# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-25-193290
**Filing Date:** 2025-8
**Character Count:** 55211
**Document Hash:** 5776d2f258739f8ad4fa142cc077363f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-193290.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-193290

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 251234054

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $375118810.35

**Total Liabilities:** $5431931.50

**Net Assets:** $369686878.85

**Cash Not Reported:** $2197129.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105753 | 4.03%                | 4.92%                | 8.09%                |
| Class ID C000105754 | 4.05%                | 4.91%                | 8.05%                |
| Class ID C000105755 | 4.06%                | 4.96%                | 8.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6589100.42             | $18837711.49                               |
| Month 2  | $569083.52               | $14891398.11                               |
| Month 3  | $4949199.59              | $22676000.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bloks Group Ltd                                         | Bloks Group Ltd                                         | CUSIP: 000000000<br>LEI: 98450043CF41AECCFD15 | Long             | EC               | CORP              | KY        |     81600 | NS      | $1467769.86   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gravita India Ltd                                       | Gravita India Ltd                                       | CUSIP: 000000000<br>LEI: 335800PL6PSIRCLKWV57 | Long             | EC               | CORP              | IN        |     69858 | NS      | $1524885.45   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Life India Asset Management Ltd                  | Nippon Life India Asset Management Ltd                  | CUSIP: 000000000<br>LEI: 335800ZQXV958RZSRU89 | Long             | EC               | CORP              | IN        |    206722 | NS      | $1925966.39   | 0.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shakti Pumps India Ltd                                  | Shakti Pumps India Ltd                                  | CUSIP: 000000000<br>LEI: 335800R6YAMINK91XI22 | Long             | EC               | CORP              | IN        |    114862 | NS      | $1265410.65   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HYBE Co Ltd                                             | HYBE Co Ltd                                             | CUSIP: 000000000<br>LEI: 988400NYDQI538IJ3K23 | Long             | EC               | CORP              | KR        |      8721 | NS      | $1996731.62   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrias Penoles SAB de CV                            | Industrias Penoles SAB de CV                            | CUSIP: 000000000<br>LEI: 549300WA2HB7776CB324 | Long             | EC               | CORP              | MX        |     82890 | NS      | $2317536.28   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Latinoamericano de Comercio Exterior SA           | Banco Latinoamericano de Comercio Exterior SA           | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |     50919 | NS      | $2052035.70   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Telecommunications PLC                   | Magyar Telekom Telecommunications PLC                   | CUSIP: 000000000<br>LEI: 529900CA1YDA41X76751 | Long             | EC               | CORP              | HU        |    394800 | NS      | $2071434.82   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Direcional Engenharia SA                                | Direcional Engenharia SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    798500 | NS      | $5999295.06   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PG Electroplast Ltd                                     | PG Electroplast Ltd                                     | CUSIP: 000000000<br>LEI: 335800KCTBN8PT395N87 | Long             | EC               | CORP              | IN        |    207908 | NS      | $1827801.27   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMedia Technology Inc                                  | ASMedia Technology Inc                                  | CUSIP: 000000000<br>LEI: 529900CQG67FQMMNX678 | Long             | EC               | CORP              | TW        |     40000 | NS      | $2615363.55   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Lion Finance Group PLC                                  | Lion Finance Group PLC                                  | CUSIP: 000000000<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |     22118 | NS      | $2149506.81   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings SA                           | Piraeus Financial Holdings SA                           | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    735944 | NS      | $5099139.40   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Expressway Co Ltd                                 | Anhui Expressway Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900UGCN9D11VHIL29 | Long             | EC               | CORP              | CN        |    781000 | NS      | $1253587.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivara Participacoes SA                                 | Vivara Participacoes SA                                 | CUSIP: 000000000<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |    140900 | NS      | $700985.99    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Arabia PJSC                                         | Air Arabia PJSC                                         | CUSIP: 000000000<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |   2073279 | NS      | $1936324.94   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaily Engineering Plastics Ltd                         | Shaily Engineering Plastics Ltd                         | CUSIP: 000000000<br>LEI: 335800T1LWSQ3UCPMB53 | Long             | EC               | CORP              | IN        |     73062 | NS      | $1418387.64   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PharmaResearch Co Ltd                                   | PharmaResearch Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400WCI2SXC6H7SG23 | Long             | EC               | CORP              | KR        |      4059 | NS      | $1484229.77   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Electric Co Ltd                                 | Fortune Electric Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     67000 | NS      | $1291284.