# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-23-029953
**Filing Date:** 2023-2
**Character Count:** 39503
**Document Hash:** fc31955d7b2c8495e16198ec275a2144
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-029953.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-029953

**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:** 23645624

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3123648000

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIAM BLAIR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLAIR WILLIAM READY RESERVES INC
- **DATE OF NAME CHANGE:** 19920316

## Series and Classes Contracts Data

### William Blair Small Cap Value Fund (Series ID: S000008597)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023531 | Class N      | WBVNX           |
| C000023532 | Class I      | ICSCX           |
| C000211717 | Class R6     | WBVRX           |

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000008597

- **c. LEI of Series:** 5493002FQGRSJB1RZB02

**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:** $1215218104.86

**Total Liabilities:** $1257320.72

**Net Assets:** $1213960784.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023531 | 13.32%               | 4.62%                | -6.70%               |
| Class ID C000211717 | 13.34%               | 4.64%                | -6.67%               |
| Class ID C000023532 | 13.35%               | 4.65%                | -6.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4497164.02             | $155987188.95                              |
| Month 2  | $16288482.06             | $42987007.30                               |
| Month 3  | $-8762285.49             | $-81985771.07                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dime Community Bancshares Inc         | Dime Community Bancshares Inc         | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    411959 | NS      | $13112654.97  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KAR Auction Services Inc              | KAR Auction Services Inc              | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    606395 | NS      | $7913454.75   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ModivCare Inc                         | ModivCare Inc                         | CUSIP: 60783X104<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | EC               | CORP              | US        |    101371 | NS      | $9096019.83   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                           | Plexus Corp                           | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     87528 | NS      | $9009257.04   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent Inc                          | Conduent Inc                          | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |   2511951 | NS      | $10173401.55  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc                   | PGT Innovations Inc                   | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |    560301 | NS      | $10063005.96  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                  | NetScout Systems Inc                  | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |    441612 | NS      | $14356806.12  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Electronics Inc             | Universal Electronics Inc             | CUSIP: 913483103<br>LEI: 549300ZW9EULAR7T6F89 | Long             | EC               | CORP              | US        |    209244 | NS      | $4354367.64   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp           | Simmons First National Corp           | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    510975 | NS      | $11026840.50  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc        | Kulicke & Soffa Industries Inc        | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    279701 | NS      | $12379566.26  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV               | Expro Group Holdings NV               | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |    755894 | NS      | $13704358.22  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                | Eastern Bankshares Inc                | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    733717 | NS      | $12656618.25  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co               | Central Garden & Pet Co               | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |    305013 | NS      | $10919465.40  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightsphere Investment Group Inc     | Brightsphere Investment Group Inc     | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |    472552 | NS      | $9725120.16   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN               | Old National Bancorp/IN               | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    819331 | NS      | $14731571.38  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc       | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |    434333 | NS      | $11262254.69  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                  | First Merchants Corp                  | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    325013 | NS      | $13361284.43  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                            | Terex Corp                            | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |    374084 | NS      | $15980868.48  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognyte Software Ltd                  | Cognyte Software Ltd                  | CUSIP: 000000000<br>LEI: 2549006L803IRJC67B33 | Long             | EC               | CORP              | IL        |   1085516 | NS      | $3375954.76   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                | ConnectOne Bancorp Inc                | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |    410459 | NS      | $9937212.39   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                    | UMH Properties Inc                    | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |    687328 | NS      | $11065980.80  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc            | Sprouts Farmers Market Inc            | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    199777 | NS      | $6466781.49   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AudioCodes Ltd                        | AudioCodes Ltd                        | CUSIP: 000000000<br>LEI: 529900TA48138NEVR854 | Long             | EC               | CORP              | IL        |    549935 | NS      | $9838337.15   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc               | Methode Electronics Inc               | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |    371314 | NS      | $16475202.18  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare Inc                | NextGen Healthcare Inc                | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    562533 | NS      | $10564369.74  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                            | Belden Inc                            | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |    272554 | NS      | $19596632.60  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                         | Hub Group Inc                         | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164417 | NS      | $13069507.33  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                       | MillerKnoll Inc                       | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    440985 | NS      | $9265094.85   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp            | FIXED INC CLEARING CORP.REPO          | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  24681639 | PA      | $24681638.94  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Granite Construction Inc              | Granite Construction Inc              | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    409021 | NS      | $14344366.47  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                  | Kaiser Aluminum Corp                  | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    167011 | NS      | $12686155.56  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc              | Winnebago Industries Inc              | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |    195340 | NS      | $10294418.