-average returns on equity, strong balance sheets and consistent, above-average earnings growth will be the primary focus.

As noted above, the Fund will invest in China A-Shares. The Fund may do so through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Programs ("Stock Connect"). Stock Connect is a securities trading and clearing program between either the Shanghai Stock Exchange ("SSE") or Shenzhen Stock Exchange ("SZSE"), and any of the Stock Exchange of Hong Kong Limited ("SEHK"), China Securities Depository or Clearing Corporation Limited ("ChinaClear") and Hong Kong Securities Clearing Company Limited ("HKSCC"). Stock Connect is designed to permit mutual stock market access between mainland China and Hong Kong by allowing investors to trade and settle shares on each market via their local exchanges. Trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day. Accordingly, the Fund's direct investments in China A-Shares may be limited by such daily quotas. Investments in China A-Shares may also be made through the use of the Investment Manager's Qualified Foreign Institutional Investor ("QFII") license.

THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.

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**PRINCIPAL RISKS:** The Fund's returns will vary, and you could lose money by investing in the Fund. The following is a summary of the principal risks associated with an investment in the Fund.

**The Fund involves a high level of risk and may not be appropriate for everyone.** There can be no assurance that the Fund's investment objective will be achieved. The Fund is not intended to be a complete investment program. The Fund is designed for long-term investors.

The principal risks of investing in the Fund (in alphabetical order after the first six risks) are:

**Chinese Investment Risk.** Because the fund focuses its investments in China, the Fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. Investing in Chinese investments involves a higher degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. The Fund's investment exposure to China may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic, or environmental events and natural disasters that may occur in the China region. The economy, industries, and securities and currency markets of China are particularly vulnerable to the region's dependence on exports and international trade and increasing competition from Asia's other low-cost emerging economies. The imposition of tariffs or other trade barriers, trade restrictions, sanctions, or investment prohibitions by the U.S. or foreign governments on exports from China may also have an adverse impact on Chinese issuers. There is also a risk that the U.S. Government or other governments may sanction Chinese issuers or otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese issuers, such prohibitions and sanctions may be permanent or may expand over time, which may negatively affect the liquidity and price of their securities. In addition, currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and securities markets of China. The government of the PRC exercises significant control over the economy in mainland China and may at any time alter or discontinue economic reforms. Hong Kong and Macau do not exercise the same level of control over their economies as does the PRC with respect to mainland China, but changes to their political and economic relationships with the PRC could adversely impact the Fund's investments in Hong Kong and Macau.

Concerns regarding a trade war between China and the United States have triggered and may continue to trigger a significant reduction in international trade, supply chain diversification away from Chinese producers, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, all of which may have a negative impact on the Fund's investments. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs, trade restrictions, sanctions, or investment prohibitions may be imposed or other escalating actions may be taken in the future.

**Investing Through Stock Connect Risk.** Investing in China A-Shares through the Stock Connect program is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to market-wide trading volume and market cap quota limitations, each of which may restrict or preclude the Fund's ability to invest in A-Shares through Stock Connect. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in A-Shares. Therefore, the Fund's investments in Stock Connect A-Shares are generally subject to PRC securities regulations and listing rules, among other restrictions. Additionally, restrictions on the timing of permitted trading activity in A-Shares, including the imposition of local holidays in either Hong Kong or mainland China and restrictions on purchasing and selling the same security on the same day, may subject the Fund to the risk of price fluctuations of China A-Shares at times when the Fund is unable to add to or exit its position.

**Equity Funds General Risk.** The value of equity securities the Fund holds might decrease in response to the activities of an individual company or in response to general market, business and economic

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conditions. If this occurs, the Fund's share price may also decrease. In addition, there is the risk that individual securities may not perform as expected or a strategy used by the Adviser may fail to produce its intended result.

**Foreign Investment Risk.** The risks of foreign investments may include less publicly available information, less stringent investor protections and disclosure standards, less governmental regulation and supervision of foreign stock exchanges, brokers and issuers, share registration and custody, less stringent or a lack of uniform accounting, auditing and financial reporting standards, practices and requirements, the possibility of expropriation, seizure or nationalization, confiscatory taxation, limits on repatriation, adverse changes in investment or exchange control regulations, political instability, restrictions on the flow of international capital, imposition of foreign withholding or other taxes, fluctuating currencies, inflation, difficulty in obtaining and enforcing judgments against foreign entities or other adverse political, social or diplomatic developments that could affect the Fund's investments. Foreign investments may be less liquid and their prices more volatile than the securities of U.S. companies. The Fund is expected to incur operating expenses that are higher than those of mutual funds investing exclusively in U.S. securities due to the higher custodial fees associated with foreign securities investments.

**Emerging Markets Risk.** Foreign investment risk is typically magnified in emerging markets, which are the less developed and developing nations.

**Market Risk.** The value of the Fund's investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Local, regional or global events such as war, military conflict, geopolitical disputes, acts of terrorism, social unrest, tariffs and other restrictions on trade, sanctions, supply chain disruptions, increased government spending, natural disasters, the spread of infectious illness or other public health issues, or the threat or potential threat of one or more such events and developments could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund's investments.