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Optima bank SA                                          | Optima bank SA                                          | CUSIP: 000000000<br>LEI: 2138008NSD1X1XFUK750 | Long             | EC               | CORP              | GR        |    109340 | NS      | $2575942.48   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 ONE WAM Ltd                                         | 360 ONE WAM Ltd                                         | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    168718 | NS      | $2341119.64   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd                                | Macrotech Developers Ltd                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    259374 | NS      | $4188817.51   | 1.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zen Technologies Ltd                                    | Zen Technologies Ltd                                    | CUSIP: 000000000<br>LEI: 335800LESMFKPK45XK09 | Long             | EC               | CORP              | IN        |     14864 | NS      | $344041.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amber Enterprises India Ltd                             | Amber Enterprises India Ltd                             | CUSIP: 000000000<br>LEI: 3358009JZU4XT3666G06 | Long             | EC               | CORP              | IN        |     31898 | NS      | $2520856.98   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripod Technology Corp                                  | Tripod Technology Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    151000 | NS      | $1279354.37   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Oberoi Realty Ltd                                       | Oberoi Realty Ltd                                       | CUSIP: 000000000<br>LEI: 335800TCKG1XQXN51L44 | Long             | EC               | CORP              | IN        |    117893 | NS      | $2633621.84   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd                       | HD Hyundai Marine Solution Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14015 | NS      | $2134026.75   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Financial Holdings Ltd                    | Cholamandalam Financial Holdings Ltd                    | CUSIP: 000000000<br>LEI: 335800WAHI1O38BILX22 | Long             | EC               | CORP              | IN        |    213058 | NS      | $5391043.14   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Heavy Industries Corp                           | Hyosung Heavy Industries Corp                           | CUSIP: 000000000<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |     10666 | NS      | $7041646.41   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd                                            | Lotes Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     27000 | NS      | $1247774.89   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tauron Polska Energia SA                                | Tauron Polska Energia SA                                | CUSIP: 000000000<br>LEI: 259400NAPDFBOTNCRL54 | Long             | EC               | CORP              | PL        |    580941 | NS      | $1355827.18   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de CV                       | Prologis Property Mexico SA de CV                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | MX        |    448600 | NS      | $1691409.31   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencosud SA                                             | Cencosud SA                                             | CUSIP: 000000000<br>LEI: 549300NLTGCFV7482429 | Long             | EC               | CORP              | CL        |    187143 | NS      | $636783.37    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni Banka AS                                       | Komercni Banka AS                                       | CUSIP: 000000000<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |     11272 | NS      | $545065.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Coromandel International Ltd                            | Coromandel International Ltd                            | CUSIP: 000000000<br>LEI: 335800U73K3HJSQKT249 | Long             | EC               | CORP              | IN        |     42716 | NS      | $1243177.06   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MNC Solution Co Ltd                                     | MNC Solution Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10881 | NS      | $1213389.52   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                                       | Gentera SAB de CV                                       | CUSIP: 000000000<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |   2968300 | NS      | $6333807.56   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Co Ltd                                    | Samyang Foods Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6059 | NS      | $6262822.32   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC                            | Baltic Classifieds Group PLC                            | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |    902710 | NS      | $4621860.13   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cury Construtora e Incorporadora SA                     | Cury Construtora e Incorporadora SA                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    974000 | NS      | $5292094.75   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Engine                                           | Hanwha Engine                                           | CUSIP: 000000000<br>LEI: 9884003YHS5XI9WJAL96 | Long             | EC               | CORP              | KR        |     76055 | NS      | $1603263.74   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HD-Hyundai Marine Engine                                | HD-Hyundai Marine Engine                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     44579 | NS      | $1661472.81   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Credito e Inversiones SA                       | Banco de Credito e Inversiones SA                       | CUSIP: 000000000<br>LEI: 549300E9E5Y3PKW24142 | Long             | EC               | CORP              | CL        |     31030 | NS      | $1310312.84   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Properties Ltd                                   | Godrej Properties Ltd                                   | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    158124 | NS      | $4312640.35   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd                                   | Elite Material Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    132000 | NS      | $3985485.42   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Rotem Co Ltd                                    | Hyundai Rotem Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14115 | NS      | $2055125.59   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Meitu Inc                                               | Meitu Inc                                               | CUSIP: 000000000<br>LEI: 529900P2POH56W116T02 | Long             | EC               | CORP              | KY        |   1802000 | NS      | $2072887.09   | 0.56%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kfin Technologies Ltd                                   | Kfin Technologies Ltd                                   | CUSIP: 000000000<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |    377995 | NS      | $5941432.60   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaynes Technology India Ltd                             | Kaynes Technology India Ltd                             | CUSIP: 000000000<br>LEI: 335800BMPIF3PQ2IPI37 | Long             | EC               | CORP              | IN        |     27886 | NS      | $1983495.80   | 0.54%             |  |  |  | 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        |    500600 | NS      | $6584139.20   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Hexacom Ltd                                      | Bharti Hexacom Ltd                                      | CUSIP: 000000000<br>LEI: 335800GJ4U5YVWJGAP02 | Long             | EC               | CORP              | IN        |    142484 | NS      | $3236626.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartrade Tech Ltd                                       | Cartrade Tech Ltd                                       | CUSIP: 000000000<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |     79553 | NS      | $1598295.46   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| C&A MODAS SA                                            | C&A MODAS SA                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    512933 | NS      | $1856078.99   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Process Technology Corp                           | Grand Process Technology Corp                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     50000 | NS      | $2798507.46   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Embotelladora Andina SA                                 | Embotelladora Andina SA                                 | CUSIP: 000000000<br>LEI: 254900NNPKP1J9XTSA53 | Long             | EP               | CORP              | CL        |    129014 | NS      | $526372.97    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Age Management Services Ltd                    | Computer Age Management Services Ltd                    | CUSIP: 000000000<br>LEI: 33580012MDHMBHWN5Z06 | Long             | EC               | CORP              | IN        |     33388 | NS      | $1672514.55   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Acter Group Corp Ltd                                    | Acter Group Corp Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    210000 | NS      | $2857558.54   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma ATE Inc                                          | Chroma ATE Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    373000 | NS      | $5650160.89   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvama Wealth Management Ltd                            | Nuvama Wealth Management Ltd                            | CUSIP: 000000000<br>LEI: 3358002Y23HZBJW49C38 | Long             | EC               | CORP              | IN        |     71452 | NS      | $6825265.67   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Uni-President China Holdings Ltd                        | Uni-President China Holdings Ltd                        | CUSIP: 000000000<br>LEI: 529900JUA05094TOKA73 | Long             | EC               | CORP              | KY        |    907000 | NS      | $1097650.30   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethos Ltd                                               | Ethos Ltd                                               | CUSIP: 000000000<br>LEI: 3358008WL6349ZB52A53 | Long             | EC               | CORP              | IN        |     29360 | NS      | $905860.07    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc                                   | ASPEED Technology Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     53000 | NS      | $8608962.07   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Transformers & Rectifiers India Ltd                     | Transformers & Rectifiers India Ltd                     | CUSIP: 000000000<br>LEI: 335800CLAIFWDACD5H92 | Long             | EC               | CORP              | IN        |    723506 | NS      | $4129619.72   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Home First Finance Co India Ltd                         | Home First Finance Co India Ltd                         | CUSIP: 000000000<br>LEI: 335800LHIN24IFBBN535 | Long             | EC               | CORP              | IN        |    103902 | NS      | $1667084.33   | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kinik Co                                                | Kinik Co                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    189000 | NS      | $2073617.01   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| APR Corp/Korea                                          | APR Corp/Korea                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     12999 | NS      | $1485214.73   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishal Mega Mart Ltd                                    | Vishal Mega Mart Ltd                                    | CUSIP: 000000000<br>LEI: 335800AL4QPSIFSU3936 | Long             | EC               | CORP              | IN        |   1200919 | NS      | $1872935.