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc        | Advanced Energy Industries Inc        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    112681 | NS      | $9665776.18   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings Inc       | Aerojet Rocketdyne Holdings Inc       | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     36761 | NS      | $2056042.73   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                  | MGIC Investment Corp                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    923798 | NS      | $12009374.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                           | Maximus Inc                           | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |    172198 | NS      | $12627279.34  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                  | Tri Pointe Homes Inc                  | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    599094 | NS      | $11137157.46  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                        | Ameris Bancorp                        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    310853 | NS      | $14653610.42  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVasive Inc                          | NuVasive Inc                          | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |    172966 | NS      | $7133117.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Dril-Quip Inc                         | Dril-Quip Inc                         | CUSIP: 262037104<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    448423 | NS      | $12183652.91  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                 | Oxford Industries Inc                 | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     93686 | NS      | $8729661.48   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Designer Brands Inc                   | Designer Brands Inc                   | CUSIP: 250565108<br>LEI: 549300X8J6FI8PPRK859 | Long             | EC               | CORP              | US        |    734996 | NS      | $7188260.88   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc         | Empire State Realty Trust Inc         | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |   1472851 | NS      | $9927015.74   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                          | Knowles Corp                          | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    881512 | NS      | $14474427.04  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                | Banc of California Inc                | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    712861 | NS      | $11355875.73  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc        | Armstrong World Industries Inc        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |    152595 | NS      | $10466491.05  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc               | ANI Pharmaceuticals Inc               | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    192746 | NS      | $7754171.58   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust               | Kite Realty Group Trust               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    767560 | NS      | $16157138.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                         | Materion Corp                         | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |    142466 | NS      | $12467199.66  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NorthWestern Corp                     | NorthWestern Corp                     | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |    217043 | NS      | $12879331.62  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust               | Brandywine Realty Trust               | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               |  | US        |    630811 | NS      | $3879487.65   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                          | La-Z-Boy Inc                          | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    477317 | NS      | $10892373.94  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                             | Spire Inc                             | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |    180915 | NS      | $12457806.90  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC       | First Bancorp/Southern Pines NC       | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    288347 | NS      | $12352785.48  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings          | Compass Diversified Holdings          | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |    569459 | NS      | $10381237.57  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                 | John Wiley & Sons Inc                 | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    283838 | NS      | $11370550.28  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc         | CSG Systems International Inc         | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    195066 | NS      | $11157775.20  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                             | Greif Inc                             | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |    179362 | NS      | $12028015.72  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                    | Verint Systems Inc                    | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    251621 | NS      | $9128809.88   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                          | SM Energy Co                          | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    370529 | NS      | $12905525.07  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc          | Sunstone Hotel Investors Inc          | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    945087 | NS      | $9129540.42   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corp                           | Deluxe Corp                           | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |    506881 | NS      | $8606839.38   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                      | Elme Communities                      | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    652709 | NS      | $11618220.20  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust               | Pebblebrook Hotel Trust               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |    569415 | NS      | $7624466.85   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc  | Cracker Barrel Old Country Store Inc  | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     85949 | NS      | $8142808.26   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                  | Veritex Holdings Inc                  | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |    369748 | NS      | $10382523.84  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc            | Mueller Water Products Inc            | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    601464 | NS      | $6471752.