**Currency Risk.** The value of the Fund's portfolio may be affected by changes in exchange rates or control regulations. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. If a non-U.S. currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a non-U.S. currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

**Focus Risk.** To the extent that the Fund focuses its investments in particular industries, asset classes or sectors of the economy, any market changes affecting companies in those industries, asset classes or sectors may impact the Fund's performance.

**Liquidity Risk.** Investments that trade less frequently can be more difficult or more costly to buy, or to sell, than more liquid or active investments. It may not be possible to sell or otherwise dispose of illiquid securities both at the price and within a time period deemed desirable by the Fund.

**Non-Diversification Risk.** The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

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**Operational and Technology Risk.** Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

**Share Ownership Concentration Risk.** To the extent that a significant portion of the Fund's shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund's investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments). In addition, separate accounts managed by the Adviser may invest in the Fund and, therefore, the Adviser at times may have discretionary authority over a significant portion of the assets of the Fund. In such instances, the Adviser's decision to make changes to or rebalance its clients' allocations in the separate accounts may substantially impact the Fund's performance.

**Smaller Company Risk.** Stocks of smaller companies involve greater risk than those of larger, more established companies. This is because smaller companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Smaller companies may be traded in low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell a security on short notice at a reasonable price. The securities of smaller companies may be more volatile and less liquid than securities of large capitalized companies.

**Style Risk.** Different investment styles (e.g., growth vs. value, quality bias, market capitalization focus) tend to shift in and out of favor depending on market conditions and investor sentiment, and at times when the investment style used by the Adviser for the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.

**FUND PERFORMANCE HISTORY:** The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the periods indicated compare with those of a broad measure of market performance that is generally representative of the market sectors or types of investments in which the Fund invests. The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to https://im.williamblair.com/investments/mutual-funds or call 1-800-635-2886.

**Annual Total Returns.** The bar chart below provides an illustration of how the Fund's Class I shares performance has varied in each of the calendar years since the Fund commenced operations.

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| | | |
|:---|:---|:---|
| ![LOGO](g43487g27j04.jpg) | **Highest Quarterly**<br> **Return**<br> 13.32% (3Q24) | **Lowest Quarterly**<br> **Return**<br> (24.07)% (3Q22) |

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**Average Annual Total Returns** (For the periods ended December 31, 2025). The table below shows returns on a before-tax and after-tax basis for Class I shares and on a before-tax basis for Class R6 shares. After-tax returns for Class R6 shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than the "Return Before Taxes" because the investor is assumed to be able to use the capital loss on the sale of Fund shares to offset other taxable capital gains. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Fund Inception<br>(August 27, 2021)** |
|  **Class I Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 24.25% | (8.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 24.00% | (8.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 14.53% | (6.45)% |
|  **Class R6 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 24.21% | (8.81)% |
|  ***MSCI China All Shares Index*** (reflects no deduction for fees, expenses or taxes) | 28.94% | (0.42)% |

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**MANAGEMENT:** 

**Investment Adviser.** William Blair Investment Management, LLC is the investment adviser of the Fund.

**Portfolio Managers.** Vivian Lin Thurston, a Partner of the Adviser, manages the Fund. Ms. Lin Thurston has managed the Fund since its inception in 2021.

**PURCHASE AND SALE OF FUND SHARES:** 

**Class I Share Purchase.** The minimum initial investment for an account generally is $500,000 (or any lesser amount if, in William Blair Investment Management, LLC's and William Blair & Company, L.L.C.'s (collectively, "William Blair") opinion, the investor has adequate intent and availability of funds to reach a future level of investment of $500,000). There is no minimum for subsequent purchases. There is no minimum initial investment for qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer- sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Class I shares are held through omnibus accounts (either at the plan level or the level of the plan administrator) and certain other accounts. William Blair may make certain additional exceptions to the minimum initial investment amount in its discretion. Class I shares are only available to certain investors. See "Your Account—Class I Shares" for additional information on the eligibility requirements and investment minimums applicable to purchasing Class I shares.

**Class R6 Share Purchase.** The minimum initial investment for an account is $1 million (or any lesser amount if, in William Blair's opinion, the investor has adequate intent and availability of funds to reach a future level of investment of $1 million). There is no minimum for subsequent purchases. There is no minimum initial investment for qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer- sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Class R6 shares are held through omnibus accounts (either at the plan level or the level of the plan administrator) and certain other accounts. William Blair may make certain additional exceptions to the minimum initial investment amount in its discretion. Class R6 shares are only available to certain investors. See "Your Account—Class R6 Shares" for additional information on eligibility requirements and investment minimums applicable to purchasing Class R6 shares.

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**Sale.** Shares of the Fund are redeemable on any day the New York Stock Exchange is open for business by mail, wire or telephone, depending on the elections you make in the account application.

**TAX INFORMATION:** The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged investment plan. If you are investing through a tax-advantaged investment plan, withdrawals from the tax-advantaged investment plan may be subject to taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.