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmax Inc                                              | Cosmax Inc                                              | CUSIP: 000000000<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |     18336 | NS      | $3797356.25   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WinWay Technology Co Ltd                                | WinWay Technology Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    126000 | NS      | $5585718.20   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JK Cement Ltd                                           | JK Cement Ltd                                           | CUSIP: 000000000<br>LEI: 335800IECEF3EIDGF809 | Long             | EC               | CORP              | IN        |     30502 | NS      | $2182372.57   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Jentech Precision Industrial Co Ltd                     | Jentech Precision Industrial Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     97000 | NS      | $5014035.33   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Taichung Commercial Bank Co Ltd                         | Taichung Commercial Bank Co Ltd                         | CUSIP: 000000000<br>LEI: 549300VNYOLU68FQNE06 | Long             | EC               | CORP              | TW        |   2218000 | NS      | $1666613.04   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugel Inc                                               | Hugel Inc                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3260 | NS      | $937225.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kolmar Korea Co Ltd                                     | Kolmar Korea Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     19198 | NS      | $1419650.56   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Logo Yazilim Sanayi Ve Ticaret AS                       | Logo Yazilim Sanayi Ve Ticaret AS                       | CUSIP: 000000000<br>LEI: 789000GDLIK56QCEB068 | Long             | EC               | CORP              | TR        |    217999 | NS      | $870512.30    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Porto Seguro SA                                         | Porto Seguro SA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    405000 | NS      | $4114777.94   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Benefit Systems SA                                      | Benefit Systems SA                                      | CUSIP: 000000000<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |      2350 | NS      | $2066808.16   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BNK Financial Group Inc                                 | BNK Financial Group Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    316880 | NS      | $2923203.91   | 0.79%             |  |  |  | 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        |    352500 | NS      | $1695965.47   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Guming Holdings Ltd                                     | Guming Holdings Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    465200 | NS      | $1514131.94   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Financial Group Co Ltd                               | JB Financial Group Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    394731 | NS      | $6010463.88   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Yantai China Pet Foods Co Ltd                           | Yantai China Pet Foods Co Ltd                           | CUSIP: 000000000<br>LEI: 655600CR5H76LMBJYO93 | Long             | EC               | CORP              | CN        |    202000 | NS      | $1745921.14   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritz Financial Group Inc                              | Meritz Financial Group Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     60205 | NS      | $5018570.32   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Classys Inc                                             | Classys Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     61265 | NS      | $2846262.23   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethos Ltd                                               | Ethos Ltd                                               | CUSIP: 000000000<br>LEI: 3358008WL6349ZB52A53 | Long             | EC               | CORP              | IN        |      3178 | NS      | $29467.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve Ticaret AS                 | Aselsan Elektronik Sanayi Ve Ticaret AS                 | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |   1286788 | NS      | $4873395.17   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                         | Lojas Renner SA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    463030 | NS      | $1677206.46   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Narayana Hrudayalaya Ltd                                | Narayana Hrudayalaya Ltd                                | CUSIP: 000000000<br>LEI: 3358005539O9QRRIAM19 | Long             | EC               | CORP              | IN        |     83138 | NS      | $2100746.81   | 0.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mazagon Dock Shipbuilders Ltd                           | Mazagon Dock Shipbuilders Ltd                           | CUSIP: 000000000<br>LEI: 335800UWDDBKMF92JF96 | Long             | EC               | CORP              | IN        |     40375 | NS      | $1528657.01   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyadh Cables Group Co                                  | Riyadh Cables Group Co                                  | CUSIP: 000000000<br>LEI: 558600VWEJBGFYTZ1S78 | Long             | EC               | CORP              | SA        |     73125 | NS      | $2756932.41   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Affle 3i Ltd                                            | Affle 3i Ltd                                            | CUSIP: 000000000<br>LEI: 335800VOXUF6XMCWSD89 | Long             | EC               | CORP              | IN        |     61914 | NS      | $1437825.59   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Electric Co Ltd                              | HD Hyundai Electric Co Ltd                              | CUSIP: 000000000<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |      9267 | NS      | $3481304.83   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Radico Khaitan Ltd                                      | Radico Khaitan Ltd                                      | CUSIP: 000000000<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |     57922 | NS      | $1772307.84   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coway Co Ltd                                            | Coway Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     50098 | NS      | $3593276.82   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Eris Lifesciences Ltd                                   | Eris Lifesciences Ltd                                   | CUSIP: 000000000<br>LEI: 33580023SPXBP9PCKQ56 | Long             | EC               | CORP              | IN        |     76457 | NS      | $1497490.94   | 0.41%             |  |  |  | Yes           |                  1 | On Loan: No      |