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp    | Enterprise Financial Services Corp    | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |    274972 | NS      | $13462629.12  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp             | Albany International Corp             | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    169287 | NS      | $16690005.33  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc                | Werner Enterprises Inc                | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |    292211 | NS      | $11764414.86  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                       | Hillenbrand Inc                       | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |    295520 | NS      | $12609838.40  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp                | Progress Software Corp                | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |    316217 | NS      | $15953147.65  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                    | ABM Industries Inc                    | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    322428 | NS      | $14322251.76  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd                  | Marten Transport Ltd                  | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    592821 | NS      | $11725999.38  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc          | Spectrum Brands Holdings Inc          | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |    106709 | NS      | $6500712.28   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp        | Atlantic Union Bankshares Corp        | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    364829 | NS      | $12820091.06  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida      | Seacoast Banking Corp of Florida      | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    370882 | NS      | $11567809.58  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp             | Taylor Morrison Home Corp             | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    415921 | NS      | $12623202.35  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc            | El Pollo Loco Holdings Inc            | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |    556658 | NS      | $5544313.68   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                          | Carter's Inc                          | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |    178665 | NS      | $13330195.65  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Federal Inc                | Washington Federal Inc                | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    368182 | NS      | $12352506.10  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc                   | Bloomin' Brands Inc                   | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    621292 | NS      | $12500395.04  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                  | Hancock Whitney Corp                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     61563 | NS      | $2979033.57   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GrafTech International Ltd            | GrafTech International Ltd            | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |   1204699 | NS      | $5734367.24   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                            | Tennant Co                            | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     59902 | NS      | $3688166.14   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor Inc                     | Owens & Minor Inc                     | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |    347987 | NS      | $6796186.11   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Engineered Carbons SA           | Orion Engineered Carbons SA           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    762708 | NS      | $13583829.48  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                         | PRA Group Inc                         | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |    417315 | NS      | $14096900.70  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc          | Texas Capital Bancshares Inc          | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    248707 | NS      | $14999519.17  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc           | Pacific Premier Bancorp Inc           | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    330933 | NS      | $10444245.48  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Earthstone Energy Inc                 | Earthstone Energy Inc                 | CUSIP: 27032D304<br>LEI: 54930081UTV7CK45XG14 | Long             | EC               | CORP              | US        |    639589 | NS      | $9101351.47   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                              | CBIZ Inc                              | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |    321881 | NS      | $15080124.85  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SP Plus Corp                          | SP Plus Corp                          | CUSIP: 78469C103<br>LEI: 0IDE18EMH1CUKQCUYE69 | Long             | EC               | CORP              | US        |    302233 | NS      | $10493529.76  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp Inc           | Berkshire Hills Bancorp Inc           | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |    399255 | NS      | $11937724.50  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                 | Lantheus Holdings Inc                 | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    216951 | NS      | $11055822.96  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc             | Minerals Technologies Inc             | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |    192261 | NS      | $11674087.92  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Group International Holdings Ltd | Argo Group International Holdings Ltd | CUSIP: 000000000<br>LEI: 549300M4T8Y5TTWI6O03 | Long             | EC               | CORP              | BM        |    315326 | NS      | $8151177.10   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                 | Integer Holdings Corp                 | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    217290 | NS      | $14875673.40  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp        | Great Lakes Dredge & Dock Corp        | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |    960633 | NS      | $5715766.35   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                            | Brady Corp                            | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    268814 | NS      | $12661139.40  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                   | Federal Signal Corp                   | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |    262991 | NS      | $12221191.77  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                  | Urban Outfitters Inc                  | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |    600532 | NS      | $14322688.20  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc                  | Astec Industries Inc                  | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |    118345 | NS      | $4811907.70   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                            | Adient PLC                            | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |    297505 | NS      | $10320448.45  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc           | Standard Motor Products Inc           | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |    369585 | NS      | $12861558.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co             | Edgewell Personal Care Co             | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    239496 | NS      | $9230175.84   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                     | Steven Madden Ltd                     | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    414200 | NS      | $13237832.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                  | Myers Industries Inc                  | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |    515889 | NS      | $11468212.47  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                   | TreeHouse Foods Inc                   | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |    241499 | NS      | $11925220.62  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                    | CareTrust REIT Inc                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    503105 | NS      | $9347690.90   | 0.77%             |  |  |  | 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