| OUTsurance Group Ltd                                    | OUTsurance Group Ltd                                    | CUSIP: 000000000<br>LEI: 984500AC307E8L2D9X52 | Long             | EC               | CORP              | ZA        |   1196270 | NS      | $5292880.27   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Securities Co Ltd                               | Samsung Securities Co Ltd                               | CUSIP: 000000000<br>LEI: 988400RBTJTHNUOHE716 | Long             | EC               | CORP              | KR        |     65502 | NS      | $3572130.41   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Multi Commodity Exchange of India Ltd                   | Multi Commodity Exchange of India Ltd                   | CUSIP: 000000000<br>LEI: 254900BTZEPM27IOAM68 | Long             | EC               | CORP              | IN        |     15949 | NS      | $1663988.78   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Hotels Ltd                                          | ITC Hotels Ltd                                          | CUSIP: 000000000<br>LEI: 335800IFHF7F1488ND22 | Long             | EC               | CORP              | IN        |    495370 | NS      | $1282902.02   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Energy India Ltd                                | Hitachi Energy India Ltd                                | CUSIP: 000000000<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      8531 | NS      | $1986521.34   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| King Slide Works Co Ltd                                 | King Slide Works Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     31000 | NS      | $2159557.72   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DigiPlus Interactive Corp                               | DigiPlus Interactive Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   1167600 | NS      | $1077848.39   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Skipper Ltd                                             | Skipper Ltd                                             | CUSIP: 000000000<br>LEI: 335800F64MK3PP52L611 | Long             | EC               | CORP              | IN        |    452018 | NS      | $2679113.22   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Circuit Electronics Ltd                            | Gold Circuit Electronics Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    329000 | NS      | $3322435.99   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Parque Arauco SA                                        | Parque Arauco SA                                        | CUSIP: 000000000<br>LEI: 2549001WW2PV1Y0UEU97 | Long             | EC               | CORP              | CL        |    485737 | NS      | $1024525.11   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneta Money Bank AS                                    | Moneta Money Bank AS                                    | CUSIP: 000000000<br>LEI: I6USJ58BDV2BO5KP3C31 | Long             | EC               | CORP              | CZ        |    579899 | NS      | $4000389.48   | 1.08%             |  |  |  | Yes           |                  1 | On Loan: No      |
| XTB SA                                                  | XTB SA                                                  | CUSIP: 000000000<br>LEI: 259400AVUPSABLEXNT19 | Long             | EC               | CORP              | PL        |     49611 | NS      | $1121231.86   | 0.30%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Venus Pipes & Tubes Ltd                                 | Venus Pipes & Tubes Ltd                                 | CUSIP: 000000000<br>LEI: 3358008SV33IFEJVGA48 | Long             | EC               | CORP              | IN        |     55262 | NS      | $879642.68    | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd                                | GE Vernova T&D India Ltd                                | CUSIP: 000000000<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |    203176 | NS      | $5574783.65   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CG Power & Industrial Solutions Ltd                     | CG Power & Industrial Solutions Ltd                     | CUSIP: 000000000<br>LEI: 335800KN5UTZKUZN2703 | Long             | EC               | CORP              | IN        |    291652 | NS      | $2316280.05   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Healthcare Ltd                                   | Fortis Healthcare Ltd                                   | CUSIP: 000000000<br>LEI: 3358001Q5ZJC4M83WH02 | Long             | EC               | CORP              | IN        |    219470 | NS      | $2026821.83   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Gambol Pet Group Co Ltd                                 | Gambol Pet Group Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    130500 | NS      | $1993893.06   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE Information Service Co Ltd                         | NICE Information Service Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     62042 | NS      | $751160.55    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| We Buy Cars Holdings Ltd                                | We Buy Cars Holdings Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |    704135 | NS      | $2382415.39   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Falabella SA                                            | Falabella SA                                            | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | EC               | CORP              | CL        |    426518 | NS      | $2266216.66   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc                        | Intercorp Financial Services Inc                        | CUSIP: 000000000<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |     70552 | NS      | $2690147.76   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra Microwave Products Ltd                            | Astra Microwave Products Ltd                            | CUSIP: 000000000<br>LEI: 3358006ZA3N8KZ1R6P76 | Long             | EC               | CORP              | IN        |     84312 | NS      | $1021555.49   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Data Patterns India Ltd                                 | Data Patterns India Ltd                                 | CUSIP: 000000000<br>LEI: 894500IFAYOMBFJ0QB53 | Long             | EC               | CORP              | IN        |     55060 | NS      | $1868932.60   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Karur Vysya Bank Ltd/The                                | Karur Vysya Bank Ltd/The                                | CUSIP: 000000000<br>LEI: 335800GFMDHTPWI6JP97 | Long             | EC               | CORP              | IN        |   1159245 | NS      | $3622370.28   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chow Tai Fook Jewellery Group Ltd                       | Chow Tai Fook Jewellery Group Ltd                       | CUSIP: 000000000<br>LEI: 254900VXRL7SRSF44G79 | Long             | EC               | CORP              | KY        |   1066200 | NS      | $1822738.23   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Co Ltd                                           | Doosan Co Ltd                                           | CUSIP: 000000000<br>LEI: 988400GNQKLXZRRQQE60 | Long             | EC               | CORP              | KR        |      6035 | NS      | $2933432.13   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Neway Valve Suzhou Co Ltd                               | Neway Valve Suzhou Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    449300 | NS      | $1956439.21   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander Chile                                   | Banco Santander Chile                                   | CUSIP: 05965X109<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | EC               | CORP              | CL        |     63816 | NS      | $1609439.52   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Salik Co PJSC                                           | Salik Co PJSC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   1229212 | NS      | $2024923.11   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                                | TOTVS SA                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    296000 | NS      | $2299637.41   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Yanjing Brewery Co Ltd                          | Beijing Yanjing Brewery Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1133900 | NS      | $2048171.97   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Solar Industries India Ltd                              | Solar Industries India Ltd                              | CUSIP: 000000000<br>LEI: 3358002ANWRT2YJ79L60 | Long             | EC               | CORP              | IN        |     10473 | NS      | $2149309.70   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chalet Hotels Ltd                                       | Chalet Hotels Ltd                                       | CUSIP: 000000000<br>LEI: 335800Q9XDG5J8BS1M67 | Long             | EC               | CORP              | IN        |    220653 | NS      | $2369395.38   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola de Ginastica e Danca SA                 | Smartfit Escola de Ginastica e Danca SA                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    905100 | NS      | $4138095.01   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bizlink Holding Inc                                     | Bizlink Holding Inc                                     | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |    106000 | NS      | $3077091.61   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Expressway Co Ltd                               | Jiangsu Expressway Co Ltd                               | CUSIP: 000000000<br>LEI: 529900UWWTWZ6AKLYD43 | Long             | EC               | CORP              | CN        |   1758000 | NS      | $2481371.22   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Korean Reinsurance Co                                   | Korean Reinsurance Co                                   | CUSIP: 000000000<br>LEI: 988400GFST66YNV5UF89 | Long             | EC               | CORP              | KR        |    317540 | NS      | $2409313.57   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Cloud Music Inc                                 | NetEase Cloud Music Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     56100 | NS      | $1722316.70   | 0.47%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                           | Eastroc Beverage Group Co Ltd                           | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |    124303 | NS      | $5453477.76   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Depository Services India Ltd                   | Central Depository Services India Ltd                   | CUSIP: 000000000<br>LEI: 335800YRV56TH7RQVH27 | Long             | EC               | CORP              | IN        |    101194 | NS      | $2119221.36   | 0.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mao Geping Cosmetics Co LTD                             | Mao Geping Cosmetics Co LTD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     98000 | NS      | $1352034.09   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Enea SA                                                 | Enea SA                                                 | CUSIP: 000000000<br>LEI: 2594003JTXPYO8NOG018 | Long             | EC               | CORP              | PL        |    116060 | NS      | $629831.62    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkin Co PJSC                                          | Parkin Co PJSC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2498539 | NS      | $4422072.51   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DPC Dash Ltd                                            | DPC Dash Ltd                                            | CUSIP: 000000000<br>LEI: 254900OG7TEI5GQICO05 | Long             | EC               | CORP              | VG        |    108200 | NS      | $1415568.25   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Loma Negra Cia Industrial Argentina SA                  | Loma Negra Cia Industrial Argentina SA                  | CUSIP: 54150E104<br>LEI: 529900VKOQQJ8U9DDK92 | Long             | EC               | CORP              | AR        |     67365 | NS      | $738994.05    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc                                          | Inter & Co Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    627076 | NS      | $4659174.68   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Krishna Institute of Medical Sciences Ltd               | Krishna Institute of Medical Sciences Ltd               | CUSIP: 000000000<br>LEI: 254900JA6LS4UY2ZCR81 | Long             | EC               | CORP              | IN        |    101533 | NS      | $796778.32    | 0.22%             |  |  |  | Yes           |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer